November 27, 1909.1
THE KING'S BIRTHDAY.
CHINA CVERLAND TRADE REPORT.
GAMBLING AND SPECULATION.
(Daily Press, November 26th.) We notice that the Times has recently been again discussing the old and ever undecided question of how far gambling should be tolerated and recognised by Government. Its attention was drawn to the subject by its correspondent at Rome, who gave some rather startling figures as to the product of the State Lotteries, which it appears bring in no less a sum than £1,700,000 clear profit to the Government. The arrangement is such that more than half the money which is staked goes to the State; but, not withstanding this, the Lottery is eminently popular, and especially so among the poorer people, who contribute willingly very small
sums
455
cast upon him must surely be seen to be ill-founded. In reality, under such circum- stances as we have supposed, there would be meantime been in operation, Those who more of pure chance than if speculation had
actual outbreak of hostilities would make were lucky enough to hold grain on the enormous profits out of a misfortune which would take the public generally by surprise, and would press heavily on each individual.
in stocks and shares, and in fact to specula- The same principle applies to speculations tion of all kinds. If everyone had to wait before operating until possible events actu- ally occurred, instead of buying or selling mercial convulsions, would be much more on the probability of their occurring, com- frequent and much more severe than they
are.
(Daily Press, November 25th:) To-day the Colony of Hongkong, in com- mon with British subjects in the Treaty ports of China, celebrates the birthday of our sovereign lord the King, who on Nov- ember 9th last attained the sixty-eighth year of his age. Though belated, the celebration will lose none of its wonted spontaniety and enthusiasm, for it is per- fectly true to say that for more years than many of us can remember, in the British Empire whatever artificiality belongs to the ceremonial surrounding, the Sovereign's birthday has been obliterated by the genuine display of affectionate esteem which the occasion calls forth. KING EDWARD has proved in every respect a worthy suc- cessor of his revered mother QUEEN VICTORIA, and, to borrow words used by Lord ROSEBERY, his popularity overrides geography. Apart from the fact that in his Asiatic dominions the King is a living personality to millions who have never seen him-arising out of that deep-seated loyality to the Crown in the abstract as the embodiment of British rule and especially of British justice during the eight years His Majesty has occupied the Throne of the United Kingdom he has travelled much on the Continent of Europe, and, as we all know, these visits have been made occasions for efforts to improve the mutual re- lations of the Powers, and the ententes quietly and unostentatiously arranged through his instrumentality have given His Majesty a reputation the world over for statesmanship of the highest quality. It was, we believe, conception. If there is very much to be They may, when imprudently undertaken,
him
"Edward the Peacemaker
out of their very small earnings. Whether much harm is done by this is a nice question for discussion, and upon it the writer gives his views which cover a good deal of well traversed ground, and amount in substance simply to the admission that gambling in moderation is a harmless diver- sion and may be allowed to pass without serious condemnation. On the other hand, he lays it down that "gambling of all kinds when it becomes a serious pursuit is harm- ful to the mind. speculator does not know how much he is The confirmed trusting to luck and how much to judgment. He thinks himself a pillar of commerce, and s as dangerous as the rake who thinks himself a lover." what hard upon all commercial speculation,
This statement is some and certainly, if the real facts are studied, it will be found to be based upon a mis-
said against bona fide speculation, the matter namely, that it is not to be condemned when comes exactly to the same thing as gambling, within reasonable limits, but is open to objection when it goes beyond them--but, what in such a matter may be considered moderate or immoderate, it is of course impossible to determine. A common mistake, however, is made in classing commercial speculation, even when carried to excess, with mere gambling, for the every excellent reason that, unlike pure gambling, speculation is a very valuable factor in business not only
From the economist point of view, which is really what has to be chiefly con- sidered, even if it were desirable, it must in the nature of things be impossible to put down speculation altogether, as being simply gambling. What the whole matter resolves itself into is rather a moral than an economic question. So far as it can be decided upon the former basis, we can only come to the well recognised facts that there are many acts which are moral or immoral, not in their nature but in the degree and the manner of badly balanced people may abuse specula- they are carried on. That a certain number tion and run risks which their financial position does not warrant is no reason for condemning speculation when carried on means to meet all contingencies that may with reasonable judgment and with sufficient
arise. It is, therefore, a grave mistake to class all such operations as gambling.
as
be
a figure of so spoken of that, when entered upon with prudence and speech, but this does not alter the fact foresight, speculative transactions are not only a legitimate but a necessary and useful element in commercial affairs.
a foreign newspaper which first designated " -a title of which the King himself and the Empire he rules may well be proud. Appreciating as they do the value of his Majesty's great services not only to the Empire but to humanity at large, it will not be without fervour that British subjects in Hongkong and China will to-day voice the words of the national anthem that His Majesty may be spared "long to reign over us.' Happily the present state of His Majesty's health gives every hope of a long continuance of his reign. Hongkong, which has always availed itself of the to those who are sufficiently wealthy and air induces most men to walk to business in the Sovereign's birthday to demonstrate its sufficiently shrewd to operate successfully morning and the chair coolies stand and shiver. ·
loyalty and homage to the Throne, will mark the present occasion in a peculiarly fitting manner, by the unveiling of statues of two well-beloved members of the Royal Family-Her Majesty QUEEN ALEXANDRA and H. R. H. the PRINCESS of WALES. shall then have in position around the statue We of the great Queen who gave to this City her name, statues of the reigning monarchs as well as the Heir Apparent and his consort. Of the statues to be unveiled with befitting ceremony by H. E. the GOVERNOR to-day that of H.M. the QUEEN is a public gift to the City, the cost being defrayed by the surplus
upon chances and probabilities, but also to the public, who largely benefit by this class of operation. It is overlooked that the effect of there being a certain number of men who are willing to buy or sell according securities or produce, is to prevent excessive to the chance of the market, whether in rise or fall on the occurrence of some con- tingency generally unforeseen or the non- occurrence of one generally anticipated. If, for instance, as unfortunately at times happens, there is the prospect of a war breaking out, and certain speculators buy up corn on the possibility of things taking of the Coronation Fund. The statue of the PRINCESS of WALES is
an unfavourable turn, there is a gradual rise the
in prices as compared with what would be gift of Mr. MODY.
The Colony was in the case if the market remained untouched debted to the generosity of Sir PAUL and was left to the effect upon it of an actual CHATER for the statue of H.M. THE KING, outbreak of hostilities. The effect of such and to Mr. J. BELL IRVING for that of intermediate buying or selling, specula H.R.H. the PRINCE of WALES. Unfor- tion," as it is termed, is thus to lessen the tunately this group of five magnificent influence of some contingency that will in its bronze statues of three generations of the nature seriously affect prices and the nor- Royal Family will not be seen to-day to the mal economic condition of society. If a loaf greatest advantage owing to the continued rises from 5d. to 54d. in a month and from presence of the unsightly contractors' 5 to 6d. in the next month, and so upwards, matsheds on the ground which the Govern- the effect is infinitely less upon the economic ment, years ago, promised should be con- verted into a garden plot.
state of the country than if at the end of When this three months after a chance of war threat- noble group of statuary is seen com-
tened a sudden rise of 2d. or 3d. had to be pletely surrounded by grass plots and faced. It is this that the much condemned Hower beds, "Royal Square" will be one of speculator obviates, and, if this fact be only the most beautiful spots in the City.
recognised, the abuse which is often so freely
RANDOM REFLECTIONS. Pedestrianism is again becoming a popular exercise, and on Sunday morning walkers are seen doing the regulation tours round by Tytam or in the vicinity of Aberdeen. The bite in the
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the week-end, an that, you may be sure, was There was only one topic of discussion during not the Sunday morning sermons. The cricket parnival seemed to be in everybody's thoughts, and the prospects of the respective teams have afforded food for conversation.
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ing by the fact that Hongkong and Shanghai The meeting is rendered all the more interest- stand level in point of wins, as also Hongkong and Singapore, but the latter has one to the good over Shanghai. It is interesting to note from that useful little publication, "The Hongkong
Sporting Annual," that "interport matches with hanghai were started in 1866, but were dropped in 1868, to be revived in 1889. The meetings were only continued for three years, when the lamen- table disaster to the Bokhara, which foundered in the China Sea with the cricketers who were returning from Shanghai, took place, and cooled the ardour of sportsmen in both ports. The only members of the team who were rescued were Dr. Lowson and Mr. Markam. A shield,
on which is inscribed the names of the victims,. was placed in the pavilion of the HK.C.C., Another start was made in 1897, to be further where it now hangs to commemorate the event, interrupted in 1899 by the war. Recommenced in 1901, the meetings have since then taken place annually without further interruption, and on three occasions a team from the Straits has visited the Colony coincident with the Shanghai team, when triangular contests have taken place."
It was unfortunate that the interport arrange- ments, so far as Saturday was concerned, could