Page:Indian Journal of Economics Volume 2.djvu/403

HONGKON(; OUI{I{ENOY even more easily than before the prohibition, and it avoids the violent fluctuations which once characterized it. In fact we have something intermediate between a gold and silver standard; the rate is fixed by the trade requirements, including speculation, and as there is no possibility of arbitrage in metal, the rate must be very much more under the control of the big financial houses than was formerly the case. Export of silver can still take place under licence, but I do not know what guides the Government in granting or refusing licenoes. Fx(?. 4. DX?OaIMS 8aowrs? ?ARIATON ?HANGHAI FROM MINT PAR" IN HONG?rONG. It will be interesting to see whether this ment will modify the some quarters to the Hongkong. Hitherto expert- opposition which has existed in idea of a gold standard for it has been urged that to establish such a standard for the colony while i? has a hinterland with a different system of currency would be to lose for it the financial leadership of South