This Document is the Property of His Britannic Majesty's Government.]
CHINA TRADE.
CONFIDENTIAL
[22278]
No. 1.
25781
[June 29.]
16 JUL
SECTION 2.
1
Sir J. Jordan to Sir Edward Grey.-(Received June 29.)
(No. 210.)
Peking, May 12, 1908. Sir,
WITH reference to my despatch No. 11 of the 6th January last, respecting the reform of the currency in China, I have the honour to state that I have lately been in correspondence with the Wai-wu Pu on the subject of the minting of subsidiary silver coinage at Canton.
At the instance of the Governor of Hong Kong, I addressed a note to the Wai-wu Pu on the 17th February last, copy of which is inclosed herewith, asking that the Viceroy of the two Kwang should be urged to co-operate with the Hong Kong Government in their endeavour to maintain the coinage at par by restricting its output and pointing out that, without such co-operation, the efforts of the Government of Hong Kong would not avail to remedy the situation.
The Wai-wu Pu replied that the Viceroy had been instructed to adopt whatever measures appeared most suitable, and his Excellency Chang assured Sir F. Lugard verbally that no subsidiary silver currency was being coined, and led him to understand that no more would be minted for the present. Nevertheless, the minting complained of continued, and I therefore spoke to the Viceroy on the subject when I was at Canton at the beginning of last month. His Excellency expressed himself as quite ready to meet the views of the Hong Kong Government provided the Board of Finance ("Ta Chih Pu") would forego the profits which they derive from the minting of the coinage. He fully recognized and appreciated the good offices of the Hong Kong Government with regard to the export of arms, &c., and said that he would be pleased to reciprocate if his obligations to Peking permitted of his so doing. From this statement it was apparent that the Viceroy was unable or disinclined to act in the sense desired, except upon definite instructions from the Central authorities, and I therefore addressed a further note to the Wai-wu Pu on the 30th ultimo (copy inclosed), in which I urged that the Chinese Government should categorically forbid the minting of any more subsidiary silver coins at Canton until they shall have reached par value and should consent to forego the mint profits except on dollars.
I have now received a reply from the Wai-wu Pu, copy of which is also inclosed for your information, stating that the Board of Finance and the Viceroy at Canton have been requested to take satisfactory measures. It is to be hoped that this action will, at least, have the effect of ameliorating the present situation.
I have, &c.
(Signed) J. N. JORDAN.
Inclosure 1 in No. 1.
Your Highness,
Sir J. Jordan to Prince Ch'ing.
Peking, February 17, 1908. ON the 9th July, 1906, this Legation addressed a note to the Board, drawing attention to the unsatisfactory condition of the coinage in the Canton Province, owing to the unrestricted issue by the Provincial authorities of subsidiary coins, and Mr. Carnegie was shortly afterwards verbally informed by the Wai-wu Pu that a telegram on the subject had been sent to the Viceroy at Canton.
The question is one which affects not only the two Kwang Provinces but also Hong Kong, and the efforts which have been made by the British authorities to remedy the evil seem destined to be ineffectual without the co-operation of the Chinese authorities at Canton.
In 1906 the Hong Kong Government not only stopped the import of subsidiary coins when they began to fall to a discount, and it became obvious that the number of such coins exceeded the amount required for currency purposes, but went further and
[1815 ƒ--2]
118
This Document is the Property of His Britannic Majesty's Government.]
CHINA TRADÉ.
CONFIDENTIAL
[22278]
No. 1.
25781
[Jane 29.]
16 JUL
SECTION 2.
1
Sir J. Jordan to Sir Edward Grey.-(Received June 29.)
(No. 210.)
Peking, May 12, 1908. Sir,
WITH reference to my despatch No. 11 of the 6th January last, respecting the reform of the currency in Chino, I have the honour to state that I have lately been in correspondence with the Wai-wu Pu on the subject of the miuting of subsidiary silver coinage at Canton.
At the instance of the Governor of Hong Kong, I addressed a note to the Wai-wu Pu on the 17th February last, copy of which is inclosed herewith, asking that the Viceroy of the two Kwang should be urged to co-operate with the Hong Kong Government in their endeavour to maintain the coinage at par by restricting its output and pointing out that, without such co-operation, the efforts of the Government of Hong Kong would not avail to remedy the situation.
The Wai-wu Pu replied that the Viceroy had been instructed to adopt whatever measures appeared most suitable, and his Excellency Chang assured Sir F. Lugard verbally that no subsidiary silver currency was being coined, and led him to understand that no more would be minted for the present. Nevertheless, the minting complained of continued, and I therefore spoke to the Viceroy on the subject when I was at Canton at the beginning of last month. His Excellency expressed himself as quite ready to meet the views of the Hong Kong Government provided the Board of Finance ("Ta Chih Pu") would forego the profits which they derive from the minting of the coinage. He fully recognized and appreciated the good offices of the Hong Kong Government with regard to the export of arms, &c., and said that be would be pleased to reciprocate if his obligations to Peking permitted of his so doing. From this statement it was apparent that the Viceroy was unable or disinclined to act in the sense desired, except upon definite instructions from the Central authorities, and I therefore addressed a further note to the Wai-wu Pu on the 30th ultimo (copy inclosed), in which I urged that the Chinese Government should categorically forbid the minting of any more subsidiary silver coins at Canton until they shall have reached par value and should consent to forego the mint profits except on dollars.
I have now received a reply from the Wai-wu Pu, copy of which is also inclosed for your information, stating that the Board of Finance and the Viceroy at Canton have It is to be hoped that this action will, at been requested to take satisfactory measures. least, have the effect of ameliorating the present situation.
I have, &c.
(Signed) J. N. JORDAN.
Inclosure 1 in No. 1.
Your Highness,
Sir J. Jordan to Prince Ch'ing.
Peking, February 17, 1908. ON the 9th July, 1906, this Legation addressed a note to the Board, drawing attention to the unsatisfactory condition of the coinage in the Canton Province, owing to the unrestricted issue by the Provincial anthorities of subsidiary coins, and Mr. Carnegie was shortly afterwards verbally informed by the Wai-wa Pu that a telegram on the subject had been sent to the Viceroy at Canton,
The question is one which affects not only the two Kwang Provinces but also Hong Kong, and the efforts which have been made by the British authorities to remedy the evil seem destined to be ineffectual without the co-operation of the Chinese authori- ties at Canton.
In 1906 the Hong Kong Government not only stopped the import of subsidiary coins when they began to fall to a discount, and it became obvious that the number of such coins exceeded the amount required for currency purposes, but went further and
[1815 ƒ--2]
118
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