---------------------
SILVER
Silver is not mined but made as an alloy (mixed metal). It is mostly made into ornaments and gifts and sold for the local market in the Malay States.
When the Spaniards conquered this region, the Spanish silver dollars were used as currency in the Malay States, and other countries. Replica of the Spanish silver dollars can be viewed at the Maritime Museum in Fremantle, Western Australia.
Wills of the early 1900s, such as that of Kapitan Keling in Penang, mentioned Spanish silver dollars.
However, the price of silver fell and gold was to be considered as currency for the Straits.
Why Silver Has Fallen.
The Singapore Free Press and Mercantile Advertiser (Weekly), 19 November 1902, Page 336
The "Standard" states that the latest fall in silver is due to the appointment of the Straits Currency Committee, to consider the establishment of a gold currency.
--------------------
TIN
Tin investors were cheated into believing that Mt Opir could produce a lot of tin, and that the Malay States could produce so much gold. Evidently, this lie from Johore came to light and the newspaper published this unscrupulous scam. Even the Johore officers were caught off guard.
Even The Golden Chersonese lied about gold being prevalent in the Malay States.
Johore had failed in two things - planting and mining.
The Johore Tin Streaming Company. Straits Times Weekly Issue, 25 October 1886, Page 5
Tin was largely mined in Perak. The British employed Chinese labourers to work on the mines. These labourers survived on boiled white rice, eventually suffering from beri-beri. The Chinese workers became thin and emaciated and finally die.
The Malay natives of the Malay States have never witnessed beri-beri as they ate healthy meals.
Beri-beri research was performed at the Institute for Medical Research (IMR) at Jalan Pahang in Kuala Lumpur. The IMR was proposed and opened by Sir Frank Swettenham in 1905.
Beri-beri was the result of eating plain polished white rice which lacked vitamin B.
The tin dredges have all gone today and the tin mines have closed down and been converted to beautiful lake gardens, golf resorts, and elite housing estates.
-------------------
GOLD
Gold dredging was similar to tin dredging.
Progress & Development Of Tin Dredging In Malaya.
The Straits Times, 28 May 1937, Page 8
Between the late 1800s and the mid-1950s, many countries were considering adopting a Gold Standard as their currency. Among them were Great Britain, USA, Austria, Poland, Netherlands, Belgium, Greece, South Africa, Japan, China, Mexico, Brazil, India, Straits, and Siam - F. M. S.
The Malay States, under Siam and the F.M.S., depended on the currencies adopted in Hongkong and Canton, since they were the major trading partners in the Orient, apart from Japan, Korea and the Philippines.
A GOLD STANDARD FOR INDIA.
The Singapore Free Press and Mercantile Advertiser (Weekly), 17 August 1899, Page 6
***
SPECIAL TELEGRAM.
The Singapore Free Press and Mercantile Advertiser (Weekly), 24 December 1902, Page 416
***
PHILIPPINES CURRENCY.
The Straits Times, 18 February 1903, Page 4
Suggested Conference of Gold and Silver Countries.
***
BACK TO GOLD STANDARD
The Straits Times, 10 July 1930, Page 6
Later some countries opted out of the Gold Standard and returned to silver coins. Some countries continued to use the Gold Standard.
Those countries that used the Gold Standard were able to enjoy a stable currency, stable market and trade. Those countries which left the Gold Standard had to struggle to stabilise their economies.
CABLES RATES TO INDIA
The Singapore Free Press and Mercantile Advertiser, 22 December 1931, Page 16
***
45 COUNTRIES OFF GOLD.
Singapore Daily News, 10 January 1933, Page 5
U.S. OPINION.
"BRITAIN MUST LEAD RESTORATION."
Washington, Thursday.
Including South Africa, 45 nations are now off the gold standard, reports the Deprtment of Commerce. Thirty-four of them have officially suspended the operation of the gold standard and have either reduced the values of their currencies in the terms of gold or prohibited the use of their gold in international transactions and so have caused their currencies to decline. These countries kinclude the UK, Sweden, Norway, Finland, Denmark, Greece, Portugal, Spain, Japan, India, Siam, Straits Settlements, a dozen Latin countries, the Dominions, Northern Rhodesia, Southern Rhodesia, Nyassaland, Mozambique, Egypt and Palestine.
Need For Return.
Eleven other countries are classified as being virtuaslly off the gold standard as having restricted the amount of foreign currency that may be used. These include Austria, Germany and Hungary. The first step towards greater stability of international currencies, the opinion is expressed in America, must be for Great Britain to restore the gold standard since other countries which trade most heavily with Britain cannot afford to have their currencies fluctuate too widely from the British pound. - Reuter Wireless.
***
A MINOR GOLD RUSHA Record Price For The YearOn Wednesday the price of gold in London reached a record for the current year. It was 125s. 5d. an ounce compared with 85s before Great Britain went off the gold standard. The countries from which gold is reaching London are more varied than before.
This trial period of adopting the Gold Standard and trying it for awhile and then abandoning it and returning to previous monetary system created many challenges for small economies and new economies, such as Siam F. M.S., which included the Malay States.
BAN ON GOLD EXPORTS.
The Straits Times, 18 March 1936, Page 12
ANNOUNCEMENT BY CANTON.
Canton, Mar. 18.
The Kwangtung Government has placed a virtual embargo on gold exports from the province.
People leaving the province are prohibited from having in their possession gold worth more than $200, and intending travellers are warned that gold in excess of the limit will be confiscated.
The Central Government a few days ago denied reports that it was contemplating the adoption of the gold standard. - Sin Chew Jit Poh.
In the USA, which finally faced the Great Depression of the 1930s, this economic gloom and instability eventually led to WWII, as a means out of its dependency on local monetary problems, which Asiatic countries were enjoying as they stuck to the Gold Standard.
***Rumours started spreading about the price of gold if individuals started buying gold to keep or for private business.
PARIS FULL OF RUMOURSEmbargo On Gold Exports ImminentParis, May 9.While Paris is full f rumours that an embargo on gold exports is imminent and the buying of gold by private persons will be stopped, high banking authorities declare that the Government has no intention at present of departing from the orthodox gold standard policy which was strongly set forth by the Finance Minister, M. Regnier.This would limit the Government's defence measures to raising the bank rate and various indirect methods of discouraging the outflow of gold.-Reuter.
Britain had stopped its gold production since 1931 (Depression). Its gold production increased in 1939 and 1940 (post-Depression).
GOLD PRODUCTION JUMPS LAST YEAR
The Straits Times, 10 March 1941, Page 5
During the height of WW2, Japan had refused to reinstate the Gold Standard.
Nippon Will Not Return To Gold Standard, Says Kaya Domel------------------
Syonan Shimbun, 27 January 1944, Page 1
MARKET PERFORMANCES
The Straits Times. SATURDAY, DECEMBER 30. THE OLD YEAR'S STORY.
The Straits Times, 30 December 1911, Page 8
The Straits Times. WEDNESDAY, DECEMBER 81. HOW THE YEAR HAS GONE.
The Straits Times, 31 December 1913, Page 8
No comments:
Post a Comment