3
in China, and acquired a thorough knowledge of the conditions prevailing here, will, upon reflection, see the justice of the Board's views.
Further, there is a distinction between ports opened to foreign trade by China herself and the Treaty ports. All the Regulations in question have been approved by the Board as experimental measures, and if found at all unsatisfactory may be altered by the Board on its own initiative as occasion arises. Having taken this course, the Board consider that Nanning has now been effectively opened to foreign trade.
While replying for your Excellency's information, I avail, &c.
(Signed) Prince CHING.
This Document is the Property of His Britannic Majesty's Government,
CHINA TRADE.
CONFIDENTIAL.
[10333]
No. 1.
0.
[March 26.]
1 535
10 MAY 08:
SECTION 2.
Sir,
Colonial Office to Foreign Office,*~(Received March 26.)
Downing Street, March 25, 1908. WITH reference to your letter of the 8th November, 1907, I am directed by the Earl of Elgin to transmit to you, to be laid before Secretary Sir Edward Grey, a copy of a despatch from the Governor of Hong Kong respecting the position of the subsidiary currency of that Colony as affected by the action of the Chinese mints.
2. It will be observed that Sir F. Lugard has addressed His Majesty's Minister at Peking and the British Consul-General at Canton, with a view to obtaining from the Viceroy of the Two Kwangs a pledge not to issue any more subsidiary coins until the Chinese and Hong Kong coins in circulation have recovered their face value, and then to limit any issue to what is necessary for currency purposes. If this pledge is given, the Government of Hong Kong is prepared to give a similar undertaking.
3. Lord Elgin would be glad if Sir E. Grey should see his way to take any action in support of these proposals.
I am, &c.
(Signed)
R. L. ANTROBUS.
Inclosure in No. 1.
Governor Sir F. Lugard to the Earl of Elgin,
(Confidential.)
Government House, Hong Kong, My Lord,
January 31, 1908. WITH reference to your Lordship's Confidential despatch of the 30th August, 1907, and to previous correspondence on the subject of the rehabilitation of Hong Kong subsidiary coins, I have the honour to inform you that soon after my arrival in the Colony I appointed a representative Committee of leading merchants and bankers in the Colony, under the chairmanship of the Colonial Treasurer, to inquire into the causes of the depreciation of the subsidiary coinage, and to advise as to what means can be taken, with due regard to the interests of trade, to rehabilitate the coinage.
2. I have now to transmit, for your Lordship's consideration, the inclosed copies of the Committee's Report and of minutes in connection therewith, and to state that, with the advice of my Executive Council, I have decided to endeavour to obtain from the Chinese Metropolitan and Provincial authorities an undertaking that the manufacture and issue of subsidiary coins by the authorities in the Two Kwang provinces will be discontinued until the coins reach par; that thereafter the manufacture and issue will be limited to actual requirements of the currency, and to such quantities as will prevent the coins again falling to a discount; and that at the same time the influx of the subsidiary coins of other provinces of China into the Two Kwangs will be prevented.
With this object in view I have addressed His Majesty's Minister at Peking and His Majesty's Consul-General at Canton in letters copies of which are inclosed, and I have to request that your Lordship will be good enough to move His Majesty's Minister for Foreign Affairs to lend his support to my proposals.
3. If the Chinese authorities give and act up to the undertaking required of them, without which the steps hitherto taken by this Government for the rehabilitation of its subsidiary coinage will be ineffective, further action on the part of this Government in the direction suggested by the majority of the Committee will, in my opinion, be unnecessary, seeing that the discount both on Hong Kong and on Canton subsidiary coins has already fallen about 5 per cent.—an effect presumably due to the action taken by this Government, and of the suspension of the issue of subsidiary coins from the Canton Mint since March 1907. I am myself, however, inclined to ascribe this
Copy sent to Peking in despatch No.169 of March 31, 1908.
[2889 cc-9
-2]
3
in China, and acquired a thorough knowledge of the conditions prevailing here, will, upon reflection, see the justice of the Board's views.
Further, there is a distinction between ports opened to foreign trade by China herself and the Treaty ports. All the Regulations in question have been approved by the Board as experimental measures, and if found at all unsatisfactory may be altered by the Board on its own initiative as occasion arises. Having taken this course, the Board consider that Nanning has now been effectively opened to foreign trade.
While replying for your Excellency's information, I avail, &c.
(Signed) Prince CHING.
This Document is the Property of His Britannic Majesty's Government,
CHINA TRADE.
CONFIDENTIAL.
[10333]
No. 1.
0.
[March 26.]
1 535
10 MAY 08:
SECTION 2.
Sir,
Colonial Office to Foreign Office,*~(Received March 26.)
Downing Street, March 25, 1908. WITH reference to your letter of the 8th Noveniber, 1907, I am directed by the Earl of Elgin to transmit to you, to be laid before Secretary Sir Edward Grey, a copy of a despatch from the Governor of Hong Kong respecting the position of the sub- sidiary currency of that Colony as affected by the action of the Chinese mints.
2. It will be observed that Sir F. Lagard has addressed His Majesty's Minister at Peking and the British Consul-General at Canton, with a view to obtaining from the Viceroy of the Two Kwangs a pledge not to issue any more subsidiary coins until the Chinese and Hong Kong coins in circulation have recovered their face value, and then to limit any issue to what is necessary for currency purposes. If this pledge is given, the Government of Hong Kong is prepared to give a similar undertaking.
3. Lord Elgin would be glad if Sir E. Grey should see his way to take any action in support of these proposals.
I am, &c.
(Signed)
R. L. ANTROBUS.
Inclosure in No. 1.
Governor Sir F. Lugard to the Earl of Elgin,
(Confidential.)
Government House, Hong Kong, My Lord,
January 31, 1908. WITH reference to your Lordship's Confidential despatch of the 30th August, 1907, and to previous correspondence on the subject of the rehabilitation of Hong Kong subsidiary coins, I have the honour to inform you that soon after my arrival in the Colony I appointed a representative Committee of leading merchants and bankers in the Colony, under the chairmanship of the Colonial Treasurer, to inquire into the causes of the depreciation of the subsidiary coinage, and to advise as to what means can be taken, with due regard to the interests of trade, to rehabilitate the coinage.
2. I have now to transmit, for your Lordship's consideration, the inclosed copies of the Committee's Report and of minutes in connection therewith, and to state that, with the advice of my Executive Council, I have decided to endeavour to obtain from the Chinese Metropolitan and Provincial authorities an undertaking that the manufac- ture and issue of subsidiary coins by the authorities in the Two Kwang provinces will be discontinued until the coins reach par; that thereafter the manufacture and issue will be limited to actual requirements of the currency, and to such quantities as will prevent the coins again falling to a discount; and that at the same time the influx of the subsidiary coins of other provinces of China into the Two Kwangs will be prevented.
With this object in view I have addressed His Majesty's Minister at Peking and His Majesty's Consul-General at Canton in letters copies of which are inclosed, and I have to request that your Lordship will be good enough to move His Majesty's Minister for Foreign Affairs to lend his support to my proposals.
3. If the Chinese authorities give and act up to the undertaking required of them, without which the steps hitherto taken by this Government for the rehabilitation of its subsidiary coinage will be ineffective, further action on the part of this Government in the direction suggested by the majority of the Committee will, in my opinion, be unnecessary, seeing that the discount both on Hong Kong and on Canton subsidiary coins has already fallen about 5 per cent.-an effect presumably due to the action taken by this Government, and of the suspension of the issue of subsidiary coins from the Canton Mint since March 1907. I am myself, however, inclined to ascribe this
Copy sent to Peking in despatch No. 169 of March 31, 1908.
[2889 cc-9
-2]
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