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SUBBORIPTION RATES (IN ADVANCE). DAILY-$30 per annum.
WEEKLY-810 per annum.
The rates per quarter and per mewent, proportional The daily issue is deliverol free when the addrem is accio to meonger. On copies sont by post an adfitionat $1,80 per quarter in charged for postago,
HONGKONG TELEGRAPH, FRIDAY, MAY
STRAITS
CURRENCY COMMISSION
REPORT.
A NON-COMMITTAL COMPILATION
15, 1903.
silver coins, of doo millesimal fineness, were made legal tender for an amount of one dollar,
19 Under Ordinance No. 2 of 1891 the Governor in Council was given power to pro hibit the importation into the Colony or the circulation therein of coins not being legal
tender. The importation of certain copper or bronze coins which had ceased to be legal render under the Order in Council of the 21st of Delaber, 1890, was subsequently prohibited under this Ordinance..
The postage on the weekly leto any part of the WHICH DECLARES A GOLD STANDARD have already been referred in. it is only ne.
world in 80 cents por quarter. Single Copies Daily, ten cents, Weekly, twenty-
vn Cents.
GINGER BEER The Hongkong Telegraph
IN STONE BOTTLES.
The Ginger Beer we supply is prepared
in our well-known factories from the freshest
í
and best ingredients, and holds the unique position of being THE ONLY GINGER BEER IN THE COLONY THAT IS
REALLY BREWED.
HONGKONG, FRIDAY, MAY 15, 1903.
LOCAL AND GENERAL. -
The s.s. Chu Kang on the Hongkong Macan fine will not run to-morrow, Saturday, 16th inst. Keep your eyes open for C. E. LeMunyon's | locals,—Advt.
TO BE PRACTICABLE.
SUGGESTED SCHEME FOR COINING A STRAITS DOLLAR
WITH A STERLING VALUE,
if that year a Sub-Commiued was appointed by the Committee of the Singapore Chamber of Commerce "to Inquire into the local cur. rency with the view of calling attention of Government to the question of convert. dard." The Report of the Sub-Committee î ing the Straits currency to a Gold Stap-
or's despatch of the 9th of March, sending printed among the Appendices. The Gavera- home the Report, and criticising its proposals will be found among the Appendices to the
Report of the Indian Currency Committee of 20. The Orders in Council of the 2nd of 1898. The statistics on which this Report was February, 1895, and of the 20th of October.based will be found (amended and brought up 1898, which vilate the existing currency. |to date) in a recent letter from the Chamber of Commerce which has been laid before us [Appendix 18 (12)]. A criticism of the scheme as it affected the Federated Malay States, by the Resident General, now the Govenor of the Colony and. High Commissioner of the Federated States, will be found in Appendix 18 (4)
Creary to add that under the first of these Orders the United States trade dollar, which bad ceased, to he struck in 1878, became no longer legal tender: Whilst the demonetization of the ven under the "Order in Council of 1898, was the result of the establishment of a gold standard by Janan, and the demonetization of the silver ven in its country of origin:
SACTUM, CIRCULATION.
21. Ordinance 11 of 1898 prohibited the importation of yen. The penalties imposed by The Report of the Straits Settlements Currency Commission which was forwarded to the the Ordinance did not apply to Faninese ven Singapore papers on the 7th inst., by H. E the Governor, for the information of the public, is aimioited for transhinment under a licence, printed document of neatly two hundred pages of printed foolscap. This includes over roo from the Colonial Secretary. pages of minutes of evidence and appendices. Seventi¬ witnesses were examined. They were: Sir Thomas Jackson, the Data Abdul Rahman, and Messrs. W. G. Galland, P: D.' 27. The actual circulation of the Straits Thomson, J. Burkinshaw, G. Pertile, R. Campbell, J. Heina, 5. R. Carr, G. W. Butt, J. Fraser,, Settlements, the Federated Malay States and E. M. Underdown, J. A. Pixley, R. Craig, F. Shaw, T. H. Whitehead, †. Bar Rogertson. There's Johere at the present time is composed of--
1. Rrifich M-Ny items of Incal interest are unavoidably is also a mass of correspondence including letters from Sir Frank Swettenham, and the wit- held aver until to-morrow.
nesses named above, reports of the Sub-Committee of the Chamber of Commerce and other Committees, and about forty pages of solid statistics. The Report den er reads as follows: THR Japaese cruisers Akitsushima, Naniwa,
The instructions issued to the Committee Agreement with. Tohore of 1885, which deals Of the highest standard of excellence and and Takachiko are under orders for China and appointed to consider the question of the with the supply of subsidiary coinage to the Corea, and probably the Tzume, Shikishima, establishment of a gold standard in the Straits State, has already been referred to. If it is Settlements and the neighbouring Malay States! decided to establish a gold "tandard in the Straits are contained in a letter from the Colonial Settlements, and if Johore is included in that Office to the Chairman of the Committee, dated scheme, it would be necessary that a definite the 12th of November, 1902. In this letter the understanding should be arrived at as to the Committee were asked to make a report with use of the Straits currency of unlimited legal reference to
tender in the Johore State.
purity, our Ginger Beer forms a most refresh-
ing and health-giving beverage.
PRICE IN STONE-BOTTLES -
Per dozer...
ว
and Tokiwa will follow them.
THE Kobe Chronicle thinks Hongkong takes is heavy plague total quite phlegmatically. It adds, "in Japan it would mean the rousing up of the whole medical staff of the country to combat the scourge."
,,
NOTE ISSUES.
"(.) The expediency or otherwise of intro- Watch C. E. LeManyon's announcement inducing a gold standard of currency in the 10. The Government Note Issue in the Straits Settlements and the neighbouring Straits Settlements is regulated by Ordinance One dollar, per dozen is allowed for the this paper.-Adut.
Malay States.
No. 4 of 1899. These notes may be for the bottles when received back at our Fac-FIRE brake oat on the steamer Tamano Maru 'bound for Kobe from Yokohama, on the 4th, tories in good condition.
and the captain beached her at Mikinoura, The fire was put out, but a considerable portion of the cargo was destroyed.
A. S. WATSON & CO., THE Aikoku Muru left Moji on the 3rd to undertake the salving of the Gaisen Mart stranded 70 miles from Vladivostock. The stranded steamer is insured with the Tokio. Marine Insurance Co. for Yuco,000.
LIMPURIN
BREWERS OF GINGER BEER AND
ZERATED WATER MANUFAC-
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ESTABLISHED A.D. 1841.
TELEPHONE NO. 955, CABLE ADDRESS: "ACHEE," HONGKONG. A. 11. C. CODE, 179 EDITION.
祥
Established 1859,
CHEE &
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FURNITURE DEALERS.
DRAWING ROOM,
DINING-ROOM,
and BED-ROOM
ELECTRO-PLATED,
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CHINA WARES.
PASTEUR'S MICROBE-PROOF
4
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WHITE TURKISH TOWELS.
COUNTERPANES.
COOKING RANGES, ---
KITCHEN UTENSILS, and
HOUSEHOLD REQUISITES.
The Canadian exhibit at the Osaka Exhibition s been awarded the highest prize for the general management and excellence of the different samples shown. The award consists of a solid silver medal beautifully decorated in cloisonné.
(2.) The practicability of making the following denominations:-one. five, ten, change and the steps which in the opinion of fity, or one hundred dollars and for any the Committee should be taken to effect this multiple of one hundred dollars. They are object if the change should be decided on." tegal tender in the Settlements for the amoual
2. The letter proceeded to say "With expressed therein, except a tender by the regard to the expediency of the change Commissioners of Currency at their office or a Mr. Chamberlain realizes that the Committee tender in redemption of its own notes by any may not feel themselves in a position to offer bank lawfully audited to issue notes, but no final advice on the subject, but in that case he Government notes of the denomination of one tucts that they will be able to indicate the dollar can be legal tender for a greater sum lines on which further investigation should be than ten dollars. No notes of one dollar have! made focally before a final decision is come yet been issurd.
to".
IT. The Government nates of the Straits Set- COUNTRIES FALLING WITHIN THE SCOPE OF tlements have been made legal tender in the
THE COMMITTEE'S INQUIRY."
Federated Malay States bý local Fnactments
Mexican and Hangkang dollar-The amount of Hongkong dollars still in circulation is so smalt that it may be neglected. It is impos. "sible No form a Freliable estimate of the number of British and Mexican dollars circulating in the Settlements, the Malay States and Johore, but the Colonial Treasurer roughly estimates the number at 10 000, no dollars. This total, which is only put forward as a guess, includes the snicie reserve against the Govern ment No'e Issue and cash in the banks, 1. Susidiary Silver Coins'—The amount -issued since 1871 is 7,212,007 dallars 'nominal). It is estimated by the Colonial Treasurer that of this amount 300,000 dollars is in Foreign Countries. 11. Subsidiary Copper Colus-The amount issued since 1871 is 1,887,500 dollars (nominal).
IV. 'Government Note Issue.—The amount in circulation on the roth of December, 1902, was 11.393.440 dollars Against this R.714.555 75 dollars was held in coin on the sime date.
|
29. In view of the difference of opinion prevailing in the Colony, and of the criticisms of the Governor and the Resident General, the question of a change in the standard was allowed to rest until last year. On the gth of June, 19 letter was addressed to the Colonial Government by the Singapore Chamber of Commerce, asking whether in view of the recent serious decline in the value of the dollar. | current here, the, violent fluctuations, in the price of silver, and the extreme uncertainty as to the future of this metal, all of which are not
only causing great inconvenience to the trade of the Colony but constitute grave obstacles to the development of its natural resources by.. stopping the flow of capital from other parts of the world" the Government were prepared, now that the question again pressed, to make investigation into the feasibility and expediency of securing fixity of exchange.
30 The Governor replied that before the receipt of their latter he had decided to invite their views on the expediency of attempting to adopt an arrangement with neighbouring countries for fixing an uniform relative value between the local currency, and gold. The Chamber of Commerce replied that they did not think a scheme of co-operation with the neighbouring countries possible of achievement but they deferred further comment till a definite scheme was placed before them. They reitera ted their request for inquiry by an expert, not necessarily on the spot.
31. The Governor forwarded the correspond. ence in the Secretary of State in a despatch of the 6th of July, 199a, and asked that the general question might be referred to an V. Bank Notes-The average monthly expert, preferably with Indian experience. Họ circulation in 1907 was. 5,473.755 | added that it did not appear that whoever was The figure for 1002 is not yet, appointed to conduct this investigation should necessarily da so on the spot. As a result of this despatch from the Governor the present Committee were appointed with the terms of reference already stated.
21.
EXPEDIENCY OF CHANGE.
dollars. available. QUESTION OF A CHANGE IN CURRENCY.
The history of the consideration of a 3. The Committee arprehend that, in addi-(subject to the same limitation in the case of gnid, standard. for the Straits Settlements'need tion to the Colony of the Straits "enlements, one dollar notes (if such notes were issued). not be traced hack further than the year 1891. the scope of their inquiry in ludes the 12. The Government notes are covered by a As a result of the Report of the Indian Currency
32. In considering the expediency of the Keep track of CE. LeMunyon's locals. —Advi Federated Malay States of Perak, Selangor. reserve partly in coin and partly in securities Committee in that year, the Indian Mints were
proposed ch toge in the standard of value of the Negri Sembilan and Pahang, and also the The minimum legal coin reserve was originally closed to the free coinage of silver, and later in Straits Settlements the Committee have nat MR. H. A C. Bonar, the British Consul at State of Johore. In the opinion of the Com-two-thirds of the whole. Its reduction to one the year a Departmental Committee. presided thought it necessary to enter at any length into Yokohama, is proceeding home to represent mittes, it is desirable that the standard of half of the whole has lately been sanctioned, over by the late Lord Herschell, was appointed
an examination of the many vexed questions, of the case of the perpetual leaseholders before value and the currency of the Straits Settle- 13. There are two banks in the Colony to consider the currency questions in the inmewhat abstract and theoretical nature, which the committee appointed to draw up the finalments and the Federated Malay Slates should authorized, subject to certain conditions, to Eastern Colonies. The proceedings of that
present themselves when a proposal is made for case for presentation to The Hague Arbitration continue to be identical, and they hold the issue notes payable to better on demand. the Committee were not published but they have
a change of the standard of value in any country. Tabunal.
same opinion with regard to Johore.
Hongkong and Shanghai Bank, and the Char been laid before the present Commitice."
These questions have been dealt with by many 4. There already exists an Agreement betered Bank of India, Australia and China. The 24. Whilst the former Committee was sit-writers during the last thirty years, and they tween the Secretary of State for the Colonies notes issued by these Banks are not legal ten- ting at the Colonial Office, the Secretary of have been very fully examined by a series of and the Sultan of Johore, regarding the supply der in the Straits Settlements, though they cir State telegraphed to the Governor of the Straits Committees and Royal Commissions, beginning of the subsidiary coins of the Straits Settle-culate freely. The authority to issue expires Settlements asking for a full report as to the with the Parliamentary Committee of 1876, of ments for use in Johore, but altogether apart in December, 1901, in the case of the Chatter remedial measures suggested for securing } which Mr. Gaschen (now Lord Goschen) was from this Agreement the Committee considered Bank, and in August, 1968, in the case of greater fixity in the rate of exchange. The Chairman, and ending with the Committee on that Johore should, on general grounds, be in the Hongkong and Shanghai Bank.
Governor replied that great difference of opinion the Indian Currency presided over by Sir Henry cluded in any scheme that may be decided on 14. It may be mentioned that under Enact. existed, that it was impossible to state remedial Fowler in 1898-9. for the Straits Settlements and the Federated ments in the Federated Malay States it is un-measures which would be approved by Euro. Malay States, and this is accordance with lawful for any bank to make or issue within peans and natives, and that he had appointed the opinion of the Representative of the Sultan the States bank notes payable to bearer on de-a local Committee to consider the matter, con and Government of Johore in this country, mand. This does not prevent the circulation who appeared as a witness before the Com of the bank notes now in question. mittee.
THE death from apoplexy is announced of Rear-Admiral George E. Belknap, U.S.N., who was formerly well known on this station
as Commander of the Hartford, Captain of the Turcurora, and afterwards in command of the U. S. Asiatic squadron,
C. E. LeMunyon has an announcement to make to you very shortly; watch for it.— A dvi
•
AN Englishman named Albert Sydney Boyle committed suicide (by shooting himself) on the Yokohama racecourse on the 5th inst. Letters found on the deceased state that poverty was the cause of the act. It has since been found bat the man formerly had a school in Yoko- hama. No pistol has yet been discovered.
THE Osalea Shosen Kaisha's advertising tower at the Osaka Exhibition fell with a crash on the 5th in the strong wind blowing, and it is said that one man was killed and two persons injured. The tower, which was triangular in shape, stoqd 272 feet high, being constructed of round timber,
PROGRAMME.
By kind permission of Major Radcliffe and officers the Band of the 33rd Burma Infantry will play at the Hongkong Hotel to-morrow (Saturday), from 8 to 9.30 p.m. March........." The Dear Old Country"...........Coot. PHOTOGRAPHIC Entr'acte.... Introduction 3rd Act. Lobangria...Wagner Selection...." The Qiri from Kay's" won Caryl) DEPARTMENT. Gong......" The flight of Ages"...J
Select The New Barmaid' Vaits......... Estudiantina ". Morceau....." Balut d'Amour ", ovarian
DEVELOPING and PRINTING
*..........Crook
5. The Committee have learnt that Sarawak|
is anxious to join in such a scheme, but they
EXISTING CURRENCY.
+
RECENT HISTORY OF CURRENCY IN THE STRAITS SETTLEMENTS.
sisting of Government Officials and Members of the Chamber of Commerce.
33. The question at issue is whether it la better for the Straits Settlements and the neigh bouring Malay States at the present time, and under existing conditions, to maintain the silver standard or to change to a gold one, and the 25. The report of the local Committee is Committee have endeavoured as far as possible printed among the Appendices to our Report. to treat the matter from a practical standpoint. 15. On the transfer of the Straits Settlements It will be seen that half the members of that
Is this view we have considered such papers do not consider that any Colonies ar States from the charge of the Indian to that of the Committee, including all the native members, and documents as would assist us in forming a other than those atrendy specified fall within Imperial Government, which came into opera were in favour of the maintenance of a silver correct view of the economic position of the the scope of their inquiry.
tion in 1867, an Ordinance was passed by the standard. The Acting Governor fald the Straits Settlements, as well as of the commer- local Legislature repealing all laws for making Report before his Executive Council and in cial and financial relations of that Colony with 6. The currency of the Straits Settlements is Indian coins legat tender, and declaring that vited their opinions upon it, especially re-the neighbouring States. regulated by an Order in Council of the 2nd of from the 1st of April, 1867, "the dollar issued garding the question whether the policy of 34. We have also examined a number of February, 1895, as amended by the sub-from Her Majesty's Mint at Hongkong, the the Government should be to adopt a gold witnesses, most of whom have had a personal sequent Order in Council of the 20th of October, silver dollar of Spain, Mexico, Peru, and standard or adhere to free silver. Opinions experience of the modes of conducting business 1898. The standard colu is the silver Mexican Bolivia, and any other silver dollar to be speci were equally divided. The Acting Governor's in the Straits Settlements and the East gener dollar, of 927 millesimal fineness, with nified from to time time by the Governor in own opinion in favour of a gold standard was
ally. These witnesses are not unanimous, but minimum weight of 411 grains. The British Council, shall be the only legal tender," with conveyed in the first section of the Report, the majority of them are in favour of the dollar and the Hong kong dollar of geomillesimat the exception of certain subsidiary coins. which he had signed as member of the establishment of a gold standard. The Com-
Committee. fineness, and a minimum current weight of 411 16. Subsidiary silver and copper coins were
mittee have tried to make their list of witnessCE grains, are, under the Order in Council, treated supplied from the Hongkong Mint, but on the 26. The Currency Committee appointed by fairly representative of the different interests as equal to the standard coin. The Japanese closing of that Mint in 1868, two years after its the Secretary of State for the Colonies issued concerned, but from the nature of the case the dollar or yen, of the same weight and fineness as the British dollar, was under the earlier of the opening, it became necessary for the Straits no report, and made no recommendation in witnesses we have examined have represented to provide their own subsidiary coinage, regard to any change in the standard of cur- rather the classes who are in close connection two Orders in Council, placed on the same and since 187: the subsidiary silver coins reacy of the Straits Settlements but advised with this and other European countries, than footing as the British dollar, but was demonetized
have been struck at the Royal Mint. The that owing to the scarcity of Mexican dollars the natives of the Straits Settlements and the. ...Waldtenfet by the subsequent Ordet in Council.
total amount of such coins struck at the at that time a British dollar should be issued adjoining Malay States, or the Chinese who Edgar 7. The dollar is divided into one hundred Royal Mint from 1871 to 1991 inclusive was for circulation in the Straits Settlements, and form so large a proportion of the population."
cente, and the following subsidiary coins are 6,463,000 dollars, and a further amount of other Eastern Colonies. This recommendation Werte no reason, however, to think that - A CORRESPONDENT at Moji sends to the Kobe made legal tender under the Order in Council 750,000 dollars was struck in 1901, up to the was adopted and the British dollar was made the establishment of a gold standard could Chronicle a few further particulars of the col of the and of February, 1895-Straits Settle- 17th of November. So far as the Mint are legal tender in Hongkong, the Straits Settle directly affect in an injurious manner the wage earning classes inthe Straits Settlements and [718d fision between the Korean steamer Fassungents silver pieces of 50, 20, 10 and 5 cents of aware, all these coins are still in circulation. ments, and Labuan.
and the Japanese steamer Hayami-maru. The 800 millesimal neness, and Strals Settlements The value of the different denominations of
27. The amount of British dollars im the Federated Malay States, and we are collision, it appears, took place in the Kogo-copper or milked meist pieces of one cent, a subsidiary silver coins struck since 18yr will ported into the Straits Settlements by the disposed to think that such a change would, at shima Straits at 10.49 3.m. On Friday, The half-cent, and a quarter cent. The limit of be found in Appendix 19, Table IX. The sub banks from 1895 (the year in which they any rate for a time, have the opposite effect. Hansung remained for four hours searching legal tender in the case of silver subsidiary | sidiary copper coin issued in the Straits Settle-i were first coined) to 1901, inclusive, was These classes constitute the majority of the for passengers of the Japanese steamer, which coins is two dollars, and in the case of copper ments in the years 1871-1902, amounted to the 119,224,442 dollars. During the same period persons interested in the matter who have not sank a few minutes after the accident. The or mixed metal coins one,
nominal value of 1,887,500 dollars.
80,883,437 other dollars were imported, making been fully represented before us. 8. By enactments in the different Federated correspondent stafès that forty-four passengers
17. By order of the Governor in Council of a total importation of 200,107,879 dollars. 36. So far as the European community are were rescued. The number of lives lost is at Malay States the same currency is established, the roth of January, 1874, the American Trade The recorded exportations 1895-1901 amounted concerned there can be little doudt that whereas present unknown. The Hantung, which with the exception that the Hongkong della dollar and the Japanese yen were admitted to 170,733,168 dollars. This exportation of they were divided in "opinion in 1897" and sustained no damage, afterwards proceeded to a not placed on the same footing as the to unlimited legal tender,
dollam is, of course, exclusive of the amount of previously, they are now nearly unanimous in Mitsugahama, which was reached at 3 am, on standard coin.
18, Under Order is Council of the 31st of dollars taken out of the Colony by returning favour of a change to a gold standard. The. Saturday, the vessel being detained until to
9. As regards Jobois, the Committes have October, 1899; all laws regulating legal tender Chinese immigrants, an amount which is Committee have received a representation to pam, while an inquiry was held into the acci- to definite information as to what is legal in the Colony were repealed. The Mexican impossible to ascertain but which may be the effect that it is absolutely essential that the dent. She was later allowed to proceed to tender la that State, but they understand that collar was by that Order constituted the stand considerable. It is not known what portion of currency should be placed on a gold basis with Moji, where she arrived at 8.30 am on Sunday. Johore has no currency of its own, and that it and, and the American trade.dellar, the japanes the total amount exported consisted of British as little delay as possible, signed by almost all
ules all the coins that are accepted as legal yen, and the Hongkong dollars and half-dollars dollare
the firms and public companies of the Straits Watch for G. E. LoMunyonis locale, in this tender in the Straits Settlements-the-whole were made unlimited legal tender. The Straite 18. The question of a gold standard for the Settlements represented in this country and on
per la a few days. Adut,
trade of the State belog with Singapore. The Settlements half-dollar, and other subsidiary | Straits Settlements was raised agzin in 1897, the Continent (bankers excepted). A petition THE Beer to drink in the tropics is the Beer
HE
THE Bear to drink in the tropick is the Beer THE Beer to drink in the tròpica is the Bear
madstone tropics Spice Best The of the SUED "made in the tropics-SAN MIGUEL
UNDERTAKEN for AMATEURS.
GOOD WORK.
PROMPT RETURN.
Hongkong, 8th July, 1902
CARMICHAEL AND
CLARKE,
CONSULTING ENGINEERS AND SHIPBUILDERS, SURVEYORS AND CONTRACTORS.
REPAIRS PROMPTLY ATTENDED TO. --
B: "CARMICHAEL," Hongkong,
TELEGRAMS;
A. B. C. Code, 4th Edition.
A. Code
Lieber's Standard Code.
TELEPONE, 333,
Hongkong, 20th March, 1903.
Lasse
"HE Beer to drink la the tropics is the Beer
made in the tropics-SAN MIGUEL
THE
H
God Save the Klay.
HE Bar to drink in the tropics in the Beer made in the tropica-SAN MIGUEL
dollar.
made in the tropica...BAN MIGUEL.
Beer sa drink in the tropics is the Bar
..