'There was one matter to which with advantage and that, was ithe effect, in the East of the practical' boyéote of the silver. and: precious moral in the-currencies of the west even to the extent of debasing the finance in circulation... Silver! was the: real standard of, value of over seven hundred millions of people in the East. We saw only about ten years ago when a shortage of silver arose demand raised the price to close upon 90d. per ounce equal to about 6s. Gd. the dollar. The Dollar had fallen to 1s. 24. approximately, with the equivalent of the debasement of the frane at 24; if the fall had beer caused by the operation of ordinary supply and demand it. might be different, but there was widespread [belief that supply had been arti ficiqlly increased and demand arti ficially curtailed by the western treasuries and Treasuries under! western control. might be that the depreciation of their standard of value of their Jhoarded savings in silver had been one of the causes of serious unrest} amongst the millions both in In and China, In any case it scerne: probable that when China settled down to work again her desire to buy our manufactures would be curtailed while her manufactures in competition, with ours would be indirectly be paying rather heavily for our debased coinage. It would be interesting to have the views of the Mission of the probable effect on the future in regard to British [trade in China is the western policy ig continued,
Text read from the printed page and cleaned; old type leaves the occasional error.