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THE HONG KONG DAILY PRESS, SATURDAY, OCTOBER 20th, 1928.
CHINA'S CURRENCY
PROBLEM.
AN INVESTIGATION INTO PAST MISTAKES.
Mr.
The following article by Hoido Stromwall is taken from the X-C. Daily News:-
NIND SMITH'S PLANS.
DR WANG CHUNG HUI'S REPUDIATION.
The Central News Agency (Chi- nese) reports that its representa- tive recently called on Dr. Wang
LOCAL SHARË MARKET.
BUSINESS DULL
MESSRS. BENJAMIN & POTTS' REPORT.
SHAUKIWAN ROBBERY
ARRESTS.
A WOMAN IMPLICATED..
While carrying out investigations into the armed robbery at No. 63,
In their weekly report on the | Shaukiwaa Road, on the 13th inst., Chung Hui, and discussed with him Hong Kong Share Market, dated police officers gained a valuable the reports current in various news- yesterday, Messra Benjamin & clue which resulted in the arrest It is noteworthy that all reform. Papers that Mr. John Nind Smith Potta state that, business has been of two Chinese who are believed to:
number of British rather quiet and prices have further be members of the gang. banks and capitalist firms that had declined, but a somewhat improved. contracted to undertake certain re- enquiry is noticeable at the close. constructional work in China. Dr. Wang said
ors, or rather proposed reformers of represented a the Chinese Currency are principally
concerned with whether & gold or silver currency will offer the most practical solution for Chinn's needs, how many millionth parts of a gram of pure gold the unit should con- tain if a gold standard is adopted, and the various legal or other steps which should be resorted to in order to put the proposed currency into offect.
The police have also arrested a woman on whom was found a .re- Hong Kong and Shanghai Banks volver which they believe is the fell away in the beginning of the weapon stolen from the residence week to $1,300, but have since re- covered to a buying quotation of of Mr. Whitley, who lives at No. $1,330, Laions have further receded 17, Broadwood Road. Burglars
Cantons have likewies entered this house on the night of; to 8360. weakened and were booked at 8675. September 14th, and among the Steamboats have gradually sag articles stolen was a revolver and ged away to $28. Kowloon Wharves cartridges. One of the men arrest. have lapsed to a nominal quotationed earlier is alleged to have taken of $138. China Providents were part in this burglary. done at $3.60 at the outset, but close easier with buyers at $3.
Hong Kong and Shanghai Hotels have strengthened and were put through at 89/89.10. Hong Kong Lands were placed at 887. Hong Kong Realty's came to business at 88.15 Humphrey's Estates have
$13. Star Ferries have buyers at 867. Hong Kong Electrics (old) were negotiated at 8531, and the new shares at 452.
"I had no knowledge of Hr. Nind Smith further than that he is a Professor in Hong Kong tiniversity, and that at the time of the strike in Hong Kong he was reported to have said that the Nationalist Government would not be allowed to interfere in matters The whole currency proposition relating to Hong Kong. Úno has been viewed from a financial and count of this he found it necessary legal point of view only. It has to leave China and, when I was in never accurred to anybody that
Paris, a card was presented to me currency system for China is a prob-bearing his name. He said be re- lem of principally high finance and presented British firms interested hardened and buyers are now offer political economy and less of high in the reconstruction of China, anding 9151. finance and, legislation, legislation that he intended coming to this Peak Trame (old) are wanted at baving no bearing upon a currency country. I replied that what in a China that has been or is in China principally needed was as- the making. I am here not consistance in the development of cerned with a China that will be roads and mines and that if he and prefer not, since the introduc-hud any concrete proposals to offer tion of a currency system in China. I would lay them before my Govern- as we understand it in the occidentment. will be accelerated if detached
"At our second interview I from any legislative interference found that he had no substantial | are obtainable at 85.50 Ex, Rights, from the purely criminal one. The offers to make and, as to the re- explanation" of this state of things port that he has an agreement is very simple. The foreign ex-with certain parties, I have never perts who have been invited to act seen nor heard of it. And if, as as monetary advisers bayo not been is reported, he says, that he is my drawn from experts on things Chicommercial representative, it is not
Chinese bese, and the
experts true. This has been denied in the who have brought forward pro- London papers and by the North| posals for currency reforms
China Daily News in Shanghai. purely theoretical experts having
It was this repudiation by Dr. derived their knowledge from ex- periences made on currency in Wang which led to Mr. Smith writ- western environments, without ing the letter of apologetic explana being able to apply same to the tion which has been already refer peculiar conditions obtaiuable in red to in our column. their own country.
The Taxpayer At War.
L
"
Some Striking Figures.
of
Hong Kong Trams have End a set-back, and a large business has been done at various rates down to $224.
་
China Lights (old),changed hands at 813.85. Hong Kong Telephones while the Aights continue in request. at $3.20 Green Island Cements (combined) receded to 89.80 early in the week, but closed with a firmer tone and have now buyers at 80.90 with sales reported at 88.90. Dairy Farms were taken off the market at 822.60, and more are wanted at this figure.
ན་ ་ ་ ་
Lane Crawford's were booked at
in 83 and continue demand. Union Waterboats are saleable at, 83. Hong Kong Ropes (old) at
The three prisoners were brought before Mr. R. E. Lindsel at the Central Magistracy yesterday morn with being concerned, with five ing. The two men were charged others not in custody, in the arm-
•WAN
also
ed robbery at Shaukiwan: the first of the two accused charged with receiving a blanket, and with committing a burglary at Mr. Whitley's residence. Posses sion of the revolver and an alternu- tive charge of receiving the weapon were charges brought against the
woman
A formal remand for one week was granted to enable the police to carry out further investigations.
HOOVER'S FOREIGN
INVESTMENTS.
NEW CAMPAIGN ISSUE...
WASHINGTON, Oct. 12th, Charges recently made by Seas- tor Henry Hansborough, of North Dakota, to the effect that Herbert Hoover owns foreign oil lands are, despite denial by the Republican National Committee, becoming a red-hot political question,
Although leaders in both major parties are striving to squelch fur- ther discussion of the "matter, the subject refuses to down.
87.60 mark a rise
Kailans (boarce) have firmed up to 69/3. Benguets are enquired for
John J: Raskob, Democratic Na At 821.
Shanghai Explorations tional Chairman, to-day issued have shewn renewed strength with statement in which he said he knew buyers at Tix 2.80. Shanghai the charges are not true and de Decks are enquired for at T 108plored that anything on the subject and probably a little more would be has been said. He declared he had Ewos have been an erratic urged Senator Hansborough to re- paid market and after having touched frain from making such charges. Tls. It cased off to Tls. 10, but As a still newer development, have firmed up again to Tls. 11.10 however, "Johnathan Wickwire, the writer whom Ransborough named buyers.
as the source of bis information, has writter Raskob that the facts are as he stated.
THE PRESIDENTIAL CAMPAIGN.
FINAL PLANS FOR SPEECHES."
We all know that China's social The coins were hoarded, not as structure is quite different to ours. result of any supposed presence of Taxes have since times imme-Gresham's Laws, but under the morial been collected in a way irresistible influence of the law diametrically opposite to ours. The supply and demand, whole taxation question has been left to some sort of self-adjustment The violence with which this law where the human element as op has been operating is apparent from posed to that of the State was the fact that the total issue in 1918 Ellowed to play an important role.
was round 821,000,000 circulating at As a consequence there has all the time been a state of war between par, whereas in 1919 the issue was the taxpayer and the tax-collector, nearly $27,000,000 circulating at a premium. Had there been enough which as a rule ended in a com-coins of any other acceptable des- promise. This has developed cription available at par nobody sense of self-preservation with the would ever think of hoarding a Chinese people, unknown in nay coin of an intrinsic value lower other country, and those who do than its circulating value, which
New YORK CITY, Oct. 8th. not count with this when embark.
Reports received here to-day from ing upon a currency reform in China goes to prove that Gresham's law
is not applicable in this case, have only to look forward to com- connection herewith. I refer the in- all over the United States indicated plete failure. A coin in China is, terested reader to point 10 of my that both the major politica and will on these premises for many article which appeared in the parties are increasing their activi years to come nut be a coin in the North China Daily News on May ties countrywide. accepted sense of the word, but solely a merchandise subjected to the laws of competition from the moment the value cannot be main- tained at par, which is the case in China. As long as it remains at far it is subjected to these laws and Gresham's Law.
In
The facts are unchallenged," said Wickwire with some disregard of the challenge registered by the They Republicans and Raskob. will stand until hell freezes over."
WASHINGTON, Oct. 11th. Denial was made to-day by the Republican National Committee of charges by former Senator Hans. borough to the effect that Herbert, Heover owns oil lands and conves- sions. in Mexico and Columbia.
The statement said that the Re- publican nominee for the Presi
18th, 1025, and reproduced yearly Myers Cooper, the Ohio guberndency never had an acre of ground or any other business of any kind. in the China Stock and Share torial candidate, accompanied by Handbook compiled by Messrs. H. Carmi Thompson and others, to- in either Columbia or Mexico. E. Morris and C. R. Maguire. For day visited Herbert Hoover in the same reason as Hong Kong. Washington and reported that he failed to maintain a 100 per cent. can easily carry Ohio. to-the-unit currency, so any one of the proposed schemes for the stabil ization of the Chinese currency would have done if put into execu- tion.
There is alight interest in the prohibition issue in Ohio, Conper reported, with far more interest in a continuation of the Coolidge policies.
As a rule a stable currency is sub ordinate to settled conditions in a Cooper and Thompson later took Law luncheon with the President at the country, where law is law. will also be law in China, but since White House.
Charles Evans Hughes, hiraself once a Republican candidate for the residency, has been assigned to deliver five speeches on behalf of the party.
Hoover is to speak at Boston next Monday...
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HEALTH BULLETIN OF EASTERN PORTS.
The health bulletin of Eastern ports for the week ending October 13th, 1928, gives the following re- cord of cases :-
Plague.
Rangoon 4 deaths, Pnom Penh 1 case, 1 death. Tunglino 70 cases.
Cholars,
Bombay: 2 deaths. Calcutta 17 deaths." Madras: 1 deatha. Bangkok: case, 1 death. Shanghai: death.
Basrah:
Small-pex.
cases. Bombay: 12 cases, 4 deaths. Madras: 18 cases, 7 deaths. Moulmein; 2 cases, Negapatan: 7 cases, death. Tuticoring cases, Vizagapatam: 1 case, Pondicherry: 1 death. Batavia 1 case.. Pontianak 1 case. Pnom Penh: 6 cases, 2 deaths. Shanghai: 1 death, Mukden: 1 case.
DEATH OF. CHRISTIAN SCIENCE LEADER.
THE AMERICAN LEGION.
NEW NATIONAL COMMANDER.
Hong Kong's Experience.
ROCHESTER, N. Y., Oct. 12th. This is amply demonstrated in
Mrs. Augusta E. Stetson, prin- the ease of the Hong Kong sub-
cipal of the New York Christian sidiary coinage. Hong Kong ha
The Chinese Telegraph Adminis Science Institute, died here to-day. failed in its efforts to maintain a
tration announce that telegraphic Mrs. Stetson was known to Chris- 100 per cent to the-dollar-system on account of their having over-
service between Hong Kong and tian Scientists throughout the looked this fact. From 1903 the what I have advanced in connection The Republican national head- Swatow, which has been suspended world through her long service to with the taxation question the in-quarters steersmen have chosen since last year, was restored on the the church and her numerous Hong Kong Government began
The telegrams be writings. She held the degree of policy of demonetizing its subsidiary dividuality of man has for centuries Senator William E. Borah, chair 13th instant. coins, which were depreciating in been allowed to have free play in man of the Foreign Relations Com-
tween the two ports can now be Christian Science Doctor.conferred value fece Hong Kong Blue Book China more than in any other tee, to carry the burden of the re despatched and received as usual. by Mary Baker Eddy, founder of pablished in 1916) in order to bring country, this characteristic ought to maining speechmaking. He will One more line between Hong Kong the church, and began to practice thera up to par. The procedure was be made full use of, particularly make is total of twenty, the last and Canton has been added, thus in 1884 in Boston.
A fund of 81,250,000 was raised correct for rectifying past mistakes since a sound currency system in of which will be through the South. rendering more speedy service a with the exception that the coins China, if correctly understood,
sending out telegrams-only 10 by Mr Stetson to build the First should have been stored in the lends itself admirably well without banks' vaults instead of being sent having recourse to law, for the
minutes being required for a tele- Church of Christ, Scientist, in New service as pastor and first reader to England for demonetization. The realization of d scheme which for
grain to reach Canton from Hong York City, Mr. Stetson's period of The Chinese Telegraph Adminis extended over 17 consecutive years. effects of this demonetizing policy decades has proved impossible to
Kong or vice versa.. were bound to make themselves felt carry out, to a large extent due to
tration, Hong Kong, bas, in ac-
with the cordance
instructions sooner or later. In 1919 we see that a dim, nos to say incorrget, appre-
received from the Ministry of the Hong Kong subsidiary coins ciation of the economic law affect:
On the Democratia war-front Communication, Nanking, altered are circulating at a premium. Hading currency. I will even go so the banks' vaults contained a sul far as to say that a disregard of this there is plenty of action. Governor the tariff of charges as follows:- ficient numbor of subsidiary coins individuality of men will put serious A Smith will continue to bear
Ordinary telegrams, Chinese 10 the remedy would have been near obstacles in the way of any cur the brunt of the Democratic speak cents per word, English 20 cents at band. Now there were no coins rency reformer in China, and arresting and he will start on a speaking per, word. Urgent telegrams, Chi-1- Available to relieve the situation, the progress of the constructive tour from New York next Weduce nese 30 cents per word, English 60 because nobody realized that in the schemce on the programine of the day, visiting Tennessee, Kentucky, cents per word.
Private codes will be charged A resolution recommending more absence of any enforcible currency Authoritics. A sound currency being Missouri, Illinois, Indiana and laws in China the coins are subject the backbone of all successful econo
double the above rates, respectively extension and primary army avia ed to the laws of competition, mica! activity, there is no reason
Governor Smith to-day announced Charges for telegrams despatched tion schools is being considered to which are operating the moré vio to take any undue risks in this
that he plans to make each speech to any part of the Kwangtung Pro-day by the national convention of lently the more pronounced the respect. fluctuations are. It must be remem- Summing up, if the principles as entirely new. He will write the vince, or of any other province of the American Legion here.
The purpose of such additional schools would be the education of bered that only a small part of the they apply to China are correctly speeches a few hours before de- the Republic of China, will be the.
fliers and mechanics in greater Hong Kong subsidiary coins were understood and correctly made use livery, and it is expected that he same.
numbers than can be achieved at as interview which the Hong Kong rency will work hand in hand with gora along, watching the things WORLD TRIP PLANNED BY present, together with advanced circulating in Hong Kong itself. In of, the introduction of a stable cur-will pick up his ammunition as he interest his Telegraph had with the Colonial the authorities to bring about the which appear to Treasurer (reproduced in the North sought for settled conditions, with auditors and taking special paits China Daily News of September out which no country can prosper. to answer all Republican charges "1" before were The new China is not only a country and to use every effort to
WASHINGTON, Oct, oth 24th, 1919) various reasons
whispering campaigns
President Coolidge plans a world given for this state of affairs, in the making but it is a vast coun-
tour after his retirement 'from the reasons of which the Colonial Trea try, where authority cannot mani- they can get into full flower.
Senator Joseph T. Robinson, the Presidency, it is being rumoured, surer was not no convinced himself. fout itself in every corner be it ever It is not good enough to reply: If so powerful, within any limited Democratie Vice-Presidential candi-though without confirmation.
time. Why therefore not make us late, spoke at Phoenix, Arizona, to- It is also reported that he con. you want the coin you have to pay
a series of for it." The actual reason was that of a factor tending to the attain night, itching, the Republicans' templates writing the subsidiary coins, having steadily ment of the establishment of autho treatment of war veterans.
articles on his impressions abroad. advanced in value, offered an ex-rity, without making use of any
The President has, however, given cellent opportunity for speculation.legislative power, since this can be
no indication of his plans. donc 1 (Continued on next Column).
Ohio.
41
nip
Robinson is scheduled to speak n San-Francisco.on Wednesday night
COOLIDGE.
41
work
SAN ANTONIO, Texas,
43
October 10th.
A special resolution' recommends the establishing of each type of school in Hawaii;
SAN ANTONIO, Oct. 11th. Paul McNutt, of Bloomington, Indiana, was to-day elected Na tional Commander of the American Legion.
McNutt succeeds Commander Ed ward E. Spofford, U. 8. N. Retir ed, who was elected at the Paris convention of last year.