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THE HONGKONG WEEKLY PRESS AND at the rate of 35 per cent. on the 1875 Nor must the deterioration of quality salaries in the case of offices usually be ascribed entirely to the inherent dis- filled by candidates from England and 20 | honesty of the planter. The unfortunate per cent, in the case of other offices. His
man, finding his product labouring under Lordship went on to observe, however, that a weight of taxation that prevented it where the office had been created or recon- competing on even terms with foreign tea, stituted, or its salary raised once or oftener has been more or less driven to pinch the since 1875, the rate should be fixed accord-quality in order to retain a margin of pro- ing to the merits of each case, regard being fit. It is all very well for the Viceroy to had to the date of creation or reconstitution exhort his people to " seek reform in the or of increase of emolument, and to the "trade and mutually aid each other in pro- amount and character of the duties; but ducing earefully prepared high quality the full amount of the increase above
tens, and thereby create anew a wide mentioned was to take effect only where the "demand for the article, which will be salaries stood as in 1875. A number of offices "followed by general prosperity to all," but received the full increase of 35 or 20 if any success is to be achieved in that per cent., as
the case might be, but direction the Government must in the first in the majority of cases the increase had place lighten the burden of taxation and so been already in part anticipated and the give the industry a fair chance. percentage of increase on the previous year's Given lighter taxation, however, and salaries was in those cases proportionately the improvement in quality and the reduced. The full details are set out in greater cheapness which might be ex- returns published in the Gazette of the 2nd pected to follow, a reform in the methods May, 1891. In some cases in which the in- of cultivation and manufacture would still crease raised the salary of an office to what be necessary if China is to compete on afterwards came to be considered too high a equal terme for the supply of the general figure advantage was taken when the demand, for the small demand that exists office fell vacant and a new appointment for fancy teas will not be sufficient to keep bad to be made to again reduce it to up the volume of the trade. The Tsungli a reasonable figure. On the whole, how- Yamen does not expressly condemn new ever, we think it must be recognised that with methods, but urges that "whether their the increase of 1891 and the exchange com-
tens are prepared by the old methods or by "the new the inhabitants of the tea planting pensation granted subsequently the members of the Civil Service have been more favour-districts "should always keep in mind the ably treated in the matter of exchange and the increased cost of living than any other class of the community, with the exception of the small but fortunate class who draw their salaries in sterling,
"importance of being careful in the work "and aim at producing high quality teas in "order to command the market." The Vi- ceroy Liu also says he has on former occasions repeatedly exhorted the tea planters in his jurisdiction to introduce reforms into their What is in- methods of preparation, etc. tended by the Viceroy and the Yamen, however, is, apparently, that reform should proceed on the old lines rather than that an entire revolution in the trade should be effected; for the quotation of the Netherlands Minister's despatch and the general tone of the exhortation seem intended to throw cold water on the attempt now being made at Foochow to introduce foreign methods. Yet it would seem that in the success of the Tea Improvement Company's experiment, coupled with redu ed taxation, lies the sole hope of a resuscitation of the China tea trade. If the Company has not at once succeeded in producing a class of ten to command the approval of the open market we hope it will not thereby be discouraged, but will persevere until success is achieved.
THE CHINA TEA TRADE. The exhortation of the Tsung-li Yamen and the Viceroy of the Liangkiang Provinces to Chinese tea planters is not calculated to produce any striking results. The exhorta- tion has been issued at the instance of the Minister for the Netherlands, who says that no tea is superior to the Chinese toa in flavour and delicacy of taste and urges that the ancient methods of preparation should be continued instead of being changed for the more modern methods. The Minister would appear to speak in the interests of a limited class of connoisseurs, by whom the delicate flavour and aroma of superior Chinese ten is held in high appreciation, but the amount of leaf required to supply the demand in that quarter can never be large. The great bulk of the consumers prefer the Indian and Ceylon tea and if China wishes to regain her place as the leading exporter she will have to adopt the methods of her com-
The extreme stringency of the money mar- petitors. Even in Hongkong, where one would expect China tea to hold its own ifket in the Far East at a time when nothing anywhere, we find Indian and Ceylon tea largely imported to supply the requirements of the European community, which is a plain indication of the direction in which popular taste tends. It may pay Chinese growers to produce a limited amount of high class fancy teas for the supply of special markets, but the trade in those descriptions can never attain any great magnitude. It is the taste of the average consumer that must be consulted if the China tea trade is ever to regain its former proportions.
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STRINGENCY IN THE MONEY MARKET.
As a
has occurred to shake public credit has given rise to a good deal of speculation as to its cause. When the Japanese yen were withdrawn from circulation owing to the change of standard in Japan it was natural that some scarcity of the circulating medium should be experienced, but con- filence was felt that it would be of short duration, as it was thought silver would speedily pour in to fill the void caused by the withdrawal of the yen. matter of fact a large consignment of silver was sent to the Bombay Mint to be coined The Viceroy LIU ascribes the loss of so large a proportion of the tea trade to the into dollars for China, which, had it arrived, carelessness and dishonest practices of the would have afforded considerable relief, but Chinese planters, which have allowed foreign it was found that the dollars could be dis teas to capture the markets. There is no posed of at Bombay at a very substantial doubt a good deal in that, but it is far profit, possibly for East Africa, but whate from being the whole truth. Indian and the ultimate destination of the money it
never came on to the Far East. A su Ceylon teas are preferred to China tea even when the latter is of unimpeachable quality,sequent smaller consignment was intercepte
ver
[December 2, 1897.
at Singapore, where the course of exchange gave the Banks an opportunity of profitably disposing of it. In the meantime the stock of spot silver, already reduced by the with- drawal of the Japanese yen, has been further reduced by an unusual absorption on the part of China, which has to a large extent been taking silver instead of imported goods in exchange for her exports. In the South large quantities of silver have been sent to pay for ten and silk up-country
110t come back, and from and have an article reproduced in another column from the China Gazette we learn that quite extraordinary shipments of silver have been made from Shanghai to Newchwang and the other Northern ports, and it is probable, we should think, that the riverine ports have been drawing heavily on Shanghai in the same way. But with silver at its present price, and more especially before the recent slight recovery, it might have been expected in ordinary course that wherever there was a demand it would be very speedily supplied. The recent rie in the price of the metal may have led many persons to believe that the supply was running short, that the quotation had touched bottom, and that a gradual recovery might be hoped for. We would be glad if we could think `· so, but, alas, we have been too often de- ceived with similar appearances before. A more probable explanation is sug- gested in the following paragraph from the Financial Times of the 29th' ctober:-
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The price of bar silver bas again risen, and "the spot market is decidedly firm. The bulls, in fact, have shown that they have more strength than was generally supposed, and, having control of the supplies, are "squeezing the bears. The present position "of the market, nevertheless, is entirely "artificial, and should the holders of silver
attempt to realise in order to secure their - profits, the price is likely to break at once- and come down very quickly As it "is, the rate for December delivery is "three half-pence lower than that for cash." The bulls cannot hold on indefinitely, and when they begin to give way we may expect a heavy decline in exchange, which will be compensated for, however, to some extent at least, by relief of the stringency of the local money market. It seems to be generally considered, however, that the present uncomfortable condition is likely to prevail until after China New Year.
THE EFFECT OF THE GOLD STAND-
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46
ARD ON THE SINGAPORE AND BANGKOK TRADE. IN discussing the proposal to adopt the gold standard in the Straits the Siam Free Press indulges in some extraordinary reflections regarding the probable result on tradal re- lations between Siam and the Straits. The effect, our contemporary opines, would be obviously to the disadvantage of Singapore. 'For," the article proceeds, our Straits friends, who take such a large proportion of Siamese produce, would be paying in gold, "or in produce representative of gold, for Bangkok shipments. The effect of this ar- rangement on Singapore would be to send up the cost of living for the poorer popu- "lation throughout the Straits, which would react disadvantageously on every business. "The question of debased coin, an ex- ample afforded by Java, may be passed over here as sufficiently evident. The "second tendency of Singapore's adoption "of a gold currency would be to limit "relations with Siam and turn the rice "trade towards Hongkong, which must of "necessity, from its position, cling to the
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