CO129-367 - Acting Governor May - 1910 [6-7] — Page 519

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and merchants, who profit by the existing chaos in the monetary

system, are opposed to the reform, kot but the Central Government certainly possess the power, if they have the will,

to put these measures into practice, just as they have had the

power to enforce the opium suppression Regulations which also

meant ruin to many vested and far more legitimate interests.

The Imperial Decree of October 5, 1908, WISH

which laid down that China should first standardize and render

uniform her silver currency and then "carefully proceed to take

measures for a further advance with a view to assuring the

adoption of a gold standard in the future", proclaimed the

Kuping tael as the unit of currency because "the use of the

tael and its frantions had been so long established that it

icult would be differsat to substitute any other denomination to take

its place". This decree as a matter of fact has remained a

dead letter until now the dollar is proclaimed in the place of

the Kuping Tael. The Practical advantages of this change are

obvious, but above all the ratio between the new coinage is

fixed and we have the old normal ratio of one to one thousand,

instead of such a cumbersome arrangement as something like

1482 copper cash as the equivalent of a Kuping tael.

It is perhaps too early to hazard a guess as

to the speed and efficacy with which the promised reforms will

be enforced, but at all events a step in the right direction

has been taken and though China is not yet in a position to

consider the question of adopting a gold standard, the fact

that she may soon have one recogţised standard of currency

to replace the varying values in different provinces, should

have a beneficial effect upon her commerce and lend stability

to her financial and mercantile transactions.

The Right Honourable

Sir Edward Grey, Bart, K.P.,

&C • •

80...

&C. >

I have etc.,

(sd.) W. G. MaxMuller.