96
report for the first half of 1885, that is, ten years ago, the figures for the deposits are
́as follow:--
June 1885
Silver.
Gold.
Dec. 1892
$53,980,217 £4,912.476
June 1893
Deo. 1893
Jane, 1885.. Dec., 1892...
June, 1893..
Dec., 1893,
June, 1894.
Dec., 1894.
June, 1895.
55,564,121 4,283,373 59,313,306 3,415,992
Total.
99,711,481
$12,713,861 16,832,215 15,323,006 18,014,251 17,369,223 36,874,015 44,664,055
The alteration in
THE HONGKONG WEEKLY PRESS AND Case. Buycotting in its ordinary sense calls for suppression in Japan, and much more so when it is applied for the purpose of nullify. ing the decision of a court of law. Messrs. 53,457,227 CORNES and Co. had a dispute with Mr. KIMURA in reference to certain goods which 59,871,134. 89,707,680, had been ordered by the latter but of which June 1294
61,240,507 2,942,038 92,212,995! he refused to take delivery on the ground Dec. 1894
73,651,839 3,064,611 104,300,754. June 1895
88,896,069 3,300,107 119,804,395 that they were not according to contract. The cash on hand as shown in the same It was an ordinary commercial dispute, such as arises every day, and it was carried for reports was as follows:-
decision to a court of law, which gave judgment in favour of Messrs. CORNES and Co. There the matter ought to have ended, unless the defendant clected to carry the case on appeal to a higher court. Instead of adopting that course, however, he appears The Australian bank crisis led to large to have appealed to his guild, which has withdrawals of gold deposits from the Hong-condemned the decision
as unjust and kong and Shanghai Bank as well as from threatens to visit the plaintiffs with a boycott other Banks, and the plethora of gold which unless they waive their judgment. If this has prevailed in London for the last few be a correct statement of the facts, the years is largely due to that movement. To matter is one of considerable moment for the meet the crisis the Eastern Banks deemed Japanese Government and the administra- | it prudent to bring their assets into as liquid tion of justice in the country. The Japanese a state as possible and in pursuance of that are on the eve of resuming their judicial policy had to largely curtail the financial autonomy and in a few years all foreigners in facilities they formerly offered, so that the country will be subject to Japanese law. money instead of being a drug on the local But what confidence can be felt in the ad- market was for a time almost unobtainable ministration of justice, what respect for the on any terms. The crisis is now past and decision of the courts, if gal judgments the Hongkong and Shanghai Bank is left are to be overruled and set aside by com- with nearly forty-five million dollars on its merical combinations ?. hands in cash, for the bulk of which it Japan's treaty relations will not, it is true, would presumably be glad to find remunera make any difference in such cases as the one tive employment, reserving only so much as under notice, because under the existing may be necessary for the requirements of conditions claims against Japanese subjects current business. The other banks are in a have to be adjudicated upon by Japanese similar position, more or less, and the reduc-tribunals, but the incident is of importance tion of the rate of interest allowed on deposits as tending to show that the Japanese tri shows that they are not anxious to attract more bunals to whose jurisdiction foreigners are money to their overflowing coffers. The re- shortly to be subjected do not possess the duction of the bank rate of interest means a confidence and respect of the Japanese the reduction in the rates of interest all round, selves and that their decisions are liable to be including those on bank advances, and a corres-overruled by bodies having no legal status. ponding advance in the value of all sound It rests with the Japanese Government securities. With returning confidence and to amend that state of things If the larger demands for money for business pur-law as it stands is sufficient to check the poses the decline in the rates of interest may proceedings of the guild, then the law ought be retarded, but the tendency, on the local to be promptly and decidedly euforced if market at all events, will be downwards the law is defective it ought to be amended. rather than upwards. On the London Failing this, neither the Japanese Govern
inay be
some recovery, ment nor the Japanese courts of law can due to the outflow of capital seeking enjoy the full respect and confidence of higher rates of interest than are to foreigners as being able and willing to ad. be found there, but that will mean an minister impartial justice. What would inflow of capital to the Far East, as well as happen if such case arose in England? to other promising fields of investment, and Let it be supposed that one firm obtained will depress rates there. From some points judgment against another in an England of view cheap money may not be regarded as court and that a commercial association an unmixed boon. Trustees and Public thereupon called upon the successful party Companies having large sums to invest to waive his judgment and to accept in lieu will find their income considerably thereof the decision of the association, under diminished, and even the humble clerkpain of being boycotted. All the parties who makes a small saving out of his mouthly concerned in the matter would render them salary will find an appreciable difference in selves liable to be sued for damages, to be the rapidity of its accumulation at compound indicted for engaging in an illegal conspiracy, interest when the rate is four per cent, and to be committed for contempt of court. instead of five. But, leaving out of account If the law in Japan does not meet such a case these special interests, the effect of cheap in a similar way then the law is defective. money on the colony as a whole ought to be
market there
to stimulate enterprise and promote the general prosperity.
BOYCOTTING IN JAPAN.
[August 7, 1895.
OF MISSIONARIES NEAR FOOCHOW.
MASSACRE
TEN ENGLI H MISSIONARIES KILLED.
THE VICTIMS ONE MAN, EIGUT LADIES, AND ONE CHILD. [SPECIAL TELEGRAM TO THE
DAILY PRESS."] Foоcнow, 5th August, 1.55 x.m. massacre of missionaries took place on the 1st inst. at Kution, 120 miles west of Foochow in the interior. Ton English missionaries were The property killed. The Americans escapol. was burnt. Four missionaries were burnt in their houses.
The dead are the Rov. R. W. and Mrs. Stewart, governess, and one child, Misses Saunders (two), Newcombe, Gordon, Marshall, and Stewart. The badly wounded are Miss Codrington and two of Mr. Stewart's children.
No provocation whatever was given for the massacre.
The perpetrators are a society of vegetarians believed to be numerous about Kutien.
News of the affair reached bere yesterday. The U. S. Consul immediately saw the Viceroy. demanded a launch, and sent the Marshal of the Consulate to the relief of the wounded. He returned to day with the survivors.
[SPECIAL TELEGRAM TO THE DAILY PRESS." |
SHANGHAI, 5th August, 7.40 p.m.
A public meeting was held here to-day to con- sider the situation in connection with the mas
Mr. R. M. Campbell presi ded sacre at Kutien. The following resolution, proposed by Mr. G. J Morrison, seconded by Mr. W. Little and supported by the Rev. T. Richard and the Rev J. R. Hykes, was unanimously adopted:
Resolved to appeal to our respective Go- ernments for protection from outrage by Chi nese and against the apparently inadequate manner in which the persons guilty of former outrages have been an are being dealt with."
The Americans have appointed the Rev. J. R Hykes to confer with the China Association.
Mr. and Mrs. Stewart and the tw, Misses
Saunders belonged to the Church of England Missionary Society and the other four ladies were sisters of the Zenana Society.
Bishop Burdon, the head of the Mission in China, on receiving information of the terrible sout the telegrams to his massacre at once Excellency the Governor, Sir William Robinson, who wired the news to Lord Salisbury, the Premier, with as much haste as possible.
Of the actual cause for the antipathy which has been displayed with such dreadful intensity against the foreign missionaries Bishop Burdon is not able to speak with any degree of bertainty. It was known that there was ill feeling against the native Christians, but he did not think for one moment that the aversion would be extended to the foreigners. The trouble originated some months back, and the Bishop heard particulars of it in October last when, in pursuance of his dutiesas head of the Missionary Society, he visited Foochow, which is included in his diocese. Atthat time considerable opposition was being shown. by these so-called vegetarians, but the opposition The China Gaz tte of the 1st inst. says:-
was at that time solely directed against the Yesterday afternoon the heat was so intense that
native Christians, aud the foreigners did not fear The outrages even the indefatigable bill and bullion brokers A paragraph in a Japan contemporary had to suspend operations and give their fiery for their own safety in the least.
commenced by the vegetariaus reaping the fields states that the Yokohama Guild of Yarn oharioteers a rest-also the bank managers of the native Christians, and carrying away the A strong protest was Dealers has decided to boycott Messrs. Only one extra energetic broker continued his
To day produce as plunder. CORNES & Co. unless they accept the wild career, and thereby bangs a tale. arbitration of the Guild, having arranged the temperature was almost higher than that of entered against th se depredations, and the man- But instead of giving effective among themselves that the decision of the yesterday, and very little business was done. darins were urged to interfere and put a stop to Japanese Court against their president, Mr. Early this afternoon another death from heat the robberies.
apoplexy occurred in the Settlement. A Mr. protection to the Christians and taking rigorous measures to suppress the hostile feeling, they KIMURA, was unjust. The Tokyo Guild was Sandberg, lately second officer of the barque also to be asked for its support. We do not Satsuma, was seized in his room at the Sailors' sent one man, a runner, to use his feeble in- know whether the action of the Guild is Home and died almost immediately. Dr. Macleod fluence with the desperadoes. Ile was laughed and he did so; he had absolutely no power illegal according to Japanese law, but if not was at once sent for, but all was over when heat, and they told him to go about his business. elgislation ought to be passed to meet the arrived.