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THE HONGKONG WEEKLY PRESS AND nationalities. Shanghai, an the Court stated, matters materially. The rate of returns Broadly speaking, the action was brought is unique amongst the larger and more now obtained is far less than his Far Eastern by a number of shareholders who objected important communities of the world. The experiences have accustomed him to, and he to the Peak Tramway Company--being contests of the Counsel with the Court were sees that his action has helped to still wound up with a view to merging in a the least edifying portion of the entertain- further depress a market that ought other-new company which was to work the cons ment, but they, it is noteworthy, were not wise to have been rapidly recovering itself. cession for another tramway and the cold brought about by the local conditions but All this, of course, is almost in the nature undertaking together, or the objection may were mere vulgar attempts to browbeat the of truism. The real trouble has been the have been more pronounced with regard to Court in the person of the officiating judge. | uncertainty as to whether the dollar is going the offer of $200 per sliare, the contention The flight of the lady most especially to stay at two shillings for any length of being that they were worth much more. interested, too, immediately after she bad time. That uncertainty seems now to be Cernin irregularities in the notice conven- reported the robbery, and without taking diminishing: the probabilities are that thereing the meeting of shareholders to decide any steps to have her evidence taken, was will be no receding for at least a year; and the questions of winding up and reconstruc- hardly to be attributed to any special local although we are reluctant to commit our- tion, or amalgamation, formed a strong basis- considerations. Perhaps the want most in selves to anything like a prophecy, we for the arguments advanced by the plaintiffs evidence was that of a public prose believe that no serious change need be for an injunction to restzain the defen
resolutious cutor. In the interests of good order the anticipated for a longer period still. The dants
carrying the Municipal Police to whom the robbery had £4,000,000 worth of silver withdrawn by into effect, but the crux of the whole whether the minority been announced by the most interested Russia for war purposes cannot return to debate, was party, the loser herself, rightly proceeded normal channels so quickly as it left them; could be ousted by the majority from rights with the case, but they were hampered by Japan's purchases from America, which, by given to them by law. One of the remark- having no professional prosecutor to repre- reducing the Londou supply, gave a direct able facts of the case was the disclosure of sent the Municipality in Court. The conse-fillip to the upward movement, have to be the plenary powers given under its articles quence was that the Counsel for the accused also taken into account; we are told, further, by the company to its general managers, evidently looked upon the affair from begin- that American prosperity was responsible who were subsequently the liquidators, and ning to end as a good joke, where they for an altogether unusual consumption of it was this that constituted the strongest On the face of it the might fire off any number of coarse jokes silver for art purposes; tenders for the part of the defence. about detectives in general and those of French Mint were heavier; while India was litigation was a struggle over the price to Shanghai in particular.
a consistently steady purchaser. Add to be paid for the shares held by the die- these the influence of speculations, and sentients. It was a contest between it' there is sufficient to ensure dear silver small minority and an apparently orer without entering the argument as to supply whelming majority.. Law and equity having and demand. A local financier who closely decided that minorities were entitled to watches the market for metals was some protection, it followed that the resolutions, weeks ago attaching much importance to which, intentionally or otherwise, deprived the high prices of copper and lead, perhaps the dissentients of their rights to have the assuming that, silver being frequently a by-price to be paid for their shares settled by product of such uniues, they would tend to arbitration, were irregular. The judgment increase the output. It may be correct, to upholds the rights of minorities. Of course some extent, but it seems clear at present the irregularities exposed can be set right that, while such inroads were made on the by calling another melting, of which existing stocks, and while the demand con- adequate notice is given, and carrying the tinues great, there has been no very appre- resolutions afresh. But there is just the ciable increase in the out-turn. Mexico is possibility that some of the shareholders of free coinage cannot be expected to the chief source of supply, and its stoppage who previously formed the majority and. were willing that their shares should be encourage greater production. In this transferred to the new company may now connection we may call attention to an come to the conclusion that it would be extract elsewhere reprinted from Dua's more profitable to sell out at the price Review, headed "Silver in Mexico and the to be fixed by arbitration. Yet this will not Philippines." While American people pre-be disconcerting to the promoters of the fer to carry paper money, and their Govern-dual enterprise if that can still be carried ment holds an enormous reserve of standard out. Provided the new Ponk Tramway silver dollars (about our hundred and seventy millions), and while the European demand (believed to be particularly strong in Germany) continues as it does, we out here need not count upon a falling dollar for some time to come. That means, incidentally, that except in the case of one or two especially favourably situated stocks, the local "bulls" need not hope for quick returns of a (to them) satisfactory sort.
Considering the unusual circumstances surrounding the entire case, the Court acted with marked moderation and ability; but it is to be hoped for the good reputation of Americans generally in China that the crude attempts of the Counsel engaged for the defence to upset the foundations of law and order will be put an end to in some way. They have long made the American Consular Court a laughing-stock by their burlesque
of law.
SILVER AND THE HONGKONG DOLLAR.
Bill receives the assent of the Governor in Council and the two undertakings are worked together, then from the promoters point of view all is well. A great dent, however, depends on the view taken by shareholders when they come to consider afresh the proposals put before them by the general managers. They may not be afraid of the competition of a prospective new tramway and decide to work their own undertaking as before, allowing the new company to tap fresh districts, or they may consider that after all, safety and dividends are to be found in amalgamation. ~- What... ever is done there must be a combination of interests-the interests of the public and the interests of the shareholders; und whe ther it be competition or amalgamation we feel sure the need for improvement in the present service will not be overlooked and that very soon residents will be able to welcome changes arranged for their benefit.
(Daily Press, 31st March ) Ever; body understands that prices depend upon supply and demand; but when the commodity under consideration happens to be silver, it is soon discovered that ther? must be other factors to account for the abnormally increased value, which now promises to remain steady for some time to come. As we mentioned in our review of the year, the price of silver in 1905 was higher than it had been throughout almost the whole of the decade then closing "When falls the Coliseum, Rome shall fall"; and when silver, rises, so does the dollar. It has come home to everybody, big or little though his business interest may be, that the steadiness of the rate during the last three months has been against any hope of an early decline; and we are begin uing to realise that it is time to adjust our plsus and circumstances accordingly. To some it sound odd to speak of hoping for a drop in the dollar, and they, whose circumstances have been improved by their position between the dollar and sterling,
(Daily Press, 31st March.) will need to paraphrase the adage and While legal proceedings as a rule do not think "it is a good wind that blows no one possess much interest for others than those auy ill," before they can realise that one immediately concerned, it is admitted that what is described as the Peak Tramway man's ment may be another man's indiges- tion. The local investor, for instance, who litigation falls under a different category. looks to Hongkong only for his prosperity, It is of interest not only to the community and does not meddle with exchange fluctua-because of its effect on present and prospec- tions and their possibilities of turning a
tive enterprises which are beueficial to the
Discussing the threatened amente, which it speculative penny, has had the mortification public, but it affects the large section who appears to regard as not unlikely, the Tientsin of seeing the value of his holdings steadily are associated with public companies. That Times remarks: But the main responsibility decline, while all the time knowing that being so, the judgment delivered on Wed- for these outbreaks lies, we maintain, with the business has been good and his undertakings nésday by the Chief Justice claims an Government, which allows to be appointed- sound and in a highly favourable position. If importance commensurate with its length, important posts men who have no other aim or he has for any reason had to rearrange In considering the effect of that decision object in life than to get back, with intere
the money they have paid for their positions his investments, and to sell, the enhanced
we shall only do so from the public point and who, in working to this end, til lue of the dollar has been, and still is, / of view and shall not concern ourselves | people they are supposed to pa
may
THE PEAK TRAMWAY
LITIGATION.
him. If he follows the crowd, and with the coutentions of the parties or the they dare not agzinst I
៩ re-invests in sterling, he does not improve f many legal quibbles involved.
govoru,
curtail their liberties
squeeze them at the same time.