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THE HONGKONG DAILY PRESS, THURSDAY, NOVEMBER 19TH, 1908, HONGKONG CHAMBER OF between the extreme of copper and gold. taal coin with the addition of 3 per cent, alla's
COMMERCE.
THE CURRENCY QUESTION.
The following letter was road :-.
Colonial Secretary's Office,
10th November, 1908. SIR With reference to my letter No. 5778/1904 of the 25th August 1904, directed to transmit for the information of your Chamber the enclosed copy of a dospatch from Sir John Jordan dated the 22nd ultime - I am, ko.. Your obedient servant.
F..H. MAY, Colonial Secretary, Hongkong Chamber of Commerce.-
The Secretary,
British Legation, Peking, 22nd October, 1908. SIR-With reference to my despatch of 8th January last, I have the honour to transmit harowith to Your Excelloney copies of an Imperial Decree inued on October 5th, and of the Memorial of the Govoramont Council upon which
it was based erlaining the introduction of an aniform silver-currency throughout the Empire of which a coin weighing one K'u Ping
or Treasury tael is to be the unit.
A
I have thought it might be possibly ho of use to Your Excellency and the Chamber of Commerce to have an authorised translation of these document.
I have the honour to be, ke.
J. N. JORDAN. His Excellency Sir F. J. D. Lugard, K.C.M.G., B., DSO, Governor and Commander in Chief, Hongkong.
Translation.
DECREE.
there
most always be the Intermediary stage of a silver enrrency and for those rassons it is hath right and suitable that China should now begin at first with a silver standard But although the adoption of a silver currency has been unanimously, advocated, there has hoon by no means the same unity of opinion as to whether it should be a lael or dollar currency, The present memorialists have considered this the Governors General and Governors of Pro point most profoundly, and from the reports of in that eleven Province favour the teel eight in favour of the dollar the remain. against der wither advocating the use of both concur rently, or proposing the introduction of a new coin of 7. mace.
Tang Tach'en in his Memorial also favoured the tael currency; and from the point of view of national dignity it seems to us that we ought to try and stand alone, and that we cannot afford to throw away our sovereign rights in order to gratify the wishes of others; while from the point of view of the people we should follow a course suitable to the greater number, and not change a tradition of the country for the com venience of open ports or trading ports. This is as such a fundamental principle for our guidance in making the enactment to-day, as it will be an essential factor for the future success of the measure itself and as we have dealt with this point in previous Memorials there is no need to elaborate it further. We now propose merely to present a few of the principal argu- ments on both sides in the problem of adopting
dollar or a tool currency.
From the point of view of public convenience it lins boen said. that as a lurge apply of dollars already exists, it would be simpler to extend their use than to udopt a tol currency. But
nied that in every place where lollars are used it is always in combination with syces: while in all the places were eyess is used it by no means follows
it aust be borne in
that dollars are also current.
order to
Chineso dellars were originally coined in oppose the inrusina of the Mexican dollar, and it seems to us that if a national currency is specially established, everyone will have perfect confidence therein.
makes a strong and clear ringing coin. Of course the expanse of minting has to be cou sidered and the labour and alloy, which is estimated at 3 per cent,, can be paid for ont of the profits neerging from the subsidiary coinago. If this is unsuficient the profits from the copper currency could be drawn upon, and if that is still insufficient there remain the profits on the paper currener
(Tho rest of the Memorial contains no further. suggestions of importance,)
I avail myself of this opportunity to renew to your Highness the assurance of my highest consideration.
His Highness
Prino Ching
do do ko..
NOTICES.
J.-N. JORDAN,
Colonial Secretary's Department. No. 784-The following Notification issued by HB.M.'s Minister at Peking to H.B.M Consule at the Treaty Ports in Ching on the PROHIBITION OF IMPORTATION OF MORPHIA jubject of the prohibition of the importation of morphis and instruments for the injection on and from the 1st January, 1909, is published for general information:
F. H. MAT, Colonial Secretary.
· ÎNTO, CHINAZ
The following letter was read :---
Colonial Secretary's Office 2nd November, 1908. SI-I am directed to transmit for the in- formation of the Chamber of Commerce the enclosed copy of a despatch from His Britannic Majesty's Minister at Peking with copy of the Notification issued by Sir J. N. Jordan to His Britannia Majesty's Conans at the Treaty Parts in China.
Iam, &c,,
F. H. MAY, Colonial Secretary.
The Chanabor of Cóminence..
The Secretary,
Copy.
Peking, 16th October, 1908. SIR-I have the honour to traumait hore with, for Your Excellency's information, copy of a despatch which I have addressed to Sir Edward Gray on the subject of the proposal of the Chinese Government to prohibit, ander Article XI of the Mackey Treaty of Sopten
ber 5th, 1902, the importation, except for medi cal purposes, of morphia into this conutry.
2nd November, 1908;
NOTIFICATION. Underinstructions received from His Majesty's Secretary of State for Foreign Affairs, the un- dersigned hereby notifies British eubjects that His Majesty's Government has agreed to the enforcement from January 1st, 1909, of Article II of the Treaty which was conelnded between Breat Britain and Chins at Shanghai, on September 5th, 1902.
From January the 1st 1909, the importation fmorphis, and instruments for its injection,
to China will
Das provision will the Chinese Govertly, be prohibited by however be made for the importation into Chine morphis and instruments for its injection for medicinal purposes, and all British subjects. concernel are requested to ascertain without delay from the nearest British Consulate the mothout of proceduro to be followed in that regard.
J. N. JORDAN..
British Legation, Poking, 10th October, 1908.
H. H. M. Minister.
DRURY LANE FROCKS. -
CARNIVAL OF COLOUR.
On the receipt of a Note from the Wai wu-pu informing me that the Treaty Powers had all consented to the enforcement of the prohibition telegraphed to His Majesty's Principal Secretary of State for Foreign Affairs propos- British ing to publish a warning notification subjects. I have now received Sir Edward Grey's approval of this procedure, and the notification, which forms enclosure 4 to my
ospatch is accordingly being inned through Drury Lane drama, The Marriages of Mayfair," His Majesty's Consuls at the Treaty Porta..
A King's Eegulation making the Chinese subjects will shortly be promulgated. I have do,
J. N. JORDAN. His Excellonoy,
Sir F. D. Lugard, K.C.M.G. C.B.. D.S.O..
Circular
Lic. &c. &c..
The dresses worn by the actresses in the noW
a London paper.sys, are triumphs of art that
In the first scene at Rumpelmayer's among the most reticeable frocks was thus Saxe bhis Directoire dress worn by Mrs. Lancaster. Wallis as Lady Margaret Villers. The whole beauty of the dress depended on its statuesque lines, which were emphasised by a deep fringe trim- ming in the same blue. Another was the ex- quisite gown in liv-stam green, voru by Miss Mario Pero as Lily de Mario, with a yoke old oxydied embroidery and finished with the now Directoire sash, knotted round the knees. It was out with the during tightness that created the sensation at the Grand Prix in Paris, when the wearers, said to be res makere models, were jeered off the lawas,
Poking Gazette,.
5th October, 1908. An Imperial Decree in response to a memorial of Prince Ching and other Ministers of thi Goverment Council, and of Prince Pn-lun and other Members of the Senate, who, in obediones to our Commands, have deliberated upon the subject of uniform national currency.
As regards the obejction that the higher A standard currency is the fundathontal denomination will tend to raise the cost of principle of public face, and varions countries living, while a small denomination will tend to economy in prices. It must not be forgotten have adopted a gold coin as their init of valas, that besides the unit of value thore nust be Doorse of prohibition binding on British will win universal admiration. with
a subsidiary currency of silver and copper fractional currency, and that a 5-mace piece will tokens Undor well framed regulations such currencies have been found convenient sud prove more conveniout that one of unce Moreover the bulk of the people in their daily profitable. But it requires yours of pre-life mostly rely upon the copper currency, and paration to be ready for such a measure, which
by no means be attained at one stop. The if this has an unimpeded circulation there is no. financis of China are in confusion and the reason why habits of extravagance should be
engendered. standardising of the currency is an urgent necessity. If actual gold coins were to be taken as the standard unit, it would be dificult to raise the necessary amount; while if gola were merely faken nominally as the standard wait, grave dangers would be incurred. It is evident therefore that we should first standardise and render uniform the silver Burrency, and then carefully proceed to take measures for a further advance; with a view to assuring the adoption of a gold standard in the futury.
memorialists have pointed out that the nse of the tael and its fractions has been so long established that it would be diflenlt to substitute any other denomination in its place. The Committee of Finance in a previous memorial also recommended the dotermination of the tool
the silver coin to be used.
2,4
It has been argued also that the value of a dollar approximates that of 1000 cash, and that with the principal and fractional coin so conveniently related calculations are simplified. But as long as the legal ratios of the
not fixed -thu macket currency. cates must constantly vary, and as nearly all the public and private transactions involve exclutige between silver and cash the sub stitution of dollar values in pines of the taol would only result in producing a complication of of oud fractions
British Logation. Peking, 10th October 1908. Sin-I sadoge for your information and guidance copies of correspondence with the Wniwapn in regard to Article XI of the British Chine Treaty of September 5th 1908, (Prohibition of the general importation of Morphia,) which it has been agreed shall be brought into operation from January 1st 1909.
You are requested to issue the Notification to British subjects which is enclosed, and to take whatever steps may be necessary to secure the Another argument is that in all currencies proper fulfilment of the Treaty provisions pand. reckoned by the pieces and noting the issue of a King's Regulation which is coins should
J.N. JORDAN. by the weight. But just as Dollars can be under consideration-I bate ke Tuskoned by the pieces, so ako can the taels once they are struck into coins, and while the trouble of conversions and discounts will be saved, such
correspond coins will also fulfil the condition of inging in weight to their inscribed donemination.
We therefore command that a larger silver coin shall be struck weighing one K'uping tael, and that large quantities of silver edins weighing 5 of a Kuping Tool shall also be minted for general convenience in use. Also thero shall be
be sand pieces of one maco and of fire candareens, of less pure silver, which will serve as
subsidiary currency. The two silver coins aforesaid shall be 980 fine, while the two small silver pieces will be-880 fiue.
This silver currency, except in so far ቡና cal. onlations vinder Treaties and Agreements with Foreign Powers will require to be made as be fore, shall be uniformly used by all. Yamens, great or small, in Peking or the Provinces, in all their Treasury transnotions, and all allowan. Ces for difference of weight or touch, or meltage foes &c. o., shall henceforth be perpetually forbidden.
Cess
on
Let the Governor General and Governors of Provinces examine the conditions in their juris. diction and deviss means in conjunction with the Board of Finance for determining afresh, either by increasing or decreasing as the may be, the allowances and rice money of ter ritorial authorities and tax-collectors while on duty together with expenditure for travelling the public service, and let the rates to published uponly by proclamation so that the peculations of clerks may be abolished for ever
As regards the diversity of silver currency in the various provinces, and the differences of touch, which give.dishonest traders and market dealurs the opportunity for demanding discounts and profits ou each transaction, grievone injury
His Majesty's Consul.
Translation.
PRINCE CHING TO H. 3.' MINISTER.
To extend our argument further efold: in all
Peking, 28th September, 1908. our transactions with other countries, foreign SIB-With reference to the question of pro- obligations have always been liquidated in tornis hibiting the importation of Morphin into of badls. The Nutive Customs revenue, also, is China, I have the honour to inform Your expressed in terms of K'n ping taals. Foreign Excellency that as a meant of repeated repré Commerce is carried on entirely by means of sentations on the part of this. Bourd to the exchange calculations, and the price of the pound various Foreign Representatives in Peking, sterling fluctuates with the state of the silver replies have now been received from each, eigai market. By using a 'tael onrroney transactions tying the concurrence of their respective can all proceed us before, and the extended use Governments in such a measure and whereas of such a co cannot fail to prove advantageous effect should be given to this derision na son as The coinage of a tasi aurreney was recompossible, it is now intended to prohibit the mended by the Council of Finance In Hupsi importation at any Chinese port, of Morphs or and the Now Dominion, a tel enrenoy has been instruments for its injection from January 1st in use for some years. The Board of Finance 1909. also held that if a silver currency were to be adopted there could be no harm in using a taci coin.
This, then, is also our present decision: and we have further moroadopted the suggestion of Tuan, Fang to coin a large quantity of 5 maco. pieces (half tuels) to be of equal currency with the tool coins and be legal leader for may amount. Besides these 2 coins we propose that there should be 1 mace and 1/2 mace (5 candareens) pieces, as subsidiary currenty. These coins will the future take the place of the 10 cent and 5 cent pieces of the past, and will
prevent the rise of prices or difficulties in the daily life of people, besides forming put of our preparations for a gold standard,
in
As regards the national dollar coined by the Board of Finance the year before inst, as an
is intheted thereby on all classes, and the Board caparimont, the intention
tras to
make
But
of Finance is now commanded to issue stringente of this coin temporarily, as being known regulations forbidding sach practices in the to the people and easy to establish. future, with the view that in Riven number of if an uniform currency is to be sought, the years
the national silver
silver currency may become standard can only be fixed after far-reaching investigation, and the present memorialists have completely uniform.
Until the new coinage has been minted informed the conclusion, after carefully weighing anfleient quantities the dollar and subsidiary all considerations, that the long-established use silver pieces in wes in the Provinces, as well as of the tael and its fraction-the mace, candareen the syces may be used as before, for the time and wil--can hardly be altered or abolished.
The most suitable weight for the standard bolig, on the market, and treasury payments
may
still be mando in yous for the present, but evin will be the K'n Ping tael: and as regards must year by year he diminished by the substituteness, it will be remembered that from the tion of the new silver coinage. On these minting regulations drawn up by the Council of questiona let the Board of Finance carefully Finance and submitted to the Throne, it appeared consider the circumstances and take satisfactory that a tael's weight of -called full toach steps for the execution of this measure,
Let this Deores bo generally circulated in all parts.
Translation
silvor, as generally used throughout - China, actually contained when melted only 98 or 99 of a tael of pure silver; and they proposed therefore that e tal and 5 mace pieces should be 98 fine and 1 and 2 maca pieces 85 fine.
The recent memorandum of the Board of. Finance observes further that Chinese sycee has fine. Recent never notually been 100 per cent
of
Drinking tea at a near falle was Miss Ren Moore, who personated the heroing. Dorothy Gore, and wore a gown full of soft lines made in apricot sinon, which was daintily trimmed with a ceinture made of cord in wheel design. The sash, in the same shade, was tied in Watteau mode the back.
A romarkable costume was worn by Mias Marie George as Bess Biuseft. The skirt of purple ever turquoise was worn with a quaint Directoire cont of rose du Burri woven with and the bottom alged with deep, green stripes, knotted fringe in the du Barri colour. Her hat of parple, measured two yarls rond, and was trimmed with blue and violet plumes and a cluster of puik rose
In the third acene, it
in the stately gardens of Deermistor Chase, Mrs. Lancaster Wallis, as Lady Margaret Villiers, wors is dress of white crêpe de Chine. A jet trimming gave black tonchos to the bodice, and fell stole-wise from Tied the corre to the helm of the skirt. loosely at the back waza sash of black Suzetta net A large black picture hat trimmed with falling ribbons was a oxowning detail.
For sheer bounty in the inassing of colours nothing would surpass the beautiful evening gown of the guests on the Tower
Fordyce parposus, the following method of procedare las appeared in a gown in the new brilhant flamingo been elaborated
colour that seemed to reflect warmth even to the Any foreign doctor wishing to import morgrim, old battlements Revealing the Bne lines phin must execute a bond before his Consular of the gatuesque Directore, it was richly Authorities declaring that it is for his own embroidered with oxydised tissue and chenille, use or solely for use in a specified hospital and the dear-cnt corsage was simply finished Any foreign druggist wishing to import with embroidery. morphianat similarly execute a bond before his Consular Authority pledging lúmself not to retail it without a foreign doctor's prescription, and even when a prescription is produced that he will only .- sell small quantities
As regards the supply necessary for medical came Mis Marjorie Doré, who as . First
.
#
The Consular Authority will thereupon trans- mit the bond and the exact details of the amount to be imported to the Imperial Maritime Customs, and when the Imperial Maritime Customs have feaned a special permit the consignment may be landed. Any infringement of the terms of the bond will dekur the offending party from ever obtaining permission in the future to import Morphia.
Next was soon Miss Mariel Langley as Mrs. Anstruther, wearing a deep Veronese green alik robe autor o black net overdress rielly tritamed with soins and paudeloque fringe, Closely following came Miss Era Moore (Dorothy Goro); the young hostess, in an exquisite robe. Made of Ninon in a soft, eucalyptus tons, revealing both gray and green notes, it had an under-robe of claire Tune metallic tissue, and was trimmed with optisque embroidery on the bodice and down the left side. A flowing wash of the eucalyptus Ninon fell from the sleeves.
Lastly, there is the wedding scene, and the Tower Green is gay with uniforms and bright. dresses, ani in the sunshine comes the bride (Miss Eva Moere) in a beautiful bridal robe of The Tarif duty to be levied on such importa softest satin in Directoire mode. The two sides tions will be reduced to are per cent ad of the balice are laced with sürer cord. An valorem. If consignments are imported empierement of silver embroidery is carried without a special permit, they will be con- right down the side, and the same embroidery fiscated by the Customs. Consignmente decorates the bottom of the skirt. The long already afloat previous to January 1st, 1909, Court train is made of double chiffon embroi will to granted a reasonable time-limit, byderet in high relief. with silver roses, oak. the Imperial Maritime Customs, within which they may be imported; but such consigaments will be subject to the present rate-of-duty and will not benefit by the roduced scale." "Finally, whereas China agrees to prohibit the manufacture of morphin and appliances for its injection by Chinese tradespeople, the Powers also agree to prohibit the manufacture in China of morphia or appli- of their nices for its injection by any nationals, The above.articles represent the arrangements.
leaves, thistles, and bunches of accorns. Following the brids are six stately bridesmaids, gowneil in pair in three shadowed wisteria blue, and wewing hats to match.
AEROPLANE FOR £100, ABROMAUT FORESEES 200 MILES AN HOUR AND TIPS TO NORTH POLE.
"It is likagliding over sparkling water, where. you can see the bottom, writes Mr. Frank loonist. He was describing trip in Mr. Hedges Butler, the well-known English bal- Wilbar Wright a aeroplane.
NEMORIAL OF THE GOVERNMENT COUNCIL (HUT I CHENG WU, OH'U) ON THE QUESTION. Or A UNIFORM NATIONAL CURRENCY. The Special Envoy to Amerion, Tang. Shto- analysis have shown that the best does not Yi, having memorialised the Throne on Septem-ranch 985 touch, Supposing therefore that ber 22nd, praying that effect should be giron to coins of 100 per cent pure silver were struck, which were agreed upon between Chips and the all the Articles of the Commercial Treaties, and the uso of broken silver could not well be Fowers for prohibiting the morphis traffic and
There is he sensation whatever," he ads. that the question of currency should be speedily suddenly abandoned as soon as the new coinage in communicating them to Your Excellency, I determined the present memorialists were appeared, had this, together with the nas of have the toubar to request that they may be "It is as if man had always own. There is a commanded to deliberate and report thereon lars which are all 6 old in fineness while British subjects.
dollars and Chinese Provincial Dol brought to the knowledge and attention of all perfect feeling of security and stability. Turn- willout delay.
As the Throne is aware, the question of passing for 6 odd of pun silver would lead to
While waiting, also the honour of a reply, Ing the corners and tipping the wings is like currency has been considered repeatedly by illicit melting down of the heavier coin, as in avail, &c., high authorities in the Capital, and investigated variably happens under sach eiroumstances.
In
and reported upon by all the Provinsial the memoranda of Chang Chitang, La Chaan- Authorities, Special Memoranda on the subject
have no her ministerby Chang Chery
lin and Yuan Shih. Kai it was observed
of a gold currency the
Yoo proucks the
La Ch'nan-lin and Yuan Shih-kai, es va as
Li
by the board of Finance; all of which, under a mubsidiary coinage could be about 9 touck Thecree of April 26th, were handed over to the Bat objections have not been wanting, to show Government Council and the Senate for consi-that a pare coin would be too soft for ordinary deration. All this shows suficiently the great
romble
communication through only 6 graces in þar gold.
PRINCE CHING, M
British Legation, Pelting, 10th Outcober. 1908 Your Mégzetes The contente Yo Highness Note of September 28th to the effort
submitted by ine.
skating on the outside edge.
"Wright feels his levers and looks at his plans as a skipper looks at his sails to see if they are full,"
As to the future Mr. Butler says Light on land will be erected by the Trinity Bone to mero way nu might. Lamps an aeroplanes or flyers will be tood.
With smaller
that, the Treaty Powers having all agreed to its planes speed will be terrific, 200 milles an hour. conditions, Article XI of the British Chinese Twenty one miles across the Channel means a Treaty of September 5th 1902, on the subject of very few minutes, the winds at sea blow steadier care which has been bestowed 1-by the Throne Now it will be found that the Russian gold the prohibition of the importation of morphia" than on land.
piece weighs 6-654 The Japanese 1909, were sub on this important question..
of which would be brought into foret His Majesty and raise themselves... There is no reason if now from January 1st Aeroplaner can be made to float on the water Now, the freedom of com out the world renders this question of currency gold yen, again, weighs 222 mass of which Principal Sean bary of Stato for Foreign Affairs.they can carry equal to three passengers, an The remainder by telegraph, and I am now in receipt of tele aeroptare shonid not carry with larger planes of still greater import than ever before, if we only ace is pure gold. were to follow the rest of the world we should isalloy, but in use it all passes for pure graphic instructions expressing the assent of and engines. The North Pole, tropical forests The sarne is found in all countries. His Majesty's Government to the course proof Camal Africa, Australia and the Sahara, adopt a gold standard. But if the present con- gold. ditions prevailing in China be sur guide, we Though we have not yet started a gold currency, posed by the Chinese Government should use a silver standard. Moreover, if the and temporarily use silver to take its place, we Notification in this sense will be issued at all
From His Majesty's Consulates in China as soon as Tencies be examined, it will be found that recent experiments in tuinting we find a silver practicable
principles underlying the development of cur- must certainly follow the same plan
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