Specialty Contributed curious that the world general, and Shanghai in particular, Shag made no effort to, discount, the undue' prominence which has been given to the proposal of the Inter-ational 'Chamber of Commerce Conference that a silver conference should be held at some future date, some place unknown. This proaninenee fs been given' to the sub. ect, by: what can only' be described fis clever, persistent and. interested propaganda, One would imagine, Jiving in. Shanghai, that it was the only. subject of any interest to the Far. Enst which discussed at the conference in' Washington. but this futely commot be so. it is, of cause, an important subject 19 ¥5, dnd in a minor degree to. the rest the World, ut noe "0 important fe the prominence given to it, me dicates, when divorced entirely from mmolity. prices generally. Cone idea for example that the annual merld's rubber crop is worth more Than twice the annual production of silver. Why not a arid conference, Snstead of movely sectional ones, Consider the possibility of the "re: habilitation of the price of rubber?
'This article, however, ie concerned the difieaties and dan ing out of such a confer: ence. Let us take the difieuties first. A' few have already. been mientioned—the finding' of same one to-rpontor the conterence—the place hold it, its scope—composition li tical Gr economic) and 40_¢m, Yat 50 far one great diffenlty: does act "eem to have been mentioned.
Presuming that he conference caled, purities ite deliberations, and tives a considered judgment oh the faber who, Se ong 10 pat. this §nto execution and. who $s going. t0 there cannes possiaty
of Silver prices which ig not gol 3 thort gut to the reba cor: sulmtantial sume of money. Presumting that cuentries who haw abandoned, or recced. the silver contents of their subsidiary Hlver sains, ave to he asked 4o reinstate them, will they do.it at their own expense for the benefit of the silver producers and holders? Wil India Hand back and allow others to sell when in need of the gold they get for their stocks? "Possibly, if those interested will buy their stocks!!! There is great diftcalty in getting fany motion to sponsor the confer-fence, 0 will it not. be impossible get any one nation to. sponsor: thes carrying cat of their Fecommendations?
"ha to the dangers of any attempt to interfere with the course of supply and demand, and in particular raise the price artificially, let us refer briefly only to the probability lof worse things to happen, as has fRappened in the case of colton and wheat. A "sudden rise followed by ezeater slump than ever, would worse than what. we have gone throng in the last. 18 months, but fas fora silvercusing countries, general and Shanghai in particular, sare concerned, a sudden rise in silver would be a catastrophe, Presuming that the effect of a conference was a sudden rise in. silver to only 20 pence ise jan increase of approximately 50 per cent. Unless linked up with [commodity prices in general as has. Hhappened hitherto, this would mean that all import stocks held by mer-Jchants, against which exchange had
Jabout 398° percent. Land values been fixed, would be depreciated by land, "any realty company shares. would' fall at Toast to that, extent. There would be a slump in yarn Jand all locally produced cargo. "Ex: ports would cease entirely until such time as silver costs locally came Jdown in proportion' to the rise in exchange. All shares would suffer in the debdele, and there would be scramble on the part of big holders shares to unload. The colla fe? the rubeer loom nothing in comparison; in fact, half Shanghai would be bankrupt and the rest of China in a parlous state.
is, not eulficiently realized that the decline in exchange has not been Jan unmixed evil in China, Local industries as well as property hold-Jers have benefited, and as the decline in silver and exchange was. Jconcurrent, with a general decline commodities when expressed in }gold, no undue dislocation of local prices would have occurred had not been for Tariff changes.
Text read from the printed page and cleaned; old type leaves the occasional error.