DESPATCH.
Governor. No. busin Tel Date. 1894 19 Jan Last previous Paper. No. 1110 Currency (Subject.) C.O. 1110 10 94 specent Commee unanimously of opinion that coinage and legalization of equal value with Mexican dollars is essentially necessary duposts that Indian mints 595 94 19% signin 24 tel. 24 Jan further Aceod 18:31 Jan * 1 L 1920)—>$—999-9-9 Next subsequent Paper. British dollar. corn at recommend Judan ments shined Strongly From "The Times" (Minutes.) H. Farifirld
THE SILVER QUESTION IN THE EAST.
HONGKONG, JAN. 18. The silver crisis is becoming more and more acute in the East, and the situation is further complicated by a scarcity of currency in Shanghai, Hongkong, and Singapore owing to the supply of Mexican dollars running short, as the Mexican exchange has not adapted itself to the heavy fall in silver. The present position of affairs may easily become dangerous. The committee of leading bankers and merchants which the Hongkong Chamber of Commerce appointed last July to consider the currency question today passed a unanimous resolution in favour of the coinage of British dollars either in England or in India, and against the legalizing of the Japanese yen, which they oppose because of the uncertainty as to the future of the Japanese currency, and the innate dislike which the Chinese have of the wholesale importation into China of Japanese coin.
I have satisfied myself that the leading Chinese are highly favourable to the coinage of a British dollar, while it would be clearly a disadvantage to Great Britain to legalize the currency of Japan, as the competition of the latter country is becoming serious for trade in the East.
The Governor, Sir W. Robinson, concurs in the important proposal of the committee. If it is acted upon, it is likely to have far-reaching and beneficial results for British policy and trade.
Our Special Correspondent.
INTED FOR EASTERN COLONIAL OFFICE telegraph rts Boy). 19 Jac D.B.2.19 See also 595 In this Telegram the Governor says nothing abandoning about the Yen proposal, referred to by St. John (595) and in today's Times. ? Write as proposed on 595, and