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dollar does undoubtedly stimulate exports, for it lays down cheaper teas, silks and mattings at home and thereby stimulates the demand for those commodities from China. Mr. Osborne calls the China trade of today to witness that exports have not in- creased. I cannot go farther back than the year 1894 but the Custom retums for the whole of China for that year shew total
exports exclusive of bullion as Tls. 144,690,042. as against Tls. 187,954,894 for the year 1901, an increase of about 30%
in 7 years. The reduction in the export of China Tea does not furnish any argument as that has been caused by the competition
of Indian Teas. Had it not been for the fall in silver the ex-
port of China Teas would no doubt have been still smaller.
581
Mr. Osborne, although he passes over the matter as lightly
as possible does, however, fairly admit one of the principal
points against a gold standard for Hong Kong, when he states that
"the only alteration that could arise would be the creation of an
That exchange business between this and Canton". That is exactly what
those, who are opposed to any change until China adopts gold, also
fear will happen, for if it does, it must mean the transfer of a
certain amount of the banking business of this Colony to Canton.
I cannot follow what he means to imply by the application of
his remarks about artificial prices to raw sugar, limestone, &c. But he surely must admit that the sterling cost of anything paid
for in silver would not be stable but would fluctuate with every
change in the value of silver.
What effect a gold standard would have on the price of coolie
labour in the Colony is by no means certain, but from the example
of Japan, it would seem that the cost of labour would rise. A
ooolie in Hong Kong will always require higher wages than in
China as long as the cost of living is so much higher here, and
rates will only fall when the disparity between the two scales
of wages is so great as to attract an over supply of labour from
the laim land.
It may be Mr. Osborne's, but it is not my experience that