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Memoranda on a New Monetary System for China

Memoranda on a New Monetary System for China


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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1903 Excerpt: ... happy omen that the Government was able to raise recently a foreign loan of, 10,000,000 in London at 4 per cent, interest." He ascribed this result to the improved credit of the country, due to the establishment of the new system. If China could refund her debts which now bear interest above four per cent., at that rate, it would effect a saving, if we assume the tael to be worth only two shillings and six pence, of 3,136,400 taels a year. That alone would more than pay the interest on all the loan she would probably need to make to establish the new system with an ample gold reserve, if she desired to adopt a system with aloan. 5. Certainty regarding taxes. J--Beside the possibility of refunding her debts, if the price of silver should continue to decline, China could pay off her present debts much more easily with her currency given a fixed gold value. During the past 15 years the decline in the value of silver has lessened the income of China, as compared with what it would have been on a gold basis, by nearly one-half/ the average value of the tael in 1890 being 5 shillings 2 pence, and during the year 1903, 2 shillings 7i pence, while it has been at times even considerably lower. As soon as the new monetary system is established, there will be no further decline in the value of the taxes collected; and even if silver should not decline further, there would be a decided advantage to the Government in being able to reckon accurately on the value of the taxes collected for the purpose of paying foreign obligations. The chief danger to China in her relations with foreign countries comes from considerations of a financial nature. If she at any time fails to pay her obligations, the danger of aggression will be very great indeed. On the other hand...


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Product Details
  • ISBN-13: 9781130399363
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 54
  • Spine Width: 3 mm
  • Width: 189 mm
  • ISBN-10: 1130399362
  • Publisher Date: 01 Mar 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 113 gr


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