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import from té and from yon have béen subject to as we should expect, serious losses. Can you [bring me some further evidence on your return as to this? Have the export trades of Lanca shire for example suffered a have our Lowell Cotton Mills, during the great break in silver exchange of the last 18 months? Again are there the evidences not merely in the last year but in the last thirty years, that the displace ment of the old 15 to 1 relation between the metals has resulted in unwonted industrial activities in Asia and in a competition disastrous to white workers? Five gold dollars (or one sorereign) used to purchase five taels only, and five tools then paid the wages for one day of twenty five Chinese mill hands while to-day five Guld Dollars buy 12 Taels and 12 Teels pay a day's wage for not twenty-five, but 60 Chinese mill hands. Such is the nature of the protest against cheapened silver which sums up our silver philosophy; and if you can secure from the Government of India official tables of wages and prices concuring with the tables which we already have of the Imperial Board of Maritime Customs in China our enquiry will be much advanced.
But what is more important by far is that our Commission should learn what are the in- tentions of the Government of India. Will that Government subscribe to our researches in a question all important to Indian finance, some official witness! I am of compo maroly neking this informally. We will make the proposal offi. cially, if you can learn that it will be well receiv- ed. But we do not wish to encounter a blank negative. My colleague, Senator Wolcott, went to England in 1897 with a Commission from our Government. Our proposals were acceptable to the English and French Governments, but you recall that at the last moment the Government of Ind a was permitted to negative our proposal on the ground that the consequent rise in the exchange would kill India's export trade. The validity of their objection I quite admit; India's exporta are not natural bat as indeed are all the exports of Asia,
cheaper largely dependent on
silver and sul lowered exchanges. We have always declared that the yellow races with white money-money cheapened by white legislation ~bold us industrially at their mercy.
are,
|
i
THE HONGKONG WEEKLY PRESS AND
I now come to the point which greatly concerns our Commission. I personally am in favour of the proposal advanced by Lord Herschell and the gold members of your Royal Commission upon currency which reported in 1889 namely the issue of small notes of limited legal tender (40 shillings), these notes to be secured by silver. This proposal was again advocated in 1891 by your Chancellor of Exchequer in what we here call the "Goschen plan"." If our nation with England and Germany would issue these notes, would purchase with them and impound large central gold reserves, the Goschen plan would have a double effect. It would accumulate great gold reserves in New York, London and Berlin, the presence of which would keep money rates steady and low, and again by raising the price of silver bullion, would raise all the rates ofṛ exchange with Asia, thus enabling Axis to purchase from us and reducing the present bonus on all that she exports. Such a plan if adopted by one, two or three nations of the first rank would go far to settle both the silver question and the gold question, at least for a generation to come. But here we are again met with the Indian difficulty. Our purchases of silver to secure the Goschen notes would certainly advance the price of silver to eighty-six cents per ounce (43 pence). At that point the Government of India might. Anaide
sell Rares that is to say at 86 cents per ounce the | bullion value of the Rupee would equal its present exchange value (16 pence)..so that in the delibera- tions of our Commission we must at once confront this point; if we approve the Goschen plan, with or without Great Britain and Ger: many, will the Government of India consent to re-open their Mints when the price of silver bullion has risen to eighty-six cents per ounce? Why would not Great Britain join with us heartily in the Goschen reform? A large cen: tral gold reserve is not less important to her than it is to us, while the raise in the exchanges with all Asia would occupy her people in her own mills, and factories and bring back to her and to us a very real prosperity.
molt TTV
I have I fear written you at very great length. It is, however, possible for you to procure through the Indian Government some reply to this question, because we are quite certain to meet an almost insuperable obstacle in the atti- tude of that Government, and that at the very outset of our enquiry.-I am, &o..
Mr. Moreton Frewan,
Government House,
Ortowa, Canada.
H. M. TELLER.
It was decided to reply that a representative of the Chamber would attend the Commission if it could possibly be arranged.
and the Routes which include facilities for visiting Japan, Hongkon India, &c., on the homeward journey arrangements can no doubt be made. desired, for a more extended programme,
I am further instructed to request that your Chamber should commence, as early as conveni- ent, the consideration of the resolutions which they may desire to bring forward, and that the same may be transmitted to me without delay, A preliminary draft of the programme of Resolutions to be submitted to the Congress will be circulated, following the usual customis. early in 1909. It is perhaps unnecessary for me say that the Resolutions do be submitted to the Congress must be such as will be for interest to the Empire as a whole, or to more than one portion thereof, and not in any sense local in bear- ing. The following is a list of the subjects which were discussed at the 1906 Congress, and which will no doubt be of assistance to your Chamber in approaching the matter, thongh it is not intended to be in any way complete:
to
2
Arbitration, Bills of Lading, British Capital in the Colonies, British Commercial Agents, Cable Communication, Canadian Bankruptcy Law, Canadian Railways, Catalogues, Colonia Duties on Certificates of Origin, Codification of Commercial Law, Colonial Survey, Commercial Education, Commercial Relations between the Mother Country, her Colonies and Dependencies. Commercial Travellers' Taxes, Consular Service, Decimal System of Weights, Measures” and Currency, Defence of the Empire Emigration, Fast Steamship Services, Gambling in futuras, Imperial Council, Imperial Penny Postage, portation of Canadian Cattle, Insolvency International Exhibition, Light Dues chandise Marks, Most-Favoured-Nation Treat- ment for British Colonies, National Indemnity in time of War, Naturalisation Laws, Parcel Post Rates, Patents, Copyright and Ia. solvency, Postal Rate on Imperial Publica tions, Realization of small estates, Rebates, Registration of Firms, Shipping Bounties, Shipping of China, Glassware &o, Surtax in Venezuela, Surtax on Rum, Surtax d'Entrepot, Transport.
I might add that the London Chamber will probably place on the paper resolutions on some of the following subjects, vis:---Commercial Relations between the Mother Country, her Colonies and Dependencies; Defence of the Empire; Emigration; Arbitration (Inter-State Commercial Awards); Cable Commercial Educa- tion; Colonial Duties on Catalogues, Certi- ficates of Origin; Merchandise Marks; Parcel Post Rates.
I am also sending, for your guidance, a copy of the Report of the last Congress, so that the new Resolutions may; as far as possible, be continuous and to keeping with previous
KENBIC B. MURRAY,
Secretary.
BEVENTH CONGRESS OF CHAMBERS OF COM-procedure. Yours faithfully,
MERCE OF THE EMPIRE 1909.
Further letter from the London Chamber:-
Orford Court, Cannon Street,
London, E.C..
3rd November, 1908.
DEAR SIE-I beg to confirm my Circular letter of the 26th June last informing you that the Seventh Congress of Chambers of Commerce of the Empire will be held in Sydney, N.S.W., commencing on the 14th September, 1909, and giving particulars in regard to the general arrangements to be made for the convenience of delegates.
Thus it is all important for us to know where we stand to-day. The closing of the India Mints in 1893, has in my judgment starved the Indian currency, and has prevented silver prices and wages there from rising. Again the great expansion of the currencies of the gold nstions because of the new gold bas indated gold prices. If silver prices and wages do not rise, and gold prices and wages do rise, it is quite clear that owing to the pressure of Asiatic exports, industry after industry now employing white working men must close down to be replaced in the world's economy by mitis and factories manned with yellow labour in . Asia; in short the labour cost of what Asia manufactures for export has been already cut in half, by the reduction in the Gold price of Silver. Possibly the interests of the people of India are subserved by these low exchanges: with closed M nts; certainly the industries of China where no Mints are closed are being stimulated by low exchanges, and already China has womitanced to manufacture steel, but that a great civilised Government should be making a profit as to-day of 50 per cent. by selling our- rency of unlimited legal tender to three hundred million of its citizens; that the currency of India aboukl be manipulated as to-day by a few officals, whose purchases or non-purchases of silver bullion slavate or depress all the world's exchanges in Ching-this is so opposed to every theory of your awn woonomists that I must now venture to press
You will, I feel sure, realise the importance the point further. But this at least I may cay aubscriptions have been collected in America of deciding as early as possible at least upon during the past few years to succor starving some of the delegates who will represent
Chamber and of the Hindus who had on their persons all the material
desirability of a famine reserve fund in the shape of bangles of those delegates informing me, through and ornaments and only that the Indian! you, of their intention to visit Austral Mints were closed and the mintage of rupees | asia,
well as
their prospective plans made a most profitable monopoly of the Indian for the return journey. Government. Let me ask you what your view reaching de frequently now, and I shall be glad would be if we had a famine in the United to hear, as early as convenient, from all Chambers, States, if our people had vast stores of gold in in order that I may keep the Committee in bars and bangles accumulated during a thousand Australis fully informed as to the numbers that yearn, and if we closed our mints to the free may be expected, &c. I am appending to this coinage of gold at e moment of acute, famine letter details of the reductions which will be granted by the various Steamship Companies
and disaster.
I
I have now pleasure in stating that the Governor-General of the Commonwealth of Australia, the Right Hon. the Earl of Dudley. G.C.V.O., has accepted the Hon. Presidency of the Congress.
your
88
Nominations are
It was decided to reply that the Committee at the moment, were unable to say definitely whether it would be possible to send a delegate. to represent the Chamber, but in the event of it being possible no arrangements asto- the movements of the delegate were; necessary) as it was likely he would be a merchant with business connections in the Commonwealth,
OBSERVATION STATION AT LÄICHIKOK.
The Chairman brought to the attention of the Committee the additional regulations to Her- chant Shipping Consolidation Ordinance (No. 10 of 1899, made by the Governor in Council on 23rd November, 1908, under section 23 of the above Ordinance.
The Chairman pointed out that under the new regulations the owners of infected vessels placed under observation would be subject to much ex- penses as the cost of lymph, disinfectants, water, lighting, police guard, nurses, ward- masters, medicines and medical comforts, &o., in fact the whole coat of upkeep of Observation Stations.
It was considered that such an imposition would cause many owners to sand when engaged in the poolip trad cast porte t he deta
of the interests of the
C
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