CO129-316 - Governor Sir Blake - 1903 [1-4] — Page 627

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Colony it, does not follow that Hongkong is any longer essential to the carrying on of that, trade; a change from silver to gold would transfer exchange risk from the European to the Chinese merchant, but, the native purchaser would still pay silver for his imported goods and the producer would continue to receive silver for his exports--it would not affect the home manufacturers.

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It would however subject the trade to a double exchange, Canton would no longer be in direct exchange communications with all other countries through Hongkong, as at, présent. Trade would not long submit, to such a penalty. It, would gradually leave Hongkong for Canton direct-- probably connecting by rail with some point, nearer the sea as the shipping

porta:

(3) In addition to the foreign trade a large share of the

internal trade of China (particularly that of the Yangtze and Northern ports with the South) is financed in Hongkong by Chinese banks through the foreign banks. Hongkong in fact is used by Canton as a clearing house and the balance is easily and economically adjusted by shipments of an

interchangeable currency)

▲ separate currency would put a stop to that, and many. Chinese

banks would close their Hongkong branches.

(4) The largest, but by no means all of the foreign merchants in Canton are branches of Hongkong houses. A small portion of the trade

however is done direct to and from Canton, and there is undoubtedly a