CO129-384 - Public Offices - 1911 — Page 290

L

Copy.

(0614)

$100

8 AUG 11

287

HONGKONG AND SHANGHAI BANKING CORPORATION,

31, LOMBARD STREET,

LONDON, E.C.

2nd August, 1911.

Dear Mr. Langley: -

The Committee of Experts appointed to examine

the Chinese Programme of Currency Reform held their first

meeting at the Savoy Hotel on Monday, the 31st July, and

have since sat from day to day.

At the meeting yesterday the Chinese Representative

Dr. Chen Chin-tao, stated, in reply to a question, that

the free coinage of Silver formed no part of the Government

scheme of reform. I think we may take this as a clear

indication of the intention of the Chinese Government to

put a stop to the importation of silver for coinage pur-

poses, in preparation for the limitation of the currency,

as a first step to the establishment of a gold standard.

I have advised our Currency Committee that, in my opinion,

it would be idle to protest against the right of the

Chinese Government to close their mints to free coinage

of silver so long as we had reason to believe that an

adequate supply of currency would be maintained.

Walter Langley Esq., C.B.

The