rightly pointed out, this is speculation, and the Government does not and cannot speculate either in land or buildings. We might also, to pursue the argument a little | farther, remind the Colonial Secretary that the tendency, in the st of building, is most distinctly upwards, both labour and terials ma having lately appreciated very considerably. It is not too much to assert, we think, that the cost of both the Queen's College and the Central Markets was enor mously augmented through the sinful delays attending their construction. With two such
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THE HONGKONG WEEKLY PRESS AND which this laggard Government moves it will be another decade before the centre of the city assumes the aspect which it is designed ultimately to wear.
THE CURRENCY QUESTION.
(Daily Press, 18th July.) Juue understands that at the international The London and China Express of the 19th conference to study the best means for of money hetween countries with a gold, establishing stable relations in the value
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[July 27, 1903.
visiting, is proposing to tackle is much greater; though, as we have said, stability is the logical sequel of nuiformity. We eaunot here go into the difficulties involved in the establishment of a general two- shilling silver dollar in the East. The case is one which even the highest financial exports would not un lertake to expose in summary fashion. No doubt on the return of the Commission to the United States we shall get the report which they inake to but he of the greatest interest to all their own Government and it cannot
monuments of waste of public funds before and those with a silver, standard, which who have anything to do with money
46
met at the Foreign Office in London on the previous day, an arrangement was arrived at respecting the currency of China It is rather curious that REUTER should
us, we ought never to suffer again from a similar cause, and we sincerely hope, therefore, that the work on the new Law Courts will soon be gone with." It is surely tinė it was commenced not have thought this news suitable to be for though other countries were prosecut- But we shall be agreeably surprised if telegraphed out to the Far East, even months do not elapse befüre a stone of the gh the terms arrived at were not made they did not have the courage to consider
building is laid.
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public. The conference in question was between representatives of Great Britain, China, and Mexico, and the members of the United States Commission then on a visit
some
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it must be admitted, include the majority of men. The United States Government did the world. · a great service when it appointed the Commission,
ing enquiries in branches of the subject the question as affecting the whole world. The appointment of the Commission may be considered to have hastened in no small degree the settlement which must some day come of one of the most troublesome problems in commercial and general life.
THE OPENING OF WIJU,
(Daily Press, 23rd July ) the Corean side of the Yalu River mouth, The question of the opening of Wiju, on
promises to develop in importance, if the news telegraphed by REUTER's Yokohama correspondent be correct. According to him, the British representative at Seoul has now intervened and asked for the opening of the port to trade, while M PAVLOFF, the
Russian Minister, at au audience with the
The remarks of His Excellency the Governor in concluding the debate, we are sorry to note, though not so discursive
to London. The latter Commission was and inconsequent as thos of the Họn. R.
į sent out from the United States in cou- SHEWAN, were not by any means reassuring nection with the proposal to obtain as regards the progress of pending works.
| working plan on which silver may be Sir HENRY BLAKE dragged in the Water utilised as a currency on a more stable works and the Harbour Office, which were
basis than has prevailed of recent years. not under discussion, and then, having. After the identical notes presented by lumped the whole of the pending public China and Mexico to the United States: works together, estimated the cost at over administration, President ROOSEVELT re- three million dollars and remarked that it ferred to the question in his message to was not to be expected that such works
Congress, and the Commission was no- could be constructed in day. This is so
minated to investigate the matter. The obvious that we imagine there is not an members of the Commission left London individual in the Colone who would have
on the 18th June for Paris, to proceed the temerity to disput. But what the to Berlin, St. Petersburg, and The Hague public are saying, aud Mr. STEWART, in
with the same object as they had giving voice to their complaint, stated, is in view in Britain, and it is expected that that time is being lost and while huge they will return to London in September. private buildings have grown up around and A telegram from Paris at the end of last have long been occupied, the sites whereon month announced the opening of proceed the Government buildings are to stand s
ill
ings there and state that the United States lic grass-grown and intenanted. The
Commission asked that China and Indo- Governor next defended the Director of China should accept the new Philippines Public Works for not accepting a tender system, namely that the silver dollar should for the erection of the Law Courts because be fixed in value at fifty cents gold. This it was too high, and this may have been telegram seems to give us a clue to the fully merited, though, not being in posses terms stated to have arrived at in London, sion of figures, the public can hardly be but not divulged. This would practically expected to judge. Po ourselves, we are mean that the whole world would recognise content to accept His Excellency's assu-
a two-shilling silver dollar. Of course, in rance on the subject. At the same time we
the case of China, this means going far would again ask why if no reasonable beyond any scheme for securing an unitorin tender was forthcoming did not the Govern- | currency, "a promised in the MACKAY ment decide to carry on the work with the treaty of 1902. But a stable currency is menns at their disposal as a private indi- the logical sequel of an uniform one, and vidual who cannot get satisfactory co-all but a comparatively few would gladly see tract would have done? They were certainly the sequence carried out. The opposition to not justified in throwing away public even au uniform currency in China will funds thus recklessly, and ought to have doubtless.be very strong. As the London, lost no time in proceeding with the work and China Express says, we must look for without a contractor. Bir HENRY BLAKE
great native opposition by bankers, com made one very satisfactory aunouncement prodores and shroffs, and all that is com- when he stated that it is proposed the
prised in the powerful Shansi guild, whoare large nud valuable site opposite to the
"interested in matters of exchange; and Hongkong Club, as well as the ground
exchange, be it remembered, affecting not at present occupied by the temporary Re-
only countries but that arises between pro clamation offices and the larger weed-grosn
"vince and province and 'ety and city in strip to the south, should be made into
"China." Yet, as our couteinporary says, public gardens in perpetuity. We should this is the first step that must be taken have been still better pleased, however-and before the question of Chinese foreign we speak for the entire community if His exchange can be grappled with. The Chi- Excellency had also stated when it was to
nese Government, however, we may tak to too has sent large numbers of armed meu be redeemed from its present condition. be convinced us to the desirability of
to protect her lumber business, and that How many more yearsure to elapse before the uniformity in its currency, and the esta: she has troops in
all the ports of Government side of this ornamental gar-blishment of an Imperial Mint to put into
Corea. "That is simply untrue," says den is made to correspond with the charm circulation the Imperial coins is no longer
the Mail. Japan, we believe, has ad- ing oases created by the Hongkong and merely a dream. One of the factors in the
"here I conscientiously to the terms of the Shanghai Banking Corporation? It would, world's currency difficu'ty will have been
KOMURA-WALBER Memorandum of 1896, we should have thought, have been a removed when China has this uniform which accurately fixe; the uifïmber and plensing recollection for Sir HENRY BLAKE Coinage.
"distribution of her armed force in Carea. to have carried away with him, that this
"No action taken by her in recent years The question, however, which the United work had been completed during his States Commission, in conjunction with the can furnish a valid precedent for the administration, hut judging by the rate at 'representatives of the countries which it is despatch of Russian troops to the Yalu
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Emperor opposed the suggestion. Up to has been Japan, through her representati ve, now the only country to ask for the opening
Mr. HAYASHI, Seoul despatches in some of the leading vernacular papers in Tokyo at the beginning of the present month reported that the Coreau Minister of Foreign Affairs, in reply to Mr. HAYASHI's application, suggested a conference of foreign represen- tatives to consider the matter, to which the Japanese Minister replied that no such conference was necessary all that he must With reference t> press his suggestion. this, the Japan Mail trusts that Japan will adhere resolutely to this line of policy, as it seems to our contemporary to be the only direction in which a peaceful solution of present difficulties may be sought. However, there can be n doubt that the support givea by Britain to Japan's request will be welcomel in the latter country, and we do not see on what grounds Russia can hones ly counsel Corea to refuse. That M.. PAVLOFF should give such advice is, of course, well in keeping with his country- men's evident desire to include the Yalu sphere of influence." This in Russia's attitude, as the Japan Mail in the sime article to which we allude above points out, is shown in various articles in the Russian Press, which also justify the despatch of troops thi her (for it is impossible to doubt that there are Russian bank of the Yalu) by alleging that Japan soldiers in some numbers on the eastern
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