L
Copy.
(0614)
$100
8 AUG 11
287
HONGKONG AND SHANGHAI BANKING CORPORATION,
31, LOMBARD STREET,
LONDON, E.C.
2nd August, 1911.
Dear Mr. Langley: -
The Committee of Experts appointed to examine
the Chinese Programme of Currency Reform held their first
meeting at the Savoy Hotel on Monday, the 31st July, and
have since sat from day to day.
At the meeting yesterday the Chinese Representative
Dr. Chen Chin-tao, stated, in reply to a question, that
the free coinage of Silver formed no part of the Government
scheme of reform. I think we may take this as a clear
indication of the intention of the Chinese Government to
put a stop to the importation of silver for coinage pur-
poses, in preparation for the limitation of the currency,
as a first step to the establishment of a gold standard.
I have advised our Currency Committee that, in my opinion,
it would be idle to protest against the right of the
Chinese Government to close their mints to free coinage
of silver so long as we had reason to believe that an
adequate supply of currency would be maintained.
Walter Langley Esq., C.B.
The