CO129-316 - Governor Sir Blake - 1903 [1-4] — Page 563

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out nor, as I shall show, did he even indicate

the na ure the reform should take.

That unstable currency restricts and hamp-

-ers trade is a truism which needs no repetition,

but the speakers failed to prove to some, at all

events of us, how a gold standard - or a fixed

ratio between silver and gold was to remove

the uncertainty which must always exist so long

as China retains her present monetary system.

Mr.Ozborne laid it down as an axiom that

the Geographical position of Hongkong was such

that it must be one of the natural centres of

Far Eastern Trade. In this he was strongly

supported by Mr.Playfair and Mr.Michael, the

former stating this on the ground that Hongkong

is a free port while the latter brought no argu-

-ment to bear on the subject merely making the

statement. Later on in his remarks Mr.Michael

referred to London; and elsewhere, An attempt was

made to draw a parallel between Singapore & Hong-

kong, and Japan and Kong.

-

I think a more careful consideration of the

question will show there is no such parallel.

London is a great centre of commerce and

much trade in transit to and from the Continent

passes through that port. But Mr. Michael does

not allude to the fact that it is not now the

port of transit to the same extent as formerly.

The changes which have of recent years taken

place in London have not affected its prosperity but similar changes in Hongkong would seriously

affect ours.

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