CO885-(7-8)-2 — Page 11

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PUBLIC RECORD OFFICE

Reference :-

CO. 882

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

PUBLIC RECORD OFFICE, LONDON

[ xvi ]

to be imported and exported as merchandise in any quantities that the trade of the Straits Settlements with foreign countries might require. To allay possible apprehension, however, it might be well to provide when the general import of Mexican and British dollars is prohibited that such dollars might be imported for purposes of re-export, with the sanction in each case of the Straits Government and on such conditions as that Government might prescribe.

64. A large amount of subsidiary silver coins has been issued in the Straits, and a portion of it, approximately estimated by the Colonial Treasurer at 300,000 dollars, is in circulation outside the Straits Settlements, the Federated Malay States and Johore. Some, if not all, of these coins will be returned to the Straits Settlements when a gold standard is established. If they are But we do not anticipate any serious trouble from this cause. returned and put into circulation in such quantities as do not cause the subsidiary coinage to fall below its face value no harm will be done, and if the subsidiary coin falls below its face value the tendency of such coin to return would be checked. Under the most unfavourable circumstances the difficulty could be met by the Straits Government withdrawing a portion of the subsidiary coins.

65. Before closing this Report, we desire to express our high apprecia- tion of the able and willing assistance which the Secretary, Mr. A. E. Collins, has rendered throughout the enquiry,

A. E. COLLINS, Secretary.

17th March, 1903.

D. BARBOUR.

WM. ADAMSON.

GEORGE W. JOHNSON W. BLAIN,

MINUTES OF

EVIDENCE

TAKEN BEFORE THE

COMMITTEE

ON

STRAITS SETTLEMENTS CURRENCY.

FIRST DAY.

Thursday, 13th November, 1902.

PRESENT:

Sir DAVID BARBOUR, K.C.B.I., K.C.M.G. (Chairman) presiding.

Mr. W. BLAIN.

Mr. W. ADAMSON, C.M.G. Mr. G. W. JOHNSON.

Mr. W. G. GULLAND, called in; and Examined.

1. (Chairman.) I propose to ask you some questions on the Paper that you have put in 7-Yes. Since I wrote that Paper I have come across the speech of His Excellency the Governor at the opening of the Legis- lative Council, which gives far more information as to the amount of the Government circulation. I have no doubt it is known to the gentlemen here, but I did not know of it when I wrote the memo, sent in.

2. (Mr. Johnson.) The circulation of the Government notes ?—The Government notes.

3. (Chairman.) Yes; this will be useful to us. You

do not want to be examined on it, I suppose?—No;

it may be useful for reference.

4. You are a partner in the firm of Messrs. Paterson, Simons and Co. ?—Yes.

5. They carry on business in Singapore -Yes; I am also Chairman of the London Committee of the Tanjong Pagar Dock Company. That is the dock company there. Mr. Adamson will tell you it is virtually the savings bank of a great number of the Singapore people, and is largely interested in this question.

6. You have resided in Singapore at various times i -Yes. I have not been thero of late years; I went to Singapore in 1862, when the dollar was 4s. 6d.

7. And the business of the Straits Settlements ia chiefly a distributing business-receiving goods from and distributing goods to the adjoining places — Yes, but I am not so sure that we will remain a distributing centre, because, as Mr. Adamson will tell you, as steam communication increases there is a great tendency to put ports that now deal with us in direct communication with Europe.

8. Naturally. You give in your memorandum cer. tain figures showing the trade of Singapore with silver countries and gold countries?—Yes.

9. In 1900 the imports from silver countries were in round numbers, according to your paper, 105,584,000 dola. -I believe so, yo

10. And from gold countries 139,917,000 dola. 1– Yes.

11. Showing that the imports from gold countries wore greater than the imports from the silver coun tries ?—Yes.

12. And if British Malaya went on a gold basis the imports from gold countries would be still grostar 1— Still greater.

68-40

Mr. A. E. COLLINS, Secretary,

Mr. W.

13. They would come up to 185,000,000 dols. in round numbers, as against 60,000,000 dola. from silver coun- G. Gulland. tri1-Yes.

14. Then as regards the exports, you say that in 13 Nov. 1902. 1900 the exporta to silver countries were 63,521,000 dols, and to gold countries 135,634,000 dola., and if British Malaya were on a gold basis those figures would become 39,779,000 dols, as against 159,375,000 dola. 1 -Yer.

15. What do you include in British Malaya?—I in- olude, in fact, all the States that they mention in the Blue Book.

16. The Federated States 1-The Federated States. 17. And Johore 7----And Johore.

18. Johore is not one of the Federated States 1–No. 19. Would you include Johore t—I include Johore. 20. Do you think that a country with a silver standard which is depreciated as regards gold is at an advan- tage in its trade with other countries?—I am not so sure about that. Tó à certain extent it in.

21. Do you think that advantage is permanent No; I am doubtful about that. I think it is the gold country that really gets the advantage in the long

FUE.

22 You give certain figures, showing that Burmah with a gold standard has held its own against Siam with a silver standard ?—Yes.

23. What is the standard in French Indo-China- silver-Silver.

24. And Burmsh has held its own as against French Indo-China 1-Yes.

25. Has the alteration in the Indian currency from silver to a gold stariled affected the Straits trade very seriously-Nọt at all, beyond this-that for what we take from India, of course, we have had to pay higher prices in our own currency.

26. Higher aliver prices 1-Higher silver prices.

27. The silver prices have actually risen, have they? —They hávs risen.

28. With the fall in silver ?—With the fall in silver. It is a mere exchange operation, you know.

If you want to buy a thing in Calcutts you have to pay so many rupost, and you have naturally to give a larger amount în dollar for it.

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