Previous to 1902, cash was used throughout the country. In 1901 the conspicuous and no demonstrations or major strikes have occurred to disorganised trade, but _nevertheless several minor disturbances took place. In Hankow. a large factory] was inundated with applicants, for the jection of whom the local police had to be augmented by Garrison Commander's troops. 'The Postal Service experienced trouble with their No. 1 Delivery Coolie who, being head of the outdoor Postal Workers' Union, endeavoured {o call a strike: in order to obtain demands which Include the right of engaging and dismissing workers by. the Union Committee. Thanks to the S.A.D.
No.3 Police Authorities and Gi risen Commander the matter was sellled with practically no interrupt tion to the Postal Service, and later a Representative of the Ministry of Communications was called upon to handle the matter. Local Bristle currency situation was in such a deplorable state owing to the shortage Of cash in the various Provinces, that the Ching Government ordered, under Imperial Edict in December of that year, the minting of copper collis. The Tnintage of cash was, thereupon, discontinued, and the Provinces of Anhuel, Chibli, Honan, Hunan, Klangssu, Kiangsi, Fukien, Kuangtung, Che-Ikiang, Szechuan, Hupeh and Shantung, began lo produce one cent copper coins, adopting as their model the coin fof the same value then current in Hongkong, based upon a fixed exchange of ten cash to the one cent piece, and 100 cents to the dollar.
During the three years following the introduction of copper cents, the demand for them was greater than the supply, in consequence of which ¢x-change rates varied between 80 to 90 cents (o the dollar, with a substantial profit to the provincial mints. They Were coining money in every sense the word, These favourable conditions, however, were not destined to last, for, owing to the unregulated production, the supply in 1908 began fo exceed the demand, and the copper cent rate to the dollar increased to fo7. From. then onwards, copper cents steadily decreased in value until in January of this year the rate in Shanghai averaged. 293 and to-day it approximately 328, Currency debasement has been a constant factor in China's economy and one which has contributed ina jorge measure to the present parlous state of rural {rade and industry throughout the country.
Text read from the printed page and cleaned; old type leaves the occasional error.