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May 23, 1903.]
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CHINA OVERLAND TRADE REPORT.
CHINA.
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ago. A great deal has been said subject of bimetallism; it has been erected into a benevolent fetish on the one hand, and exorcised as a maliguant demon on
the magnificent thing, if it were only possible. other. As a fact bimetallism would be The if here is the material point of the argument, and as long as it continues so to be bimetallism with all its haiuties must stand to thrown in the teeth of the Indian Govern- one side. It has been ment that the measures it took in 1893 savoured of if that alone were sufficient to condema
“hastard bimetallism, them. We are content to accept the imputation, and yet prepared to justify the Government in the measures it took to extricate itself and the country at large they found themselves. Prior to the 26th from the very difficult position in which June, 1893, silver, being the nominal as well as actual currency of India, the mints of Calcutta and Bombay were open to the only check being the convenience of thi coinage of silver in unlimited quantities, the holder of the bullion. Such, of course, is the natural outcome of currency la vs and con ditions all over the worll. Government accepts and coins all gold The British presented to it for th purpose without question as to the quantity in circulation. | Ôn the 26th June, ten years ago, the Iulian Government announced that it would accept no more silver for coinage, and for the future would only issue rupees in return for gold, carging for each rupee 18. 41, or nt the rate of sixteen for a sovereign. The rupee was at the moment only worth 18. 2 d., so not unnaturally many of the best friends of the Government raised the cry of "preposterous." The decision of the Government had been forced upon it by the action of the exchange banks, who like ALEXANDER, the Copper-Smith, saw in the proposil the supercession of their trade. The wars and means for bringing about change felt to be inevitable had been mu h discussed publicly, and the banks foreses- ing that something must be done, adroitly, as they thought, prepared to make money out of the difficulties of the Government, and imported enormous quantities of silver, which they sent to the mints for conversion into rupees ng fast as the latter could turn them out. This circumstance, which really was the crux of the entire matter, is curiously not mentioned by Mr. ROBERTSON. The Government, not usually aldicted to heroic measures, especially when finances. were concerned, kept its own counsel for once, and skilfully avoided giving the banks any indication of the steps it intea led to take.
of putting_n_stop in a practice, which, | THE CURRENCY OF INDIA AND we regret to notice, is still as rampant correspondent whosa letter apprarsin another column over the signature of" Anti Dumping
(Daily Press, 19th May.) suggests that an improvement in the methods of the
On the 12th March Mr. J. BARE ROBERTSON, Sanitary Board would speedily check a former resident in Shanghai, real before this dangerous and disgusting practice. the Society of Arts a long and in many If the facts are as stated by our correspon- respects important paper entitled "The dent the procedure of the Sanitary officials Currency Policy of India." Although in the appears to be but little less dangerous to the paper and the discussion that followed no public health than the actual dumping of single mention is made of the present finn- dead bodies in the street for our corcial position in China, which in some respondent alleges that if a death occurring respects runs parallel with that of India in a house which in Hongkong generally before the closing of the mints, the paper means a tenement house is pronounced is eminently suggestive for those who are "to be from plague the Sanitary Board honestly seeking a remedy for the present "officials take charge of the premises and very dangerous monetary condition in which "the occupants of the whole house are China finds herself placed. "turned out into the strect with their change of the Indian currency from a silver Although the furniture and all their clothing, winter to a gold basis occurred so recently as 1893, “and summer, which is emptied from the the measures taken, as well as the prior "boxes and disinfected." Our correspon situat on, have already become history; audi, lent says that there are several instances what is moro of people turned out from plague-infected history. In a debate on the subject in the curious, almost forgotten houses living in the public street for several Hou-c of Commons on the 29th March, days. If what our correspon lent says is 1898, we find Lord GEORGE HAMILTON true- and we believe it describes fairly using the following strong words as to the accurately the method of procedure-then position into which Indian finance had it is not difficult to understand why it is fallen: "What was the position that the that the Chinese are, as our correspondent “late Government had to face? I do not says, more afraid of the Sanitary Board “want to use language too strong, but India than of the plague itself. It is, of course, was unquestionably on the impossible for the Sanitary Board to carry
verge of bankruptcy. She could not pay her way, out its duties in this respect without "and one of two thing was inevitable, either causing great irritation and annoyance to that she would be unable to meet her the people whose dwellings and whose obligations, or that this country would belongings are fumigated and disinfected. “have had to come to her aid." Now, alls It is an absolutely necessary duty; but it pertinently Mr. ROBERTSON, if that was the certainly behoves the Sanitary Board to position of India, and it cannot be doubted see thut no unnecessary damage is done by that it was, when the mints were closed nur their employees to the property of the when silver stood at 39. and the rupee at unfor unnte "tenarts, and above all, these 1s. 2 d., what would it have been to-day people ought not to be left in the streets with the rupee fallen to 11d., and silver at "to shift for themselves in the manner 22, ? Chin has bal to face the latter, described by our correspondent, It is an and the result is that to all intents and obvious duty of the Board to provide tein purposes she is bankrupt, and lies, tied had porary accommodation for the healthy and foot, at the feet of the nations of inmates dislodged from plague-infected Europe. As a natural consequence China is house, not only because they have a claius being treated by her very particular friends on the Government to be provided with to some very good but unpalatable advice, such, but also because if it is necessary the main incentive of the advice in too to disinfect their belongings it would seemi many instances being an ardent desire to logical to regard the persons t'emselves as fall in for the remnant of her remaining contacts" who should be kept under assets when she shall have been compelle observation. With regard to the other to declare her bankruptcy. This is, however, suggestions contained in the letter, the only the way of the world, and as China Sanitary Board, having regard to the advice would herself have adopted it hal affairs of their medical experts, cannot revert to the only turned the other way about, it cannot former practice of disinfecting a particular be said that she has much tɔ grumble at. flat instead of a whole house. The present state of knowledge as to the infectivity of plague is against half-measures of that description, but there are some observations in the letter to which the Sanitary Board might well give consideration.
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Between seven and eight clock on night of 15th lust. in Queen's Bad W stuear its junction with Hollywood Road, four Chi nese set on another and bed him of a purse containig about thre doll rs. Three escaped, but the victim caught the fourth and with the assistance of another thinam in who witnessed the robbery held him until the arrival of a lukong. At the Magistracyo Saturday the defendant was sentenced to six wehand
labour.
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China, however, is a land of possibilitios, and so China's condition is a matter that concerns a good many more than her own Government and people; and as many closure of the fints came thus upon the The notification of the immediate of the European Powers are sincerely hauks as a perfect surprise, as the silver desirous of seeing Cuina rohabilitate 1, it may they had intended to tender was left na a be accepted that not all the advice with drug on their hands. This action of the half-concealed desire to become possessor mented on and canvassed in an unfriendly which Chiun is treated springs from any Government was at the time much com. of her ramining effects. The position spirit ns amounting almost to sharp prac. then in China in many respects is not tico. Looking back on the position after unlike that of India in 1893; China, ns had then Iudia, has a large indebte iness what other course lay open. Had the au interval of ten years it is difficult to see in gold, while she clings almost with Government gane beating about the bush, desperation to a currency of silver. Owing the banks would have found the means to to improvements in the metallurgic_art1,|render the conversion impossible. So and the discovery of many new sources of supply, silver c n be produced in enormous quantities, and at a rate which thirty years ago would have seemed chimerical. The consequence is that to met her engage. ments China is compelled to withdraw from her circulation a continually increasing quantity of silver, so that the burden of
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strong and persistent were, however, these unfriendly strictures that in the end the Government had to make a compromise with the banks, and accept for coinage 20,000,000 rupees. This act had an im- portant effect, and considerably delayed the relieving effect of the Government's action. As the subsequent history of the change of
At the Magistracy on the 18th inst. thre In- dian watchmen at Qury Bay shipbuilding yard were charged on the complaint of Mr. J Lacock, heid watchman with being drunk and d's orderly in the shipyard at 11 p.m. on the 17th inst. They were convicted of le char, and ia fining tem $25 eich Mr. F. A. Hazeland remarked that it was just such conduct as the defendants had been guilty of that led to serious her debt year by year presses more heavily | currency gains rather than loses in interest disturbances. Under the cironmstances, there on the assets of the Empire at large. we shall leave to a future occasion its fore, he felt bound to make an example of them.' Similar was the position in India ten years' discussion.
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