48
JAPAN.
[FROM OUR CORRESPONDENT].
THE CABINET.
Tokyo. July 4th. At the moment of dispatching this letter the news is circulated that the Cabinet has tendered its resignation to the Emperor. In an "Extra" issued yesterday the Jiji stated that for some time past Marquis Saionji, the Premier, has suffered severely from a complication of troubles and that, being unable to perform his duties, he would resign. It was also stated that the whole Cabinet would take this ourse in a body, their unity and effective continuance of the government policies requiring Marquis Saiorji's leadership. These reports are sup ported by the resignation, but there is no doubt about the near approach of a crisis in the financial policy of the country. Other financial matters, such as the Tokyo tramway municipa- lisation question, although this might appear local to outsiders, can greatly influence the central government policies. But the public learned yesterday that the Home Office has informed the Tokyo city authorities that the application for municipalisation is finally rejected, and this matter appears therefore to be dispensed with. The Government has 8 Safe majority in the Diet and by this criterion is supported by the country. But such a criterion is perhaps an unsound one to go by in Japan, where politics is a machine little under the control of the elector. Serious difference of opinion is known to exist upon several matters of financial policy, including the administration of the nationalised railways, and this friction combined with the commercial depression prejudices the Government in the opinion of the country, that is, the opinion of influential individuals and circles in the capital, Prince Ito is expected home in a few days and it is not thought likely that any further steps, such as actual resignation, will be taken before his return. Count Katsura, the War minister, is mentioned as the successor of Saionji.
DE. ROBERT KOCH,
THE HONGKONG WEEKLY PRESS AND
There was no mistaking the genuineness of the welcome given to Dr. Kooh on his arrival here a few weeks ago. The Japanese is much given to formal receptions. His language is formal and can be varied to suit the degree of the person spoken to in a very precise manner. One can easily understand, therefore, how heart less such receptions can be, especially in the case of dignitaries for whom one neither feels real respect nor admiration. But the reception given to Dr. Koch was an entirely different affair. Moreover, it came chiefy from the medical fraternity, and there can be little doubt about their feeling of respect for the great scientist-such as a papil might feel for his teacher. Their one desire was to do him honour. DINNER AND RECEPTIONS,
thus placing its nationals in the peninsula on Axsolly the same footing as they are in Japan- subject to the courts of the country. Now that the country is under Japanese fule it is no doubt good diplomacy to extend the principle practised in Japan thus showing confidence in Japan's administration abroad, as it is acknow- ledged and approved by the Powers themselves. And from this point of view nothing at all can be said against it-it is a concession that Japan has a right to expect since she now governs the country. Korea, however, is not Japan and the conditions there may easily give rise to cases of a sort never tried in Japan. The Bethell case is an example. Mr. Bethell was fairly tried and convicted and foreigners feel confident justice was done, but however fair-minded a Japanese court might endeavour to be, a convio tion from such a source would not have carried conviction with it and would have been politi. cal capital in the bands of Japan's enemies. If other Powers surrender their extraterritoriality Japan will assume the responsibility, as a matter of course, but not, probably, from choice.
AN AMERICAN PROFESSOR ON KOREA. With the prosecution and conviction of Mr, Bethell for publishing seditious matter in his Secal papers wider and keener attention is sure to be drawn to the position of Korea under the domination of Japan. And those for and against the Japanese rulers can severally quote their "soriptures," for the two most recent books published on the Peninsula Kingdom are of radically different character, the only point of likeness between them being in the qualifica tions of their authors-both men, apparently little qualified by experience and observation for the work. Mr. MoKenzie's book "The Truth about Korea" is already pretty well- known and figured prominently in the Bethell trial, while Professor Ladd's work has only just appeared. Professor Ladd came to Japan some two years ago on a visit to last about nine months. He lectured extensively in this country on commercial schools, and this part of his work was thoroughly useful and beneficial because he spoke of what he knew. Then the professor went to Kores, as the guest of Prince Ito. After a short stay he went home and wrote & book.
THE BOOK WRITING INDUSTRY.
[July 20, 1908.
It in
negotiations the market has been affected badly and the company, in the belief that municipa- lisation would be effected, is alleged to have neglected its great property. Extensions throughout the olty are in progress and whether the lines are public or private property they are a first-class investment, if properly managed. Millions of capital, at present yielding no return, are sunk in these extensions. thought now that municipalisation is refused the authorities will allow an increase of fares. The present rate is a uniform fare of 4 sen or one penny, which will carry passenger any distance up to eight miles.”. It is absurdly cheap. Some increase of fare will be necessary in the near future, for when the new extensions are in working order it will be found that they produce little extra revenue, passengers simply making use of transfer tickets. In fact the multiplicity of lines in adjacent districts suggests that they are laid for the public benefit rather than for the profit of s business concern, and some revision of fares will become a pressing necessity. It is worth noting that the municipalisation proposal is not by any means advocated by all the influential share- holders. Recently a movement was begun by a considerable number, who prefer that the pro- perty should remain as it is, to secure a new directorate, and this would be a wise stop. The company's dividend for the half year just con- oluded is at the rate of 7 per cent. per annum, it having steadily declined one per cent. a year from 10 per cent, The decline is due to the low fare and to the large amount of capital used for extensions, which is at present yielding no return.
THE SHANGHAI DOCK AND ENGINEERING CO., LTD.
ANNUAL MEETING,
At the request of the chairman the secretary read the notice convening the meeting-
The CHAIRMAN then addressed the share- holders as follows :—
The second annual general meeting of the above named Company.was held at Shanghai on the 7th inst. Mr. John Prentice (chairman of the Board of Directors) presided, and there were also present: Messrs. C. Michelau, A. M. Marshall, James Johnston, David Landale, R. 8. F. MoBain and H. A. J. Maorsy (directors), Now a man writing a book used to be an W. A. C. Platt (legal adviser), Jas. H. Osborne extraordinary person and more often than not (secretary), Dr. Gilbert Reid, Brodie A. Clarke, the work was at least the result of much J. E. Bingham, W. 8. Baras, A. L. Anderson, thought and labour. But nowadays, and since W. 8. Jackson, H. J. Craig, Kung Sing-ming, the war, the quality of staff that is put into P. Crighton, A. K. Craddock, O. 8. Ilbert, F. book-form is one of the most damning evidences. Frischling, Ni E. Cornish, J. Valentine and of the profitless character of what the writers O. Mordhorst, representing 20,067 shares. consider their education. The men and women still survivin who know their Bible thoroughly and are deeply versed in the writings of byegone authors of the Jeremy Taylor and Bunyan type are better educated men and women than these modern specimens who rush about the world and produce flabby, superficial books, illustrated by photographs. Professor Ladd will not construe the foregoing as an attack upon his education. The professor is a learned and a famous man but the field of his learning does not lie in Korea and his defence of the Japanese in the peninsula is uncalled for and presumptuous. He was the guest of Prince Ito in Seoul and writes a book defending. Prince Ito's administration. It would have been ingratitude for him to attack Prince Ito's rule, but the proper thing to do was to write nothing-for pablication. Those who know Korea and know Japan can place an estimate on Professor Ladd's book, but the thousands who know neither the one nor the other are but the blind following the blind.
Although Dr. Koch has come here on a private visit to an old friend and former pupil, Dr. Kitazato, it was impossible for him to escape being lionised. He was introduced to a dia- tinguished assembly at the Peers Club and afterwards appeared at a semi-public reception in the Conservatorium of the Academy of Musie. Here a thousand people-two-thirds medices and including, also practically the whole German colony--welcomed the professor, who improved the occasion by an interesting address од sleeping sickness, In the evening a brilliant theatrical display was given in the Kabuki Theatre. We who have been here years and are half Japanese hava come to look upon the performances of the Japanese stage with a newly-born senti. ment we love the dancing, the plaintive call of the music, the simplicity of the sator-"investigation" it is now announced that the but what were the thoughts of the old man in the armchair ? Seated in the midst of a crowd of modern men and women and oatching occasionally a commonplace remark, what a contrast were these persons to the weird figures, the gestures and exclamations upon the stage! But perhaps Dr. Koch was oblivious to it all-speculating about the source of the becillus of the sleeping sickness, of which his mind was full in the afternoon !
*
AMERICA'S EXAMPLE IN Korea. The Japanese press is pleased with the example Americs is setting other Powers in withdrawing its consular court from Korea and
THE TOKYO TRAMWAYS. After twelve months of doubt and efficial
Government refuses to sanction the proposal for the municipalistion of the Tokyo Electrio Railway Co's lines. The proposal first passed through the Municipal Assembly and was then forwarded to the Home Office, Both these authorities seemed to be in favour, but the final arbitor, the Finance Department, opposed, on the ground that the financial situation does not justify the placing on the market of another large batch bonds, about 100,000,000 you. This can be readily understood, but a decision could have been given months ago and the tramway company would have known where it stood. During the period of these useless
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Gentlemen,-The report and accounts-haring. been in your hands for some days, with jong approval, we will take them as read. We regret that during the year the expected revival in shipping and trade did not take place and that in fact the depression in trade was slightly worse than the previous year. Our gross earnings for the year were Tla 188,480 97 less than the previous year, but our net earnings show an increase of Tis. 88,084.82—a very satisfactory result of the arrangement made last year for the more economical working of the Company,--and when trade improves, as we hope it may soon, we look forward to earning good dividends on the capital of the Company. Shanghai is bound to progress and prosper and with our docks (5) and works we are able to undertake any kind of work which may come to the port. Our net profits for the year, including the amount brought forward from last year, amounted to Tls. 369,742.93 and after deducting the interim dividend of two and a half per cent paid in January, there remains for distribution the sum of Tls, 171,742:98, which we recommend to be dealt with as follows :---
A final dividend of Tls. 2.50 per share equal Tla. 188,000.—Amount to be carried forward to new amount Tls. 33.742.98. The whole of our properties, &c. has been kept in good repair and efficiency out of revenue and we thought that at the present time it would be better in the interest of our shareholders not to write saything off for depreciation.
Directors--Messrs A. M. Marshall and: 0. Michelan retire and offer themselves for re- election.