309
Members of Council are legally incapable of voting on questions in which they are directly pecuniarily interested. They are disqualified on principle and by the law of Parliament formally declared in a recent case in England, and we protest and declare that the votes of the Official Members of Council on the Appropriation Bill, so far as the question of official salaries was concerned, were null and void and of no effect.
We claim that the amendments proposed in Committee of Council for the reduction of official salaries to the scale in. force in 1890 were duly carried by a majority of legal votes; that the votes recorded against the amendments were null and void and ought not to have been counted and that the Appropriation Bill ought to have been reported and passed with these amendments.
For the reasons above given we formally and unanimously protest against the so-called Appropriation Ordinance for 1893 as published, and declare it not to have been duly passed by this Honourable Council and not to be law.
Dated Hongkong, this 13th day of December, 1892.
(Signed) ( } (
59
C. P. CHATER.
HO KAI.
}
T. H. WHITEHEAD.
(
}
E. R. BELILIOS.
Enclosure No. 2.
THE BOMBAY YARN TRADE IN HONGKONG.
Mr. P. EDULJEE, in his annual report on the Bombay yarn trade in Hongkong, says:-
"The trade in Indian Grey Yarn continues to advance with rapid strides, and the year just past shows an exceptionally prosperous period both to dealers and importers with a substantial increase in volume and price. Total imports to China and Japan which amounted to 389,862 bales in 1891 show an increase of 54,012 bales in 1892 or nearly 14 per cent. In Hongkong alone receipts increased from 218,732 bales in 1891 to 247,569 bales in 1892 or over 13 per cent., whilst direct shipments to Shanghai and Japan advanced to 196,305 bales as against 171,130 bales in 1891 or nearly 15 per cent. Consumption has also kept pace with arrivals, and whereas Hongkong shows an increase of 57,660 bales or nearly 35 per cent. during the past year over that of the previous twelve months, sales in Shanghai have increased from 144,337 bales in 1891 to 184,386 bales in 1892 or nearly 28 per cent. and in Japan from 14,439 bales to 25,337 or over 75 per cent. During the first six months prices were very slow to move and showed a fluctuation of $1 to $2 per bale, but during the latter half of the year the market took a decidedly upward turn, and in spite of one or two ineffectual attempts to bear prices, values have steadily advanced, and during the year the appreciation may be estimated at $15 in No. 6s. and 8s., $13 in No. 10s. and 12s. and $10 in No. 16s, and 20s., and although rates in India showed a corresponding advance, the margin on costs has been more or less considerable. In closing the last annual Report it was re- marked that since the introduction of the trade into China there has been no more disastrous period both to importers and native dealers than the year just past.' Not only have supplies increased during the last twelve months, but consumption has in- creased from 161,504 to 219,164 bales, the country being in a better position to absorb more imports, having been happily free from droughts or floods during the period under review."
"The Northern Ports, more especially the large neighbouring markets of Shang- hai, have greatly contributed to our advancement, and indeed during the first half of the year were it not for the heavy exports to that port, and the large orders received therefrom we would not have been able to report so good a progress in our market. To give a vague idea of how the trade in Shanghai has expanded during the last four years it is only necessary to mention that whereas in 1839 only 55,401 bales were consumed in that market the consumption last year shows 184,386 bales or an increase of nearly 129,000 bales or over 230 per cent.”