74
CHINESE CURRENCY.
(Daily Press, 25th July.)
45
The Paoting-fu correspondent of our Shanghai moraing contemporary calls attention, in a quaint manner, to what he describes as one other inconvenience." He says: "It is well known that ten ten-cent pieces do not (in China) make one "dollar. This naturally makes trouble. But again, what is n dollar? The stauding
24
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man ' and the Mexicau are received at the "railway office while all the Chinese varieties
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are refused. The Chinese need just what "all civilised governments have, a national currency of fixed value. How they are to get such a currency without having a We modern government we do not know." quite understand that the "inconvenience ' must be considerable, and are equally of" opinion with the writer of the foregoing lines that a national currency for China is most desirable. Where we are disposed to join issue with him is in the assumption that such an institution is impossible of attainment. There is nothing impracticable about it, and the only thing that could possibly render it really difficult even would be the indisposition of the Peking Govern- ment to carry out the stipulation of the Commercial Treaty negotiated by Sir JAMES L. MACKAY with LU HAI-HUAN and SHENG HSVAN-HUAI in September, 1902. Article II. of this Treaty is very clear and definite. It runs "China agrees to take the neces- sary steps to provide for a uniform "national coinage which shall be legal "tender in payment of all duties, taxes, and "other obligations throughout the Empire "by British as well as Chinese subjects." There is nothing in this provision which can be regarded as either unreasonable or difficult. It was understood among the signatories, and this was reduced to writing, that the Chinese Government would "make "arrangements for the coinage of a silver "coin of such weight and fineness as may be "decided upon by them." They were not asked to establish a coinage on a gold basis; they were merely, in the interests of trade, asked to establish one national coin which would circulate through the Empire as the standard of value, instead of having mints in different provinces coining dollars of varying value and thus making the present want of system more chaotic than when the tael had a different value in every province; and sometimes in every district.
:
[July 30, 1904.
EUPHRATES VALLEY RAILWAY.
(Daily Press, 26th July.)
Sir ROBERT HART declared:—“It would ! be much wiser for China to maintain a gold instead of a si.ver standard as at present, since silver has dropped down Much has been written on the connection to such a degree, and, moreover, possesses of India with the Mediterranean by rail no certain or uniform exchange, even since some seventy years ago Major, after within the limits of a single day. The wards Lieut.-Col. CHESNEY, first mooted the hundreds of trades are all disastrously project of a Euphrates Valley railway. For "affected by the present state of the cur various reasons little has, however, been " rency, while the Government having to done. Although with an instinct, not pay its foreign debts in gold both country altogether untrue, Lord PALMERSTON always and people are being plunged into the opposed the then French project of the depths of financial distress. The condi- Suez Canal, and openly expressed his pre- tions pictured in the foregoing, therefore, ference for the Railway, many obstacles compel one to seek some plan whereby intervened, which prevented the latter ever they may be ameliorated, and so make it becoming un fait accompli. Equally im- "that China, while still using a silver perial in his ideas, but infinitely more currency, shall so fix a uniform excharge astute, Lord BEACONSFIELD seized the op- "between silver and gold that there may be portunity offered of obtaining a predomi
no danger of uncertain fluctuations."nating interest in the affairs of the Canal, These representations have, we may be and as the Canal did for the time serve all sure, had weight with the Chinese Govern- purposes, and actually formed the quickest ment, who may even now be considering means of communication with India, Eng- the subject. Unfortunately, however, pro- land was very well content to let matters crastination is one of the darling sins of all rest, the more especially as in the mean- Chinese officials, and while they are putting while she had become practically possessed on their considering caps the country is of the political control of Egypt. It was being partially ruined..
not, then, till Russia succeeded in construct- It is much to be desired, therefore, that ing a line through Siberia to Eastern soine external pressure should be applied, Russia, and England's rapidity of coun- just to remind the Wai-wu-pu of the treaty munication with the Far East was chal- obligations undertaken by the Imperiallenged, that the old topic again forced itself Government. We do not believe the into consideration in Great Britain. Chinese officials have any desire or inten- Inspired with omulation on the successful tion of evading the fulfilment of Article II. attainment of her object in the completion of the MACKAY Treaty, but they require of her new line to Eastern Asia, which stirring into action. Their intentions may Russia saw would enable her to interfere be ever so good, but while the grass grows with greater ability in the affairs of China, the steed may starve. The Chambers of whose fertile lands had already aroused her Commerce of Hongkong, Shanghai, and insatiate greed, Germany thought the time Tientsin addressed a communication on this bad come. She accordingly traced out a subject to the Foreign Ministers at Peking line to continue her present system in about a year ago, but is no action seems to Western Anatolia to the mouth of the have been taken it would be well to send in Euphrates, and obligingly asked England a fresh reminder of the desirability of action, and France to assist in the financing. At Possibly this has already been done. Could first, thinking that the formation of the not something also be attempted locally railway would tend towards rendering Ger- with regard to the currency? We in many independent of Russia; and that in Hongkong are suffering from the same her own interests she would feel disposed to ills that afflict China, and as our trade restrain any further encroachments of that is so intimately bound up with hers, we Power, England and France were disposed must, we are assured, row in the same to lend a helping hand. Such, however, boat. If China is prepared to join other was far from Germany's intention; aud on Eastern countries in placing her currency its being suggested to her that she would on a gold basis while using a silver medium, be required to undertake that no preferential we are ready to cast in our lot with her, treatment would be permitted, and that but if by reason of intolerable and fatuous both countries should be adequately repre- procrastination her decision is to be post-sented on the direction, she declined both So far as we aware, the Chinese Govern- poned to an indefinite period, then we should proposals. This rendered the assistance of ment have made no effort to establish a agitate for permission from the British either out of the question, and the scheme national coinage; we do not believe they Government to be placed on the same foot-eventually collapsed. Preferential_treat- have even got to the initial stage of serious-ing financially as the Straits Settlements, ment for traffic from Central and Eastern ly inquiring how the work is to be carried Siam, and the Philippines, our propinquity Europe was, in fact, the backbone of out. Yet there is reason to believe to China notwithstanding. In any case, the affair, and every obstacle_was that the leading Chinese officials are however, whether China resolves to con- be placed in the way of traffic from quite convinced of the desirability of tinue on a silver basis or to courageously the two western countries.
Its collapse, having national
a
coinage, also of adopt the same course as Japan, it is of the bowever, has had the useful effect of securing a fixed standard of value which utmost importance that she should not de- once more attracting English attention shall save China from the losses which a lay longer the settlement of this question to the subject, but as yet without the fluctuating silver standard necessarily en. of her currency. On that point, at least, result of bringing forward any notable tails. The report of the American Commis-
we are sure all persons must be agreed, scheme. With Russia, in fact, dominant sion on International Exchange, a very able whatever views as to the proper standard in Armenia there is but little ground left, document, has been duly laid before the i she ought to adopt may be entertained. and any line starting from the eastern ex- Government of Peking, and we cannot ·
tremity of the Levant would offer few ad- doubt that it has been perused with atten-
vantages over present routes to compensate An extension tion. The arguments used in that report
for its political drawbacks. could not fail to appeal to the Chinese
of the present Egyptian railways to Suakin rulers. It showed how in the case of
has indeed been suggested, and would un- countries which have adopted a gold stan-
doubtedly shorten by some eight hundred dard, trade largely increased, and instanced
miles the present sea voyage to India, but those of Russia and Japan as the most
balf the Red Sea would still remain to be recent and striking, The Inspector-General
traversed, and it is very doubtful if the bare of Chinese Imperial Maritime Customs has
advantage of shortening the ocean voyage also recorded his opinion very strongly in leave the House and go and have a cigarette." | would compensate for the extra expense of
¦
In the debate in Commons on the new tobacco duty Mr. Labouchere, M.P., said the foreign cigarette was more a necessity than a luxury It produced a similar effect to that produced by reading the Bible-(laughter)-it soothed and calmed the nerves and caused evil passions to fade away.
He did not know which way he should vote on the amendment. Perhaps the best thing would be not to vote at all, but to
So saying, Mr. Labonchere, amid roars of favour of a gold standard, in a paper laughter, tarned his back on the assembly, and addressed by him to the Board of Foreign gravely strode away in the direction of the Affairs in 1903. In the course of this paper | smoking room.
to
making practically a new port, in addition to the breaking of the voyage. Under exist- ing political conditions no port south of
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