December 1, 1902.] attention. We have already expressed our opinion, which is shared by the whole of the Anglo-Chinese Press, we think, that the attempt to raise the Yangtsze question now is not only unnecessary, since the integrity of the Yungtsze Valley has already been guaranteed, but is also animated by an unfriendly spirit toward Great Britain. We have suggested that there is revealed one more instance of the Chinese love of playing off one Power against another, for we are loth to think that Germany deliberately set about to undermine the position of Great Britain, her avowed ally. It is difficult to see what "conditious" for the evacuation of Shang- hai are le't for the subsequent settlement of which REUTER sperks.
without
more
CHINA OVERLAND TRADE REPORT.
THE CURRENCY TROUBLE.
413
superfluous goods, of which she has plenty and to spare, only requiring a little en- couragement to remove the not unnatural hesitation of her own people, who know but too well from the past that their own Government lays a pitfall in each transac tion. The natural, indeed necessary, out- come of this utter want of confidence on the part of the producer is that, failing a wholesome export trade, the Chinese Government has to pay its indebtedness in hard sycee; and this sycee has to be ex- ported in bulk to a market where it ceases to be money, and has already become a drug.
The effects of this condition is first felt at
Tientsin, which at the moment is hopelessly bankrupt, owing to the drain of silver hav
ossible excessive trading might have led to a revulsion in any case; but it is equally certain that the want of any capacity for finance on the part of all the governments concerned is at bottom responsible for the worst part of the trouble.
NANKING'S TRADE, 1899-1901.
(Daily Press, 29th November,) Some months ago we drew attention to tho very serious injury certain to be inflicted on the trade of China, especially that portion conducted with foreign countries, owing to the want of understanding on the part of the nations interested of the effects likely to be brought about by the demand for silver by the Chinese Government, in order to meet the payments due on account of the indemnities. China, we pointed out, was then practically the only nation con- tinuing to hold on to a silver currency; and we showed how the placing of the large amounts of silver thus required on the If, as is stated, Sir ERNEST SATOW is to already glutted silver markets of the worlding exhausted the life-blood of the trade. When there exists actually in the ex- attend a conference in London, it is to be would of necessity result in a continual change market a difference of upwards of trusted that the British Government will decline in the already discredited metal. twenty per cent. between the two adjacent take the opportunity of being enlightened Since that time the silver market has markets of Shanghai and Tientsin it is not on various points in connection with its followed the lines shadowed out; and the difficult to see that affairs have reached a policy in China. In His Majesty's present ordinary rate of exchange has fallen some
point where wholesome trade is actually Minister at Peking they will find one who twenty to twenty-fire per cent, with an
enormous increase of the difficulties which condition at the moment.
impossible. has represented his country with
This is unfortunately the It is quite credit than any of his recent pred cessors,
then were strangling the import trade. the only one of late years, in fact, who The only method that seemel practical for appears to have grasped the situation. He the adjustment of these difficulties would went to Peking after a considerable period be the gradual substitution of gold for silver of declining prestige for Great Britain in currency, and we suggested that as a begin China. During his brief terin of office so uing the import duties should be made pay far he has struggled manfully, and not able in gold; while every means should be hig taken by removing the impediments that some success, to restore country's name. He scem's
have then stool in the way of the export trade, to recognised that Britain's status in China and by encouraging the opening of gold (Daily Press, 27th November.) was and is in grave pri of being lost, mines, to aid the process. These sugges Among the Consular reports recently issued That Sir ERNEST SATOW will impress this tions were practically scouted on all sides. by the British Foreign Office is one on the on the minds of the responsible Ministers The local merchant would not hear of the trade of Nanking for the three years 1899, at home, if the chance be given him, we fixing of the duties on a gold basis-which 1900, and 1901. Nanking is a place with have 80m0
The would, as ve pointed out, "have the tendency a curious history among the Treaty ports, reason for trusting. question of British influence in China may
of automatically removing the unwonted and we therefore take the liberty of quoting be divided into three parts, corresponding disturbance in the finances on the occasion the opening paragraph of the report of Mr. to three sections of China. There is the of any serious alteration in the rate of Acting-Consul WILKINSON in its entirety, North, where by the natural course of exchange-because he feared that the bur- 'On May 1, 1899, Nauking was formally events, aided by the entire absence of any den on his imports would be increased to opened to foreign trade and the Imperial Maritime Customs established at the port. intelligible or consistent British policy for an unbearable extent; yet, inconsistently, many years past, Britain plays a very small he was pr pared to increase artificially the Strictly speaking, Nanking has been a treaty port for over 40 years. It was part, and Russia is the absolutely pre- burden by more than doubling the duties dominant nation. There is the Central or to be paid in silver. Possibly even the "opened to foreign commerce under Clause Yangteze region, wh re Britain has always most bigotted limetallist would now be dis-"VI of the French Treaty of 1858, but, held the hegemony, and only recently has a posal to allow that the apparent drop in the claimant been found to dispute the "sphere of import duties brought about by the reduced influence," which was so much talked about value of silver has been dearly purchased at in the days of China's loss of Port Arthur the expense of the present very serious con- and Kiaochau. Lastly, there is the South dition of the trade. As if this neglect were (which means here Canton and the West not sufficient, we actually find that the River) where the position of Hongkong Chief Commissioner sent out by the British gives such natural advantages that the Government to assist in alleviating the leading place among the foreign nations burdens on commerce has lent his counten. concerned in this region can only be ance to an export tariff far more burden, lost by a long course of apathy. It is full some thau the prescut, and that should the time that the British Government should scale and methods to which he has acceeded consider intelligently, as it has never done for the purpose of still further afflicting the before, its policy with regard to the trade in exports ever come into practise, the Chinese Empire. What is now wanted is difficulties that at present affect the import consoli·lation of our position au la determi. trade will le further brought into being to nation to resist aggressions, open or covert. hamper the export. It may be quit: true Did other Powers make the spirit of their that the export duties of a nation are its policy agree with the letter of their assur- own coucera, aud that primarily it is the ances, we might continue without much first and most direct loser by blocking the loss in the old careless and irrational way. export of its superfluous productions; and But several other Powers are very w.de- dia China have no engagements abroad, and awake to the opportunities offered to them
were she in a position to meet her debts, by British supineness, and even the best doubtless the argument would be irrefrag framed conventions are susceptible of able. This is however not the case; this has various interpretations. Therefore been acknowledged in all the proposals for understanding at home on the China ques-raising the tariff, and it would only have tion, or collection of questions, as it would be more correct to say, is earnestly to be hoped for.
an
Mr. Carl Brem r, of Messrs. Fraser, Farley & Co., is reported by Japanese papers just to hand. to have, beau arrested and detained in Negishi prison, in connection with the charges against Mr. Le Provost,
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being in the possession at the time of the Taiping rebels, it was impossible "for merchants to avail themselves of "their treaty rights. In 1865, after the "retaking of the city by the Imperial
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troops, a commission was sent by the "British and French Governments to inquire "into the trading possibilities of the place, "but the report was evidently unfavourable, for, beyond the selection of a site for a foreign settlement, no steps were taken to "have the port formally opened. The sub- sequent fate of this settlement is some- "what mysterious. A dispute between the commission and the local authorities as to "the conditions under which the site was to be handed over led to the transfer of the negotiations to Peking. No solution, however, of the difficulty seems to have been arrived at the capital until, in 1875, the question was finally settled by the supposed disappearance of the settlement which, it was reported, had been washed away by the river. At the present day "the greater part, if not the whole, of the "old site is still above water, and would in many ways make a more suitable settle- "ment than the locality which has now been "chosen for the purpose by the local offi- " cinls.
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been the act of a financier able to sec beyond the point of his nose, to insist that before he perinitted himself to enter into
After this the question of opening such negotiations he would have secured the "the port to all appearances was dropped, power necessary to free the general trade "until, under the Revised Yangtze Regula- from the imminent danger of strangulation"tions of 1899, China undertook to establish which now it has to face. In a wholesome a custom-house at Nanking." The pre- condition of trade China would pay her seut importance of Nanking, Mr. WILKINSON foreign indebtedness by the export of her says, is due rather to the fact that it is the
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