196
JAPAN.
[FROM OUR CORRESPONDENT.]
JAPAN'S DISPUTES WITH CHINA.
Tokyo, March 6th.
THE HONGKONG WEEKLY PRESS AND
what the Government has monopolized in recent Feare,-ia fact its adventures into the com. mercial and industrial world seem to bi maca
pay ng much more for their tobacco than formerly and the railway service is constantly the subject of criticism. Seeing that the cstensible official Fassons in advocacy of the
monopoly are policy of
inoransa of revenue and improvement of the thing mono. The "inside" particulars regarding the seiz. polised, the public is jus'ified in its cɔm. ure of the "Tatan Maru" are doubtless as wellplaints. Little improvement is to be noʻied in known in Hongkong as they are here, but as far as we in Japan cao judge there is no doub that China is at fault in this particular instance and that her evasive diplomacy is delaying the settlement of the dispute. A semi-official state- ment is published in the Tokyo papers giving a most lucid account of the seizure of the "Tatsu Maru," and in the absence of any. thing like a full reply from China only one conclusion can be drawn. But the prio cipal interest in the case is that it adds one more "question" to the long list pending between the two countries, and no one can see the end of these disputes. China is well aware, however, that the engagements Japan bas entered into with England, France, and Rawia while greatly improving Japan's status handi- cap
her especially in her dealings with China. Were the positions of China and Japan reversed, China would at once appeal to the Powers for the settlement of the irritating disputes that have been on the board for months past and But as the Japan would have nothing to say. position is, Japan finds little sympathy the penalty of rising importance-tbough in the Fakuman railway question England has recog- nised Japan's contention and left her a free hand to deal with the contractors. Japsu is being attacked right and left for her doings in Manchuria. Those who have invested their money in the South Manchuria Railway, and are already regretting the fact, and those who have other interest in the country know that it is yet premature to arrive at any solid conclusions on the justice or effects of Japan's government and inflaence in the country. England at the beginning of the last century, when her empire was growing the world over, was not subject to the close scrutiny of every traveller who visited the new colonies and protectorates, but do nina. ting nations to-day are not so favourably situated. Every move is watched, and without being pro-Japanese the foreigner who lives in Japan, or takes an interest in Manchurian questions oan at once see that among the criticisms of Japan in Manchuria is a vast amount of worth. less matter Japan's acts will either justify her or condema her in due time. She is scarcely begin. ning and she knows she is closely watched. The foreign Minister recently said he thought it rather hard the Japanese administration should be strongly criticised boause of the acts of aucouth soldiers or low-class settlers whose behaviour could not be very easily controlled and probably, when the present anti-Japanese wave has passed on, the world will be of the same opinion too. We are waiting for a soer estimate of the Japanese than that which pre- vailed during the war or has been in v›gu › since.
THE MANOPOLY CRAZI.
They are certainly experimenting in the science of government in this country. During the present session of the Diet representations have been brought forward recommending two new monopolies, - connected with insurance and gold mining. The first is being seriously considered. Following the great Hakodate fire, the behaviour of the insurance companies was not satisfactory in all cases and liabilities were not settled with promptness There were rumours of fraud and other things, all of which tended to fix government attention upon the conduct of insurance companies in general, bean Lately the fire
have companies increasing their rates, the principal form. and the ing
that ring for
purpose, prospect of a private monopoly has led to the introduction of a representation in favour of s government monopoly. Bat the matter is not yet beyond the preliminary stags. The gold mine monopoly proposal is brought forward on the ground that it is necessary for the gold resources of the country to be developed to their utmost in order to counteract the great exodus of gold. It claimed that although the country is rich in gold deposits, the working is so an satisfactory and primitive that the country is a great loser. Meanwhile, the actual monopolies' of the Gorarument are giving anything but atisfaction to the public. "The people are now
exploitation of the cou try for revenue par. poses. The Government at present controls the tobicoo, salt, camphor, and railway industries and the sugar, iusurance, and gold mining industries are threatenel. The fact that when a large industry begins to be profitable it is overshadowed by the possibility of nationaliss. tion cannot benefit the country. It mast dia- courage enterprise and encourage a wesk reliance on the government instead of self-reliano `, besides strengthening the forces of official corruption, ons of the greatest evils in Japan.
THE COMMERCIAL OUTLOOK
A succession of commercial failure has ben reported in various parts of the country and it is natural that the depression should be ref soted a the trade of Yokohama and Kobe. The depression is undoubtelly real aming foreiga firms. We bear of ons o'd China firm closing its import department in Kobs and its export. department in Yokohams, while the cutting down of expas98 on all sides is universal. One or two important failures are likely to be recorded if the depression continues.
THE TOKYO RAILWAY SCANDAL
what
This heading is not intended to suggest that scandalous proceedings have been discovered in connection with the Tokyo tramway mani.
0^g >tiations. The scandal, for cipilisation scandal it is, and injurions to the interests of the people, lims ia
follows. Several months ago the municipality of Tokyo and tie tramway company drew up, and signed, a provisional agreement for the transfer of the tramways to the city. The Government's ss0ction to this agreement had to be obtained. Any man of commonsense would think that in the interest of all oncerns the Government
would promptly investigate and give its decision one way or the other, but nothing of the sərt has been made public. The result of this aa-
A wise reticence is that the shares are flit. call of 12.50 yen por new share is to be paid in before the end of this month and this means
rament to
nearly 6,00 1,000 yeu-10 small amount to raise in these hard times, But this and the Govern. ment's silence have rained the market of those shares and what is more the Government attitude is prejudicial to all business interests. The municipalisation question has now been raised in the Dist, whers it has no business to bs, for the matter is one between the Municipality and the tramway company, the finally decide whether the provisional agreement sbould be approved or not. There is of oɔurse a strong party among the public against mualoi. palisation, but the scheme has basin agreed to by the elected representatives of the oilians and is strongly supported by the Mayor, who is a firm believer in the advantages to be derivel by the city in the ownership of the trams. ohirges hare ben made of co rupt praatiose, without which, seemingly, no contract can be closed in Japan, but in the midst of the long drawn out agustion, the government authorities have neglected their da y. To have decided one way or the other before osrtain messures bad passed the Diet would have plac d strong parties in opposition and bence decision is de- ferral until it can be mide without danger of placing government bills in jespardy.
The usual
It is impossible to say whether the provisional agreement will be approval or, if rajoted, a further compromise agreed to by the tramway company. The latter will be ill-advised if it entertains any proposal for ardustion of the price agreed upon If it does it will simply be the sacrifics of the genuine investors' int rest in favour of large holders who are in a corner owing to the continued depression of the stookmarket
H.E. the Governor has been pleased to appoint Mr. H. A. W. Sleds to be a member of the Sanitary Board, Medical Bard and Governing Body of Queen's College, daring the absence on leare of the Hoa. Mr. E. A.
Hewett, or until further notios,
[March 21, 1908.
COMMERCIAL.
COAL.
Messrs. Rughes and Hough, in their Coal March, stato Report dated Hongkong, 20th
that 12 steamers are expected at Hongkong with Since 4th a total of 46,100 tons of coal. inst. 10 steamers have arrived with a total of 37,330 tons of coal. Market quiet, Quotations:~~-~-
Cardiff.
$- to $ ex-ship, nominal Australian .......18.06 ex-ship, sellers. Yabari Lump...$12.00 nominal. Miki Lump...$10.50 to $11.00 ex nominal. Moji Lump......$6.50 to $9.00 er-ship, steady. Moji Unscreened$6.00 to $8.00 ex-ship, steady. Akaike Lump...$8.75 to $9.00 steady. Labuan Lump $9.25 ex-ship sellera.
RAW COTTON
quiet,
HONGKONG,
20th March.-Market nothing doing. Stock about $3,000 bales.
Bombay.
.$20.00 to $21.00 per pcl Bengal (New), Rangoon
and Dacca
21.00 to 25.00 " Shanghai and Japanese 27.00 to 27.50 Tungchow and Ningpo 27.00 to 27.50 Reported sales, 100 bales.
YARN,
13
事物
oom-
Mr. P. Eduljee, in his Report dated Hong- kong 20th March, 1908, states:-There is rather less doing in this market and the past fortnight has been comparatively quiet. Dealers have still a large quantity of yarn on hand, with which, together with the goods now arriving, they are meeting what little country demand that exists. Hest spinnings can still be placed at quotations, but medium and common threads are weak and holders will concede in price to effect sales. Deliveries show a trifling improvement on last fortnight's figures, but as receipts are paratively large, our estimate of stock shows a shight increase. Bombay is reported quiet with little business doing. At the close business is at a complete standstill, and contrary to expectations the feeling amongst importers is not strong, and weakness is observable in many quarters. Sales of the interval aggregate 3,707 bales, arrivals amount to 7,714 bales, unsold stock estimated at 28,000, and sold but uncleared stook in second hands at 20,000 bales. Local Manufacture :-- No business is reported. Japanese Yarn:-In sympathy with the home markets a concession of $2
per bale has induced the undernoted business, say 25 bales No. 163 at $118, and 300 bales No. 203 at $120 to $133. Raw Cotton :-Indian descrip- tions remain very weak, the market being flooded hy heavy shipments which are all going into godowns. The sale of a small parcel of 45 bales superfius New Bengals at $24 is the only business of the interval. In China kiuds 70 bales Thoong- chaw have changed hands at $24), Stocks 3,375 bales Indian, and 470 bales China (small). Quotations are $20 to $24 Indian and $21 to $241 China. Exchange on India, after some fluctus- tions, closes unsteady to-day at Rs. 141 for TT and Rs. 142 for Post. On Shanghai 741 and on The undernoted busines in imported Japan 92. and local spinnings is reported from Shanghai -Indian :—Market dull during the grester part during the fortnight ended the 14th instant, vis: of the fortnight, but active at the close, Total sales about 4,000 bales at steady to Brm rates, Estimated stock about 65,000 bales. Japanese :- Prices are lower in sympathy with the Osaka market. Total sales about 2,000 bales on the hasis of Tla. 85] to 92] for No. 1ös, and Tls. 95 to 103 for No. 204, Market closing weak, Local -Thero has been a sudden revival in the demand for these threads after their depression for many months past, and sales of over 7,000 bales are reported on the basis of late quotations.
PIECE GOODS.
Mesars. Noel, Murray & Co.'s Piece Goods Report, dated Shanghai, March 12th, 1909, statos : -The week under review has on the whole been s very quiet one, the dealers anxiously waiting for advice from the consuming districts. It was valy late last night that anything definits was received from Tientsis, so that it has not been
possible to glean much information, but from what we have gathered the market there is about on a parity with this, with the feeling there it would have been better had not some holders had pressure brought to bear on them and forced to cell. However, it is unid fresh orders have now some down, and holdera hero who were getting somewhat discouraged, and were inclined in some instances to cut rates, have now taken fresh heart