CO129-316 - Governor Sir Blake - 1903 [1-4] — Page 628

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growing tendency in that direction- especially as regards imports. Some foreign merchants are more active in trying to bring this about than others. Warehouse accommodation and banking facilities will soon follow the Banque de 1*Indo-Chine has already opened a branch there. The present discussion on the currency problem has brought this feature into prominence and raised the question whether there is still sufficient reason at the present day for the Canton trade not being conducted on the spot; in fact the question is now raised why Canton in the South should not become like Shanghai in the middle and Tientsin in the north? The movement should receive no encouragement from any action tending to impede the free handling of the trade here it will grow fast enough without that.

(5) As regards the introduction of Capital, I do not think local industries can be said to be suffering from want of capital. At first sight one would think that a fixed standard would attract foreign capital-but if it resulted, as I hold it would, in driving away trade then the very opposite effect would be produced, and capital would be speedily withdrawn. Nobody would invest money in a decaying port.

If not in consequence of a cheap and unrestristed currency, it must at least be admitted that in spite of a depreciating currency the

growth of this Colony has been marvellous-- nor can it be denied that it is

still in a prosperous condition. There are evidences of that on all sides

in the increasing population, shipping, building etc.