204
away capital. At the same time they are at liberty to invade the houses of the inhabit ants, to throw their furniture out of the windows under pretext of whitewashing the premises, and to make things generally as unpleasant as they like. Hence we say the measure touches every man in his pocket and his home and we trust that every con- stitutional means will be used to prevent its becoming law.
necessary
for
Let us not be misunderstood. There is only one opinion in the European community as to the necessity of bringing the colony into a thoroughly sanitary condition and if to cope with an epidemie it were the saving of time to throw the people's furniture out of the window every one would say throw it out by all means. But it is right and proper that the common sense of the community should have some say in the matter and that it should not be left solely in the hands of officials responsible to no one but them- selves; officials who may be over-active or sluggish by fits and starts. The whole history of government in Hongkong is a history of conspicuous failure, the progress the colony has made having been achieved in spite of and not with the assistance of the adininistration. We throw no aspersions on the good intentions of the officials, but good intentions do not always bring forth good results. Torquemada was influenced by good intentions. It may be said, as indeed it has been said, that the agitation for an extension of popular privileges in this colony is only a notion of greasy Radicals. The introduction of party fecliug into our local polities is to be deprecated, but we may remind readers that long before the Radical party was heard of Eng-
·lishmen prided themselves
the possession of political privileges; and members of the great Conservative party, which gave to England County Councils, need not fear that they are breaking with their political principles by joining in the effort to secure for the residents of Hong- kong some small share of the liberty en- joyed everywhere else under the British flag, namely, the liberty to manage their own municipal and sanitary affairs.
oar
on
THE HONGKONG WEEKLY PRESS AND
It will be noted on referring to the Bill that the Medical Officer of Health is not included in the new constitution of the Sanitary Board. It was the appointment of the then Acting Medical Officer of Health as a member of the Board while not appointing him an officer of the Board that led to the resignation of those of the unofficial members who were in the colony at the time. The view they took of that matter has apparently been approved by the Secretary of State, but at the same time the Government has been successful in securing the practical elimina- tion of the unofficial element for the future. The balance of victory therefore rests so far with the officials, who are to be troubled no more, if they can help it, with troublesome unofficial co-operation. It rests with the community to see that the matter is not left at that stage.
[March 12, 1896.
The excitement following a victorious war may and probably has led to some amount of unhealthy speculation, and various un stable projects may come to grief, but making all due allowance under this head. the general tendency will be in the direction above indicated.
KAWATA being absent through illness it was read by a clerk. A good deal of it refers to the relations of the Bank with the Government and the financing of the war expenditure, but what we are now concerned with is the portion referring to the commercial develop ment of Japan. When the war broke out the Bank, alive to the necessity of supplying Some interesting figures showing the ex- money for war expenses, was compelled to pansion of the currency are given by Baron raise the rate of interest and to strictly KAWATA. Whereas the total currency in regulate ordinary commercial loans; but circulation did not exceed 165 million yen when peace was restored, and the future approximately in the beginning of the year, disbursements on account of the war could it was swollen to more than 210 million yen at be tolerably well gauged, the Bank, desirous the close. This increase was not entirely due of meeting pressing public needs, resolved to the necessity of war disbursements. The pro- that the demand for loans should be com- gress attained by the economic world in con- plied with as in ordinary times. Steps were sequence of the war was equally remarkable. accordingly taken to meet these demands, The following statistics which go to prove this and on 12th July the rate of interest on contention are given: the grand total of the loans was lowered. Mention is then made year's exports and imports reached the extra- of various causes contributing to commercial ordinary figure of 265,370,000 yen approxi- activity, such as a brisk export trade, season- mately, an increase of above 15 per cent. able weather favourable to the rice crop, over that of the previous year; the loans of and confidence that the indemnity would be the Tokyo Bankers' Union amounted to promptly paid by China. Owing to these more than 71,750,000 yen, or an increase of and other causes, Baron KAWATA went on about 7 per cent, over that of the preceding year; while the transactions of the Tokyo to say, the future gradually began to wear a roscate aspect for speculators and investors. Clearing House reached the enormous sum Sales of cominodities were brisk, and the of over 289,100,000 yen, or an increase of market roso quickly. Bonds and shares about 56 per cent. These figures give ʼn reached extraordinary figures, chiefly vivid idea of the commercial development through the number of buyers in the field, Japan is undergoing. We see no reason while new industrial projects or the enlarge. why the rate of progress should not be ment of banks and business companies maintained, and as the danger of unwise and involved such enormous investments of reckless speculation is recognised and is capital as to amaze outsiders. If reference being guarded against it may be ex- be had to statistics, it will be seen that, pected that the national trade and credit during the month of December, the market from this source will be kept within nar- for staple commodities rose 10 per cent.row limits. On this point Baron KAWATA above the prices prevailing in January of at the conclusion of his report says:-- "The finances and national economica the same year, principal stocks rose 50 per cent., while the number of new or contem- during the war can be adjusted in a satisfactory manner, but the rush into plated expansion of old projects in banks
speculative projects is an unavoidable con- and industrial corporations exceeded 420. These projects involved fresh investments of
sequence of the glorious issue of the war, "and it may prove a task of great difficulty capital to above 390 million yen.
to regulate the market and thus enable the "nation to achieve genuine and proper
Then
we come
to a
passage
in the report on which we are inclined to join issue. "The expansion of the "national economy after a victorious war "is what every person desires, but none "the less such an unusual rise in the market price of commodities and such an ex- traordinary rush of enterprise cannot be This regarded as altogether healthy.
带落
✓
"
"
"
development. The Bank expects, how- ever, to undertake this task as the central "mechanism of national finance and it hopes. to complete the adjustment of the national "finances with satisfactory results."
#6
ANTI-CHİNESE FEELING IN
COCHIN-CHINA.
extraordinary state of affairs cannot last long, and, in conformity with the laws of "demand and supply, both commodities and In the French possessions in Indo-China "stocks must naturally fall to their normal there is a violent feeling of hostility to the "level, while projects of banks and com-Chinese, whose successful competition in
panies not based on sound foundations will, as the result of competition, fail of "realization." So far from the prices of commodities falling to their former level there is every indication that Japan has entered on a period of steadily rising prices. Rapid com- mercial development with a large demand for labour necessarily leads to an increase in the values of commodities, more especially when the currency is abundant, and without a cheap and abundant currency the other conditions can hardly be fulfilled. In silver Japan has such a currency, and with the rapid extension of her manufactures and the con- sequent demand for labour wages and com- modities must inevitably rise. As to the price of stocks, that of course depends on At the meeting of the Bank of Japan held the earning power of the companies and on , on the 15th February a very interesting the current rate of interest, and as public report was submitted by the President companies in Japan are doing well and are throwing a good deal of light on the com-likely to continue to do so, and as the fall mercial and economic development of the country during the past year. The report, a full translation of which appears in the Japan Mail, is in the form of what we should term the Chairman's speech, but Baron
JAPAN'S COMMERCIAL PROGRESS.
:
in the rate of interest experienced through- out the rest of the civilized world must also necessarily make itself felt in Japan, the tendency of stocks must be upward, always provided that the country remains at peace,
various lines of wholesale and retail trade is bitterly resented. This feeling found au- thoritative expression the other day in the speech of M. ROLLAND, the Chairman of the Saigon Chamber of Commerce, a trans- lation of which we published yesterday. The occasion of the speech was an altern- tion in the constitution of the Chamber. Our English Chambers of Commerce are vo- luntary associations forming their own rules as to the admission of members and are. entirely independent of the Government. In France, however, and in the French possessions, the Chambers are semi-govern- mental institutions, the members of which are formally elected by a legally defined constituency. At Saigon the tion of the Chamber formally admitted a limited number of foreign representatives including Chinese. That has now been altered and henceforth the Chamber is to be exclusively French. M. ROLLAND while expressing regret at losing the assistance of the European members of foreign nationality expresses unbounded satisfaction at the elimination of the Chinese,
$
constitu-