CO129-316 - Governor Sir Blake - 1903 [1-4] — Page 596

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Hong Kong coolies will accept the silver pieces of Kwang Tung

on the contrary I find that they reject them and demand British

coins.

Mr. Osborne having always been engaged in shipping business in Hong Kong has no experience of the conduct of the import or

export trade of Canton. Cargo bought in Canton for export is almost invariably paid for by orders in dollars on Hong Kong. Under a gold standard, these orders would have to be in sterling,

and the fixing of exchange every time would not facilitate bar-

gains the probability is, however, that the dealer would refuse

to accept such orders any longer and a demand would then spring up for & Bank to make cash payments on the spot. On the other

hand, as regards imports, the Chinese dealers who now use these

orders to pay for purchases in Hong Kong being deprived of this

facility would prefer to pay for their imports in dollars in

Canton rather than in sterling in Hong Kong and thus the demand

for banking in Canton would increase.

The transhipment trade is one with which Mr. Osborne is

familiar but he offers no proof in support of his statement that

Hong Kong is a natural centre of distribution while Saneta Canton

is not. So far as I know, Hong Kong is not naturally the centre

of anything. Its trade is far more artificial than natural for

of itself it produces nothing. It has no real raison d'etre. It

has built itself up on the safety and convenience it afforded the

merchants in the troubled days of commerce in China, and the fa-

cilities it offers as a free port. Its trade belongs to the

mainland where the goods it handles are produced or consumed,

and as trade will always follow the line of least resistance,

any change which puts obstacles here in the way of business, will

tend to frighten such business back to the mainland. As for

inter-port trade, the same objections apply. Hong Kong is at

present simple-and-uniform a clearing house for the ports round

about it, but if the present simple and uniform system of accounts

between them be complicated by the introduction of the gold stan-

dard here, the chances are that these ports will settle direct

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