1931-04-01 — Page 12

12

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General Managers.

THE

HONGKONG TELEGRAPH, WEDNESDAY, APRIL 1,

THE FUNNY SIDE OF SILVER,

Sheen of Sycee.

де л

1931.

"to

Also, in the formula they uko arrive at the conversion rato of 110.00, they allow only 1 per cent. for the superior fineness of bar

be

our

On

I have said that the Monetary tael is a coln because I possess several of them that I keep by me to confound the experts who por aist in denying that the tacl has any (Continued from Pago 2.)

corporate entity, Still, wa know or overwhelmingly influences, the that although it exists as a coin and price of silver. I mean the tool that, as a banknote, it in for all practical as 1 shall prosently explain, has purposes a conventional unit of a confounded Euclid by demonstrating count that servee merely that things that are equal to the medium for the adjustment of book same thing are by no means equal balances through its theoretical re-silver, and baso outturn upon

to sycoe. Actual one to the other-thereby under-lation by value mining the very foundations of pure settlements in alivor are made by mathematics and consequently dis transfer of shoes of sycee called proving the Einstein theory-that, "shoes" because they are about the size of small bricks and are shaped by the way, originated in China.

Before we can consider aliver ke sampans. qua taels we have necessarily to put on record cortain theories or con-

We have now got to the stago ventions

are by general ngrce- that ment accepted as facts, whether where we can cinim some intimate they are so or not. Nobody knows acquaintance with the monetary who propounded these theories. tael beenuse we have established its Who was it, for instance, who first apparent parity with its parent decreed that 98 taels of sycco 935 Bycee, but, bearing in mind the fine should equal 100 toels of ac- pitfalls that lie in wait for the un- count? Was it the man who in-wary in China; we shall find it in vented interest? Nobody knows! structive to take an actual shoe of On what logical basis is the whole sycee, te werk out its value in of monetary tools, and to see whether inexplicable hugger-mugger values that value conforms with certain other theories and conventions that tacla vis-a-vis But those who would Hghtly con-overn monetary dem a currency system because Bycee. We shall, in fact, put old and find out the test gobudy knows who founded Euchd to

Einstein whether things that are equal to it, and because only

things are necessarily and myself understand it, may the same well reflect that China stands alone equal one to the other.

Chinese standards and founded? Nobody knows!

new

iver over Bycee. As the latter is reduced by copper alloy to about 935 fine, this allowance assumes that bar silver is about 995 fine in stead of 998 fine. So here we have another slight difference. If we export sycee for remelting into bar the certified markings of the Kong- ku, we shall find that in an average shipment of 20.000 shoes there will still further loss of 2 per cent. on fineness and 2 per cent. weight. These little losses, .more- over, occur when we have announ- ced that wo are buying eyeco apoc fully for export, in which case the mint shopa charge us 1/32 per cent. more for what is termed sycoe-that is, the really real ayces, and not the ordinary sycea that is only real Rycee. So here we have The conversion rate of 110.90 another slight difference. Monetary tasis for 100 Canton thela weight of bar silver 998 fine is not a permanent rate. It is true that, being merely a rate for the conversion of one kind of sil- vor into another, it should be per- manent, but it changes with tho price of charcoal that is extensively used in the remelting process. It has also been known to change for other reasons. I view with grave concern the anniversary of the of Salamanca, coinciding Buttle Insects, and I shall watch closely the effect this has on the conversion rate.

us the greatest nation of the Allied Let us take a shoe of sycee. We and enemy states that did not tam-do not know what its weight is, nor per with its tokens, nor palter with do we know its fineness, because we have neither weighed it nor assay- its principles, during the great it but we have every confidence this year with the Feast of Singing | trinis of the war and the greater ed trials of the peace. They may well in it because it has been passed as reflect that China never sold the good honest tender by a Kongku. tael to serve the hour, and that it (A Kongku is a kind of public valuer was to silver-using China that in Shanghai to whom all shoes of yese are sent by the Mint shops to Indin turned to save her gold stan- dard from collapse during the dark be attested before being put into circulation. He is appointed by days of 1916,

exchange

Subject for Prayer. Gentlemen, I have said enough aut sycee in China to convince a subject you, I hope, that it is

more fit for prayer and fasting

CANADIAN PACIFIC

QUICKEST TIME ACROSS THE PACIFIC

AN ADDED ATTRACTION EMPRESS OF JAPAN &

EMPRESS OF CANADA

will call at Honolulu during May, Juno and July. minking tho voyage Hong Kong to Victoria and Vancouver in 10 days. Interchange arrangements have been mado enabling passengere to stop at Honolulu and proceed to either Victoria, Vancouver, Sau Francisco or Los Angelos.

Taleptones Passenger 20762 Freight 20042

though, like the than for half an hour's considera- WORLD'S GREATEST TRAVEL

"There has been no time within the mint shops and is thoroughly the memury of man when the tact trustworthy,

of us, he doubtless has been other than an honest rest

that business token-or as honest as could re-recognises

He tests each shoe in There has business. sonably be expected.

perfanetary way with a touch- been no time when a man that pos sessed a lack of account could not stone, but judges it principally by

"look

a method that is pro- BUG, it for a tucl of silver. I am not here as a protagonist in the bably more reliable than the touch- gold versus silver controversy, but stone. He marks in ink on ench I have grave doubts as to whether hive his opinion of its weight and a system that, in less enlightened fineness

We find that this shoe has mark- countries provides eredli in ex-

the unsophisticated change for paper, would be readilying--that neceptable in China, whose peopic, might mistake for a Chinese oath

that indicate its weight as fifty numbering one-fifth of the popula tion of the world, have an age-long Chuping tacts and its fineness as 2.69 premium. This is the pre- preference for the simple and more or less honest usages of the cashmium per shoe, not the premium shops that call a tael a taek, and do per cent. This particular shoe, as not write it down by flity per cent. It happens to weigh exactly fifty Chauping Tacle, saves us some and call it a frane.

Now, having handed this louquemental arithmetic, as we are able to the thel, let us see how it estab-to double the premium and say it is hes itself on a sterling basis, 5.38 per cent premium over what having regard to the sterling price may be termed standard sycees. of bar silver that, as we have preconvention that 98 Chauping taels I have already referred to the supposed, is the truth about silver. llere let me add that somebody is of sycee 35 fine are equal to 100 sure to point out that my calcula onetary Laels of account, and it is this fineness of 935 that the tions are wrong. will anticipate

Kongka takes as his standard. If this objection by frankly admitting therefore we add to the standard that they are wrong, but they were

6.38 per cent we shall find that this right the day before yesterday, or whenever it was that I made them, shoe is 985.3 fine. They will invariably be wrong when they are checked, but they would invariably be right if they were checked at some other time. This peculiarity is one of the minor eccentricities of the tael that I am not taking into account,

Values.

Theoretically, a monetary tael of the conventional fineness of 985 is said to equal in value a Chauping weight tuel of silver 016-2/3 fine

to put it in another way,

or,

鏡

Value In Monetary Tnels. Now, if we wout to ascertain its value in monetary tacts, wo take its weight 50, add its premium 2.60, multiply by 100 and divide by 98. This gives us 53.765, and if 50 Chauping tacls of sycee 985.3 fine are worth 53.765 monetary taels, then a simple calculation leads us to the conclusion that a thousand Chauping tacls 985 fine are worth 1074-93 monetary tacls,

tion after tin. With all its pecu- larities it in deserveg of respect. The Late Mr. Stephen, of the Hongkong Bank, told me, about seven years ago, that the honesty of Byceo was the safeguard of China's currency.. My own experi-

SYSTEM

ence during fifteen years as a bank THE SWEDISH EAST ASIATIC

manager accords entirely with the view of the ablest and greatest of the managers of our time. If I have dwelt lightly on some of the minor eccentricities of silver in China it is because they afford more scope for a sketchy address at an hour's notice, than would a more serious consideration of the essential soundness of China's

currency.

If I discussed silver seriously I would take you back to the transi Lion stage of Japan from silver to gold, to the break-up of the Eatin Union, to the memorable contro- versy on bimetallism that, from the seventies, had a profound effect on the tangled tale of American cur- rency for a quarter of a century. There is a fascination in studying the views of the unreasoning ad- vocates of "cheap and abundant money", as there is something in- triguing about that protest of William Jennings Bryan against the crucifying of humanity upon a cross of gold. Perhaps he lived too soon! Who knowe?

The history of allver i respect to the currency of India is related in the voluminous raports of the many commissions that have at various, times dealt with the sub- ject. The appointment of Commis sions to deal with subjects in fuct a feature of the

as against the convention that they in ВО marked

are equal to 1075-25. A very tri- Government of India that one fing difference indeed but we find sometime wonders when it governs, these triding differences at every

Here also, in Hongkong, we have

the conversion

thousand Chauping weight taels of silver 985 fine are worth 1075 monetary taels, The Chauping tael is based on the Canton tacl

one of the several stages of the had our Currency Committee. Its that is taken to weigh 679.84

evolution of bar silver into mone-report you have never been allow- grains, though in fact its weight is

ed to see, and perhaps the Govern- slightly more.

One hundred Can-tary tacks. lon taels are taken to equal 102.5 So far we have dealt only with ment has acted wisely in withold- Chauping

of syree, but we ing it from you. Certainly there Thels, so that a Chauping tael weighs approximately 665.7 have to bear in mind that sycee are more entertaining books that grains at least it does when the itself is an evolutionary product of you might read, though none per- mint shops buy silver. When they bar silver. The mint shops take a laps of greater heart internat. At nell silver they reckon that fixed rate for the conversion of bar any rate that report has been re- tacis equal silver into monetary lucis payable aponsible for the landing here to- 102.4 Chauping tacls. The dis in spece. They pay in sycee or did day of a Commission appointed' crepancy is very slight, but it is until recently, 110.90 monetary tacls by the Home Government, and as

we shall all be affected by its find not made any alighter by the prae- for 100 Canton tacis weight of bar

ce that obtains of using one net silver 998 ne.

ings we may say in all sincerity the buyer and the seller adjust In considering this convention that we welcome its members and of scales and weights for receiving we have to remember what I have look forward, with confidence, to and another set for paying. How | already stated, that when they the successful accomplishinent of these discrepancies between them buy the allver they reckon 102.5 the difficult task they have before selves is one of the unsolved Chauping taels are equal to 100 them mysteries of internal bullion opera. Canton inols. When they pay for Rotarian Bousfield expressed tions In China that no foreigner it by delivering the sycee they the Club's thanks to Mr. Champkin can hope to understand.

reckon only 102.4 as the equivalent, for his address.

hundred Canton

General ManaKOTE I

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