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GREAT EASTERN AND CALEDONIAN GULD MINING CO., LIMITED.
The following report has been received from Mr. Carl Georg, the manager at the Mine s:- The Great Eastern shaft, for which we have been very lucky to strike soft ground so far, is well under way and has reached a total depth of 40 feet from the surface; the actual depth of sinking, as we have made use of a cutting, is 36 feet. The shaft is a vertical one, 10 feet 6 inches by 3 feet 6 inches, and has been sunk 66 feet west of the main reef. The underlie of the latter being only slight we have started the shaft so close to the line of reef and expect to cut the latter by a drive of 30 feet only, when the depth of 200 feet has been reached. The top frame for the shaft has been put in and a windlass for hauling been fixed; the timbering of the above 36 feet will probably be completed within one week. The shaft will have "when timbered three compartments, namely, two hauling ways and one ladder way; each hauling way will be 3 feet 6 inches by 3 feet 6 inches clear of the timber and the ladder way will be 3 feet 2 inches by 3 feet 6 inches, the centre tim- ber taking up the other inches. Up to the present no very hard ground has been met with, consequently the 36 feet have been sunk at a small cost only. We must, however, be prepared for much harder ground in depth, but may con- sider ourselves lucky in having got such a fair start here.
THE HONGKONG WEEKLY PRESS AND
A GOLD STANDARD FOR CHINA.
A secretary in the Tsung-li Yamen, named Yang Yih-chih, has presented to the Throne through the Yamen, a memorial praying for the adoption of a gold standard for China. Such a step, he believes, will benefit China in her commercial intercourse with foreign nations. The memorial has been referred to the Board of Revenue for their opinion and it is said that they recommend the Throne to sanction the scheme.-Shanghai Daily Press.
It is reported in the native press that Yang, Secretary of the Tsung-li Yamen, presented a striking memorial to the Throne in connection with the advisability of establishing a gold coin- age in China. The memorial has been submit- ted to the examination of the Tsung-li Yamen, who passed it on to the Board of Revenue, who in turn have laid it before the Throne. It is asserted, though we take liberty to doubt it, that the Emperor has given his sanction to the proposition which, seeing how little gold there is in China. has very little chance It is stated, moreover, of being carried out. that the I. M. Customs and Custom Taotais under the order of the Government, will make arrangements to prohibit the exportation of gold dust, leaf, and ingots, which are to be bought in and stored in every provincial trea- sury until a considerable amount of the precious metal is accumulated, when a gold coinage will But seeing the difficulty China has in scraping together a few millions of silver dollars we entirely doubt her ability to raise gold enough to carry on the commerce of even two out of the eighteen provinces, and as the ordinary currency of the people is copper cash gold coinage seems to us the whole talk of a the sheerest imbecility.-China Gazette.
be made.
A CONSPIRACY AGAINST SIR ROBERT HART.
Peking, 4th November. It has beeu ascertained beyond doubt that Russia and France are actively conspiring to procure the dismissal of Sir Robert Hart from his post of Inspector-General of the Imperial Maritime Customs, and it is taking ostensible shape. The procedure followed much resembles that pursued with reference to Mr. McLeavy Brown in Korea. Sir Robert Hart is already commencing to feel its effects, and as a counter- more is believed to urge that the Customs should be more largely thrown open to foreigners of all nationalities. But it is feared the Russian and French influence will prevail, as both Powers are bent on procuring the dismissal of Sir Robert Hart himself. It is believed that a reorganization of the Service, at least, will re- sult from the movement against the Inspector- General, and that a more equitable division of the posts in the Service will take place in exact proportion to the trade of each country with China.hina Guzette.
Caledonian Shaft.-A main vertical shaft has been started and is now sunk to a depth of 22 feet and a windlass put on. This shaft when timbered will be exactly like the new shaft on the Great Eastern mine; no need therefore to repeat the sizes in this case. So far the ground has been fairly hard, which explains the slower progress made here, but if nothing worse is met with during the next month this shaft also will be sunk at a reasonable cost. As the main reef in the Caledonian has a greater underlie, the shaft has been started 120 feet west of the line of reef and a cross cut of from 30 to 40 feet will probably cut the latter in the old workings, when the depth of 200 feet has been reached here also. The old workings are too much broken in the old bottom to allow of true-bearings being taken as to the underlie. The Zulu Shaft has been started on the course of the reef and is now sunk to a depth of 15 feet, partly timbered with frame sets and slabs. As mentioned before, an old shaft on this reef, probably some 20/25 feet deep, com. pletely fallen in, has been made use of, and we shall no doubt soon reach the bottom. To sink a main vertical shaft in order to cut the reef at a depth, like in the other two properties would cost a great deal of money here, as there is a very hard blue bar, just about where the vertical shaft would have to be started. Another drawback is that the hill rises so much to the west of this reef (all underlies are west) that a straight shaft would have to be sunk at least 50 feet before reaching the level with the surface of the present shaft. Taking TE HOOLEY-JAMESON RAILWAY all this into consideration, an underlie shaft, as we have started, will be the cheapest and best in the end, and will be quite sufficient to
prove and work the mine for a depth of from 500 to 600 feet; moreover, we shall soon get stone in the sinking, which will assist to pay expenses. We have, in fact, picked up already the reef in the north bottom of the present depth; it is about 8 inches wide, and consists of good look- ing quartz, showing fine specs of gold freely and will probably yield quite 30 dwts, or 1 oz. per ton; it will no doubt increase in size as we are going down; the reef in the old workings has be a known to be in places 8-10 feet wide. The size of the Zulu Shaft is 9 feet by 3 feet 6 inches inside the timber; two centres will be put in the shaft forming 3 compartments, 2 hau- ling ways 3 feet by 3 feet 6 inches, and a ladder way 2 feet 4 inches by 3 feet 6 inches. A wind. lass has been put on also.
MURDER OF PRIESTS IN SHAN: UNG.
Chinanfu, 10th November. Robber raids occurred in Yenchou on the 1st of November in which two German priests were killed, one escaping. The robbers stole everything. The Provincial Judge has gone to settle the affair.-N. C, Daily News.
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CONCESSION.
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[November 18, 1897. THE ATTACK ON GERMAN OFFICERS AT WUCHANG.
The following telegram has been received from the N. C. Daily News' correspondent at Hankow
Hankow, 7th November,
A very prompt and satisfactory apology has been obtained from the Viceroy Chang Chih- tang for, the attack by the mob on German Officers visiting Wachang in B boat of H.I.G.M.'s Cormoran which was flying the German flag, the apology to include a salute to the German flag of 21 guns, to be fired at Wachang.
THE STRAITS CURRENCY KIPORT
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The following is the report of the Sub-Com- mittee appointed by the Committee of the Singapore Chamber of Commerce "to enquire into the local Currency with the view of calling attention of Government to the question of converting the Straits Currency to a Gold Standard ----
Singapore, 6th November, 1897. 1.- -The committee of the Chamber having, at their meeting on 25th August, unanimously expressed an opinion in favour of the desir- ability of fixity of exchange, we, the undersigned, were appointed a sub-committee, and have con- sidered the question, with the view of bringing before the Chambersnch evidence and arguments as may appear to bear thereon, and of suggesting some scheme which may be laid be ore Govern- ment, by which fixity of exchange may be attained.
2. The immediate occasion for the appoint- ment of a sub-committee was the very sudden fall in the value of silver during the months of July and August, the apprehension that a further fall was by no means improbable, and that the metal might become too low in price, and too unstable, to serve any longer as the standard of value for the currency of these Settlements.
In this connection we may refer to some of the effects of the continuous fall in sterling exchange.
(a) It has brought about a corresponding ad- vance in the dollar price of almost all imports, more particularly of those from gold standard countries. The cost of living has thus been greatly increased, and all classes have been more or less affected. Those who have felt it most, and they form a very important section of the European, the employés community, are Eurasian and Asiatic. The former have of course, suffered more severely, their wants being more numerous, and supplied largely from gold standard countries.
(b) The necessity of an increase of remunera- tion was recognised by Government in 1894, since when their officers have received exchange com- pensation; the Municipality have also granted compensation since that year to some of their staff; and all the Banks, and some mercantile firms and the Dock Companies, have followed suit. In September last, officers and engineers
"' strike " of many local steamers secured by Peking, 5th November. The Chinese Government has finally signed considerable advance in wages; an increase in the concession for the construction of railways lawyers' fees has been approved by Government; by the Hooley-Jameson Syndicate. This is and professional men generally are raising their quite apart from the Loan, the negociations in charges. But, for the great majority of em- which are still proceeding, but have been inter-ployés, no compensation, in any shape or form, rupted by the Empress Dowager's birthday festivities.
The delay has been caused by the rise in the London money market, owing to heavy exports of gold to America, which necessitated the Syndicate asking for 51 per cent. instead of the first stipulatod 5 per cent, interest.
Mr. Frosell is on his way back from Tientsin to Peking.-China Gazette.
A conversazione was held at the Gordon Hall, Tientsin, on the 2nd November to bid farewell to Mr. and Mrs. Edmund Cousins. Mr. Cousins has been Chairman of the Municipal Council and of the Chamber of Commerce, and, as stated in the address presented to him, as a leader, supporter, or originator, in every work under taken for the public weal in Tientsin for many years past he has displayed his personal ex- cellencies, and besides, a public spirit, an ability, an industry, a tact, a judgment that are beyond praise.
a
seems warranted by the present position of business affairs in this colony, and fixity of exchange, on some distinctly higher basis than the present, has become, with them, an urgent necessity.
(c) From Appendix H it would appear that the wages
of Chinese immigrants have not risen in any appreciable degree during the past seven years. This coincides with what has come to be regarded as oue of the most important features
our Import trade with gold standard conn- tries, namely, that the income of Natives gener- ally is not elastic, and has not kept pace with the rise in prices caused by the depreciation of the dollar.
3.- Fixity of exchange has of late years grown in favour with the community. In 1893, when the Currency Commission reported on the ques- tion, many business men held that a falling dollar was in the interests of the producer and expor- ter; but figures given in Appendices D., E., and F. show that such has not been the case. Im-
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