551
This Document is the Property of His Britannic Majesty's Government.]
CHINA TRADE
CONFIDENTIAL.
C.O.
41448
[November 4.]
RECE
[REG 21 NOV 05
SECTION 1.
(No. 301.) My Lord,
No. 1.
Sir E. Safow to the Marquess of Lansdowne.--(Received November 4.)
Peking, September 8, 1905. IN continuation of my despatch No. 252 of the 17th July, I have the honour to inclose translation of a telegram from the Board of Revenue to the Provincial Govern- ments, warning them that at the present rate of coining the requirements of the population in the way of copper currency will be met in little more than a year. The Board proposes to obtain the issue of a decree insuring that the "touch" of the copper coinage shall be uniform, and the mints shall begin striking silver coins, if it is found that the quantity of copper in circulation is sufficient. The memorial referred to in this telegram is apparently that of which a copy was forwarded in my despatch No. 242 of the 11th July.
I have, &c. (Signed) ERNEST SATOW.
Inclosure in No. 1.
Extract from the "Pei Ching Jih Pao" of September 5, 1905.
THE CURRENCY.
THE Board of Revenue has telegraphed to the Provincial Governments on the currency question as follows:-
"On the issue of the Imperial Rescript, in response to the Memorial of the Board advocating the limitation of coining of copper pieces, the Board communicated with the Provincial Governments. But the provinces are still establishing new mints and adding to their minting machinery, and the monthly output of copper coin is estimated at over 40,000,000 pieces. At this rate it is calculated that in a little more than a year a sufficient quantity will have been coined, and any further production will be superfluous, and lead to a fall in the exchange and to a disastrous flooding of the market. The Board therefore proposes to request the issue of a decree authorizing the Board to appoint officials to regulate the touch of the coin in order to introduce uniformity, and, if the number of pieces in circulation is sufficient, to start the minting of silver instead. The Board is sending this telegram beforehand for your information, and requests the honour of a reply."
[2247 d--1]