62
owing to the dearness of copper; to the melt- ing down of good cash for the purpose of making utensils instead of using copper; and to a steady increase of population requiring an extended instead of a restricted currency. Mr. Consul Tratman, in his interesting report on the trade of Chungking during last year, wrote as follows-
"Even more serions than likin is the condi- tion of the copper cash currency. This was referred to in my last report, and in 1897 things have gone from bad to worse. If the officials do not speedily take action it is difficult to see how commerce between distant places in the province can continue at all. The local bime- tallic question may be stated as follows. All wages are paid and local purchases effected by means of copper cash-now a string of 1,000, good Government cash, of which the present Chungking value is about nine-tenths of a tael, weighs 7 catties; thus in view of the difficulty and expense of carriage in Ezechnen large quantities of the circulating medium cannot be transported from place to place; according by the larger transactions between merchants.in different places silver (sycee) is used; Govern- ment accounts are also kept in silver-but the value of silver in relation to cash is con- tinually falling, and during the last five years has dropped at least 30 per cent. One catty of copper costs 0.32 tael of silver, and cop- per sufficient to coin 100 cash would cost 2.24 táels, exceeding cost of coinage which is considerable if the slow native method is to be used; that is to say, the authorities cannot coin cash of the Government standard except at a very heavy loss; accordingly they have practic ally ceased to coin at all. Meanwhile, more and more of the circulating medium is required to carry out everyday transactions. Debased and spurious coins increase in number, amounting in some places to 30 per cent of the total ur culation; the good cash are being driven out of circulation and melted down in spite of the laws prohibiting such a practice: at present even the smallest purchases cannot be effected with out haggling not only as to the quantity, but also as to the quality of the cash to be emplʊy- ed. Further in different parts of the province the cash has very different silver values accord- ing to its quantity and quality."
THE HONGKONG WEEKLY PRESS AND
|
[July 16, 1898,
[ment careful to keep the coins up to the fixed | sufficiency of these two unattractive articles the and understood standard, and to receive all most exciting political....events cause him no taxes in such coins.co
emation. But it cash are scarce and rice is dear his most sensitive saceptibilities are stirred, his apathy vanishes and he becomes the most untractable of men. Cash are now scarce and growing scarcer, rice is becoming dearer and dearer, and an ominous spirit of unrest is making itself felt in many parts of the empire. The Government would do well to bestir itself before it is roused up unpleasantly,
It may be interesting to mention that the mints at Tientsin, Wuchang, Foochow, and Canton altogether turned out the following | numbers of subsidiary coins during last year
50 cents.
214,796 31,852,571 17,892,981 66,921.
20 10
29
We may probably take 920 cash to the dollar as a fair average exchange for the districts served, and these subsidiary coins, therefore, represent a substitute for 7,608,907,242 cash, which sounds a large sum, which may represent something over 8 million dollars. It is difficult to understand why the most useful coin, the 5 cents piece, has been coined in such small numbers, but we may be allowed to hazard the guess that it is to be explained by the smaller profit made in minting the official in charge considering the interest of the mints rather than the necessities of the people.
The following figures taken from some of the replies received will give an idea of the rise in the silver price of cash during late years. The number of cash obtained for a dollar has fallen in Wench w ......from 1140 in 1892 to 90 in 18 7. In hangliai...from 1050 in 1892 to 900 in 1897. In Tungchw...from 10 in 189 to 125 in 197. The number of cash obtained for a tael has fallen in
..from 1600 to 1150.
Central Szechuen la Chungking In Wuhu
In Shantung
1700 to 1089.
13
"
1600 to 1320. 1450 to 1210.
1+
In will be noticed that these six considerable variations in the tael prices, part owing to the differences in the local tasks and part due to the percentage of spurious cash in circulation.
I do not propose to detain the meeting by going into details of the rise of prices of com- modities. The fact is well known and needs no proving.
I
CHINESE OFFICIALS OPINIONS OF RUSSIA AND GREAT BRITAIN.
Our native correspondent at Peking writes that the high officials of the Imperial Govern- ment, with only a couple of conspicuous excep tions, have had their eyes opened at last to the false friendship of Russia and that the gratitude of the country for the aid in getting back the Liaotung Peninsula has been entirely mis- placed. They have also begun to perceive the disinterested help of Great Britain; but that China, while not thanking Japan for pricking the bubble and exposing the hollowness of the country, certainly owes a meed of gratitude to that country for opening the eyes of the literati to the necessity of hurrying up and keeping pace with modern civilisation and requirements, a gratitude which will greatly deepen in the future if Japan continues to show her friend- ship, by helping China in giving instruction to her people whenever desired and siding with Great Britain in trying to preserve the inte. grity of China. It is further reported, and our correspondent believes it to be true, that it is the intention soon to dismiss from the mill- tary and naval services all foreign instructors with the exception of British, American, and Japanese officers.-N. C. Daily News.
+
CHINA'S COUNCIL OF WAR.
The native correspondent of the N. C. Daily News at Peking sends the following note:- The Board of Comptrollers-General of Military and Naval Affairs, or Tu-pan-chün-u'n-ch'u‹ is at last dissolved. With the collapse of the ex- Viceroy Li's crack Huai regiments first in Cores and tuen in Manchuria during the late war with Japan, and upon the return to power of the late Prince Kuug after several years of retirement in semi-disgrace, the Emperor insti- tuted, at the Prince's suggestion, the above- named Board, composed of Prince Kung; Prince Ching, Weng Tung-ho, Jung Lu, and the late Li Hung tsao. The Board of War officials, the Admiralty, and other similar institutions had almost broken up through panic following upon the victories of the Japanese, and it was imperative to constitute a Board of Councillors to direct the other Departments of State, the organisations of which were on the point of collapse, through the heads of Depart- ments being thrown into panic. Prince Kung grasped the situation at once, immediately assisted the Emperor in constructing this Supreme Council of War, which took over all the work and so saved the whole Empire from collapsing. With the death of the late Prince Kung, the guiding spirit has disappeared, and the Emperor in a decree on Army Reformation the other day incidentally declared that the Comptrollers-General was now
It would appear that Mr. Grosvenor's state- ment that while cash will purchase more silver they will purchase less of other articles is almost universally applicable to the whole Empire It seems beyond question that cash are be- This extract explains the whole difficulty us
coming scarcer every year and that the far as minting is concerned. The reasons given population is increasing this causing an in- are the exportation of cash to other districts, creasing demand on a decreasing supply of and the hoarding of cash. The more valuable cash, and continually aggravating the evil. It cash become the more hoarding will increase, is also forced upon us that in most districts the especially as such a bulky article is difficult to population has so nearly reached the limit of remove without detection. During the past
five
the available food supply that quite a small years the silver price of cash appears to have
margin of safety is left to meet any partial risen, speaking generally, 25 per cent. And we
failure by the crops. The cultivation of the are none the less assured that almost ail the ne-
poppy is widely extending and has certainly cessities of life have risen in price whereas we
caused a rise in the price of food stuffs in some should have expected dear cash to bring about provinces. And the cession of Formosa to cheaper prices just as the demand for gold in
Japan has cut off one source of supply. The Europe and the hoarding in war chests have sent country on the whole is probably poorer than prices down. Increased population is reported it was, and the foreign loans which have been everywhere, making a greater demand upon pro- contracted having been applied to other pur- duots of all kinds, while the full in the goid value
poses than the development of the country, of silver has stimulated exports to foreign represent with the interest paid practically so countries in consequence of the better prices much money drained out of the country. attainable, and has reduced the sup Money spent on ironclads and gunboats destined ply circulable for the natives. The enormous
to strengthen the navy of some power cannot be quantities of debased cash in circntation have regarded as having increased the wealth of the also contributed to send up prices. in some unfortunate taxpayer. There is an appearance districts short crops and in some the extended just now that the Contral Government has at sultivation of the poppy are held to be largely length become alive to the absolute necessity of responsible for the dearness of food. In Shan- adopting a new policy, and that the resources tung it is said that the cost of agricultura of the country will be opened up. Such a labour has been increased by the emigration of policy, combined with heavy taxation, of the labourers to Western Siberia. Szechuen com-
land under poppy cultivation, the encourage- plains of short crops, poppy cultivation and ment of the tea and silk industries, a more
AN UNKNOWN ROO. export of food stuffs. General Mesny, speaking sensible fiscal treatment of inland trade, and The Nippon Yusen Kaisha's steamer Nagoya- of this district, mentions increased taxation, improved communication, would soon enable maru, which struck or an outlying rook about increased demand for Inxuries, and decreased China to pay off all her debts and to establish eight miles south of Same Point (Hachinohe) on hours of labour. From Foochow we learn that a national and rational coinage which would the 25th ult., says the Japan Herald, was found the province is poorer owing to the falling ott send down prices and relieve the present to be sinking, and was at once head-d for the in the tea and timber trades, while taxation is dangerous pressure. The increase of popula- | beach by the
master, Captain Cottier, as soon as heavier. The writers of several of the replies tion, however, due to early and improvident he perceived the danger, and after steaming appear to think that poverty is increasing, but
marriages, which, however commendable | some tive or six minutes, he finally beached the this would be the natural result of an increase
from an ethical point of view, are largely vessel, which was filling rapidly, thereby saving of population where manufacturing industries responsible for the present distress, is likely to all—a large number of passengers and the on- liave so small a share in the occupation of the
have consequences in the near inture which one tire crew. The vessel is, we regret to say, a people.
cannot contemplate without grave anxiety. total loss. Captain Cottier and the crew have The Chinaman is an eminently law abiding returned to Yokohama. man, principally because he takes little interest in any thing except two absorbing topics-cash and rice. As long as he can obtain a bare
The want of cash is in some parts being very slowly and inadequately met by the circulation of a subsidiary silver coinage, and this relief would no doubt extend rapidly was the Govern
|
Board of
dissolved.
THE WRECK OF THE “NAGOYA MAKU."
"
The submerged rock on which this fine but unfortunate vessel struck, was not marked on the chart, and previous to the catastrophe was
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