§ LORD CHARLES BERESFORD (Woolwich)I beg to ask the First Lord of the Treasury whether he can inform the House if the price of silver, in comparison with gold, has fallen since the amount to be paid by China as war indemnity was settled; and, if so, can he state to what extent; if he can state the total amount of the war indemnity for which China is liable, and the annual indebtedness for interest and sinking fund; whether he has any official information to the effect that the collection of the taxes to pay the war indemnity will create disturbances in China prejudicial to trade and commerce; and whether the British Government will take into consideration the desirability of consulting with those foreign Governments concerned with the war indemnity as to the appointment of a mixed Commission of bankers or commercial men, in order to propose some means by which the Government of China may be enabled to pay the war indemnity without an undue straining of their resources.
§ THE FIRST LORD OF THE TREASURY (Mr. A. J. BALFOUR,) Manchester, E.The gold value of the Haikwan tael has fallen from 3s., at which it stood when the final protocol was signed in September last, to about 2s. 3d. The amount of the war indemnity for which China is liable is 400,000,000 Haikwan taels. It is stipulated that this shall constitute a gold debt, the Haikwan tael being converted for this purpose at the rates specified in the protocol of September 7th, 1901. It is stipulated that the debt is to bear interest at 4 per cent. per annum, and the capital is to be reimbursed by China in thirty-nine years. The provisions for the sinking fund are attached to the final protocol, which will be found on page 259 of the Parliamentary Paper, China, No. 1, 1902. No official information has been received that the collection of taxes to pay the war indemnity is likely to lead to disturbances. The questions raised by the hon. Member are receiving the attention of His Majesty's Government.