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THE HONGKONG WEEKLY PRESS AND
[January 6, 1908.
of such attempts. Our French friends, who generally seize the humourous side of a question, have pretty well guaged the value of the discussion which has taken place. The Revue des deux Mondes says
"While benevolent men were endeavouring, at the Hague, to render war more rare or to miti- gite its rigour, cannon was thun lering at Casablanca. The public generally was interested i reality only in
two ques- tions, the limitation of armiments and obligatory arbitration. The English Go- vernment considered it essential that the first should be discussed; and so it was ; and the Conference even passed a motion uuaminously "that it is very desirable to see the different Governments recur serious-
and Shanghai Banking Company's business. | Certainly there has been, and is, far less | could more clearly show the uselessness Not one of our renders needs to be told how disposition to invest in that cliss of pro- much, how very, very much, our prosperity!perty, and it cannot wholly be attributed to is affected by the problem of exchange; and tightness of money. The Company has a the outstanding feature of the ended year: 1st of property untenanted, and as they has been the steady Homeward flow of built too fast, and on too large a scale, capital. Remittances continued to be sent, i anticipating a demand that has not arisen, and even now, although the approach of the there is no wonder that whereas they begin new year has witnessed such a decided drop | 1907 at 8107 buyers," they should close in the sterling value of the dollar, the at $95 sellors." "Cements," which do stream, is still rurning. No one knows not depend on local consumption, are the what the fluctuations of the immediate brightest feature of the share market, and future may be. Some expect a drop to have a bright future. The demand for their | 18. 8d.; others anticipate a recovery in a product has all along been greater than the couple of months; but of one thing the supply, and exchange is all in their favour. well-informed and observant feel confident, With that exception, it will be seen that that for local stocks in 1908 it is permissible the Rialto view of the season's prospect is to quote or misquote MILTON,-"beyond anything but encouraging, at this time when the lower depths a lower deep." We begin we would esp cially welcome encouragement.
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AN EXALTED DEBATING
SOCIETY
with the same want of confidence. Even if exchange should improve, no one expects to recoup the deficiencies already suffered, but beyond that there is this factor against an immediate revival of local values, or the
(Daily Press, January 3rd.) attraction of Home investors, Not long
The announcement which appeare-l in the ago the five per cent investments we could home papers, shortly after the breaking up so easily offer them were sufficient bait, but of the Hague Cenference forms a good now they can do as well as that at Home, practical lesson as to the uselessness of such with equal security, and without risking au institution, at least as at present exchange losses. No possible improvement constituted as a means of preserving peace, of one or two per cent in the rate will The notice in question was to the effect that persuade them to ignore that risk, so that
the British admiralty had “invited tenders is why we cannot call the outlook hopeful. for the coestruction of a third battleship | If, as many intelligent observers believe, include 1 in the current estimates, but which the great Americau combinations are up in was postponed pealing the me ting of the arms against the anti-Trust policy of Pre- Hagu (mfere ice." Barring having male sident ROOSEVELT, there is no telling what the postponement, which in itself was rather further financial developments 1908 may
an unusual course for an independent nation have to show, for their weapons and their to adopt, the Government may be congra- power are, of course, prodigious. In view tulated on having got pretty comfortably of what has been already said of the general out of .. somewhat ridien'ons
onus p sitio, aspect, we do not propose to go seriatim Though the good old ciris Puminus sum through the various classes of stocks. It¦and generally bellicose attitude of the will be sufficicut to close this introduction : PALME STON days has fortunit dy become to the trade review clsewhere with considerably modified in more recent times | allusion or two to salient features.
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ly to the study of this question,” the writer adding: "The conference would surely have obtained a very bad character, if it had not votel that much.' It is to he hoped that Sir HENRY CAMPBELL Bannerman is satisfel with the vote the British repres- entativo secured. We could hardly have expectel more, and certainly could not have obtained less.
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If this is all that can be done by the Hague Genference up in 8 important a matter as National Armament, when
the introdurol by
representative of
it may
exalted Debating Society, where abstract principles, generally of a pretty obvious character, may be affirmed, but where there is not any power to caforce or even tọ induce their à loption. So far as practical results are concernel, the recent discussions on armaments and arbitration would have been quite as effective, and much more amusing, if they had been at the Oxford or ('ambridge Union or at the "Hardwi :ke."
a nation like Great Britain, be safely concluded that this subject at least is byond the power of any body of the kind to deal with practically.
The obligatory arbitration question was scarcely more successful, Germany being (and not without gool re gin) oppose to any understanding on the subject which might interfere with her independence of action at a given time. Such a question would cert inly seem to be one for treaties botw son indivi lual nations rather than the general views of a Conference and may by safely left to be dealt with in that manner. It In j and a desire to keep on friendly forms with may be disappointing, but the fact can shipping, for instance, “ Judo-Chinas" are neighbouring nations his he une inre hardly by gamisud that thi mo ucat the in no better case than they were last New pronouneed," it does seem to be going alague Conference is put to a practical test, Year, before they divided their shares into little for for a nation like Great Britain to its defectiveness beco nes only to appareat. deferred and preferred on a sterling basis. allow the question whether it would | This also pointed out that the mole of voting The preferred stock attracts only Home construct an allt onal | iron-lal, to be is absurd, the smallest state represented buyers, we are told, and the other is dependent upon the views of other nations, having de saun voting power as the largest. practically drugging the market. Specula- gathered, if possible from what after all This defect must of necessity be remedied, tion is at a standstill, and likely to continus must be held to be an irresponsible confer-if the Conference is to be more than an so in the year just opening. In " Sugars ence with them as to what armaments each we can begin more hopefully. Japanes of them should keep up. Srions as the competition last year was serious, but subject is, it is impossible to overlook the We start 1908 with the advantage of lunrurous side of such absolutely Quixotic favourable exchange, and
To the nations who see na improvement procedure, may be expected. Iu Mines," also, there probability of a conflict with another Power, is less reason for pessimism. The Raub it must be a matter of supreme indifference output was good enough to warrant interest whether such Power chooses to spend a few in the stock and improve its valus; and the millions Biore or less upon its Navy or Chinese Engineering Company's stock simi-, anything else while the idea that any larly appreciated, and is still doing well; nation which a possibility, however but while trade generally continues so slack, distint, of hostilities arising would re luce it is no good to encourage the
bulls." 'a armaments because other nationa who Docks," as all know, bave not done bad might be opposed to it consented to do the business during the year, and in their case like is, when s riously considered, so man'- perhaps we should not regard the share festly absurd Bat the wonder is that such market as a true index of industrial pro-
notion ex for a moment have been gress, for the increasing opposition and 'seriusly entertained. It must require an foreshadowed further competition forbids am unt of behef in intern dtional goil faith speculative confidence. "Land Investments", such as practical dipl mitists are IL on the other hand, offer a pulse of the likely to entertain, to imagine that any | light up the subject, and offer a hope that general conditions. Property values have such compact woull be of the slightest a reasonable solution of the difficulty may depreciated, an awkward sympton, and force, if any serious danger of collision | be found. the causes are various. There is the larse. As long as there is a possibility of had been assured, one day, when a shipload absence of interest due to shortage of sur. its being attacked, it is the duty of every plus capital; and "Hongkong Lands" nation to be ready to defend itself to the have suffered on account of lowered rentals best of its abili y, and the question as to from Chinese houses. It is doubtless a con-
what forces it shall maintain for this o'jet, tentious matter to raise, but the feeling is is one which it must assure lly settle for strong that this has been due to unneces itself and not make a subject of bargaining sarily harsh sanitary measures, not to say
with other nations. Possibly we may con- fads, and the Chinese iulatopon, p finding gratulit ourselves that the question was these irksome, is declared to have dwindled. I discussed at the Conference, as nothing
4.
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SAY
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ASIATIC LABOUR
(Daily Press, January 4th. Some remarks which were made by Mr. RUDYARD KIPLING, at a banquet given to him at the Canad an Club at Ottawa, upon the vexed question of the employment of Agistics in our Colouies, throw an important
He stated in his address that he
of Hindus came in, that they would add to the a realy large mass of the unemployed in the streets of the City; but he found a litle later, from the Indians themselves that they had only be a few hours in port when the m jority had a'ready been engaged to work on unskilled labour that white men could not handle. He added that there was no need for white men to handle that labour