August 20, 1898. J
CHINA OVERLAND TRADE REPORT. away, but certain it is that, whatever | price to buy our rival off, but Great Britain
the means employed, Mr. PAVLOFF had succeeded in establishing a complete "funk" amongst the mandarins at Peking. Whether the promises of British support have sufficed to remove that unfortunate condition is, we fear, doubtful, but what- ever the feelings of the Peking Government may be, and however our rivals may rage about it, British enterprise in China must have free course.
KWANGCHAUWAN AND FRENCH DESIGNS IN SOUTH CHINA.
to say.
might perhaps not unreasonably undertake not to make any railways upon the Tonkin boundary line or to compete with French enterprise in that particular region, provided that Frauce on her part undertook to keep clear of the Kowloon hinterland, which must be considered to extend as far as Canton.
THE HONGKONG AND SHANGHAI BANK AND THE GOLD STANDARD.
(Daily Press, 15th August.) The meeting of shareholders of the Hong- kong and Shanghai Bank on Saturday was, (Daily Press, 17th August.)
as was to be expected in view of the magni- It is now nearly two months ago that we ficent report presented, of a very harmonious reproduced from a Tonkin contemporary a character, and the Chairman's statement statement to the effect that the French that the prosperous and sound position in cruiser Duguay Trouin had got into Kwang-which the Bank now stands reflects the chauwan ou a high tide and was unable to greatest credit upon the far-sighted and get out again. According to latest reports couscientious management of the Chief the vessel is still there, though whether Manager, Mr. JACKSON, secured a hearty really bar-bound or not we would not like endorsement. The next meeting will be It is evident that there is a strong looked forward to with even greater in- party amongst the French that takes an terest, for it is the intention then to deal unfavourable view of the new possession, with the profits resulting from the last and possibly the members of that party two Chinese loans, which are as yet un- may spread exaggerated reports concerning appropriated, and to raise the reserve fund its alleged disadvantages, just as there were to $10,000,000, which at an exchange of 2s. found amongst English experts, or alleged will represent £1,000,000, and to invest experts, some who declared that the larger the same in sterling securities. As Mr. vessels of our own fleet would be unable WHEALLER remarked in seconding the to enter Weihaiwei. It would seem, how adoption of the report, hopes are ever, from the persistency of the
raised re- ports with reference to Kwangchauwan, that they must really rest foundation of fact.
on some In the case of Weihai-
wei the report that large vessels could not safely negotiate the channel was promptly falsified by the whole fleet going in, but in the case of Kwangchauwan not only is it stated that the Duguay Trouin is still bar- bound there, but one of the latest issues of the Courrier de Saigon received states that the Vauban has for three months past been unsuccessfully trying to get in, and this in the south-west monsoon, when the tides are more favourable than in the north-west
monsoon.
We can hardly suppose that the French, when they negotiated the lease of the bay, were entirely ignorant of its characteristics. What, then, was their object in taking it, if, as alleged, it is of little or no value as a naval station? The answer is not far to seek. France wanted to have a point d'appui from which she might advance hinterland claims and so establish a sphere of interest, with the object of ex- cluding British trade and enterprise. It has been suggested-unofficially, it is true, but perhaps not without official cognisance that she should also occupy the island of St. John's, which would bring her still nearer to Hongkong and to the region which finds its commercial outlet at Hongkong. Now, St. John's has no harbour at all for ocean
<
that ere long it may be possible while still adding to the strength of the Bank's position, to add to the usual "dividend an occasional bonus." Per-
•
155
SPANISH-AMERICAN WAR.
THE PEACE PROTOCOL SIGNED.
Hongkong, 15th August. The war between Spain and America may now be said to have come to a conclusion, Con. sul-General Wildman receiving official intima- tion from the State, Navy, and War depart- ments of the United States that the peace protocol had been signed. He subsequently received President McKinley's proclamation declaring an armistice. The instructions sent to Admiral Dewey and General Merritt are to occupy Manila Bay, harbour, and city, to cease hostilities, and to raise the blockade. Mr. Wild- convey the news to Manila, ultimately arrang man at once began to look round for means to ing for the Australian liner Australia, which left here on Saturday night, to call in at Manila with the news on her way to Australia. It is to be hoped she arrives before the assault on Manila, so that the great bloodshed which that assault would entail will be avoided. appointed to decide upon the future govern- A Hispano-American Commission is to be
ment of the Philippines. The constitution of this Commission has not yet been made public, but that it will incinde Admiral Dewey, Gener al Meritt, Consul General Wildman, and Con- sul Williams goes without saying.
THE "KAISERIN AUGUSTA" AR- RIVES IN HONGKONG.
GOVERNOR - GENERAL AUGUSTINE, HIS WIFE AND FAMILY ABOARD,
Hongkong, 16th August.
At noon yesterday the German oruiser Kai. serin Augusta arrived in the harbour from Manila. Naturally those aboard of her were at once asked how things were at Manila-whe- ther the Americans had taken possession or not
-but beyond saying that there was no change no one would vouchsafe any information. With the exception of a package for the German Consulate the cruiser brought no mail.
rect. A representative of the Daily Press waited upon His Excellency in the hope of ob- taining some explanation. The Spanish Con- kindly interpreted the request. The Governor- sul here (Senor Navarro) was with him, and General, however, though exceedingly courteous, would say nothing except that he was going home as soon as possible.
MANILA FALLS AFTER TWO HOURS' FIGHTING.
THE CITY LITTLE DAMAGED.
haps, were it not for the exchange spectre, we might even look for some permanent en- hancement of the dividend, which would be better than an occasional bonus, but so long as the Bank's capital is exposed to shrinkage by the decline of exchange so long will it
Later in the afternoon it oozed out that the be necessary to go on adding to the reserve to and his wife and children had arrived by the Spanish Governor-General of the Philippines an extent that might be deemed unnecessary Kaiserin Augusta. At first we were disposed were the capital in a stable currency. The to treat the report as an idle rumour, but we chairman said on Saturday that with a re-subsequently found out that it was quite cor serve fund of £1,000,000 they would be inde- pendent of silver, whatever the future might have in store for it, for they would then virtu- ally have two capitals, one, the ordinary capi- tal of $10,000,000 in silver, and the other the reserve of ten millions of dollars at 28., say, £1,000,000 in gold. But we must contess we do not see how the Bank will be in- dependeut of silver. It will have at the end of the present year in its capital and reserve fund the equivalent of two mil lion sterling, but one half of this being in silver will he exposed to shrinkage by LOCAL FILIPPINOS CONGRATULATE depreciation and at the end of five or ten years may represent only half a million sterling instead of the full million. view of this danger prudence would seem to indicate that the reserve fund should be added to in such proportion as may be necessary to keep the reserve and capital together up to the sterling figure of two millions, and that no bonus or in crease of dividend should be thought of un- til the amount required to make good the loss by depreciation of silver has been set aside. A gold standard would eliminate this risk of loss by exchange from the business of the colony, and we should like to see the Bank, as one of the institutions chiefly affected by it, declaring in favour of the change. The Bank, we believe, gives its employés exchange compensation, and if silver pure and simple is not considered a good enough currency in which to pay while the the Bank's own salaries we fail to see how
going vessels, and if its occupation were decided upon it could only be with the object of making it another point from which to exercise political influence on the mainland. The territorial disputes between France and Great Britain in Africa have been happily settled, but it looks now as though the seeds of a similar series of disputes were being sown in South China. It is said France is bidding for the Canton and Hankow Railway and that she objects to an English Company constructing the Canton and Kowloon line. Possibly it might be easier to arrive at an amicable arrangement with France
now,
In
dispute is in its incipient stage, than when it can be considered such an excellent thing it has assumed a more acute form. We for the shareholders or for the trading would not be disposed to pay any very high | public in general.
PRESIDENT MCKINLEY,
Hongkong, 17th August. As the Kaiserin Augusta, which arrived in the harbour at about one o'clock on Monday noon, brought no American or English mail from Manila, very little information could be the beleagured city. The German and Spanish obtained at first as to what was taking place in consuls were the only persons who received any despatches. They, however, would divulge nothing and, as we stated in our issue of yes terday morning, Governor-General Augustin, who came over in the cruiser, declined to say anything except that he was going home. All that could be got out of the officers and men of the Kaiserin Augusta was that there was no change, the inference being that the Spaniards still held their ground and that it was more than probable that the news of the signing of the peace protocol would reach Admiral Dewey before the Americans made their final move on the city. This was a view which gave much satisfaction in Hongkong in
consequence of the bloodshed which would thus
be avoided.
Unfortunately, however, it turned out that the first report was not correct, for yesterday