CO129-316 - Governor Sir Blake - 1903 [1-4] — Page 595

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dollar does undoubtedly stimulate exports, for it lays down cheaper teas, silks and mattings at home and thereby stimulates the demand for those commodities from China. Mr. Osborne calls the China trade of today to witness that exports have not in- creased. I cannot go farther back than the year 1894 but the Custom retums for the whole of China for that year shew total

exports exclusive of bullion as Tls. 144,690,042. as against Tls. 187,954,894 for the year 1901, an increase of about 30%

in 7 years. The reduction in the export of China Tea does not furnish any argument as that has been caused by the competition

of Indian Teas. Had it not been for the fall in silver the ex-

port of China Teas would no doubt have been still smaller.

581

Mr. Osborne, although he passes over the matter as lightly

as possible does, however, fairly admit one of the principal

points against a gold standard for Hong Kong, when he states that

"the only alteration that could arise would be the creation of an

That exchange business between this and Canton". That is exactly what

those, who are opposed to any change until China adopts gold, also

fear will happen, for if it does, it must mean the transfer of a

certain amount of the banking business of this Colony to Canton.

I cannot follow what he means to imply by the application of

his remarks about artificial prices to raw sugar, limestone, &c. But he surely must admit that the sterling cost of anything paid

for in silver would not be stable but would fluctuate with every

change in the value of silver.

What effect a gold standard would have on the price of coolie

labour in the Colony is by no means certain, but from the example

of Japan, it would seem that the cost of labour would rise. A

ooolie in Hong Kong will always require higher wages than in

China as long as the cost of living is so much higher here, and

rates will only fall when the disparity between the two scales

of wages is so great as to attract an over supply of labour from

the laim land.

It may be Mr. Osborne's, but it is not my experience that