Entimations.
THE HONGKONG TELEGRAPH, WEDNESDAY FEBRUARY 18, 1903.
The Hongkong Celegraph
HONGKONG, WEDNESDAY, FEB 18, 1903,
THE
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A s ecial general meeting of the members of the Hangkong tieneral'àmber of mmerce was held this aftemoon is the Chamber Room, City Hall, for the purpose of discussing the question of local currency The Hon. C. S. Sharp, chairman of the Committee, occupied the chair, and there were also present the Hun C. W. Dickson, the Hon. R. Shewan, Messrs. A. Haupt, E., A. Hwen, W. Foate, N. A. Siebs, 1. E. Tomkins, R. C Wilcox (Com- mitice), A. R. Lowe (Secretary), and practically the whole Chamber of Commerce was repre sente, vi, at firms, the attendance being upwards of a hundred ant siity persons.
1 Mr. Osborne -I beg to propose, that in the opinion of this meeting it is desirable the Straits Currency Commission should extend: its inquiries to Hongkong with a view to ascertaining whether reform of the fiolony's Currency arrangements is advisable." At a recent meeting of the committee of this Chamber it was, I understand, decided by a majority but with reluctance that no steps could be
taken towards reform of impossible without jeopardising the trade of the Colony, and, to use a hackneyed expression. that it woul t be impracticable to divorce our currency from that of our great neighbour, China, Many resident, howe er, hold views zi variance with those of the majority of the com: nittee, and indeed I have been given to under stand that most of the commitee themselves possess an open mind upon the subject, and will be glad to near menibers' views on this very important question
The position briefly is this. A majority of the committee of the Chamber for various reasons appear to be opposed to any change, But those reasons have so far been offered only in terms of generality; they have never been enunciated with precision; they have never been defined in detail. On the other baudi, the e are a number of men with large in terests at sta e who, in the hope of saving the emnants of their capital, are most anxina, for reform, whilst between thie e contending parties are pcbably the largest number of all, those who have made us their minds neither one way nor the other, awaiting further light upon the The ecretary proceeded to read the notice, subject. But one and all adunit (no one can afier which the human read the requisition help, admitting) that a great loss has takes received calling the meeting, and the notice + f | plane in the shrinkage of capital, and invest
· The Chairman:-Gen lenzen, à is now past the time. I will ask the Secretary to read the notice convening this meting.
touring ports. This I take to be their argument houth I have never heard it explicitly stated, Now, gentlemen, what is it that mainly eler mines the price of labour all the world over, and especially so here in China? It is the cost of food, raiment and sheiler, and according as these vary in price so as a general rule will the price of labour be affected,"
We have sees that a gold standard will not increase the price of imported food and raiment and granting then that my deduc. tions are correct a gold standard will not Increase, the price nt 1 on kong labour, It is not the rain itself that the labourer looks at our the purchasing power of that coin, and I con cast that if a penny piece in Hongkang wil purchase the same quantity of rice as a to ceni pice in Canton, the Hong- kong colie will accept in payment fr his labour 3 penny pieces where the Canton coolie accepts 30 cents,
Furthermore, I believe the Hongkong coulie, whatever our currency be, will continue to accept the coins of the mainland just as he does now copper cash and the silver pieces of Kwangtung, Fokien, and Hupeh. if that be true, it is a further argument that a gold standard will not affect the price of labrur
Concerning that part of our trade which comprises goods on their way to and from China, and which is by far the most important section, viz, the import and storage of guds pending their distribution through surrounding districts; and the transhipment of goods from Cantonio steanters which cannot go lo Canton for them, first take imports destined for Consumption in China We are told they will no longer be purchased in Hongkong, and that the longkong merchant-the indent agent in cnduct the trade in Canton. Why, 1 ask? How will the Chinaman benefit by purchasing in Canton instead of Hongkong? Will he get the goods cheaper? In either ease the gold value as to be paid, and therefore the silver price will vary as much in Canton to-morrow as it does in tongkong to-day,
The Chairman, in introducing the subject.ments, and that the dollar to-day is worth only the banks, and everyone concerned will have
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said-We have called your t gether on this occasinu in conformity with the rules and response to a requisition sent in by five members that a meeting be held for the purpose of con- sidering the question of local currency Ipo- pose first of all to make a few remarks, and then to call upon the requisitioning members and any other members who may deske to take par in the discuss on, to address the meeting. I will preface the remarks I have to make by stating to members that as a have not had the smallest desire or intention in sheive the subject, or stifle discussion of it by the Chamber as a whole, as has been alleged against us in some quailers. The position bas been as follows:-The Commitee duly con- sidered the question, and have circulated for the information of the members the opinions formed by then. As would be seen from these, they were unable to see their way to advocate the policy of this Colony taking steps in regard to a change in currency mea ures apart from China, and they theref re felt that there were no
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Those who agitate for reform hold that an nstable currency restricts and hampers trade, and that a depreciated dollar means increased expendrare, shrunken capital, and reduceri savings. On the other hand, there are those who contend that are reciated dollar stinnu- lates exports, that salaries rise in sympathy with ncreased expenditure, that largerdividends compensate for reduced cpital, and in fact that everything is adjusted in curse of time. Each inan naturally regards the matter from his own particular standpoi this personal interests in uld his views and to some extent aint his udgment and, therefore in discussing this e niplicated question it must be borne in mini tha individual opinions are largely based upon elf-interest, and consequently mere exprés- sions of opinion, vague assertions, and general statements, unsupported by reasonable argu- ment, even though coming from the highest authority, should not be accepted as conclusive evidence on either sile. But there is one com mon ground on which all conflicting interests can join hands, viz, sound, wholesome trade, and whatever makes for this must, I think, be the right direction in which to seek for guidance Sound, who'csame trade-and by that I mean traite which brings reasonable and cer- tain polis to all concerned in it-concentrates in particular places of the world not by virtue of any currency arrangements but by reason of well defined fundamental causes. chief amongst which is perhaps the bounty of Nature, and amongst other may be suc tially mentioned geographical and political considerations By the bounty of Nature, I mean natural wea'th derived from the soil, wich, hower r, does not concern Hongkong, because our soil both above and below is absolutely barren By geographical con siderations I mean real and lasting advantages such as Hongkong does possess in its magni- Scent harbour, its unique position as one of the natural centres of Far Eastern trade, and its proximity to Canton, making it the sea-port of that great centre of industry. And by political cnsiderations 1 mean the security which is afforded to Hongkong by reason of its being a first class fortress which nothing but tuin of the British Empire can affec. Hongkong stands to-day, and will continue in stand the natural sea pot for Canton and the centre of distribu tion for neighbouring districts North, South, and West; nothing can lessen its geographical advantages, and nothing, short of national disaster, can impair its unimpeachable security under the aegis of the Itritish Crown. Such are the foundations on which our trade depends.
Let us now consider what comprises that trade and how far each section of it is affected
ing for the purpose of discussing the question. They therefore considered it the best course under these circumstances to sequaint members with their views on the subječ, and to leave the initiative to members themselves to requisition a meeting if members felt sufficiently strangly on the subject, and could presumably bring forward good reasons for suggesting the desirability of introde ing s ch a change, or any feasible proposals with regard to same, and all the more so that, surely if feeling were at all general among members, there should be no difficulty for any desirous of this course in getting the very small number of five members required by our rules to requisition such a meeting. This requisition has now come about, interest on the part of members welcoms the opportun ty given by the requisitionist and sincerely trust that spire good inay result from the exchange of views to be made. The Coin- mittee, as business men, freely admit the many disabili les imposed on the business of the Colony, or that pration of it connected with the trade with gold-using countries, by the ever- fluctuating position and unsteadiness of the silver currency visd-vis gold, and generally we would no doubt welcome something like com- parative stability, but the great difficulty with us in, this Colony, and a most serious one it appears to be, is how to change to a guid basis so long as the foreign trade of China, in which the most important portion of our trade lies, has, to be transacted on a silver basis. true that de ing the past few weeks, since the matter was considered by the Commitice, there appear to have been inaugurated some tentative proposals having in view the conversion of China to a gold basis of currency, and, if such a complete and sweeping economic revolution for such a backward and conservative country be found possible, our difficulties in this matter will no doubt disappear in a great extent, if not entirely, but, if such a change cannot be brought about, it appears to the Committee that this Colony, by catering upon any change of currency apart from China, would be in- curring such grave risks of eventual calamity and disaster that they would require to have the most cogent and convincing reasons to go upon (very much more so than any they have hitherto seen put forward or suggested) before such a change could command their support or serious consideration. The difficul ties, therefore, which the Committee foresee are not with regard to the adoption of a gold currency as gold, so much as with regard to adopting a gold curency whilst the foreign trade of China is conducted in another mediuin It must be borne in mind that there are several side to this vital question. What may suit one sides may easily be fatal to the other, and in alt their deliberations about the matter the Com millee, despite in certain quarters board hints made as to one-sidedness and opinions begat ton of self-interest, have endeavoured to ap. proach the matter the hoard principle of what would be best for the trade of the Colony taken as a whole, and they hope that they may be given credit by members of this Chamber for having mide an honest endeavour to follow the question out on these lines, whatever may be hinted by others to the con- trary. It is scarcely necessary to remind members that what may suit the importer of foreign goods may be highly detrimental to the interests of exporter of native goods and products to foreign countries; what may be to the advantage of the foreign manufacturer, the member of the community with his earnings and, or savings in dollars, the home shipowner, and others, may not suit at all the local factories and industries, the local shipowners, and others with various local interests, and also that any BAY VIEW HOTEL. such change as that to a gold basis whilst China remains on a silver basis may be. extremely prejudicial to native interests and native trade, which buik so largely in this Colony, and would undoubtedly have to come in "for a very great deal of attention in the course of considering the fres and cons of bringing about such a currency change. I merely men- tion these as a few of the instances which must claim serious attention in the consideration of such measures, and as I have stated we have had to try and think solely of the posible results of such a radical change as affecting not one set of interest, but as affecting inia (vourable or adverse form the niany different and important interests which go to make up the large sum total of the wealth and business of this Colony. Gentlemen, with these remarks I would now
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call upon any members wishing to participate in the discussion to bring forward proposals and discuss the same."
(1339 COTTAM & GO FOR SỤN HATS,
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by currency.
First take Exports, represented by the pro- ducts of the soil, which, as we have already seen, do not exist for the reason that longkong of itself produces nothing.
On the other hand, there are excellent rea- sons why this trade should continue to be conducted here, the principal rine being that Hongkong is a natural centre of i-ibution and Canton is not. And merchandise will always is st cked for preference in centres of tricts can be rapidly and conveniently supplied. distribution from which the consuming dis- Turning now to goods coming here from Canton for other parts of the world, we aretold that the purchase of them will be conducted in Canton, and Hongkong will get the go-by; that inerchants of Itongkang dealing in silk, cand mauing will need to transfer their offices lo Cantt. Why, 1sk? Is any (anton produce bought in Himngkong to-day? Practically none. The whole of it is bought Canton, and so it will continue whatever our cuneary is. Then we are told that with a gold standard and consequenti crease in the cost of labour, the transhipment of Canton produce will be effected elsewhere and Hongkong will be so mucks the laser. Where this new port of tran- shipment is to be established is not made clear. It can hardly be contended that the great ocean Iners will forsake us for Canton or Macao, for the very good reason that no deeply iden vessel can get within miles of either place, and also there are such inatters as Customs objec tions to be considered. Hongkong, as I said before, is the natural sea-port for Canton, and no change in currency arrangements can de- prive us of that advantage.
Now as to the question of financing interport trade, which I understand to be trade between two Chinese parts direct, such as Wuhu and Camon, much of which financing is done in Hongkong, and which we are told will leave us if we adopt a gold standa d. I confess to being sometiat hazy on the point, having never yet had a clear example of what is incant, and until these general assertions are boiled down definice illustration one is apt to get mazed. We are told that much of the interport Coast trade and the export trade of China is financed in Hongkong which financing 1 clearly under- stand must to some extent benefit ontkong,
some
but whether its withdrawal would seriously prejudice our prosperity remains yet to be shewn. And in this connection it may be well to point out here a serious disadvantage from which the Colany suffers, viz., that a large proportion of profits made in the Colony are, by reason of the uncertain value of our securities, invested out of it, an excellent illustration of which is afforded by the Hongkong and Shanghai Bank's gold reserve
may be justly argued that although j
Next take Imports, and in speaking of ima gold standard would deprive the Colony ports I refer to gods consumed on the island of these profits on finan ing, on the other itself by its 300,000 inhabitants; also the raw hand it may with equal justice be argued that produce brought her, for manufacture and re- a silver standard drives away the profits after export; for neither exports nor imports can they are made. fairly include goods which come to us for dis- tribution to other ports. This section of our trade I will deal with inter.
I think I may now fairly claim to have shown broadly that a gold standard is not necessarily Lie bogey so many images, and that sufficient grounds exist for justifying the inquiry which is resolution asks for; that as regards im ports from gold countries constinied in the Colony as introduction would merely affect a general stability of prices; that it would not silver countries; that concerning our transit increase the price of foodstuffs imported from
trade it is immaterial what our currency ar rangements are for prices connected with this trade are determined between seller and buyer without regard to Hongkong's position as a go- between; that it will not increase the price of local labour; and that as regards the financing of interprt trade there is no evidence at pre- sent to show how it would affect the Colony.
There are three other objections which I have heard one of them that the Chinese
strady pri.fit.
Another objection is that we should have to nake good the loss on the British dollar, and it has even been suggested that we should have to make good the loss on Mexican dollars be cause they are legal tender in the Colony, What loss, I ask? Have we not already lost?
expendituredo not immediately rise in sympathy { was then. "Arguing, "thereture, from these with the fall. Gentlemen, is there a man, fgans, and with the knowledge of the ever pussessed of anything at all who dues nut¦ uncreasing production of silver as a by-product bitterly deplore that he ever kept his alone, what will be the product of silver eight, - savings here? Does lie not regret day and night sixteen, and twenty five years hence?. What that every dollar made was not forthwith cabled will be the price of silver then? What further to London? Not one man in this Colony can reduction in value will the accumulated savings uthfully say that he has benefited by keeping of individuals show? What further loss to the his capital or investments in silver; and if we income of the Goy rnment, and what burdens regret the past to-day nay we not have cause to will have to be laid on the ratepayers? The gret the present when it in turn becomes the expenditure of the Colony is in gold and yet past? What is there to prevent the dollar going its dues are collected in silver. We have:
barroned in gold and lost terribly on the to 1/3, 1/0, or even lower?
Absolutely nothing, but the cost of production transaction Looking at it, therefore, from a and the laws of supply and demand We are self-government point of view it will simply be disastrous to go on as we are doing the told tinngs will adjust themselves, that in sym pathy with the failing dollar up go stocks, prop. Secreary of State for the Colonies has recog er y, salaries, dividends, and it is only ques-nize the hopeles ness of a silver currency by on of time that matters right themselves. ordering the passing of an ordinance by which A poor consolation indeed for us to know all Government officials are to be paid in go'd. that in years to come our descendants will reup Not only that; but most banks, merchants,
wa dollars where we have sown one.
and insura..ce offices are gradually being forced to recognise the same thing and in one form or another are putting their cumployees male or less on a gold basis. All this points, gentle- men, to the tendency of the times and shows how everyo e distrusts sil- er, and yet there are some who are afraid to take the forward step and sever our 'connection with an "unstable commodity; for silver is nothing more or less than, a commedity and can po Enger, be dignified by the name of currency... "All these matters when calmly consideröd are really ap palling to contemplate and fully justify us in asking for your expression of opinion on tha subject and that such opinion: should te com- mu ̋icated 10 the Home Government, · The s
not
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A fine incentive to labour and thrift, indeed, to know that in process of time everything will pa out all right, whilst we in the meantime perish in the process. And, indeed, the gospel of adjustment, like the gospel of cheap silver stimulating exports, is a fallacy. Salaries, investments, rates of interest on mortgage have not doubled since the dollar was Twice is present value. Cheap silver has witness the China export trade
stimulated the exports of China, as'
to-day That cheap silver slimulates exports is true only in that it does so temporarily but to main tain that it does so permanently is tantamount to saying that a cheap medium of barter creates trade; and if that be so we have but to substi- tute African cowries for silver and gold and the | trade of the world would be inmensely greater. the whole preaching is false, the doctrine rot- ten to the core.
But how different would things have been bad our savings and our capital been in gold, and is it not suicidal to lag behind the- re- mainder of the world and in the end pay the penaity of sloth. To wait till the Straits and China have thrown over silver is to await for cer- ainafurther loss. We want to change our dollars before they go lower and we want without waste ing further time to start afreshi un our own ac- count. Almost every one, I suppose, cherishes a hope of eventually elurning home to end the few remaining years of life this climate leaves us. Almost every man who has left his country has lone so in the hope of bettering himself; otherwise why came to an unhealthy climate and shorten one's life by 10 to 20 years?
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fixing of the rupee e-countered much opposi tion "and at first the evils only were apparent- And the good had not begun to show but w that some years have elapsed, India is on a sound basis, the benefits are undoubted and very few p ople doubt the wisdom of the ojer- ann. Gentlemen, it would be the same thing here, once we could persuade bur Government to secure fixity of exchange, the results would very soon show, that the policy was justified and you would then be certain of being able to attract home capital. All that we are asking for first now is an inquiry; there is no necessity in formulate any fixed detailed suggestion on the subject. And in reference to this would rend you the following which the Singapore Chamber of Commerce wrote to the Govem»_ re it here:-"It seems to the committes of the chamber that if Government decides to introduce fixity of exchange it will not be to the advantage of the Colony that the suggested details of any scheme should be known to the puolic beforehand or even be supposed to bel what will be acted upon by Government, Ifai conversion is to be brought about, it will prom bably be much facilitated-and. Cheapened to the colony-by the public being kept is ig o ance of the arrangements and provisions by which Government would have to precede the act of conversion. For this reason it will perhaps be well that the committee should not in this communication put forward suggestions of a detailed nature." If for no other reason, gentlemen, it was necessary to call this meet- Then as to the greatest advantage of all-ing, as the chairinan.of the commillee inferred With a stable currency that the Chamber endorsed the views--or rather plentiful money. money would flow in freely from Europe, and timid absence of views of the committee-this local savings invested here; industries would be he worthy chairman was distinctly wrong, as stimulated by reason of abundant capital, and I think the votes to Le given this älternoon trade flourishi in consequence, whilst the value will prove. — of local investments would rise to probably a
thanks to this question of silver, most men in he Colony have had these hopes and aspir
tions curtailed it no, crushed out of existence whitst with many, owing to the high cost of living, existence is a daily struggle against adverse circumstant es, saving becoines an im- possibility, threst and economy are strangled at would remain stationary, expenses could be every turi. But with a gold standard prices mesured, and in a short time the level would be found where every man of honest intentions could live in muiderate comfort and invest his savings without anxiety?
5% basis. The Colony's expenditure is now largely in gold, its income in silver; a most unsound state of affairs, which, with a gold
currency, would co.se.
Mr. J. R Michael said-:- Mr. Chairman and gentlemen beg to support the motion of Air, Osborne. The report of the meeting of the committe of the Chamber of Commerce, held in December last, which very wisely, was As to the most important point of all, viz. printed and circulated, has no doubt been the scheine of conversion, opinions must
of this Chamber. It has also proved of much secessarily differ, and I will not presume to carefully read and considered by every member burden you with my views or dilate upon us because it has given us a basis for the alternative measures because that is a subjectiscussion-af-one-of the gravest questions for controversy and experts; but, in order to
which the business men of this colony have forestall any charge of incompleteness in my had to consider. In view of this I may most remarks, may perhaps be pardoned for say: emph tically slate and I am sure the majority ing a word in favour of sterling, the good oki present will agree with me that it would have combrous pounds, shilings, and pence of our
been a perpetual stigma: on this important native land. The mother country's coinage, it business community if the chief objection seems to me, should be good enough for us,
if the chairman of that meeting had been up- and as the greater part of the world's trade s
held, namely, an avo.dance of the public carried on under the pounds, shillings, and
discussion of this vital question. The interests pence system, I do not think Hongkong's of all, mutual and individua, in this colony, finitesimal affairs will disturb the equili- whether the banker, trader, clerk or artisan brius. Achange to sterling could be affected by are so affecied Ly the acute phase of the Government importing gold, silver and copper currency question as we experience it to sur oins similar to those in use at home and from cost to-day that we cannot afford to publicly a given date making sterling legal tender in neglect it, and the chairman was absolutely the Colony; at the same time demonetising unjustified in assuming as he did that public both the British and Mexican dollars which discussion would be disultory and show no would then be left to find a sale for themselves on the market at the current price of bullion. appreciable cault and might create a bad impression. lie was unfortunate in assuming And if there be a danger of the sovereigas that this chamber would so shirk its responsi- becoming absorbe into China, I submit that bility, which in this colony is greater than in this could be revented by confining the many others as our suffe ings are mire intense, currency to silver and copper tokens and bank and he was not justified in thinking that such notes backed by an effective gold reserve kept in London.
+
a discussion would be valueless. It is, I admit, now within our province to settle the vexed and complex question of currency; that duty, I agree with the chairman, is one for expeits, and l'for ont do not envy them their responsible tasks. Nor do I suppose that this chamber will accept hecut and dried scheme" of any single member bought forward to-day; even if I were to bring scheme which I have formulated. But, con trary to the chairman; I think it is an impera-, tive duty of this chamber to publicly discuss this question, which from its scute and inr. reaching importance is one which most of us will shrink from discussing unless we feel that we bring to bear upon it sober reflections and le-sons derived from our local business exper ince.
In process of time one's dollars would be bought up for their valee as metal and the We are now concerned with imports for the
notes, shillings and pence take their place island itself Dow will a gold standard affet
though in the meantime, no doubt, there would the price of food and commodities consumed
have to exist a sort of double currency. The storekeepers, the doctors, the lawyers would on the island? As regards those coming from a gold country and which are now paid for in
charge sterling rater, and receive payment gold, the obvious effect of the change will be
ither in sterling or in dollars at the sale of to maintain steady prices; the cost of groceries,
the day. The ricksha coolie would continue instead of continually increasing as it does
to accept Chinese money, and failing that now, will remain stationary so far as exchange
would receive his penny. fare, and either buy has any bearing on it, and there will be accord.
his rice with peny pieces or change them ingly so much less clerical work in the adjust
into Chinese cash to make his purchases as he ment prices. And as regards food and
does to-day. The banks would convert their commodities causing from silver countries,
clients' accounts into sterling at the current rate
Then, from the numerous caleful which, in other words, means coming from
for silver bullion, whilst the local companies opinions given by men who look at them alter Canton, prices in Hongkong would not be
would change the face value of their scrip into
from various attitude, some information may affected one way or the other; for such goods would continue to be paid for in silver and the
sterling at whatever rate the shareholders fix.
be evolved which may justify this chamber in Before concluding these remarks, there is only alt ration that could arise would be the like the gambling element of present uncertain-
one point I will ask your permission to forming á resolution, to strengthen a general"
mivem nt among other communities afflicted creation of an exchange business between this ty and if deprived of the would not trade as emphasize, and it is ibis, that the resolution fike ourselves will an unstable currency, and and Canton. Any leniency towards artificial-
hey do now. feel convinced, however, that does not commit you in any way to sa approval which may also prove of use to those extens prices in Hongkong would be immedia ely such a citticism is not just and that most Chi- of a gold currency is merely asks for inquiry into whose bands the settlement of the ques neutralised by shipments from Canton; the two nese would prefer to work for a certain and and if after a full, and independent inquiry tion may ultimately fall. We have no tight to places being sn close and communication
is found that a gold standard is unsuitable
shirk what is manifestly our duty, and I fail to'. between thein se frequent and cheap that they
to our circumstances then sothing more can
see now the serious discussion of tuch'a vital. may be considered to be practically one
be said upps the subject, except that question is likely to work harm to our interests. market. And the same remarks apply to raw
we must wait in anxious hope for the day when To sit idle and adopt the Micawber policy of sugar, hemp and limestone brought here for
China shall awaken to our rescue, In the waiting for something to turn up," or før manufacture into refined sugar, rope and
cutide events arising from the activity of meantime, let us endeavour to help ourselves; cement. Kay sugar from Java is already paid
especially as by so doing we may possibly others to shape our destiny, is a selfish, timid for in gold Hemp very shortly will be so,
influence Chisa to adopt the one true standard policy and one unworthy of the repulation of and limestone would continue to be paid for sweat of our brow, been already lost? Surely, Has not our dollar, the price of our labour, the
value under which the greatest nations of the this otherwise vigorous community. I meo- in silver, Similarly, material for local ship
earth have prospered and progressed." no one seriously proposes to redeem the dollar
tion this at some length because we have: building industries will cost no more because at a fixed rate-it has never yet possessed a of silver;
Mr. Playfait said: We are all heartily sick already been taunted with displaying our im- they are already paid for in gold,
valor beyond its own weight of silver, so why and we all see our little hard-eamed savings all resent. Before proceeding to speak generally is utterly unreliable currency potence-an imputation which we must one and Before deal of an attifi value the purpose of trade which is connected with transport pour attach point a again then a fork, What loss melting away into nothing like a lump of sugar on the subject of our focal currency, I would like in a cup of tea. This instability is neither to refer to the points raised in the report of the on their way to and from China let us first see Our loss is already made; what we want is to what influence a gold standard will have upon
good for us individually or for Hongkong as a discussion of the committee of the chamber, prevent it becoming greater. the price of labour, because the one has a very The third objection is that cur silver lokens centre ent. As a local paper remarked The first is that the positions occupied by would be counterfeited in China. Well, on this the other day."stability is the desideratum of Singapore and Hongkong are different, which great bearing upon the other.
We are now upon debatenble ground, in that point, I think we need have little fear, because Hunghong's prosperity. It is from that point, ret.ders combined-action impossible in the it is impossible to foresee exactly what the the same protection that guards the shilling gentlemen, that we should approach the maller direction of procuring relief from the instability. of si ver. Now, with regard to this I would ultimate turn of events may be; but matters and sixpence at home could, I take it, benwithstanding the vague warnings of some who advance the asseition, butzwiniout any cannot be much worse than they are now be extended to guard them in Hongkong.
respect our positions are different. contend cause the Chinese are smart enough to take Having dealt with all the objections of a convincing arguments on the subject that the point out that they have at stated in what
trade will leave Hongkong to go to Cant n. advantage of the continual rise in prices to public nature that occur to me, I now come to
That is a bareas ertinn, incapable of proof and that, in the main, our positions are alike, if they allege that "Singapore is a producing agirate on all sides for higher pay whether they its advantages, and these are indeed tray great-
to that I would simply rep:-"Why has a country inasmuch as she produces three quar are reall; affected by exchange or not, the result First and foremost comes the personnd ele he trade centered in Canto long ago?" Be
ters of the world's supply of tin, and therefore being perpetual disagreement with employees ment. Gentlemen, is there a man in the
ca" c, gentlemen, Hongkong is a free pola gold standard is desi able for that port, my and consequent injury to business, and a Colony who can truthfully say that he benefits under free and honest institutions and not in reply is that these tin-mine owners themselves Opponents of reform say, in effect, that with by a fall in silver? Yes, perhaps there is just nur day or in the days of our children's child have petioped the Governor against adopting a gold currency the labourer of Hongkong Will Que, viz, the man whose income is in gold andien is China likely to be free enough to attract a goki standard or in any way disturbing the receive higher wages than the labourer of Canton, who spends it all in s Iver to the utmost limit, away our trade. In the last twenty-five years sites gun. So it cannot be argued that be, und ih 4 therefore, longkong will be handi saving nothing, investing nothing. That man the output of silver has roughly trebled and the cause singapore produces tin, her position is capped in its labouragainst Canton and aeigh benefits because siver prices for domestic price is little more than one-third of what if
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