The Englishman in China During the Victorian Era, Vol. 2 (of 2): As Illustrated in the Career of Sir Rutherford Alcock, K.C.B., D.C.L., Many Years Consul and Minister in China and JapanMichie, Alexander
History
The Englishman in China During the Victorian Era, Vol. 2 (of 2): As Illustrated in the Career of Sir Rutherford Alcock, K.C.B., D.C.L., Many Years Consul and Minister in China and Japan
Michie, Alexander
Alcock, Rutherford, Sir, 1809-1897; China -- Foreign relations -- Great Britain; Great Britain -- Foreign relations -- China; Great Britain -- Foreign relations -- Japan; Japan -- Foreign relations -- Great Britain
In the mean time the friction caused by the unsatisfied demands of the
traders was considerable; it became in time ludicrous. There was a daily
exchange held at the custom-house, and various arbitrary systems of
distribution were adopted by the officials there. The discovery that a
kind of manhood suffrage was recognised, and that an employee received
as much as his employer, led to applications being made in the names of
servants and even of fictitious persons, to each of whom an allotment
was granted. Again, the discovery that allotments were also made _pro
rata_ according to the amount applied for led to the applications being
sent in for ever larger and larger sums until billions and quintillions
were reached. By such devices, no doubt, some of the applicants may have
gained a momentary advantage over their neighbours, but at no time did
the merchants receive a sufficiency of Japanese coin to carry on the most
restricted business. At one time, about a year after the opening, it was
estimated that there was in the hands of foreign merchants one million
and a half of dollars which were not exchangeable, and were a "drug in
the market."
Their wants were, however, partially supplied in another manner. For among
the anomalies of the place and period one must be mentioned which had a
quite peculiar bearing on the supply of currency for commercial purposes.
The precious coin, which was doled out homœopathically to merchants, was
supplied to foreign officials in liberal measure. Every minister, consul,
and assistant; every admiral, captain, and lieutenant; every paymaster,
for himself and for the service of his ship, received his quota of
Japanese money on a scale graduated according to rank. The amount put in
circulation by these means was given by Mr Winchester as $2,000,000 per
annum. The recipients, whether directly or through agents, were able to
sell their surpluses to the merchants, of course at a handsome profit, and
no doubt abuses grew out of what was in its original intention a simple
measure of justice to salaried officers. The practice was condemned by
Mr Arbuthnot, and was discontinued by order of the Foreign Office in
1864, on the initiative of the Prussian Government, whose agent in Japan
had voluntarily renounced the privilege. But, oddly enough, the official
exchange was resumed by request of the Japanese Government, and continued
for several years longer, until, in fact, foreign and native coin had
found their common level.
Public-domain text, read in full here on John Shaqi.
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