The adoption of the Shanghai tael as the unit and the establishment and proper regulation of the district banks, are preliminaries to the reform in coinage. I have given my reasons for not advocating a new or fictitious unit; I have also laid special emphasis on the fact that the unit for China should have, for the present at least, no hard and fast relationship with gold. In order that it may be easily introduced, the unit must be familiar to the Chinese people, and the Shanghai tael certainly is familiar to the trade. But when we descend to practicalities, we have also to consider the question relating to coinage. Until Dr. Vissering brought out his scheme, the unit which found favour with the reformers was the Kup'ing tael and the Yuan or dollar. Since the unit of the tael was considered too big for the every day transactions of the larger part of the Chinese population, the proposals were always associated with the maintenance of very small coins, so much so that even in 1914 the subsidiary divisions of coinage went down to 1 li or 1,000th of the proposed yuan. There is no doubt that a unit coin of unwieldy size is not always very advantageous. The old dollar piece of the Straits Settlements, when the standard was yet silver, and the peso piece in the Philippines, were of unwieldy size, being very inconvenient of carriage.