In order to carry out the scheme hero propounded China would require " gold reserve say of not more than thirty millions of Pounds: possibly she would not ed at the commencement even as much The reserve at the Bank of re, as a rule between and fifty millions of Pounds, but at this stage would not require so creat a sum as this. The Imperial Government should then at once commence the purchase of gold as well for the payment of all duties and foreign) in gold. The great trading nations interested in the commerce of this country, say Britain, the United States, Germany and Japan, might assist China by guaranteeing a loan for the purpose of establishing a gold standard, as Russia proposes to do, by which China. could float upon the money markets of the world a loan for say thirty millions at the very best rate of interest.
Tt would very greatly assist both China and the trade of all countries if the payment of the indemnity could be suspended for a period of so years so that China's present obi would again commence to be discharged in say 1912 and he completed in 1952. instead of 1940.
China is already a considerable exporter of gold. It is impossible to say what the fiunres are with any definite certainty but they will probably be found to closely approximate the sum of five million Pounds Sterling per annum, so that China has he nucleus of her gold reserves immediately at hand, of which she might avail herself.
There is unquestionably a creat quantity of the precious metal within the bowndaries of China. The Chinese Government should be required in her own interests and in the interests of all to throw freely to her own subjects and the subjects of all nations of the world, under just and enrutable laws, the mines of the Fmpire. Moreover. in. order to bring about a state of equilibrium between the export and the import trade every possible inducement should be put in the way of exporters to develop the export trade of the Empire, and certainly the first reform to be determined upon should be the absolute and total abolition of every kind of charge or duty on exports. The for-Feign nations assisting China to the esta-hushment of this standard might well bring pressure to bear upon the Chinese Government to reform the existing fiscal system. There can be no doubt that if the finances of China were properly administered the establishment of a gold standard would be a comparatively simple
Text read from the printed page and cleaned; old type leaves the occasional error.