CO129-316 - Governor Sir Blake - 1903 [1-4] — Page 597

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Joel Sitjea IIIw 8troq seedi tædt ers asonado adit

with each other and leave Hong Kong out of the question entirely583

Mr. Osborne remarks that he wants to change his dollars be-

the fore they go lower, but this very agitation will send dollar

lower for no one wants to retain coins that may be thrown out of

circulation before long. In the meantime, he says, there would

have to exist a sort of double currency and store-keepers &c.

&c. would receive payment either in sterling or in dollars at the

rate of the day. As to how long this would last he apparently

can form no idea, but it would certainly be a very unsatisfactory

state of things and "the rate of the day" for coins which he does

very not propose to redeem would sink low.

Hr. Playfair appears to think that there is no hope for

silver, but some experts are of opinion that the limit is not

far off, if indeed it has not been reached already. He refers

to India, but that is not at all an analogous case, nor if it were,

is it by any means clear at present that the action of India has

been for her best interests.

Mr. Michael's arguments I cannot follow very well, but they

appear to be on much the same lines as those of Mr. Osborne. He

makes the assertion that since her adoption of a gold currency

Japan has enormously increased her industries "in spite of the

increased cost of labour", which he thus admits. Japan has no

doubt been able to borrow largely in gold since she went on a

gold basis and probably much of this money has been sunk in va-

rious industrial undertakings, but it must be left to time to

show how far they prove successful. As a matter of tak$ fact, I understand that the difference in exchange which has arisen be-

tween China and Japan since the latter went gold has handicapped the trade with China in Japanese matches, ►ënpanase which at

one time assumed large proportions, quite out of existence, the Japanese being unable to compete with the Chinese article which, owing to the heavy premium of 25 to 30% at which the Japanese

Yen now stands above the Mexican dollar has become the cheaper, although formerly the Japanese match had driven all other matches out of the market in China. The same thing between Hong Kong and