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business was of a
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fluctuating nature, that they could not always expect to see their various establishments so well em ployed as they had been during the period then under review, and that they must not therefore always expect equally good profits in the future, said: Our
local loans
have been able to "reduce by about $100 000, but they still "amount to about five lakhs of dollars, and "I have no doubt the shareholders will con- "tinue to support the directors in their "sound policy of further reducing, with a "view to ultimately liquidating, this debt entirely before distributing increased "dividends." At that time the item "sundry creditors" stood in the accounts at $510,000; on 31st December, 1894, it stood at $527,623 This is exclusive of the Al- miralty Loan. . It will be
seen, there- fore, that if the declared policy of writing off the loans is to be continued it will be some time before increased dividends can be paid, for with the increase in the business larger stocks of material are required, which goes to counterbalance the periodical writings off, especially when ex- change is 'unfavourable. Some years ago an increase in the capital of the company was proposed, which would allow of approxi- mately the whole of the profits being divided amongst the shareholders, and that course seenis to have much to recom- mend it.
ments
?
:
THE HONGKONG WEEKLY PRESS AND
| August 1, 1895. and the stoppage of the Chinese passenger as are her ideas on fiscal questions, can traffic from Macao in consequence of the hardly fail to see that it would not beto
have all told on her interest to give a bounty to imported outbreak of plague, the other side of the account. As things goods by imposing heavier taxes on those stand, however, the shareholders may cou-of home manufacture. gratutate themselves on possessing a very sound and lucrative business, with every prospect of its improving still further.
THE DUTY ON SHANGHAI
MANUFACTURED YARN.
F
FRENCH GAÏNS IN CHINA AND BRITISH INACTION.
in every
According to the accounts received from the North, the French Minister at Peking has gained a considerable concession on the Now that foreign cotton mills are being established at Shanghai the question of the frontiers of Yunnan. One story has it that duty to be paid on the yarn and cloth turned the territory handed over to China by Great out by them becomes of practical importance. Britain to constitute a buffer state between With reference to the Chinese mills already Siam, Burmah, Indo-China, and China, has in existence, there is an arrangement, we believe, that taxes shall be paid on the
been coded to France by the Peking Govern- goods turned out equivalent to the ment. All accounts, when it comes, to a duty payable on similar goods imgeographical description, are very vague in- - ported from abroad, but the Shanghai deed, and we must wait for a more accurate Chamber of Commerce has recently made a formal complaint that an extra likin was definition of the boundaries of the new being imposed on foreign goods, thereby domain. In all probability, as giving the native made article a preference. Chinese account, the matter has been con- Whatever agreements may be entered into siderably exaggerated, and no really sub- on the subject the Chinese will inevit-stantial concession has been made at all. ably scheme to secure unfair advantages If, however, France has succeeded in getting at the expense of the foreigner, but it is no matter how small a slice of Yunnan then important that their opportunities for doing indeed, in an insidious way, she has inaugu so should be reduced to a minimum and that rated, as our Shanghai morning contem a close watch should be kept to prevent any.porary says, the partition of the Chinese thing of the kind.
Empire. Her primary object may have been the consolidation of Indo-China, and for it of a well defined the creation boundary. In the net result she will have prepared the way for future interference and further annexations, which will follow, as the night the day. Perhaps there is nothing really to regret in this move on the part of the restless Republic; it may be her mission to prepare the way for the disinemberment of the vast, unwieldy, and most supremely corrupt
**
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to
The Hongkong, Canton, and Macao A writer in one of our evening contem. Steamboat Co. presents a contrast to the Dock poraries says "It seems remarkable that Co. inasmuch as instead of having to borrow yarn spun in Shanghai and 'sent, say, to money it has more capital than it can employ Chefoo, Tientsin, or Newchwang should in its legitimate business and has to seek in- "pay a duty and a half, while yarn spun vestments for the balance. Some time ago
"in India or Japau pays only one duty." a section of the shareholders suggested a re- The writer is apparently of opinion that turn of capital, but to that the reply was that yaru spun in China will be subjected to in the event of the opening of the West coast trade duty, under the regulation which River the surplus capital might be required. provides that "Native produce carried coast
Empire of China; but The answer may be deemed sufficient, but a "wise pays full export duty at the port of glance at the accounts shows that in the shipment; and, at the port of entry, coast the Minister for Foreign Affaus for Great meantime running steamers is a much more "trade duty, the amount of which is de- Britain fully awake to what is going on, profitable business than money lending. "clared to be half-import duty." Cotton yarn
or is his attention entirely taken up with The value of the steamers, wharves, cargo does not appear in the export tariff, but in the Cabinet forming and the turmoil of a gene- boats, and other assets connected with the tariff rules it is provided that " Articles not ral election ? It would not be unnatural steamers amounts in round figures to "enumerated in the list of exports, but if matters more immediately affecting the $950,000, and the net earnings of the enumerated in the list of imports, when Premier have diverted his mind for the steamers are $81,428, showing a profit of exported will pay the amount of duty set moment from the complex problems that over eight per cent. for the half-year on the against them in the list of imports. Thus must ordinarily engross the attention of the capital so employed. The amount lent we arrive at the duty and a half men. Foreign Secretary. It is unfortunate that out on mortgage or invested in shares, fixed tioned by the writer above referred to. But the condition of affairs in the Far East critical at a time when deposits, and SO on, amounts to over the product of the existing Chinese mills should be so $1,300,000, and the "interest on invest- does not pay a duty and a half; neither, we a change of Government is proceeding No doubt Lord SALISBURY SHY, appears in the profit and loss venture
will the products of the in England. account as $41,000 only, giving a-return of foreign mills about to be established in will be quick to gather up the reins after the general election, but meantime how a little over three per cent for the half- Shanghai. year. In this connection, also, we notice The recently concluded treaty between much has been slurred or lost? If the All articles noble lord would but stiffen the arm of the there appears the item of "Appreciation of China and Japan provides that "investments in local stocks, $10,272," It manufactured by Japanese subjects in British Representative at Peking all might appears to us doubtful policy to reckon this" China shall in respect of inland transit be well without a struggle. China is not pre- item as profit, so long as it exists only on and internal taxes, duties, charges, and pared to fight about an idea, and it is only paper, because it might all be swept away "exactions of all kinds, and also in respect necessary to demand what we want and are by market fluctuations at any time. The of warehousing and storage facilities in entitled to as reparation for the long cata- sound policy with regard to investments is the interior of China, stand upon the logue of wrongs and injuries done to British to keep them in the books at a safe
same footing and enjoy the same privileges subjects to get it promptly conceded. But valuation and disregard market fluctua-"and exemptions as merchandise imported there must be, behind the Minister, the tions. The item is the more extraordin- " by Japanese subjects into China. A naval and military power of his Government. ary in the Steamboat Company's accounts question might possibly be raised whether Let it be seen, and, if needs be, felt, inasmuch as nothing has been written coast trade duty is covered by the words The Chinese Government must be coerced, off on the other side for the deprecia- "internal taxes, duties, charges, and ex-not-argued with. The Empire should, if tion of the steamers, wharves, etc. As "actions of all kinds," but to charge the resistance to just demands he offered, be to the dividend, the net profits would hardly products of Japanese mills in Shanghai administered both for the good of its people justify any increase on the usual six per imported into other open ports a duty and a and of the invading forces. There is no cent. It was, we believe, expected by the half while the same goods imported from hope of amelioration in the laws or customs advocates of an increased dividend that the Japan are charged only one duty would of the country unless it comes from without. no false modesty in the profits of the half-year would have been clearly be opposed to the spirit of the There need be somewhat larger than the sum they actually above stipulation. Whatever doubt may matter, no mincing of phrases. Far better work out to, for the Company was known exist on the point, however, will be removed to be brutally candid than to be timorously. to be doing extremely well on the Canton by the treaty of commerce to be negotiated deferential to the Chinese mandarins. At line, but the higher cost of coal and stores, between China and Japan, for the matter is least let England retain the hand of steel. the additional expense of special insurance too important to be overlooked by the in the silken glove, and if need be make its against torpedo risk, torpedo pilotage fees, Japanese negotiators. China too peculiar grip felt.
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