1909-02-05 — Page 9

The Hongkong Telegraph.

NEW SERIES No. 5903

CONTENTS.

Births, Marriages and Deaths.

Leading Article:-

Manila Carnival.

Trade in Japan. ***

Mr. J. R. Michael's Scheme of Currency

Reform:

The China Association's Methods,

The Farj-mutuel in Japan,

Another Railway Loan for China.

The Genesis of a City,““

The Rehabilitation of Shum,

The Thrifty Scoteman.

Telegram:-

Currency Question.

Opium Conference.

Tang Shao-yi,

Waiwupu.

Fenglien.

Great Fire at Tai-sha-tnu,

International Opiam Commission. Japan and Germany,

Tibet.

་་

Grand Councillor Den-unced.

Prince Ching.

Provincial Viceroy.

Chao Pik.

Memorials

Reform Party, Ex-Viceroy Shum. Caulon-Haakow Railway, Foreign Newspapers, y Three Eastern Provinces. Chinele-National Bonde, Chilli Province.

Yuan Shih-ki),

Yuan Hak teng.

·Foreign Ministers' Audience.

An Innovation. ·

Ex-rensos Recalled.

Stump Duty,

Chinese Official.

Fatality in Shanghai,

Mootings:-

Chica Association.

Campbell, Monre & Co., Ltd. Sanitary Board,

St. Andrew's Church, Kowloon,

Legal Intelligença:-

The Peak Murder;

Aliana's Pankruptcy.

The Late Me J. M, A. da Silva 'WOL

Police-

Yau-ma-6 Armej Robbery,

A Tramcar.Incident

Correspondenes-

Disturbance at Quarry Bay.

Upper Casila Rond."

Miscellaneous Artioles and Reports:--

-Gaston-River-Holocaust.

Anglo-Portuguese School,

Hongkong Banker's Marriage:

Macan's Deiimikation,

Progressive Hongkong.

Judge Rufus H. Thaver.

晚五十月正年元銃官

DEATHS.

On January 2, 1909, suddenly, as Aunfield, Rothesay, JAMES SALL (late of Shangbai) in

his Gast year,

MAIL

SUPPLEMENT.

(ESTABLISHED 1881.)

FRIDAY, FEBRUARY 5, 1909:

what they find to be the actual conditions pre- vailing in the archipelago. These observers will report faithfully, but if there is no sign that the natives are co-operating with the Goyern. On January 2zöd, at Shanghai (of meningi ment in securing the prosperity and perman tis) RICHARD CLAUDIUS CUTLER (DICK)ence of new industries the real value of such an sad of Heory and Kathleen. Hooley. HOOLEY, aged 8 years, dearly loved and only exposition as that which opeus to-morrow will to a large extent be lost. At the same time we fully appreciate the motives which have induced the Government to support the ex- hibition and the hope of all interested in the scheme will be that the natives may be roused from their lethargy and led to that state of mind which is necessary for the futuro welfare of the American Colony.

On January 31, 199, at Shaughn, AscHI Bald Maguban, Acing First Interpreter of the, Gamma Consulate General and Mixed Court Assessor, aged 31 year.

On February 1, 1909, at Shanghai, GUI HERME HOTELHO, aged jó veare..

The Hongkong Celegraph

MANILA CARNIVAL,

Chine Provident Loan, and Mortgage Co., being opened up mainly by private enter

Ltd.

A Wanchai Complaint..

The Expedition to Tibet.

The Cofanial Cemetery, Humphreys Estate and Finance Co. Admiral Lambton.

The Kowloon Land and Building Com

Alexandra Cinematograph,.

Astor House.

TRADE IN JAPAN-

41

י|

reasons which it would be unprofitable to enter into. The commercial outlook, how ever, showa o casier tone and the caution exhibited by the Japanese banks should make for stability and confidence.

A

五拜禮

就五月二英香

M&. J. R, MICHAEL'S SCHEME OF suggesting the advice of foreign experts in

CORRENCY REFORM.

(and February.)

political economy should be taken by China Professor Jenks being indicated as the adviser preferred, Mr. Michael remarks

age-taels of 48 % touch or fiosness and sub-

דוי

$IJ PER ANNUM.

SINGLE COFF, 35 CENTS.

When China's currenty in ́fixed on s'enundtical politics. gold baxis she will be able to borrow in Europe We understand that Sir Charles Dudgeon, at a much lower rate of interess than she has the Chairman of the Chios Association, has proved able to be the credit will be expressed his approval of the general theory improved and 'she will be able to repay her existing debis, and effect a saving of at least propounded by Mr. Michael, but belloves, 4,00,000 taels a year in interest, a revenue in Stewart has also approved of the principles incapable of realisation. Mr. Gershom self on a capital of 100,000,000 tacls. ... It is not possible within the limits of this embodied, although he also considers the Memorandum to propound an elaborate and scheme chimerical. The banks also are can- detailed scheme with the suggestion that the didly scepticalofits feasibility, but apparendy.. Chinese Government should adopt it a bloc, that cold reception does not discourage the but it is quite possible to draft the roug author who is pursuing his self-imposed task line of a scheme the details of which may well.

left to experts to settle. It is therefore sug Mr. Michael's sojourn in England is not all with avidity, At all events, it is clear that gested that :---.

1. The Central Government should assume play but that he still han time to devote to supervision and entire control over all the the larger problems which agitate reformers mints in the country.

in the Far East,

of gold and silver of as much as 30 to 35 these are paly exercised when the profits fall per cent within the last eighteen months. below expectations or when a foreign Mini After proceeding to advocate the adoptionter like Sir John Jordan makes representa of a stable currency on a gold basis, follow- tions against the depreciation of the sub ing the example of Russia, India, the aldiary coinage by the reckless flooding of of 15 millions sterling suggested by Mr. Philippines, Indo-China and Mexico and the market. As to the security for the loan Michael, we fancy he is unduly hopeful if he believes the Chinese Government would grant control of the silver coinage and all Mr. J. R. Michael, whose interpellations The Memorial and Decree indicate that the the mints to certain commissioners or re- at company meetings in Hongkong some Chinese Government nt present consider that presentatives of the countries participating years ago, prior to his departure for England, the time has not arrived for them to fix their in the loan. Indeed, that section (8) in used to brighten and lead at least passing curacy on a gold basis. Moving by steps in direct contradiction to section and interest to the deliberations of these usually they advocate the minting of a new silver coins would, in fact, remove from the Chinese sedate gatherings, is all manifesting pro-sidiary coins of 83% touch. They do not seem Government that very control and super- found attention in the doings of financial to have realised that if silver, which is now vision, which Mr. Michael has”ndro- MAIL SUPPLEMENT,

affairs in China. His appearances at the obtainable at 22 or 23d, stands at about that caled. The writer goes on to say that If ISSUED GRATIS TO SUBSCRIBERS.

Some interesting explanations relating to meetings of the China Association in Lon- figure when a gold basis is adopted and the China spends £5,000,000 a year on siivet the financial position of Japan were given doli lave generally been marked by sharp relationship between gold, and silver is fixed, at 18d per oz. she will buy 661 million oz, Hongkong, Friday, FebṛUARY 5, 19.9% by the Assistant Minister of Finances at a criticism of the work done by that body, and but afterwards goes up to 35 ar gad.. every tasi and her annual profit at 62% would be 411 meeting of the House of Representatives he has not been slow to indicate the course in the inering pot and sold as silver. Yet the for cost charges give her at the end of thres and subsidiary.com in circulation will be but million oz. which would, after deducting 5% held on the 23rdult. It is clear from the its energies should adopt, The China As possibility of a substantial rise in the price of summarised version of the statement which speration is composed of men, who have had silver is a contingency which cannot be ignored, years 108 million oz. profit on 200 million (1st February.)

appears in the English papers published in great experience in Ohina conditions in The Chinese Government appear to dread oz. of silver purchased. That is a fairly Few people have a clearer conception of Japan that the Ministry is determined to various directions, men who have thoroughly the introduction of a currency on the basis of respectable profit even for Chins, but there the real value of advertising than the average place the finances of the country on a sound proved their administrative ability. in.com.

gold. That their dread is ill-founded is shown are manythingsto be taken into consideration American and the lengths he will go in basis at the earliest possible moment, andmercial and administrative circles, and men

by the history of India which successfully pro in calculating that amount, notably the con order to create interest in his wares or his at the same time to induce the conf who have grown grey in service in Chinese rency on a gold basis. In India it is report-dition of the silver market. He continuess

gresses with "what is practica:ly, a silver country is amply manifest in the Manila dence of foreign investors" in the pros. These facts, liowover, do not make it certain

With fram go to 100 million taels of the new ed that 1,800,000,000 Rupees are in circula- Carnival which will be formally opened to perity of the industries of Japan that their views are always in conformity lea-toughly £120,000,000-and against this coinage current and legal tender among bank. murrow afternoon. It must be with some On the subject of the Budget the Minister with the ideas of the new generation which enormous eum the Indian Government, holders, merchants, the Government Customs, atc. pange of friendly jealousy that those en- addressed a series of replies to one of the has taken their places at the front, and it is

A reserva, of. gald. in India' a 'max- the present currency of mexican, dollars and. trusted with the cares of official adminis members who presented questions regarding just possible that in some respects continued

imum sum of from log to twelve million syces would be forced to iis, mere silver value pounds now reduced, after fifteen years' ex and would be bought at that value and reminted tration in Hongkong will regard this Carnival the policy of the Japanese Government in residence in England in retirement may have on which money has been expanded like respect of loans, etc. The Minister is stated blunted and beforged their perspective facul- China were to adapt a gold basis the need not coable the people to sell their holding of silver, perience, to two millions. This shows that if by the Government into legal currency, To, water and guests galore have been invited to to have explained that the abandonment of ties,and rendered less keen their opinions as keep a very large gold reserve; or even mint sycee, and dollars to better advantage to the cross the seas at the expense of the promoters the policy of raising loans was decided upon to the best methods of reform that should be much gold. Her people, like the people of Imperial Mint China might impose a s to 10% in order to describe the event. That the not merely because the present market con introduced if China is to take her proper India, will continue to use silver in their or import tax on bullion silver. Lastly the lo cost to the city of the exposition will be ditions were uncertain but in order to place place in the comity of nations. While such dinary dealings and foreign requirements will terest, on the borrowed capital of 15 millions exceedingly great is a matter of certainty, the national finances on a firmer basis. For may be the case, it is unlikely that they have be satisfied by bills in gold en different coun-ould bes--for the first year (5,000,000 at 41) but none can doubt that the fillip given to the current fiscal year, the proportion of forgotten the many schemes "of financial re-

tries. in China prices are now fixed in so 15,000; for the second year (10,000,000 at many different kinds of money that the addit) 450,000; for the third and subsequent trade will fully repay the originators. And the total consolidation, fund of about form which were submitted and came to

tion of gold would not disturb trade.

years! (15,000,000 at 41 £675,000. This it-is in looking to that result that the Ame Yroo,000,000, which was applied to the naught, as the result of the obstinacy of China could have no better opportunity interest would be paid out of the 61. ricans are prepared to make the Carnival a repayment of the principal of loans was Chinese officialdong to waive any portion than the present for putting her silver currency profit on the mintage. Against; "this" in- notable success. Of course, may be as- some V37,000,000. This would be increased of the benefits they obtain under the exist in order The price of silver has never forest will accrue to the Government on sumed that during the week of the revels to Y50,000,000 in the coming fiscal year. ing system. But the fact that the Chinese been lower than it is now at zid. Morenve balances in the China National Bark, say, 3% so that the difference will be roughly only trade generally will be at a standstill except The Government originally intended not to Government has made so many promises to the Indian Government, by reason of the last in the exhibition itself, but visitors will ab flost any loans for Formosa, but it was foundrelorm the currency and left those promises as a competitor for the next year or two.posata outlined in this abort Memorandum are year's famine, will be kept out of the market about 11% against the Government. The pro- tain an idea of the vast resources of the necessary to sanction a. Botation for indus- unfulfilled must have a blighting effect on

Other countries which have, fixed their silver put forward not with any idea that they should. archipelago which no amount of book study trial purposes. The sum. curtailed from those who, hoping for a modicum of relief, currency no a gold basis had to buy their silver be taken as floal, original, or authoritative ; but · could afford. It is in that respect that the estimates of ordinary expenditure was found that the years went past, without any st prices ranging from 29 to 456 Japan.did it rather with the hope that they may / bor of... Manila. looks forward hopefully and con-Y3,600,000 and that curtailed from the thing being done. Great things were ex- at the ratio of 32 to 1. Silver at 2zd. bringe the service to those, like the General Committee fidently, to the future of the islands. And extraordifary estimates was Y1,600,000pected from the ratification of the Mackay tint 42 to 110 Chion-cas come into lloc of the China Association, whoso duty it will be it is in that respect that Manila oc in addition to the sums postponed by the treaty, by which the Chinese Government fixing any ratio she chasses between 42 and 32 China's Currency, promised by Art. 3 of with Japan, the Philippines, Indo-China, elc by io take up the question now that the Reform of cupies-a-position so infinitely superior to late-Cabinet, the Government-liad post pledged itself to inaugurato-a-uniform 181 and use the balance-as-profit for her re the Mackay Treaty, is shown by the Memorial- that of Hongkong, Manila has a hinterland poned works to the amount of Y168,000,000. | national currency throughout the Empire, serve fund

and Decree, to have entered the arena of prac which is probably not hall explored ar yet | For the development and improvement but seven years have pissed and there is and whose richness is to a great extent proof the railways the Government expects little or no sign that the authorities are blematical. That hinterland is in process of to obtain Y7,500,000 from the railway earnestly desirous of taking that crucial step, profits and has decided to borrow. Y9,000,000 which would mean infinite possibilities for prise but also with the assistance, of the from the Currency Adjustment Fund China's future and place foreign business on Government and what it will mean to Manila and ¥11,700,000 front. the Deposit a more satisfactory footing. to October is already a foregone conclusion. The great Bureau of the Financial Department for last, it may be remembered, a memorial nim and end of the present exposition is to about five years at the rate of 5 per cent. was presented by the Imperial Council 30. interest the people of the United States in The increase in the Customs revenue is the Chinese Government suggesting that -the-country-and its products. But there based upon the expected-natural-increase-of-something should be done-in-the-direction also the greater problem of inducing the trade. As for the amalgamation of the of reforming the currency system and that with that memorial seems to have attracted attention natives to inferest themselves in the wealth" Formosan Customs revenue of their own country. Since the United from the Imperial Customs, the Governin London. It certainly fired the optimistic States took possession of the Philippinement had decided upon this measure for imagination of Mr. J. R. Michael, and when Islands nearly eleven years ago the the sake of administrative convenience, the Ching, Association suggested that mem- principal local product seems to have been Referring to the impression of Marquis bera might submit their views as to what demagogues, agitators, spouters, and ranters Katsura's speech in introducting the Budget, would prove the best method of carrying the Cetermined to live at the public expense,' a commercial writer in the Kobe (zeruíd states memorial into effect, he was one of the first

7. The Government to issue a uniform coin. and a mass of petty politicians who are not that in financial circles it was favourably to draw up memorandum embodying his

age of gold, silver, pickel and copper coins.

3. These coins should be in relationship one concerned with facts when denouncing the received and the country's. foreign trade for ideas on the subject. It is certainly an into another at a fixed ratio of exchange and Government Irishmcp_ard frequently de- the current year has trade a promising start-teresting-and-complex document. Whether legal tender the smaller coins to ba legal scribed as the most inveterate opponents of Bankers, it is observed, continue to have the render agrees with Mr. Michael or not, tender anly to a limited amount. any constituted authority but there is a much cash idle,there being no large demand he must admit that the framer of the scheme difference between' Irishmen and Filipinos. for money. Under these circumstances has been at immense pains to formulate a Whereas the former spends his spare time some bankers are urging that the rate of "plan of operations." The only thing isential foreign banks should be established in 5. A National Bank co-operating with influ. in matters political can regards them as a interest on deposits should he lowered to that in our opinion Mr. Michael is far too different provincial centres for the purpose of form of relaxation with a spice of danger in it, some extent, and certain small banks have ambitious and places far too much confidence exchanging money and notes at a fixed ratio, the latter makes politics his whole business already begun to take this course. Accord in the utterances of the Chinese Govern 6. China should raise a loan of say £10,000, and as he is not generally considered worthing, however, to Mr. Nagata, President of ment. Nov only so, but his 'scheme seems ano, (half in cash to get control of the mints powder and shot by the Government he goes the Naniwh Bank, it is uncertain whether or to us to be abnormally elaborate and, if all nod the other ball in credit only to from bad to worse until the officials have to not the ensiness of the money market will its clauses are taken into consideration, some he dran pures of the world, viss ncipal financial centres of the world, vis:-London, take cognisance of his wild imaginings: In the continue for long; several concerns are what premature. If the Chinese currency New York, Paris, Yokohama, Berlin and St. meantime, however, bis false patriotism has making efforts to introduce foreign funds, system is to "be changed at

all it Petersburg, probably led others of his kidney to regard but capitalists abroad are by no means must be by graduated and almost impercep labour as a mere utility of wasted energy free from anxiety yet as to the financial tible degrees, not by the complete overturn -and-only compatible with ignorance, and so conditions-in-Japan.—Until foreigners are of settled methods at a day's notice. In his the seed is sowa broadcast against the digni- | willing to invest funds in Japan for lengthy memorandum Mr. Michael expresses his ty of labour on the land. As a matter of terms, the financiers here can never be fully optimism in clear language when he says: fact, the real ignoramuses are the blind at ease. But despite the uncertainty of the "A Memorial of the Government Council leaders, themselves, who wilfully refuse, to position several companies and municipalities (Hui I Cheng Wu Ch'u) on the question of recognise the advantages they enjoy as the are likely to commence to float loans or issue a uniform national currency for China and outcome of the American occupation, Near debentures at an early date with a view to an Imperial Decree daled the gth October, ly all the privileges that the native has been developing or improving their business, and 1908, have been published recently and as granted to-day have come to him since in that case the money market will cease to they seem to indicate that the Government the former sovereign power retired in favour be so easy, if it does not actually become of China are at last alive to the necessity of of the United States. Monty has been tight. In this connection, the Asahi con-improving the economical position of their poured out, in improving the general condi- tends that the foreign loans which have Country and earnestly bent on making a ons with a lavišli band, Roads and com been introduced by the Kanegafuchi Spin-radical change in their system of currency munications have been established between wing Company and other concerns, of some personal views, derived from a study all the principal centres, Railways are late, have been of an extremely unfavour of the question extending over many years, extending in every direction. The poorest able nature. It especially criticises the short, may not be out of place at a time when s child has the means of acquiring a westernness of the terms and the requirement of single false move may have the effect of education brought to its very door, and guarantees of repayment by influential bank- seriously retarding the economical progress hundreds of school teachers from America eri. If, the journal remarks,, the money of the country. That China is slow to move have been imported to work out the salva-market should fortunately happen to be is a charge that has often been laid at her tion of the country. Scientists are engaged favourable on the expiration of these short | dood, but it may well be in most cases as it in teaching the people the value of the terms, the companies concerned may be able certainly is in this case, that slowness and commerce. With all these things provided Geulty, but if the conditions are unsatisfactory ultimate well-being." There is both opti of C. W. CUNNINGHAM, I. M. Customs, of a

the native who decries American rule is they may lose heavily.. Under such circum mism and caution in these opening sentences daughter,

On January 31, 1969, at Shanghai, the wife spurning the hand that seeks to lead him stances, it is natural that banks should be re-although the caution is not always exhibited of MORRIS E, COCHRANE, Royal Navy, of aout of darkness into light. And the grim luctant to guarantee despite the commissions throughout the remainder of the memo daughter..

humour of it all is that the American which they obtain. The Arahí consequently randum. He proceeds to argue that what MARRIAGES.

Government has so far not made a penny concludes that the timng has not yet ar Chinu le suffering from at present is: I, On the 5th Jan., at St. Paul's, Knightsbridge, out of the business. With a boil such as rived for the flotation of foreign loans: The need for a national uniform currency, by the Rev. Canen Walpole, D D., Rector of

that in the Philippines there is no reason. With regard to Kobe's foreign trade it is. The need for a fixed relationship between Lambeth, assisted by Rev. H. Hughes of St. Paul's, Knightsbridas, NEWTON 1. STABB, of why the islands should not long ago have stated that during last year it showed a the different coins and sycee, ie, between the Hongkong and Shanghai Banking Corpora been self supporting, capable of meeting ail decrease of over 20 per cent. in exports and copper cash, copper cents, silver coins and tion, Honakoog, to ETHEL MARY, eldent the food requirements of the people, but the 23 per cent in Imports in the transactions sycee. 3. The need for a fixed relationship - daughter of Mr. and Mrs. A. M. Townsend, of day is far distant when such a desideratum | with Asiatic, countries, as compared with between China's confused currency and the

Wellington Court, Knightsbridga

9 January 21, 1909, at Shanghai, WALTER will be reached. It is estimated that the rice last year. In the transactions with Euro- gold, currency of the rest of the world. BULT ANDREWS, TO EDITH SARAH WATKINS, COPY Deone vide for the wants of hopean countries and a decrease of 274 Best depression of trade measurably common people for at least 15 years to per cent. la exports and 6 per cent, in im due to the three previous deeds. The On Monday, January 25, 19:9, at Shangbal, come. How far this Carnival at Manila will ports, and in regard to American countries absence of a red relationship between the HENRY GEORGE HILL (Di Messra, ta, Cantorns help the people to recognise the fact that the decreases were 41 per cent, in exports different types of coin and the sycee has witch & Ce) (o IDA, only daughter of Leon God helps those who help themselves and and 14 per cent in Importa. No explana hampered both the internal and the exter Biberman, Mesir, Western Russia.

enable them to conjure up the picture of a. tion is offered for all there decreases although a trade of Chink with depreciations and dependency able to stand, alone and secute we have a shrewd notion as to the causes discounts of every kind, and this want of a the respect of the world remains to be seen which led to the fall in Asiatic exports and axed relationship between the currency of 15 is all very well to laduce skilled observers Imports while the trade with Europe and China and that of the rest of the world has * to cross the ocean in order to report upon America probably suffered from a variety of resulted in fluctuations between the valuer "vision" overall this

+

Handy Reference Works.

Lady Lugard's Health.

Herr Premyslay's Concert.

Rowing.

Golf.

Canton Day by Day. Opium Suppression,

The Shanghal-Nanking Railway. Postal Control in China. ... Mr. J. H. Scott in Shanghai. Devirck-Agnische Bank“

The Opium Question.

Tolstoy's Woki

Launch of the Kliano-mars,

The Dai Nippon Sugar Refining Company. Formosan Sugar. -

The Import of Fimir

Japanese Sugar Monopoly,

The Osaka Sohen Kaisba,

French Mail Call «ion."

Japan Sugar Industry,

The Japan Boycott. Opium in Manila.

The Opium Conference.

4

Trade Prospects in Japan.

Progressiva Saigon.

· The Johore Opium Farm. Opium in India.

Woman's Progress in China. Landslip in Java. Chinese New Clothes Day. Commercial:-

Weekly Share Reports. Yara Market.

Exchange.

Local and General,

BIRTHS.

On January 3, 1969, to Mr. and Mrs. E. A. Hamilton, C. M. S., a daughter, IRENE THEODORE.

At Hankow, on January 17, 1909, the wife of LAURENCE B. BOYACK, of a daughter,

On January 26, 190, at Tientsin, the wife of W. R. T. TUCKEY RE¡AMJC Z., of a son,

On Jaunary 21, 1999, at Shanghai, the wife of M. W, TAIFFANDERO, Of A SOD.

On January 24, 1909, at Shanghai, to Mr. and Mia JAMIESON, a daughter.

Do january 25, 1959, at Shangbal, the wile of WM. MOWar Law, of a sod,

|

be

4. Bauk-notes may be issued based on the coinage,

7. The 15 million credit should only be drawa on if required, interest being payable on the amonal drawn

THE CHINA ASSOCIATION'S.

METHODS,

(3rd February.)

If we were of a captious nature we should Murray Stewart for the depressingly inade be inclined to lay the entire blame on Mr.

quate review of the past year's operations of the Hongkong Branch of the China Asso ciation. Seldom has the annual statement, together with the speech delivered is explanation of points that appeared curiously obscure, proved so disappointing, and if it were not that we know as a fact the local branch has been working assiduously in the interests of the trade and commerce of the Colony, we should suggest that it might give-up-the-ghost-and-leave- 8, China should have the option to redeem such matters in other hands, But we are the whole or any part of the lose at any time in a position to affirm that the Association after 8 years on giving six months' notice.

9 The securly for the loan should be the

has been labouring cardeally and-wisely, for control of the silver coinage and all the mints the benefit of Hongkong's mercantile welfare under Commissioners or representatives of each and that littla, has escaped the acute minds coqotry participating in the loan.

of those who, comprise the general com to. China should purchase annually for three mittee. We do not seek to challenge Mr. 40116 £5,000,000 wonb of silver, sycca, or the Stewart's assertion "that the proportion of mexicau dollars current in Chins to be melted correspondence requiring to be treated as for new silver coins, and copper and nickel for confidential was larger than usual last year, copper and nickel coins,

but we should like to

feel convinced that the entire portion of the remainder was "insufficiently interesting for repro- duction in detail." Mr. Stewart has an adaptible wind which soars above mere finicking detalis and dwells rather in the empyrean, than in the common-place, but most of us are otherwise moulded, and as we had to show the working of out sums- In old days so we have a desire to discover 14. To avoid the contingency of silver going how the Association and its chairman arrived

If The new cuns should be the trel, half tnel, quarter tact, mace and 5 candareeos in silver; the cent and half cent in copper; mod the quarter cent in nickel.

11. The copper and sickel color should be minted at a fiuentas which would give 30 per cent or more proft to the Government, i

13. Assuming that she takes ber purchases of silver at 241, China should mint her coins at the ratio of 3a to say 29d which will give her a profit of 11/3 per cent.

On January 10 1909, at Shanghal, the wife f islands in regard to minerals, agriculture and to consolidate the loans without great 'dif- circumspection will be conducive to her up. in future years to 40d (thus forcing the at the conclusions which are presented in

both of Shangbai.

On January 26, 19:9, at Shanghal, ARCHIF WILLIAM,-wos of Hanty Mutra. Brackstop of Whiter Papincé Alarick, Northumberland, ALLIZA BRA, Gaughter of the late Sopilmes

silver) China should mint the new coinage on coins to the melting pot or to be expiried as

the report. For example, on the question the basis of 80% silver and 20% alloy for the of opium the statement in the annual.review fael, and 7% and 10% for the subsidiary coins, wofully meagre, and yet evidence is fur thus making practically another as% profi od aished on its surface that it should have the purchase price at 24d..

proved absorbingly interesting. The sum 15. With silver costing China 183 per or, there will be a profit difference of 63% which

mary is full of meat, so to speak, but coloage value, and minted at the rails of 291

wo would have liked to see a little should be spent in coining gold reserve coins more bone and marrow in it, Can it be (ay, to tael, 5 tasl, and 21 tael pieces) doubted that residents in Hongkong who

16. All China's currency should be fixed on are all more or less concerned in this opium w the gold basis afforded by this reserve of gold problem would not have preferred to read coins.

the correspondence which passed between If that is not a complicated Uloplan the local branch and the London Cóm scheme, then we scarcely know what to mittes on this subject in extenso, particularly terms it. It is as involved and far-reaching, when it was found necessary. In obedienos in its effects as anything that even Sir David to the request of the London chairman to Barbour could produce, but one point which formulate a scheme whereby the burden of might commend it to the Chinese Govern taxation created by the withdrawal of the ment is that which allows the central mint opium revenuemight be gradually readjusted 2 huge profit on the production of the pro-Weare given skeletonised version of the local posed coins. Nominally, of course, thay Association's suggestion and even Imperial Government hat control and star forma It; les extremible, Interesting

Hongkonga