Page
April 18, 1908.]
JAPAN.
(FROM OUR CORRESPONDENT.)
Tokyo, March 31st.
pre-
TRADE PROSPECTS ). A large portion of the vernacular press is considering what it describes as the adverse balance in Japan's foreign trade, namely, the great preponderance of import, which ponderano is showing continued increase over the value of export. It is estimated that at the present rate this year's trade will show an excess in the value of imports of over a hundred-million yer, and the financial condition of the country considered, this prospect is regarded with very pessimistic eyes. But a highly-protectionist country like Japan must expect these reverses, for she invites them by her attitude towards the world's trade. Japan u ight be the England of the East in other ways than in a geographical sense, but in commerce she will never reach such a standard with her present tariff policy.
COMMERCIAL VICISSITUDES.
The
Some of the press, foreign as well as Japanese, are giving too much importauce to the failure or temporary suspension of binks in different parts of the country. No bank of the first class has yet closed it doors, and a good pro- portion of the failure can be attributed to speculation or other bad management which should be guarded against by all bankers. suspensions are largely due
to resulting from any sort of rumour. Some buks have met these runs with ready cash, but because a bank is forced to suspend on a ruu it does not prove it to be in a bad position. None (except depositors, presumably) expects a bank to keep money idle, and the most prosperous may find itself awkwardly situated shoull its depositors suddenly demand a large sum. There is no doubt that, commercially, the situation is bad. Many native firms have failed aud the foreign firm is lucky which is doing a good business at the present time. But despite a national policy which must tend to aggravate the position, it is impossible for such a condition of things to last. What is Japan's complaint at prescut is the complaint of America, Germany, and other countries-where the seizure has been more severe-and the slightest improvement abroad will stimulate the vitality of the Japanese,
THE CABINET CHANGES,
CHINA OVERLAND TRADE REPORT.
horns of a-dilemma. Here is the substance of. regulations issued by the Horse Administration.. Bureau-Uniformed attend ints to be employed on racecourses, admission to grand stand not less than 5 yen, to paddock stand 3 yen; students and minots pot to be admitted; spectators to be quiet and respectibly dres id officials to suspend recs when (1) race company deemed guilty of unfair conduct, (2 races considere dangerous, (3) when disorderly scenes are apprehended or public d-cancy considered in danger of violation; uo female. admitted to pari-matael offic.. the batting quarter to be constructed so as not to be seen from outside.aat separated from the grand stand as far as possible; pari mutuel tickets to be 10 yen, and
newspapers not to be utilised in a manner to iustigate the gambling spirit of the public Read. ing these regulations makes one feel that a race course is not by any mans a respectable place of resort, but from the point of view of th various companies the following rules regarding distribution of profits are not by any means encouraging:-Of net profits 10 pr cent. to reserve; 80 per coul, to be used (1) as subsidy aud for prizes for horss exbibitions (2; as encouragement to breeders of winners, (3) for promoting horsemanship and prposes calculated to improve the breed. The remaining 10 percent is to be given to charity. The only profits the companies are supposed to keep for Themselves they may not use, ie. the 10 per cut. to reserves, No one can expect those regulations to go uuchallenged, and it will be interesting to watch resul a. The share of some of these compauie: were recently scoring high but the new regulations will send them as low as Tokyo railways! It is interesting to note that these regulations do not apply to the Nippon Race Club, Yokohama, a foreign justilation which was not established for profit but for sport. Admissiou to the grand stand here is ten yen and paddock stand five yep,
THE LATE BARON JWASAKI.
[
The Japanese press have not been stiuting in their praise of the late Baro Jwasaki, beal of the Mits Bishi, builder-up of the Jwasaki family, aud one of the great pioneers of mod ru Japanese commerce. It is characteristic of the dominating faculty in the successful man of commerce that his only public appointment, the term he spent several years ago as governor of the Bink of Japan, shou'd have been cut short by a dispute with officialdom. This was a disagreement with the Minister of Finance, who was then no other than Mr. Matsuda the present holder of the portfolio.
While the reconstruction of the Cabinet and the significance of the changes may not possesS much interest for the public abroad, the minis- terial changes in Japan, recently reported in your telegraphic service, are of much more than INTERESTING MOUNTAIN TRIP POSTPONED. ordinary interest, for an entirely new departure Some enterprising newspaper men of Nagano has been made which is worth explanation. The prefecture, Central Japan, recently arranged most noteworthy thing about the app:intments for a trip of exploration to the summit of is that two members of the House of Peers have Yaregatake, in the wild region known as the entered the Cabinet and that hitherto the House Japanese alps that lies between Fuji and the of Peers has held aloof from political power, con-
coast, Recently the mountain has ben very tenting itself largely with checking the measures active, its summit having been blown off by of the lower house and preserving its noble volcanic action, and the trip was designed to privileges and prejudices. The new Minister find out the extent of the damage. Te for Communications, Viscount Hotts, is the mountain, about ten thousand feet, being fully leader in the House of Peers of the Kanku-kai, exposed to the north, is considered much more which is the party of viscounts, about eightly difficult of ascent that Fuji, not only on strong, and occupies a position of predominance account of its more rugged formation but by similar to that of the Seiyu-kai in the lower cause of the colder temperature. Tas trip was house, while Baron Senge the new Minister of fixed at the carliest posible date, to-morrow Justice, is the leader of the Mokuys kai, or April 1st, 1ut it has now been", deferred till barous party, about sixty strong. By taking August on account of the unusually heavy snoW these two influential leaders into the Cabinet,making the ascent impracticable. There is a the government has greatly strengthened its splendid holiday, district here for Chitamen position, both in view of the forthcoming ele: who like roughing it as a variation to the tions and in its relations with the upper house, miseries of the civilised life. The very atmo which has always been a stern and independent sphere must give new life to the jaded old critic of government measures reserved and treaty port hand. dignified and in great contrast to the House of Representatives. Wise as this departure is, however, it may have very little effect, in the general elections to take place in May, for unless we read the signs of the times wrongly these elections will show that the Japanese voter has at last wakened up to the importance of his vote.
MY. STEVENS' ASS:SSINATION,
COMMERCIAL.
OPIUM.
Quotations are:- Malwa New Malwa Old Malwa Oldaf Persian Fine Quality ..$800 Malwa Very Old Persian Extra Fine ...$380
Patria Nev Patna Old Benares Now Benares Old
Mr.
259
HONGKONG, April 15th.
.$960 to
per picul.
.$980 to
do.
.$1.20 to
do.
..$1060 to
do,
do.
to
de.
..$1052) to
per chest.
to
do.
.$1012) to
do.
to
do.
YARN
-$
568 8 8 8
P. Eduljee, in lis Report dated Hongkong, 15th April, states:-Although the usual annual Chin Ming" Festival is in full swing, there has been a considerable inquiry on the part of local dealers who would appear to anticipate a brisk Spring deman on the return of country-buyers to market after the turn of the month. Almost all counts have been dealt in, Nos. 103 and 20 attracting by far the largest amount of attention, and forming more than three fourths of the total settlements. Receipts during the interval are moderat and have been over- taken by the off-takes, stocks showing a substan- tial decrrase en last estimate. Prices, although showing here and there some slight fluctuations, are generally steady, and the market closes firm with improved prospects. Rombay is ported quiet but strong. Sales of the interval aggregate 8,862 bales, arrivals amount to 6,918 bales, unsold stock estimated at 244,000 and sold, but uncleared, yarn in second hands at 17,000 bales. Local Manu- facture- No business is reported in these threads. Japanese Yarn:-Nothing doing. Baw Cottor: -Another blank fortnight has been experienced both in In lian and Chinese descrip- tions. Holders, especially of the former, are market, but without an outlet for their purchases anxious sellers and would willingly meet the
dealers will not offer at any price. Estimated unsold stock 4,000 bales Indian and 500 Quotations are $20 to $24 Indian, and $22 to $21 Chinese. Exchange on India has been fluctuating for some timo past between Rs.140 and 142, and closes to-day at Rs. 140) for T/T and Rs. 1401 for Post. On Shanghai 741 and on Japan 91. The under- noted business in imported and local spinnings is reported from Shanghai during the week ended the 4th instant, viz. Fadian There has been total sales aggregating 5,000 bales, and market a good general enquiry at steady to firm prices, closing firm. Estimated unsold and uncleared stuck 60,000 bales changed; sales about 1,000 bales on the basis of Japanese:-Market un- T3, 814 for Nos. 16s and Tls. 94 to 991 for No. 20s. Local:-Sales are reported of 500 balos No. 14 at Tls. 80}.
Whatever injustice Korea labours under and whatever difficulties Japan iş trying to over. come in the peninsula, the whole situation vis. a vis the two nations will be more critically studied by America and Europe in con quence of the death of Mr. Stevens at the haids of Koreans. Assassination is the most effective way to attract an iudifferent public to politic wrongs, real or imaginary, and at the same time it puls The government has issued some racecourse a stop to the flow of journalistic rubbish that regulations which would force a smile from a has been written about Japan and Korea since sphynx. For some months past, what with the
It is nuderstood that both the Japan contradictions of its attitude towards lotterieses aud Korean Governments will give ample in Formosa and Japan and towards gambling compusation to Mr. Staveus' family as a mirk on and offja racecourse, it has been on the of condolence and esteem.
RACECOURSE BETTING AND A PATERNAL GOVERN LENT.
the wa".
bales Chinese.
PIECE GOODS.
From Messrs. Пbert & Co.'s weekly Report, dated Shanghai, Sth April, 1908:-Our market is still dull and stagnant; the wet weather in the Yangtze valley has interfered with the delivery of cargo, and from all sides the same reports of absence of demand arrive day after day; under these circumstances importers are obliged to wait
patiently for signs of returning activity, as it is cially as no replacements can be obtained at the useless to press sales on unwilling buyers, espe-
rates at which many sales have been made before demand fell off. If it were not for the auctions perhaps & recovery would take place sooner, but when Chinese are forced to buy goods for which there is no inquiry prices fall rapidly, and the
market becomes more demoralized than would be the case if public sellers were prepared to feed demand instead of forcing it. So considerable a proportion of certain branches of trade is done by public sale week after week without resorve, that auction prices materially affect the market generally, and add to the depression which-recurs kinds of goods are disposed of, especially dyed from time to time. The rates at which certain goods, must represent very heavy losses to the interested; the whole trade would benefit by a change of policy by which auction sellers would regulate supplies were in accordance with demand. Advices from America to March 1 report pur chases of 31 yard drills and 4 yard sheetings for