CO882-(6-8) — Page 164

COMMITTEE ON STRAITS SETTLEMENTS CURRENCY.

139

PUBLIC RECORD OFFICE

Reference :-

6

C.O. 882

7 PUBLIC RECORD OFFICE, LONDON

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13. Appendix E-Comparison of Values (in Dollars and Sterling) of Straits Settlements Produce exported to United Kingdom, Continent of Europe and America, during 1890, 1896, and 1901.

4 m/st. Bank average:

1890 -

1896 1901

85, 5?..

22. Dd.

18. 11ftd.

$ 000 omitted.

Average Prices.

Picals.

1820. 1896.

1901.

1890. 1896. 1901.

1890.

Totals in Dollars.

Totals in Sterling.

1896. 1901. 1890. 1896. 1901.

Tin

32.50

Gambier, Bale

82-20 7-18 7-428

88.30

400 798

10.70 BBB

707

Sago, Flour-

2-20

2.84 3-27

362

692

194

5,147 1,965

83314,950 25,697 56,893 2,589 2,797 5,615

4,568 533

796

785 5,703

560 563

1.942

136

214

191

Sago, Pearl.

2.81

3-49

4:50

120

89

53

337

311

238

58

34

24

Tapiocas

4.38

3.50

Black Pepper

White Pepper

14-10 10:57 17.72 25.00

6.10 472 29.75 43.60

6.56 639

2,067

2,296

3,998

355

250

384

174 232 318

01 86 96

4,484

2,452

771 5,176

267 511

2,486

1,612

3,749

427 175 370

Nett Increase in 1901 over 1890

SI

1890

2,466 3,265 2,912 29,688 39,480 77,599 5,101 4,297 7,658

$47,911-£2,557 $38,119-£3,351

CHIEF EXPORTS (in Picula) from Straits Settlements to United Kingdom, Continent of Europe, and America.

Year.

$ 000 omitted.

1901

832 173 86 100

54

11

639

339

557

50

532

58

594

53

5

11

90

OMPARISON OF VALUES (in Dollars and Sterling) of Straits Settlements Produce exported to United Kingdom Continent of Europe and America, during 1902, (Singapore to 30 November, Penang to 25 November).

Tin

Gambier, Bale.

Cube

Sago, Flour

$ 000 omitted.

Kago, Pearl

Tapiocas (price for fair small flake, &c.)

Black Pepper

White Popper

Bank 4m/st. on London Average, la. 9d.—1r. 8d.

Average Price.

Piculs.

Value in

$

£.

79.37

803

69,734

5,609

13:41

500

6,700

590

38

3.76

590

2,241

197

4.90

41

201

18

4-97

750

3,772

3322

32:42

183

5,932

522

53.80

98

5,272

404

14. Appendix F.

The course of the produce markets during the years under review, viz., 1897 to 1901 inclusive, affords no definite information on the subject of a fixed currency for the Straits, as during those years there was scarcely any fluctuation in the value of the dollar, but as the general volume of trade in the articles named in this Appendix has greatly increased, the weight of evidence is distinctly favourable to the assumption that a fixed rate has been more encouraging to business generally than the violent fluctuations which occurred during the years which were reviewed in the report 188uod in 1897.

The first portion of paragraph 7 in the previous report appears to have been entirely borne out during the years which are now referred to, viz. :-"The prices of produce are really only temporarily affected by any fluctuations in exchange, i,a, that a sudden drop or a rapid rise merely causes a temporary rise or fall in the value of any article of produce, and that eventually prices do readjust themsolves according to the usual laws of supply and demand."

Tin, Gambier, tapioca and sago flour afford the best index as to the course of trade in this colony, seeing that the last three articles are almost entirely pro- duced in this part of the world, while the production of tin from the Malay Peninsula still forms at least two-thirds of the world's supplies. We will, therefore, briefly state the position as regards these four articles. Tin-At the end of 1886 the metal was quoted at $35 per picul in the currency of the colony, the sterling value being £58 10 per ton in London; in 1897 at the same date it was $36; in 1898, $48; in 1899 the sterling value in London rose to £112, and the dollar value, of course, increased, corresponding here to $72.50 per picul. This, however, was not in conso- quence of any movement in silver, as the value of the dollar at that period was exactly the same as in 1897, the position Was little viz.-18. 11fd. and changed on the 31st December, 1900, the dollar value being $67.50 per picul, and the sterling quotation £120 10., exchange being then quoted at 2s. 6d. In 1901 the dollar value fall to $68 per pical, the sterling price having fallen to £103 10, exchange being 18.11fd. A glance at the table of exports will show that the mining industry in the F. M. States was distinctly encouraged by the steadiness in exchange during the five years under review-the exports of the metal having increased by 130,000 piculs the differ-

ence in exchange between 31st December, 1897, and the same period in 1901 being only, whilst the dollar price rose from $36 per picul to $68 per picul.

Gambier-At the end of 1897 was quoted 86 per picul, and at the same period in 1901 $16.70 per picul, but as the exports fall off during that period by 260,000 piculs, the rise in price both here and in London is easily accounted for. The falling off in pro- duction was mainly owing to the scarcity of labour in consequence of the attraction of Chinese coolies to the tin mines; but an additional reason is the difficulty of getting land for the production of an article so exhaus- tive to the oil.

Tapioca and Sago Flour.-With these articles the same tendency may be noted. With a practically fixed exchange the exports of tapioca increased by 100,000 piculs, whilst the dollar price rose from $4.50 to $6.50 per picul. Sago flour exports have remained very steady since the year 1891, when exchange was quoted 3s. 3d.; but in the report of 1897 it was stated that the prices of this article are governed by the crops of cereals in Europe and elsewhere, and the position of sago flour during the five years under review confirms this state-

ment.

Black and White Pepper.-A review of these two articles affords further evidence of the prosperity of producers with complete steadiness in exchange. Owing to the enormous increase in the consumption of late years, caused by the additional use of these spices for pickling, preserving, and sausage making, the visible stocks in the United Kingdom, United States, and Continent of Europe declined from 27,800 tons on the 31st December, 1897, to 13,660 tons at the end of 1901, and on the 31st December of this year the London stock was 2,370 tons, against 3,961 tons at the com- mencement of it, notwithstanding that shipments have somewhat increased.

It is, therefore, quite in the natural order of events that prices should have considerably advanced in London; the spot price for black pepper there being 37d. per lb. on 1st January, 1898, and 6d. per lb. at the same period of 1902. This is the sole cause of the great rise in the dollar prices here from $19 to 23 during these five years, and shows that the planters of these articles in the Colony have prospered consider- ably without any assistance from a fall in exchange.

Singapore, 17th December, 1902.

CHIEF EXPORTS (in Piculs) from Straits Settlements to United Kingdom, Continent of Europe and America, during 1902. (Singapore to 30 November, Penang to 25 November).

$ 000 omitted.

Year.

1902"

803 183

98

72

41

SINGAPORE,

17 December 1902.

=

759

261

798

57

• Picula 000 omitted.

130

500

36

596 41

5

19

?

4

140

APPENDIX:

15. Appendix F (a).-STRAITS SETTLEMENTS,