CO129-489 - Governor Sir Stubbs & Sir Clementi - 1925 [8-12] — Page 454

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and South America, passed resolutions condemning the Reds, and elected Chan Chung-ming to be its president, and Tang Chi-yiao (the Tuchun of Yunnan), vice-president.

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Street Lectures.

66. The fertile brain of General Leung evolved, in the middle of July, an idea of giving lectures in the streets/ to counteract the influence of agitators. And this dangerous service was started

this by a friend of his, Mr. Kong Kit-ting, who began by lecturing at the Chinese Recreation Ground, where the rowdies mostly collect. I myself and Mr. Wong Tak-kwong heard him there, and we were struck not only by the quiet attention of the audience, but also by the fact that they asked questions with an evident desire to be given accurate information, and a willingness to be convinced. Although Mr. Kong was stoned on two occasions, the protection of the Labour Protection Bureau was sufficient to enable this work to be carried on. The arrest of the suspected offenders in the case of the second stoning prevented a repetition. Shortly after Mr. Kong began, some six Chinese gentlemen (five of the old literary class and one a graduate of an American University) offered themselves for this work. The services of three have been utilised, and we are paying them a conveyance allowance of $60 a month each, as they are required to lecture at all places (including the New Territories), wherever our informa- tion leads us to believe that their services would be beneficial.

Financial Measure—(a) Embargo on Export of Money.

67. When a general strike is combined with a nation-wide boycott, the financial effects are not much less than those of an international war and partial blockade. It is not surprising therefore that the financial structure of Hongkong broke down under this double strain. While the strike paralysed the banking activities of the Chinese, the boycott struck at the community as a whole.

68. The European banks were able to meet the storm, and ultimately to afford considerable assistance to the Chinese native banks. The first effect of the disturbance was the heavy with- drawal from the Chinese banks of notes and specie, which began to leave the Colony. On the 22nd June, the Government issued a proclamation prohibiting the export of gold and silver coins. in amounts exceeding $5, and gold and silver bullion; and also bank-notes of every description in amounts exceeding $5. Although many bank-notes of large denomination were smuggled out, this measure did succeed in checkmating the systematic and organised attempt of Canton to drain the Colony of its currency, and, if possible, to cause wholesale failure of the Chinese banks. Even at that time confidence in the foreign banks was apparently unshaken, for Hongkong bank-notes were being taken out of the Colony instead of being presented for encashment. The angry comments of the Canton Press on this action showed how dis- appointed our enemy was..