There were other reasons for the importance of the early reform of currency not being apparent to the Government. Owing to the adventitious causes, mainly due to the large purchase of silver for coinage in India, the gold price of silver was then mounting up by leaps and bounds. The anxiety of the Government up to 1905 was mainly due to the drop in silver and the consequent fall in exchange; when after 1905 exchange improved to over three shillings per Shanghai tael the Government found it easier to meet gold obligations, due on account of the Boxer Indemnity and several other loans. Silver began to rise at the close of 1904 and when in November 1906 silver reached the level of 1893, the Chinese Govern-ment was simply jubilant. The Governments in the Philippine Islands, Straits Settlements, Siam and Mexico had to take steps to protect their currency positions. In the Philippines the silver peso threatened to exceed its face value and in 1905 the Government prohibited the export of Philippine currency. By 1906 the ratio of the value of the peso coins to the peso bullion was 1 to 1.11; and the Government had to decrease the silver in the coin and to issue new pesos and subsidiary coins. In the Straits Settlements the weight of the dollar was reduced from 26.957 grammes to 20.2172 grammes. In Siam the fineness and weight of the silver tical were maintained, but the gold value was increased from one shilling and four pence to eighteen pence. Mexico took the opportunity of changing into a sort of gold standard, commonly known as the limping standard. During 1906 and 1907 Mexico exported silver coins to a total of $85,956,202 sold as bullion at a premium, and coined gold to the value of $71,646,500 - all the gold going chiefly into the vaults of the banks. This action of Mexico brought into prominence the limping or gold exchange standard. This gold exchange standard has played a prominent part in the currency questions of India, the Dutch Indies, the Straits Settlement and Siam. As Dr. Vissering has proposed the gold exchange standard for China, I will discuss this system when dealing with Dr. Vissering's scheme.