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COMMITTEE ON STRAITS SETTLEMENTS CURRENCY.

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-12. Government is doubtless aware of a strong move- ment in favour of placing the currency of the Philip pines upon gold basis; and, although it is not yet possible to say that this will be done, the balance of opinion appears to be that the Government of the Philippines will find itself compelled ere long to adopt conversion to a gold basis.

13. It has been argued by some who advocate that the currency of the Colony should remain on a silver basis, that the decline of exchange has benefited the coolie class, who, coming from China, mainly constitute the labouring classes of the Settlements and of the Foderated Malay States. Your Committee considers that it requires but little local knowledge to know that the dollar in its now shrunken value can only buy for the coolie much less than it was able to do when it was of a higher gold value. The Chinese of the Colony have certainly suffered by the fall in Exchange, in that for the now depreciated dollar they can buy less food, leas clothing, less land, less labour or service, less every- thing, than its former value was able to procure, or, in other words, for these they now have to pay more dollars.

14. The Committee of this Chamber feels that the out- look for the future of silver must be a factor of import- ance in deliberations upon the question whether Fixity of Exchange is advisable or inadvisable for this Colony. It is admitted that to touch on this point is to enter upon what cannot be foreseen with any degree of relia bility; but, nevertheless, it seems not inappropriate in this connection to point out that there are members of this Chamber who view the Treaty between Britain and China recently arranged by Sir James Mackay as not unlikely in years to come to affect silver. Clause IX. of that Treaty provides for the opening of China's mineral resources to Western capital, and methods The opening up of the interior of China by railwaya has commenced, and is certain to go on space. Her mineral resources are believed to be rich in silver, and if these rendered readily accessible by extended railway construction-are vigorously developed by foreign capital under Western scientific methods of mining and extraction, with the further ad- vantage of the cheapest and largest labour supply ut the world to hand on the spot-it is st least not out of possibility that China may before many years pass, become a producer and exporter of silver on a scale that will greatly increase the world's output of the metal and cheapen it more than ever.

15. The Committee of this Chamber recommends

as did the Sub-Committee of 1897-the British sovereign as the basis of a new currency.

16. As regards the method by which Fixity should be introduced by Government, the Committee of this Chamber is still of opinion that the plan outlined in the Sub-Committee's Report of 6th November, 1807, will best form the basis for formulation of a scheme upon which Government might proceed to make early preparations, and thereafter act upon short notice.

17. It seems to the Committee of the Chamber that if Government decides to introduce Fixity of Exchange it will not be to the advantage of the Colony that the suggested details of any scheme should be known to the public beforehand, or even be supposed to be what will be acted upon by Government. If conversion is to be brought about, it will probably be much facilitated --and cheapened to the Colony-by the public being kept in ignorance of the arrangements and provision by Government which would have to precede the act of conversion. For this reason it will perhaps be well that the Committee should not in this communication put forward suggestions of a detail nature. These, if desired, can be made the subject of conference or com- munication verbally.

18. In continuation of the scheme recommended by th Sub-Committee of 6th November, 1887, I have to add that from the latest information available to the Chamber, the value of dollars of all kinds, and of sub- sidiary silver coins imported into the Colony from 1897 to 1901 inclusive, is recorded a $161,834,000, while the exports in the same years are put at $120,708,000. Both of these returns include the Yen, demonetised in 1887, practically all of which went back to Japan. The coin sugmentation during these five years would thus appear to have been $31,136,000, but these figures must not be taken to exactly represent the position, as all coin movements cannot be registered.

19. On the question of the cost to Government of bringing about Fixity of Exchange for the Colony, the Committee of this Chamber cannot safely give an esti- mate, and feels that Government will be better placed to gain an approximate idea of this than is the Chamber. I have, &c.,

ALEX. J. QUxs,

Secretary. Singapore Chamber of Commerce.

The Honourable the Colonial Secretary, B.S.,

Bingapore.

LIST of RETURNS and ENCLOSURES, accompanying letter of 17th December, 1002, from Singapore Chamber of Commerce to Colonial Secretary, Singapore.

1. Imports from all countries, comparing 1890 with 1891-3, with 1884-1901, and with 1901.

2. Imports from gold countries, comparing 1890 with 1891-3, with 1894-1901, and with 1901.

3. Imports from silver countries, comparing 1890 with 1891-3, with 1894-1901, and with 1901.

4. Exports to all countries, comparing 1800 with 1891-3, with 1804-1901, and with 1901.

4

5. Exports to gold countries, comparing 1800 with 1891-3, with 1894-1901, and with 1901.

6. Exports to silver countries, comparing 1800 with 1891-3, with 1894-1901, and with 1901.

Nor-The year 1890 (the standard year of com- parison in the 1897 report) is compared with the aver age for 1891-3, during which years exchange had fallen, but was still comparatively high; with 1894 1901, during which years exchange was much lower, but comparatively stationary; and with 1901, the latest year for which figures are complete. The aver ge of 1891-3 is the average volume of trade and average exchange for each of the three years respectively; the average of 1894-1901 is the average volume of trade and average exchange for the eight years collectively.

7. Imports from and exports to British India, etc., comparing 1890 with 1891-2, with 1893-1901, and with 1001 Imports from and exports to Japan, comparing 1800 with 1891-6, with 1897-1901, and with 1901.

8. Appendix A-Imports from and exports to gold countries, 1800-1901.

9. Appendix A (a).-Imports from and exports to silver countries, 1890-1901. Some (slight) changes have

been made from the 1897 method of classifying, such -Natunas Islands are now under Netherlands, India, etc., instead of under British North Borneo, etc.; German New Guines is now under Australia, etc., instead of under European and foreign countries, etc.; Philippines and Sulu Archipelago are now under silver instead of under gold countries.

10. Appendix B.-Imports from and exports to gold countries, comparing 1887 with 1901.

11. Appendix C.-Importa from and exports to silver countries, comparing 1897 with 1901.

12. Appendix D.-Course of prices and rates, 1887-

1902.

13. Appendix E-Exports to United Kingdom, Can- tinent of Europe and America, 1890, 1896, 1801.

14. Appendix F.-Review of market (chief produce exports), from 1897 to 1901.

15. Appendix F (s)-Chief exports to all countries, 1897 to 1901; and sugar exporta from Penang, 1897 to 1901.

India, etc., 1901.

16. Appendix G.-Chief imports from Netherlands

17. Appendix H.-Immigrants' (Chinese) wages,

1898-1901.

18. Coinage of British dollars to 31-3-02 at Bombay and Calcutta minta.

19. Imports and exports (Straits Settlements) of merchandise and silver coin, from 1880 to 1901.

Singapore, 17th December, 1902.

1. STRAITS SETTLEMEnts Imports, comparing 1800 with 1891–3, 1894–1901, and 1901.

$00 omitted. Excluding Bullion-Specie, Inter-Settlements, and British India and Japan Currency changed.

Bank, 4 m/st. on London Average.

Imports

Yearly average

♦ compared with 1890

Of which from--

Gold countries

Yearly average

⚫ compared with 1890 -

£ compared with 1890 -

1890. U. વ.

1801. 1892. 1893. 3. 3d. 2. 104d. 2. 7jd.

1894-1901. 2. -jfd.

1901.

18. 11.

104 409

321 425

107 141

1 405 200

176 650

Inc. -

2:55% Inc.

51 055

132 946

Dee.

-

£8 775

Dec.

Silver countries -

53 414

Yearly average

⚫ compared with 1890

44 315

68.13% Inc.

612 659

76 682

13-20 % Inc.

49-99%

Inc.

•

£6 404

£7 847

•

20:33 % Dec.

792 641

62 826

99 067

Inc.

17.02% Inc. -

·

85-47 % Inc.

"

188 479

10.57% Inc.

230 850

98 543

£9 725

132 316

120.98%

93-01 %

10.89%

147-71%

3. STRAITS SETtlements ImpoRTS from GOLD COUNTRIES, comparing 1890 with 1891-3, 1804-1901, and 1901,

000 omitted. Excluding Bullion-Specie, and British India, &c., and Japan Currency changed.

Bank, 4 m/st. on London

Average.

1890.

3. Bid.

1891. 1892. Se. Bd. 28. 10d. 20.71d.

1898.

1894-1901. 2. Offd.

1901. "

18. 11thd.

United Kingdom, Europe, America, and Australia. Importa

Yearly average

♦ compared with 1890

28 971

71 489

23 829

Doo.

4 442 = 15.71% Ino.

-

£ compared with 1890

£ 858

£3 486

Deo.

Netherlands, India, &c.

Imports

22 784

Yearly average

compared with 1890

£ compared with 1890

.

£1 872 = 28-24 % Dec.

·

314 288

39 235

£4 025

51 496

£5 062

11 014 = 38·05 % | Inc. 23 225 82-15%

£883 = 17·14 %] Inc. £ 294 = 4·61%

61 457

296 376

20 485

87 297

Deo.

2 299 = 10-09% Inc.

£ # 916

£ 2 979

£ 3 821

Doc.

936 = 23-00 % Dec. 一辈

47 047

£4 643

14 51363-60% Ino. 94 963 - 106×40 %

94 = 2·40% Doc. £ 728 18:50 %

6849.

PUBLIC RECORD OFFICE

Reference :-

C.O. 882

PUBLIC RECORD OFFICE, LONDON

ALLY WITHOUT PERMISSION OF THE COPYRIGHT PHOTOGRAPH—NOT TO BE REPRODUCED PHOTOGRAPHIC-

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