Mr Merivale
ket. reciept.
The present circulating medium in the Free Ports is notoriously defective and combarassing, & demands a prompt remedy - best adjustments are establishment of a Mint at Hong Kong.
Vetertained against the
What is the wekto
send this printia
Sr to the Treasury
with the remark
that it is
meter
quat
to the
intrats
not only of Great Britain & its respiras, but to the whole world trading with China that some improvement should be effected Septem, if it can be made.
I do not
the
wwphere. Sending
c mere
usbeofer spharh
all much influence
1 Rearmy.
y
gout agres
ht
with de Blackwood
a4 the importion
The start-
it may
I don't
At
unca hap
Sep 8
The following letter suggests the establishment of a mint at Hongkong. The absence of any distinct circulating medium is a constant source of embarrassment in all our trading operations in the North of China, and under the extension of commerce likely to be inaugurated by the new treaty the adoption of some remedy will be indispensable :-
Sir,-As the time is near at hand when our commercial relations with China will be very important, and our access to the interior much facilitated, I consider this the proper moment to draw the attention of Government to the monetary system now ruling in China, with the view of obtaining its assistance and co-operation for improving it.
The monetary system of China, both among the natives themselves as well as between foreigners and the Chinese, is the most barbarous and the clumsiest imaginable. While in Hongkong, Canton, and the southern provinces, the Mexican dollar is current, Shanghai and the north have no circulating medium at all, the tael, in which accounts are kept, being a purely imaginary coin. The foreign merchants and the Chinese at Shanghai can, therefore, only approach one another through the medium of the native bankers, or shroffs, or the business is reduced to a mere barter. It is quite clear that commerce must suffer from the want of a plain and easy way of keeping accounts and making payments.
The establishment of an Anglo-Chinese Government Mint at Hongkong, the coins of which must be made a legal tender for the payment of duties, is the only thing that will remedy this evil, for no new currency not coined under the immediate superintendence of the British Government will ever have the confidence of the Chinese people and be accepted by them.
"Of course the shroffs, who have reaped immense profits from the present system, will most strenuously resist any innovation of the kind, and throw all possible obstacles in its way. But if the British Government takes the matter in hand energetically and does not listen to the voice of interested parties the resistance of that small class will be of no avail, and the new coin be soon the universal circulating medium at all the foreign ports in China, for nothing which will be of much benefit to the commercial classes can be effectually resisted.
In 1856 an attempt was made at Shanghai to substitute the Mexican for the Carolus dollar, the scarcity of which was felt severely, and impeded trade very much. But the attempt failed because the British Government took no part in the proceedings, and did not support the foreign merchants in their endeavours to break the monopoly and the influence of the native bankers.
"It has been asserted that the Chinese are opposed to everything new, and that it is impossible to introduce with them anything foreign to their old habits and customs. Nothing could be more incorrect. I have always found the better classes of the Chinese, such as the foreign merchants come most in contact with, ready to listen to any plan of improvement, or to anything likely to be of real benefit to them. Those especially who have seen the Chinese in California and Australia will find my assertion to be correct.
"The Chinese have adopted the Mexican and Spanish dollar from necessity, and not from a whimsical preference for the shape or appearance of that coin. At the time it was introduced it was the only silver currency of that denomination in existence in which any confidence could be placed, and even now there is hardly any other. But a dollar coined by the British Government under their very eyes would soon supersede all others. Such a coin ought to have its name and value in Chinese characters on one side, or else the Chinese will deface it by stamping it.
A. ELLISSEN.
"I am, Sir, your very obedient servant,
7, Angel-court, London,
DUB.
Mr Merivale
ket. reciept.
The present circulating medium in think d the Feee Ports is notoriously defective and combarassing, & demands a prompt remedy - best dajuctions are
estellishment of a Mint at Rong.
Vetertained against the
What is te wekto
send this printia
Sr to the Treasury
with the remark
that it is
meter
quat
to the
intrats
not only of feat Britain & it's respira, but to the whole world trading with China that some 158
should be effected Sepstem, if it can
mach
improveme
in the wisting
be made.
I do not
the
wwphere. Sending
c mere
usbeofer spharh
all much influence
1 Rearmy.
y
gout agres
ht
with de Blackword
a4 the importion
The start-
it may
I don?
Ат
unca hap
Sep 8
دری
The following letter suggests the establishment of a mint at Hongkong. The absence of any distinct circulating medium is a constant source of embar- rassment in all our trading operations in the North of China, and under the extension of commerce likely to be inaugurated by the new treaty the adoption of some remedy will be indispensable :-
Sir,-As the time is near at hand when our com mercial relations with China will be very important, and our access to the interior much facilitated, I consider this the proper moment to draw the attention of Government to the inonetary system now ruling in China, with the view of obtaining its assistance and co-operation for improving it.
The monetary system of China, both among the natives themselves as well as between foreigners and the Chinese, is the most barbarous and the clamsiest imaginable. While in Hongkong, Canton, and the southern provinces, the Mexican dollar is current, Shanghai and the north have no circulating medium at all, the tael, in which ace unts are kept, being a purely imaginary coin, The foreign merchants and the Chinese at Shanghai can, there- fore, only approach one another through the medium of the native bankers, or shroffs, or the business is reduced to a mere barter. It is quite clear that commerce must suffer from the want of a plain and easy way of keeping accounts and making payments.
The establishment of an Anglo-Chinese Government Mint at Hongkong, the coins of which must be made a legal tender for the payment of duties, is the only thing that will remedy this evil, for no new currency not coined under the immediate superintendence of the British Govern- ment will ever have the confidence of the Chinese people and be accepted by them.
"Of course the shroffs, who have reaped immense profita from the present system, will most strenuously resist any innovation of the kind, and throw all possible obstacles in its way. But if the British Government takes the matter in hand energetically and does not listen to the voice of in- terested parties the resistance of that small class will be of no avail, and the new coin be soon the universal circulating medium at all the foreign ports in China, for nothing which will be of much benefit to the commercial classes can be effectually resisted,
In 1856 an attempt was made at Shanghai to substitute the Mexican for the Carolus dollar, the scarcity of which was felt severely, and impeded trade very much. But the attempt failed because the British Government took no part in the proceedings, and did not support the foreign mer chants in their endeavours to break the monopoly and the influence of the native bankers.
thein.
"It has been asserted that the Chinese are opposed to everything new, and that it is impossible to introduce with tshem anything foreign to their old habits and customs. Nothing could be more incorrect, I have always found the better classes of the Chinese, such as the foreign merchants come most in contact with, ready to listen to any plan of improvement, or to anything likely to be of real benefit to Those especially who have seen the Chinese in California and Australia will find my assertion to be correct, "The Chinese have adopted the Mexican and Spanish dollar from necessity, and not from a whimsical preference for the shape or appearance of that coin. At the time it was introduced it was the only silver currency of that denomination in existence in which any confidence could be placed, and even now there is hardly any other. But a dollar coined by the British Government under their very eyes would soon supersede all others. Such a coin ought to have its name and value in Chinese characters on one side, or else the Chinese will deface it by stamping it coin.
upon the
A. ELLISSEN.
"I am, Sir, your very obedient servant, 7, Angel-court, London,
DUB.
K
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