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We Bro
TH HONGKONG DAILY PR 88, THURSDAY, FEBRUARY 19TH. 1903
Almost every one, I suppose, cherishes a hope rose yon the following which the Singapore of eventually rotarning how to end the for Chamber of Commerce wrote to the Govern- ment thereIt seems to the committes of remaining years of life this clim to leaves us.
the Chamber that if Government declles 10 Almost every man who has left his country has done so in the hope of battering liniilf: other introduce fixity of exchange it will not be to the wise why come to an unhealthy climate and advantage of the Colony that the suggested shorten one's life by 10 to 20 years. Thanks details of say scheme should be known to the to this question of silver, most sen in the publin beforehand or even to supposed to Colony have had these hopes and aspirations What will be acted upon by Government. If curtailed if not rushed out of existence, whilst conversion is to be brought about, it will pro- with many, owing to the high cost of living.bably he much fucilitated and cheapened to
the Colour—by the public being kept in iguas existence is a daily struggle against adverse circamstaues, saving becomes an impossibility, ance of the arrangements and provisions by tarift and conomy are strangled at every turn. which Government would have to precede to But with a gold standard prices would remain act of conversion. For this reason it will stationary, expenses could be measured, and in perhaps be well that the committee should not in this communication put forward suggestions ushort time the level would be found where every man of honest iatautions could live in moderate of a detailed nature." If for no other reason, comfort and invest his savings without auxiety. gentlemen, it was necessary to call this meeting, Then as to the greatest advantage of alls the chairman of the committes inferred that With a stable engrancy the Chamber endored the views, or rather imid plentiful money. money would be invested her industries absence of views of the committes-and in this would be stimulated by reason of abundaut the worthy chairman was distinctly wrong, as
in consequrace, capital, and trade flourish
will prova. (Applause)
was and would
PHOTOGRAPHS
DERBY
EXCHANGE PLATE
GERMAN CUP
PROFESSIONAL CUP
GARRISON CUP
HONGKONG STAKES
PHOTOGRAPHIC GOODS STORE,
17A, QUEEN'S ROAD CENTRAL,
THE BROUGH COMPANY.
130
Ef laughter may be accounted ar infallibis oure for all the ills to which desh is heir, the medical profession of Hongkong should at once take steps to obtain an ivjanction against further representations of dre You a Mason? at the Theatre by the Brough Company. The new fares is as bright and 'merry a pises as our
sneh matters as Customs objections to bo whilst the value of focal investments would think the votes to be given this afternoona Chinaman who has lived and traded in Hong. The main objection to the adoption of a gold local stage has seen for many a day. Its
Mr. JE MORAEL said- Mr. Chair and gentlemen, I beg to support the motion of Mr. Osborne. The report of the meeting of the committes of the Chamber of Commerce held in December last, which very wisely was printed and circulated, has no doubt been care, fully read and considered by every member of this Chomber. It has also proved of mach uzo because it has given as a basis for the discussion of one of the gravest questions which the business men of this Colony have had to consider. In view of this I may most emphatically stata agree with me that it would have been a perpetual stigma en this important business community if the chief objection" of the chairman of that meeting had been uphold, namely, an avoidance of the public discussion of this vital question. The interests of all, mutual and adividul, in this Colony, whether the banker, trader, clerk, or artisan, are so affected
humour is in no sense subtle or elusive: its fun lica satirely on its surface. To aderstand and appreciate the drollery of its situations calls for ne unusual effort of the intellect on the part of the listener. But as a stimulating, wholesome, and amusing plecs of comicality, the farce would be hard to beat. In short, as a vehicle for a couple of hours' boarty enjoyment Are You a Mason? leaves nothing to be desired. and again last night the pices was Inceived with unequivocal favour. The Brengh Company Brongh in particular over missing an portunity of turning all the good things to
and until these general assertious are boiled a word in favour of aferling, the good old -nad I am sure the majority present will tons of shipping, valued at £5609,000t may be romarked in passing that Shanghai get every ounce out of the farce, Mr.
in tise
account,
op.
A fiue, to recognise the same thing and in on form many Euctuations. China accepts Mexican, 30 estate. (Applause) Furthermore, I beliove dollars where we have sown one. the Hongkong coulie, whatever cur currency incentive to labour and thrift, indeed, to know or another are putting their employees more or British and Spanish dollars at diferent rates, bo, will routinue to accept the coins of the that in prozna of time everything will pan ovat less on a gold basis. All this points, gentlemen. valued by eilver weights, and there is also an in- Now masinland just as he does now oupper cash and all right, whilst we in the meantime perish in the to the tendency of the times and shows how Boite variety of silver standards, for every pro- the silver pieces of Kwangtung, Fohkien, and process, - (*pplause). Aud, indeed, this gospel everyone distrusta silver, and yet there are some vincial city has a tal value of its own. Hinpch, so if thet be true it is a farther of adjustment, ie the gel of cheap silver who are afraid to take the forward step and in analisa in the unhappy possession of such an argame that a gold standard will not affect stimulating exports is a fallacy Salaries, sover ear connection with an unstable multorasting currency, to whom the intrinsi the price of labent. Concerning that part of investments, rates of interest on mortgage bare modity; for silver is nothing more or less than value of gold is rapidly becoming kuwis OF THE FOLLOWING RACES: our trade which comprises goods on their way not doubled since the dollar was twice its a commodity and can no longer be dignified by difficult to comceive that any serions diff to and from China--and which is by far the present value. Cheap silver has not stimulated the name of currency. All these matters when ently would arise if a Hongkong gold standard reports of Chin, as witness the (hian calmaly considered are really appalling to werden bis and madally it crensing, but The trade between Japon and most important section, viz., the import and storage of goods ponding their distribution export trao to-day. That cheap silver stima contemplate and fully justify us in making through surrounding districtz-and the translates exporta is tras only in that it does so for your expression of opinion on the anb the Japanese, although they realised thut shipment of goods from Canton into stestiers temporarily, but to maintain that it dose su jest and that such opinion should to com- their principal consumer which cannot go to Cuaten for them, fiest perzonnently is tantamount to saving that a municated to the Home Government. The he China, did not hesitate to establish a In his excellent sp-eva on for cousuraption cheap medium of barter ervates trade; and if fixing of the rupes encountered mach opposition id curcecoy. taku importe destined
na that be so we have but to substitute Africa and at frat the orils only were sparent and Saturday last, at the meeting of the share- in China. We are told they will longer be purchased in Hongkong, and that the cowries for silver and gold and the trade of the the good had not begun to show; but now that bolders in the H. & S. Bank, Mr. Shewan cou- Hongkong merchant-the indent agent, the world would be immensely greater. The whole some years have elapsed. India in a sound trinted his testimony to the Chinese aitaptabi- hauka and everyone coueerned will have to preaching is false, the dostrins rotun to the basis, the baits are undoubted and very few lity of character in stating The Chiness havs condact the tale in Canton Why, I ask? coro. But how different would things have people doubt, the wisdom of the operation. again proved their capabilities as business zaen, How will the Chinoman benefit by parchusing been bad our savings and our capital been in Gontiemon, it would be the same thing here aut have mostly settled sterling exchange at the once we could persuade our Government to time they ordered their goods, thus ensuring iu Can on instead of Hongkong? Will he get gold, and is it not suicidal to lag behind the
the and secure fixity of exchange, the results would themselves against loss on a falling silver mar the goals cheaper? In either case the gold remainder of the world and in value has to be paid, and therefore the silver pay the penalty of sloth. To wait till very soon show that he policy was justified ket," What better proof old we have than this and you would then be certain of being able to on this point? I am firmly of opinion that give price will vary as much in Canton to-morrowan it the Straits and China have thrown over
to await for certain a father attract homo capital. All that we are asking him time and the Chiuaman will adapt himself does in Hongkong to-day. (Applause.) On the silver is. other hand there are excellent reasons why this lose; we want to change our dollars before for first now is an enquiry; there is no necessity most firmly to a fixed standard Then we have a third licu in the path in the theory that trade should continue to be conducted here, the they gotower, and we want without wasting to formulate any fixed detailed suggestion tu
the subject. And in reference to this I would if oar dollars are denionotised and the correucy principal on being that Hongkong is a nataral further time to start afresh on our awa nocount.
pines of a gold beds thors will ben fearful bill to ACHEE & CO., centra of distribution and Canton is not, and merchandise will always be stocked for pe.
most in disposing of cur demonetised currency.
rust, say that we should not be frightened foreuce in outros of disti ibution from which
with such objections, for en inspection such the consuming districts can be rapidly and conveniently supplied. Turning now to goods
figurativa animals may perhaps liken themselves coming here from Canton for other parts
unto the fabulous quadruped that paraded in the It seoma to me that with the vio- of the world.
told that the
Kon's skin. purchase of them will be conducted in Can.
lent actuations in exchange that we are now ton, and Hongkong will get the go-by; that
individually experiencing the evils of a demose- 1 would have praferred that, merchants of Hongkong dealing in silk
tied, dollar.
Hongkong. 17th February, 193.. tre, and gatting will need to transfer
instead of the committed endeavouring to frighten us with such a monster, they had their offices to Canton. Why, I ask? Is any auton produce bought in Ilongkong to-day?
left the solution to experts who may have to trade to somewhore else. This is a thing that Practically none. The whole of it is bought in
do with it Inter. As a matter of fact we way is much easier said than done. It must not be tura to India where the same difficulty existed overlooked, as I have already pointed out, that Canton, and so it will continue whatever our earrency is. Then we are told that with a gold
and was overcome. Fourthly,That change Hongkong enjoys numerous advantages which. from or divorce from China's currency would baro got to be weighed and considered before standart and consequent increase in the cost of
ono ventures upon such an assumption. It has labour, the transhipment of Cantou produce
result in the trade of Hongkong paking to
This is an paived a world-wide reputation is being the will be affected elsewhere and Hongkong will
Canton or elsewhere in China. he souch the loser. It eau bardily be con
assumption on which the committes might base mart for outh China, and its goodwill in afforded more precise information Why should already so firmly established in the com- tended that the great ocean liners will forsake HR for Cunten or place, for the very good
the adoption of a stable currency for Hongkong morotal world as a centre of trade that trivial men the loss of our trelor Is it likely that considerations cannot easily obliterate 11. reason that ne dooply laden veszet can get within miles of either place, and also there are
kong, and made his wealth here, free from the standard is based on the assumption, that China harassing restrictions of his own governmout, will might find it raars suitable for her in order considered. Hongkong, as I said before, is the mise to probably a 5 per cent. basi The natural sea-port for Cantou; and no change in Colony's expenditure is now largely in gold,
risk the loss of his liborty, security of property, her goods direct from the outside world with earroney arrangement can deprive us of that its ucome in silver- most unsound state of
and this untold advantages to an Asintic which out the medium of Hoogkong, and thus sacs British Crown colony provides, to depart the process of double exchange. At first one advantage. (Applause.) -Now as to the affairs, which with a gold curraves would As to the most important paint of all,
Cuntos. And if so for what? Will the foreign would think that this would be the ultimate question of financing interport trade-whichcense.
understand to
be trade between two ti.. the scheme of conversion, opiuioos mus
merchant in our midst, whe, with his numerous result, bat a close investigation reveals, how- Chinese parts direct, such as Wahu and pecessarily differ, and I will not presume to
treaty-port branches, has for obvious reasons over, that redrawing from Hongkong to the mude Hongkong his entrepôt and base, fold bis adjacent ports adds so little to the cost of Canton-much of which financing is done burden you with my views or dilate upon in Hongkong, and which we are told will alternative measares, because that is a subject
commercial test and silently slip away to imported goods that long established mer- can well afford to overlook Kinochan, Kwangebauwan, Macae, or any other cantile houser leave us if we adopt a gold standard. I confess for controversy and experte, but in order to
place which may rejoice in the possession of un- these little considerations when placed side to being somewhat bazy on the point, having forestall any charge of incompleteness in my remarks I may perhaps be pardoned for saying
limited silvor? Is it likely that the 18 million ride by with the advantages derived from nover yet had a clear example of what is meant,
such a magnificest port 1.9 Hongkong. passing through eur harbour anually will be down to some definite illustration one is apt to curbrous pounds, shillinge, and penes of our fret mazed. We are told that manch of the native land. The mother country's coinage,
diverted to the Shameen? That our mail liners as a commercial centre trades as a medium interport coast trade and the export trade of it seems to me, should be good enough for us,
and ocean-going leviathans will find more hospit-between the outside world and north China in Chin istiusaced in Hongkong, which financing and as the greater part of the world's
uble and prosperous anchorages off the bund at the same way as Hongkong in the south. Its
It is announced elsewhere that Are You I clearly understand must to some extent trule is carried on nader the pounds, shillings,
Canton, and our wharvas, godowns, docks and trade with the north is steadily prospering
Mason? will be played for only two nights bon-fit Hongkong, but whether its withdrawal and poncs system. I do not think Hong.
refineries remain ghostly deserted rains? Is notwithstanding the extra cost entailed by the would seriously prejudios our prosperity koug's infinitesimul affairs will disturb the
all this and other buvou to be wrought by a difference in exchange raling between them. remains yet to be shown, and in this connec equilibrium, A change to sterling could
stable versus a fluctuating exchange? I think London as a commercial centre imports all sorts longer, and the management emphasises the thou it may be well to point out here a ba effected by Government importing serious disadvantage from which the Colony/silver, and copper coins similar to those gold, by the wate phase of the-currency-question as-not! We, in all our prosperity, are expos iencing of commodities from all parts of the world fact-that-owing to Mr-Brongh's desire-to-
we experience it to one cost to day that we the evils of a silver currency, but wo have yet Some of these are re-exported to the continent suffers, niz, that a large proportion of at home and from a given date making sterling cannot afford to publicly neglect it, and the to learn where the trade of a colony or country of Europe. The same objection might be present as many playe us possible through the has been jeopardised by the adoption of a stable raised, "Could not the Continent order these present short season, Do revivals will be given.
When profits made in the Colony to by rosson legal tender in the Colony; at the same time chairman was absolutely enjustified in us
a pieco is withdrawn, it will not be Who can assure as goods direct from the exporting countries?" of the uncertain value of securities invested demonetising both the British and Mexicansuming as he did that public discussion would be system of currency.
bat silver will not ge even lower and The reason for not doing so must be that tradal done again. On Saturday next The Second in out of itan illustration of which is afforded dollar which would then be left to find a sale desultory and show no appreciable result, and
cause more distress. The boney fluctuations avantages (too numerous to be detailed here) Command will be produced for the first time by the Hongkong and Shanghai Bank's gold for themselves on the market at the current might create a bad impression. He was - Torto-so that although it may be justly argued price of bellion, And, if there be a danger of fortunate in assuming that this Chamber, woold in silvez may benefit some of our Banks, who that exist in London as a central market of the
gold stovdard would deprive the Colony of the sovereigns becoming absorbed into China Iso shirk its responsibility, which in this Colony profit by such and this is an element of gum-world, more then compensate for the apparent in China, The new work is by Capt. Robert extra cost which re-export from Londen entails. Marshail, and enjoyed a two years' roa at these profits on financing, on the other hand submit that this could to prevented by cautinis greater than in many others, as our safferings bling-but to a merchant these are disastrous, as it may with equal justice be argued that ing the currency to silver and copper tokens and are more intense, and he was not justifled prices do not respond of once to the fuctuations, Thess and other consideratious go to prove the Haymarket Theatre, London. Its success under Mr. Brough's management has been a silver standard drives away the profits banknotes backed by an effective gold reserve in thinking that such a discussion would be especially in a fall. If one has gocds costing at that once a place is established as after they are made. (Applause.) I think kept in London. In process of lime one's valueless. It is, I admit, not within our exchange Is. 7d. and exchange rese to 1s. 11d, the trade, it leaves an indelible impression upon I may now fairly claim to have shown dollars would be bought up for their value as province to settle the rexed and complex Chinese customer wants the advantage of the the commercial mind, not easy to remore by extremely gratifying. broadly at gold standard is not neces metal, and the notes, shillings and pance take question of currency; that duty, I agree with the riss, or else he will order anew at the higher trivial cruses. The same argument applies to
ROYAL HONGKONG YACHT CLUB. chairman, is one for exports, and I for one rato of is. 11d. In fact, although we are using the objections raised by some that industries in sarily the bogay so many imagine, and that their places, though in the meantime, no zufficient grounds exist for justifying the doubt, there would have to exist a sort of double do not onry them their responsible task. Nor silver as a medium, everything is valued, con- Hongkong will suffer by the introduction of a
The Royal Engincers' Cap will be sailed on do I suppose that this Chamber will accept "the suiously or unconsciously, in gold; wherever there gold standard owing to the possiblity of dearer enquiry which this resolution aske for; that as currency. The storekerpes, the doctors, the
ent and dried schen" of any single member are foreign influences, and the trade of silver-cost of labour. Now we know that Japan sizce day, the 22nd February. Start at Folive regards imports from gold countries consumed lawyers would charge sterling rates, and receive in the Colony its introduction would merely payment either in sterling or in dollers at the brought forward to-day, even f I were to bring asing China is almost all with gold countries, ber adoption of the gold standard has enor
a scheme which I have formulated. But, contrary Hongkong is simply the bead or the tail of gold. mously juorensed her industries in spita of the Piorat 1.30p.m. Time limit, 6 pm. Course:--- affect a general stability of prices; that it rate of the day. The ricksha-coolie would con- would not increase the price of foodstuffs tinue to accept Chinese money, and failing that to the chairman, I think it is an imperative duty asig countries and everything is expressed in in reased cost of labour; becanes the advant- Murk boat off South Pier, Stonecutters' Island, imported from silver countries; that concerning would receive his panny fare, aud either buy of this Chamber to publicly discuss this question, terms of gold, whether it be import or export. ago derived from the reform in her monetary mark boat on Kellett Bank, maric boat off ear transit fredo it is immaterial what our his rice with paany-pieces or change them into which from its soute and far reaching in. The present state of silver, with its fluctuations, system by far outweighed the oxuess in cost carreary arrangements are, for prices connected Chinese cash to make his purchases as he does pertones is one which most of us will shrink tends to degenerate as into commission agents of labour, as will be seen from her trade South Pier, Stonecutters Island, mark bost ex with this beads are determined betweer seller to-day, The books would convert their clients from discussing unless we feel that we bring to rather than bona fide traders. Now, to pass from reports. By parily of reasoning I do not see Kellett Bank (all por). If the wind is light the meeting of the com. why we should not expect advantages from the mark boat will be placed near North end of and buyer without regard to Hongkong's post-accounts isto sterling at the currant rate for bear upon it sober reflections and lessons derived the report of tion as a go-between (applauss); that it silver ballion, whilst the koal companies would from our local business experience. Then, from mittes, it must, I think, be accepted that in the reform of our money system which will put Kellett Bank, otherwise it will be placed near will not increase the price of local labour; change the face value of their scrip into sterling the numerous careful opinions given by men discussing the currency of Hongkong it is in the shadeali seeming hindrances. Hoago Green Island.
note the following facts suffers from lack of cheap money for the coltiva and that as regards the financing of in- at whatever rate the shareholders fix. Before who look at the metter from various attitudes, nevessary to
"there is no evidence terport trade
xt coooluding these remarks there is one point I Rems information may be evolved which may (a) Hongkong is a non-producing commercial tion of new industries, for the simple reason present to show how it would affect the will ask your permission to emphasize. and it justify this Chamber in forming a resolution, to port. (h) It is a commercial medium between that home people are deterred from sending out Colony. There are three other objections is this, that the resolation does not coramit strongthan a general movement among other the work and China. (e) Trade with Hong money here on accouut of the docerasing value of kong means virtually the trade of the world silver. With cheap money Hongkong is bound which I have beard; one of them that the yon in any way to an approval of a gold cur- communities afflleted like omselves with au
(d) Over 90 per cent of the to expand its trade and develop its industrial The change from silver to Chiness he the gambling elemnt of present renoy; it merely asks for enquiry, and if after a unstable currency, and which may also prove with China. uncertainty and if deprived of this would not fall and independent enquiry it is found that a of use to those experts into whose hands the world's monetary standard is god and China's capabilities.
any change in the social world I fell convinced, gold standard is mundtable to our circumstancos sattlement of the question may ultimately fall. is silver. (e) A gold or silver arrancy in gold, as how ver, that such a criticista is not just and then nothing more can be said upon the unbject, We have no right to shirk what is manifestly Hongkong can therefore have no effect either designed to be so improvement, is apt to bu our duty, and I fail to see how the serious good or bad on the trade of the world with fraught with initial difficulties which ehoold that wenst Chinese would prefer to work for a except that we must wait in anxious bops for certain at steady profit, (Applause) Another the day when Chins shall awakes to our resone. disenssion of such a vital question is likely to Chino Having these facts before us, let us sbjection is that we should have to wake In the meantime let us endeavour to help our work harm to our interests. To sit idle and new deal with the currency question direct and The change is boned to work itself slowly good the loss on the British dollar, and it selves, especially as by so doing we may possibly adopt the Micawber policy of "waiting for some-
ask: While currency in Hongkong whether and gradually until in time it produces the has even bera suggested that we should have to uvuce Chine to adopt the one true standard thing to team up." or for outside events arising in silver or gold cannot affect the trade of the desired effect. Hongkong might anffer in make good the loss on Alexicau dollars besanse of value under which the gratest nations of from the selfity of others to shape our destiny, world with bin, how then will it affect conveniences at the beginning, but by identify- they are legal tender in the Colony, What the earth have propered and progressed. is a selfish, timit policy and one unworthy of merchants in Hongkong, and if so what ches of ing herself with the world she is sure to draw after the race. loss, I ask? Have we not already lost? Has (Applause. I beg to more the resolution I the reputation of this otherwise vigorous com- merchants? There is no question that purely capital whereby the many facilities of a rat- manicy. I mention this at some length beesuse commission agents are avulfected by the class commercial port will be cultivated and not our dellar, the price of our laboar, the sweat
Mr. PEATFAIR said-We are all heartily sick we have already been fanated with displaying car of our brow, been already lost? burely no one
of the savings of single or corporate ladi- seriously proposes to redeem the dollar at a of silver; it is an utterly unreliable currency impotence, an imputation which we mising our currency in Hongkong whether it be sile her wealth increased accordingly. The wealth Saturday, February 21st, by the 2nd Class
porte largely on their own scoouut suffer most fixed rate; it has verer yet possessed' a value and we all see our little bard-earned svings all recent. Before proceeding to speak generally gold. But those who deal in imports and ex- of Hongkong as a no-producing port consists on the subject of our local currency, I would like from a currency that is subject to exchange viduals, invested in landed property, joint beyond its own weight of silver, so why attach melting away into nothing like a lamp of sugar to it an artificial value for the purpose of in a cup of tea. This instability is neither good to refer to the points raised in the report of the actuations. It may be said that as in almost stock companies bank deposite, or doating in redomption. Again then I ask, what loss? Our for us individually or for Hongkong as a discussion of the committee of the Climber. all bagiuss undertalings there is a certain commercial undertakings representing goods or
STOUTS, loss is already male; what we
contre entrepot As a local paper remarked the The first is that "the positions occupied by amount of risk tuken by the merchant, which ere lits. As the value of such wealth can only BOTTLED ALES, BEERS AND to prevent it becoming greater. (Applauss) other day. Stability is the desidera um of Singapore and Hongkong me different, which thor sade in gain or loss to him, and the like be determined in terms of gold or silver, and as third bjection is that our silver Hongkong's prosperity." It is from that point, renders combined action impossible in the consideration for risk and its at endant result Hoagkong is a British possession, the wealth of tokans would he cannterfeited in China; gentlemen, that we should approach the matter direction of procuring relief from the in stond also guide his exchange opera. Hongkong must be valued in money related to the wall on this point 1 think we need have notwithstanding the vague warnings of some stability of silver." Now, with regard to this tions. This kind of argument will no doubt mother country-apart from the consideration
hold good if the parallel drawn between the that as a commercial place, its wealth should be Ind, Caspe & Co.'s
Ale little fear, because the sumo protection that who advance to asser ion, but without any they have not stated in what respect our
aro different. I centend that, two distinct lines of business, viz., commodity estimated by the world's commercial standard. guards the abilling and sixpence at home could, convincing arguments on the subject, that the positions
If and exchange, exhibits the same degree of risk Therefore the wealth of Hongkong, as affected Bass, Light Gravity I take it, be extended to guard thom in Hong trade will lvare Hongkong to go to Canton in the main, ear positions are alike.
producing in both; bat on closs examination it will be by the decline in silver, i, dwindling in valus kong. Having dealt with all the objections of that is a buro assertion, incapable of proof, and they allege that Singapore is
seen that the laws of chance do not equally day by day and the prosperity of the place Bass, Light Gravity a-public nature that occur to me, I come to its to that I would simply reply. Way has got country inasmuch as she produces three quart Stars of the world s susirable for that port,
of tin, and there govern the two. When gold and silver circa atea cannot advance at the same ratio as it advantages, and these ure indeed truly great. the trade centred in Canton long ago!" First and foremost comes the personal element. cause, gentlemen, Hongkong is a free port fore a gold standard is
exchange was infinitesimal, and hardly in- concluding, the questions which confronts Gentlemen, is there a man in the Colony who can under free end honest institutions and not in iny reply is that those tin-mino owners tort, side by side at a fixed rate, the fluctuation in would do if possessing a stable oucrezey. In Bass, Boar's Head..." truthfully say that he benefits by a fullia eilver? our day or in the days of our children's child selves have petitioned the Governor against Barn el the gold value of goods when converted us are these: Is it advisable or not to make a gold standard in any into silvr. Merchandise was then regulated fixity in exchange? If so, how? I think it is (Applause) Yes, perhaps there is just one, ren is China likely to be free enough to attract adopting rit, the man whese income is in gold and who away our trade. In the last twenty-five years way disturbing the status quo. So it can by the laws of supply and demand. All the advisable, because we are paying the salaries spends itall in silver to the utmost limit, saving the output of silver bus roughly trebled and the not be argued that because Singapore risk a merchant bad to take was within the of our government officials, the military con- nothing, investing nothing. That man benoflts price is little more than one-third of what it produces tin, her position is different from ours, compass of reasonable, calculation. Now that a tribution, and other liabilities in gold. Every because silver prices for domestic expenditure us then. Arguing, therefore, from these and that it may be advisable to have a gold chasm between the two masses of the world's drop in exchange means we must provide evore pay those Hongkong is now The tin-mine carraney has been created by the demonetiga silver to do not immediately rise in sympathy with the figures, and will the knowledge of the ever standard there and not here, fall. Gentlemen, is there n man poss-560 of increasing production of silver ass by-produel owners do ot want it. If the Commission tion if silver, an arbitrary rate takes the practically beginning to charge in gold; that is, anything at all who does not bitterly deplore alone, what will be the product of silver eight, recommended the adoption of a gold standard, plece of the fixed one and throws all calthe retail traders, hotels, doctors, architects, Blatz, Amorican
It may, however, still wharf companies, etc., and etbers will follow. that he ever kept his savings bere? Does sixteen, and twenty-five years hones? What it must be on other grounds, and whatculations overboard.
Hongko y still prospere. Practically, we shall charge for everything in Yebisu, Japanese
Light bo be not regret day and night that every dollar will be the price of silver then? What further ever these grounds may be, they annet te urged that
If Hongkong can be said to gold, and silver will be only a metat to saved was not forthwith cabled to London reduction iu value will the accumulated savings fail to apply equally well to Bongkong. Quite so! Not one mon in this Colony can, truthfully of individuals show? What further loss to the Secondly, That we are not to attempt a still prosper under such adverss ecuditions baudled. Fixity of our exchange will mean the jucome of the Government, and what burdans divorce from the currency of Cuiua." I would surely it must have a considerable amount confidence of the whole world in us and in say that he its benefited by keeping his capita will have to be lid on thi ratepayers? The ek what is the currency of China ? Can any of vitality, to keep it alive, and how much our commercial transactions, and we shall be able or investments in silver (applause); and if we regret the past to-day may we not have cause expenditure of the Colony is in gold and yet one enlighten us? Lord Charles Beresford, in m. would the line of its prosperity be to obtain money from elsewhere for investment We have his book The Break-up of China, printed out exteriled if the disturbing elements in its in our Colony, which will mean its development to regret the present when it in turn becomes its dues are collected in silver. the past? What is there to prevent the dollar borrowed in gold and lost terribly on the that China has many currencies, there boing in rade vero removed from its onward course! in the creation of more industries. Investors Ind, Coupe & Co... Fer 8 Dez. Ft. $19.50 32.45
fact fire different currencies between Tientsin And what is causing more disturbance than will feel assured that if they send £5,000 one Guinness, Boar's
Hond going to 1/2, 1, or even lower? Absolat-ly transaction, Looking at it, therefore, from u nothing but the cost of radiction and the self-government point of view it will simply be and Peking, a distance of but 30 miles. the degraded silver currenty Woald it not day they will receive £5,000 back another day.
We are told diastrons to go on as we are doing. The neb a currency, he said "aindore trade laws of supply and demand. things adjust themselves, that in sympathy Secretary of State for the Colonise has recog and is troublesome to everyone" "No one with the falling dollar up go stocks, property. nised the hopelessness of a silver currency by present will be food. I trust, to endorse salaries, dividends, and it is only a question of ordering the passing of an ordinance by which such a prolixity in medioms of exchange. lime that matters right themselves. A poor all Government oficials are to be paid in gold, China we know to be a silver-using country, but consolation indeed for us to know that in Not only that but most banks, merchants, | her rent universal coinage is copper cash, which years to come our descendants will reap two and insurance offices are gradually being forced i has various provincial values, and is subject to
trade as they do now,
The
what is
have read.
#
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centre of
not alarm the man of sound commonseÐSB,
Handicap - Vernon Dione
Alannah... Colleen
Eric: Min
Bonito
Iris...
Maid Marian........... Chanticleer Gloria
Soratek
miantes
111
151
Boat-owners are invited on board the Solent
The 8th Club race will be re sailed
Start at 2 p.m.
Ala
Ale
IF YOU REQUIRE
Do. do.
do.
BUY THE BEST
Dez.
Per 8 Doz. Pts, $18,50 52 35
4
Qts, 19.07 4.75
8
Pis, 21.00 2.65
17
Qta 22.00 5.50
•
४ I'ts. 2700 3.40
Do.
Do
do..
do.
Dortmund, Pilsenerte. 18.00 4.50 El Capitan, do.
Jubilee,
35 A
Pts. 18.00 3,00
Qts. 26.50 4.15
Pts. 10.50 2.75
*
4
Qts. 10.50 415
Do.
da.
G
Pts. 10.50 2.75
Munich, Dark
Do do.
4 Qts 17.00 4.25.
6.
Pts, 17.00 285.
10
Pts. 22.00 2.90
Qts. 28.00 470
16.00 2.10
17.00 1.20
Do. ne
Yebian,
Japanese
Dark...
STOUT.
Doz.
45
4 Qts. 20,00 5,00
Hend
3
+
+
+
1
Pts. 25.00 3.15
H. PRICE & CO.
12, QUEEN'S ROAD. “
141
be more compatible with reason if we adopt From the thirty-three open ports of China Guinness, Boar's a monetary standard that will keep us in close people who have money to invest or save send their money hero knowing touch with the world and save us from being will tassed shout by fluctuations which the rejected that it will not depreciate. How many people lower metal is bound to predues? It is argued in this Colony who have been saving for years that a gold standard in Hongkong may drive have of late seen half their savings swept away
(Continued on page 5) business away from here and shift the centre of