354
THE DECENTRALISATION OF
EASTERN SHIPPING.
THE HONGKONG WEEKLY PRESS AND
WEEKLY
What we have to bear in mind is that were is not for this tendency to decentralise, the shipping statistics of Hongkong would be much larger than they actually are, and when there is any question of increasing the charges on the vessels frequenting the port it is well that the Government should be forcibly reminded of this increasing tendency to distribute shipping favours, as well as of the fact that the prosperity of the Colony and the maintenance of its reputation and position as the great dis- tributing centre for Fouth China, is almost wholly dependent on the Colony's ability to attract shipping. By-nod-bye when the New Territory has actually become the great industrial centre that we hope it may become, and when we have the railway bringing to our port heavy freights from the interior of China, the future of the port will be more securely established, but men while that is to say, for many years yet to come-its prosperity will be menaced by the keen competition in the shipping world which is producing the changes to which Mr. HEWETT very appositely alluded.
(Daily Press, 26th April.) In the comprehensive review of events of the past year affecting the commerce and shipping of Hongkong presented in the speech which the Hon. Mr. E. A. HEWETT, as President of the Chamber of Commerce delivered at the annual meeting of members on Friday, a reference was made
to the tendency shown in recent years for shipping to "decentralise." Whereas formerly, Mr. HEWETT said, the whole of the Far Eastern trade centred in Hongkong, three ports in China, and three in Japan, whence coasting steamers fed the ocean liners with export cargo, and distributed at smaller ports along the Coast the cargoes brought out by the ocean carriers of freight, there is now a very noticeable readiness on the part of shipowners to send their ocean steamers to other ports; and steamers are now being loaded direct for Europe and America at ports whose names were hardly known to the outside world a few years ago, or which then did not exist. This d-centra- lisation, as Mr. HEWETT said, must increase as these other p rts afford increased facilities by the development of railway connections with the interior, and other improvements
(Daily Press, April 27th.) calculated to attract shipping. "This
Speaking at the Annual Meeting of the movement," added the Chairman of the Shanghai General Chamber of Commerce, Chamber of Commerce, "cann t but be the Chairman, Mr. W. D. LITTLE, made the encouraged if the Government of Hongkong following remarks on the present condition persists in what I cannot but describe as a
of the Currency and the over-issue of notes suicidal policy of increasing the taxe- on and subsidiary coinage, which amp'y bear shipping when they should rather be doingut our own remarks on the extremel all in their power to attract shipping to the port, and not drive it away."
The tendency ou which Mr. HEWETT commented 18 one which we have noted.
4
Rice
concrete
for some time past, but when we have turned to the shipping statistics of the port we have failed to find the support we expected for the he ief that Hongkong must be suffering from this new Bovement. Yet it cannot be desid that an immense amount of cargo which was formerly tran shipped at Hongkong, r quiring for longer or si orter periods la ge godown accommod- ation, and affording mploym nt to hundreds of persons, now pa ases by our do rs. and tea my be mentioned as instances. According to the latest published report of the Superintend at of Imports and Exports, more than one balf th exports recorded in 1907 passed through the port without breaking bulk. But when we consult the returns with a view to learning what effect this decentralising tendency has had upon the tonnage and the number of ships entering and clearing at Hongkong, what do we find ? We find the Harbour Master saying that the shipping statistics for 1907 (the latest published) form a record for Hongkong and exceed those of any port in the world! As compared with the re turns of the previous year, ocean vessels under the British flag showed an increase of 59 ships of 26,698 tons, wi ile foreign orean vessels showed an increase of 334 ships of 627,380 tons, wholly due to the Japanese firms increasing their carrying trade. Under this flag an increase of 455 ships of 976,450 tons is found, with a general falling off under other flags,
CHINA'S CURRENCY.
dangerous position into which, under pret ence of Reform, the whole subject has been permitted to drift:
I may perhaps be permitted to refer briefly to Currency reform; this deeply interesting question has had your Committee's earnest attention and continues to do so. The Chinese Government would appear desirous to move in the matter, but seem unable to command the provincial authorities. Coins are minted with. out uniform system, and notes issued without adequate protection, or any effective control from the Central Power. Meanwhile a con- tinual flow of paper reforms are published in the Peking Gazette. Mr. AM. Marshall visited
the
apital last year, and recently Mr. F. Anderson, both members of our ommittee. To these gentlemen our thanks are due for placing our views as to the seriousness of the situation before the Diplomatic Body. I have received from. r. Anderson a copy of a letter dated the 9th. instant, which he addressed to the Doyen. It is as follows: "It will be seen from the figures quoted that the depreciation of copper 10-cash pieces is becoming more serious almost every month. When these coins were first issued they circulated at par, though intrinsically worth only about 50 per cent. of their face value. Excessive supplies brought depreciation, and of late the profit on minting has disappeared. Debased coins of a lower value are now being issued, which circulate at a steadily increasing discount. The con- tinuous depreciation of the money of the masses adversely affects many millions of people throughout the Empire. The Chamber has also requested me to bring the question of Bank-note issues before Your Excellency. We are aware that in answer to your former representations on the subject. the Chinese Government intimated that the subject is under consideration. The Chamber would, however, respectfully point out that the delay in taking effective measures inevitably increase the difficulties and dangers to deal with this important question must of the financial situation. We fear that unless sound measures are taken to regulate the issue, both of bank-notes and copper-cash, a financial crisis if not a panic will be brought about, the consequences of which will be far-reaching and not improbably disastrous. The Chamber there- to the Government against persisting in a highest Authorities of the Empire the im- policy of toxing shipping for improvements portance of taking effective steps to deal with which benefit the whole business community, those questions with as little delay as possible;
While, however, the net result, showing as it does that Hongkong continued down to the end of 1907 at least, to maintain its pre-eminence among the seaports of the world, in spite of the tendency of shipping to decentralise, it affords no
has
[May 1, 1909.
and that as a temporary measure, the further issues. of bank-notes and copper cash should be immediately suspended.
"
*
Now, not the least curious of this very: curious tale remains behind. For reasons of its own Peking has been rather over-anxious to throw the entire blame of the wholesale debauchery of the currency back on the Provinces; in its affected purity of inten- tion-which for a considerable time did, there is no doubt, succeed in bamboozling the financial world-it had beep, it assured the Representatives of the Powers at Peking, engaged in the work of reforming the Currency, and had given its instructions accordingly to the provincial authorities; but those wicked Provincials had made the whole affair a matter of private gain, and had disarranged its best endeavours for the financial regeneration of the Empire! As a field for exploitation the financial world had, in fact, not yet given up Chinn; there were scores of possibilities yet available for gülling an innocent public, and it was not convenient that too much light should be thrown on the dealings of the late EMPRESS DOWAGER and her worthy minion the "false" Eunuch TI LIENTING. The dew REGENT it was who first raised a corner of the veil. Finding an impoverished Exchequer, and a deceased ex-R GENT to be buried, the happy thought struck him to make the deceased's estite bear the burden. The new EMPRESS DOWAGER, within who-e Department came the funeral rits to her late husband, and
who
Fears no goodwill towards the memory of the woman whom she looks upon as the murderer of her lord, was not backward in taking the hint; and an investigation into the secret hoard of the late amiale Dowager has been the result, and throws a lurid light on the methods of the late Regency. At the beginning of his tittle struggle with Jan, it may be remembered, the TSAR of Russia invited certain intimate friends to have a glance within his own private
reasury,
evilent
and the friend related with mouth-watering the numberless shelves, all piled with boxes said to be full of the y-ll w metal, which w re disclosed to his view. Not much less than the alleged, but uncounted store of the TSARS, has been found the accumulated squeezings of the late DowAGER, accumulated be it remem- bered during
period of more than ordinarily advertised poverty. The result in round numbers is reckoned at nineteen million taels of gold, and nine hundred and ninety million taels of silver,-which turned into terling at the exchange of the day would be the equivalent of some hundred and sixteen million pounds sterl ing! or within twenty millions of one-third of the accumulated national debt of Great Britain. Two hundred and sixteen millions sterting; and withal not enough to pay her own funeral expenses! Such was the financial position of the Chinese Empire as represented by the friends and admirers of the late Regency.
two
Now, of course, peculations on such a magnificent scale would have been impossible without confederates, and the late Dowager's share of the swag only represents one, though possibly the largest share in the plundering that has been keeping the Im-
for the last forty years. perial finances of China on the grindstone People whose memories are long enough will remember bow on the outbreak of the Japan war, some fifteen years ago, the fleet was provided through the acquisit instincts of the DOWAGER and her then henchman LI HUse
excuse for ignoring Mr. HEWETT's warning fore begs of Your Excellency to urge upon the CHANG with shells loaded with coaldust, and
paper crews to fire them. Naturally with the loss of Formosa, and practically of Shengking and Manchuria, that game came