1918-01-19 — Page 6

ABOUT PILLS.

THE HONGKONG

DAILY PRENS

SILVER AS A MONETARY STANDARD.

Many people have no hesitation, in taking a dozen, botfics of medicine tin, liquidy

* form prescribed by a doctor, but view with alarm the suggestion to take course of pils: This misapprehension is no doubt duc u the Impression that pills are merely purgative, which may be correct in some instances - Dr. Morse's, Indian Root Pills, however, are not merely purgativen, acting upon the bowels only, but contain more important properties, which correct all disorders of the Blood. Liver and Kidneys, and the Stomach, evidence of which is not wanting. Thousands of testimonials sent us voluntárly and gratuitously verify our statements of what Dr. Morse's Indian Root Pills will Ala and are doing every day. You will find neighbours, friends and relatives every- where who have been restored to health and who can testify to the marvellous blood-purifying and healing properties of these Pills. Dr. Mone's Intian Root Pills have come to stay. They are an efficient, reliable and anfe remedy, placed on the market at a price within the reach of all. They are sugar-coated, are pleasant to take, and retain their full medicinal properties. They are packed in amber-coloured bottles not in cheap wooden or pasteboard boxes and are thus always fresh, and clean, impervious to moisture, unaffected by climatic conditions, and do not deteriorate by keeping as all liquid medicines do.

"Worth

their weight

in Gold,

They are 's perfect Blood Pariser modi positive and' permanenĚ Dare for Biliousness, Endigestion, "Comstl. pation,” Headaches,

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DR.MORSE'S

INDIAN ROOT

FOR THE LIVERI

PILLS

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SATURDAY JANUARY 19TH, 1918.

marbeta of the world and announced

Where the money is neoded. The pro the vinces were drained, of silver by its steady by the Treasury Department CUTLER PALMER & CO'S Low to Shanghat for export, for invent United States de an official rate was ment in foreign property and foreign 03.19 gold, at no time in that quarter UNSTABLE, UNSUITABLE AND securities, and for speculation in the pur dad the average of the buying and sell-

chase

of gold exchange and on interesting bank rato in Hongkong exceed 87.130. to supply stocks of Silver already export- gold, or 8.05c. below this value, and the RECENT MOVEMENTS OF THE METAL ed. The drain has continued, until average o buying and selling

credita have been restricted and the was

or 9.930, below the all-

DANGEROUS

IN CHINAY

[BY AIR, QUORUB 3. ANDERSON, U.S.A CONSUL

SREE GENERAL AT HONGKONG.]

The Never since the old days of sixteen to one has silver come so near to its on

gold

rates

money stringency felt in every way. etiä d the December quarter of

as it has in these days of the beginning humine of the colon, theory that he is based upon the idea that the price of

debacle preserve

<with

of the dry bones of monetary standar Dangal Banking Corp Mongkong and Ports should be stimulated and its im

the

interests

of

port at low exchange.

broad, as

China's buying is low its commercial abroad, as a

result of ite silver

curedit export its salable products in quantity is so weak that it can never bay or e large scale until it has sold. It must before it can bay inporth aven with fay

The Government finally is attempting 1916 the United States Government rate to stop the export of silver from the pro- was 55.65, while the average of the buying vinces where it is needed. In the Briash and selling rates in Hongkong was 54.75 colony of Hongkong - the

or 3.sc. below the official rate. monetary

This medium has always been silver on a free

policy of keeping down exchange exchange basis on the

je so closely iden silver, as the result of extraordinary con of the fourth year of the great war cial arrangement such as fixing the ex merolal and inancial conditions in

tified with that of China that any artifi ditions, advanced more rapidly than com With the white metal priced at 55 penco chung value of silver and gold, as has Far East could keep pace with, and than an ounce in London, #1.10 gold in New been done in Singapore, or of establish as low a rate as possible,

ing the gold standard would work to the the high rates reached Brehm th York, and with nothing in sight to pre disadvantage of the colony after a debieni per sorg event, panier on vent its going to a point where & silver Naturally when the price of silver went dollar would be worth a gold dollar with up and silver flowed away from China

While in interests

importe to secure the various advantages of its

should stimulated by high out the fist or guaranty of a Govern high value abroad, silver commenced to

of silver and ite

ite exports be re- ment back of it, there has been a shaking go out of the colony The British stricted, and on the other hand its ex-

banks, including the

porte restricted by a low value and, In which has had no equal since the freo

dominant na

the country, es a matter of fac silvor, silver, ory of 1866 in the United States in China, and in many respects in the perines average best in import and ox- whole of the Far East, saw their silver Men of finance in all countries have deposits about to melt away in with been thinking, too, since the war on drawals for export in the redemption menced to pile up such immensa Unancial silver, and in the disposition of spela of bank notes issued against reserves of bardens for people to bear, that perhaps tors to secure and heard the metal some way out of the difficulties of inter new in the train of disappearing deposits national finance, otherwise known in this

cancelling calling

short the whole secured an

of the

parity of silver and gold at their old two milion dollars amuggled out stop feist or whether the benefits are great some new form, and the approaching invernment prohibiting vel for perhat

and the export- save for perhaps, ratio has made such talk seem more ron ped. The free silver situation in the sonable. But the world has not yet lost that while the metal was free to come it China fold, therefore, had so developed its preference for gold, and, while he was no longer free to go. who would predict what the financial out

The outflow of silver from a country come of the present war will be would like that from China during the past few be bold indeed, there have been no months is, as a matter of fact, no differ

ont from the outflow of gold from any velopments as to the course of the silver other country under similar circum- market of the world which command stances. In international transactions each of the metals, to some extent at white metal to the conservative construe least, is a commodity, and it goes

exchange. Ther is this important differ eata

aca to be noted, however,

namely That when gold is exported other than for the of adverse trade balances it goes build up a credit in behalf of or in

nation, in gold

build up

the

of

orrable

case as an international scramble for Commercial Using the didpatial Change and at any price EVE

business of the

gold, might be found in bimetalism innsked for her colony in China's exchanges with the rest of the

That this policy of maintaining silver world of as low a rate may be practi- cable is justified rests upon the question as to whether or not a low rate is bone-

enough to overcome the evils arising ficial to Chinese trade both incoming and therefrom. That low exchange is bene-

outgoing in the long run, is generally ao- cepted as true. But there are evils at- tending such an interference with the natural course of international commerce, which are by no means inconsiderablo only involves a loss or an inahility to

holders of any other commodity were its salo abroad under favourable conditions Provented, but, in the case of a silver standard country like China, it separates the entire monetary circulation of the country from any recognized relation even a recognized credit relation with

world,

To prevent the outflow of silver not

tionists who will likely control internait brings the best price 10 intake profit which would accrue to Chinese

tional finance after the war.

The fact in that in so far as the test has been made during the war, silver as

a monetary standard for a trading na account of the under similar the rest of the commercial and financial

tion has proved itself subject to all the When silver is

which

ills which go with gold as a standard circumstances it also goes to and carries with it is of its own from credit balance in gold. When the ori

gold

standard in specalation gold or its senivalent he draws against ginal exporter wishes the return of the these ills are those following in silver itself. The manner in which is gold oredit and gold must be return powerful syndicates in

in Bombay, London ed When the exporter of silver to be in mani the return of silver he must go into the and New York have rand by that markets of the world and buy silver 85 ported by proper silver and bullion re- palating the price of means the value of the entire monetary against his gala credit. circulation of a nation like China, serv The result is that were a country ing willions of people for weeks at a denuded of its gold by exports of the time is well understood in the trade and in international finance. The w great

The situation is illustrated aptly in the kong the silver dollar is the mostard case of Hongkong currency In Hong- standard, but most basiness is transacted in bark notes issue by British banks, ra deemable fa silver on demand, and sup

notes are practically the standard unit of serves. In ordinary trading these bank exchange, not only in the colony but ha ability for silver in Hongkong, in the South China provincan

After & Frón trial you will be able to obtain drained ing nation in danger of metal it could still do business in terma cause of their unimpeachable exchange

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EDWARDS

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PLASMON

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THERAPION N1 THERAPION NE2 TERAPION N3

FION

OLABKE'S

PILLS.

of

gold

Few These two latter phases of the subject months has been extreme Only on

by con- of silver in international inance have finally favourable international trade been illustrated in China in the past few balances is its monetary circulation over months particularly during the period securo in in which silver advanced by steady jumps to the highest point

Because of the convenience of carrying

of gold as against its credit balance of substanti its entire home aitantion illustrated by countries using tary circulation

Doc & peper currency based, timoneilver money in this form and because the doll credits built up at the substitution

"up abroad, however, and serve held abroad. When the manner in which silver exchange can of its silver by export it is at the mercy cally than the subsidiary Chinese coins in standard country like China is denuded

ler they represent is worth more intrinsi. be manipulated under certain conditions are not so well understood for the reason of the owners of silver in the markets of the world a stock of metal which, o

use in the provincas, those notes oftén, in that seldom, if ever, before have they bean to a certain point can be cornered tact usually oxchange at a premium in experienced

The danger to China in the

the purchase of silk, matting, and other South. Chian products purchased for ex- port. But when the Hongkong govern ment prohibited the export of silver from the colony, thess Hongkong notes, while redeemable in silver in Hongkong, were no longer redeemable in silver in China. They become inconvertible paper currency and went to from 3 to 7 per cent discount to the manifest advantage of notes of Chinese issue. So long as China's trade balance with the rest of the world, includ ing the large remittances it receives from Chinese overseas is favourable to China, which usualy is the case, the suspension of shipments of silver by law is compara. tively unimportant. An unfavourable balance not only forces the nation to secure an extension of its credits abroad,

sur de normal time, while in times of like that presented in the sensational rise in silver in July-August The monetary medium of the mass of of the present year the country is at the the commen people in China is copper mercy of the rest of the world, particn- the well known square hole pierced eep larly at the mercy of the owners of silver per cash and copper ten cash or one and of business men in the management cent

well known the world over of its banking and import and export s churnoteristic of China. Those copper trade. coins change for larger transactions into How unstable, unsuitable and danger silver at a ratio fixed at different times ous silver as a monetary standard really and places by supply and demand. The is and how completely a silver standard copper money is coined and bears the country and its business interests are in governmental stamp, although, as a mat the control of private interests appears ter of fact that means little, for these strikingly in the history of Chinese coins have been collected and exported foreign exchange operations during the but forces it to arrange such credit on the by the thousand tons

of copper since the war Bil past year and a halt for Hongkong for its own monetary medium Only

during

prohibition basis of an unknown and unfixable value of silver circulates bech as coined metal and las) and Ching generally had a result more sath country as China can bear with bullion, the latter usually in the form of small pieces of convenient weight standpoint than the mere protection

important from an international trade such financophone known as shoes, but it circulates China monetary circulation from dople

commodity rather than as money and

general

the

high

of

recent movements of silver in China which There has been no development in the tends to support the idea that the stupers dous extension of credit growing out of

forms and with such value to the medium; price of ends primarily upon the the war might force the nations of the

in

its value depends upon its valuo as a tornational charge way of connee, in commodity Silver in these variona concerned,

in the markets of the world to establish, a bi-metallic standard China through which

not only the world. The secondary factor in the rates so as to give the support of the world's transactions bat

trade transactions in for buying And international

selling gold exchange on conducted New York in terms

stock of silver to lighten the strain on Whenever China buys a million dollars Fong, for exemple, may be the empara entails. Recent experiences in the Far silver in Honggold value which this great expansion. demand for exchange for the pur-

are

not

in the gold in farms of which they were

worth of locomotives and railway or sale of goods the ordinary East have demonstrated that the white material it pays for them, in theory nly and deinend of commercial hills metal is subject to all the manipulation it sold, but in prefacts measured in silver but the basic factor must of necessity be ever was troubled with and more. Since to an amount the equivalent of the gold the comparative price of silver in terms the war began its value has varied from according to the price of silver in. world's

markets at the time. This prin vold Normally is the price of silver a average of about 42.3 gold cents to the advances in the markets of the world, Hongkong dollar just previous to the ciple applies just as well to the purchase the rates quoted in Hongtone and China war to as low as 39.65 gold cents to the of a yard of British or Amercian cotton for the purchase or sale of the gold dol- samo dollar in the spring of 1917, and to cloth by a Chinese coolie China and lars advance in proportion. so high a value as 78 gold cents to the the Chinese pay in silver and, not hav ing gold to fall back upon, they must During these recent developments in same dollar six months later. As a sun- have the silver to pay with must keep of silver has been followed by a rise in commodity value, and there are other the silver market the rise in the price port to gold its only use would be as a a supply of silver foient for the pur exchange, but at a considerable margin commodities which would be more valu- pose in the country at all times. only Protected by the wall of the Govable

When the price of silver in the markets smment prohibition of silver exports of the world commenced to rise in the

After all, while the warring nations extent high of have stupendous loans in terms

early summer of 1918 due

demand for the metabolich, was do te shipping silver to Americas of European gule and are extending there sedies me of

a

at this time, the dominant bank theoretically on gold still further, they bave not been destroying gold. They have destroyed property. They have been spending not gold but human labour, the Trait of human endeavour the products of human toil,”

The loans now placed in terms of sold

and the result naturally was that the ing interests in Hongkong and China stocks of metal in China commenced to pre-eminently Hongkong principal Move abroad. There is no exact mean bank, has refused to advance its exchange of measuring the amount of white metal rates to meet the price of silver abroad. which

went abroad, but the nature of the movement may be appreciated by the this year (1811), when silver reached ite For example, on September 22nd of the deposite of river in foreign highest point the telegraphic transter will be repaid not in metal but in the banks Shanghai at the beginning 1917 amounted to 2,959,000

rate of the Hongkong dollar was 77e products of their farms, their factories taels and $14,350,000 in coined money, as compared gold, while on that date the parity of and their scumulated wealth in material with 38,422,000 taels and $117,500,000 30kn. dollar at current rates (ou Chinese. Customs official gold is but the. the cost of importing the things. As was once aptly remarked by a coined money the, previous June.

The that dato 55 movement continued more or less steadily de Exchange, therefore, had been kept and, as a matter of fact, it also is merely per ounce) was about small change in international transactions until in July, 1917, when the extraordin 18/0.. or 19.5 per cent, below its natural the standard of measuring payments be nequired of continual Ph. protection of silver reserves in banks in

In Bhanghai on the same date the tween society and each member of it which Ching from ne Urinary Hongkong and Chinese porte a necessity, 31 17 gold, while the parity Ons is either newhere and heavy purchases were made.

ty of silver in

Vide Lancet. 28.3

A warranted cere for all ary rise in the price of silver made the transfer rate of the taal was really are made in Kind and on the basis

fomens Pille also cute Gravil

below its natural with all the burdens, first disregards the

exchange of mutual-credit

The nation which, emerging from war

Pains in the Buck and oil writing (October, 1917)) it is probable that level atrody

The result has been that at the presented was 31.3.

zidas pirerders. Free from the stock of silver and gold in Shanghai This policy has been maintained or touchstone gold pad looks to increasing mercuryje Forty years is not over 10,000,000 below what it was well towards a year and a half. Its effect the production of its farms, of ita iron cus Bold by all Cherains at the time the rise in silver commenced or operation may be illustrated by the and steel mills of all its industries, will and Bierkampers Shrooghen and this amount will probably be made up Lact that while the average value of the be the first nation to pay its debts

before the year is over. However, this is Hongkong dollar in the Match natterournal of America and Commercial in Shanghai and not in the provinced of 1917, as fixed by the price of silver in

Bulletin

the worke

TAPPER

JOHNSTONES

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Watery Blisters On Face, Neck and Hands Healed By Cuticura..

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several

months

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Samples Free by Post (Ssap to cleanse, Ointment to heal.). Address: F. Newbery & Sons, 27, Charterhouse Sq., London. Sold everywhere.

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