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in retaining control of the two stations is very clear, and the result has been to seriously diminish revenues that have been assigned for the service of the indemnity.
I have the honour, therefore, to request that your Highness will be so good as to cause the Hoppo to be again instructed to hand over the two stations, which are within the prescribed limit of 50 li from Canton, without further delay, to the control of the Imperial Maritime Customs.
I avail, &c. (Signed)
WALTER TOWNLEY.
No. 2.
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which arise from the different quality and touch of the metals used will at one sweep be done away with, and payments from and into the Board of Revenue and the provincial Treasuries will be made in a uniform currency, thus ending the fictitious differences which
now exist.
The Regulations to be made in connection with this reform must be carefully considered and drawn up in their proper sequence, and must be submitted to us for our sanction.
purpose.
The step proposed is one of the highest importance to the country, and one which will benefit all classes. Let the Prince and his colleagues spare no efforts in the matter, nor let the fear of any odium they may incur deter them from their
The currency of the Empire must be put into proper order, and the benefits which will ensue therefrom spread over the whole country, so that our earnest wish for reform that will be of benefit to the people may be fulfilled.
Mr. Townley to the Marquess of Lansdowne,-(Received July 20.)
(No. 210. Very Confidential.) My Lord,
Peking, May 29, 1903.
I HAVE the honour to transmit herewith translation of an Imperial Decree, dated the 22nd ultimo, regarding the establishment of a uniform currency in China. I understand that the matter has been taken up seriously, and that Chu Hung Chi, on behalf of Prince Ching and the Board of Revenue, has approached Sir Robert Hart and asked for his assistance in putting the proposed reform of the currency on a sound working basis.
Funds to the amount of 5,000,000 taels have been put at Sir Robert's disposal for the establishment of a National Mint, and, acting under Chu Hung Chi's express wish that he would not address himself to any Legation, for fear of the jealousy of those not applied to, Sir Robert has sought the help of the Representative in London of the Chinese Imperial Maritime Customs, who is, I am told, in possession of all the particulars, and has already secured the services of four men competent to conduct the business of the Mint.
I understand that it is part of the scheme that the provincial authorities should no longer be allowed to coin money, but it is to be hoped that the reform will not be so sweeping in its action as to cause the complete disuse of the Mints at Nanking and Canton, which are thoroughly up to date and cost large sums of money to establish, but that they will rather be utilized as branches of the Central Mint.
I have, &c.
(Signed)
WALTER TOWNLEY.
Inclosure in No. 2.
Decree regarding the Establishment of a Uniform Currency in China.
Translation.)
If a nation is to maintain its existence history has taught us that its guiding principles must be the good management of its finances and the employment of the right men in its service. Our country is now going through a serious crisis. Her finances are in an embarrassed condition, and the evils resulting therefrom are entailing much suffering on both the Government and the people. Unless some scheme suitable to the occasion is devised and carried out, any improvement in the situation would appear to be hopeless.
on them to
We now appoint Prince Ching and Chu Hung Chi to do their best, jointly with the Board of Revenue, to remedy the present state of affairs, and we enjoin devote their entire attention to directing the necessary measures to attain the object in view. At present, for instance, not only is the coinage used in each different province different, but even the standards maintained are not the same, a condition of things very detrimental to the interests of both merchants and people. It is therefore necessary that a uniform currency be introduced throughout the whole Empire, and a
When a head Mint established at Peking, where the new coinage can be struck. sufficient quantity of coins have been turned out they will be put into circulation all over the country, and taxes, customs duties, li-kin, and other public contributions will be made payable in the new currency only. In this way the abuses now existing
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