THE CURRENCY QUESTION IN
CHINA.
a
THE HONGKONG DAILY PRESS, TUESDAY, JULY 7TM¤, 1903
| and shroff will naturally resist its introdue. I that condition of indollnjta theory which composition for the coming year is at the
tion to the utmost.
mends itself to the Chidbar oficial mind, and mercy of exchange and of those who For the reasons, and despite the unmistak. in the meanwhile there is always the possibility have it in their power to affect in any way The Shanghai correspondent of the fence ablo (ront of public opinion to which I have that something may farn up. Meanwhile, the price of silver." China's Gaancial position writes as follows on the 5th May:----
For anime time past, in fact since the effect of alluded, it is improbable that the Chinese on edict of April 22 directs Prince Ching and is none the batter for the fact that shav flasacial the Boxar indemnity has been realised, the Government will move with anything like Chu Hang-chi, in conjunction with the Board knows nothing of Badgas oc
of Reseane, to devise measures for the establish- members, hat in other resposts it bears ovary question of introducing the gold standard into digitted basta in the direction of Bonncitl
and currency reform. There are many con-ment of a central mint at the capital whereat feature of resemblance to that which led the China has received the serious attention of
“a sufficient quanity of coins shall be struck for | Government of India to close the mints aud to native and foreign merchants, and has became servative ideas and vested interests to be over-
distribution throughout the Empire, which may re-establish the rupes upon on a fixed sterling subject of lixcussion von amongst native come before any practical resultsoan batticed
For instance, there exista a very general belief | be used by the people in payment of taxon, lekin, basis in 1893. officials. If its solution were dépondeál on thes notivity or inselivity of the latter, the mattergugat native officials of the class which &o." Lest matters should move too rapidly it
Many views on the subject hava during the might at once in classed with the open door, the jayed the Bozor rising that a falling and is further decreed that when the Prince, past year boon expressed from platforms and in integrity of the empire, educational roformuating exchange, being evidently bad for Minister, and Board hare drawn up a report the Press, mach advice his boon toudere to and all the other pleasant fietipes whigh. trado, is a dispensation of Provideng, since they shall await the Imperial instructions in the svan sleepers of the Paking State Dipart- the mandarinate is 'ovor ready to checus with trade is the chlef end an I object of the outer sympathetic Europeans, so long as nothing is and the foreignor will go. It is a simple belief, said or done to interfere with its time-honoured which from its rory simplicity appeals strongly privilegos. There are indications, however, to minds uttal to grapple with complex from more than one quarter, that this question questions; they percaivu that the situation erated by the fall of silver is perturbing the
must for longe be taken out of the hands of native officialism; there are too many
barbarians" existence in China, Kill his trado
this matter."
ment, from which may ha deduced a very As indicating the value of the advice which general consensus of opinion that Chíus în the Government may expect from Cau Hung-reforming her Gosucse should follow the ex chi, President of the Waiwapa, it is useful to ample of India rather than that of Japan. The bear in mind that this is the official who, upon resources, and general condition of the empiry the conclusion of Sir James Mackay's negoli rendor inadvisablo any immediate attempt to tions, drafted the Imperial edit sammarily establish, with borrowed capital, a gəki coinage by tended. It will be observed that the presenta gold standard of vains without a gold currenc ediat apparently anticipates that lekin will appears to be a matter of practiesi polities, pro- |viding a way out of the prosent impasso without
radical disturbanoa of usisting condition
interests involved in the promotion of China's forenity of Europaan traders, and their attitude jabolishing lekin -sdooree which was subsequent and a gold reserve, whereas the establishment of commercial and financial prosperity to allow the the matter is therefore one of sontuated
Again, the provincial author-
control itios, especially those who
their
prosent condition of affairs to be protracted rectancy. indefinitely.
Buntings andlaturbed..
At a meeting of the Shanghai Chamber of independeat mints, ony reasonably be expected currency question is one of immiasiato and
To the foreign marahant in China the | ta oppesa any reform which deprives them of Commerce, held on the 18th ult, the following profit from this soures. Finally, there are to serious cansera. Not only with the stealy fall been publish in the columus of Toutsin A very oblessay on the subject has recently resolution was unanimously adopted-
I reckoned with the native bankers, especially
of silver have his income, investments, and journal and reissuni az a pamphlat; its author Having in view the fact that silver is subject the great Shunsi guilde, who maintain nut savings greatly depreciated in valno, but the makes definite and practical suggestions which to violent festuations and that Chian's Inancia control the present complicated machinery of sudden and violent fluctuations to which have attranted favourable notice. He proposes obligations, national and commercial, are now nauce throughout the Empire. Discussing exchange is subject invest his trade generally the gradual introduction within a period of mainly, end in futura will pròlably be entienly, with gold using countries, this Chamber is of recently the currency reform ortinle iu Sir Jomos with a speculative elament which perforce thres yours of the desired reforms; ho rocog opinion that the Treaty Powars should urge the Mackay's treaty, an intelligent native official curtails operations. To the ordinary lanes nises the fiet that the position of China as Chinesa Govornment to tako to nonowary stosservol that Ediets might be published and and changes of the market is added, the over compared to that of Ladia in 1893, white similar without delay to provide for an uniform national the Board of Revenue might lane iustractions proant risk of exchange, converting business in many respects, is affecte! by the lack of coinage as a Best step towards cataldishing the to enforce it, but he doubted whether all the operations into gambling transactions wherein energy and strangila in the entral Gavern. urmancy of this country on a gold busis at authority of Peking could overcome the opposi-neither apart opinion can guide nor caution ment. He considers that, as a first stap, the tion of the Shansi bankers, in whose hands the ipfect tlie "trador. Within the past wook the Government must recognise that stability of early a date na practicable.
country's finances virtually rest. The recent value of the tel at Shanghai has risen from exchange is essential to the country'n finansial complete dislocation of trade in Tientsin, result 22.11. to 28, 47d-about 8 per cent and an prosperity; next that existing rostor interests to amend the methods of the untive banks, has improbablo. Legitimate trade under such con- jonlar, should be reassured by arrangements demonstrated the power of resistance latout in ditions becomes impossible. their widely-extended organisation and the difficulties which lie in the path of the currency
The reform to which this resolation refers is one for which the necessity has for long been
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evident; the Chinesa Government has practical.ing from the Viceroy Yeau's well-meant attemp; equally rapid fall in the near future is not sliould becoàcilisted. The ustive banks, in parti- | LAMBERT & BUTLER'S
of the Board of Revonds and the Waiwape:
reformer.
Nevertheless, the mass in nudoubtedly moving. A first puso is to be found in the jaereused
which would not deprive them of their rights and mouopolies. Opposition from the foreign exolange beuks is naturally to be expected, since their large profits are mainly derivad from the present in thods of fisno-mathesda in many instuces diametrically oppond to the Chinese Government's interosta.
Briefly stated, the scheme proposed is a9 follows:-
First year, Establishment of a national bank, with head office at Shanghai; this bank to mint
Its
directly responsible to the Board of Revenue, Its inspooting officers to be appointed by the Inspector-General of Cusiony to examine its books and cash resuryas, For a period of twe years the prosent "ngues" earroney to be ex bangeablo for new fuel coinage or notes on demand, its cironlation thereafter to ba illegal: The now coinage to bo recognised as legal
ly admitted the fact by suapting in principal Article II. of fir James Mackay's tresty, and
Under existing circumstances, and with the the United Staton and Japanese treaties now
burden of heavy forai, a loans to be faced, Chius, under discussion contain similar clauses. In
to reach a sound financial state, should be able to the Press, native and foreign, opisina is unani-
showa considerable balance of trade in horfascur, nous that the existing chaotic condition of
for evidsutly, unless exports fargely exceed im Chinese currency and finance is in itself suffi-burdon which the country's gold debt has porte, she mustiu coarse of time moet her liabilities cient to check progress and to Indicap trade; fanposed on the Central Government, between by exporting bullion. It was generally expected an att sides the necessity for immediate reform the date of the protocol (Sopteraber, 1901) and in 902 that, following apon the herey fall in is admitted and the weight of public opinion the end of 1902 Cian's liabilities were ang.silver, China's exports would be greatly stimu is such that oran the air inertise of the Centralmented by over 20 for cont... das simply to the lated; also that her imports must be curtailed Government must eventually fool its effect. Already thera are signs of potential moutal fall in the value of the motal in which the So far neither of these predictions has hean exclusively a now uniform "tal" coinage and activity on the subject in the slumbrous precincts country's revennes are collected, The abstract | justified, nor has silver been slipped to any con" o issue notes against reserve of the sime; to
injustice of the situation requires no com Bilerable extent; bat so many are the unseen handle the Governant's bikaames, &7. Haroen of the aged, classical scholars who con.ment; the people of China have done nothing factors which affect Chinose trade and fuance, sûĮ directors, advised by foreign asparty, to be to deserve this further addition to their unreliable is the official information on many trol the country's destinies have recently give punishment, nor conld they by nay moans have points immediately affect ng the whole question, the matter attention, and there is a hopeful pravaated it. Any other Goveriauert hat the
that it is unsafe oren to hazard au opinico as impression abcond that somewhere and somehow Chiness would long sines have recognised the to the real meaning of recent statistics. Two an effort is really going to be ads to do soine present gravity and fature dangers of snol; a things nav curtain-namely, that experts allow thing. (The position, in fact, is somewhat situation and would have taken immediats no sign of expansion, and that the constant Similar to that of War Offon reform in England stops to remely it; even The Walwapu fear of a fall in exchange affects the balance nt the close of the Boer War). The fofuels that something must be done, and accord. of trade adversely in various ways. In the Chinese officials who have made an intelligent ingly its intelligenco and energies are directed first place it causes the foreign exchange tender by Traporísl edict, study of the question havo realised that this in the first instance towards repudiating the banks to postpone and curtail shipments of j reformu, unlike many others, a not one which in protocol. A further step, in conformity with Biver to Ching and induce them to redace
Second year. Prohibition of minting of begin and end with an Imperial Edist; further the traditions of Celestial procedurs, has their cash balances as much as possible; it the latter to be exchangeable for tanl
"yes" eterocy and of importation of dollars; mow, that if anything is to be done it must be therefore been taken in digesting that the discourages the investment of sterling capital done upon strial business principles; finally, that under these conditions, the proposed changes special mission to the Usako Exhibition shall in the country and leade foreigners in China to colatge during a period of six months; their though generally beneficial bold out little hopducing the gold standard into China on lines These facts have an immediate effect on the
cirentation thereafter illegal, slady and report on the question of intro. remit their sarings for investment in Europe, of immediato profit for individants. Looked at similar to those successfully adepted by the balance of trade, and the withdrewal of capital The rato of exchange of "ta" colunge to ba Third year--Prohibition of import of silver. from the national point of view and in the light Japanean. Any one aequisited with Prince Tsai in particular produces serious rozal's. The fixed at, say, eight taels equal i sterling. of patriotic theory, the scheme of currency Chon. Nu t'ung, and the other native parsonages country's finances are now passing through The profits on minting to be held as refort is tinassailable-without it, the country who represent China at this exhibition will necessary period of adjustment, which reserve by the bank and not to form part of the a gold must soutique to be confronted by the prospect appreciate the value of the forthcoming report. | inevitably hampers trade, and the situation is Government's ordinary resentes. of instability and ever-increasing liabilities; It will probably not make its appearance till next
A "China yet, from the individas official's standpoint, it
que which no half-mensuros can alleviate; it office" to be part in London and New York is not entirely from from objectious. The year, a fact which no doubt uppeals to the Wat is liable to re-decur indefinitely so long as
for the sale of amfis on China. wupa; the interval represents so much time unstable exchange conditions continns. The present systom offers the advantages of
It appears probable that either the Chinese independent mints-and frofits or coinage-in said during which the matter may reat in more enlightened class of native facials and Government will take early notion of its own archants perceive that foreign capital and initiative and in its own interest, or that the foreign matlinds are necessary if the country is Powers interested will confer in regard to China's to be saved from insolvency, bankruptcy and finances and currency. Until quite recently the chios and they realise also that if salvation native official has shown no intelligent interest of this kind is to be forthcoming the intro- in the mattor, but of late, under the stern houd duction of national waifors currency is a of adversity, his education has advanced rapidly. matter of urgeat necessity as a step preliminary The Govermout now fully appreciates and to the establishment of the gold standard indesires the payment of Casioms duties on a China. It is recognised that since the United gold basis, although not so ready to recognise States have abandoned the free cainage of the necessity of any effort to obtain it honestly, silver, and as one country after another has It has alse realised that in India to-day coins óf discarded the white metal for gold, China's au intrinsic valus of 74d. arë circulating freely diculties base become intensified. To quote and maintaining a stable exchange value of a statement made by Sir David Barbour în his 1. 3. and the idea is gaining ground that Indian Budget speech in 1893, permanently what the Government of India has dong China applicable in China to-day, "The financial can attempt to do.
each Viceroyalty; of uterus and ever. Bluctuating of units carroncy, creating unlimited opportunities of "squenz," together with elasticity and intricacy of accounts very dear to the Chinese mind. Under an uniform coinage system much of the interest of life would be inst to the mandarin, while the bakor, compradare,
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