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The China Mail.
February 27, 1919, Temperature 61.
ESTABLISHED
Rainfall 0.00 inch.
184
Humidity 89
魏七十月二年九十叠百九千登英蛱 HONGKONG, THURSDAY, FEBRUARY, 27, 1919.
TO-DAY'S CABLES.
No. 17.999.
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LONDON, Feb. 25. The Guards Division has been ordered to return to Britain from the Rhineland. The battalions will arrive at short intervals during the next three weeks.
MİNERS VERSUS GOVERN- MEET.
THE SILVER MARKET.
SINGAPORE, Feb. 27,
The Silver Market is quiet.
2
EARLIER TELEGRAMS.
ן.
CHINA'S RAILWAYS.
ed from "Le Journal de Pekin"-
The following article was translat
.
12
February 27, 1918, Temperature 62.
XERRADATT
At
secured, Possibly this will be easy. Pro- bably it will be be difficult. Much depends upon the results at Versailles. But whatever the attitude of the Peace Conference, little will be ac The consolidation of all foreign complished upon this project unless interests in Chinese Railways is no those of us who are here on the longer a speculative matter. Every Sound point the way and call out day fresh evidences arise that hard with a loud warning voice. beaded basiness" men consider the The second method would be to step desirable. If it is desirable, waya issue Refunding Mortgage bords with and means for taking it will be found. sufficiently attractive to make Seven years hence England will celeholders of the old bands wish to brate the centennial anniversary of change them for the new. the first commercial railway. China Present most Chinese railway issues must not be found upon that date fare quoted at about 70 per cent of with no more railway then England Par. This discount results from two bad after only two decades of con-cases, low. interest rate and skep struction. Yet unless the new modeticism regarding China, It will be LONDON, Feb. 24.
of "proceedure be adopted such will a long, long, long time before be the case. After thirty years of China sees any more 5 per cent. In the House of Commons Mr construction under the system of money coming begging for invest Adamson opined that the spirit competitive concessions, China has ment. The interest rate for the next animating both the Premier and the only 6000 miles of line. The old generation will have to be higher. President of the Miners' Federation system has failed.
Bonds which now bear a rate gave every promise of finding a sol- In a late number, the form of of five per cent will have to be ution to the dispute. He urged the association for the new method of raised to at least six in order to government to deal with the questions proceedure was outlined. Briefly we be quoted at par. But that will of wages and hours before Feb. 26. proposed a Central Board composed fall unless, confidence is restored, in He also asked the Premier to agree of a representative of Japan, America, Chinese investment The consolida to the principle of nationalisation Great Britain, France, and China to tion which we propose should raise and to leave it to the proposed govern all railways in China. We the consolidated investment to thef commission to make the enquiries proposed that in addition to this plane of the best government bonds. nécessary before the government number, a representative of Russia It will indirectly be the means of 'could make such a big deal.
should be appointed when that restoring order in China. It will country is able to make a national take away the fear of interna appointment, and that at the same tional conflict which itself is. time an additional representative of the most depressing factor in any the Chinese government should be market. It will remove the dangers seated, the Chinese representation to rate wars, permit "the proper increase in proportion to the Chinese development of extensions and feeder investment, be that investment lines and supply through traffic con- acquired by subscription to funds nections without which the best for construction, repayment of located and built line in the world mortgages, or additions to the pro- has a hard time of it. But most perty through surplus earnings.
of all it guarantees a rapid The functions of such a hoard are development in the territory (Reuter's Service to the China Mail.) so obvious perhaps, that considera. served by the line, which will mean tion should probably be given first heavy traffic. Without any increase to limitations upon them.
in the interest rate, this should make j The first fear in the Chinese mind any holder of a Chinese railway bond is that by putting Chinese railways keen to exchange it for the con in the hards of the combined foreign solidated issue. On the other hand, interests she is thereby rendering if through some sentimental or stupid herself absolutely impotent to throw reason holders of present issues, out the foreigner, whereas if she con- should hold out and thwart this plan, tinued with the foreigners divided unless they are how in very feeble she might someday be able to throw health, they would probably live to out one, and then another and thus see a conflict in China which not only finally get rid of them all, especially if would destroy the earning value of enlist the aid of one power against The choice comes pretty clase to favourable opportunity should offer to their line, but even the line itself. another. While we can not forbear being, "What will you have? Some- asking if after a twenty year trial thing good, or nothing?" of it China is now more able to throw out Japan, or Great Britain be added to the consolidated refund. But another attractive feature could than she was in 1898 when was the ing issue. On certain lines at present scramble for "spheres of influence, the bondholders receive in addition we need not tarry for the answer. to the interest a share in the profits We will propose instead that the of the line. At present it is provided. combined interests place a definite that this share is one-fifth, but in the limitation upon their period of stay, aggregate it shall not exceed more and put the means of enforcing that than one-fifth of the total par value limit in the hands of China be of the bonds outstanding. The im- exercised or not as appears best to mediate result of such a provision is her. We therefore propese that no that it gives a speculative value to issue of mortgage bonds run for a the bond which results 'in a lower longer term than fifty years, and that interest rate. The second result is beginning with the twenty-sixth year that the foreign management be of the term. four percent of the entire comes highly interested in the amount f such issue shall be repaid most economical administration annually out of earnings.
of the property. Unless construc- Now, remember that the Chinese tion be economical, supplies be government already has a tidy purchased in the lowest market, and $140,000,000 invested in her railway operation be the most efficient, the system. Remember that these lires bondholder loses a portion of this yearly require large additions to speculative return. Be assured then- their property to be made out of that he will place the best man, he earnings, in order to take care of a can find in the responsible positions. M.S. H.M.S. H.M.S.volume of business which is increas- On the Shanghai Nanking railway Scratch 4,01.53 4.01.53 ing ten per cent annually. Remem where this system is in operation, the
D.N.S.
ber that these lines have earnings at number of men employed in propor. 4.03.13 4.04.13
least $20,000,000 above the costs of tion to the business transacted and D.N.S.
operation and interest charges, and D.N.S.
THE ADMIRALTY..
LosDos, Feb. 20. The Admiralty decies that change is impending in the office the First Sea Lord.
INTERNATIONAL LABOUR.
་
а
of
Loxbox, Feb. 24. The Press Bureau states:- A comuniqué from Paris states, that the International Labour Legis- tation Commission considered the Articles of the British Drait concern ing economic penalties in the event of a State failing to carry out the obligations entered into under an International Labour Convention..
ROYAL HONGKONG YACHT CLUB.
The re-sail of the fifth of the series of Club Championship Races for the Heyward Hays and Gael classes took place on Saturday last with the following results..
HEYWARD HAYS CLASS
Yacht.
Handicap
án Course.
Finishing
Time.
Corrected
Ursula Dawn Lysbeth Liza
Owl
Points
Points
for race.
toy date.
(1) Ursula
6
SO
4
25
13
11
Position:
(2) Lysbeth
- Dawn
Liza Owl.
Yachts.
"
GAEL 'CLASS.
Handicap
on Course.
Finishing
Time.
Corrected
Time.
that for the next twenty-five years the operating costs per unit of traffic, this process would be increasing the are the lowest in China. And it is government's share in the total apparent that upon this line the trains investment. Remember that after
about ten years each of the new are most regular, the equipment if lines would be able to add something best condition, and the rates the to the government's share. It is lowest of any line in China. evident then that if the Chinese turn to and use the earnings of the rail-
It would seem however, that some ways in any proper fashion, they improvement could be made in thej can secure a majority upon the form of participation in profits over of Administration within that in force on the Shanghai-Nanking about thirty years from date. "
Board
It is barely possible that in the line. On that line the division of meantime China would consider profits, it is contended, "must be
H.M.S. HMS greater extent of construction desir made yearly. Thus until there is Scratch 4.17.11 4.17.11 able, and therefore would wish to a prospect of making a profit, the
'D.N.S.
enlist foreign capital to such an management has no incentive from 4.1734 4.17.54 extent as to keep her investment a
minority interest during a greater this cause to achieve anything. If D.N,S,
length of time. In South America all the deficits of unprofitable years 4.25.49 4.24.47 this has been the condition all along. had to be made up before a profit
In such a case, provision could be
M.S.
Gael.
Toinette
Joan
Thecla Dorothy 1.02 Asthore 1.02
D.N.S.
Points
Position
for race
(1) Gael
(2) Joan
(3) Asthore
Thecla
Dorothy Toinette
H
Points made connection with later loans that were to be divided, the management
to date the foreign, majority should be re would have the same incentive duced to a minority so long as the during lean years to make the ensuing Chinese management were debits as small as possible as during able to meet its obligations.
31.
29
13
3
.४
CRUISE CHAMPIONSHIP. In the fourth event which was sail. ed on Sunday last no yacht completed the course of Cheung Chau (S) within the time limit and the event will have to be re-sailed.
The Central Board of Administrat
the fat years to make the profits as
lon would be first of all a financial big as possible. Then again, on the unit charged with procuring the funds Shanghai Nanking after one fifth of for merging the present railways and the original capital has been repaid constructing future lines. In order to to the bondholders in the form of accomplish the first named function profits, they have no further particip one of two possible methods would have to be followed. Possibly the ation. From that time on they have most simple method would be to no interest in operation of the line. secure the assent of the present This is a defect which should be re- owners of each line to administrative medied by making the profitsharing control by the Board in exchange feature co-terminous with the life of for a guarantee of interest, and
Intending subscribers to the principal, the Board assuming all the bond. If this were done, perhaps Dover Patrol Memorial Fund are the obligations of such lines. Since the share to be alloted to the bond- reznizded that the list will close all of the foreign controlled lines holders might be reduced from twenty to-morrow, Friday. Subscriptions have been built as a result of treaty:
should be sent to air. P. S. Cassidy, provisions, the interest of the governo ten per cent, advantageously to 470 Hongkong & Shanghai Bank ments involved would have to be all concerned.,
W Ford
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