1911-06-12 — Page 5

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報新外中港香

127

HƯNG NGÔI JA N PU

(Chinese Daily Press),

PUBLISHED DAILY.

Is the oldest and still immeasurably the best Advertising medium among tho Native Commanity.

Established for over FIFTY YEARS. Circulates largely throughout Southern China Judo-China, etc.

Terms for Advertising (Translation free) can be obtained at the Offos, 10, Dos Vestir Road Central, Hongkong 131, Fleet Street, London er from the different; Agenta.

Documenta translated from or into Classiced er Colloquial Chinese,

CURRENCY REFORM IN CHINA,

1-A RETROSPECT:

(BY A CORRESPONDENT "OF "THE TIMES.")

THE HONGKONG DAILY PRESS, MONDAY, JUNE 12TH, 1911.

TANG SHAO TI'S MISSION. The present sebemo for the establishment of a nuiform national urrency assumes special interest and importance beasties of the frot that, in connection therewith, the Chines Government has decided to raise a foreign loss, involving certain dellsite obligations. The question may thus be said to have at last entered продв phase in which the pledge given in the Ten years ago, under Artists: 2 of the Treaty Treaty of 1902 are, to some extent, recognized. of Shanghai, China pledged herself to "tako The initiative in this matter may be traced to the necessary steps to provide for a national two causes, both of which, in turn, have arisen uniform coinage. Since that date the ques from the political situation created in Man. tion, in

one form or snother, has formed the churia by the encroachments of Japan--namoly, subject of frequent representations by Chamb flest, the increasing financial stringency of the

community, of and second, the special Mission of Tang

THE LOVE OF TRUTH,

18 IT DYING our?

A London paper published the following letter with reference to a speech by Lord Justice Vaughan Williams on the present-day attitude. of Englishmen towards lying:

ers of Commerce and other bodies represent Chinese administration of the Three Pro che cantrot I cannot think of one whose word

ative of the forady at Pok-yi, Governor of Mukden, to America in 1908. would

remonstrances by the

of a mee memorials, odicis, and regula tians published by the Chinese Government. During thoso ten years the confusion of the country's monetary system bas steadily become worse confounded, with results which have injured and restricted trade, caused ariously grust enffering to the poorer classes, and ondangered the finaadist stability of the Empire. This danger bas heen fully and frequently requg nized

in Imperial Edista, hut the net reault of all the Government's attempted remodion, of its commissions of inquiry, loans, and foreign advisors, has produced no alleviation of the eril On the contrary, since 1906 the U22. restrained activities of the provincial officials, of Government und private banks and inde- pondent mints, have fooled the country with an immense quantity of dobised copper coins and of papermoney untoured by bullion reserves.

PREVIOUS ATTEMPTS AT REFORM.

OFAT

is the

SirThare is too much truth in the pro- nouncement of Lord Justice Vaughan Williams to which you gave prominence this morning. I would say most emphatically that not only is the love of truth among Englishmen dying out, but it is at its last gasp. Among the hundreds of my countrymen with whom I cou into daily scoopt without corroborative It will be remembered that the ostensible object evidence. of that Mission was to convey to the United Twenty or thirty years ago I do not think States China's thanks for the partial remissing of this was so. The rash of modern life in respon- the Boxer indemnity; its actual results, bosible. Things must be hustled through quickly, over, were to induce the State Department to em bark upon a

everyone wants everything at once, and it is with is a quixotic polloy, logically consistent often easier to gain immediate benefits if you

of the opan dicorge alightly from the paths of frath door," bat practically impossible the face of People havo grown so accustomed to tolling the cold facts of the situation which Japan bad what used to be called "white lies in minor created. In consiloring the results of this affuira, that almost unconsciously they Lava special Mission, to Washington, which have a extended the plan to every department of life. direct)

·bouring the

Thore Chinese Governments upon

much regrets" present currency reform scheme and internatione inability to accept an invitation "owing to a

person who al loan, it is bedssary to bear in mind also that previous engagement"-the said "engagement" Tang Sh20-ri, as Govornor of Maiden, had existing in the

the imagination, and th throughout bean glowly identified with the regret" very ofleu

Flew belag intense joy st Iolicy

which hoped to head of Japanese eu escaping from some irksome function. croachments in Manchuria by the creation, on There is the hairdresser who sells you wond favourable terms, of American interests in that erful concoctions with an air of bland asseruner, When Mr. Knor embarked upon his knowing perfectly well that they are inade of ragiou.

for the neutralization of Chiuso coloured water, and will have no good effect at Pailways in Mao-haria, his policy was not avail on your hair. There is the business man altruistically unbusinessliko s was generally we all know his capacity for lying, supposed; for Mr. Straight, the United States Con Consul-General ut Mukden, who subsequently became the representative of the Morgan ayadi cate at Peking, had reveived from Tong, lajen, both at Mukden and nt Washington, cortain definite undertakings and pledges, which, bad Mr. Knox's game been played out to a finish, would have secured for America a position of no small advantage, financial and oco

economic.

only

Priosis, politicians, and publicists all move in an atmosphere so impregnated with lies that they cannot always recognise the tenth when they

BROCK it.

In November, 1908, the China Association drow attention to the gravity of the dangers grising from the promiscuous and irresponsible manufacture of paper zooney and suggested measures for dealing with the evil. Many of the leading Chiness merchants and guilds of the Treaty ports cane also to perceive that the proceedings of the Mandarins were equivi lont to wholesale taxation of the trade and in- dustries of the country, and they therefore brought the weight of their influence to bear at Poking so that, for the past two years, the metropolitan administration has been com Bat Mr. Knox's well-meant plan for the polled to recognize, in principle at least, the neutralisation of Manchurian railways came antessity for reform. In 1906 its lusabrations to an untimely and somewhat ignominous end, reaulied in half-hearte A "national dollar, which attempt to introduce and the Japanese Government, backed

(abrit added one more to the shop of my terely | inssiv, was able successfully to maintain atnto their truth, and the idle chatter of which:

coina circula-Peking its opposition to the Anglo-American

tion.

THE AMERICAN LOAN.

AB-

Thave only met one man who never lies. If the truth is too unpleasant to be spoken he declines to speak. That man is a Polish pinuist, and he has not one friend in the world.

Wo lie to ourselves, our friends, our jala- tions, and our clients. London expecially

Liars Paradise. We make promises lightly, and

the moment we hara made them start thinking low wo can evade them without infringing the law, Wa circaiste na licious.

ramours without troubling to inquire

There are many no doubt who will say that In a liar. I am. In writing this letter I am practising an almost forgotten art-the art of telling the truth.

·AN ALIAS.

In October, 1908, after the Mission concession for the construction of the Taltsiber our daily intercourse is composed is nothing of

to the United States, the live Meanwhile the urgent pecuniary noods Tang Shunyi to

but a

fisens of lies. Government reported to the Throne on the of the Makden Viceroyalty remained unsatis

Thereare forty-five and a-half million

people whole queation, advising the retention of the fiod. Reposted offerts were made, more than in the United Kingdom. Are thero half a silver standard (Big Robert Hart having one quarter, to raise loans for "general purmillion truthful men, or women? I don't rérommended

bala

together poses," but without success, the provincial -

believe it. surrendy), with re

reversion to the Kuping toel as tho curity then offered not being sufficiently at Call a man a liar nowadays and he thinks it u standard unit. The reasons pat forward in sun tractive to the foreign banks. The carroney great joke-especially if it is true. part of the Connell's proposals were incredibly reform scheme, therefore, under American childish, but they reseived the support of clevou auspices, took the place of railway construction of the high provincial authorities, and were 18 means towards the attainwont of that approved by the Throne. The scheme fulfilled greatly desired end, and, at the same popular expectation fa

ia proving a

a abortiva as time, towards the creation of American in- any of its predecessors, and thereafter, until the terests in the threatened region. Thers auinen of 1909, matters continued to drift, is not space here-nor ig. while the provincial minta continued to resp for our prosent purposes-to recount all the their unearned insrement. An Imperial Decree processen and intrigues by which the purely ordered the minting, ou Govenmeitaccount, of American aspect of the preliminary loan agree

Kuping tael, of weight unspecited and dif-mout (hurriedly arranged in October last) fering in purity of total from the pure silver became changed to the international "four- standard. Furthermore, it solved the whole nations" contract which has now been signed. vast problem in the best classical manner by the following artless dictam:-

UBJECTS OF THE NEW LOAN.

necessary

The ostensible objects of the currency loan, "Asregards the diversity of silvercurrency in the arranged in its preliminary form at Waak various provinces, and the differences of touchington last year, were to demonstrate China's which gire dishonest trudes an opportunity for sincere desire for monetary reform under the demanding squeezes and profits on all sympathetis supervision of an American Gan transactions, grievous injury is thereby dono to cial adviser, as well as America's readiness all classes of the scmmunity. The Board of to promote the regeneration of China by mural to carry out, in fust, the programme

Streatham, S. W., May 18.

HEAD-MASTER OF ETON ON EXTRAVAGANCE,

thomeand

cenicxinetical

The Hay, the Hon. Edward Lyttelton, Head Master of Elon, speaking stu meeting presided over by the Bishop of Oxford at Slough recently in aid of diocesan funds, said it was sometimes very difficult to realise the extraordinary fact told him by people who looked into things that the number of poople who gave to any charitable undertaking whatever was not more than avo

If they took

any or philanthropic subscription list they would same names, with dwindling sumk,

upon we have briefly referred, the spirit .of thas

avery year, Willing people were drained dream has faded, and the currency reform more and more, but outside that cirale there necessities of the Ch tena Government, bui Icat, as

was a vast maltitude who were never molested as now arranged, relieves the immediata

by nuy begging letters. Therefore what they had to do to increase the financial support of the

发烧

the

up!

Finance is therefore commanded to issue and financial ained in 1903 by Mr я atringent rogulations forbidding anch practices|tary Hay, Gradually, for tho rozsona to whisk / because of the domanda made

in the future."

thom

MR. MORSE'S REPORT. But the Board of Finance did not waste its time in the manner Imperially suggested, and the naw Kn.ping tael, is a standard of uniform not the anxieties of those well-wishers of China | Aiocene was 'o win the sympathi в of this out. ; currener, followed the "national doller" into who dosire to see hor finances placed upon side multitude who up to now had never been

ap.

a sound basis of honest administration. The oblivion in due course, is inglorious end almost prosent loan agreement omits all roforonce sunoticed. Meanwhile the condition of affairs.

The was becoming seriously aggravated, notably tenancial advisers or supervisors. at Wuchang, Mukden, and other provincial plated, we are told, but his duties and

pointment of a Dutch financial export is contem centrer, where the coinage of debwed copper are left unspecified. Of quite useless appoint Powers cash and the issue of paper money had been

犍

touched. What bad to be borne in mind was the fact that the people of England wore being. callad on every year to pay morn in taxes and more in rates than ever before and also more in

abority. In addition to these enormous demande the most reckless description. Sir Alexander ments of this kind there have been enough and they had somehow combined among themselve

to increase their expenditure in ways that were Tosic estimated that the oniput of ton-car to upare in recent years. It is true that the loun cotus by the provincial mints during 1905-6 was agreement is still, in a sunse, only a preliminary wholly panecessary. They gave a vast deal more over 9000 millious, the result

in wedding presents than their forefathers did, being that the contract, for the

fa partigating banks ad au incunt in Christmas presenta masses became de Franch, German, and American) are to be circulatia medium of tho

a period of six months in which to decide whether

to those who no need of them. They gave preciated, in terms of allrar and in

purchasing the

bieber wager the currency reform scheme, as submitted

to their servants because they power, by about 70 per cent, Writing on the the Ministry of Finance, shall be made the b: sis could not help themselves. It was a duty to try

by subject in that year, Mr. H. B. Morse, a re- of the issue of bonds to the public. In the and measure their expenditure according to the

geized authority on Chinese currency, stated meanwhile, however, the immediate object of that there were no less that. 60 different taels in

trae proportion of things

At the present time nse at Chungking and seven in the capital itself the Chineer Govornment is revealed in the they were in a stats of flabbiness that rould

provision that, if the banks see fit, a million lead to the gravest embarrassment. He summarized the chaotic situation (still sterling may be advanced for use in Maureen called on again and again to subscribe to They had prevailing) as follows:-

-churia, and another million for preliminary the memorial of someone taken from them whom currency reform purpo-es, before the issue of they liked and respected and whom name they bonds tukez plzos. Finally, according to the would be glad to see kept alive. People often Feking Correspondent of The Times, £2,500,000 are 10ga, or £5 towards something of which they did not approro hecause they were unable to say "No."

In China the currency is at the top a weight pare and simple, in the middle a combination of weight and token currency, and at the bottom a coin which stands on its own feet and neither may be devoted to paying off obligations inour- receives support from ner absolutely gives it red under the Boxer indenuity protocol. Now, to, any oilor unit in the series. At the top is bankers are neither sentimentalisis nor altruiste, the tael all it the "ounce" and it will be bet and

it may therefore safely be

TACK OF SUPERVISIÓN.

84-

ON SALE.

MAIL TABLES

FOR 1911.

ter realized in which payments are wide in pro-sumed that, in the absence of violent opposition cisely the same Way delivery is taken of a lot from the National Assembly, or another" veto" of silver bare). Then comes the dollar, which, from Japan, the advances in question will be thonga a coin, is now here legal tender and of made and the loan itself floated in due course. which the specimens from the Chinese minte ars inscribed, not generally dollar or "yuen," but Nor, indeed, would there be any reason merely 72-hudredths of stack. Though so inseri for objection to these arrangements, ware that bed, dollars of silver are nowhere fixed interns of condition observed which Mr. Knox originally Shows the dates of departure of the Mails.. taels of allver, but are quoted at rates which vary declared to be an essential condition of America's to Europe and America, and the dates of their from day to day according to the demand and moral and financial support namely, that the expected arrival as well at their destinations, a5 supply, fuctuating within a range of 6 or more expenditure of the lost funds should be under the dates of return Mails, per cent. Then conte subeldiary silver coins, effective sapervision of a properly appointed fractional to the dollar, bet subject to a fluctuat adviser, Without that condition, in this ing rate of exchange, such that the dollar muy as in all other loans to Chins, is is indisputable this year change for 110 conts and next year for that the financial position of China will be only 95 tenis in small coin. Next comes the aggravated by every addition to her liabilities. copper cant, insoribed at the miste of some pro- But in the present instance, remembering vinces as worth "one-hundredth of a dollar," the part which German political finance has

On Sale at the Hongkong Daily Press and of others as worth ten each, but nover

international loans; how, Office under its influence, the safeguards formerly in- sidered in its relating to the dollar or the cash, sisted upon have gradually made way for con-

Bongkong, 6th Febronry, 1911.

treated as correlated to the dollar; whether con. Played in recent

it is a token coin worth intrinsically less than ditions which expuse foreign capital to the

helf its nominal value. Inst comes the copper rapacity of the Mandarian

cash, the currency of the people.

And in another place ho says:----

Chins is now required to introduce system and uniformity, and to give a legal-tender chamoter to any coin or enrrency which she may adopt, while the inborn disposition of her people is to accept no coin and, no currency as legal tender, but to make them all, except the lowly. rated interests in China will be against the cash, the subject of barler.

All the

change The members of the Government as individuals, from the highest Minister of State to the haublest assistant-depaty Peking tacit, if not openly-expressed, opposition. The sub-district magistrate, will give it their tax collector, with

with his assistants and

in

that tho present direction ofting the fact

policy and

purposes is in the slim hands of Sheng Hausn hun, it is impossible to be optimistic on the subject of the currency reform scheme as a factor of regeneration. Of the soheme itself I propose to treat in another article.

FOR EUROPE AND AMERICA, INDIA, AUSTRALIA, 80, and for PRIVATE RESIDENTS AT THE ÜETPORTS. A Comprehensive and Complete Record of the NEWS OF THE FAR EAST

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will A;ht strenuously against any ohisgorrots,ONGKONG

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into the Treasury the exact coin which ha has received, from the taxpayer. The powerfal body of Chinese bankers, organized as such when Barope did not know the science, will accept the change only if they are shown the possibility of greater profits than under existing con ditions.

W PRESS,

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