252
ə
SdT
snoj ni bedelidejas won aetrtaubat reitmie of naqqan bixow anind
ed to Jaevbs eɗt no Juo neviib gnied mottouborg zladt,gnof
nido at ebem eloltıs beoing requedo ent yď bisbasta blog
-moo en mi vodaet Jaetroqmi ns won 918 goo go to ast¬ðaubnI
TOTIS SVBIg a ed notalgo ya al bluow jì bre ynolod sɗd to soven vas Njiw yaw sidt ni madt griqgeotbaer yɗ redd galtrud delt of
1800 SAT .sosiq sidź bha anido asorted synsdoxe to soasrettib
svat needed a bend is qua and bus saldo bre neqet neewted abend
egredoxe at sonerettib add mort gairetiva diod ers saldo bas
,el JI .svet ónæ neqst yď bajqobe triebreta blog add yď beeus O
ssliteubai sɗt asiqqtro bisbneje blog a jedt tæebive,910teredt
Tovila dilw gnilash asdw ji yaliqobe vijnwoo add to shoqe bas
COMUJLIB8*
to Yenwo end to wely to Jaloq sɗd mort adeeqa zool]# .TMH
.02% 101 BT81 mi def aanlod a tedd dnemetṇja alk •yfisqorq bebrsi vibusd, Vea of bouod ma I‚ai .OGI‡ tot jel won won azob dinom req
betquooo I dotdw to eno esspod wond I ...adost ddiw sonsbroosa nt
.asi dojet won dołdw d‡nom req .868 te tel nedt ‚oge zusoy Of
EISBY INOI Jasi edi ai meelt even baoя Iennobsak edd no reasoH
#1 bas dзnom req
(.orit saso eno nt) „OTI# of .280 mort
aeauod eft to ajner ni salt edt Jadw wonx of zatiaezetni eď blwor
need sef,Jasne et xosliW .7M dołdw "yot ,906778T 20liii»a ¤t
.JIkud eiew wedt sonte
-
vino das erster xooliW .¬M doldw of ‚eegegtrom no ɛɛof ent
~mod Isoof s oteaof on el eredt ‚emod mort jdquord venom os viqqs
-07 bne “Svita nt ebnel ±1 ea eviis ni at Isdiqes eɛodw,yaBY
-la verão brus ynsqmoð brød groxynok edT Tevils at Xoad aevieo
etiqa ni asysation nt aasataud galvindt æ ob anoljutitent чalim novila ot af Lettqað vient Ils dyvodtis ‚aves zooliw .TH Jadw to aealedjie van jud „tevila ni et dosa gaoX gaoH sit to Latiqað sdt
bervasem Istigao Iskimon SAT .Insa Isteseɔour viev a need asd †1 esinsquo saodt to atenas Lautos sit tuɗ dnrıda evad yem blog mi Lajiqso Lentziro eds to saeoxs at Ilije ers blog ni berwasen gedw Istiqat Isnimon 10 Isnigiro sɗJ constant 70% blog at bajate Aek is doldw .000,000,01% sow ins8 LedynedƐ 3 gnoX goн ent to
585
77
equals £ 2,000,000. sterling, the actual Capital today is $25,500,000. which at 1s/8d equals £ 2,125,000. There is no loss
there. In the case of Mr. Playfair's Bank, the National Bank of China, the original Capital was in gold, and its funds having
been laid down here in silver, there has been a loss by shrinkage which would not have occurred had the Capital been in silver, as
in the case of the Hong Kong & Shanghai Bank.
It is not denied that a silver currency here discourages Capital from being sent out from home, but the leader gets 7 1/2% on mortgages out here as against probably 3 1/2 at home and takes
his chance of a profit in exchange. He cannot complain if instead
of a profit there is a loss in exchange due to a fall in silver.
The comparison of the value of stocks and shares at the end
of 1901 with that of the end of 1902 is not a fair one, as 1902
was a bad year for share dealers and values were simply unduly
depreciated through over-speculation, more especially at Shanghai,
where Mr. Wilcox's figures were compiled.
Lastly I can only suppose that "to perish in the process" is
a mere figure of speech on the part of Mr. Osborne, for I know
of no one who has been ruined in Hong Kong by the fall in ex-
change. On the contrary, the continued prosperity of Hong Kong
during this Fall has been remarkable and cannot be denied by Mr.
Orborne er and his supporters. That depreciated silver does not
spell ruin to a Colony or Country is show also by Mexico whose
trade returns are most favourable, although she is now the lar-
gest silver producer in the world. The same remark applies to
the Straits Settlements and the Federated Malay States, all of
which places have thriven wonderfully with the fall in silver.
To sum up I cannot see what practical good the adoption of
the gold standard at present would do us in Hong Kong. It is
little more than keeping our books and accounts in a new currency
but that will not add to our wealth nor ensure its stability.
may encourage cheap money from home but that as in the case of
Japan will not be an unmixed blessing. On the other hand as
It
-。.k, .-ༀ -
No comments yet.
Private notes are available after approval.