1905.
TI
10th May.
Nor the least important section of this year's issue of the annual report on the foreign trade of China by Mr. H.R. Morse, is that which treats of treasure in general and more particularly of silver.
During the year the provincial mints of China were active. The minting of whole dollars amounted to about $20,000,000; of silver subsidiary coins to 72,500,000 picces, valued at $14,432,800. The issues of the cent (10-cash piece) is calculated at the enormous total of about 7,500 millions, making an aggregate output of about 10,000 millions since the first issues of this coin were made. The figures quoted, however, we are warned, are neither complete nor entirely trustworthy. There is some interesting information in regard to the depreciation of these one-cent copper coins, whioh, when first issued, were taken readily by the people, as supplying a real need, the entire outputs "of the mints being once absorbed isto circulation, Last June, however, reports of depreciation began to com> from the interior, and early in July an important governmental establishment, by refusing to receive the coins, except at ten per cent discount, struck a blow ab the important market of Shanghai which produced an immediate and lusting effect. This depreciation, which was more or less general throughout the Empire, went on steadily, with the result, we are told, that "the Chinese Government will now find itself confronted which they will nob fe able to with w nation suffering, ina way understand, from all the evils of unaccustomed poverty." Referring to the question of over-issue, it is panied out that "one step has en taken in the right direction, by an Imperial rescript directing that from the 24th April, 1906, all mints shall be pliced under the Imperial Board of Revenue, For the rise in the value of silver, two external causes are adduced—the world's outport of gold is increasing, and the demand for the white metal has ab the same time increased. The needs of the belligerents in Manchuria was one reason why, in the Far East, the rate of exchange was kept up and the value of silver thereby enhanced.
Coming now to the actual balance of trade (or balance of indebtedness, as it has been better termed) we have the following statement on the basis of the trade of 1905:—Value of merchandise ported, Hk. Tls, 447,100,791 net import of treasure into commercial urea Hk. Tis, 14,810,102 loans and indemnities Hk. Tis, 42,000,000; invisible liabilities (estimate of 1903) Hk. Tis, 32,070,000; making a total of Hk. Tls. 535,980,893. The value of merchandise exported amounted to Hk. Tls. 227,888,197; udding to this the invisible assets, estimate of 1908 (less expenditure on Munchurian railways and garrison of Port Arthur) amounting to Hk. Tls. 149,400,000, we have a diffi erence to be accounted for of Hk. Tls. 156,692,696. "This unprovided balance may be cou-sidered a possible estimate of what may be called war remittances' which have, during the year, been covered by merchandise imported, subject, however, to some deduction for the balance of transfrontier trade outwards over that inwards not included in this estimate."
The subject of the actual disposition o: the silver which has to bey lity the Government of China to procure gold for its foreign loans
Text read from the printed page and cleaned; old type leaves the occasional error.