CO129-351 - Public Offices - 1908 — Page 114

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed

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

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silver dollar of 900 touch, worth 7 mace 2 candareens, is adopted as the national currency unit, a rate of exchange will have to be calculated every time it is paid out or received. This will give rise to manifold evils, and effectually prevent its inspiring the public confidence. The Mexican dollar, too, is precisely of that weight, and would penetrate the country with still greater facility. It would not take many years before the Mexican dollar would permeate the entire Empire, and bring incalculable loss in its train. Besides, all over China, except only in the Treaty ports, the tael is in far greater demand than the dollar in all business transactions. Calculations are made in taels in the vast majority of cases in all departments of agriculture and manufacture, in the common life of the civil and military population, and in the revenue and expenditure of the State. To give a minority precedence over a majority would only be to create confusion. It will be possible later, after a sufficient quantity of the tael units have been struck and a paper currency put into circulation, to collect a large reserve store of silver, with which in course of time gold can be bought. With this a gold coinage can be minted and held in reserve, by which means, step by step, a gold standard will gradually be arrived at.

Those, on the other hand, who favour a 7 mace 2 candareen, or dollar unit, would propose to abolish altogether the terms "tael," "mace," "candareen," and "li," and reckon in dollars alone. They hope by introducing a unit of currency which resembles that of foreign countries to prepare for the adoption of a gold standard, and deprecate clinging to old-established usage. They point out that the circulation of a silver coinage is of the utmost importance to business undertakings and to the daily needs of the public, of which Government taxes form but a single instance.

A comprehensive survey of the country generally will show that the adoption of a tael unit will fail to satisfy existing conditions. Besides, the great evil of a high monetary unit is that it is liable to be surreptitiously melted down, and precautions would have to be taken accordingly.

The conflicting opinions being thus so divergent, it is difficult to decide which is preferable. But China has bound herself by Treaties with foreign countries to adopt a uniform national currency. If the tael is retained, then the 7 mace 2 candareen dollar cannot be recognized as the national coin. If the dollar is retained, the tael, to the use of which all classes are habituated, still cannot be done away with off-hand. Again, there have not been many silver coins minted by China within recent years, hence the immediate abolishing of the use of sycee would be impracticable; while it would also be impossible to cease reckoning in taels. If dollars and taels were both adopted concurrently, that, again, would not secure uniformity; grave consequences would follow, and confidence would be lost.

Let, therefore, all Viceroys and Governors investigate the conditions in regard to this question in all its aspects as affecting the official, mercantile, military, and civil classes in their respective provinces. Let them make calculations, and discover whether the tael or the dollar is in more general use, and decide which of the two should be retained and which abolished. Let each express his opinion within one month's time, and telegraph the facts to assist in a final decision.

Page 111

CHINA TRADE.

CONFIDENTIAL.

[5614]

No. 1.

Sir Edward Grey to Sir J. Jordan.

[February 25.]

SECTION 1.

(No. 106.) Sir,

Foreign Office, February 25, 1908.

I TRANSMIT to you copies of correspondence with the Manchester Chamber of Commerce and Board of Trade with regard to the protection of British trade-marks in China.

I shall be glad if you will report to me the facts in regard to the issue of certificates by the Imperial Maritime Customs.

I am, &c.

(Signed)

E. GREY.

* Manchester Chamber of Commerce, November 27; to Board of Trade, December 10, 1907; Board of Trade, February 15; to Manchester Chamber of Commerce, February 25, 1908,

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[This Document is the Property of His Britannic Majesty's Government.] Page 1 2 silver dollar of 900 touch, worth 7 mace 2 candareens, is adopted as the national currency unit, a rate of exchange will have to be calculated every time it is paid out or received. This will give rise to manifold evils, and effectually prevent its inspiring the public confidence. The Mexican dollar, too, is precisely of that weight, and would penetrate the country with still greater facility. It would not take many years before the Mexican dollar would permeate the entire Empire, and bring incalculable loss in its train. Besides, all over China, except only in the Treaty ports, the tael is in far greater demand than the dollar in all business transactions. Calculations are made in taels in the vast majority of cases in all departments of agriculture and manufacture, in the common life of the civil and military population, and in the revenue and expenditure of the State. To give a minority precedence over a majority would only be to create confusion. It will be possible later, after a sufficient quantity of the tael units have been struck and a paper currency put into circulation, to collect a large reserve store of silver, with which in course of time gold can be bought. With this a gold coinage can be minted and held in reserve, by which means, step by step, a gold standard will gradually be arrived at. Those, on the other hand, who favour a 7 mace 2 candareen, or dollar unit, would propose to abolish altogether the terms "tael," "mace," "candareen," and "li," and reckon in dollars alone. They hope by introducing a unit of currency which resembles that of foreign countries to prepare for the adoption of a gold standard, and deprecate clinging to old-established usage. They point out that the circulation of a silver coinage is of the utmost importance to business undertakings and to the daily needs of the public, of which Government taxes form but a single instance. A comprehensive survey of the country generally will show that the adoption of a tael unit will fail to satisfy existing conditions. Besides, the great evil of a high monetary unit is that it is liable to be surreptitiously melted down, and precautions would have to be taken accordingly. The conflicting opinions being thus so divergent, it is difficult to decide which is preferable. But China has bound herself by Treaties with foreign countries to adopt a uniform national currency. If the tael is retained, then the 7 mace 2 candareen dollar cannot be recognized as the national coin. If the dollar is retained, the tael, to the use of which all classes are habituated, still cannot be done away with off-hand. Again, there have not been many silver coins minted by China within recent years, hence the immediate abolishing of the use of sycee would be impracticable; while it would also be impossible to cease reckoning in taels. If dollars and taels were both adopted concurrently, that, again, would not secure uniformity; grave consequences would follow, and confidence would be lost. Let, therefore, all Viceroys and Governors investigate the conditions in regard to this question in all its aspects as affecting the official, mercantile, military, and civil classes in their respective provinces. Let them make calculations, and discover whether the tael or the dollar is in more general use, and decide which of the two should be retained and which abolished. Let each express his opinion within one month's time, and telegraph the facts to assist in a final decision. Page 111 CHINA TRADE. CONFIDENTIAL. [5614] No. 1. Sir Edward Grey to Sir J. Jordan. [February 25.] SECTION 1. (No. 106.) Sir, Foreign Office, February 25, 1908. I TRANSMIT to you copies of correspondence with the Manchester Chamber of Commerce and Board of Trade with regard to the protection of British trade-marks in China. I shall be glad if you will report to me the facts in regard to the issue of certificates by the Imperial Maritime Customs. I am, &c. (Signed) E. GREY. * Manchester Chamber of Commerce, November 27; to Board of Trade, December 10, 1907; Board of Trade, February 15; to Manchester Chamber of Commerce, February 25, 1908, [2842 bb-1] 1- Page 2 111

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[This Document is the Property of His Britannic Majesty's Government.] 1 2 silver dollar of 900 touch, worth 7 mace 2 candareens, is adopted as the national currency unit, a rate of exchange will have to be calculated every time it is paid out or received. This will give rise to manifold evils, and effectually prevent its inspiring the public confidence. The Mexican dollar, too, is precisely of that weight, and would penetrate the country with still greater facility. It would not take many years before the Mexican dollar would permeate the entire Empire, and bring incalculable loss in its train. Besides, all over China, except only in the Treaty ports, the tael is in far greater demand than the dollar in all business transactions. Calculations are made in faels in the vast majority of cases in all departments of agriculture and manufacture, in the common life of the civil and military population, and in the revenue and expen. diture of the State. To give a minority precedence over a majority would only be to create confusion. It will be possible later, after a sufficient quantity of the tael units have been struck and a paper currency put into circulation, to collect a large reserve store of silver, with which in course of time gold can be bought. With this a gold coinage can be minted and held in reserve, by which means, step by step, a gold standard will gradually be arrived at. Those, on the other hand, who favour a 7 mace 2 candareen, or dollar unit, would propose to abolish altogether the terms "tael," "mace," "candareen," and "li," and reckon in dollars alone. They hope by introducing a unit of currency which resembles that of foreign countries to prepare for the adoption of a gold standard, and deprecate clinging to old-established usage. They point out that the circulation of a silver coinage is of the utmost importance to business undertakings and to the daily needs of the public, of which Government taxes form but a single instance. A com- prehensive survey of the country generally will show that the adoption of a tael unit will fail to satisfy existing conditions. Besides, the great evil of a high monetary unit is that it is liable to be surreptitiously melted down, and precautions would have to be taken accordingly. The conflicting opinions being thus so divergent, it is difficult to decide which is preferable. But China has bound herself by Treaties with foreign countries to adopt a uniform national currency. If the tael is retained, then the 7 mace 2 candareen dollar cannot be recognized as the national coin. If the dollar is retained, the tael, to the use of which all classes are habituated, still cannot be done away with off-hand. Again, there have not been many silver coins minted by China within recent years, hence the immediate abolishing of the use of sycee would be impracticable; while it would also be impossible to cease reckoning in tacls. If dollars and taels were both adopted con- currently, that, again, would not secure uniformity; grave consequences would follow, and confidence would be lost. Let, therefore, all Viceroys and Governors investigate the conditions in regard to this question in all its aspects as affecting the official, mercantile, military, and civil classes in their respective provinces. Let them make calculations, and discover whether the tael or the dollar is in more general use, and decide which of the two should be retained and which abolished. Let each express his opinion within one month's time, and telegraph the facts to assist in a final decision. CHINA TRADE. CONFIDENTIAL. [5614] No. 1. Sir Edward Grey to Sir J. Jordan. [February 25.] SECTION 1. (No. 106.) Sir, Foreign Office, February 25, 1908. I TRANSMIT to you copies of correspondence with the Manchester Chamber of Commerce and Board of Trade with regard to the protection of British trade-marks in China." I shall be glad if you will report to me the facts in regard to the issue of certificates by the Imperial Maritime Customs. I am, &c. (Signed) E. GREY. * Manchester Chamber of Commerce, November 27; to Board of Trade, December 10, 1907; Board of Trade, February 15; to Manchester Chamber of Commerce, February 25, 1908, [2842 bb-1] 1- * 111

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

silver dollar of 900 touch, worth 7 mace 2 candareens, is adopted as the national currency unit, a rate of exchange will have to be calculated every time it is paid out or received. This will give rise to manifold evils, and effectually prevent its inspiring the public confidence. The Mexican dollar, too, is precisely of that weight, and would penetrate the country with still greater facility. It would not take many years before the Mexican dollar would permeate the entire Empire, and bring incalculable loss in its train. Besides, all over China, except only in the Treaty ports, the tael is in far greater demand than the dollar in all business transactions. Calculations are made in faels in the vast majority of cases in all departments of agriculture and manufacture, in the common life of the civil and military population, and in the revenue and expen. diture of the State. To give a minority precedence over a majority would only be to create confusion. It will be possible later, after a sufficient quantity of the tael units have been struck and a paper currency put into circulation, to collect a large reserve store of silver, with which in course of time gold can be bought. With this a gold coinage can be minted and held in reserve, by which means, step by step, a gold standard will gradually be arrived at.

A com- prehensive survey of the country generally will show that the adoption of a tael unit will fail to satisfy existing conditions. Besides, the great evil of a high monetary unit is that it is liable to be surreptitiously melted down, and precautions would have to be taken accordingly.

The conflicting opinions being thus so divergent, it is difficult to decide which is preferable. But China has bound herself by Treaties with foreign countries to adopt a uniform national currency. If the tael is retained, then the 7 mace 2 candareen dollar cannot be recognized as the national coin. If the dollar is retained, the tael, to the use of which all classes are habituated, still cannot be done away with off-hand. Again, there have not been many silver coins minted by China within recent years, hence the immediate abolishing of the use of sycee would be impracticable; while it would also be impossible to cease reckoning in tacls. If dollars and taels were both adopted con- currently, that, again, would not secure uniformity; grave consequences would follow, and confidence would be lost.