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CHINESE CURRENCY REFORM.
(Daily Press, 11th March.)
China-side men with experience and knowledge of things Chinese are quite pessimistic with regard to the prospect of currency reform in China. The fact that Professor JENES should have been treated
with such exceptional honour, during his recent visit to China on an educational mis- sion connected with this matter, gave rise to hopes that the authorities at Peking might yet do something to establish a more stable currency;
but in China, if anywhere, the meaning of the adage about "hope deferred is fully realised. According to a correspondent who writes from Peking; we may almost abandon hope of a gold currency. The memorial by CHANG CHIH-
TUNG, to which we have twice referred
THE HONGKONG WEEKLY PRESS AND
only. It is only in the sea-coast and riverine treaty ports and large cities that silver bullion and silver dollars are inter-used, but in the inland towns and cities trade in local products, be the amounts large or small, the currency is computed in copper cash only. Although in large trade transactions silver bullion may be accepted in payment, the accounts at any rate are always kept on a copper cash basis." It is to be hoped that their Majesties in Peking will be approached by some one able to enlighten the darkness into which this matter; to explain to them how an their faithful Viceroy has plunged them on
agricultural labourer in rural England, bringing up a family on fifteen shillings a week, is spending the equivalent of gold; don East, buying a pennyworth of bread, a and how the sweated workwoman in Lon-
farthing's worth of tea, and a ha porth of butter, is no worse off under a gold who buys rice for twenty copper cash; but standard than the poor Chinese provincial
may be, and doubtless is, better off for it.
NAVAL WARFARE.
previously, is believed to have had greater influence at headquarters than we thought it deserved. The emasculated puppets who pull the wires in the Forbidden City, and rule the elderly woman who rules the youthful Emperor who is supposed to be ruling China, have been much impressed by the doting Viceroy's prophecies of national
(Daily Press, 13th March.) calamities that were to follow the introduc-old school, speaking at a public banquet, Not long ago a fiery naval officer of the tion of a stable currency. There was some- thing childish in CHANG CHIH-TUNG'S assertion that foreign assistance at the Chinese mint would mean "nothing more nor less than that the finances of the whole Empire of China shall be entrusted into the hands of the foreigner designated as the
thereof
12
statements are
as
readily as
acquiesces
nautical style, which, coming from such a gave utterance to sentiments, in good breezy
quarter, must have caused unfeigned sur- prise. He said that in the present day every devilish device which could be con- ceived was resorted to in naval warfare. Director of the Mint, leaving nothing in far beyond what the large majority of This forcible expression does not go very the hands of the owners but apparently such
people have felt with respect to the illustra- swallowed at Peking
tions which have been afforded of the new methods of warfare. Torpedoes, when they "the heathen in his blindness " in the most ridiculous tabu. Of course, the somewhat out of the range of fair naval were first heard of, were considered to be benefit of a gold currency in China would weapons, as having something about them not be fully realised if its circulation were restricted to coast ports and provinces. No
that was underhand and deceptive and such half measure was anticipated by Pro- fighting. The same view has been enter contrary to recognised ideas of honourable fessor JENKS when he was seeking to show tained as to sub-marines, which have always China how she might improve her Own financial conditions.
been regarded as something tricky; and it CHANG CHIH TUNG, has been a great shock to old fashioned instead of manfully rising to the occasion, notions that means of so "sneaking" a and facing obvious difficulties as he might character should have to be resorted to in have done, had he not given rein to pre-place of the old fashioned broadside actions judic es unworthy in a man with such a reputation, instead of suggesting plans for overcoming those difficulties, weakly and meanly says "there is fear that such coins cannot be made to pass current throughout the Empire." Worse still, he magnifies the difficulties, and, to impress the already harassed authorities, pictures shops and firms going into bankruptcy; merchants closing their doors; and rebellion stalking about the land. All these things, be it noted, as a consequence of fixing a stable exchange of currency. His idea of the meaning of a gold currency, if described withont quotations to support the descrip- tion would hardly be believed. It is worthy of the meanest coolie in the puriieus of Canton, but inexplicable in an educated man of CHANG's experience. He explains that Europeans use gold coins because they are so rich, and the goods they consume so dear, He informs the EMPRESS that in Europe "there was never a case where an individual's daily expenses amounted to less than one silver dollar " |
Hence," he goes on,
"it was found more
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convenies t to use gold money. This is not the case with China. Our people are poor; goods are cheap; labour very moderate, while Chinese are económical in their food and their daily ex- penses, It was therefore necessary to use copper cash as a medium of exchange. Amongst the poor, a person's daily expenses for foods monut only to an average of twenty copper cash. Among those of medium means a man daily spends on his food some sixty or seventy cash
1
part. When, however, it comes to the use in which courage played a more conspicuous of mines, not merely for defensive purposes, but spread about as traps to destroy battle- as in guarding the entrance to a harbour, ships without giving a moment's warning or any opportunity of defence, the general that of the outspoken naval officer, though feeling has certainly become something like it may not have been as exactly formulated or as uncompromisingly expressed.
There can be no doubt that the use of the improved explosives of modern days is in a certain way repugnant to the moral sense of a large number of people. So far must be admitted that these appliances have as the Russo-Japanese war is concerned, it been pretty equally used on both sides, and it would require a clever casuist to mark the exact line which divides their legitimate from their illegitimate use, if they are to be availed of at all. To hope that such forci- ble means both of offence and defence should be put aside altogether on grounds of senti- ment is of course manifestly Utopian; and it must also be admitted that, however they may shock the moral sense of the large number of persons who are specially opposed to the horrors of war, they will certainly be made use of; and the best hope, in a humanitarian point of view, is that means may be found for making them less formidable than, with- out such protective methods, they will con- tinue to be. Science, which has discovered
[March 20, 1905,
such forcible means of inflicting » dan may, it is reasonable to hope, successful in devising means of ir avoiding these appliances. To this it is evident, attention is being steadily directed in Naval quarters, and it is to be hoped that the experiments which are being made may result in discoveries that will! reduce the means of sudden surprise, which threaten to make naval warfare more and more a matter of blind chance and less and bravery. It has rarely happened that dependent upon stout vessels, skill, foresight a new mode of offence has not, before very long, been followed by the discovery of some equally effective means of defence; and difficult one, it is not too much to hope that though the problem at present appears a some effective modification may be discovered against mines and other explosive attack.
thing ought to be settled definitely, namely, With respect to the former, however, one
that the use of unsecured floating mines should be considered as an offence against the Comity of Nations. The most pressing exigencies of war cannot justify a belli- gerent in strewing the high seas with mines, which, though designed to have anywhere, and may cause the most serious effect only within a given area, may drift
protection of a given area beyond which damage to perfectly innocent persons. For
mines cannot go, and with respect to which the world at large is properly warned, the use of fixed mines may be a legitimate
method either of attack or defence; but this
way which may even possibly endanger cannot be said as to strewing mines in any
outside shipping, as, if all accounts are to be believed, was done at one stage of the war by Russia. Such a course is to attack the take up arms against them all. Consider. highway of all nations and in a sense to ations of ordinary policy, if nothing else, would prevent most nations from adopting siderations are often of little avail during such a course; but unfortunately such con- the heat and passion of actual warfare.
To Great Britain, which is so much
dependent upon her navy, the new develop- ments are of vital importance. The bare possibility of naval action being reduced largely to a mere matter of chance must nation who not only has to look upon be a very serious consideration to any her navy as her first line of defence, but to given circumstances be absolutely essential whom the comraand of the sea may under
to maintaining defence at all. Mr. H. W.
WILSON calls attention to this point in an no doubt be carefully considered by those article in the National Review, which will who are charged with the responsibility of defending the Empire. He says: "If Japan - had not been a strong military power, there was nothing to prevent the Vladivostock ships from covering a raid against the northern part of Japau. It would not have necessary transports for a short voyage at been difficult for Russia to collect the Vladivostock; while under similar conditions in our case, our adversaries will have the necessary shipping to hand. It seems clear that, accepting the "Blue water sound, our existing fleet is not certain of commanding the sea. Either we must add to it, or to our army, so as to enable us to view with composure the possibility of a hostile squadron oruising for days off the Thames as Admiral Jessen's fleet did off Tokyo." These remarks were made merely upon the basis of the statistical strength of the Navy. Their importance, however, is infinitely enhanced in view of the com. paratively unreliable character of a navy, however strong, in face of the risks that have absolutely to be accepted in these days
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