TELEGRAMS.
(Reuters.)
Germany and British Colonies
Customs Cuties.
THE
THE CURRENCY SCHEME.
MR. A. HUTTENBACH'S VIEWS.
The Singapore Free Pretprints the views of Mr. Huitenbach, at whose suggest in they om't the questions which led to these remails, with one exception, and the appended is Mr. Hutten- bach's except the beatings.
Losos,, 3rd June. A semi-official explanation has been On casually reading the scheme it appears published in Berlin concerning the Customs simple and easy on ugh, and quite analogous duties between Canada and Germany. It is
to that falfis el in locis. The public, however, declared that at a stage had Germany any does not appear to take much lerest in it, and idea of interfering with the internal relationsdopt it, with the approval of Mr. Chan- the Government is said to have decided to between Great Britain'and her Colonies but berlain, there seems life clance of criticisin hrad merely given effect to the provision of being of practical value. I should say here that the existing law which was urged by Great I am not the least afraid of Mr. Chamberlain's Britain herself. Stress is laid on the fact views being open to alteration. The great "that the British colon es prossessed the down the man, the more open he is la conviction, and tariff systems.
if reason can be shown for further considera- ion, Mr. Chamberlain would grant a fresh inquiry. There are a good many in the Suaits who fent, and are justified in så feeling, that such an importan; scherne ought to be criticised relocally, if only to discover that it contains no flaw. At any rate I am glad to let you have my criticism."
LATER
Hurricane at Valparaiso. The Pacific Navigation Co.'s steamer quipa and several ofher vessels have founder- cd in a hurricane at Valpathiso; of the stre quipa's crew of ninety, seventeen were saved,
The Gorman Press on Mr. Chamberlain's Tariff Scheme. It is noteworthy that the German Press, the result evidently of official influence, after the first outery, has abstained from any pro- vocative language concerning Mr. Chamber- lain's tarit scheme.
THE TUNG IPA HOSPITAL.
The Hague Branch of the Tung Wa Hispital at Fennedy Town will be apenat by His Excellency the Governor tomorrow, at
THE UNFORTUNATE SS.
· PEMBROKESHIRE,
SCHEME UNSUITABLE BI CAUSE 'BASED
HONGKONG TELEGRAPH, FRIDAY, JUNE 5, 1903.
ON INSUFFICIENT, I VIDENCE, The report is accepted as a very able one. and coming from such authorities i would not dare to criticise it-I would be afraid to do ---were it not that I bave 32 years' local | experience, and am a business nian and this is, after all, mainly a mercantile question. Even at that should be difflent to venture an orinion were it not that ! can see,clearly from the report of the evidence taken before the Committee that it is incomplete. It has not brought out the salient points of local condi- tions.
The most important of these many points is that, owing to our bans trade, the relation ship between debtor and creditor is unique, and the dficulties attendant itercon are not met with in any other contry. Certainly not in India, where there is, compared with the Stratis, practically no external indelaedness, Bere the dealer's who'e indebtedness has to be paid from outside, and if there is a different rate of exchange for the external indebtedness, Au interesting visit was paid the other even.
the dealer will be una' le to pay the merchant, It is not ing to Mussts, Farnham, Boyd & Co.'s Cas and th's will mean loss to bab, sepolitan Deck, Peotung, to view the steam-ansferring the evil from gold to silver
roetries." or ship Pembrokeshire which is now in course of repair. This line steamer, it will be remem- bered, struck ni a ru kai the mouth of the Yangtze about a fortnight ago and it was thought would become a total werk. graving dock oe is amaz i ta think that she could ever have been salvaged, observes Sport and Gossip. Her bottom, at the lows is literally smashed in. The plates all around the huge embrasures are twisted and tom like sheets of paper. This huge vessel was steaming along slowly and cautiously through a dense fog. under the skidance of her able Captain, at the time of the accident, "bur still the moving mass of metal in dispelling her energy in a short space of time caused the rocks to protrude through her hattom and she became literally
In the
hooked on to the rocks. The work of Boating and docking was a great engineering feat and
R
reflects great credit on Messrs. Faraham, Boyd & Co. The cargo, and coal was all carried towards the stern, and with water added, caused the ship tik up at the bows. This, however, proved to be, insufficient to hook her from the socks, which had to be blown up with dynamite. With stern way low in the bows well out, the ship was able to pro- Cred, under her own sleum, 3 Ly • chu kỳ nữ Messrs. Fambam Boyd & Co. An unpratused eye cannot but imagine that the east of the repairs will be a considerable item, almost equal to a new vessel.
THE BRIDGE ACROSS SYDNEY HARBOUR.
The following article, clipped from one of the Sydney papers, should be of interet to Hongkong readers view of fact that it deals with the bridge referred to by the Hey R. Munay Rumsey in his suggestion regarding a bridge across the harbour at Hongkong :-
Some anxiety has lately been experienced in regard to the North Shore bridge, and the im pression has been gawing ground that the building of this interesting structure has again been shelved. Assurance
however, given that this is not the case, an 1'it is stated that the question is only passing through ore of its many pha es towards a final settlement.
The boud appointed by the Minister for Works to deal with the tenders included Mr. Davis (Under Secretary for Works) as chairman, Mr. II. Denne (Engineer-in-Chief for Railay Construction), Mr. De Burgh (Erginger for Bridges). Mr. Vernon (Government Architect), Professor Warren, of Fe Sydney University, and Mr. J. M. Purves, representing the residents of North Shore.
As the result of consideration of the tenders and plans, three sels of proposals were returned to the tenderers, with requests for amendment on lines indicated by the board. One went to Germany, another to England, and the other to America These prope als, as amended, have been received bark by the board, and have recently been under con- sideration.
With respect to the merican plans, however, certain particulars have been asked for in con nection with the pier in deep water which have not yet come to hand. 1 te agents in Sydney have informed the board that is all probábility these particulars will te received by next mail but until they come to hand nothing define can be stated with reference in that petic lar proposal.
In regard to the Gerni in plans, it is ex- lain- ed that Mr Bouhy, representing the firm that tendered, recently visit Sydney and had sever interviews with the board in conjunction with Mr. Norman Selfe, and affa ded valuable in- formation on the subject. Mr. Bauhy is now on his return journey to Germany.
The board has also had under consideration the English plans for the bridge, which are the work of Sir William Arrol, the builder of the Bridge. It has been found that certain bracing has been omitted from the superstructure, owing, it is imagined, to some misapprehension on the part of the designer and manufacturer, and it had been deemed necessary, to com. municate with the Agen-General on the sub- ject. He has been asked to cable to the Min- ister for Works the reason for the omission referred to and the c-st of its inclusion.
|
an evil which the Chinese would have to meet in place of the European," |
is a different, a new evil, a unique evil, hich cannot be obviated, except by a scheme which allows debts to be paid as contrac ed. done in the Philippines They have seen the as the Americans have honestly and wisely ficulty and avoided it. The difficulty was
brought out in the evidence before the Committer, who considered the conditions analogous to those of india, whereas, in reality, they are entirely differnt.
|
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Chetties, and albers, from India and elsewhere not for investment, bat to be forced on the native, who knows not that he will have ultimately to pay an extra 25 per cent when the increment in value has taken place. There will be an unhealthy plethorn of money for the time being, in order to be withdrawn when the fixed rutin is reached, this containing the
materials for a future crisis,
Nothing of this kind could happen in India, There the change was made suddenly, and the result was doubiful. Here it will be known to all what is to come, and everybody sa inclined especially be victimised. In India the result will strive to benefit by it, The natives will
was doubtful: here it is certain, or believed to be certain, which is the same thing as regards the effect, that the dollar is to reach 24+
THE SECOND STAGE,
The second period will commence on the arrival of the first supply of the new dollar, the declaration that it is legal tender, the probiti tion of the impatof British and Mexican dollars, and of the export of the Straits dollar. This is to drain away the British and Mexican, and with a free supply of the new dollar, complete the change " without any great delay."
These measures will produce a great many different curients, now mnning counter to each other, now crossing, making it very difficult to predict where the floating fortunes if the Strails will be drifted. The issue is obscure and there- fore a risk--many will count it a great risk. Anyhow no end of confusion and disturbance can be clearly discovered and predicted,
ASTRATÍS EXCHANGE" ESTABLISHED,
THE FOOTBALL OF SPECULATORS. At this stage it is as goud as cert sin that the Sumits will have an exchange of its own. The import of the free chined dollar being forbid. den, and the supply of Straits dollars (which can only arrive as they are minted) being limited, the period of scarcity will commence. The Straits currency, practically cut off from all supplies, wit then be able to contaction and expansion. Apprehension will do the rest. The Straits exchange will then be a football for operators and speculators, in a restricted field, and we shall then realise what fluctuation really means. Up to then we shall have had fluctuations with gold countries only. Then we shall have fixay with nohody. It will be a football match, the Straits versus the World, with the dollar as a football.
A light football is more casily kicked about than a heavy one. In India there were 1,500 millions of rupees to be moved. The part of the Straits currency that will be affected is estimated at only 20 millions. The mere, an- nouncement of the closing of the Indian Mines the rupee rise to 1/4, then run down to and to which this stage will correspond-made eventually to creep up again to 14. The lighter weight, the Straits football, may be ex pected to By higher and dropqo'cker, and more often, than the Indian one.
We had a Straits exchange in March and the straits trade and is one and not one of the mere expectation of the arrival of the Th Chinese middleman is also peculiar to April, and with it a good deal of speculation
the least, of be iffere me, fom India.
The Committee's report divorced us for the time importance of his post on au a eurrency re- being from Silver, and had not the price of for the Straits is timost the same as that silver accidentally risen, and come to the res. cue, overtaking the Straits exchange, the result would have spell disaster to many. As it happened, only the Chinese dealer had to los", quite unnecessarily, 51 per cent or more on his outstandings in China Sumatra, &c
of the wige rarner in India
The Committee had to go by the evidence
and the evidence dut not show these peculiar deal ab-acles. Had it done so it is believed ir David Harbour would have been the first that the proposed scheme is not adapted for the Straits.
I will try to show why it is not adapted, by foll wing the scheme as it appears likely to work out in pasetical operations duting as five stages. In a statement such as this Fennot, time even to think the subject right out, and of course, exbaist the subject. 1 have not had
therefore have not got hold of all the points. And of the points I have 1 can only give you a few of the most important In other words I can only put my finger on paints that appear weak and show that there is a case for further
ruptiry.
A GEN R L OBICTIOS.
1
i
THE RELATION BETWEEN DEUTOR AND CREDITOR.
The same pernicious influence on the rela- tinns between debtor and creditor, (peculiar in the Straits, owing to the extermil debts having to he put against internal debts) will again be foundations of our prosperi y and trade, and at work, but intensified, undermining the very
ensuring injustice to nur customers.
A CURRENCY WITHIN A CURRENCY.
THE "PERVERSE" DOLLAR. Concurrent with these fluctuations and in- ducementsto speculation, stronger thanever, we shall have a currency within a currency. On the one hand there will be the certainty of the mint being closed vores day to the coinage of the Straits dollar, and of its becoming sole legal tender at an enhanced rate, and on the other hand the British dollar, to be suddenly demonetised. The divergence between the two is sure to lead to the one being at a discount, and the nther at a premitim. The British dollar will prove 'perverse" and decline to be drained out of the country.
I should say, but this en fa sunt only, that I have a ge emal abjection to the scheme. agree with the conclusion of the Chamber of Commerce that a-go d currency should be the outcome of the ch inge, with the sovereign as its basis. We should then have all the advan- tages in the East that Great Britain had for nearly a century before 1873 over the Conti. nent. These advantages are especially import- ant and desirable for a purely trading country People will pay their debts in the cheapest like the Straite, and their importance will in- money, that is the British dollar, which will crease with the future. The e will be changes | still be legal tender. Because the Colony will and regrouping sooner or later, and there will be be closed to its import it will still be at a money centre for the East. The country that † higher value than its intrinsic value. The re- ha-fust got a guld curency will for a long patriating Chinese coolie will get more dollars time become the funband-st of the East. Our by taking a Chinese draft back with him, chance will be missed, if this scheme is adopted, al hough many told the opinion that a gold currency is easier to get than a token Currency.
and have at the end the substitute instead of Weare to go through unnecessary difficulties, the real thing, together with the difficult and netipsostly task, if we succeed, of keeping up the parity for all time. There is everything to be said in favour of the gold currency, and nothing against it. If any county is rich ennugh to keep it up, this country and the Native States ate. Our Asiatics will take to gold well enough and prefer it. All countries with a token currency prefer gold and change to it whenever they can. Here we are asked, de- liberately and at great risk peth ps the risk of our very existence to take the antifical, instead of the real I consider this a very great mistake, and one for which the present will be rightly blmed by the fame.
Pu bowing to ci cumstances, and regretfully accepting the taken as the goal to be reached by el am, it is surely not exigent to hope that that goal should be reached by the best and easiest route. Whether the method proposed is the best and easiest has yet to be seen; but it can be shown that, when all the evidence of local conditions is Eker, it will not operate in the way it is intended to operate.
THE FIRST STAGE,
This will begin at the time when it is known for certain that the scheme will be carried out, and will last till the arrival of the first consign
ment of Straits dollars.
instead of coin, and he will do that. Meanwhile, the British and Mexican being above silver, instead of leaving the country, will be attracted to it. The perverse" dollar, instead of flow ing outward, will come in. To prevent this will require a Customs House, examination of gourds and baggage, and the freedom of our por, hitherto the admiration of visitors, will be a thing of the past. But an tellgate or barrier, put up for the first time in the history of the Straits, will prevent smuggling. The task will a different one to that of preventing the importation of the ven No money was to be made ut of that. When money is to be ande, no custom house or police will be able to prevent the smuggling of specie. It will only give trouble, and may be great trouble, to the public and trade.
NO COMMUNITY OF CURRENCY WITH OUR CUSTOMERS. Our trade is also to be severely handicapped otherwise. The export of the Straits dallar, the future sole legal tender, is to be forbidden, The community of currency, which has been such a great assistance in our Flinterlan I trade, is deliberately to be abolished. It is to be a crime to have the same currency as the Straits. This will mean a customs house outwards, as well as inwards.
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|
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The scheme is certam to act differently to what the Indian scheme did The premises are different, the scheme is differem, and the conditions are different. No new coin was introduced into India. There was no prohi- bition of imports and exports. The custom house was ready to hand, properly organised, The rupee had not to be demonetised. The geographic conditions were different, and much more favourable to their scheme.
Prohibition, at any rate, is an excrescence on the scheme, and likely to greatly delay what will be at the best a ledintis work. It seems leading to disturbance and confusion, and to me an excessive ampering with currency,
likely to do a lot of harm to our trade.
THE THIRD STAGE.
This is set out in para. 59 of the Report: "When (?, the currency is so largely composed of the new dollar as to justify the measure, the British and Mexican should be finally demonetised, and the Straits Settlem is would then be in the position in which India was &c. Assuming the beginning of this stage to have been reached, we stand beinre the most delicate lisation of the British and Mexican collar. All and important part of the reform-the demone.
local men are aware that to get rid of these without creating disturbance is the most difficult, task in any scheme for the Straits. It is our greatest difficulty, because a wrong method as regards this point would create that Double in the Izzaar and thuit dislocation of
our trade which it is desired above all things to avoid.
To-day's Advertisements.
NOTICE.
in India took six years, from 1893 to 1899, It is believed that only at this stage of the scheme that what is in some quarters considered the only drawback, will be encountered a "contracted currency." People would chearfully put up with that, were i the scheme otherwise adapted to locali wants. The only currency reform suitable for local wants, is one that continues ou free trade
! IT Hinterland trade. Singapore is not only "a i
interfaces us at liberty to carry only in is hereby tereid tot 16 ANIMALS sem BACTERIOLOGICAL EXAM- centre of trade by reason of its natural advant. INATION be addressed to Dr. HUNTER and ages and its freedom from customs duties" forwarded to the PUBLIC MORTUARY, (para, 46) barulso, and mainly so, because we
SHEK TONG TSUI, (ZUJERA) use those advantages to facilitate trade to the
linterland. This means everything to the and not to Dr. HUNTER'S Residence. Straits, and such a scheme would seriously
By Command, handicap us in this respect. It would cut us, to some extent, off from a large part of the Hinterland. The whole of India participated
and part of the country only gone over to the in its currency reform. Had Bombay, Calcutta, gold standard, while the rest kept to the rupee as it was, there would have been some analogy between our case and theirs, though even then because the commercial ties there were not so the analogy would not have been complete,
close, nor the effect on internal versus external debts the same.
The fifth stage would be "when the ratio is reached" [and declared (2)) " when the Straits dollar is issued in exchange for gold at the fixed rate." The report is silent as to when the probilsition of the export of the Straits dollar s to cease. But what can be seen is that it is not the intention here that gold should be legal tender, as it is in tudia, though we are more advanced, and though it would be vastly more
CONCLUSION.
All previous schemes have tried to avoid it, That of the Chamber of Commerce and others tried to get over it by conversion. In my pamphlet I recommend the way always adopt-advantage to us than to India. |ed when a new coin is to be introduced-the old Royal road-the road which the Americans have lately followed in the I hilippines: "debts contracted prior to December 31, 1903, may be paid in the legal tender of the currency of the islands existing at the time of the making of the said contract." Philippines Currency Act, 1903, Feb. 21, Section 3
CONSTERNATION INEVITABLE. This, our greatest difficuly, has not been avoided in the Committee's Scheme.' It has not not only been avoided, but the demonetisation of the British and Mexican dollar is to be carried out in the most disturbing manner pos- sible. Legal lender to-day, demonetised with. ut notice and without provision of any kind made for them to-morrow, and not more rece ivable in payment of a debt lawfully contracted yesterday': 'Had it been the intention of the Committee to create the greatest possible con- fusion and consternation, they could not have devised a better plan.
the merchant in demonetised kritish and Mexi
There will be a pressure of dealers to pay
cans.
The struggles and conflicts between merchant and dealer, which other schemes meant to avoid, will be of the acutest. And it will be to a great extent justified on the part He may only have the demonetised coin to pay of the Chinese dealer. It may be a necessity,
with, as he will be compelled to receive it from his customers, As usual, the merchants, though they will be legally right, will, for còm- mercial puposes, have to give in. They will have to give in, or stand the risk of losing their customers and trade, and perhaps not be paid at all. The difference in value between the British and Mexican, and the Straits dollars, might then be such as to mean payment in the former, ar bankruptcy to the dealers. I feel sure that the Brish dollar, though de
monetiser, will still remain in regular use.
PRACTICAL APPLICATION.
"Allow me one interruption here, Mr. Hul telling me how you individually are going to tenbach. I see the difficulty. Would you mind
meet i
"I have not the least objection. Seeing the difficulty and knowing what will be the upshot, we shall avoid the conß et. With a scheme introducing the new fixed currency by a rational plan, we would have agreed to any proposed Convention of our fellow-merchants to bind ourselves under a heavy penalty to dent in the new currency only. With this scheme we have so far decided to do just the contrary. We will right through go on selling to the dealer in British dollars and selling forward the dolars we will have to receive against these sales to the Banks. To avoid the friction and the losses we would have to suffer in the end, we shall yokintarily ignore tlie Straits dollar for purposes of import trade, as our neighbours will with this kind of demonetisation be forced to ignore it at arister stage and with bad grace."
Resuming, Mr. Huttenbach went on: And once the beginning made and the mer- chants compelled to go on accepting the British dollar, we will for ever have two cur- rencies. They will for all time hang on to our coat tails. We will never be able to stake them off. This demonetisation will make it impossible for the British and Mexican dollar to become a commodity. It will not give the éxity as desired.
Were the Government to amend their scheme
at the eleventh hour, by adding to it at this stage some kind of conversion scheme, or were conversion already a part of the scheme, although for obvious reasons kept secret, it can be shown that the cure would be worse than
the disease.
We will stop here for the present. I will not criticise the meastie as a whole, nor comment on the attitude the Government is said to be taking towards this important question I have only discussed the question whether there is cause for funher inquiry into the propose shall have to rely on the wisdom and justice of
Currency Scheme. it it should be wanted, we
Mr. Chamberlain to get it.
I would merely add that some object to the scheme on account of the great length of time it will take to work out, a time which might be longer than seems to be the impression of many. That is not my objection. I am against the scheme because of its unsuitability, because
F. H. MAY, Colonial Secretary.
16730
Colonial Secretary's Gfice,
Hongkong, 5th June, 1903.
HONGKONG RIFLE ASSOCIATION.
EMBERS are informed that the RANGE
is CLOSED until further Notice.
MOWBRAY S. NORTHCOTE, Hon. Secretary. Hanghong, 5th June, 1003 DOUGLAS STEAMSHIP COMPANY, LIMITED.
[45
FOR SWATOW, AMOY AND TAMSUI.
THE Company's Steamship
"HAIMUN,"
Captain Matton, will be despatched for the above Ports, on TUESDAY, the 9th instant,
at 11 A.M.
For Freight or Passage apply to
DOUGLAS, LAPRAIK & CO.,
General Managers. Hongkong, 5th June, 1903.
[6716 FOR CHEMULPO and PORT ARTHUR. Calling at Shanghai and Dalny.
+
THE Steamship
"NULLBERG,”
Captain Meyer, will be despatched for the above Ports on SATURDAY, the 13th instant,
M.
For Freight or Passage, apply to
HAMBURG-AMERIKA LINIE, Hongkong Office. Hongkong, 5th June, 1903.
[6706
of the losses it will inflict, the wrong it courts, REGULAR STEAMSHIP SERVICE
and the trouble it will cause in the bazaar. With this scheme, in the immediate future and for many years ahead, times will be more difficult than ever.
The
TO NEW YORK,
VIA PORTS, AND SUEZ "CANAL (With Liberty to call at PHILIPPINE PORTS).
PROPOSED SAilincs from HONGKONG.
1903.
to
About u MACDUFF" * CHARLES TIBERGHIEN ”.
EN "... 24th June. ............................. 10th July, For Freight and further Information, apply
DODWELL & Co., LIMITED, Agents. stephane, 5th June, 1903 "GLEN LINE OF STEAMSHIPS.
And notwithstanding all the complicated avoid what such schemes should avoid if and artificial machinery, the scheme does not
puss ble, and it is possible in this case, the altering of the existing relations of prices and essential conditions of contracts," binden of debts would be increased, and prices, assuming that prices in gold countries. remain stationary, be reduced by about twenty per cent. A few of course would bengßt, but at the expense of others. The merchant would not. Rather all merchants would lose in the long run, for the losses in the bazaar and from disturbance of trade generally, would more FOR NEW YORK VIA SUEZ CANAL. than counterbalance any profits they might THE Steamship make from the increment of value on their capital and the few mortgages they held.
I do not think particularly well of some of the ather schemes I have seen, but I prefer all of them to this particular one. With each of Them there would at least be an end in sight, though it might be "an end with terror." This scheme would be a "terror without an end," And this mainly attribute to the insufficiency of evidence before the Committee as to our unique local conditions,
COMMERCIAL.
TO-DAY'S INTELLIGENCE,
With only a small amount of business to report is the smaller stocks, quotations close
...3 675 b.
as follows:-
Banks Nationals
Unions China Traders Cantons Hongkong Fires Indo-Chinas... China and Manilas Douglas ...
Shell Transports China Sugais... Koobs
Docks
Wharves
West Points
Hotels
Green Islands China Borneos Electrics (Old)
Do.
Ropes
(New)
***
China Light and Powers
99
67
1330d
"GLENESK," Captain Rafferty, will be despatched as above on THURSDAY, the 9th July,
For Freight or Passage, apply to
MCGREGOR BROS. & GOW. Tonyleong, 5th June 1903
(6710
SCOTCH
IS
BLACK&WHITE
27 b.
500 5.
GI S.
176 b.
THE POPULAR
32% b
107
27 h.
.43 S.
.1.7.0 b.
107 S.
3) b.
216 b.
gob.
52 b.
149 b.
24 50 11.
10.30 s.
ILL
13 b.
7 b.
130 b.
6 50 s.
TO-DAY'S EXCHANGE
On London, Telegraphic Transfer ...18 1446
Bank Bills, on densand........ 8 Credits, months' sight...1/8 7/16 D'ments 4 months' sight .....1,8 ŋj1G ON BERLIN, (demand) ...................................
M.1.7 OR PARIS, Bank Bills, on demand..... io
Credits, 4 months' sight. ON NEW YORK, Bank Bills, on demand...40
Credits, 30 days' sight
2.14
412
It will lead to this: Now we have to give credit for imports and pay cash for produce. Under the scheme we shall still have to give credit, for imports and receive British and Mexicans in payment, and we will have to pay cash, and pay traits dollars, for produce. And not only this. It can be shown, although not ON BOMBAY, Telegraphic Transfer...... in an interview, that the whole commercial and
On demand.
1256 industrial structure will be shaken by this kiad | ON SHANGHAI, Telegraphic Transfer ......1) of demonetisation. Constemation and injury
Private 30 days' sight....... nop to native population; perhaps riot and blood- YOKOHAMA, T.T. pun
83 shed at the mines, owing to the dollar the Sovereigns, Bank's Buying Rate.......... $11 85 conlie is paid in to-day being refused to-mor Gold Leaf 100 touch, per tac!..... 61.70 row; increased divergence between external
Bar Silver......................... and internal indebtedness, spelling ruin to many
24 5/15)
innocent and thoroughly honest traders; and intensified difficulty in carrying on our trade with our Hinterland.
TO SUM UP THE THIRD STAGE.
THE TRAITS DOLLIR HOARDED The daily expectation of seeing the Straits dollar made the sole legal tender, with a con sequent enhancement of value, will lead every- The proposed violent measure of demore- body to try and keep Straits in preference to tisation has no redeeming feature.
It is sure other dollars, although both are legal tender. to lead to two kinds of currency becoming per- The Banks will pay out British and Mexican manent, especially as at this stage the prohi dollars only. They will hold on to the Straits, bition of the import is to be rescinded, and is as every one else will. There will be an epi-equally sure to prevent the British and Mexican demic of hoarding, thus delaying the scheme, dollar settling down to a commodity, it will instead of expediting it. One force will keep not give the desired fixty. And if it did so, it would only be atter much unnecessary individual suffering and State-assisted wrong.
Here also the conditions are vastly different to what they were in India Had India had 1,50 or more millions of demonetised rupees," daily depreciating visibly in the people's hands, with about twenty times that amount extant in China and Mexico, with a new coin practically
On the face of it this looks harmless enough, but even in these early days harm and wrong will result. A new element of speculation will be added to those already existing. Soomer or later there will be a special Straits rate of exchange, and operators will begin anticipating. the British dollar in circulation; another, the The effect it is difficult to foresee exactly, ex- fear of demonetisation, will make people" lath | cept that it will be an inducement to specula- to accept it and anxious to pay it away again,
A DOUBLE CURRENCY: The Banks will refuse to issue notes aganist British dollars, fearing to have to redeem them our day in the dearer tmits dollar. They will probably open their accounts in the two
tion in exchange.
· TRADE WITH CO-USERS.
be in the position in which India was " etc."
THE REMAINING STAGES.
ON
OPIUM QUOTATIONS.
To-day's quotations are as follows →→
MALWA NEW........
10
15
LAST YEAR OLDEST
PATNA NEW
OLD..... BENARES NEW
CLD PERSIAN (PAPER).....
Per chest @_gto/g80
.(0) 1,030/1,050 .@ 1,060/1,0ño
..) 1,935
.@ 1,015
....(8) 1,049
..@ 1,020 790
JAMES BUCHANAN & CO.
SCOTCH WHISKY DISTILLI ENG
By Appointment to
H.M. THE KING
and
HRH the PRINCE of WALES
Supplied at all the LEADING CLUBS and HOTELS, and to be obtained from LANE, CRAWFORD & CO., Queen's Road Central.
[632e
THE HISTORY
The principat pier, which is to be placed It with immediately disturb our trade with in deep water opposite Blue's Point, has Co-users. They will endeavour to buy for had special attention. There are three ways, deferred payment in the coin they use, not it is explained, in which this pier can be wishing, rightly, to run the risk of having to currencies. They will not take the risk of all hoarded-then we might to some intent found. One proposal is to take the caisson pay in the unknown future Straits money. receiving the British dollar on deposit, and down to the rock; another is to carry the We have already had a taste of this kind of then having to repay Straits-dollars. It will be pier down to the clay and drive piles to the dficulty, with Deli and flangkong, in Marcha.
a circulus vitiosis, a maze out of which there You will see, I think, a case made out for a generally associated with delay in getting first glasses, cheap spectacles, tramp spex, bung. Of impaired and lost eyesight, cataracts and other discased conditions of the eyes is rock, supposing the clay is not sufficient to
and April. A premium of $1 per cent, in the is no path. Theoretically and officially I know fresh inquiry to complete the evidence as to carry the superincumbent weight. Yet another former case had to be paid for what was ex this is not to be the case. The scheme does local conditions. The one pointalone, the violentling of incompetents and the indiscriminate wearing of others' discarded glasses. scheme is to freeze the ground and water so
pected to be a 1/8 dollar. With the prospect not expect it. It ought to work out differently, demonetisation contemplated, is sufficient
ONLY ONE PAIR OF EYES as to enable the excavation to be made dry of a 2- dollar the difference will be greater. The scheme expects business men to ignore for that I have also indicated other points, down to the solid foundation.
To last a life time. Keep them healthy and enjoy comfortable and perfect vision to This will, from the very start, prove an impedi- | the certainty that the one coin must become and a good deal could be said about the last the greatest age by getting your glasses fitted by ment to business,
dearer and the other cheaper. The two coins stage, but I only wish "to show cause," not to I shall be much mistaken, also, if, from the ought to continue to dwell together in brotherly argue the case.
N. LAZARUS, same cause, namely, the expectation of a future love and unity until the Government gives the rise, the exploitation of the ignorant does not word for their great financial coup d'etat of commence. Money will be poured in, by demonetisation.
Of course, when the board has finally dealt with all the proposals, the matter will remain with Ministers to decide upon as to the advisability, supposing suitable plans have been prepared, of proceeding with the work.
ASK FOR ASAHI JAPANESE BEER,→
G. Giraule
.:
The fourth stage is the cessation of the coining of the Straits dollar until it reaches the value decided upon (para, 60). This stage alone.
5K for ASAHI JAPANESE DEER-
SK for ASAHI JAPANESE DEER-ASK for ASAHI JAPANESE BEER-AG. Giralt,
AG. Girault
G. Girault,
..
OPHTHALMIC OPTICIAN,
OF LONDON AND CALCUTTA. Consulting Room No. 16, Queen's Road Central. Entrance through Mr. R. Houghton's Tailoring Establishment, nearly opposite Hongkong Hotel
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