May 19, 1902.1
our reat local Banking Institution has in]
re-eminent degree been instromental in trade and fostering the pror- developing
perity of on (Applause.) Sir Thomas
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42
CHINA OVERLAND TRADE REPORT.
The company dispersed to the strains of God Save the King."
ADDRESS FROM CHINESE COMMUNITY. Sir Thomas Jackson was presented with an illuminated address from the Chinese com- mercial community of Hongkong in the City (St. Andrew's) Hall on the 13th inst. Mr. Ho Tung presided, and among those present besides Sir Thomas Jackson were Messrs. Lau Wai Chun, Ho, Fook, Leung Pai Chi, Tam Taz Kong, Lenng Shia Kong, Liao Taz Shan, Yang Yik Ting, Wong Ki Sam, Lau Chin Ting, Wong Kam Fak, Ho Kom Tong, Lo Cheung Shiu, Wan Kwong Tin, Tong Lai Chuen, Ip Shun Kam, Kan Tin Ding, Ma Fat Ting, Lau Wan Kai, Leung Yan Po, Chan Oi Ting. Wong Leung Him, and Fung Shu Toug.
your
381
Reserve fund to one hundred thousand dollars and the cessation of dividends for one year.
It was at this critical juncture that you, Sir, were transferred to the helm of affairs as the Acting Chief Manager, only to be confirmed in the substantive appointment five months after.
In the face of these difficulties, and encum. bered as the Bank then was with bad estates, by dint of inherent energy, unceasing care, and indomitable perseverance, the Bank was suc- cessfully steered through one of the most acute and prolonged financial crises ever known, antil, from a depth of adversity and disaster, it has been lifted to its present magnificent The Bank emerged position of prosperity. triumphint from a gloom which enveloped it, to a splendour ranking it with the leading banks of the world!
The era of its revival was coincident with your appointment to the supreme command and it is impossible not to see that the increased prosperity which each half-year (with but few exceptions, owing to the vicissitudes of Fortune) has recorded, was most closely identified with the name of its Chief Manager.
Jackson not actually have brought the
may Hongkong Banking Corporation into existence bat soon after its birth he became its Chief Manager. Since 1876 he nursed his bantling with unceasing care and assiduous attention. Through his continnous energy, perseverance, untiring industry and conspicuous tact he has seen his child grow in health, in strength and in wealth, and develop into the most robust inanhood. (Applause.) Some little time ago there was a proposal to amalgamate the three Presidency Banks in India with a view to giving the Indian Empire increased banking facilities, but the scheme has been shelved for the present. The resources ‹f our local Bank I am credibly informed exceed the aggregate resources of the Mr. Ho TUNG in his opening remarks said three Indian Presidency Banks. (Hear, hear.) Sir Thomas Jackson and gentlemen, the Chinese Sir Thomas Jackson bequeaths to his successor merchants and traders of Hongkong hare met a rare and a rich inheritance. We may feel here to-day in a body formally to say good-bye quite sure Mr. Smith will follow in the footsteps to you on
retirement from the field
It is not, however, in financial matters alone of his predecessor with advantage to himself, of your labours in the Far East. They
that your influence for good has been exercised and with benefit to all concerned. (Applause.) have done me the honour of electing me as Hongkong's industries are prospering and their spokesman on this occasion. I do not for the benefit of this Colony. In spite of the cares and anxieties inseparable from your earning good dividends, though no doubt they propose to detain you for many seconds befor
onerous and responsible duties you have found have suffered in some extent from the incon-proceeding to read the address which has been veniences of our inadequate water supply. This prepared as the result of a spontaneous desire time to serve the Colony on various public evil however can be averted in the future by the on the part of its signatories to record in a occasions, conspicuous amongst which are your timely expenditure of the necessary money which public manner the high opinion which one and bonorary treasurerships of the Irish and Indian the Colony can very well afford. (Hear, hear.) all have formed of you after so many years of Famine Relief Funds, the Hongkong Jubilee, the Queen's Diamond, and Queen's Memorial One other difficulty now to contend against is personal acquaintance with your urbanity, kind- is our gigantic inheritance of insanitation but ness of heart, and remarkable genins, (Ap Funds, and the Typhoon Relief Fund of 1909, the same must be grappled with. The City planso.) These are qualities the possession of the last by its spontaneous manifestation of must be put into a thoroughly sanitary condition any one of which suffices to raise a person in sympathy evoking from the Chinese of Hong- (hear, hear) and it is imperative that light the estimation of his fellow-men, but when they kong heartfelt gratitude. As member of the as well as air should be let into all human are all combined in one and that one is you, sir, Colonial Retrenchment Committee, the Insanit- habitations irrespective of the cost though the wielding so extensive a power for good or evil as ary Properties. Commission, and the Queen's The the leader of the financial world in the Far Statue Committee, respectively, you devoted same may run into millions of dollars. Sanitary Board is not to blame for the insani- East, it is impossible for those who have bene valued services no less to the public weal, and tary condition of the town. The system of fitted most by that genius not to recognise it as member of the Legislative Council your wis- dom was consulted in the framing of laws for the Crown Colony Government is alone responsible. in some fitting manner. (Applause.) In our The unstable and uncertain measure of valne in humble opinion the best means lying within promotion of our good. In the furtherance of of our world- which trade here is carried on entails great our reach is that of a public address, which the interests of commerce disadvantages on merchants as well as on we trust you will accept as a genuine expres-renowned port also you take an important part banks. With the exception of China sion of the feelings we all entertain for you. by sharing with the leading gentlemen of the almost every other country in the world has (Applause.) With your permission. I will now mercantile and shipping communities, their legislated against silver and in favour of read the address. Mr. Ho Tung proceeded to read labours in the Chamber of Commerce. And, finally, in fostering the good works of all classes gold. In consequence the gold price of the the address which was in the following terms :
of charitable and religious institutions in Hong- dollar recently fell to under 1/8 or to the TOSIR THOMAS JACKSON, CHIEF MANAGER OF lowest point on record. China's foreign in- THE HONGKONG and Shanghai BankinGkong, without discrimination, your private
CORPORATION, ETC., ETC., ETC.
munificence has long been recognised and. debtedness has all been contracted in gold while
Sir, The undersigned members of the Chinese without doubt, will find living monumen s import and export duties and other revenue continue to be collected in silver. Every Commercial Community of Hongkong desire, amongst those who gratefully cherish the name decline in the gold price of silver increases however inadequately, to pay to you before your and the memory of a universal benefactor. China's foreign indebtedness and is not attend-departure from Hongkong, on retiring from the ed by any compensating advantage. Her last Chief Managership of the Hongkong and indemnity of 450 million taels was arranged in Shanghai Banking Corporation, our humble May, 1901, on a gold basis, but since then tribute of admiration for your high moral solely owing to the fall in the gold price of character, and to express the very high apprecia- silver the said indemnity now stands increased tion in which you have been held by us and the to about 550 million taels, an increase of sense of loss which we shall feel when you have not less than 100 million taels in twelve left these shores,
The Bank, over whose destinies If after his well-earned holiday,
you ruled months. Sir Thomas Jackson will seriously consider with such conspicuous ability for the past and help towards a solution of the great twenty-six years. enjoys an enormous and ever currency problem he will place China and his increasing clientèle, and it may be asserted numerous friends in the Far East under further without fear of contradiction that of the very obligation and add to the many important extensive business which it controls in the services he has already rendered to commerce. farther East by far the largest proportion is (Applause.) The financial difficulties ahead of that with China and the Chinese. As belong the Chinese Government are by no means in- ing to that section of the Corporation's con- surmountable. In the honest collection and stituents, we feel as of greater worth the value administration of China's revenne lies the of the testimony which we have the honour to -country's financial salvation. The abolition of bear to the most consummate tact and ability all internal taxation trade in China is practi- which have ever been consistently exercised by cable and can be made effective as has beau you in the management of this great institution's demonstrated for many years in the case of affairs. `lekin on opium. Effective fiscal reform would ensure an ́enormous expansion in China's ex- ports and imports, and everything that is pos- sible should now be done to bring this about. With the hearty co-operation of our enterpris- ing and industrious Chinese and other friends, continued local progress is assured, and I firmly believe that the prosperity of Hongkong is still in its infancy. (Applause.)
5
This concluded the toast-list. Thereafter, Mr. J. H. Moir, the bandmaster of the Royal Welsh Fusiliers' band, which played selec ions during the dinner, was called in and had his health proposed by the Chairman. ~ General - Gascoigne also e ngratulated Mr. Moir upon the excellence of the band's
rformance.
The colossal success which the Hongkong and Shanghai Bank can now boast of is the more remarkable when a ratrospective view is taken into the pages of History.
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The urbanity of your demeanour towards all who are brought into contact with you; the soundness of your judgment in counselling those who have approached you for advice; and the impartiality of your treatment of the Bank's cl`ents have secured for you the respect of all classes alike. They are attributes that entitle you to the highest admiration and should serve as a standard for those who come after you to be guided by.
The limits of time do not permit us to dilate upon the unvarying kindness and courtesy exhibited by you towards us as a distinct class, and in confining ourselves to an expression of grateful thanks we beg to proffer you the accompanying token which we hope may be found acceptable as a link in the chain of recollection of the very cordial relations that ever existed between yourself and the Chinese merchants and traders of Hongkong.
In bidding you. Sir, "Good-bye," wa fervently hope that your life may long be spared that you may enjoy in the home-land the fruits of your long years of honest labour in the East in com pany with your respected wife, Lady Jackson, and family, for whose health, happiness, and continued prosperity, coupled with your own, our good wishes accompany you wherever you go!
We have the honour to be, Sir,
Your most obedient humble Servants,
[Here follow signatures.] Hongkong, 13th May, 1902. ̈
Mr. TAM Tsz Koso afterwards read the
When you first joined the institution in August 1866, the Colony was just then beset by a great commercial depression that made its influence felt in almost all the principal bran- ches of business; the stagnation was threatened by a panic in the following year with the closing of certain leading mercantile firms, and was far-address in Chinose. ther prolonged throughout the years 1868 and 1869. This period of decline in the commercial prosperity of the Colony, in itself, of a serious character, was but the precursor of worse days to come for the Bank, when errors and advers- ity combined to work the reduction of its
Mr. HO TUNG then said-Sir Thomas Jackson, I hand you this address in its present form, as has not been possible for us to get the em broidery work from Canton done in time
Ins that your departure It seemed to true characteristic Chinese, style, the addres