228
JAPAN AND CHINA.
THAT FAKUMEN RAILWAY.
The Newchwang General Chamber of Com merce desires us to publish the representations it has made, and the resolution it adopted, as follows:
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1-The line of the proposed Hsinmintun- Fakumen Railway at its nearest point of gonvergence, namely at Fakaman itself, Bourishing township of some 10,000 inhabitants, is 35 miles distant from the existing system of the South Manchurian Railway, and separated therefrom by the River Liao, an important water-way, itself constituting a natural traffic boundary between the existing and proposed Railway systems.
2-The trade of Fakumen and its hinterland, has always found its natural outlet to, and through, the larger town of Heinmintun, a trade centre of growing importance, aud thence by way of the Kaopantsze Hsiumintun line of the Imperial Railways of North China, to the sea board at Newchwang and Chinwangtao. It has never gone Eastward towards the townships and districts operated by the South Manchurian Railway, and therefore there are no grounds for Japan's contention that the proposed line which will cater only for the trade of these regions, must be competitive with, and detrimental to the interests of the Japanese line.
3-The proposed line has for its primary and sole objective the development of that vast region of fertile country, holding, countless commercial potentialities, stretching West and North-West of the river Liao, the reclamation and colonisation of which has now for several years, and already with marked
on
been fostered success every way by the paternal Government, and in this most beneficial scheme of development, the proposed railway is an absoluteley essential and vital factor, as these regions being poor in natural facilities such as navigable water-ways, by no other means, excepting only the cou- struction of branch lines westward from the South Manchuria Railway system, can this development be assisted and promoted. Such branch lines, if constructed, could not be as efficient and economical agents of this develop. ment as the direct line proposed, and would necessarily do incalculable injury to the pro spects and trade of the port of Newchwang, which is the natural outlet and distributing base for the country in question, by divesting from it to Dalny its legitimate trade.
5-Assuming that Japan, as is alleged, ob. tained from China in a subsidiary treaty the the undertaking—
"Not to construct, prior to the recovery by them (China) of the said (South Manchuria) railway any line in the neighbourhood of and parallel to that railway, or any branch line which might be detrimental to the interests of the South Manchuris Railway, &o."
The Committee of this Chamber submits: (a) That the country. To be operated by the proposed line cannot be considered to be "ia the neighbourhood" of the South Manchuria Railway. (b)-That, as already demonstrated, it neither will nor can be competitive with, or in any way detrimental to the interests of the South Manchuria Railway. (c)-That in no country in the world, of similar population and topography, could, or would, the vested trade interests or sphere of an existing rail- way system be held to include so extensive area, as to preclude the construction of other lines, even though competitive if in the commercial sense that were possible), outside of a 35 mile limit. (d)-That Japau having in article 4 of the Portsmouth Treaty pledged herself
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"Not to obstruct any general measures, com- mon to all countries, which China may take for the development of commerce and industry in Manchuria etc."
her notion on exacting or receiving from China an undertaking such as is alleged, which is diametrically opposed on principle and practice to the pledge she had herself given to the World Powers, must be considered to have been "ultra vires," and therefore the said under- taking by China to be null and void, and of no effects.
THE HONGKONG WEEKLY PRESS AND
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On all these grounds in the opinion of the Committee of this Chamber the attitude of Japan in relation to the proposed railway is as indefensible as it is directly opposed to the principle of Equal opportunity to all" and even a menace to the integrity of China," and therefore the following Resolution has been unanimously adopted by the said Committee:
*
now
[April 4, 1908
- 5-If however we assume further the validity discount that the purchasing powers of the of the said undertaking by China, it still-labouring class had been greatly curtailed. remains to be urged that such undertaking Whether or no an arbitarily fixed rate, such as manifestly could
has been arranged, can be legitimately not have application or
maintained romains to be seen, in face of the reference to this territory westerly from the
inexorable laws of supply and demand. It is river Liao which, at the time of the recent Russo-Japan War, was by China specifically much to be feared that tampering with the proclaimed, and by the late bell gerent Powers currency in such a way will only lead to further the Authorities in Moukden to establish officially recognised to be zentral territory complications, as will the reported intention of outside the area' of hostilities, and therefore
the dollar as the standard coin, thus introducing the political sphere of another element of Exchange to confuse the trade. outside also of treaty, negotiation
of that Province in its dealings with other parts or engagement, wherein
Exchange on this remains at China's Sovereign rights remained unques of the country.
about 20 per cent, discount. Tientsin has been tioned and unimpaired, obviously her intention in such undertaking could only have had buying some Yarns during the interval but so area which far as we can learn not much in the way of Piece reference to action within the furnished the cause of the late war, and became goods, and the same may be said of Chefoo. The River Ports are taking fair quantities of goods, the territory which formed the subject of treaty,
but the Szechuen orders are apparently being and therefore such undertaking cannot consti-
with-held in the hope of obtaining more favour- tute any bar or obstacle to the construction of
ablo terms. The Lancashire Cotton trade is in a the proposed Hsin mintun Fakumen Railway.
very depressed state, manufacturers finding it difficult to obtain orders at remunerative prices, and for some weeks past the buying for China appears to have been its chief mainstay. It seems questionable now whether those purchases have been altogether judicious, considering the course the market has taken. Cotton is very weak, owing, it is supposed, to the prospective curtail- ment in the consumption in the United States, and the greater quantity available for export in consequence. Liverpool quotations camo yester- day 5.71d spot for Mid-American and 520d for futures. To-day the spot price comes three points down, namely 5.68d. and Egyptian 8d. It is worthy of note, however, that in private telegramis received to-day the opinion is ventured that prices have touched bottom and a reaction may be expected. Prices in New York are coming down, the latest quotation for Pepperell Drills being 11s. 9d., but even that price is not ordered for this market. Cotton was quoted tempting enough in view of the quantity already yesterday 9.52 cents for July and October option, but to-day it comes 9.65 cents for the former, According to the "Summary of Commerce and Finance of the United States " the total exports to China, for the year 1907, of Cotton Picée Goods valued st amounted to 38,413,850 yards $2,678,528 against 271,112,275 yards and $16,701,823 in 1906 and 562,732,721 yards and $33,514,818 in 1905. The total exports of Cotton goods to all Foreign Countrics in 1907 was 58 per cent less than 1906 and 73 per cent less than 1905. There has been a healthy demand for Yarns which holders bave met without much effort to maintain prices. All kinds, including Local spinnings, havo participated in the enquiry and clearances have been excellent..
RESOLUTION :- The Newchwang General Chamber of Commerce being convinced that the extension of the Imperial Railways of North China from Hsin-Min-Tun to Fakumen and beyond is vitally important to the development and prosperity of Manchurian Trade, strongly protests against the step now being taken by the Government of Japan to enforce the abandonment of this extension, Japan having specifically undertaken in the Treaty of Ports mouth-"Not to obstruct any general measures common to all countries which China may take for the development of commerce and industry in Manchuria.”
Newchwang, 16th March, 1908.
COMMERCIAL.
Quotations are:— Malwa New
OPIUM
HONGKONG, April 2nd.
to
292
.$900 to
$980 $1020 to $1000 to
Malwa Old Malwa Older Malwa Very Old Persian Fine Quality..$800 Persian Extra Fine
Patna New Patna Old Benares New Benaros Old
-
per picul.
do.
do.
do.
do.
do.
per chest.
to .$380 to $1052) to to $1017) to to
wwwwww
do. do. do.
-$
PIECE GOODS.
C
D
YARN.
Sales during the
Mr. P. Eduljee, in his Report dated Hong- kong 3rd April, 1908, states-As premised, dealers have succeeded in forcing down, the market, and present quotations are $1 per hale lower than last Messrs. Noel, Murray & Co. of Shanghai, in advised. Buyers are still holding off in the hope of further forcing down prices, but considering the their Piece Goods Report, for 26th March, state:- The market here has relapsed into a deadly dull condition of the Bombay market as well as Shanghai, state again, with a weaker Exchange and the holders latterly have assumed a bold front, and, as home quotations for Cotton steadily dropping clearances are very satisfactory we expect to see
present position maintained. away. The moderate promise there was that holders might be able to cut some of the losses interval, consequently, have been trifling, and which have been looming up before them for confined chiefly to desirable spinnings of No. 203 months past now has all but disappeared, and which form the bulk of the settlements No. 10s there is no inducement to go in for hedging taking second place as to quantity. Receipts are operations in the present uncertain state of the comparatively hravy, and have exceeded deliveries,
Native operators have become stocks showing a small increase on last estimate. ·
Sales of the home markets. very reticent and are contenting themselves The market closes quiet, but firm. with looking on, afraid to make offers lest they interval aggregate 1521 bales; arrivals amount to should be treated in the same way buyers in 9.596; unsold stock estimated at 31,000, and The uncleared yarn in second hands at about 12,000 home markets have found out to their cost.
Local Manufacture: Continues quiet. whole trade is in altogether a too unstable bales. position to encourage business either from stock Japanese Yarn:-Siles of 25 bales No. 3s at $175 or for forward delivery, and it is likely to be a and of 16 bales No. 40s at $208 are reported. Baw caso of buyers sitting on the fence, waiting for Cotton:--Both Indian and China descriptions are something to turn up to show which way the dull and quiet, and notwithstanding there are cat is going to 'jump. Two steamers have auxious sellers at a small concession no business can cleared for Nowchwang direct and have taken be induced. Estimated unsold stock 3,800 Indian, and 475 bales China. Quotations are $20 to 234 between 4,000 and 5,000 packages of Piece Goods
Indian and $21, to 24 China, Exchange on India and Yarn, but it is rumoured this morning that
has fluctuated slightly and closes steady today at Rs. telegrams had come in asking shippers here to hold back some of the cargo they intended 141 for T/T and Rs. 142 for Post. On Shanghai
hether these messages sending up.
74) and on Japan 913. The undernoted business in received in time to curtail shipments appears imported and local spinnings is reported from doubtful. Of the total gone forward some 2,500 Shanghai during the two weeks ended the 28th bales are said to consist of American domestics, ultimo, viz:-Indian:-Market active with a good the balance being Manchester goods and a demand and a slight advance in values.
Yaru. The Native sales about 8,500 bales with an estimated stock of moderate quantity of
about 75,000 bales Japanese:-Are dull and weak Authorities are endeavouring to institute some
in sympathy with the home markets. Total sales reforms in the monotary system in Manchuria in order to rehabilitate the copper coinage in about 500 bales on the basis of late quotations. circulation, which had dropped to such a heavy Local:-Nothing doing from first hands,
were
Total