Minster on the Need for further Ca-operation and the Currency Question The Chinese General Chamber of Commerce, the Chinese Bankers Association, the Native Bankers Association and the Chinese Cotton Mill Owners Association were the joint hosts, on Sunday, at a banquet given at the Chamber of Commerce, North Honan Road, to a number of distinguished British guests. The company included Sir Beilby Alston, Sir Edward Stubbs, Vice-Admiral Sir A. Duff, General Kirkpatrick, Sir Everard Fraser, Messrs. H. H Fox, A. G. Stephen, G. H. Stitt, E. F. Mackay, J. Johnstone, A. Brooke Smith, ©. U. Nieh (who presided), Hsu Yuan (Commissioner for Foreign Affairs), Chang Nieh-yuen, Y. S. Ziar, Sung Hang-chang, K.P. Chen, Chin Jun-chin, C. T. Siu, Chao Chin, Ching Yar and Yung Chun.
Tue Cuairman's WELCOME, After the healths of King George and the President of China had been pledged the chairman on behalf of the committee of the Chinese Chamber of Commerce, welcomed the guests and in proposing a toast to them, coupled with the names vf the Minister and Sir Edward Stubbs, said in part:—With regard to ce-operation between us there is no lack of evidence in Shanghai that efforts are being made to foster this spirit. Apart from commercial concerns serious attempts have been made by us to get together socially and in sports and the result will, we hope, make for continued friendship between us. We cannot be far wrong in our belief that, knowing us and our people as they do, such gentlemen as Sir Edward Stubbs, Admiral Duff, General Kirkpatrick, Sir Everard and other gentlemen ere our true friends, that second to their own country they wish well to China and our people and that as far as lies in their power they will deal with our people in a fair and square manner in all their duties and relations.
Other Chinese gentlemen also spoke, the keynote of every speech being ce-operation and Mr. Sung Hang-chang Particularly pleaded for an international banking sociation.
Tae Mrnrster's Repty, Sir Beilby Alston, after thanking the hosts of the evening for their hospitality, contrasted the picture of the Bund 60 years ago as it was to be found in Mr. Lanning's history of Shanghai with the Bund as it is to-day and asked them to fleet that this modern city would never have grown to be what it is had it not been for ce-operation between foreigners and Chinese.
His Excellency continued:
There is, I understand, a tendency amongst the Chinese today, especially among the group of able, progressive, and patriotic men, who have done so much to form public opinion, to think thet the time has now come when they can dispense to a great extent with foreign assistance in the development of the country's resources on modern lines cannot help telling you that I am convinced from what I have seen in the past few years that this is a mistaken policy which, if persisted in, must retard China's progress and will inevitably mean the building up of her trade and industries on insecure founda. tions.""
Functions or tas New Must.
Speaking on the subject of the proposed mint for Shanghai, his Excellency said "I feel sure that the important part now being played by the Chinese bank ing group in the financial affairs of China must bear good fruit and that the foreign bankers will welcome this move: ment and readily cooperate with their Chinese friends in doing what they can to place the finances of this country on a sound footing and render the valuable assistance it is in their power to give to the trade and industries of China. In this connexion I should like to mention the proposed new Mint at Shanghai which, if it is to be a success, and at tain the objects of its promoters, must be managed in such a way as to command the entire confidence of both Chin i inks of all national: it will be merely an undesirable addition to the number of mints which at present exist and will do little or nothing to solve the urgent currency problem of this country. As a familiar example of the dangers arising from ill-regulated treatment of the question of the nation's currency, 1 need only mention the serious position in which you now find yourselves in consequence of the. influx into Shanghai of lightweight copper coins.
I feel sure that the Chinese bankers present here to-night will use the in. fluence which they undoubtedly possess to induce the Government of China to place the currency of the country on a sound financial basis by the only sure method, which is to eliminate all in. dependent and, therefore, superfluous mints, and to concentrate the issue of the national coinage of China in the hands of one central mint such as the proposed mint in Shanghai, which, if it is to serve this high purpose, must, as regards efficiency. and fAonesty administration, be on a level with the national mints of the Great Powers.
Text read from the printed page and cleaned; old type leaves the occasional error.