Peking, Dec. 24.
The recent conference of British Chambers of Commerce at Shanghai passed a resolution "that the Chinese Government be strongly urged to take stoss to discontinue the use of sycee and to establish a uniform currency of dollars and subsidiary silver an copper coinage throughout the country: to open a mint in Shanghai for the free coinage of dollars and to place other mints under efficient control, so that uniformity of standard may be preserved."
pursuance of this resolution the British Legation on Thursday addressed a note to the Chinese Government. The note refers to the disadvantages occurring through depreciation of the subsidiary coinage and the discredited condition of Chinese bank notes. It points out thet the silver dollar is more reliable than the bank note and more convenient than sycee and that there is a real demand for a uniform dollar. It refers to the
the pillar on which Chinese cur-fact that.in the Lee sycee has been rency rested, and that it is impossible to remove the pillar unti) an absolutely reliable dollar has been produced to replace it. The note states that in the opinion of British bankers and merchants a uniform dollar can be introduced without great difficulty, if a central mint open to free coinage of dollars is established in Shanghai which is the principal port of entry of silver into Ohina. Bankers and merchants point out, the note says, that such a_ step would cost the Chinese Government practically nothing as a small seignorage would cover all expenses. The note then adverts to the advantages of having a uniform, reliable dollar and says that the success of a dollar currency being dependent. on confidence in its security, it is essential that the new mint should be under the direct control of the Central Gov-vernment which should provide for the foreign technical _assistance necessary to create confidence among foreign banks. In this connexion the note emphasizes that this implies no criticism of Chinese integrity and ability. but that the provision of foreign ussistance is essential. inasmuch as foreign silver will be handled, and it is of the utmost importance that the Chinese dollar. through the foreign banks, should obtain the unreserved confidence of the world.
It is understood that the Chinese Government is sympathetic towards the idea and considers the moment favourable for replacing sycee by a mi form dollar and that a scheme will be announced early in the new
Text read from the printed page and cleaned; old type leaves the occasional error.