+
364
with depreciated subsidiary silver and copper coinage.
This has been demonstrated in a very marked manner by the notion of the Authorities in the Provinces of the Two Kwang during the past few years by their excessive coining, chiefly of silver 20 and 10 cent and copper one cent pieces. They further issued notes of $1.00 and 85.00 donomination. The former has from the first been "watered as the notes, though bearing on jone dollar and
the face the characters 元覽)。 an impression of the Kwang Tung dollar which is supposed to be 7 mace, two candareens, are stamped on the back as being redeemable
which in subsidiary coins
at the present market value means a discount of about 9 per cent., at times this discount has been lower and higher.
These notes are not accepted by the Imperial Maritime Customs in payment of duties nor lekin at par but subject to the usual discount,
Recently a new issue of $10, $5.00 and $10.00 notes has been made by the Kwang Tung Authorities.
Although these notes are issued at their face value, and on the reverse bear a copy of the proclamation dated two years ago, to the effect that the notes can be used in the payment of salt dues and other Government Taxes, and the upper part of the notes is printed an inscription to the effect that the notes are redeemable in subsidiary coin.
This inscription which is now printed as part of the note is similar to that stamped on the earlier issue of one dollar notes already referred to.
The effect of this is that these notes are actually certificates for the depreciated subsidiary coin and do not represent their face value.
It is worthy of special mention that the Provincial Authorities only accept these notes in payment of Land Taxes at the current discount on subsidiary coins.
A few Kwang Tung Silver dollars have in the past been issued but have now almost entirely disappeared, having been reminted into depreciated subsidiary coins. It is now understood that the Provincial Authorities intend making a new issue of dollars with a view, so it is reported, of raising revenue; if this be the intention then either the weight or the fineness of the dollars will be reduced thus still further increasing the monetary confusion which already exists in China,
I would here remind you that the fineness of the British dollar is 900 and the weight 416 grains.
I would further beg to point out for the consideration of His Excellency that under the terms of the British Commercial Treaty of 1902 (Clanse II) China entered into a specific under- standing that she should take the necessary steps to provide a national uniform coinage for the whole Empire.
Not only was Great Britain the first Treaty Power to secure such an undertaking from Chios, but even up to the present date many of the other Governments have now thought fit to ask for such an agreement. It would there- fore appear to be the special right of the British Government to urge, and if necessary insist apon, the carrying out
the Clause in our treaty already referred to, thas conferring an incalculable benefit both apon China and all engaged in trade with that Empire.
In conclusion I would beg to state that the Committee of this Chamber does not advocate closing the local mints, more particularly those situated at any great distance from the Capital, bat that they should be placed under direct Imperial control so that all the mints be work. ed in uniformity.
For correspondence on the subject of cur- rency reform in China and also that relating
to the two earlier memorials I would beg to refer you to Pages 31/32 and Appendix H of this Chamber's report for 1903 and Pages 28/29 and Appendix D of report for 1904, copies of which have already been sent you. I have &c.,
EDBERT A. HEWETT, Chairman.
Colonial Secretary's Office.
Hongkong, 21st May 1907. SIE,-I am directed to acknowledge the receipt of your letter of the 17th instant on the subject of the condition of currency in China,
THE HONGKONG WEEKLY PRESS AND
and to inform you that a copy will be forwarded to the Secretary of State for the Colonies.
I am, Sir,
Your obedient servant,
The Chairman.
A. M. THOMSON, Colonial Secretary.
Chamber of Commerce.
CURRENCY REFORM,
Following is a copy of the petition sent to the Doyen of the Diplomatic Corps at Peking,
from three Chambers of Commerce :-
Your Excellency, We, the undersigned Chambers of Commerce of Shanghai, Hong- kong, and Tientsin had the honour of addressing the Doyen of the Diplomatic Corps, in Septem-
ber 1903, and September 1904 on the question of a Uniform National Coinage for China.
No material results being appareat we are again broaching the subject and have the honour to request that further representations he made to the Chinese Government through the Diplomatic Corps, as to the necessity of the former carrying out her Treaty obligations.
The disabilities under which the Country is labouring, owing to the fluctuations in the gold value of silver, and the apparent excessive coinage of silver subsidiary coins and copper pieces which are already at a very heavy dis. count is evidence to all that the Chinese Government cannot be fully alive to the neces- si y of at once taking in hand the establishment of a National Coinage.
In conclusion we respectfully beg that the Representatives of the Treaty Powers Peking lose no time in arging upon the Chinese Government the imperative necessity of immediately aking this matter in haud.
We have the honour to be,
Your Excellency's
Most obedient servants, Chairman Shangbai (hambar of Commerce, Chairman Hongkong ('hamber of Commerce. Chairman Tientsin Chamber of Commerce. To His Excellency,
I
Mons. DE ('Arcee,
Envoy Extraordinary and Minister Plenipotentiary for Spain and Doyen of the Diplomatic Corps, Peking.
SHANGHAI GENERAL CHAMBER- OF COMMERCE.
Minutes of Meeting of the Committee and Riparian Owners held on May 13:-
Present:-Mesars. H. R. Kinnear (Chairman), Brasier de Thuy, J. N. Jameson, D. Landale, C. Michelau, and A. Wright, Committee, with Mr. L. E. Canning, Secretary.
The following firms were represented: Messrs. Arnhold Karberg & Co., Butterfield & Swire, China Merchants 8. N. Co., Chinese Eastern Railway Co, Chinese Engineering & Mining Co., China Import & Export Lumber Co., C. A. Devlin, Jardine Matheson & Co, Mackenzie & Co., Ld., Melchers & Co., Moorehead and Halse, New Engineering and Shipbuilding Works Ld., Nippon Yasen Kaisha, Lén Kobert, Royal Dutch il Co., Shanghai Pulp & Paper Co, Shanghai Waterworks Co., Ld.. and others.
Mr. H. R. Kinnear said :-Gentlemen. We have asked you to meet the Committee of the Chamber to-day to discuss the letter received from the Conservancy Board laying down the conditions on which Riparian Owners may fill in their land and erect wharves and pontoons, a copy of which has been circulated to all of you. We have done this because we feel that aulers a uniform plan is arranged on which the work can be proceeded with, it will be quite impos- sible to carry it out successfully. While the Conservancy Board lays down the conditions on which the work is to be done, it would appear to be left to the Riparian Owners to arrange the procedure for carrying them out. You, Gentlemen, are not only the interested parties, but have amongst your number those best
from qualifi d
experience to judge how the plan should be worked so as to safeguard the interests not only of the conservancy of the river, but of all Riparian Owners, I would
[Jane 1, 1907.
suggest, therefore, that you elect a Committee to elaborate a scheme for carrying on the work. This Committee could report Ister on, and if the scheme met with your approval, it could be forwarded to the Conservancy Board for its approval, and the work be proceeded with as soon as possible. I do not think there is anything more I can say, except to assure you that the Committee of this Chamber will give soon every assistance in its power. In the mean- time, we shall be very glad to hear any remarka to make. As I have said, you are the interested or suggestions which any of us may feel inclined parties and onr only desire is to further your interest in any way we can.
Ld.)-Speaking as a Riparian owner, we have Mr. D. Landale (Jardine Matheson & Co., heard what the Chamber of Commerce has to
say and I think we ought to have a meeting to elect a Committee to go into the different ques- tions and to formulate some scheme. I have only recently returned to Shanghai and have not yet. had time to go thoroughly into the question. I would like to propose that we have a meeting of the Riparian Owners and elect a Committee to go into the whole question.
Mr. C. Michelau (Melchers & Co.)-I have pleasure in seconding that.
will be the duty of this Committee P
Père Robert- If I understand correctly,
what
for carrying out the work.
The Chairman-To find out the best plan The Conservaddy Board has made a normal line and the owners
owners
cannot at present go on with the work. The first thing to be done is to apply for the Shenko
this will all have to be discussed papers; and a rate fixed for each section. At present the Chinese are approvohed by our Consuls, but if all the
is no agree there reason why application should not be made to the Conservancy Board for the Shenko of the Riparian Owners and not of the Chamber papers. My Committee feels it is the business
of Commerce but We will do all we can by placing anything before the Consular Body. I do not think we can do any more, we shall be pleased to place this room at your disposal for your meetings, and I thank you for your attendance.
KULANGSU (AMOY) MUNICIPAL
COUNCIL.
Minutes of a meeting of the Conncil held in the Board Room, on the 7th May 1907.
Present:-Messrs. W. H. Wallace, C. A. V. Bowra, A. F. Gardiner, Huang Ts'an-chew, 8. Okuyama, and the Secretary.
1. The minutes of the last meeting are read, and confirmed.
elected
2. Mr. Wallace is unanimously chairman, vice Mr. Marshall, resigned.
3. On the motion of Mr. Wallace, seconded
by Mr. Bowra, Mr. Gardiner is elected Vice- chairman.
•
+ Proposed by Mr. Wallace, and seconded by Mr. Bowra, that Mr. W. Wilson be invited to all the vacancy on the Council, caused by the resignation of Mr. Marshall.
5. A letter is read from Mr. Lim Noe Kar requesting permission to construct a tunnel under a public road at Sin-lo-tow to connect his two properties, and the Secretary is instructed to inform him that the Council have no objection to his proposal providing that in building the tunnel he complies with the conditions laid down by the Council,
6. The Secretary reports that_the__gates erected on a public road near the London
Mission Church have been removed.
7. The Superintendent of Police reports the following cases have been heard in the Mixed Court since the last meeting :-
SUMMONSES.
Contempt of Court 3, Non-payment of Taxes 3, Breach of Municipal Regulations 2, Debt 1.
SUMMARY AERISTS.
Theft 1, Being in possession of stolen pro perty 1, Threatening to do grievous bodily harm 1, Assault 2, Drunk and incapable 1.
(Signed) W. H. WALLACE,
Chairman
• By_order,
C. BERKELEY MITCHELL
Secretary.
L
f