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Séptember 18, 1^05.]
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at the rate at which it has hitherto advanced | it will have to take full advantage for industrial purposes of the nearly inexhaust ible supply of cheap labour that can be at racted to it and of the convenient sites for carrying on manufacturing businesses which exist in the New Territory. We have very little doubt that full advantage will be taken of every opportunity that offers. We confess to a little surprise at finding His EXCELLENCY harbouring the somewhat pessimistic opinion that with the increase of dock accommodation in the Far East and the construction of railways to the Treaty Ports this Colony cannot always hope to maintain its trade preponderance over its rivals. For our part we see no rival or combination of rivals in sight which threatens the maintenance of our trade preponderance. We believe that the geographical position of our Colony, the energy and enterprise of its citizens and the wisdom of its govern- ment, which have combined to make Hongkong what it is to-day, and which we would fain hope and believe will always remain identified with the history of this Colony will, so long as China engages in foreign trade, assure for us the pre-eminence we now enjoy. Our docking facilities are likely to remain superior to those of any other port in the East, and as for the construction of railways to the Treaty Ports, while they will naturally tend to develop the foreign trade of those particular ports they will as certainly lead to an increase in the volume of the trade passing through this great distributing centre of Southern China. Hongkong can hope to maintain its trade preponderance, and while Hrs EXCELLENCY uttera the word of caution his statement of the general policy which will govern his administration assures us that the development and pros- perity of the Colony is not likely to be impeded by any want of foresight or encouragement on the part of the Govern- ment, and, that being the case, we can con- fidently look to the energy and enterprise of the commercial men of the port to do the
rest.
JAPAN AND AMERICA.
1
Daily Press, 12th September.) The Americans in the Orientare not, in our experience, effusive in their expressions of regard for the Japanese. In conversation, they often revert to the possibilities of future conflict with that nation. "It has got to come, sooner or later," is the formala we have heard on more than one occasion. Whether it be another form of the Yellow Peril scare, in which the Americans are alarmed concerning the supposed insecurity of their tenure of the Philippines; or whether it be a matter of commercial rivalry expressed in Jingoistic terms, we do not feel able to say.
That the feeling is present, in unofficial circles, we have had ample evidences to prove; and some echo of it seems to have inspired a recent article in the Kolumin, the semi-official organ published at Tokyo. Our Japanese con- temporary, rebutting at considerable length the fears that are implied rather than stated, presents an array of hard facts" which it regards as sureties of a lasting commercial harmony" between Japan and
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CHINA OVERLAND TRADE REPORT.
exported, value thirty-seven millions. Apparently, our contemporary's idea is that a quarrel with her best customer is a thing unlikely to be permitted by Japan, especially as the American consumption of and demand for silk, raw and manufactured, is growing every year at a remarkable rate, by which some profit to American manu- facturers must be figured. These, it will be seen, are pleas rather than arguments; the fervent wish, so to speak, siring the pleasing deductions. China and America have been good customers, the one of the other; and we are still waiting to see what is to be the outcome of a misunderstanding about which enough has for the present been said, Another point made by the Kokumin is patently special pleading; and we are afraid it is open to the charge of being somewhat disingenuous. Our contemporary says:—
"The total production of raw cotton in the world amounts to something like 14 million bales, of which America produces 66 per cent., India 15 per cent., and China and Egypt 7 per cent. each. Such being the case, it is not surprising that American cotton practically rules the markets of the world. The European countries; desirous of restric'ing the commercial supremacy of the cotton merchants at New York and Galveston, have of late years been endeavouring to cultivate cotton in their various coloni 8. Great Britain, for ius'ance is encoura. ging the cultivation of cotton in Indi, Egypt, and "Africa; Germany in Togoland, andva, and in Estern Africa France in Tur-estan. All these countries aim at reducing the use of American cotton as much as possible. Japn, on the other hand, is satisfied with purchasing American and Indian co' ton, and aims at exporting as much manufactured cotton as possible to China and other countries."
the So dan; and Russian in the Cauca-us and
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quarrel with the hope of a continuance of the present good relations; but by way of warning that to "protest too much equally as dangerous as the Yellow Peril nonsense.
JAPAN'S REAL GAINS.
(Daily Press, 13th September.) Now that the first blush of excitement consequent on the very unexpected con- clusion of the peace negotiations at Ports- mouth has had time to subside, the present seems a favourable moment to review the terms finally agreed on. In some quarters the apparently too ready acquiescence of Japan in Russia's terms has been a subject of wonderment, and almost of blame, while in others it has been attributed to the magnanimity of the Japanese Government. Without venturing to sit in judgment on what does not conceru us, we may surmise with regard to the first, that the Japanese Government really understood the position better than we can, and as touching the second, that in the affairs of nations, whether political or economical, magnanimity ceases to be a virtue.
Everyone who has had the misfortune to become engaged in a lawsuit, with an im- pecunious opponent bas felt, as the Japanese negotiators, the enormous strength of the position. Wealth which enables the unprin cipled to protract his case by appeals or other devices till his opponent is worn out or ruined in the struggle is a powerful weapon, but when opposed to the bankrupt who has nothing to lose, and has skill. enough to make his poverty a weapon of Thé offence it makes but a poor show, Japan may well be "satisfied" to purchase impecunious tenant who refuses to be American cotton; although we believe shell ejected, and compels his landlord to pay for purchases more of the Indian product. his disturbance or take off the roof and If Japan has not copied European thereby ruin his own property, used in countries in their desire "of restricting the Ireland to be a familiar figure, and many- commercial supremacy "of Americ, it are the tales current of the loss and incon-- must be because as yet Japan has no India venience to which the recalcitrant landlord in which to encourage competition. Japan has bad to submit; besides making himself has her Togo, but as yet no Togoland. It the butt for the sarcasme and mock solici is not, as our contemporary well knows, tude of his neighbours. In such a position mere envy of Amer can cotton supremacy Japan found herself vis a vis with Russia, which in-pires the British Cotton Growing and the TSAR, indifferent to the opinions of Association; hut self preservation; and if Europe, showed himself here master of the Japan ever has a Lincashire famine of her situation, and was able to hurl defiance at own, the Kokumin may be counted upon to his tormenter. Russia had in fact exploited. favour any project likely to deliver its to the tune of some thousand millions her country from the tender mercies of a confiding neighbours till the latter had monopoly. It would not pay Japan to worry closed their purse strings. As it was per about production, we are toll, when the fectly certain that towards an indemnity rapid development of her manufacturing Russia could not raise another cent, it industries demands all attention; and would palpably have exposed Japan to the worry is the correct word to use, for to ridicule of the world to have gone on throw grow cotton on an effective scale would, we ing good money after bad, as every day imagine, place Japan at her wits end. The Russia's financial position, and her conse
effect another loan Kokumin further seems to think that with quent ability to the Chinese market on one hand, and would have been rendered more hope American growers on the other, Japan is less and at home the State was bank- the middle in by divine right; and that rupt. On the other hand, and this is America will be pleased in proportion to not to be forgotten, Japan's own creditors the quantity of American cotton she manu. were disposed to become clamorous, and factures for China. But no commercial signs of weakness came to warn her as to alliance can rest stably on that basis: the possible effect on the money market of continuing the conflict. Perhaps not so America wants to manufacture as well as grow; and is already in competition with easily accounted for is Japan's return of the Japan and the rest of the world. There northern portion of Saghalien to Russia, is another pint advanced which rings a Some years ago when Japan under threats false note, if American-Japanese con from Russia consented to exchange her half "Not only of Saghalien for the Kurilea, Japan, was would the Japanese welcome the growth hardly in a position to make any effective and prosperity of the Philippines, but it use of her dependency. She was only would be to the interests of Americans to beginning her new policy, and had scarcely rely on the assistance of Japan for the got herself out of the tangle of the Satsuma. development of the islands." The Ameri- movement. Since then, of course, affairs, cans, especially Manila Americans, will not have progressed and Japan finds herself relish allusions to Japanese assistance in powerful and respected state. The popula such a connection. All this is not totion of Japan has in the meanwhile, in,
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orth of early sixty four million yen's merciel harmony be aimed at.
go
Japan's Y.319,000,000 of exports to America * and of Japan's annual imports (Y370,000,000) America sends Y.88,210,000. Practically two thirds of Japan's output of raw silk was taken by America last year (Y.60,700,000 out of Y.88,000,000) and the same country took Y.10,320,000 worth of the total habutai