28
'CHANGE DOINGS.
A REVIEW OF 1901.
A fateful year, and fitful withal,
Awhile with anxiety muchlý fraught, But this for faithful truth I say,
Nor bear nor bull hath taild of sught.
It is satisfactory to note that the last settle ment of the year not only passed off without the least sign of trouble which was predicted of it by a few pessimists, but has in fact brought abont an improvement in ratés entirely unex- pected.
THE HONGKONG WEEKLY PRESS AND
This is undoubtedly due (if not wholly, partly at least) to the firni stand made by the rank and file of the Rialto, who hung grimly to their holdings and would not part. How long they will be able to hold out, and how far their expectations of an early rise in prices will be realised remains to be seen. In the meantime the market has certainly assumed a livelier and firmer tone, a healthy feature of which is that the greater portion of! the business now doing is for cash. During the month, however, business was limited in the extreme, while in the way of fluctuations, no- thing occurred worth mentioning, such leading stocks as Banks, Docks, Sugars, Lands, Steam- boats, and Indos remaining as last quoted.
The last-named, however, dropped to $143, but recovered again towards the settlement, and now stands at $141 ex the dividend of $4.30.
China and Manilas.-To the bulk of share holders, the notice issued by the General Managers convening a meeting for the purpose of passing a resolution to increase the capital of the company from one million (to which it had recently been increased) to one million and a half dollars, came as a complete and disagreeable surprise, the immediate effect of which was a drop in the price of the shares from $624 to $59, at which they now stand. When it is remembered that the final call on the last new issue has barely been paid yet, the expression of astonishment on the part of shareholders, at this further and sudden call on
them would seem to be justified. True, subscription to this new issue is optional and not compulsory, but the option is only apparent, since, in the event of the issue not being taken up, shareholders must be prepared to see it offered on the market at par, which virtually means a prospective shrinkage in the value of their present holdings of fifteen per cent., a contingency they can hardly suffer to arise.
As to the larger question, whether, and how far, it is wise to effect such an enormous and permanent increase of capital (five-fold within a period of eighteen months) of what is, after all, only a small coasting steamship company, the future alone will show. The assurance of the Chairman that for the present no anxiety need be felt as to any opposition, is no doubt, satisfactory as far as it goes, but I must con- fess that, as a shareholder, the prospect of a heavy capital to feed, while the possibility of an opposition exists, makes me doubt the wisdom of this further increase.
Douglases. These continue a ding on the market. A sale of one lot at $44 has been reported, but the rate is now $46.
Hongkong Hotels.--Changed hands over the settlement at $135, but rallied again afterwards, closing strong at $137.
Humphreys Estates. Are being steadily picked off the market at the uniform price of $14. Latterly, a slightly higher rate would probably be paid if shares were forthcoming.
Cements. Are on the market in large lots at $214, but find no buyers.
Mining. Under this head, the same old doleful tale of" nothing doing" may be repeated, Punjoms, however, being the only exception, which, after suffering a slight fall, are now wanted at $4 90.
To pass from the monthly to the yearly Doings," it must be acknowledged that, on the whole, business during the past twelve months has been of a most fitful character. For Rialto purposes the year may fairly be divided into two distinct periods, the period of activity and booms, and the period of slumps and depression. Under the former category the first six months were undoubtedly marked by a liveliness of market and a steady advance in prices, which were quite phenomenal. The first indication of an advance showed itself in the month of January, when Docks and Indos made
quite a spurt. In the same month also the money tightness, under which the market had been labouring for a considerable time, became much easier, allowing of financial facilities to be obtained on more reasonable terms.
84
(January 13, 1902.
CRICKET.
H.K.C.C. V. GARRISON.
of
The Club fielding was maintained at a fair average, Mackenzie's second catch at slip being noteworthy and Brown at cover doing good honest work. Goldring shaped well behind the wickets, and Wood at mid-off saved many a run.
On a wicket which was all in favour of the batsmen, this match began on New Year's Day, Coming on to February it seems that in spite the Garrison sending in Fanshawe and Rother- of the intervening Chinese New Year and the ham, both of whom were in a hitting vein. Races, there was a further increase in the Rotherham was the first to go, being well taken volume of business, while following in the
at mid-on by Hay for a bright 18. To him wake of Docks and Indos, in both of which a
succee ed the R.W.F. crack, France Hayhurst, further advance had taken place, other stocks who started quietly. Chiefly by means began to show np. the most prominent being Fanshawe's clean hitting, the score was taken Banks and Sugars. Du ing March, while the to 88, when the R.A. was neatly taken in the financial situation had become distinctly easier, slips by Mackenzie for a lively contribution of a good deal of anxiety prevailed as to how 62 France-Hayhurst, when apparently well the settlement, which was unduly heavy, would settled for a long stay, attempted to hit but run, but it passed off without any untoward in failed to get hold of the ball and was excellently cident. When it was seen that even snch an caught in the long field by Ward, whose field- abnormally heavy settlement could be arrangedig at third man was a'so all that could be without producing an adverse effect on the desired. Krickenbeck played steady cricket and Rialto, it became clearly evident that the market was hard to shift until a fine ball from Franklin had more stability in it than had been supposed. at length broke from the off through his de- The following month brought about the fence. When Clapham and Preedy got together most intense excitement of the year. Dock
runs began to come more freely, but the former Shures, which had up till then been steadily failing to get hold of one from Franklin was rising on average of about ten points
was not out with a creditable 22, when the monthly, and which were now sub-divided into easily held b. Hay at mid-on. The fast bowler small scrips, began running an upward course innings closed for 223. at a pace which fairly took the breath ont of the Rialto. It was as if a mighty whirlwind had suddenly struck the market, carrying every thing and everybody in its train. Such a scene of wild excitement has seldom been seen in Hongkong, excet perhaps in that mania, of doubtful memory, of '88 and '89. The wise operator and the unwise, the operator with commonsense and the operator without, the overcautious and the rash, the sedate and the easily excitable, all, all, were in the mad scramble for Docks. Strange to say that, through it all, the one man who kept out of the excitement, and who it would be supposed would be the last to be out of the fun, was "Napoleon" him self. While all this was going on, other shares had not remained idle, Banks and Indos having in the meantime taken a further spurt, but the all-absorbing Dock excitement had overshadowed everything else. So far, however, prices had not gone beyond their proper and legitimate level, and had they been allowed to remain at that normal point, everything might have gone all right, and the Rialto would have been spared the serious fall in prices and that very acute depression which subsequently followed, But when excitement is running so high, rash weak speculators are bound to 'chip in," and, in the present case, they would not be denied. It was perhaps Led to believe not entirely their own fault. that there was still some money to be made, particularly in Docks, they entered into large forward engagements, and, for a time, succeeded in giving the market a fictitious tone. Thair disillusion was swift and sudden, for in the very first month (July) in which a portion of these contracts fell due, they had to pay an average loss of about thirty points, which was closely followed by a further and equally heavy fall, but more damaging in its effects than the first, in August. From that shock, the market has since then shown a continuation of depression and dullness almost painful in its monotony, and lasting without a break down to the present time. For the past two weeks, however, things appear to be resuming their normal tone, and, in view of the fact that money keeps abnudant, in spite of the Chinese New Year now fast approaching, an all-round improvement seams fairly assured, During the year, three new companies, with a total of a little over two millions, were success- fully put on the market. One of these is a small local concern, carrying on the business of what our American friends would call a "dry goods store," and appears to be doing fairly well. The other two, with a capital of a round million each, have their headquarters at Manila, and are reported to be a little "under the weather," temporarily it is hoped.
and
N.B.- Telegraphic information has just reached here, reporting Bank shares in London to have gone up to £65, and, in sympathy with that our local rate has jumped up to $637 cash. Hongkong, 8th January.
ESA.
Two companies of the Royal Welsh Fusiliers have in the New Territory for practice in tactical work last week.
At 3.15 Franklin and Smith went in to tackle the Garrison total and so successful were their efforts that in an hour and a half they had scored 175 and were both not out, Franklin having just reached 10, and Smith haring 65 Both men were missed by the to his credit. wicket-keeper, who, luckily for the batsmen was not Beresford-Ash. On starting next morn- ing, duty prevented Franklin from resuming his innings, to which there might have been no end on the easy pitch had he continued to bat with the same care, vigour and finish which characterised his batting on the first day. Sơ Mackenzie partnered Smith and took the score by hard hitting to 222 before being well caught at square leg by a ground coolie. The next six wickets were responsible for only 19 runs between them and at 12.45 no one was ready to go in and join Smith, who was now 98. Thanks, however, to the courtesy of the
taken a quarter of an captain, tiffin was hour earlier, while couriers were sent in search of Hay. At half past one, the innings resum. ed, Hay surviving the last ball of Preedy's destructive over, thus giving Smith a chance, of which he availed himself, to reach the coveted century. Having attained this object, Smith began to hit out, making 58 out of the 79 rans put on by the last wicket. Hay con- tinued to bat steadily and strongly till a curler The from the Barracks end hit his wicket.
Garrison
80
captain must be grateful to him for
"Cool ably playing the leading part in
as
1
a cucumber. Smith
owe
was heartily con- gratulated on the longest and best innings
Club, who played by him for the to him and Franklin, for their batting and bowling, the present victory over the Garrison. Preedy and France-Hayhurst bore the brunt of the bowling, the latter's slow leg-breaks puzzling more than one batsmen. For reasons which
were
not divulged, Beresford Ash, who captained his side, did not keep wicket, thereby, in our judgment, considerably crip- pling his side. Preedy's fast bowling was much too good for the less experienced batsmen opposed to him With two hours left for play, the Garrison started a second innings. Fanshawe again batted briskly until he was well stumped by Hay. France-Hayhurst was miserably run ont, though credit must be given to cover and wicket-keep for their smart co-operation in the tragedy. When Cadogan arrived on the scene, there was no doubt as to his intentions, for he began his career with a 6 off MacKenzie and continued to score fast and freely. Despite some luck, his innings of 79 was as meritorions as it was popular. Later on, Edmondson played spiritedly for 25 not out, but the other batsmen could make but little stand against MacKenzie's admirable bowling. At the call of time, the second venture of the Garrison had realized 199 runs for 9 wickets, which might have been less had not the club been handicapped by the absence of two bowlers. The result was