!
January 21, 1907.]
£33 58. which permits a startlingly narrow margin under present conditions of politics, when labour and machinery are both costing more gold to get. So well is this recognized that there is practically no new develop ment, and so there ought to be, according to the law of supply and demand, some appreciation of the commodity value of gol·1. No doubt there would be, in a very long while, but as we have recently pointed out, the world has been flooded with goll, and the real demand, of course, is for the things that gold pays for. There are artificia, factors as numerous as they are puzzling, but these, broadly, are the salient features for investors to reflect upon at present. Unprofitable as gold mining is on the average, there is always the temptation in hopes of a rich "strike," and the promoters know well how to tickle the gambling spirit that animates us all. In the long run, it is probable that investors will find that only the promoters have been profiting really, and fresh "booms," to unload their unfor- tunate speculations on to greener gamblers, may not always be so easily managed as they have been.
THE CHINA TRADE.
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CHINA OVERLAND TRADE REPORT.
dangers.
It was
loyally
33
not perceivel tha: the Tue remedy has often been suggested, and chief reason of the Chinese attaching them i in some directions has been adopted, namely, s∙lves in this manner to European Houses that foreigners should now reverse the old was the fact that in many directions th· process and, in place of being teachers of Chinese could do business in that way upan the Chinese should endeavour to become inch better terms than they could without their pupils, and by study of the Chinese the influence which they obtained by being language and by attaining to a better ! attached to foreign Hồng«. Chief aming knowledge of Chinese ways of business such advantages was their being freed from ' qualify themselves to again take the leading various squeezes and illegal levies in position which their superior knowledge at transit by trading under the epis of some one time gave them. Most people who are foreign firin. It thus suited themanthorities on the subject hold that it is in very well to stick
the this direction that the best hope lies for Houseg who employed them and ta
an improvement in present unsatisfactory refrain from any attempt to spoil a good state of affairs. Unfortunately, however, position by attemp'ing to get too much infà the remely is a slow one and, though we their own hands. Things, however, have, might hope that in the long run it would very tuuch altered in this respect. Foreign prove efficacious, we etanot but realise that trade has been placed upon a more
in the meantime those engaged in trading established basis, and the Chinamau is no and commercial enterprise in China, have longer dependent, as he was in earlier times, an uphill time before them. upon anything in the form of protection from foreign mrchants. It is thus only natural that he should consider the tim has come to avail himself of the lessons in a foreign trade which have been si obligingly f faught to him. The Compralore system has enabled him to learn all about foreign of business while, unfortunately, foreigners have learnt but very little about his. There is nothing to prevent his availing himself of all foreign facihties, and doing in, his own way and for his own benefit all that he formerly was accustomed to do only in conjunction with foreign houses. The signs of the times all point out that the Chinam in is fully aware of the position which he has hus been able to obtain, and that he will
ways
do his best to avail himself of it to the utmost.
(Dai y Press, January 19th.) Whether the political cry of China for the Chinese" will have any serious signi- ficance is a question which can only be answered in the course of time, but there can be no doubt that the tendency t matters has long been in the direction of the China trade at least being mainly for the Chinese. By degrees they have con- trived to become more and more independ- ¦ ent of foreign aid, and a large amount of Whether this state of things could hav... business which was formerly conducted by been avoided had the Compradore system Europeans has passed into Chinese hands. never existed, it is of course impossible nu This has been the burden of complaint say.
The likelihood is that under aus among mercantile men for many years past; | circunst inces a large quantity of trade and and it is too much to be feared that the drift | commercial enterprise would drift into the of things is more than ever in this direction. Į hands of those who necesary emne, into The causes of this state of matters are not contact with the bulk of the people in a way very difficult to trace. They have indeed which is impossible to outsiders. Adde11, been only too apparent to those who are concerned and who have watched the course of affairs without being able to find any remedy for it.
this there is the syst un of cambin «l'action
¦
嘴
¦
!
►
by means of guilds and other commercial combinations, which are powerful weap me Want of detailed informa- [ in Chinese hands in procuring the commi and tion upon local matters; the habit of of any given braueli of Imsiness. Treaty co-operation and combination among the stipulations against monopolies are of little Chinese; the difficulty--indeed almost im- avail ag dust the force which such con- possibility-of dispensing with middlemen; tions can exert ; and, even without the who come between the Chinese producers || compradore system there have always been and the foreign consumers and vice versa, elements in China which tend to place, are sufficient to account for 'trate gradually commercial power in the hands of the drifting from foreign into native hands. ¦ Chinese; and which sooner or later were Over and above these causes, and indeed bound to bring about the results, which are almost as a necessary result from them, now deprecated. The fart has to be ficad has been the compradore system 80 that a new era has comp about in all universally followed 111 China, How.commercial enterprise in China; and that, ever necessary it may have been, that the Chinese are alive 1 the change and such & system should be adopted are doing their utmost in all matters of it is impossible to ignore that it has proved | business" and also in engineering and in the long run productive of unsatisfactory |other enterpris s ta Man results. foreign merchants have been their own way and to have recourse to placed by it in the position of teachers of foreign aid and co-operation as littly as their own trade to very willing pupils who possible. The change, though diappointing were certain in the course of time to better to foreign traders in many respects, is not the instruction and to become very largely devoid of some compensating advantages. masters of the situation. This danger, While the immediate profits to Europan manifest as it must always have been, was merchants are necessarily curtailed, foreign not estimated at its true magnitude in the trade generally is likely to be increase by earlier days. The compradores and cou. its being in the hands of those who fidential business Chinese who co-operated acquainted with its requirements in all with the Europeans in the conduct of their direction and are able to assist in pushing business, were found to do their best for the it in the futerior in a way that is impossible interests of their Houses and of the mer to any who are not intimately connected chants who dealt with or co-operated with with trade as it exists among the Chinese themselves. This consideration is of
them.
So convenient a system of pushing on business naturally commended itself, and less attention was paid, than would other- wise have been the case, to its manifest
affairs
are
course no great consolation to those who and the trade which Was formerly theirs, slipping gradually from their control.
SUPREME COURT. *
Monday, January 14th.
IN ORIGINAL JURISDICTION.
BEFORE SIR FRANCIS P1000tt (CHIEF JUSTICE).
A DISPUTED INSURANCE CLAIM.
The case concluded in which the Sun Kwong L... firm, piece goods dealers, formerly carry. ing on bus ness at 354 Queen's Road Central, and now a Wing Lok Street, sought to recover from the Union Commercial Co. the sum of $3,555 5 5 due under an insurance Policy. Grist
MF. M. W. Slade, instructed by Mr. E. J. (of Messrs. Wilkinson and Grist) appeared for plaintiffs and Hon. Mr. H. E Pollock, K.C., instructed by Mr. H. Hursthouse (of Messes. Dennys and Bowley) represented the defendants.
His Lordship, in delivering judgment, stated that, having regard to the discrepancies in the different books, he could not hold that The the plaintiff's hat proved their case. defendant had raise the question of fraud, hat he did not think the discrepancies amounted to fraud, therefore he could not sustain that contention, Daling with the fact of the Insuraues Company withholding the books of the plaintiff's, his Lordship considered they had no right to do this, especially after a reputable firm of solicitors had made applica frou or them. In view of this proceding be thought the eas would be mat if he non-suited the plaintiffs with posts.
Tuesday, January 15th.
IN ORIGINAL JURISDICTION,
BEFORE SIR FRANCIN PIGGOTT (CHIED JUSTICE).
ANOTHER CLAIM FOR INSURANCE. Before His Honour the Chief Justice and a special jury, La Sin-wan, trading under the style of Cheong Lee pal Co., sought to recover from the North German Fire Insurance Co. the sum of $1,412 08 due under an insurance policy, as the res alt of a fire in the plaintiff'■ shop on September 9th, 1915.
Mr. R A. Harding, appeared for plaintiff, the Hon. Mr. H. E. Pollock, K.C., instructed by defendant being represented by Mr. M. W. Slade, instructed by Mr. Atkinson (of Messrs. Deacon, Loker aud Deacon).
The jurors empanelled were as under: Moses, F. C. Wilford (foreman), T. I. Rose, A. Mackenzie, G. C. Moxon, J. G. Scott, W. A. Dowley and M. 8. Sassoon.
be exempted on, the ground that considerable
Mr. W. H. Wickham was on led but 'naked to trouble was being experienced with the electries ight cables, and that unless they were attended"
*
t