An. informal conference was held on February 12, at the Shanghai offic of the Ministry Industry, Commerce & Labour to discuss various phases of the situation brought about by the fall in silver. There were in attendance a number of representative bankers fand merchants, both Chinese and foreign. Mr, S. U. Zauy Dixector of the Shanghai Office of the Ministry, presided, There were present, Bmong others, Br. R, Calde 'Shall, Chairman of the British' Chamber of Commerce, Mr. A. Towson, Manager of the Hongkong Shanghai Bank, Mr, V. G Lyman, President of the American Chamber of Commerce, Mr. C. H. Avmhold, Mr. G. W. Sheppard, of Messrs. Sardine, Matheson & Ca. Mr. C. H. French, Mr, A. W. Burkill, Mr. K. 1H, Ling, of the Associated Chambers of Commerce of China, Mr. Pei Sung-sun, Manager of the Bank of China, who represented the Shanghai Native Bankers' Association and many others.
"In welcoming those who attended, Mr, 8. U. Zau said in part:
ujg' international. ce-operation is something to be ardently desired, there could not be a more appropriate moment than this for people Of all nationalities readily and ovally to ce-operate, in the common interest, to hold in check a further in silver and to prevent, if the recurrence' of The Present situation affords an un-Fivalled opportunity for the best drains in the Chinese and foreign Dusiness communities to tax all the resources at their disposal to the end that an early solution of the problem may be devised and some formula discovered to avert the danger that threatens Mr. Calder-Marshall said that the silver question was governed by the proverbial law of supply and demand. They were all eagerly ooking forward to the time when peace returned to the country, How Could it come about? It seemed to him that the National Government was dissipating its energies over a Yange_ area instead of concentrating {ts efforts on a smaller section of the country. 'There was bound to do much waste of energy if the Government concerned itself with many things at the same time. The Government's auth was' only effective over part of the country. Tf it would exercise control over thave areas where its authority was effective by doing away with likin and removing other impediments to was no doubt oF quet~ silver of trade. If Nanking would make it clear that it was not disposed to of tolerate illegal taxation and in some instances take disciplinary] measures against offenders, the effec: would be instantaneous.
'A Second Conference The second informal conference was held on February 17, with Mr.
Zau in the chair. 'There were present Mr. M. T. Elzear, of the Banque de I'Indo-chine, Mr. Shun-chin Ching, Chairman of the Shanghai Native Bankers' Association, Dr. W. Vogel, Chairman of the German Chamber of Commerce, Mr. 2, 1. Chang, of the Bureau of Industrial and Commercial Information, Mr. C, Fumagalli, Chairman of the Italian Chamber of Commerce, Dr. Kirin-wei Shaw, Editor-in-Chief of the Bureau of Industrial and Commercial Information, Mr. E. Charlot, Dr. C. L. Hsia, Mr. M. Yonesato, Director of the Nissin Kisen Kaisha, Mr. K. Tsuchiya, Manager of the Mistui Bank, Mr. C, ¥. Pan, Mr, Hatton, manager: of the Bank of Chosen, Mr. G. Rust, of the German Bank, Mr.
Fumagalli, Mr. Milton C. Lee, Mr. L. Kau, Mr, P. Dupuy, Chairman of the French Chamber of Commerce, Mr, Adolf Widmann, of Melchers & Ca.
The Chairman in opening the afternoon's proceedings said:
The price of silver has again registered a decline, which of course will raise the prices of commodities and hamper the import and export trade of this country to the detriment of the Chinese people as well as the foreign traders residing in China. Moreover, the deprecia-fon in the value of silver is international question and problem. Such a drop in the price of the white metal will not only cripple the com merce and industry of China bat] will also. dislocate international] commercial and industrial relations.
With a view to recommending' some further suggestions and posals to the Government, in ad tion to actions that have been already taken by the Government to] remedy the grave effects of th slump in the price of silver, this informal conference is assembled to diseass the various phases of the silver crisis, in addition to the meet liar character, composed ese, American, and British businessmen, called' Inst! Wednesday. We shall exchange opinions and views on the subject in the hope that we may arrive some practical and construct proposals for presentation to the: Government for further considera tion. vaults of Shanghai would find its way to the provinces, with, con. sequent appreciation in the price of the white metal. If prosperity could be brought nearer to their own doors—to Kiangsu, Chekiang and Anhui—that prosperity would com municate itself to other provinces by force of example. Exchange would then be certain to appreciate. If they could not carry the whole bundle of maggots at the same time they should carry it one at a time. The truth of the old adage was never more applicable than at the present time, Mr. Burkill spoke of the need of free trade and recommend-standard subsidiary coins in some of the more important provinees, especially 50-cent pieces.
'Mr. Lyman stressed the necessity' for protected trade routes and Mr. Arnhold said that wu embargo on silver if enacted by the Government would be the death blow to what remained of China's export. trad Continuing, Mr. Arnhold said that there was no question that the crisis had been brought about by the gales of the Indian Government.
large portion of such sales had been made secretly so that no one Knew anything about it until taken by. surprise. It was, however, not quite accurate to sty that China Wad been used as a dumping ground. Silver had been piling up in Shanghai and was not finding its way Into the interior of China due to impediments to trade, The Government should do everything in_its Power to encourage exports. The export trade of all countries was synonymous with wealth. China had arleng way to go in that respect and for many years to come she must _nesiign herself to an-adverse balance
Text read from the printed page and cleaned; old type leaves the occasional error.