256 CHONGKONG FLECTRIC COMPANY,
LIMITED,
An extraordinary general meeting of share. holders in the Hongkong Electric Co., Limited,
held on Saturday at the Company's offices, een's Buildings, Mr. H. L. Dalrymple presided. The others present were :—Hon, C. P. Clator Munari A: G. Wood, C. W Dickson Veitch, J. Whosley, A Baptista, E. C. Emmett, (Directors), W. H. Wickhaus (Manager), G. T. BIR. Roberta, and Lun-Shui Lun, WMPWICKHAM: read the notice convening the meeting.
15 The CHAIRMAN said Gentlemen, the sole ob. jest of this mesting is to confirm the resolutions passed three weeks ago. Your directors har devided to make a first call of 53 only, payable or before 31st October. Further calls will be necessary for some time to come, and of sack, timely notice will be given botli as to date and amount.- Application forms for new shares will be posted to each shareholder during next week and application must be made on or before the 31st of next month. It will be a conveni
if registered shareholders will await receipt. of the forms of application in place of writing -in for their shares by-letter. With those re. marks I beg to move the confirmation of the special resciation passed at our meeting of 20th August last, which reads as follows :----
4—That the Capital of the Company be in. pressed to the Sum of $600,000 by the issue of 30,000 New Shares of $10 each, which -skall be considered part of Original Capital and be subject to the provisions in the Articles of Association contained with reference to Calls Transfer transmission, lien, surrender, voting power and otherwise, and that the Directors be (authorised to issue such Now Shares at par.
--! B.----That the said Now Shares be offered to to the Persons who on the 16th day of September, ---1899, shall be Registered Members of the exist
ing Shares in the proportion of a New Share for oach existing-Share held by them. 22 Mr. VEITCH seconded.
Carried,
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24 Tho ; CHAIRMAN—That is all the business, gentlemen; before us. Thank you for your at- fandanos.
CORRESPONDENCF.
We do not hold ourselves responsible for the opinions expressed by our correspondents.]
CUSTOM HOUSE; KOWLOON.”-
THE HONGKONG WEEKLY PRESS AND
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TAE GOLD STANDARD IN THE »FAR EAST.
"THE QUESTION" DISCUSSED" IN SIAM”AND
THE STRAITS.
PROFOVAL TO EFFECT CONVERSION IN SZM. The Bangkok Times makes the following im portant announcement:-
·
September 23, 1899.
posed, the change may be expected- quite simply for the Finance Departme the trade of the country would soon ad to the increased value of the tionl - the proposal will be carried."
fand itwelf hope
4 In a subsequent issue the same paper publishes the following queries:
"Saya a correspondent of experience) a position: What will become of the proposal to charge is. 4d. for the tical, supposing the Chi nese traders and millers in Bangkok arrange to pay, and to accept payment, in Mexican dollars?, They may very possibly distrust this proposed tical, and by the Treaties between Siam and the foreign Powers specie may be imported free of duty
least there is a good prospect. that this step of Biam is about to adopt a gold standard. At far reaching importance will be taken almost immediately. It is known that the Comptroller General has recommended the adoption of this Policy, and that he has elaborated a scheme which is now under the consideration of the Government. His Majesty, it is said," has ex is to add about threepence to the value of the “Says another correspondent: The proposal pressed general approval of the proposal. - Anytical. Whose pocket is this threepence to com how it will come before the Legislative Council out of The Government, I take it, will aut in a few days, and if that body approve one give me ls. 4d, if I want sterling money for may expect a royal decree to be issued institut my tical but the Banks will. And yet one feels quite sure the Banks are not philanthropically ing the change almost at once.
making good that threepence.
We do not not know the details of the mea sure, but the essential features are : the closing of the Mint to the free coinage of silver and the fixing of the price of the 1ical at, we believe aixteen pence." That by the way in the same as the rapes under the new Currency Bill of the Government of India. Of course the decree of the last reign under which the value of the tion! was fixed at three-fifths of the Mexican dollar, would have to be rescinded at the same time Siamese gold currency could not be profitably adopted at present, but it is proposed to set aside the profits on the coinage of the new tical as
of ten years orɩso special fund and in the course
able to establish it is hoped by this means to
gold currency. In any case, one may suppose, the present wasteful system of buying dollars to coin into ticals will be stopped, and bar silver will be bought for the purpose in London.
"Naturally the Banks here have been con- sulted in regard to the proposed change, and we understand it has been arranged that the large deposits which the Government has at each of them would be entered under the new standard at the present exchange value of the tibal."
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the mere fact of the Mint charging la 4d for * Yet a third correspondent queries :: Will
a tical-make it of that value P-It is not am?if the ticals for which that will be charged, will be the only ones put in circulation. Is the Mint to charge every Government Department 18, 4d. too ?"
THE QUESTION DISCUSSED IN THE 8trait), THE
GOVERNOR TORESKED DIFFICULTIES “BUT ADMITS THERE IS A CASE FOR IN-
'QUIRY.
The now published papers laid before the In- |dian Currency Committee include a despatch from Sir Charles Mitchell, dated Marob 1898, forwarding resolutions in favour of fixity of ex- change on the basis of two shillings to the dol- lar, passed by the Singapore Chamber of Com- merce, in the prenious January. The Straits Times summarises the despatch as follows:-
The Chamber had also requested the Straits Government to take steps to obtain a fixity of exchange with gold countries. A scheme to that end was proposed by a sub-committee of the In a leading article our contemporary says :-* Chamber. The Governor adversely criticises "The announcement that Siam is seriously the 'scheme, at the outset, on the ground that it contemplating the adoption of a gold standard is silent as to the cost of the experiment to secure for its currency will come as a genuine surprise Axity, and as to the risks and difficulties to be to the public. No one has been disposed to met in carrying the scheme out, or as to the question the ability with which the finances of penalty for failure. The sub-committee pro- the country are managed, but one hardly exposed, for instance, that token dollars should be pected so momentous a step to be taken unless issued, but kept silence as to the extent these it became compulsory. The scheme is, of course, dollars should be legal tender. The Governor still only a proposal, but there is so much to considers the silence to be unfortunate, owing recommend it that there is good reason to hope to the meaning of the proposed scheme turning it will go through. A good many even of the to a great extent upon this." He showed that, export merchants here are disposed to welcome if there is to be a limit of legal tender, the the change. It may have some awkward results scheme would mean not putting the dollar on at first, but they believe that the establish- a gold basis but introducing a gold car.
The Governor then ment of a stable exchange will lead to the renoy.
to Presses his
östablish® development of more satisfactory business. opinion that any attempt With a curreñoy the value of which varies gold currency in the Far East is out of the from day to day, business becomes partly a question. not only because gold coins would gamble, and it in to the interest of a country to in practice be of too great value' to unit eliminate that element from its commerce as the vast majority of transactions, but also much as possible. Of course there are firms because of the great cost and risk of intro- that view the proposal with distrust, but no ducing a large stock of gold,” Supposing THE EDITOR OF THE “ DAILY -PR588,
one can doubt that it is to the ultimate perman- that the world's stock of gold were sufu. Dear Sir,—Főr the information of your eat benefit of all in the country, whether for- cient. The sub-committee had also proposed correspondent “ Passled," re-Kowloon Customsign residents or Siamese, that the currency that the token
of the weight of the existing House, if the following information will enlight. should have a fixed value. If the scheme is 60 to 75 per
10. THE EDITOR OF THE “ DAILY PRESS, ?
Sir, I see an advertisement in your paper dated from “Custom House, Kowloon." As the whole of the district known as Kowloon is now included in British territory I should be glad if you will inform me under what agreement a foreign. Custom House is allowed on British
Or is it British Custom House
PUZZLED.
Yours faithfully.
Hongkong, 15th September, 1899.
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even
on him, he is welcome to it gratis, The-Kow. adopted it will take'some little time for prices" "standard daén, Ollars should be duly of from
1H.
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"
The Governor objects to the loon Custom House is situated in the Queen's 'to be adjusted to the altered conditions; and idea on the ground that the reddotion in weight Road, Hongkong, right opposite the Hongkong the Government as well as private" firms would be viewed with mistrust by the han Hotel, second floor. The Hongkong Govern may look forward to at least an apparent loss and would not be accepted in neighbouring "ment are not supposed to be aware of thin, from the change at first. The Customs rends which trade with the colony on the básia though the general public have exoëllent reasons 'venue, for instance, would "necessarily" show a | of silver being the measure of value. Another for knowing the fact very well. With the usual decrease in the actual number of ticals. But point made by the Governor in that, if the in- apologies,' I remain, yours truly,
compared with the advantages that will result, trinsic value of the proposed token dollars were these things should not be allowed to prove a to be only slightly below ita nominal value, Go- obstacle to this statesmanlike scheme, vernment could make Httle profit out of coining Hongkong, 17th September, 1899
which will greatly advance the credit of the them; and, in the event of the intrinsic “value Chief
br">Hanion: made'andduntry. After all Siam is undoubtedly in a riking above two shillings, the coin' would löäve imunition”on position to make the change not only with safety the Colony, The Governor, turns next to the low infrinaio Anding 118 Mensur rifles, † but with the certainty of a minimum of tem riak of counterfeiting coin
(200 rounds of Mauser" "porary" dislocation," Japan recetitly adopted the 250 rounds: of- revolver: 'gold standard, and India' is at present engaged bost, off Pray Cen-In' making the change, but both suffer He from the disadvantage, that the value of their kärgé | import
the value of their 'erp the happy position of having a con-
3100
other aida. If the
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bat nominally high valne, On this point, H. E. has the following
The last named danger might prove very serious one.
dered
when the Indian mi in this Colony the favourable to i
imply wells its ticals at ↑ strict customs dzami
would be very In Indiy the
ould prevent
pound sterling "pro-^^ extemivé importation of counterfeit money.