316
If there is to be any hop cess, Chins must the initiative, in ing to work out vation; alone and without assistance, be quite helpless, but she has plenty of ent to mike a serions attempt to hår fuances from the confusion into they have drifted. She will no doubt sympathetic assistance from the Powers if they see that she is in earnest she has already agreed to take one important preliminary step *in the arabis
establishment of a national currency and therefore, I hope, you will concur in the terms of this resolution which suggests that the Treaty Powers should urge upon China the ad- visibility of taking preliminary steps to r form her currency without further delay.
་
Mr. E. 8. Little- rise to second the resolution, but before I do so I should like to ask if the Chamber of Commerce is committed to the expression of opinion that an Interna- tional Commission is desirable because I am not of that opinion. -
The Chairman-I can only reply that the report and accounts were passed unanimously.
Mr E. 8. Little-Then the Chamber is committed
The Chairman-It does not say so. If this resolution of Mr. Anderson is carried the Chamber will adopt the terms of it.
Mr. E. S. Little Then the report has not committed the Chamber?
The Chairman-No, I referred to the matter in my speech.
Mr. Little then proceeded to speak in support of the resɔlution, and in the course of his remarks said :-
There are gentlemen in the room who no doubt believe the export trade will be interfered with by the alteration in the currency. 1 had a letter from a gentleman in England with re- ference to my pamphlet and this letter remarked that it would be a mistake to advocate a gold currency for that reason. I submit that that opinion, as Mr. Anderson has already shown, is a fallacy. I should like for moment to refer you to the figures on the Annual Customs Re- port. I want you to notice that the imports of The present year show an increase of 27 per cent over those of the preceding year, while the ex- ports of last year increased by 25 per cent. The import trade has, therefore flourished ap. parently in spite of dropping silver, but we must not be led away. A gentleman told me recently he could sell now 88 minch for
:
1
I
THE HONGKONG WEEKLY PRESS AND
taels as he could a few years ago for one tael, but he left out one great consideration. The trade of all countries has sustained an inoresse; it is not satisfactory to find trade in China the same as it was 10 years ago, Again, the exports are shown to have increased 25 per cent., but Mr. Taylor in his report tells us that silver has fallen 20 per cent. There has been a revision in the scale of duties and although the number of taels received is much greater, the practical sterling value of the exports was only the same as the year before or possib'y a little less. This knocks on the head the argument that low silver will benefit exports; it has not done so hitherto, want to take my speech out of the range of theory and put it on the practical basis of actual facts. The export trade has nothing whatever to fear from putting the currency on the gold basis.I have in published articles adverted to the fact that gold is the basis of value in this country whether we will or not. A curious fact has come to my attention in the last few days. It is that in the interior the dollar will only exchange for 650 cash as against 800 here, so the price of things in the interior has practically increased. That has nothing to do with the value of silver for silver as an intermediary is wiped ont and we get the exchange value, I think, as between copper cash and gold. Bo the export trade has nothing to gain continuing on a silver basis, but ything from putting it on a gold basis. We should get the advantage of an absolutely stable currency. Every, lipporter knows the diffic föf doing business with the present
everyone's benefit to have a steady standard casir
no one will bring up the diff- baties and details of the nestion. I am bite ready to argue these, but we are not
face them
ow. We admit that there are difficulties, but Chirs has agreed to a
national currency and we only say that being so, it will be good to do this and put it on a gold basis as soon as possible (apphuse).
Mr. C. J. Dudgeon-I should like to emphasise one or two points in connection with the theory held in some quarters that low exchange stimulates exports. I confess I have been to some trouble in working out figures of the trad in China for some years and, although I have not these complete as yet, I can give a general summary. Take the import trade for the past 11 years; I have not thought it necessary to go back further in regard to them. My figures show what China has bought in sterling not taels in the year 1902, as com- pared with what she bought in sterling in 1892. You will find that China paid out in gold last year 40 per cent. more than she did in 1842. and in that period exchange has fallen 40 per cent. There is, therefore, an indication that there is a purchasing power in China, a power the extent of which we are inclined too much to overlook. Take the export trade; have treated that somewhat differently and gone back 20 years and I have divided my figures into two decades-1882 to 1891 and 1892 to 1901-while I have set out those for 1902 separately. I find in that period of 21 years exchange has fallen 54 per cent, while the increase in the export trade has been about 30 per cent as against, on the import side, an increase for that period of 21 years, of 88 per cent. Therefore it is perfectly plain that the theory that a fall in ex- change stimulates exports is an absolute fallacy. It has been proved so in India. What we want is a stable exchange and I think we shall be wise to accept Mr. Anderson's motion so as to farther the movement in that direoli n. To get a stable exchange is an absolute essential in my opinion for the trade of this Empire. We have seen a most enormous increase in the sterling purchasing power of China, an increase of 88 per cent in 21 years and on the other side we see that the export trade has only increased by 30
per cent.
A stable exchange is what we require and we ought to do everything in our power to bring it about. The motion was carried unanimously and the meeting ended..
THE GERMAN COLONY OF TSINGTAO,
A very interesting description of Tsingtao the German Colony in Kiaochau Bay, is published in the N.-C. Daily News, from which we extract the following paragraphs :-
The orginal villages on the site of the new town have all been pulled down, their ruins being still visible in many places, the owners being paid a liberal money compensation Le- sides having had new ground allotted to them at a distance, in which roads and drains have been built at the Government expense and in which sanitary needs are strictly enforced- much to the disgust, if not to the benefit, of the Chinese; certainly the benefit to Euro- pean residents is indisputable and one can but regret that similar enlightened mea- sures were not. originally adopted in Shanghai and Hongkong, and still more markedly in the neighbouring port, and should-be sanatorium, of Chefoo, in which cities the interests of laud- owners and land peculators have been allowed to set aside those of the general public, whose health and o mfort have been sadly impaired by being compelled to live amidst a dense Chinese population, brought around them by their own activities. A paternal government that, unlike our own municipalities, has no landowning interests to save is thus not without its advant- ages, however, much it is the fashion to decry, if not to despise, German officialism-which ap- pears at its best in Tsingtao-at least if we may judge by outside results to-day. Chinese mer- chants, however, to not appear to be excluded from the Settlement proper, for there are several Chinese stores and the shop of the noted firm of "Cheap Jack and Sons" is conspicuous on the sea front not far from
|
May 4, 1903.
on board the sailway tra ks, a prit will prove valuable as develo trade is only of a retail noter bat extension of the rllway J'sing tao is bound become the post of supply for the province of Shantung and the main outlet for the produo- tions of the proviuos as well as possibly of Honan beyond—to the detriment of Chefoo, as long na that now flourishing treaty port has no railway connection of its own with the interior districts.
-?
Tigao already possess two good hotels: one, the Prins Heinrich" a really first-class establishment: cottages have als been built to let to summer visitors, the bathing from the sandy beach of the Clara Bucht, a small bay to the east of the Settlement, amply supplied with the familiar seaside bathing machines, being excellent and safe. There is a fiue public day school for boys, boarders being taken by the masters, while a good educa tion for girls is provided by the sisters of the Roman Catholic convent. A first-rate. military hospital has been erected which is open to civilians though the climate is naturally so healthgiving that little need for such an institution exists. There is also a well- frequented Seamen's Home as at Shanghai; it contains, besides the usual reading and billiard rooms, a fiue lecture hall with a theatre stage and numerous bed-rooms; these latter are let for the night at a charge of 40 cents for petty officers, 2 iu a room, and of 20 cents for seamen who have each a separate cubicle. The barracks for the garrison and the accommodation for the large administrative staff are, it goes without saying, as roomy and conv. nient as it is possible to make them, and their architectural features are among the chief adornments of the town.
In taking leave of Tsingtao we must again express our admir tion at witnessing the great result achieved in so short a time and the good taste and practical sense displayed in laying out and building up the new city. The architecture of the public buildings is of a high order and agreeably varied; it ranges from antique German to the newest renaissance. The Seamen's Home, to which we alluded above, is a fine specimen of the former style. A bay is being built out in the sea-wall front, on which is to be erected a monument to the memory of the first Governor, Jaeschke, whose sudden death was an irreparable loss to the young colony. An- other reflection that cannot but force itself upon a Treaty Port resident visiting Tsingtao is the boon that is enjoyed in a free hand, unfettered by Chinese obstruction, in forming a trading station healthy and convenient for foreign resid- enca; while benefiting the natives of the place by the immediate expenditure of European energy and capital, the empire generally gains new tradal facilities such as its own officials will never promote of their own accord. In one important point the new colonial system of Germany is far in adva03 of our own boasted British system. Land speculators are not given a free hand with consequent over- crowding an disease, as in Hongkong for in- stance. Land is not sold except for immediste utilisation, and stringent conditions are laid down with regard to the class and condition of the buildings to be erected. These facts lead us to condone, if not entirely to approve, the methods by which Kinochan and other like places have been wrested from a corrupt and decaying government, a government careless of progress and opposed to every innovation, and whose officials, largely traders themselves, dis- courage enterprise in others, especially where leading to increased intereɔurse between their own people and the improving outlander.
COMMERCIAL
CAMPHOR. HONGKONG, 1st May -No arrivals.
SUGAR.
HONGKONG, 1st May-There is no change the prices and the position is the same as when last reported.
hekloong, No. 1, White......$3.35 to $8.41 pel.
Do.
2, White... 7.40 to
widely fluctuating exchange and it will be to the landing stage. The leading German Shekloong, No. 1, Brown 8.10 to 6.15 ́
༥་
firms in Shanghai and the Deutsch-Asia- tische Bank have also branches at this port, and are mostly established along the ses front, while a branch line from the new ra
w railway has been run along the rear of their premises by which goods can be shipped straight from the godown
Swatow,
6.00 to 8.05
Do.
» 2, Brown No. 1, White. Do. No. 1. White..... Da
1, Brown Do.
2. Brown Foochow Sugar Candy Shekloong
8.20 to 8 23
7.25 to 7.30
5,85 to 5.90
5.75 to 5.80
2.20 to 12.25 10.00 to 10.65
No comments yet.
Private notes are available after approval.