156
had by no means a pleasant stay in this country. At Nikko he and Mrs. Kook had to hurry back to the refuge of the Imperial Hotel, Tokyo, because the weather conditions in the famous resort were more Aratio than congenial to persons born in the temperate
sone,
POPULARISING FUJI.
THE HONGKONG WEEKLY PRESS AND
HONGKONG AND SHANGHAI BANKING CORPORATION.
The half-yearly general meeting of share- Visitors to Japan will generally be dis-holders in the above corporation was held on appointed at this season, for the weather is Aug. 22nd, at the City Hall. Mr. E. Shellim unsettled. By far the best time of the year for presided and the others present were Hon. Mr. trip is in the spring and autumn, say the H. W. Slade, Hon. Mr. W. J. Gresson, Messrs. months of March, April, and May and October, E. G. Barrett, G. C. R. Broderson, G. Friesland, November, and December.
C. 8. Gabbay, W. Helms, & Shewan, H. E. | Tomkins (directors), J. R. M. Smith (general manager), J. C. Peter (sub-manager), Hon. Mr. Murray Stewart, Mesers. J. F. Cox-Edwards, R. R. Hynd, C. E. Anton, W. Dunbar, C. Pemberton, J. W. C_Bonnar, E. 8. Kadoorie, J. M. E. Machado, Wong Leang Him, A. F. Warrack, W. H. Potts, Dr. J. H. Sanders, Ellis Kadoorie, E. F. Mackay, A. V. Apoar, Ho Fook, Lo Cheung Shiu, A. C. Hynes, F. H. Thomas, C. A. Boss, H. N. Mody, H. Peroy Smith, W. E. Clarke, Lam Pan Chai, J. Barton, E. H. Hinds, É. H. Ray, and H. Humphreys,
The notice convéning the meeting, having been read,
It is likely that ten years hence thousands will be go up mount Fuji where scores do the journey to-day. There are all sorts of schemes in the air for making the mountain attractive to tourists as distinguished from those who delight in ascending the mountain in the good old way, accepting the little hardships of the tramp as part of the pleasure that gives sest to the experience. The most important scheme is the electrio railway idea, but whether this could be made to pay is a moot question. The mountain is only open about six weeks of the year, and even if the line was most busily occupied at this period it would give very little But if it were return in the capital invested. state-owned such a line would confer a great benefit, financially on the surrounding districts. Then there is the question of hotel accommoda- tion at the base and on the mountain slopes. Here a lot can be done if the authorities desire to make things easy for the mountaineers. This
year the innovations on the summit include a post offio, telephone and telegraph, with roomy hotel accommodation at the eighth station, about 10,000 feet up. Latest reports from the mountain show that lots of the olim. bers, including foreigners, were caught in a rain storm, when the wind howled as it can only do on the slopes of the grand mountain. These storms come suddenly, and what would happen in such an event to an electric car full of cheap trippers can be left to the imagina- tion!
:
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[August 31, 1908.
Bassar during the half-year. These conditions brought about a very weak exchange market, and to prevent any heavy fall in rates the Indian Government decided to offer weekly for sale at 1s. 3d per Rupee their Sterling demand drafts on London. Latest advices record a favourable monsoon over the greater part of the country and 1 trust the result will soon be apparent in a renewal of prosperity. For the first three months of this year the position of the silk market was in a very unsatisfactory condition and at one time a panic in the trade was feared. This was happily averted. In America an improvement in the demand has taken place and in Furope the new season has commenced under favourable auspices; stooks have been considerably reduced but remain suficiently large to keep prices down to a level that should encourage consumption. In spite of the severe crisis of last season the total of the combined exports from China and Japan shows that the trade is one which is still on the increase. It is matter for regret that no indications are yet apparent that the Chinese Government are preparing to give effect to their expressed intention of reforming the national currency,
and the confusion and disturbance to trade, caused by the excessive and uncontrolled coining of silver and copper anbsidiary coins, continue. Farther complica- tions threaten to arise out of the issue of notes by various Chinese Banks throughout the Empire, but it is to be hoped that the Central Government will before long realize the necessity of taking steps to ensure that all such issues are supported by adequate and controlled reserves of uniform value. As regards prospects in the Far East, it was unfortunate that just when a long continuance of trade depression, due to local causes, might have been expected to change for the better the financial crisis occur. red in America. This affected the European money markets, causing a contraction of credit, and proved to be the forerunner of the prevailing restriction of trade all over the world. Though as yet there are no clear signs of the long de- In inviting you to compare the statement of ferred reaction, still-cheap money and diminish- assets and liabilities with that of the 31sting stocks are factors which must sooner or later bring about a commercial revival and I think we may therefore continue to take a hope- ful view of the future, Before moving the adoption of the report and accounts, as presented I shall be pleased to answer, to the best of my ability, any questions you may put to the chair. (Applause).
The CHAIRMAN said Gentlemen, I need hardly say that it gives the Directors great pleasure to present the 86th ordinary half-yearly report which I have just read. The statement of assets and liabilities now before you exhibits an active and increasing business and the profit and loss account shows that we have had a satisfactory half year. think I may count, with confidence, upon your approval of the proposed distribution, via :---
a dividend of £2 per share to be paid;
$5 lacs to be added to the Silver Reserve
Fund;
$21 lace to be written off Bank Premises
account;
the balance of about $20 lacs to be carried forward to the next half-year or practi- cally the amount brought in from the previous one.
I
"REVOLUTION IN SOUTH CHINA." | December last I have the satisfaction of being
OBSERVATIONS BY A REVOLUTIONARY
LEADER.
The following is a resumé of the utterances made by Huang, now in Tokyo, one of the ringleaders of the Chinese revolutioniste in South China, to a representative of the Mainihi Dempo, which throw some light upon the strength and plan of the revolutionists, says the Japan Gazette :-
UPRISING IN YUNNAN.
The revolutionists orginally intended to start an uprising in Kwangtung and Kwangsi provinces, but were prevented from doing so on account of unavoidable circumstances. An uprising was therefore started in Yunnan pro- vince, as already reported by newspapers. It is the earnest intentions of the revolutionists to
Occupy Kwangtung and Kwangsi provinces with a view to making the two provinces the
basis of their operations in the future.
FAILURE IN UPRISING.
On April 9th this year the revolutionists successfully__occupied the various strategical points in Yonan province, but were finally defeated by the Government roops. There were three reasons for the failure on the part of the revolutioniste. First: The fact that the
French authorities prohibited the supply of cereals to the revolutionists from Annam, so that the revolutionists experienced great difoulty in procuring provisions. Secondly: The stock of arms and ammunition was scarce, Thirdly: The Commander of the revolutionists, whose number was counted at about 5,00¦ lacked knowledge of tactics in that he divided
his whole into four weak sections,
FUTURE OPERATIONS.
|
able to point to a growth in the figures under nearly every heading. On the one side we see the large increase of $300 lacs in currant accounts and fired deposits, gold and silver together, and this addition to our operative funds is represented on the other side of the account by a like increase in the total of bills receivable, bills discounted, loans and credits, cash and ballion in hand and transit. The total assets of the Bank now amount to the The high large sum of 333 millions of dollars. price of money in Europe referred to at the last meeting by my predecessor in the obair is now a thing of the past and it has been succeeded by a period of financial ease and an acoummalation of funds awaiting em. ployment; this is accounted for to some extent by less money being required to finance our trade owing to the fall that has taken place in the price of most products, but is mainly due to a shrinkage of trade through out the world. It therefore suited the Bank, towards the end of the half year under review to hold our bills in Londos antil maturity instead of re-discounting them, and you will observe that the amount of bills rediscounted outstanding is considerably less than the figures shown in previous reports Outstanding ex- change purchases at the end of last half-year were based on the then high rates for ruling in Europe and our accounts benefited accordingly by the beary fall in the rate of home discounts. Money is also abundant in the chief Sosiness centres in Chios, especially in Bhanghai where the stock of syo-e is abnormally large. in Japan the Japanese Banks have for some time past adopted a conservative policy with regard to their ad.
money
more
vances and money there continues to command high rates. Several of the large manufacturing In starting a revolution in South China there companies in that sountry have, however, lately is an advantage on account of the great dis. been able to borrow money in Europe and tance from the Central Government, but the America and this financial help to Japan's leading members of the revolutionists are under i productive enterprise cannot fail to have bene- the impression that there is a drawback in point | ficial effects not only on the trade but also on India is of attaining the object in view. They are the general finances of the country.
and Grops therefore, determined to enorosoh upon North | still suffering from the effec's of bad
considerable | China and to stir up the mind of the people | low prices, but nevertheless a in favour of the revolution in the futare. amount of Bar Silver was imported by the
No questions being asked,
The CHAIRMAN proposed the adoption of the report and accounts.
Mr. C. E. ANTON said -It gives me much pleasure to second the adoption of the report and accounts, and in doing so, I feel justified in saying that shareholders will have received with very great satisfaction the statement of the six months' working, the more so, seeing that the period has been one of restricted trade in nearly all directions. The Directorate and manage- ment have good cause to congratulate themselves on the result, and, as pointed out by the Chair- increase in the figures under the various man, it is very gratifying to notice the large headings of the accounts presented. The general depression in the Far East has been very protracted and of a far reaching character bat, although the end of it is not yet in sight,
That
think that in the natural course of events we may confidently look forward to a return of better times-perhaps al zo very distant date--- in which we may rest assured the_Bank_will participate by increased prosperity. competition in all classes of business in the Esat has become very severe cannot be guiussid, and I take it that in backing there is no exception, and for that and other reasons it seems to me the policy pursued of continuing to add to the Bank's reserves is a wise and prudent measure (Applause.)
The motion was ourried unanimously.
Mr. HENRY HUMPHREYS proposed that the appointment of Mr. C. 8. Gabbay. Mr. E. G. Barrett, Mr. C. G. R. Brodersen, the Honourable Mr. W. J. Greston, and Mr. W. Helms as Directors be confirmed,
Mr. W. DUNbar seconded, and the motion was agreed to.
The CHAIRMAN :—1 bat is all the business. gentlemen. Thank you for your attendanos, Dividend Warrants will be ready on Monday.