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THE HONGKONG WEEKLY PRESS AND
in may report three years ago in the hope that, not to be attributed to precautions taken some opening for them might be found, remains by the natives, it must be supposed that the same as before.
the natural conditions--rainfall, winds, &c. militated against epidemics of every description. To suppose, however, that they have disappeared for ever would be rash.
Exports generally decreased from £284,116 | to £261,62*
The decrease in exports was almost entirely due to the falling-off in brown and white sugar. The value of brown sugar exported was less by £39,405, and of white by £13.185; the figures for the two years being brown, 1902, 294,803 ewts., valued at £101,246 1903. 130.233 cwts, valued at £41.841; white,; 1902, 27,254 cwts.,.valued at £13,472; 1903, 627 cwts.. valued at £287. The crops are not much dependent upon the rainfall, but if high winds prevail at the time when the canes are full of sap the result is sure to be bad.
Of the other exports, the increase in the value of pigs (with which the returns include cattle. sheep and goats; compensated largely for the loss on sugar, the value being £999,867 greater than in 1902. The number of these animals, how ever, was only 958 more, the figures in 1902 being 75.969 (valued at £60.011), and in 1983, 76.927 (valued at £199,878).
Fresh eggs, which go mostly to Hongkong, decreased in number but increased in value, the number for the two years being 17,703,940 and 13.229,100, and the values £7.711 and 8,251 respectively.
The remaining principle staple exports leather. hides. betel nuts, galangal, hemp. groundnut cake, poultry, grass cloth, straw mats and sesamum seed--call for no special comment. The first five showed an increase and the last five a decrease.
The higher value of pigs necessitated the payment of £3000 for 16,500 animals, whereas in 1902 £36,827 purchased 24.218.
With the exception of the new item of cocoanut oil, and hemp and skins, all the other articles showed a decline in the value imported. the greatest fall being in medicines, tobacco leaf and timber.
With regard to coconut oil it may be useful to mention that it is used by the natives as a specific for toothachie, and is said to be a never- failing remedy. The directions for use are as follows:--Procure a fresh cocoaunt. cut it in half, place one half with the concave side facing upwards on a large cup containing some cotton wool, and inside the cocoanut put some live charcoal. When the oil exudes ou to the wool. take the latter out, and insert it with the aid of a blunt needle into the aching cavity. Care must be taken not to let the oil drop où to the tongue or skin. since it raises a most painful
blister.
The total uuniler of transit passes taken out was 1.294 inwards and 2015 outwards, as against 1.201 and 628 in 1902. The inward passes were mostly applied for by Chinese, and the outward by French, traders. The total number was divided as follows:-Inward passes : German, 52; French. 163; Chinese, 1,079; outward passes: German, 16; French, 189.
The mining project mentioned in my last report proved a failure. The expenses of work- ing--especially the wages of the workmen, who demand double remuneration to compensate them for the danger incurred by disturbing the Earth Spirit proved too great, and the mine was closed after a good deal of capital had been sunk in the abortive venture.
MONETARY CONDITIONS IN THE ORIENT.
BY PROFESSOR J. W. JENKS.
The following translation of a leading article specially contributed to The Chinese Weekly is reproduced from the N.-C. Daily News :-
The busino-s men of the United -tates. on account of their business connections, have been long inte ested iu monetary conditions in the East. The Government of the United States first became interested when it took charge of the Philippine Islands. At first the ratio between the American money paid to the soldiers and the Mexican dollar wes one to two; but with the fall in the price of silver. the fluctuations in the rate of exchange began. which have continued ever since. With two
currencies in circulation at the same time, with continually changing values, the troubles of carrying on business, which have become so familiar to all people who have dalings with the silver standard countries. began. In conse- queace the United States determined to reform the monetary system. Experts were sent to the Philippines and to neighbouring countries to study the question, and the plan was formed which has since been adopted by Congress, and is now being put into effect. It is. in brief, & silver and copper currency maintained at per with gold, although the gold coins of the United States are legal money and United States money is sometimes ased, though rarely, in local trade. Practically the only differece between the monetary system of the Phiip. pines. when the reform shall have, been completed, and that of Japan. or England, or Germany, is that in the Philippines the silver unit will be legal tender for unlimited amounts. and the circulation of gold will not be encouraged.
Mexico bas for many years had a silver standard, and Mesican dollars have been the chief silver money of the East. On account of the fall in the price of silver, the Mexicans felt for a number of years that there was a stimulus to the export trade, and that, on the whole, the country gained by being on a silver standard. Later experience. however, convinced the Mexican Government that, although more The number of British steamers which visited produc's might be exported it would be at lower the port was 10 less than during the previous prices, so that continually more and more of year. the total number being only 13. German the Mexican products were required to pay for and French steamers still do most of the carry. { the imported goods which Mexico consumed. ing trade.
The former made 462 trips, with a i In consequence it was felt that the country tonnage of 395.098 tons, and carried cargo valu. was being rapidly impoverished. and the ed at £335.385. French steamers made 422 trips. Government decided to make a change which with a total tonnage of 255,838 tons, and carried would give its coins a fixed value in terms of cargo valued at £23.411. Compared with the gold. figures for 1902, this is an increase for German steamers in the number of trips, total tonuage and value of cargo, and a decrease for French steamers. The value of the cargo carried in vessels of other nationalities is but an insigniti. cant proportion of the total trade.
One sailing vessel of foreign type, the Madge of 123 tons, entered and cleared during the year. She flew the Chinese flag, and came from Bang kok. bringing a cargo valued at £336, and leaving with £76 worth for the same port. This is the only sailing vessel from another country which has visited the port since 1881.
Under the inland navigation rules two laun- ches, flying the French flag, made 244 trips. These appear in the returns as 122 entered, with a total tonnage of 3,000 tons, and the same number and tonnage cleared. Of the total number of trips, 224 were made in ballast.
The health of the district was even better during 1903 than during 1902. Plague did not show itself, and no outbreak of any kind occurred. As this good result is certainly
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Owing to the difficulties in which China has found herself during the past three or four years on acc unt of the great indemnity which she must pay to the Powers, the Chinese Government has felt more and more the great disadvantage of her silver which has been used as money and which has been depreciating rapidly in value. In order to relieve herself of some of her difficulties, a litle over a year ago she came to the conclusion that her monetary system also should be reformed and her silver money be given a fixed value in gold. Winter before last then, China and Mexico requested the Government of the United States to take such measures as might seem to it best to aid them in changing their monetary system. Inasmuch as it was felt that a change in the systems of those countries in the direction indicated, especially of the great Empire of China, in many respects the greatest in the world. would be of very great benefit to the trade, not merely of the United States, but of the entire civilised world, although primarily
[June 27, 1904.
in the interest of China, the Government of the United States was glad to render all possible assistance. It seemed best to make an effort, eveu beyond the point suggested in the invitation, and to see if it might not be possible to bring ultimately all silver-standard countries to adopt a system which should place their monies on a parity with gold.
The difficulties arising from the fall in the price of silver had made themselves felt so strongly in the Straits Settlements and earlier in India, that the British Government had determined to reform the currency of those countries. This reform in India was practically completed in 1899, after a struggle of some six or seven years. In the Straits Settlemente a commission was appointed last year and propos d a reform there. The report of the ommission was adopted, and the Government has already begun the work of changing its old coins for not distant future a gold standard. new ones, with the purpose of reaching in the
In French Indo-China there have been felt also the sama difficulties, and a Government committee has studied the question there and has reached substantially the same conclusion, monetary system which shall have a fixed ratio that that country also must be given a uniform with gold.
attempting to give a fixed gold value to her Siam, as is well knowu, is also
silver coins.
In consequence it seemed to the United States Government that if some bar- monions action could be secured through the Governments of Europe to give to the Straits Settlements and French Indo-China a monetary system somewhat similar to the one which it was adopting in the Philippines, and if, through the sympathy of the European Powers and through the assistance of their business men, China could likewise adopt such a system, one of the greatest economic reforms of the present day would have been secured. Thereafter it might be possible to bring likewise the countries of South America and others not having a gold standard upon a similar basis.
A Commission appointed by President Roosevelt ander au Act of Congress visited Europe to see how far action could be made harmonious. Both England and France are actively working now to give to their de pendencies immediately this form of the gold
standard, and all of the leading countries of Europe have expressed their sympathy with the effort of China to establish a similar system. Japan has likewise expressed sympathy with the reform here, and the Chinese Government is now actively studying the questiou,
In brief, the plan proposed by the United States is to secure 88 soon as possible for the people of China and of those other Oriental countries now on a silver basis, a currency composed of silver and copper in oirculation, which, however, shall be maintained at a fixed value with gold.
A gold currency in circulation would not be snitable to the customs of the people of China or any of those countries concerned. Owing to the poverty of the people, to the very low rates of wages, and to the very low cost of living, a
coin as small in value as one cash is needed for constant circulation, and where a small family may be supported for a month on, say, two or three taels, surely valuable gold coins would be out of place. Moreover the Chinese people are accustomed to silver and copper coius, and would naturally prefer them.
It is essential, however, especially for inter- national trade, that these coins be kept on a par with gold, but it is far cheaper for the country and it is easier under present circumstances for China, to adopt a ystem which does not require gold for circulation.
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The greatest benefit which can be secured for China, both in her internal and in her international trade is that the plan succeed. A nation with 400,000,000 people, with immense undeveloped resources, with a growing trade, and so situated that it is practically essential, in order to meet its international obligations. that its trade be increased, that foreign capital be invested in the country, and that its revenues be expanded, needs above all other basin-35 conditions a uniform national currency stable in value.
The difficulties in the way cannot, however, be overlooked. The central Government of China has not been accustomed to exert much direct control over the provincial governments.
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