Page
SPECIAL SUPPLEMENT
TO THE
Hongkong Weekly Press
AND
China Overland Trade Report.
HONGKONG, MONDAY, 23RD FEBRUARY, 1903,
THE LOCAL CURRENCY
QUESTION.
A special general meeting of the Hongkong General Chamber of Commerce was held on the afternoon of the 19th February, in the Chamber Room, City Hall, for the purpose of discussing the question of local currency. Hon. C. S. Sharp (chairman) presided over a large attendance.
The SECRETARY (Mr. A. R. Lowe) read the notice calling the meeting.
difficulty for any desirous of this course in the Committee, despite in certain quarters getting the very small number of five members broad hiuts made as to one-sidedness and required by our rules to requisition such a opinions begotten of self-interest, have en- meeting. This requisition has now come about, deavoured to approach the matter on the broad and the Committee in view of this evidence of principle of what would be best for the trade interest on the part of members welcome the of the Colony taken as a whole, and they hope opportunity given by the requisitioners and that they may be given credit by members of sincerely trust that some good may result from this Chamber for having made an honest en The CHAIRMAN opened the business by the exchange of views to be made. The Com-deavour to follow the question out on these lines, whatever may be hinted by others to the contrary. reading the requisition calling the meeting which mittee, as business men, freely admit the many was signed by E. Osborne, secretary. Godown disabilities imposed on the business of the (Applause.) It is scarcely necessary to remind Co.; G. W. F. Playfair, National Bank of Colony, or that portion of it connected with the members that what may suit the importer of Cha; J. R. Michael; W. G. Humphreys, W. trade with gold-using countries, by the ever foreign goods may be highly detrimental to G. Lumphreys & Co.; and Bradley & Co. Pro- fluctuating position and unsteadiness of the the interests of the exporter of native goods and ceeding, he said-We have called you together silver currency vis-à-vis gold, and generally products to foreign countries; what may be to on this occasion in conformity with the rules, we would no doubt welcome something like com- the advantage of the foreign manufacturer, the and in response to a requisition sent in by five parative stability, but the great difficulty with member of the community with his earnings- members that a meeting be held for the us in this Colony, and a most serious one it and/or savings in dollars, the home shipowner, purpose of considering the question of local appears to be, is how to change to a gold basis and others, may not suit at all the local factories currency. I propose first of all to make a fow so long as the foreign trade of China, in which and industries, the local shipowners, and others remarks, and then to call upon the requisition- the most important portion of our trade lies, with various local interests, and also that any ing members, and any other members who may has to be transacted on a silver basis. It is such change as that to a gold basis whilst a silver basis may be desire to take part in the discussion, to address true that during the past few weeks, since the China romains on the meeting. I will preface the remarks I matter was considered by the Committee, there extremely prejudicial to native interests and native trade, which bulk so largely in this have to make by stating to members that as appear to have been inaugurated some tentative a Committee we have not had the smallest proposals having in view the conversion of Colony, and would undoubtedly have to come in desire or intention to shelve the subject, or China to a gold basis of currency, and, if such a for a very great deal of attention in the course stifle discussion of it by the Chamber as a complete and sweeping economic revolution for of considering the pros and cons of bringing whole, as has been alleged against us in some such a backward and conservative country be about such a currency change.. I merely men- quarters. The position has been as follows: found possible, our difficulties in this matter tion these as a few of the instances which must The Committee duly considered the question, will no doubt disappear to a great extent, if not claim serious attention in the consideration of and have circulated for the information of the entirely, but, if such a change cannot be such measures, and as I have stated we have had members the opinions formed by them. As brought about, it appears to the Committee to try and think solely of the possible results of would be seen from these, they were unable that this Colony, by entering upon any change such a radical change as affecting not one set of to see their way to advocate the policy of this of currency apart from China, would be in- interests, but as affecting in a favourable or Colony taking steps in regard to a change incurring such grave risks of eventual calamity adverse form the many different and important currency measures apart from China, and they and disaster that they would require to have the interests which go to make up the large therefore felt that there were no reasons on most cogent and convincing reasons to go upon total of the wealth and business of this Col their part for calling a general meeting for (very much more so than any they have hitherto (Applause.) Gentlemen, with these remarks the purpose of discussing the question. They seen put forward, or suggested) before such a now call upon any members wishing therefore considered it the best course under change could command their support or serious part in the discussion or bring forward these circumstances to acquaint members with consideration. The difficulties, therefore, which posals and discuss the same. their views on the subject, and to leave the the Committee foresee are not with regard to initiative to members themselves to requisition the adoption of a gold currency as gold, so a meeting if members felt sufficiently strongly much as with regard to adopting a gold on the subject, and could presumably bring currency, whilst the foreign trade
1 good reasons for suggesting the China is conducted in another medium. It rability of introducing such a change, or must be borne in mind that there are several | feasible proposals with regard to same, and sides to this vital question. What may of the committee of thi
more so that, surely it feeling were at suit one side may easily be fatal to the other, stand, decid neral among members, there should be no ' and in all their deliberations about the matter | that no steps
|
of
Mr. E. OSBORNE moved of this meeting it is desir rency Commission should Hongkong with reform of advisable.”~-~ H
the
No comments yet.
Private notes are available after approval.