368
CHINESE POLL TAX IN SIAM
ABOLISHED.«
A BETTER SYSTEM.
We are glad to be able to announce says the Bangkok Times that the Chinese "Pook-Pi" has been abolished. The decree received the royal sanction on the 26th ult.
THE HONGKONG WEEKLY PRESS AND
COMMERCIAL.
May 1, 1909. the requisition of certain Members engaged in did not exceed the credit linait fixed by the Gentlemen, I can see no good the Import trade, a special meeting of Importers Association. was held in September to consider the feasibility reason why the members of this Board cannot of limiting the application of the principle of do what has been successfully done elsewhere, unrestricted credit. Mr. Henson, from the and I hope that the question will be taken up Chair, said, so far as the Committee of the again and carried to a satisfitory conclusion, Board was concerned, no special action could be as there can be no doubt as to the necessity of taken by them until they had received some restricting credit within reasonable limits, nor ideas from Importers as to the best course to of the immense advantages which would accrue pursue, having regard to the Import trade, therefrom. Under the old system the tax, which was a
generally. In the discussion that followed, the triennial one, fell to be collected this year, 2. c. in the Siamese year 128. The objectionable meeting generally favoured the formation of a Committee, and the following resolution part of the old system was the compulsion to
was carried unanimously:-'That for the wear on the wrist a string with a seal, and the decree frankly recognises that this was object-general benefit of the Import trade, it is pro- IMPORTS. :--- ionable. It also points out that, apart from posed to form a small Committee (with power to add to their number) in order to collect the this matter of taxation, the Chinese have been and are treated in Siam as if they were opinions of foreign Importers in general, with Siamese, not being regarded as foreigners. the object of putting such information before the Committee of the Foreign Board of Trade They have every opportunity of obtaining rank
for further consideration and subsequent and position in the Government service.
action." Unfortunately, the labours of the Committee were unproductive of any satisfactory results, the consensus of opinion being that concerted action in the direction desired was impracticable."
From now the further step will be taken of putting them exactly on an equality with Siamese as regards taxation. The capitation tax they will have to pay is therefore, at its maximum Tcs, 6 each per annum. Each person
Referring to this matter at the annual meet- who pays will receive a receipt, and there will be no more pook-pi." In places where the ing of members the Chairman (Mr. Bowden) tax exacted is less than Tcs. 6, hinese will of said:-As far as attaining the actual object aim- course pay the same amount as the Siamese ofed at, the result of the Committee's work was that district. In addition there are a good many exemptions mostly the same as apply in the case of Siamesé.
The new law will affect a very necessary reform.
PRATAS ISLAND.
COAL.
HONGKONG, April, 30th-,The arrivals of coal since the 15th inst amounted to 42,750 tons of Japanese, 1,200 tons Australian, 4.200 Borneo 4,100 North China and 2.000 Haiphong for Canton. The coal expected .8 24,600 tons Japanese, 9,300 tons Hongy, 6,000 tons Borneo and 825 Wales Quotations according to Messrs. Iughes and Hongh's circular are as follows:-
Cardiff... ..$22.0 ex-godown, nominal. Australian ..$12.50 ex-godowa, nominal, Yubari Lump... 12.00 Nominal.
Miki Lump...$10.50 to 11.00 ex-ship,nominal Moji Lump $7.75 to $9.50 ex-ship, steady. Moji Unscreened$6.00 to $8.00 ex-ship, steady. Akaike Lump -8.75 to $9.00 ex-ship, steady. Labuan Lump ...$9.00 ex-ship sellers.
OPIUM.
Apr. 15th Imports per Awaye
++
.י
Kumsang Yunnam
21st
13
"
29th
"
"
28th
*
G. Apour
28th
Delta
**
"1
Less Exports to East and West Coast Ports including Local Consumption for the fortnight..
30. 150
440 877
175 225 175
100 100
93 100
.16
3,834 3,477 781 925
20
305 80
157
595 121
45
Estimated Stocks this day.. 3,657 2,577
$80 280
Bengal.-The market has kept fairly steady owing to the rise in native drug, but the volume of business has not been large. Deliveries are on a satisfactory scale. We quote New Patna at $955.- and New Benares at $980.-
unsuccessful, but a large amount of valuable information was obtained, regarding the terms apon which the various Import lines are sold, and equally valuable expressions of opinion as to the terms upon which business should in future be carried on were elicited. Tabulating the latter, one finds with some surprise that there is considerable unanimity of opinion amongst
HONGKONG, April 29th-Since the 15th ulto, the importers as to the terms of sale which movements in the various Opium markets have Some of the officials of Formosa are quoted should in future apply to the various bran. been as follows :— Malwa, Patna.Benares. Persian by the Asahi Shimbun as saying that Pratas ches of the Import Trade. Seeing that Laland is practically without an owner, but that this unanimity exists, is it not worth whie Stocks on the 15th April, 1909–3,706 2,777 if it is to be brought within any jurisdiction, making another effort to come to some Formosa should be the place chosen. The arrangement amongst ourselves which will put name Nishizawajima is really of comparatively all Import business upon a safer and sounder recent origin and should not be taken as indicat-
basis than it has been in the past, or is at the ing that there is any radical connexion between
present? We must, I think, all recognise that Nishizawa and the island. The fact is that the
a system of credit sales, and of promissory notes, first Japanese to visit Pratas was Mr. Mizutani, has, in some lines of business, become an estab- Less Exports to Shanghai who is well known for his enterprise in exploit-lished custom; and it is impossible to get back to ing the guano resources of the South Sea the good old days when bargain money on the Islands. More than 30 years ago he fitted
signing of a contract, and cash before delivery out a small expedition for the purpose of
of goods, were the general conditions of sale. visiting Pratas Island and for general explora- We must also recognise the fact that the tion.
He reached Pratas with the great- pressure of competition is gradually but surely est difficulty, and he and his party were subject- extending the period of credit given; that goods ed to such privations that they had almost which were in the past sold for cash are now sold despaired of surviving when there taken off
on credit, and that goods which were until com- by an English ship. Subsequently Mr. Mizu-
paratively recent times sold on 10, 20, or 30 tani decided to renew his attempt, as his days' credit, now obtain 30, 45, and 60 days, Malwa.-Old drug continues in demand resulting sojourn on the island had shown him that and perhaps even longer terms. The same in a slight im rovement in prices. New is difficult considerable quantities of guano and of
causes in other parts of the world have of sale. We quote, New, $1,070/75.-; 3 years, phosphates were to be found there. He put up led to the same results. Good times and $1,090/1,100.-: 4/5 years, $1,140/50.-; 6 years, a sum of 400,000 yen for the purpose and keen competition lead to an extravagant $1,160/10,- "employed Nishizawa to engage assistance and expansion of the credit system, until every organize the expedition. At one time Mizu.
petty trader and dealer expects and obtains tani had as many as 400 men working on the exaggerated periods of credit for his purchases. island, but as the venture did not prove par- So long as times are booming, all goes well, but ticularly profitable, its dimensions were grad-the inevitable result of this unhealthy state of ually reduced until only one fourth of that affairs follows in due course, and when the bad number are now engaged-Japan Mail..
times come, the weaker houses go to the wall, whilst many of the strongest are shaken to their foundations. A state of affairs such as I have just described was experienced in Australia some years back. Some houses suffered less than others, but the severe strain of the financial crisis was universally felt, and the ultimate out- come of it all was the formation of associations by the various trades and industries to regulate the terms of credit sales upon a fixed and healthy basis. The conditions which have recently pre- vailed here have been very similar in cause and effect to these, and I do not
HONGKONG--Mr. P. Eduljee, in his Report dated Gentlemen, why similar controlling mea-16th April states:-The long expected demand sures, such as were subsequently adopted in has at last made its appearance, and during the Australia, should not also be successful in Japan. past fortaight a comparatively larger business Under such a system those engaged in the diffe- has been done both in goods on the spot and rent branches of Imports would mutually agree "to arrive." Values have appreciate $1 to $3 -
COMMERCIAL NOTES.
THE DEPRESSION IN SIAM.
The recent meetings of local companies have borne, only too often, testimony to the depression, remarks the Bangkok Times. As compared with a year ago the Dock Co. paid 5 per cent in place of 15; the Siam Steam Packet Co., 8 per cent. in place of 14; the Siam Electricity Co., 12 per cont and a bonus of Tes. 4 per share, in place of 12 per cent and a bonus of Tes. 12 per share; the Siamese Tramway Co., nothing, in place of 2 per cent. Early in January the head of one important house here remarked that the only good thing he could say about 1908 was that it was ended. Unfortunately there are evidences that go to support the conclusion that the period of depression is not ended. The rice export is not satisfactory in view of the crop, and the import trade is frankly ad- mitted to be in such a condition that all firms are now playing for safety and leaving specu- lative business alone.
THE CREDIT SYSTEM.
many
The following is an extract from the annual report of the Yokohama Board of Trade:"On
see,
Persian.-Unchanged.
Quotations are:- Malwa New Malwa Old Malwa Older Malwa Very Old Persian Fine Quality Persian Extra Fine Patna New Patna Old. Benares New Benares Old
HONGKONG, April, 30th.
$1,070/1,080 per pio u ..$1,090/1,100 do. $1,110/1,140 do.
.$1,150/1,185 do.
$1,020/1,050 do. .$850/900 .$965 .$1,000
YARN.
$990
do.
per chest.
do.
do.
do.
as to the extreme term of credit which could be per bale, and the advance would have gone give for each line, and would bind themselves much further, but the rise in exchange dis- not to exceed this limit. There would be no couraged buyers who then withdrew entirely dictation as to the terms upon which each from the market hoping to buy at cheaper individual did his business. Those who preferred to stick to cash sales would be at liberty to do so, whilst those who chose to take the risks of credit could please themselves as to what credit they gave, and could regulate their terms to suit each particular transaction, so long as they
prices later on. Importers, however, are quite indifferent, for despite the improvement in remitting rates, prices here ruling are still much below replacing cost. Receipts continue to fall away and it would appear that the stream of shipments is now being directed to Shanghai. Bombay is reported strong with nothing doing