234
THE HONGKONG WEEKLY PRESS AND
adversely affected by her currency change; | gold standard, would not enter upon any unless, indeed, silver should specdily recover a portion of its lost value.
What is bad for others, however, and is in many ways exceedingly awkward for all engaged in trade in the Far East, will not prove entirely without compensation for this Colony and China. The establish- ment of various industries will follow and many goods which are now imported will in time become articles of export. Cotton mills will be followed by other industries; already a flour mill has been erected in Shanghai and a, feather dressing factory is about to be started. Labour is cheap here, there are no taxes on machinery, no registration duties, no customs, land is fairly | cheap, and the cost of building not excessive. In Hongkong, too, there is entire freedom from mandarin interference, which will count for something with Chinese capitalists. The factories already in existence here have thriven, and there is no reason to doubt that others will prove equally remunerative. Moreover, the Colony is most favourably situated for the distribution of goods not only to China but to Indo-China, Siam, Borneo, the Philippines, Australia, &c. There is plenty of room-although little level ground for a great industrial de velopment, and we are not without hope that a rectification of the Colony's boun- daries may be secured at no very distant date, when further scope for growth will be given. The present is no doubt an important period of its history, marking the juncture when it will assume importance as an industrial as well as a distributing centre.
THE BANK OF ENGLAND AND THE
SILVER QUESTION.
(15th September.)
Is there still a chance for silver? It would almost seem so, from the report that the Bank of England has conserted to hold one- fifth of its reserve in that metal. Reuter's telegram states that the Bank refuses either to confirm, deny, or explain the report, from which it would appear that whether it is cor- rect in details or not there must be some- thing in it, as there would have been no hesitation in denying it had it been wholly unfounded. Accepting it as true then, what does it portend? The holding by the Bank of England of a certain proportion of its reserve in silver would in itself have little influence upon the market. The Go- vernment of the United States has vaults upon vaults full of silver, but the price steadily declined while the monthly pur- chases were being made and has not been supported by the enormous holding. Neither would a large holding by the Bank of England support the price. It is only free coinage that is at all likely to support or enhance the value of the white metal; and that enhancement would take place under the influence of free coinage is clearly proved by the readiness with which the market responds to the slightest rumour of an international agreement on the subject. But England, we take it, is not going to abandon the gold standard, and the hold- ing of a certain proportion of the Bank's reserve in silver probably represents all that she is prepared to do towards the re- storation and maintenance of the double standard, except as regards her action in India. If other nations choose to re- store bimetallism India would no doubt gladly fall in with the scheme, and the holding of a large quantity of silver by the Bank of England might be accepted by the other powers as a guarantee that England, while herself adhering to the
course calculated to discredit silver in the future. If it be true that the Bank is
willing to hold a portion of its reserve in that metal it must be upon conditions, those conditions being that action of some kind is to be taken by other powers. The report now current would seem to indicate that the negotiations set on foot by the American delegates are considered to promise some practical result. We hope it may be so, but it would be well not to be too sanguine as to the ratio that is likely to be fixed should an international agreement be ar- rived at, for it is much more likely to be thirty to one than fifteen and a half to one. Stability at any price would, however, be a great boon to trade between the East and West, for trade can adopt itself to any ratio, but is seriously hampered by constant fluctuations.!
[September 23, 1897.
Mr. E. Robinson (instructed by Mr. Dennys) appeared for the appellants.
Mr. Robinson said he moved for leave to ap- given in this suit by the Full Conrt on the 7th peal to Her Majesty in Council from a decree September last dismissing the appeal of the de- fendants (appellants) from the decision of the Chief Justice delivered on the 21st December, 1896. It would be for their Lordships to decide what security should be given by the appellants The Chief Justice inquired if Mr. Robinson for the prosecution of the appeal. was asking for an absolute order or for an order to show cause.
Mr. Robinson said he was applying for an absolute order for the appeal to be made at the expiration of three months subject to com- pliance with the instructions.
The Chief Justice referred counsel to a case beard in Hongkong in 1885, in which the Chief Justice, on an application of this kind, said that notice must in future be given to the other side.
He (Sir John) and his learned brother were inclined to think that an order might be made ex parte, but as a rule had been laid down it
THE JAMESON-HOOLEY LOAN. would be better to adhere to it.
THE AGREEMENT SIGNED.
[SPECIAL TELEGRAM TO THE
PRESS,"
"
DAILY
Shanghai, 19th September, 7.57 p.m. Mr. Frosell, the Agent of the Jameson- Hooley Syndicate, signed the agreement for a loan of £16,000,000 with Sheng on Saturday and proceeds to Peking to-morrow to ratify it.
An Imperial ediet in identical terms has been issued at Peking, except that the discount is
94 instead of 95.
The Syndicate has secured the construction and financing of the Shanghai and Nanking Railway with extension into Honan, likewise the Soochow-Hangchow Railway, together with coal mining privileges in Houan in conjunction with Chinese.
Major Jameson, M.P, accompanied by Eng lish engineers, is expected early in 1898 to make surveys and arrange details for the railway
construction.
SUPREME COURT.
18th September.
CRIMINAL SESSIONS.
BEFORE HIS HONOUR SIR JOHN CARRING TON (CHIEF JUSTICE).
ADMINISTERING A DRUG.
Wong Kut was charged with administering a stupefying drug to a girl in a house at Shau- kiwau and with stealing a gold ring and a gold hair-pin from her whilst she was under the in- fluence of the drug.
Hon. W. M. Goodman (Attorney-General) prosecuted, being instructed by Mr. H. L. Deunys (Crown Solicitor). The prisoner, who pleaded not guilty, was undefended.
The following were the jurors:-Messrs. J. A. M. Brugmann, P. F. do Rozario, C. A. Stubl- maun, A. I. Madar, P. J. W. Suedhaus, D. M. Langrana, and Ng Pak To.
The drug administered was datura alba and after the prisoner had been found guilty his Lordship pointed out the highly dangerous nature of the offence and said that if the girl had died prisoner would have been hanged. Sentence of three years' imprisonment with hard labour was passed.
15th September.
IN APPELLATE JURISDICTION.
BEFORE THE FULL COURT-SIE JOHN CARRINGTON (CHIEF JUSTICE) AND MR. A. G. WISE (PCISNE JUDGE).
CHEUNG YAU TO AND OTHERS, APPELLANTS, V. THE BANK OF CHINA, JAPAN, AND THE STRAITS, LIMITED, RESPONDENTS. The appellants moved for leave to appeal to the Privy Council from a judgment given by the Fall Court on the 7th September last. The motion was made ex parte.
Mr. Robinson referred to the Hongkong and Shanghai Bank v. Forbes case, in which an ap- plication for leave to appeal to the Privy Coun- cil was made ex parte. That case was more recent than 1885. Doubtless Mr. Francis, as amicus curiæ, could tell their Lordships what was the practice.
Mr. Francis, who was in Court at the time, said that to the best of his recollection the rule laid down in 1885 had not been followed.
The Chief Justice said be quite agreed that an application like this ought to be made ex parte, but the ruling of the Court had to be considered.
Mr. Francis thought the application a per- He had never known that fectly regular one.
rule followed.
The Chief Justice said their Lordships were quite clear that, the rule not having been fol lowed, this application could be made ex parte. Leave to appeal would be granted subject to the The appellants complying with instructions. amount of security would be settled in Chambers.
20th September.
IN APPELLATE JURISDICTION.
BEFORE THE FULL COURT.-SIR JOHN CARRINGTON (CHIEF JUSTICE) AND MR. A. G. WISE (PUISNE JUDGE.)
YEUNG SAM, APPELLANT, V. CHAN A. TONG, RESPONDENT, This case came up on an order calling upon the respondent to show cause why the appellant should not be at liberty to appeal from the judgment of the Puisne Judge delivered in the Summary Court on the 6th September.
Mr. J. J. Francis, Q.C. (instructed by Mr. Looker), appeared for the appellant and Mr. E. Robinson (instructed by Mr. H. I. Dennys) for the respondent.
Mr. Robinson said he made no opposition to the order being made.
The Chief Justice explained that it was pro- posed to argue the matter ont on this rule.
Mr. Robinson said he had no objection to the case being heard then provided his friend opened the case, so that he (Mr. Robinson) would have the advantage of knowing what were the argu- ments in opposition to the judgment delivered.
Mr. Francis said he had no objection to open. ing the case as it gave him, and not his friend, the right of reply.
Mr. Francis then opened the case. He said the suit was brought in the court below by Chan A Tong, who, under an agreement with the Government, has the sole privilege,of ont- ting stone on Crown land at Kowloon, against the defendant, Yeung Sam. The claim was for $300 damages for the infringement by the de- fendant of the plaintiff's right to quarry granite in British Kowloon under an agreement dated 24th December, 1896, and made between the plaintiff of the one part and H.E. the Governor of the other part. Plaintiff also claimed his costs of suit. From the evidence taken it ap peared that the plaintiff claimed to be entitled to the exclusive right to quarry granite in