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THE HONGKONG WEEKLY PRESS AND
AND IMPERIAL.
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[September 24, 19045
creeping through a gap in an orchard fence | OUR TRADE WITH JAPAN, LOCAL of imports over exports rose to the sum of
Where are was met by the irate owner,
"Back you going, bɔy?" he thundered. again, sir," said the boy, and retired. Russia followed the pilfering boy's example. She did more. She had the ridiculous effroutery to brag about it, saying that it was part of a scheme-that of "Taring 'em on." Russia lured the Japanese on, by easy stages, to Tashichiao, where she seemed to change her mind. But the bait seemed alluring indeed to the follower. That strategic position, strongly fortified as it was, was taken, and so were many others, all prepared before. hand by Russia as strong bases to advance from, not to flee from, As the world grow accustomed to the real condition of affairs, amazement gave place to amused contempt. It became evident that Russia was "getting her licks" and knew it. Otherwise, why all the telegrams, and despatches, and mendacious stories that were, in many cases, so clumsily devised that their falsity_bulged out all over them? Their object, of course, was the conservation, in face of all that is fatal to it, of prestige. Their result, equally of course, was to sink that pres'ige further into the mire. These things have been mora than ever apparent since the great buttle of Liaoyang. At that place, thousands of Russians had been employed for mouths, making it strong enough to serve as Russia's "last ditch." It had been well prepared. The Japanese say so.
It was well defende 1. The Japanese admit it. Except for the one unpleasant fact that they were badly defeated, "the Russians had nothing to be ashamed of in the historical battle of Liao. Why should they tarnish the credit of their own heroes who defended it by the puerile fibbing that we have since observed? By these hopeless attempts to persuade us that the erncuation of such a premier stronghold was in reality a victory, by their despicable belittlement of the Japanese achievement, they have alienated the sympathy that was their due, and that we wished to feel and bestow. Contrast the attitude of their enemy. True, in Japan many flag and buzzas signalised the undoubted victory, and small wonder; but the Japanese authorities, the Mikado himself, counselled less exuberance. They were not yet out of the wood. Now, whatever happens, nothing can alter the shocking fact that Russia has been down, and while down, has grovelled. It is a different thing altogether to that doggedness which will not admit it is beaten. It is the weakness of the pugilist prone upon the sawdust, who, seeing the umpire about to give the decision, cries out, with out getting up, protesting that he is not yet worsted. Kussia would almost have us believe that she has not beeu hit, even as we gaze at the slobber of gore upon her mendacious mouth. It is a spectacle Lu make the gods weep. The other combatant, sorely wounded too, but game, stands digui fied and alert in the ring, waiting for the call of "time." And we, to, await that call, for we are sick of the sight of blood, and would fain see the mob disperse, and the mess cleared away.
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168 million yen. The new specie currency practically disappeared, and was almost absolutely replaced by paper. This in- (Daily Press, 22nd September.) crease of imported goods was by no means Few things are more remarkable than the confined to Great Britain, and we find it different aspects in which the course of shared in almost greater proportion with trade in the Far East presents itself to Germany, Belgium and the United States. different minds according to whether the Of these the two last have continued to point of view is taken from a commercial or mniùtain the advantage gained, Germany merely trader's stand. More especially is showing some slight disposition to slacken. this the case with regard to Japan. Nothing But the sudden disappearance of gold, and is more common than to hear that the trade
ns sudden influx of foreign commodities of of Japan is, as far at least as British every description, had other effects, the end interests are concerned, “ruined"; nothing of which is not yet apparent, and one of the to the student of statistics seems clearer chief of these was the stinulu‹ given to It was evident that than that trade is continually on the in-home manufacture. crease. Both are probably true, and the the strain on the finances of the country explanation is to be sought in the differeuce implied by the enormous excess of importa of the point of view adopted by each. Seen could not long be maintained, and with from the position of the local trader it is characteristic energy the Japanese applied quite true that the trade of to-day is by no themselves to producing similar goods at means so profitable as in the goo l'old times, home. Japan had always been an industrious when a very large share was centred in the country, and during her long isolation hari hands of British merchants on the spot; and contrived to supply her wants from home probably fewer actual residents cau now
sources; she was therefore no novice in the find a profitable living in the seaports; but task, and set to it with characteristic energy. in the view which presents itself to the The change, not yet completed, is one of tha most remarkable on record. British producer as most natural—and more especially to the British shipowner the In 1893, for example, her exports to China trade has been eminently satisfactory. So had been under 24 million yen ; in teir years Although far the case would seem to be readily under-they had grown to 95 millions. standable, yet the reviewer who would go China was the chief customer, she was deeper into the matter would discover followed closely by others. During the things which are hardly reconcilable with ten years her exports to the United States either. In 1893 the value of imports from trebled from 27 to nearly 83 millions, and Great Britain, which had been steadily
with Europe her exports of silk, raw and rising from year to year, stood at 28 million manufactured, developed in almost similar yen; in 1897-98 it had grown at a bound to proportion. an average for the two years of 64 millions; in the next four years it had declined to less than 49 millions. Such extraordinary fluctuations surely denoted some unwonted disturbance. The causes of this had been long at work. When Japan was first opened to foreigu intercourse à large amount of gold was in circulation, and gold was valued, weight for weight, at under twelve to one. As elsewhere, the ratio even then stood at about twenty to one, and silver was continually falling in the markets of the world; the natural consequence was a con- tinual drain of the more valuable metal. The result was practically national bank ruptcy; which was staved off for the time by enormous issues of paper money. At last notes became a drug on the market, and fell to a discount of some sixty per cent. With the perseverance characteristic of the nation, the statesmen of the day threw themselves into the task of restoring the credit of their country. They knew little of international finance, and made many blunders; but they persevered, and gradually affairs began to meul. Then a few saw that without a gold currency the country could not stand along side Europe, and, cost what it might, they determined to alter the entire system. In 1897, after the successful issue of the war with China, but against a strong opposition, the Currency Bill was passed. It had been foreseen that a large import of gold was necessary, so the Government contractel a large loan, and we find some seventy million yea in gold imported. The change in the currency was effected; but an unexpected From Ningpo news comes that permission has result followed; the old silver coinage called been obtained from the Taotai at that place for in was partly reissued in subsidiary pieces, the installation of a large el-ctric lighting plant but more than half, soma 48 million yen, Which will supply 4,000 lights. A company has been floated and half the capital of 100,000 were sent over to China and there disposed taels is represented by the International of as bullion. The people were, however, Commercial Co. and the other half by Chiness. by no means disposed to accept the gold The building is already in course of erection, coins, and an immediate efflux took place. and the machinery, which is of the latest pattern. This took the shape of enormous purchases And furnished by the New York Import and of foreign goods, apparently without much Export Company, is on the way out. The whole work, it is expected, will be completed regard to quality, with the result that in the two years 1897-98 the excess in value
in åbout four months.
We can
The outcome of all this is that Japan is herself determined to become a potent factor in the commerce of the world, and is by no means prepared to sit still while others appropriate the entire profits of her trade. Seen from the narrow field of view of the mere local merchant, this is a very repre- hensible course to take, and so we have been treated almost ad nauseam to stories of the ruin of trade. Already we hear these par- row-minded prophets crying out against Japan's intention of clearing Manchuria from the paralysis of Russian occupation. True, they tell us Japan will increase the trale, but what is that to us? make more money out of our petty dealings with the Russians, who being no traders themselves pu Il the pickings in our way. This is of course not the proper nor the international way to look at the subject. Great Britain as a nation palpably made mor out of the trade of 1903, amounting to 50 million ye■ in value, than she did în 1893 out of an annual export to Japan of twenty-eight million yen. But we have to take a still wider purview to,comprehend the real advantage to the nation. Ten years ago the imports of Japau from India amounted to under 8 million yen, in 1908 they amounted to close on seventy. Did Britain herself derive no benefit from the enormous sum of money thus thrown into her great dependency's lap ? Tuis is the way in which these fuctuations of trade The must be viewed by the economist. individual may make more perquisites out of the petty barter trade of an aboriginal continent: the nation finds infinitely more profit in the commerce of a progressive colony.
Each is right from his own point of view, but each point of view is not equally profitable to the nation at large.
It is now intended to rebuild the Volunteer
Headquarters on the existing site, further con- sideration having led to the abandonment of the site at Happy Valley, where in 1901 it was pro- posed to build Headquarters at a cost of between 'sixty and seventy thousand dollars.
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