August 7. 1905,7
such ambitions." It is a pity that his investigations in the East should have ceased just at a time when the people of China £#BUL to be stirring in some new awakening, Economic pressure must some day appear in China as the great wheel of things revolves, and perhaps even what he calls the idea of free-will" Whether the recent and present stirrings are thus to be interpreted; or whether, as we have sometimes suggested, they are spurious symptoms, the immediate future promises to slow. In any case, whether the attitude towards China be sympathetic or indifferent, it has to be admitted that the advent of the foreigner was a necessary factor, and a blessing undisguised when seen in right perspective.
WELSH COAL.
(Daily Press, 1st August). It is too early yet toexpect full particulars about the German enterprise in the Welsh
coalfields, about which our London corres. pondent recently telegraphed. Mail papers to band yesterday, however, indicate that Welsh steam coal is a commodity just now enjoying a particularly big share of atten- tion. For twenty-five years it has occupied¦ its unique position at the various coaling depôts along the trade routes of the world," but no v, it seems, its pre-eminence is threat- ened. The alarums last year, since satis- factorily qu eted by a Royal Commission, did not take account of its modern rivals;
I
CHINA OVERLAND TRADE REPORT.
at Naples, and in the course of time at several ports on the route hetween Port | Said and Singapore. And the following figures from the Times are interesting:
"
The following figures will give au idea of the extent to which Cardiff coal is shipped to the depots where mercantile steamships and warships call in order to refill their bunkers. in the Mediterranean, and the following were The nearest and by far the greatest market is the exports from Car iff in 19 4 to some of the ports on the French, Italian, and Egyptian coasts: -Alexandria, 503.000 tons; Bord-aux, 255.000 tons: Constantinople. 136 000 tons; Genoa. 970,000 tons; Gibraltar, 189.826 tons; Marseilles, 331,157 tons; Malta, 342.106 tons; and Port Said. 1,114,086 tons. To Madeira and the Canary Islands the exports amounted to over 600,000 tons; to Aden. 167,000 to Cape Toro, 317.000 tons: to Colombo, 280,000 tons; Lo the Philippines, 57,000 tons; to Hougkong, 582.596 tons: to Singapore, 113.000 tons; to Shanghai, 141.000 tons; and over 200,000 tons 'went to Uruguay and the Argentine Republic. Other depots might have been mentioned, but these figures, though
79
leaves of a dictionary because of the foolish Manila fashion of sprinkling every paragraph with unnecessary Spanish.
"this
Meanwhile, we are told that (unspecified) Hongkong firm have lost more money since then than we ever possessed; they will lose more before they finish.' And other allusions much too strong to print. The comments on transactions are
"
**
certainly spicy"; the commentator nesures us they are honest; we see no reason why even а share list should not have literary qualities; but we would have been grateful for more explicit information.
In the list of quotations (which we are reproducing in the commercial pages of our weekly edition) we notice one tobacco company's stock is quoted "buyers at P.3.00." The same stock happens to be quoted locally at $9 sellers; and we have reason to believe that the Manila quotation may have been coloured by prejudice. The general comments may therefore not be entirely trustworthy. We hope not, for it is stated that there is a money famine in Manila; that interest from ten to thirty per cent is exacted even when the security is unimpeachable; and that even at these rates people have to "bustle to get it. Taxation is higher than it ever Was known, as are wages also." Yet " rents THE MANILA MONEY MARKET. tend to decline, as also living expenses;
in a few cases of an exceptional character, suffice to show how largely supplied is the world's mercantile marine with the "black diamonds of the South Wales coalfield, and incidentally, to explain how it is that Cardiff clears more tonnage for foreign trade thau any other port in the world."
(Daily Press, 2nd August.)
some concern
" IV
We have received a monthly market report from Messrs W. A. FITTON & Co., of and if a German syndicate considers it Manila, dated July 28th, with which we are desirable to gain a share in controlling the somewhat at a loss how to deal. The output, they must believe that the new money market of Manila has features of steam coals talked of fall short in some way particular interest for Hongkong and we of the famous calorific. For it is seriously would have been glad to publish all the stated that it does not pay to produce it. information that this old-established firm When the coal demand was strong owing to has to offer, had it been presented in a the war, the Times states that the yield on different way. As it is, much of the matter just over £2,300,000 invested in the ordinary in this circular appears to us to be libellous, share CH
tals of the fourteen leading and much of the remainder to be unintel- collieries in South Wales and Monmouth-ligible. Mr. FITTON's last circular was shire averaged a fraction over seven per issued in July, 1903, and he explains that ceut. If Welsh steam coal be the best in he was mistaken in thinking he had left a the world, it should be more remunerative capable representative to continue them in to its producers than that. Japau is said his absence. They are now to be resumed, to have taken away many of the Cardiff, and he promises to deal faithfully in later markets, for commercial purposes, and issues with our Hongkong friends," mak- there is the competition of Australia ing these circulars spicy but honest. and New Zealand to be noted. India Although he has not "the slightest inclina- produces its own supply now; and the com- tion to pose as a THOMAS W. LAWSON of petition of Germany, we are told, in spite Frenzied Finance' fau" he promises to of labour troubles, is becoming more and give full facts and figures, to show how more formidable." America, ulso, has more numerous shareholders were "swindled" by than she needs for home consumption, and
"not directly named. is "cutting into Western markets," slowly will prove,” the circular goes on," who got but surely. Indeed, Cardiff is said to be the benefit of everything, as well as other depending largely on the European market, unatters of considerable interest to the fools (which the Americans have abandoned as who trusted to the stranger, and were taken unmanageable) and as the demand in
who lost their investments, and richly France, Spain, Portugal, and North Africa deserved to, for pinning their faith in wind is shown to have seriously fallen off since bags; and in endeavouring to down a man who 1902, the cry now is quite different to that had played the game here for years. This we heard last year. The enormous ship is a business circular, but so many things ments for war purposes alarmed some have happened, and so much has been said people into thinking that there would soon
(and falsely), that we owe a duty to our be none left for the British navy, and letters clean reputation, and so intend taking the were written to the papers suggesting that public into our entire confidence." Evidently the export of this kind of coal should be the August number of the circular will be: forbidden! And now the complaint seems of considerable interest, and he in great to be that Cardiff is being ousted from her demand in Hongkong. We hope, therefore, markets. America has abandoned, after, that Messrs W. A. FITTON AND Co. will one attempt to capture it, the European remember that Spanish is not the popular market; but there German and Belgian language in Hongkong or Shanghai, and be competition is becoming more apparent. satisfied to write Tax Assessment" In the Far East, Japan and Australasia | instead of amillarimiento, which is wrong in are gaining ground. In the Mediterranean,
as ita orthography is it is stated, Germau depots have been estab-, concerned. Improvement" or ameliora lished at Algiers and at Port Said, and the tion" is quite as good as mejoria, even in German Coaling Company, founded at Manila; and on this coast, where also the Hamburg four years ago, is stated to intend circular is intended to be read, business establishing further depots at Genoa and men have no time to waste in turning the
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ill;
any ruse,
SU
far
"
C
$7
11
39
a curious thing, indeed, when viewed in the light of Hongkong experience. The circular hopes the Government will abandon all their business ventures, which is, presumably, an allusion to the competition of prison labour and production. "There is," it is stated, "a general feeling of distrust and insecurity." Why everybody should be" living from hand to mouth" when wages are higher than ever before, and rent and living expenses declining, is quite beyond our comprehension. Yet Mr. FITTON winds up with an assurance that though his comments may be unpleasant reading, they are, none the less, plain truth.
THE WORLD'S PEACE IN
DANGER.
(Daily Press 3rd August) There are very palpable signs that both in Europe and the Far East the current of affairs is following in a very uncertain channel, and that at no period since 1877 has the peace of the world hung by so slender a thread. The influences at work are, it is true, different, but the danger is as real, though the disturbing cause has shifted from Russia to Germany.
More or less overawed by the proximity of Russia, Germany since the formation of the new Empire has been confining herself mainly to strengthening her internal means of defence. Finding herself set free from danger on her eastern frontier, she has lately been enlarging her pretensions and has been exhibiting increased signs of a desire to assume the role, at one time traditional, of the leading continental Power. Reduced to almost a nullity by her own Thirty Years' War, the greater part of the last century was devoted to a strong effort to regain her former autonomy, an effort which was rewarded in 1871, by her placing the Imperial Crown on the brows of the then king of Prussia, who under the title of WILLIAM I. became first hereditary German Emperor. Russia, her next door neighbour, was professedly the first military Power in Europe, and as a necessity for simple existence the new (fermany had to follow the example. The position was naturally one of temptation to an ambitious sovereign; and the present EMPEROR, himself sprung from an ambitious