The general situation with regard to silver was such at the time as to lead to grave concern about the future, especially in the countries which were on a silver basis. The question of the relative value of gold and silver and the causes that led to the heavy depreciation of silver, especially since 1890, I will discuss at a later stage - when I formulate my scheme for reform. Suffice it to say at present that the position in 1902 became so acute that China found it imperative to take some steps towards relieving the pressure that was being felt.