28
should also be engaged certain foreign experts, namely, one superintendent one examiner of silver, one head machinist, and one accountant, each having his special department of work. The one-tael and five-mace silver coins that are to be struck should be made of nine-tenths silver and one-tenth copper; the two mace-and-a-half and one-mace coins should be made of eight- tenths silver and two-tenths copper. The one-tenth and two-tentha silver balance thus obtained to be utilised as running expenses of the Mint. These coins being thus substan- tial no one will try to change them. When the Mint has been established it should first begin with the work of coining into money the silver ingots deposited in the provincial treasuries which should be all sent to the Mint to be turned into currency. Should silver bullion be brought to the Mint with the request that it be coined, the foreign examiner of silver should weigh it, and test its fineness. If these should prove satisfactory the money already coined by the Mint shall he paid out in exchange for the silver bullion. Furthermore as to the question whether the Mint shall issue silver notes or prepare silver certificates against the amount of silver coins deposited in its vaults, this is a matter of much importance and requires deliberation and further consultation.
THE HONGKONG WEEKLY PRESS AND bringing about a fixed rate between the price | of silver currency and gold. Therefore the starting of a Government Bank may be left to some later period after the establishment of the present all-important matter. It is not a question which must be started before it. How ever, the various Powers all have Government Banks and have obtained benefits from their establishment, especially Great Britain. When China therefore has reformed her fiscal system- then it will be of advantage to also establish, Government Bank. There are six objects in starting a Government Bank: (a) To assist the authorities to collect and take charge of revenue and keep account of it. (b) To enable the collector of revenues to keep account of monies disbursed, etc. (o) To take chargé of the National debt and to pay off loans. (d) To take charge of monies deposited by the masses under the same terms and conditions as ordinary mercantile banks. (e) To do the same as other banks in investing government and private funds deposited with it. (f) To transmit for the government all funds needed in the provinces and that should be sent abroad. The above six clauses are the basis of a bank's existence. There is also a further important matter to consider in such an institu- tion, and that is the necessity of appointing as 5. After the opening of the Mint, an Im- few officials as possible to such a Bank in order perial decree should issued "prohibiting the not to interfere with the commercial nature of circulation of any silver currency within the the place. Such a Bank having been established, limits of the Empire other than that struck by it will have to work in conjunction with the the Imperial Mint. A certain limit of time Mint. The Mint may be even made a depart. must also be given for the stoppage of circula-ment of the Bank, if so it would perhaps greatly tion, as money of the realm, of all silver sycee simplify matters. With regard to the establish- and silver ingots hitherto passing current as ment of branch offices or agencies of the money, and granting permission to the possessors Government Bank, they should be started as of such silver to take them to the Mint to the need for them arises. Indeed, the present exchange for the new currency according to customs Bank in the outports or any substantial weight of silver so brought. It should also be financial institution may also be selected to take set forth by Imperial decree fixing the exchange up the duties of such agencies in the usual value of the new currency, namely, how many manner like other Bank agencies. taels shall be equivalent to one gold, and how many copper cash to the tael With regard to the important question of making the new currency accepted in other countries the authorities of the Mint shall after the issuance of an Imperial decree, appoint an officer to take charge of the duty of exchanging certificates issued by the Mint for gold. This officer shall be given a certain number of said certificates and shall be stationed either in Chins or abroad. Foreign merchants who have firms, business, or banks in China must use Chinese currency, and in order to obtain such currency are bound to apply to the above-named officer for these Mint certificates. Moreover in buying these certifi- cates the foreign merchants must pay in accor- dance with the fixed rate of gold for silver currency as determined by Imperial decree. After complying with these conditions, the foreign merchants may then exchange these certificates at the Mint for the new currency coined by it. The gold paid in exchange for the said Mint certificates hay either be first deposited with the officer in question or be used to pay the foreign gold debts due by China, or be struck into Chinese gold coins in the future. Due note should be made of the progress of the scheme for the guidance of all concerned in the future. By acting in the manner indicated above the new currency will be fait accompli and
re-
have free circulation and there will be a cognised fixed ratio in exchange between gold coins of foreign countries and the new silver currency to the benefit of international trade. This is one way of obtaining fixed rate of exchange between silver currency and gold which is only explained here in a general way; too important a matter to be contained the limits of these Euggestions, and it I require careful and mature consideration sulation to avoid mistakes at the inting of such a great enterprise.
tions.
B
The first and most important idea in these suggestions is of course the making of a fixed rate in the exchange of silver currency and gold. The next idea refers to the ext: n- sion of the first on the understanding that the first idea has been made a fait accompli. Should it be determined to put into practice these sug- gestions, there are yet details connected with them which may be entered upon as each question arises.
CANTON NOTES.
[FROM THE
#6
CHUNG NGÒI SAN PO.”
THE NEW VICEROY.
The action of the new Viceroy has awed all the officials, civil and military; they have been much terrified, and even heart-broken. His
Excellency pays great attention to the forts
and garrisons.
One day when H.E. paid a visit to all the forts in Canton, he questioned the military officers carefully and particularly and asked whether the soldiers had been per- drilled according to Chinese or foreign ways, fectly drilled or not, whether they were and what the officers were doing all the time in their cffices. One of most important questions, which frightened the officers half to death, was What should be the execution ground of officials? as the execution ground of criminals was Tin- tзz-ma-tau. Then he privately asked the soldiers, what was their pay, whether they were properly treated or not, and whether some of them were enrolled as soldiers a few days before that the military officers were in the habit his arrival, for His Excellency was quite aware of making their
squeezes by keeping only fifty or sixty per cent. of the numbers under their command, the wages of the other forty or fifty per cent. going into their own pockets.
11
stations, in one of which he saw some opium- On the 22nd ultimo H.E. visited the police smoking paraphernalia. He was very angry, ordered the tools to be broken, and dismissed
persons concerned.
the
If be indeed desired to obtain a fixed stein the exchange of silver currency for gold there seems to be no other way of doing so except the adoption of the foregoing sugges-
It
will also be necessary to arrive at an understanding with the banks of other countries and work in conjunction with them; but
THE KWANGSI REBELLION. these are matters requiring much delibera-
As soon
as His Excellency arrived at tion and attention, and should be taken up as
Canton, Wong Chi-chan, Governor of Kwang- the occasion offers. As to the question of whe-si, came over to pay his respects to him ther China should have a Government Bank, and told the Viceroy that as the rebellion this is also a most important matter although in Kwangsi would soon be over, it need it will not affect very much the question of not trouble. His Excellency to go over
[July 13, 1903.
there. To which the Viceroy replied that he was sent by the Emperor to r
restore order in Kwangsi and it would be blameworthy on his part if he did not go there. The words of Governor Wong aroused his suspicions, and he made up his mind to go to Kwangsi at once.
CORRUPT OFFICIALS,
#
The Viceroy has found out over twenty influ ential officials who were notorious for making big squeezes." They have been dismissed from office and the Viceroy told them that if they wanted to protect their heads they esch would have pay a heavy sum out of the money they squeezed, to defray the war expenses of Kwangsi. Colonel Li Sai-kwai and his brother Li Cheung-fai were ordered to pay 500,000 taels; Pui King-fak, the Nam-boi Magistrate, 300,000 taels; and all the other officials from 200,000 taels to 100,000 taels.
YEUNG KU WAN'S MURDER. Li Ka-cheuk, who was alleged to be the in- stigator of the murder of Yeung Ku Wan, the reformer, in Hongkong, was also dismissed from office and ordered to return to Canton. It is reported that Li Ka-cheuk, who was acting as Prefect of Yamchów, on seeing the order of dismissal, was mightily frightened and com. mitted suicide; bus there is another report that- the Prefect died of illness.
FOOCHOW.
Foochow, 4th July.
FLOODS.
Great inconvenience was caused to business and shipping this week by the overflowing of the river. Both were at a stand-still for forty- eight hours. Brokers were unable to get about on account of the flooded state of the streets, and it was dangerous for cargo-boats to leave their moorings owing to the rapid current. The subsidence commenced yesterday and no doubt work would be resumed this morning.
THE RAINFALL.
June opened with a bright scorching sun and close tropical heat, night and day, but this pre- mature burst of summer culminated in a thunder-storm on the 11th and since then the sun has scarcely been seen for the rain clouds. Judging from the long continuance of the rain and the flooded state of the country one was led to believe that the record of rainfall (must be broken but this does not prove to be the case, as- will be seen from the following figures of rain- fall for the past 10 years, from the 1st June- to the 2nd July, inclusive :-
Inches
Inches
1894 1895
11.07
1899
8.28
6.51
1900
16.05
1896
821
1901
12.01
1897
8.86
1902
4.06
1898
10.60
1903
12.59
The heaviest rainfall on any one day during 5.10 inches were registered; 3.30 inches fell on these 10 years, was on the 29th June, 1900, when the following day, and the floods rose very rapidly, covering both the bridges.
THE KUCHENG TIGERS.
of sport of the finest description to the lovers of A letter from Miss Codrington opens a prospect the noble art in China. It is not frequently tha occurs such an opportunity as is manifested in the letter. In India those who would slay the tiger must go far afield and spend considerable sums for their trophy of skin and skull. Here in China we have provided for us within thirty hours' journey from this port, as we hear too from independent sources, sport of the fivest descrip- brute beast, and not only that, but the pursuit of tion ever longed for by the most ardent slayers of
the Lord of the Jungle will be furthered as far as- the surrounding natives can help the sportsmen whose dual aim it will be to bag their tiger and free the natives from their scourge. The usual difficulty encountered by would-be tiger-hunters- the Chinese. In this case it would seem beaters, in China, is the lack of help to be obtained by guides and trackers will be willingly provided. We call attention to these facts for it is evidently not a mere repetition of the usual annual tiger scare of the district, and we are in hope that these letters may catch the eye of some of the experienced and ardent sportsmen of the other ports and that they may hereby be tempted to try their luck at Kucheng where sport is assured and where every assistance will be offered to them.Foochow Echo.
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