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584
China would happen to similar industries now established in Hong Kong, their production being driven out on the advent of the gold standard by the cheaper priced article made in China. The Industries of Hong Kong are now an important factor in the com- merce of the Colony and it would in my opinion be a grave error to risk hurting the by handicapping them in this way with any difference of exchange between China and this place. The Coal trade between Japan and China and the Sugar trade between Java and China are both suffering from the difference in exchange caused by the gold standard adopted by Japan and Java.
It is, therefore, evident that a gold standard cripples the industries and exports of the country adopting it when dealing with silver
countries.
Mr. Wilcox speaks from the point of view of the owner of landed property. His statement that a house let in 1878 for $50.
not- per month does now now let for $150. is, I am bound to say, hardly
in accordance with facts. I know houses, one of which I occupied
10 years ago, then let at $35. per month which now fetch $125.
Houses on the Macdonnel Road have risen in the last four years
from $65. to $150. (in one case $170.)
per month, and it
would be interesting to know what the rise in rents of the houses
in Belilios Terrace, for which Mr. Wilcox is agent, has been
since they were built.
10
The loss on mortgages, to which Mr. Wilcox refers can only
apply to money brought from home, there is no losato a local Com-
pany, whose capital is in silver, as it lends in silver and re-
ceives back in silver. The Hongkong Land Company and other si-
milar institutions do a thriving business in mortgages in spite
of what Mr. Wilcox says, although all their Capital is in silver.
The Capital of the Hong Kong Bank is in silver, but nevertheless
it has been a very successful Bank. The nominal capital measured
in gold may have shrunk, but the actual assets of those Companies
when measured in gold are still in excess of the original capital
stated in gold. For instance, the original or nominal Capital
of the Hong Kong & Shanghai Bank was $10,000,000. which at 4s/-