CO129-331 - Public Offices - 1905 — Page 96

is Document is the Property of His Britannic Majesty's Government.]

CHINA TRADE,

CONFIDENTIAL.

No. 1.

[June 30.]

SECTION 1.

Manchester Chamber of Commerce to the Marquess of Lansdowne.--(Received June 30.)

Manchester, June 29, 1905.

My Lord,

I AM desired by the Board of Directors of this Chamber to address you with reference to the Anglo-Chinese Treaty of 1902, more particularly with reference to the stipulations contained therein that China should take steps to provide for a uniform national coinage which should be legal tender in payment of all duties and taxes throughout the Empire.

Owing to various causes, nothing beyond a consideration of suggestions has yet been done by the Chinese Government. In the meantime, confusion is being increased by the exercise of the power of Viceroys to issue coinage for their own provinces. For example, the Chamber is informed that the Viceroy of Wuchang has issued a tael which is different in value from the Haikwan tael, in which duties are now paid, rendering it improbable that the result announced by the Viceroy-viz., that the new tacl would be current throughout the Empire-is at all likely to follow.

I need hardly point out that the difficulty experienced by merchants, owing to the uncertainty of monetary values throughout China, is very great, and I am desired respectfully to suggest to your Lordship that the inconvenience of the present lack of ystem points to one of the most pressing of the reforms which should be undertaken by the Chinese Government.

The Board would be much obliged if the Foreign Office would bring the matter to the notice of the Chinese Government by way of a reminder as to its engagements mder the Treaty.

As a via media, should it be found impracticable to establish a central mint, the Government of China might very well be asked to insist that when provincial mints oin dollars, these should be of identical value, bearing one ratio to the Haikwan tael accepted by the Custon-house. The Board would further suggest that this ratio should e officially announced to the various Powers, and concurrent instructions given to the custom-houses and revenue officers to accept them at such ratio. This would have the consequent advantage of insuring free circulation for the provincially-minted coins, and would also induce proper oversight on the part of the Central Government as

egards such mints.

I have, &c.

(Signed)

[2039 gg-1]

WALTER SPEAKMAN, Secretary.

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