20世紀初頭の海峡植民地における通貨制度の展開
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概要
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Between 1893 and 1913, the currency system of the Straits Settlements was transformed from one based on the silver standard to one based on the gold-exchange standard, and became part of the international gold standard framework, which had London as its center. In 1903, following the recommendation of the final report of the Currency Committee chaired by D. Barbour, the Straits Settlements Government abandoned the silver standard. Three years later, it fixed the Straits dollar at a higher-than-previous rate of 2s 4d(2 shillings, 4 pence) per dollar, to guarantee that the currency in circulation would not be disturbed by the rise of silver prices. Thus, a new system, based on the gold-exchange standard, was created. In 1899 the Straits Settlements Government began issuing government notes, which were immediately accepted and circulated. By 1910 they constituted about one half of all currencies in circulation, while the circulation of the silver dollar inside the Settlements sharply declined. By shortly before 1913, the majority of currencies in circulation were government notes and subsidiary coins. The currency system of the Straits Settlements was not only implemented in the areas legally decreed to utilize it, such as the Federated Malay States and the State of Johor, but was also informally adopted in areas closely connected to the colony, such as the rest of Malay Peninsula, East Sumatra and the southern part of Siam. The colony's silver coins had traditionally circulated widely in these areas, although neither government notes nor gold coins, which were circulated within the colony, were readily accepted there. The newly minted 1903 Straits dollar was also widely accepted in these surrounding areas. However, in response to the international fluctuations of silver prices, the Government decided to fix the Straits dollar at a higher rate in 1906. At the same time, it decided to debase the silver content of the Straits coin by 25 per cent, in order to prevent the coins from being melted down for ingot. As a result, the new Straits silver dollar became unacceptable as the currency in the surrounding areas. Instead, their own currencies came to be used, and the Straits silver dollar rapidly disappeared from these areas. Concurrently, the silver dollar was replaced by government notes inside the colony. The currency system in South-east Asia as a whole thus came to be reorganized, in accordance with territorial boundaries.
- 2005-07-30