of Conmerce, China Association, 122 Leadenhall Street, 14th October, 1892.
My Lorp,—I have the honour to forward for the consideration of Her Majesty's Government a copy of resolutions passed lately by the Shanghai Chamber of Commerce in favour of such International action as may tend to of the fluctuations in exchange that have caused grave losses and disturbance in Eastern trade.
Tt would be inconvenient to enter here, upon the considerations that were laid before the Royal Commission of 1887 and that have since been re-stated by deputations to members of H.M. Government and upon other public occasions.
This Association desires simply to note that, whereas the price of silver estimated in gold varied only 24d. an oz, during forty years previous to 1873, it has varied 21}d. since the ce-metallic link.was broken; and that, whereas the extreme variation in ratio Was 1.8 (from ILT4 to 1 6 15.92 oD) the range has since been from 15,92 to to 24 to 1, or eight times as great.
The inference naturally suggests itself that a remedy might be found in_re-establishing a system which maintained astable ratio in the past; and it is eatisfactory to find that even those members of the Royal Commission who declined to recommend the adoption of hi-metallism concur (except Sir J. Lubbock and Mr. Birch who record a qualified dissent) in admitting its practicability on an International basis. They think, that is to say, (p._ 85) that the several countries which have agreed to take part in the approaching Conference Gold and Silver could be freely coined and become exchangeable against commodities at [a suggested ratio, the market value of silver as measure in gold would conform to that ratio and not vary to any material extent." While the remaining members of the Commi express (p. 104) an unqualified opinion in favour of the practicability and advantage of reviving an International hi-metallic ratio, The Committee of the China Association
estrously affected by the fluctuations that representing interests that have been dis-resulted from the demonetization of silver, can therefore, have no hesitation in supporting a resolution which points to the renewal of conditions under which the evils complained of were absent.
have the honour to be, My Lord, Your Lordship's Obedient servant, R. S. Guspry.
Text read from the printed page and cleaned; old type leaves the occasional error.