December 7, 1901.)-
on the authority of bank managers believes that there is nothing quite so immaculate in the world as the honesty of the hinese adventurer either in trade, industrial concerns, or real estate. Of course the fact that the bank manager is protested from seeing the real ugly facts by that highly evolved go-between, the bank compradore (working at anything between 6 and 60 per cent. per annum), and so has his paths made plain with rose-leaves or their Chinese equivalents, umbrellas, scrolls and things on his departure. It is also credibly reported that the compradore of even a bank in this Colony found it convenient to retire suddenly on a pession without first referring the matter to the authorities of that bank.- Yours, etc.,
BAMBOO.
'CHANGE DOINGS.
The Morrow of November Settlement,
Hongkong, 1901. And no more durst they try,
Into the mysteries of a coup to pry. It may, perhaps, be an exaggeration to say that, in the past two months, the Rialto has passed through a crisis, but that at one time the
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CHINA OVERLAND TRADE REPORT. company's financial star ing, and what may be its immediate prospects. if any, caused, the sudden collapse. If it is permissible to throw out a suggestion, a little information on that score from the management would, I am sure, not come amiss to a number of shareholders.
Lands. A few lots changed hands between $193 and 8.5. but on the whole they have been neglected.
West Points-Of late, this scrip has attract- ed a good deal of attention, shares changing
Busi ownership at rapidly advancing rates. ness was reported as high as 867, but at the moment they are on the market at $65 and find no buyers.
the medium of a Steamboats have been large business, and have had a teady advance from 834 to $36. They are still in fair request at $354
China Manilas.- As I have said all along, these shares have been standing very low. They have now improved three points, and are wanted at 862},
Indos.-Very soon after the dividend became known-which is eight shillings-the market showed signs of weakness, and the rate dropped from $151 to $146. This seems in comprehensible, for there can have been no expectation of any higher dividend.
Mining. Under this head there is nothing of consequence to note, except that some good news has reached here from the Punjom Mines, which has revived the flagging spirits of the holders of this scrip. For the sake of those interested it is to be hoped that this time the Mr. Kerfoot news will not prove illusory. Hughes, who has only recently come up from the mines, put in very hard work, during a period, if I am not mistaken, of over two years. After which ought to bear some fruit now, the receipt of the news referred to, the price rose from $4 to $51. Raubs and Jelebus remain utterly neglected, an attempt on the part of Singapore to place these shares on this market proving futile.
SUPREME COURT.
Monday, 2nd December.
:
467
IN ADMIRalty JurisDICTION.
BEFORE HIS HONOUR À. G. WISE (ACTING CHIEF JUSTICE).
H. PIKY & Co. v.. OWNERS OF
8.8 KUTSANG."
This was a case in which H. Piry-& Co. sn d the owners of the s.s. Katsung for $1,100 in respect of damages caused to the junk Sen Ti by collision in the Harbour on 31st August. Mr. B. R H. Taylor, Assistant Harbour Master, acted as nautical assessor.
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Hon. H. E. Pollock, K.C., appeared for the plaintiffs (instructed by Messrs. Dennys and Bowley, solicitors) and Mr. E. H. Sharp, barris- 1er-at law, appeared for the defendants (in. structed by Messrs. Deacon and Hastings, solicitors).
Hon. E. Pollock, K.C., in opening the case for the plaintiffs, said the collision took place on 31st August. The parties had agreed ihat the case should be tried without pleadings. The preliminary act on behalf of the plaintiffs bore that the junk with which tue "Kutsang collided was named the Sen Ti Li, and that the collision took place at 6 o'clock in the morning in Hongkong Harbour_about 70 yards to the West and North of Kellett's Island. There was no wind and the weather was fine and clear, with a flood tide of little force. The Sen Ti Li was steering in a West and Northerly direction, being on her way to Canton, and was propelled by a large scull over the stern of the juuk at the rate of about of a mile an hour. There were no lights carried. The steamer when tirat seen was about 500 yards off the junk, bearing West and a little North. junk kept on her course and took no steps to
Cottons-Your leader the other day on this subject is still fresh in our minds, so there can be no need for further comment from my poor from the bow. fhat line
pen. I will only add that our own experience here in our local Mill has not been of the pleasantest, the face value of $100 scrip being written down to $. You put the whole case in a nutshell when you pointed out that the root of the evil was the insufficiency of capital with which these undertakings were generally started.
situation was not free from uneasiness and anxiety there can be no denying.. Particularly was this the case with regard to the October Settlement, an uneasy feeling prevailing that some trouble might arise at the last moment, for it was well known that the fixtures for that month were mostly at top rates. The anxiety, however, proved groundless,all contracts having been arranged satisfactorily. But, although matters were thus arranged, the damage done by the beary fall in Docks, and its consequent effect on other stocks, proved more extensive than was at first supposed, and the result was apparent during the whole of last month, when business all round was exceedingly slack, and the settlement the smallest known within recent years. The largest falling off has been in forward business, of which very little indeed was done, an indication that more caution is being exercised in by those who were recently caught napping. Still, considering the dullness prevailing, the market showed great stability as regards prices, which were well maintained throughout, while, in not a few instances, substantial advances Present indications are be noted. may decidedly more hopeful, for there can be no question that all our leading companies are in & prosperous state. In some quarters, however, an impression seems to be gaining ground that there is trouble ahead at the forthcoming settlement. This can only refer to Docks and Indos, for of others stocks there has been very little booking for December. Now with regard to the Indos it is hardly necessary to give them a thought, the burden thereof falling on our friends of the Model Settlement, who are the principal buyers; but, as they have hitherto invariably come off best in this stock, they may be trusted to look after themselves in the present instance. As to the first named scrip, it is unquestionably true that a goodly number of these shares were carried over from August to this mouth, but it must be borne in mind that they were all fixed at very low rates. Besides, I am reliably informed that the money thus engaged will again be available for the same purpose. In that case, it is hardly likely there will be mauy shares thrown on the market. It will thus be seen that there is really no rooni for pessimism.
Banks have experienced a sharp rise in London, having advanced something like £2 per share within a fortnight, but the effect on this market was nil, our local rate wavering between $620 and $625.
Docks have been steadily improving their position, the rise during the month being about ten points. The present quotation is $692 strong.
Sugars, after rising to $156 in the early part of the month, fell, back latterly and now stand at $150.
Luzons, having been kept in the back tround for some time, came into notice at a tumble. The nominal rate, which had been sganding at 838, suddenly gave way, and shares changed hands a $18 for no apparent reason. Perhaps the uncertainty as to the
ESA.
WANCHAI WAREHOUSE AND
STORAGE CO, LD,
An extraordinary general meeting of share holders in the above Company was held at the offices, No. 5. Queen's Road Central, yesterday afternoon. Mr. J. G. Schröter occupied the present-Messrs. J. chair, and there were Orange. A. G. Norris, E. Osborne (Consulting Committee), H. Brodersen (Secretary). N. P. Northcote, B. Shepherd, J. M. Graça, H. Oldenburg, and J. Hooper.
The purpose of the meeting was to confirm the following resolution, which was passed at a That the meeting held on the 18th ult. Company be wound up voluntarily and that Johann Georg Ludwig Schröter of Victoria in the Colony of Hongkong be and he is hereby appointed liquidator for the purposes of such winding up.'
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This resolution was put to the meeting by the CHAIRMAN, and, being seconded by Mr. NORTHCOTE, was carried unanimously.
The CHAIRMAN--That is all the business, gentlemen. Thank you for your attendance.
The Echo de Chine states that at the meeting on the 23rd ult. of the representatives of the principal French importing houses at Shanghai on the invitation of the Consul-General, M. Ratard, the latter announced the formation of a Commission, which will sit at Shanghai under his presidency, to assist in the establishment of of the new Customs tariffs. This Commission will consist, in addition, of the Commercial Attaché of the Legation at Peking, an Inspector of Customs from the Indo-Chinese Service, and two importers. The merchants present elected as their representatives Messrs. Toche and Racine.
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The
She was then
avoid the collision. The anchor and afterwards the port sile of the steamer near the bow struck the port side of the junk at 10 feet The steamer should have ported her helm sooner that she did, and this would hav enabled her to go astern of Defendants in their preliminary the junk. act, state 1 that when the junk was first sighted she was steering a course about North 70 East, at about a knot per hour. about 1,200 feet off and about 8 degs. on the starboard bow of the Kutzang. When the junk's crow stopped yuloing at a distance of about 300 feet ahead of the Kutsang, the helm of the latter was put hard aport, bat the Kut- sang having no way on would not answer her .d h-lm. The engines were then put half spe astern with the object of canting her bow t
tarboard. The junk with her port side struck the port bow of the Kutsang. With regard to fault, defendants averred that the junk neglec'. ed to keep a proper look-out and to take proper steps to keep out of the way of and avoid collision with the Kutaing, which had stopp d at her anchorage and was therefore not under command. Contrary to Article 21 of the Regulations for preventing collisions at sea the crew of the junk when attempting to cross the bows of the Kutsang ceased yaloing and thereby caused the junk to be carried by the tide on to the Katsang. Also, the junk neglected to take the precautions required by Article 29 of the Regulations for preventing collisions at sɔa. There was one point, Mr. Pollock went on to say, which no doubt had struck the Court from the perusal of the preliminary acts on each side, and that was that the Kutsang, although a steamer, practical y tried, by her preliminary act, to get herself out of the ordinary rale as to getting out of the way The plaintiffs' bost had a sail up but as there was no wind that did In the ordinary not make any difference. event, such being the state of affairs, one would expect the steamer to get out of the way, but she tried to get herself out of the ordinary rale by saying that she had stopped at anchorage and was not under command. defendants tried to make out that the sole responsibility for manoeuvring rested upon the jank. They said they tried to alter the helm, but that the steamer having no way on would not answer it, and her engines were put half-speed astern with the object of canting her bow to starboard, but they did not say that she actually
Therefore the