[This Document is the Property of His Britannic Majesty's Government.]
C O 30159
266
AFFAIRS OF CHINA.
CONFIDENTIAL.
[30614]
No. 1.
Rece
Ross 6 FC ||
[August 3.]
SECTION 1.
Mr. Addis to Mr. Langley.-(Received August 3.)
Hong Kong and Shanghai Banking Corporation, Dear Mr. Langley,
31, Lombard Street, London, August 2, 1911. 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 purposes, 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.
The adoption by China of a gold standard would have such important economic effects upon the colony of Hong Kong, as well as upon Chinese trade with Great Britain, that I thought it right to take this early opportunity of communicating to you the probable intentions of the Chinese Government, as stated by their representative at yesterday's meeting of the currency reform committee.
Yours truly,
C. S. ADDIS,
[2157 c-1]
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