MAIL SUPPLEMENT TO THE HONGKONG DAILY PRESS.
THE SHARE FILL.
د احمد
la
CSE rent mong
HONGKONG, WEDNESDAY, SEPTEMBER 9c, 1891.
Button denial of the recent Imperial Edict in referees!
201
A REFRACTORY BOY.".
Are
THE SHARE SALES REGULATION BILL.
·
nhange.
trade with the Treaty Porta and by levying | Lodging by some maldiers belonging to the a pofat which still requires threshing oat,}altogether. What, biraolallion aims at is to sabmit that Tembon's Act has fallen, in prac-wise and suffering everely in character and in The petition against the Start Sales Repuis calculated, sooner or lator, to late the rest to know what he had done with the child. tainly do not want the Imperial Govern in the values of the two metale being wholly disrogardad on the Tandon Stenk of money or of intelligence in the opposite samp illegal additional imposts.on fowign goods, Governor General's bodyguard, who demand. but whatever that basis may be we cer- re-establish stability, the fixing of the ratio tics, iuto dosuetade, oren in England, and is pocket when they are overbaru be the weight lation Bill was sent hon by last week's mail. vorse efect to that intended by short-sighted Naturally Dr. Casia could give no autisfacent to tell us how we are to raise the incre matter of detail. The rehabilitation It occupies three columns and contains three
Short-selling has not cand the rash and argaments, which may he concisely stated | akirins. If the Treaties were faithfully obtorg roply, but only what he was charged mm required. The Penung Gazelle quotes of adver would probably raise its value, butantly, call your Lordship's attention to the frot it has not given rise to the heavy losses that have Your membrislista in this connection wonlil, astravagant grabling of the past few years: in a few lines. The first is thut the Bill will served foreigners could have no ground for with, and deny having touched ung chik. Mr. STEAD's suggestion, that navy duea of what is dosirod is that whether the dollar that in recent years both in France and in Gor-lean Sunorret, to the rain that has been osaeed, to
grievance with China; she would fulfil herThe followed a most savage attack on the say 2 per cent. should be levied in the ports stand at de. 2d. or Sa. 2d. its relative value many attempts were morte to Ruit the frandom the orimes that have been committed If it b interfere with the business in slauren frasi pligtions, and to other contracting parties unarmed and defenceless man. After being of the Empire on all goods entering from the pound and the pound's relative value of trade in shares and stocks and to stop abort had any effest it may have aggravated the law. noted between Hongkong and other places; hav the secund, that it will be some trouble for would have no chance of finding a protext savagely beaten in a most humiliating pos. outside the Empire. Apart from the objecto the dollar should be a constant and not a selling, but that in both annatries the arpari-hat it has portainly not given rise wither is the
for a quarrel. But this is a mau to look in his ledger or safe to useer. Peking cuthorities fail to perceive. Every neck, ho vas tied up to a past, with his toes its infringement of free trade principles,
exactly what the cure, prostrate with a soldier's foot or his tion to the latter proposal on the ground of fluctuating quantity.
aunt was abandoned as annooseful. In Eng-gambling or to its results, and the coming into tain the numbers or marks of the shures be provincial official is encouraged to ball the just touching the ground, and there suspend both it and the tonnage dues scheme
and the Strek Jobbing Act of George the operation of Mr. Konwick's Ordinamem will nolthor Second's reign, commonly known Be Barnard's stop gambling in the future or in any way. isalat to sell, the third, that in the event origner and reader his commercial operod for about an hour, when he was let down open to the objection tut they might possi
Aob, was as regards publie stooks to precisely raitigate its effects. It may vary possibly of the tankrupter of a seller on time there ations as troublesome and its unremange for fear he might collapse. Eventually bly veault in the colonics having to pay a
the same parport and effect as Mr. Keswick's aggravate them onormously. The share market would be inconvenienco in adjusting ny
Ordinances, but it wan deliberately repealed in je operated on by both balls and bears. They ubsequent transactions that may have taken and placing impediments in the way of its locked up as a prisoner for these days. The home Carerament are content to doma
ative as possible by infortering with trade he was taken back to Kirin and thera sum exaidembly in excess of that which the
the 23rd year of Ilor Majesty's tolgo se mutually emateract and strain each other. place in relation the same shores. There
The following petition against the Share Salesunds Interfaren with the freedom of trade, The unrestrained coccoss of either leads to are a number of usertions and denials, ad: free prostion. Auy industries founded soldiers were acting under orders frota bend-uler existing conditions. It is quite opeu Regulation Bill was sont bone by last week's sad an ineonvenient restriction on the sale of crisis anda lam. If Mr. Kuszick's Ordigano Pance with the object of showing that the
in the settlements at the Treaty Parts are quarters, but being brutal fellows they neither to the Straits Settlements or Hengkong To the Right Honourable Lord Kantsford,
Gmail-
stock
stopa, as is hoped, the operations of the speculators Bill is unnecessary, and that it will not have immediately made the object of underband donht bettered their instructions. It was into impose tenurge dass as a meatus of raising
But it is urged by the supporters of this Or-for a fall, those operating for a rims will hold an- Becretary of State for the Colonica. the effect intended, but the above are the Position, which is usually paly too ang this provimes that some soldier perpetrated revenue if they think it expedient. For one
diustine end will, doables, depressed upon your obacked eway, and the fall will come and' come įn- The Memorial and Petition of the Undersigned Lordship that sus grost evile have trieon iu ovitably from the very success of their dealing. osty actual argaments advanost against it. cesa, nul efforts to extend the transità Lerrible outrage, under still more shocking own part we think it altogether inexpedient,
itrade ro
Bankera, Marabants, Brokers, Traders, Hongkong from this antimited freedom of man- Your mamorislista zubmit therefors that Mr. With respent to the first argument, namely.does that renders 14 impracticable. Claims few years ago. The authorities in Kirin are the taxations an imperialiusinad of a local
enre met by a multiplication of barrier circumstances, on a French missionary onto and it would be doubly inexpedient to give and othere oarrying on business in the tract and from the practias of short-selling that Kaswick's Bill will not in any way suceded in His probability of atoppage "of business be-
Colony of Hongkong.
it has become a publo avil, that a remedy is seeking the admitted evil of which he complains, May it pleass your Lordship. tween Hongkong and other places, wow for dangos or inas caused by breaches of clearly of strongly anti-foringa proclisition character
earnestly needed, and that the limitations Impes. Fresh and ozconsive speculatios and heavy cons ask how the operation of the Bila
the spirit the Treats are met either The correspondent at Moloden who furnishes
Wo, your emorialists are ridents of anded on share dealers by Mr. Kiok's Ordinance losses and ruin la ang Bhort-lling is have that result, If it had, juste in Hong. by avusion, or
particulars of this scandalous outrage adds
carry on bwineas in Hongkong and are deeply will effectually care the disease.
not the cause of, nor one of the cases, for gvan interested in the growth and continned pros Your petitioners anst emphatically doay that a princips fentore, in the disaster, and short kong would then receive the same protection Little by little a sense of wrong nud
parity of the colony and daim the right to sd- there is any patio orill needing a remody, or that solling may be said to be, while buying on time that people in Loudon receive from the Lou-ice is created which despens as time goes to the protection of foraiguera in China, One of the first fuots which strikce drs you, through the-aathorized channels, on if there in any evil demanding attention (aud they and for the rise in macbooked. a zecessary cor lon Stock Lixchange. Only shares alloted on, and no redress is obtained, the foreign issued in consequence of the riots in the stranger to she East in his altered cirun-all ouensions when, in our opinion, that growth do not deny that rash and hazardoge apoculation reotive in the market.
Ministers being ton apathetic or too Yangtze Valley, was entirely suppressed by stances of life is generally the marked in and prosperity is in danger of being impeded or is an evil like any other form of gambling, that in London are allowed to be dealt with eareless to prase the claims and the Chinese the Governor General of Kirin, and no inferiority in almost all particulars of the malin diminished. whether by the antion of the Lecal it has over risan or can rise to the magnitude of fully represent and submit. that out asty will But your memorialists further most respect. in London. Therein consists the hardship Government too liberal and foo callous to tinution of it given to the public. on shareholders in Cuina. Tendon share-admit their justice. Everything was an end, shameful atsuck upon and imprisontun, of is met bodiend execution of duty without say We addreen you now complaining of the nonending logisiativa interferauous and they fur the evils it is brought forward to mars, but it
The and boy to the English domestic. He sees Goverment or by any other means.
pallio evil, affecting the common weal and Mr. Keswick's, Ordinanca be no means remedy holdere can realise in Chins as well as in foreign Lonton, and no restrictions prevail about however, and one day Excien pidienne will Dr. GEES show the feeling of this officiel anticipatory appreciation of his require the Legislativa Coanoil - An Ordinance to amend the most tehesitatingly dony that abart rolling will seriously impede 21 legitimate business,
towards the missionarios, and whatever metts. This, the the to has been the use of the existing oil, as is In the first place the insertion of the aum- transferring London share tothe Chin regist vield sonis large concessions she ruight may be done in connection with the satellites be experiences in making it and the law in respost of the salo of sharay j com- evidenced by the fact that no shares which bers of the shas sold in a pontract for gala es ter, Shares on the China register, unless pre-never have her called upon to make hut who so grossly exceeded
under-panies registered under the Companies Ordinances bara boen del in largely have been for time altogether change the legal charater an viously on the Toulou register, are not legal
their power
alood, speedily roduces his stock of patience. 1865 to 1986 and in other joint stock companies," many years bolow a valus which would give consequences of the document. Your memorial- tander in London, while shares in the Lam the only eated foreign residents with con- and probable instructions, the British Ge- Es scarcely experts, however, when he pays which Ordinance, if allowed and confirmed by for more or thightly maz tizan a return of 7 porists are ad visol that instone, of an ocutores registor are legal tender in China. Hud by a bonesty and fairness. This might have romment should at least insist upon the his good round doliars to thesa fonction:- Most Gracious Majesty the Queen and put into cant, which is the recognised rate of interest in contrast to be satisfied by the dollvery of any this much, unfortunately, Mr. KESWICK'S
been prodicled pars ago, but the time of its degradation of the Governor or whoover was aries to be often wat by direct iceolence operation, will unduly interfers with a very the golony, and fat its prevention will afford shares of the kind nowed and giving rise to sta Bill fails to protect shareholders on the trees sened to the last degree uncer- primarily responsible for this uncalled for and disobedience. The independence of will sociously injure many of in this colour, and any comedy to the particular evil momplained of action for damages only for non-delivery, a con- China register. If it affords
fain and indefinite..
truelty to
Yone Lordship will have noted that the sup tract under the now Onlinanes will become a an innocent man. Even up the Chinaman is of the most vilonsive will many of your politioners them nay men-
This Ordinance, first introdused in July, 1890, po tors of Mr. Kerwick's Bill have not brought bargain and sale by which the property in the Eacent event have, however, helped to posing for a moment that the officals in kind and is asserted in the cost ag by an unofficial mombor of Connoit, the Honour for want or supported it on any distinctly publie shares mentions in it is transferred from tha Bam of protection it is in making sales of London shares in Chius a little more costly, advance it considerably. The riots and question did believe that the doctor and ab- gravating manner. At home of course it able James Johnstone Keswick, applies to all gruand. There is no complaint, as when date of the contract and the risk shifted and as, to comply with the
outrage in the Yurtsa Valley and ele ducted a child, it was their duty to simply would be called insubordination, à ease shares in eft joint stock companies the provisions Locmaru's set was passed, that any great publie that the coatmet can only be fulfilled by the Ordinance,
the number of the shares sold where; if they have cractly proved the arrest fum and hand him over unhurt to his which was heard at the Police Court on the of "Lemann's" in regard to Bankshares. It institutions had been abakon: that pablo credit delivery of the precise shares enroscatod.
e provisions of the would have to be given, and this would cost last straw, have brought about 2 tacit agree. Consul at Nowchwang for trial. Instead of 5th inst, will be read probably with some forbids the sale of stares rot in the possession or had been affected; that the prosperity of the This in the peculiar sirenstandes of the aniony in Wegranie'say 84 on fifty shares, or cigimit of their forton has hem reached prepafged the accused, and taking the interest as it illustrate winst has to be put under the control of the randor at the date of colony, a whole hnd bean injured or its future will give rise to much, trouble and presibla fiti-
The T
Powers that the contenting themselves with this coulaw np with in nearly every houko from day to entering into the contract. It ragnfres tho in- throatoned. The evil complained of is that gation.
they cents a share or four cents a share on one and that common setion for the couro into their own hands most foally ill-used on day. In this particular instance we have marks of the shares to be affected by it. It very severely; in other words that very many legitimate way between London and Dungkung
gertion in the contract of sale of the ucrbors or any individual specalators in sheres had auffered hundred shares--if the abers were in good must be taken. The anti-missionary unoffending gentleman over whom their Em three gentlemen returning home at midnight randers out and vold all contracts tant do not man had been largely spoonluting for the ties in shares, and between Hongkong, Shanghai, A large businpas is transacted in the-most- cative numbers. While buyers or sellers of
We trust that What could be more sonable, or less rc-identify the shares sold by mubes or other in shares; that thair expectations had been dis- Yokohama, Manib, and other places. A max £1 or $7 shures are willing to pay ten controls are the nominal satse of action, but purn has no jurisdiction. a share brokerage, or twenty cents on the there is no doubt that esasperation al c Lord SALISBURY will insist upon most emple garded ad impositiva on any servant'e On its first introduction it is reserved for appointed, to their great injury and loss, and contracts in Talon to buy sirms in any transcelion, we fear that an additional four tamelions, treatment long continued and satisfaction for this gross and utterly inde. good nature, than to request the boy in your Lordship's consideration, and your reply that this har rosaltat from the sattus of one or company and he als now go Sin it of or eigist oonta a shars will not stop theaterless infractions of the treaties have had fontille attack on one of Her Majesty's charge to procurs some refreshment. That was that Fon saw no objection to its being two great operators telling short.
the Hongkong market, taking advantage of suy selling shares to arrive from London their idonee at last. Meantime the pro. subjects.
•
dignified individual, however; who exhibited preescut with, if the auofficial members of Your prislista beg leave to esfer your tonal improvement. When Mr. Keswick's Ordin- the pride of a mandarin in his refusal to
Council agreed. cut
Lordship on this point to the memorandamanner comes into force he will no lenger be able to contracts would not pass; there would be ducers in Ear who have suffered of
The unofficial members of Conncil sro note to Mr. Keswick's draft Bill when forwarded lose. To sell here he must be able to give the 10 becagion for contacts have folt the piach of rd times have
late through commercial depression and THE REGISTRATION OF FIRMS a fow sandwiches, did not think it his agreed upon the subject. One of them, the to your Lordship in Mr. Fleming's despatele of number of his shares. Ha conuut know that til the numbers of the shares were boen discovering that the more flative
AND PARTNERS..
pidgin" to do anything of the kind; nor in Honourable Mr. Canter, has been absent during the 2nd September. 18). This memorandum till they are actually delivered in Lundos ou recored by the mail. Mr. KHWICE's Bill 36
deed to call anyone else who might have no the entire period of the debate. The member lawn up by the thea Astlag Attorney-Gener the settling day. To wire the nabors out The following, from the Law Times, raises anch scruples. It is not surprising under representing the Chamber of Commerce kasul, Mr. Ackrord, a gentleman who speaks with here will cost much moner, more, probably, is act aimed at business for the settlement, opening of China (u trate would furnish
The question of local interest The new rules the circumstances that the defendant in the paristently opposed the Bill and divided against knowledge and experience. It states the case in than the diferance in price between the tw or even at business forward; it is aimed at alsappointment at the Don-Expansion of issuel by the Rule Committee of the Sitges caun, Mr. PIKE, lost his temper, uttered at in almost all its stages. Thu Honorable favour of the legislation proposed as strongly places £ls eacnet operate, however wealthy or the avstem of forward short selling, over the true with China, a cenutre so vast firms and persoas carrying on business in it to be regretted that the Magistrate/munity. after bearing Connsed against the whole suas of the sapporters of the Bill is supplies with greator or less forta avdorviing to dia- which there is no check-such as is provided
with respect to actions, by and against big D, and went for that boy. Nor is number (Dr. Hie Kai) representing the Chinese and clearly as it has been stated anywhere. The however legitimate his business. The same rule by the fortnightly settlements of the London pou dans, Jr been giving riserates other than their own, should prove thought the provocation received, by air. facts by which it was said to be justified and on
Bill, moved for an inquiry into the truth of the red up there. Many speeches Eave been made tance to every plans with which Hongkong dusts. Stock Exchange. If a man wanted by sells to the causes, and abke in England.
ม
sufficient extenuation of the whish it was based, and the secondar, the Hon-lettera have
in support of the Bill; vary many anonymous Germacy muttering of dissatisfactim have a valuable aid in unmasking the real PIRE & or buy a "bull" with a pear sat baru beurd. More particularly has this plaintiff or defendant, who too often finds offence, and inflicted a morely cominal surable Mr. Hyrio, was strongly of opinion that one siders anteared in the public papers on the shares and in so much lessons their parast valus.
he would exercis prad- enee. Here prudence is cast to the wind be the case in Lucashire, amung the pieedit convonient to lurk bebiad an alias | fion; bat the practice of committing the Bill need many emendmoats before it the Ordinauss than that pet by Mr. Ackroyd delay will arima.' At present a man no matter
impending he because scliers are ready la incet burns als manufacturers. In Germany, too, the Same day probably the long talked of even technical assaults on servants is not could be unafully passed tote law.
samo feeling has foautospremiou. Kullousystem
registration of firms and pariners one to be generally commanded. It is in- Ycar memoriafiets would further represent shares in Hongkong in 1989, in 1990, and in the hor busy is able to direct a broker ia s for words. nos for a fright, or a cath, but for do Review, referring rostly to the that time conce, the row rulos may be wel-ule should have been made of such an impa hide of the committees of the Chamber(consiat kay young man who have been induced on fair looking in bis safe or in his ledger. to see what' will become established by law, but, until finitely satisfactory, however, that an exain that, at a meeting of the Chamber of Cu amerce, early part of this year; that many haza hea Sail or buy rae 50 or 100 of this stock or that specially aummoned to consider the question, the ruined, not merely professional gamblers but the at such a prica" He aan u longer sell without roubles with China, mid-there was another the inconvenience of looking reason beside the satisfaction of missionary Etical manner with an evil which lal and that he should be well inod. It will exception of the mover and serendue of the B, this gambling has led in sumo engoa to crime andre, or sending to his Barkers to find out.
claims for turning attention to that country.
as an attempt to grapple in a prac.dent young vagabond as LEUNG CHAR Ho ingot the leading archantsin the eplony) with the prozaisse to buy sha-sa for future dates; that shares he has and curtaining their numbers o It is a query, proveis our Berlin con- practitioners have reason to know, has now be his pidgin to pay five dollars into and a large majority of the members declared has caused mach individus, misery.
Thang ariditèle things in themselves, bat they ewporary, whether ny of our com 2188ml very considerable proportions. Court, and perhaps in the future he will be themselves against the Bill as interfering with Your maorialists admit all this, but potet will check und shock largely the trasdom of sale
on the subject of Cabuse trade. It may *mercial people have cyer tingut seriouslyThe object of the committee is to compel little less particular as to what his the free of trade and on the ground that it again to the foot that there is no allegation of and the number of transactions and wil stoculily
disclosure whore it is expedient that it" pidgin" is.
afforded no adequate ready tir the evil against any direct pablie evil as in the duya of the Stock lower values. which it was directed.
| Jobbings Aois, or af the date of the
of a mordant has purchased 50 shares in a com- TORT amorialists, therefore, in fls Art Leemane's set, and they care four Lordeby's pany by their numbers and enters into a contract origmad seller failing to deliver, is altogether
place enbait that yone Lordship's instractions wy onzest attention to the tat. that, aliks is to sell thera af the next monthly witlement at un apecious. Hankruptcies are fortunately not
with reference to the passage of thin Bill Me Ackroyd's memorandum, in the spacchics and enhanced prins to whom he sells has those through Consol has been disregarded, and they letters in support of the Bill, as well as in the shares under his soutel and resells for the suga Bill, to take intr sideration the gente dif considered a fatal objection to a Bill eien.is the development of Olies liability of their partnera is well worthy of bay by the Hon. Mr. L. E. W. FORREST, the focanoes of opinion that exist in the Council short-selling, is scammon prasties asserted to be dont with in such a fabion is not anusual. If neers that the Bill is deliberately aimed, not at alphabet. That the same lot of shurar should be which will came that untion to dupy the Intel ia do so auch good at the Shames thoughts of Europe la the fututy. It has the attention of the Hongkong Chamber of hence the witver party will no fault again, the the colony on the subject, and to eximin indulged in by many to their ruin, bet against the original wonder. for any reason whatever, i Regulation Bill. Practically, however, the
short-colling as practised by one or two indivi, unable to deliver these identical shares when the Bil will make little change in the position an
bean repeatedly ponted and tint Ger. Commerce. If an Ordinance was passed doubt the queation afrosk and on its merits
The better to enable your Lordship to deal dual operators who, as Mr. Ackroyd plainly date comes, see the confusion. None of the regards bankrupta failing to deliver. It such an trade regaires new fiols for enter. and firais were allowed to register their part of that metal, and it is probable that specan-with the subject they have to premise that ander partes it, by their short sules rule the market, cthors are able to deliver as per onntract, aren endeavour to legislate further in the interests "nera and the amount of each failure takes place winter sailing circam-prise, in which it may grow and multiply fiability was named, it would be a great setention, which indeed has already begun, por-es Provisions of the Companies Ordinance depreciate all ateoks, and rain, sa is alleged, the atthough ready and willing to go into the market stanes the loss bas to
has to fall ou someone, and
and tray of other shares. Each purchase is able int now being pursued by many Europera coun-Board in business to merchants, as it has a little prematurely, will force exchange in with pat Gecessary part of the i will be the same after the Bill comes intuiries and by the United Stuks is closing would give a full apporteuity to persons the offorts of Bir DAVID BAUDOUR, Finance/astinery of ilk past Lande Banks, insurance has boun during the last for yours very great his contrast are not taadered and to refuse to up before the end of the year.. Referring to
Your memorialists, while admitting that there to sue for damages if the shares eanmerated in operation. Whatever else that be
be stiñ (1
markete, Kuhlow proceeds: The having dealings with cut testin Minister, to start a discussion on the merita mintar, bailding, trading, and investment cam-ividual wisery and infiering, and while acknow markets makes him anxious to get rid of his compostes (ure and parina), monfueturing, gambling in shates, very heavy lowong, mach in. take delivery of any others, if the state of the favour of a continuince of tho present trany system it certainly cannot be contended that [« remains open is the East, Chins is cor/time the effect would be that every firm of a gold coinage for India, M., FOREST panies whose operations extend over all parts of i ledging that it would be desirable, if it were bargain.
only part of the world therefore which curtaining the financial position. In the ovetem is so excellent that bankruptetes «aiïily the movie In "oprotection Ordinance, otherwise they would not enjoy opinion that America has got her bead su which was estimated by Sir George W. Desenlation that periodically rides rampant over of Mr. Keswick's Ordinsove will render elow and
said-Wa on this side are generally of the Fast and the market relae of the shares zu possible, to eback and control the spirit of epe- with the ad comply can take place without involving inrecent al is well known for her refiting na hestanding and credit of registered far 18to the silver noose that she will never! Vouax in September, 1889, at sixty-three millions ( al modern forms of investment, most respect diffoult of anagement the operations of the
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six months or a year. As to the second argument,
in the eafe to ascertain the numbers
or marks of the shares to be sold, we will not insult the reader's intelligence by entering on the supererogatory task of an swering it. The tani argumet, panely the inconvenience to salsequent deniers in the same parcel of shares in the event of the
better outlet for their -
-goods.
+
comed
[544]
a
be that the boreal expanse of water whidrelookd be made and to dobar the litigant constitution and customs of the peopleciated of fighting under false colours. It practically divides us and also the peculiar from the privilege hitherto much appre have ripped the blosson of entornise bois to be hoped that this object will be
“successfully” attained," The practice of
THE SILVER QUESTION.
The interminablo silver question was refer-
Phat there has boon excessive gambling ins
This largely mits the transmissibility of
In the local market many dificulta and mnoh
ab aquest that a remote contingency sael fa fore the fruit sensor was 25 hand; and yet Chinese amongst themselves of Husting the red foat the recent meeting ofthe Bark of Bomber of you, before advising Her Majesty on the leffare and addresses in opposition to it, it up-data to Cte ressli to 1, and we on through the
as that suggested in the putition need be
parties in loss.
uf
ja
10.
Bank have
After pointing out this the protectivo policy fit
time as far us Europos or any other
ed into commercial relations with China"
extension of
a lit.
of any standing would
is
their business
· The
five
s'in
there have sprang up Hongkong in oporatory for a rise.
In many other and smaller ways the action
In conclusion, your memorialists most respost
(1. That this Bill of Mr. Keswick's has been
pressed through Council in opposition to Your Lordship's instructions, that it is op- posed in a greater or less extent by three of the unofoil members of Connoil, and that s fourth is absent and has been absenv during the debates; that it is opposed by the Cham- bor of Commerce and by the general feeding of this cordiaữrcial somunity.
That no public inter ets are at stake or are involved in the Ordinance, Tąk ouly th relief and protoction of private individuals, who have only themselves to blame for their losses.
(0.) That it is aimed, confessedlý nimed, at one or two individuals and that it is not even alleged that short-selling is goooral ee generally practispi
(4.) That the ovil complained of—mak specula- tion in glares and the consesjuent losses -are not the rask speculations and losses of shortelors, but the rash spéculations and losses of impeonzious purchasers for a rise and that the prohibition of chart eslaz wil neither provont persons whimetal by the gambling spirit from speculating for the rise at any tima harenfter when things look promising, nor will it prevent the 924- quont remotion, haary fill, and serious Ins that must always follow on act operations whether there is or is not short-selling to aggravate the position
be able to withdraw it, and we have there. of kallags
fally enbait for your Lordship's considerations marki,& ourke ja which of all others Locking down the list of signatus wa polities are concerned, so long as Cues Bras would be to keep the busines in their gold currency as at present, beyond the Bust thoro sheald to a free and opan markat for ad, has not in any neke dagres brought of all shares to the injury of all local companies
The effect of this on respectable Chinese
It is of the very cringe of the limited liability this short-selling, to prevent which she spoudy action is needed. This will diminish find that the petition is signed by only two
fore declined to discuss the questiin of principle on which all these companies are founded Kostwick's Bill has been introduced and posselas and transations and aladily lower pricen herself can be left alone. Nevertheless hands. The Chinese themselves are quite region of practicable seunomics." out of the seven banks in the Colony ander Expopean management.
there was a certain out of trai
In his their shares, and, in Hongkong, avery large and about the existing state of affairs in the colony, and of basiness generally. kerud butwein China and Europ in existetice at ready to adopt a system of registration, inquent remarks be favoured the vis valcable trade sprung up in the shares of the and that its prohibition will not in the lesst Bank and Chartered Mere Charlerod :
tis tizan of the ancient Romans and also evidenced by the petition they presented on that a low oxchange had promoted the export local companies andet others connected with the check Lo gambling epirit, diminish specule fully submit- signed, but the Hongkong and Shanghai |„
the subject of bankruptcy in 1899. Having Bask, the Now Oriental Bank, the National during the Middle Ages. The Baglish the Hank of Cains, the Comptoir Nationalbave been the piousers of this trade since suggested sundry amendments in the bankde of India, but said that whether ex- East. A very large capital, estimated at many tion is the tature, or rarder it less injurions d'apte de Paris, and the Bank of Obies, the seventeenth eutury, when they onles ruptcy law the petition went on to say-As change rose or fell he was still hopeful millions of dollars is employed in the trado, in a crisis. They nether shit ins What we all whiob is not merely local hub sentences in a not materially platacing to prevant gambling an alternative to the above, the petitiour fear and dread," he went on to say, "are the and San Francismo, Bombay, Singapore mud problutions contained in Mr. Koswick's Ordin-
India would hold her own.
ramifications London and New York, Calonția or to diminish the evils conquent upon it, the Japan, and the Straits are absent from the Then fodews
would suggest. that a nep
new Ordinance might sa sketch of the course of foreign | be enacted requiring masters of shops and Violent fluctuations of cxelange which canec Shanghai, and a very large number of perso fist Altogether the signatures amber a trade with Chis, and the gradual growth of
have will seriously interfere with all kgitimate hundred and fifty nd, of whom smerus commsitial relations with her, relate wal amount of their capital, so that the-overnment-of-India will join in
partners to register their own Dams and business operations to become nothing more are interested in the trade as investors, dealers, business in shares and stooks, and will an hamper
tha thirty-five are bare brakes
mere gamble; we shall be thankful and brokers. or share.
busines as seriously to diminish its volume, which Kuhlor considen might he hathe furncial condition
It may be in theres of some a great-nisfor lower the prices of Shures generally-and-in u brokers clerks; there "ro" about "the"zamo number of Chiness, and about twenty ly augaunted, for which purpose it says, Ju might be always scortained without dif- say movement this will help to fix by uno that spanletion in shores and in shars degree diminish, tao actual vains of the very Parsers and Indians, not including those al conclusion: It is neessss that China"
"should be opened up to us and that into culty, and in the ease of business be two met The specih led to
legislation the respective values of the property, as distinguished from investment, bas farge and valuable share property that forms so Boule sprang up in conuotion with joint stock at important an slawent in the general prosperity ready counted amongst the brokers. The
coming successful the creditors might petition purports to come fram all sections tard, and this out any spa make the anaster and his partneré settle newspaper correspondence, Mr. A. Fuss legitimate braaaat tuserally recognised of the colony
of insoparably In the Grat hans, the colony has recently comulumits, and the fact that the pro-be introduced, and this will only maples, the debts in proportion to the number of BRAFORT alleging that Mr. Pornner stood unuscted with and meadial to the full develop. passed or is still passing through a very severe waters he lamers able to secure only a hun which we have every right to suppose avatera the object of elf the partners affirming revolution passed by the Romlay Char- the continued sxistence zail encaras of the grant causes Ânancial and otherwise, srising in Eng "shares cach holds." Under the presont alone in his opinion and emoting the follow-ment of the principle of limited liability and to commercial orisis arising mainly from gumaral dred and fifty-five signattires shows how
that we shall bave a large share," numerically weak the opposition to the Bill
frank enough, carlainly, but it is somatirum that gets into difficulties is to keep in the backber of Commerce by a very large majority oumpaalas and corporations founded on that laad and Anisarion, and only in part from local The covace #notustiore in exchanges That they deprecate Frinciple, by means of which mal vast posts avents. It is true a number of very influentaall to be frank. Cho na long been the ground and leave somo man of straw to pass ve years ago the currency. While of capital have been got together and sach im- have caused heavy losses.
Extensive spocata- numes o found amongst the signatures,
*** mense enterprises commocoed and carried out. Lions in exchange have brought more than one the inconveniences of constant| but a larger number of equal influence are oyster which the western cannerem world through the Bankruptcy Court: A system any interference with the
has vainly sought to open. The shells of registration would afford security to the change, they are of opinion absolutely froo aad unfettered my is tho trade arising and locally operating there has bo tu
In England and in terima slike this trade is house to the ground. Anwng the causes locally absent. The opiniou of the community way
creditons against this kind of trickery.
absolute failure of many planting, mining, and Farbays be fairly gangel, by the banks the elastinate bivalys have been forand a only two out of seven supporing the appo-the part, tilstrup i kaptein ja Partnership Bill introduced in the Hcuss of alter cousidering the question from all sides in any of tha rezug nised actinies of outer on, in
Lorda last year by The Lord Chancellor, but that the fall in exchange leaves a balance of cation, orange, a pig in, and mon am free to trading companies formed here in 1833,-sad sition. Siganturos have been very cariest has been continuous and all offord to get it which did not pass into law, provided for bengis to the commerce and people of India, bag and soil shares for out or on time, and to regent as of the monies invested. This ly canvassed for, and the promoters of the prize within hayo hitherto been vain. the petition have taken care to shield at The feat will be adhered one day, and it the registration of partnerships and the day in favour of allowing things to run enter into contrants for the sale of shares that has exippled sisey. Other campanion Bosted
for a dividend paying paint of view, and much from the nipping frosts of public enticism may be worth the consideration of the Pe- respective liabilities of the partners. This their natural course." In reply to this nn- they have not to band and must go into the the sere period have not yet proved a sabes Spatulation in shares, us in calion, and sngue, money la hopelessly looked up there. As stated by withholding is from publication, but with king Government whether the obstinate perish effect what the Chinese want, and such other correspondent suggests that size 1888 market to acquire all their teiler care and sulisitude they have severance in their present irritating policy of a system of registration would, we believe, there has been a great change in the opinions and pig ires, has ocasionally haon pasbad, in by Sir Ganges. W. Des For sale
bald by the majority of the Chamber, and Englaul sad Ameriw and in every oftilized to your Lordship of the 31st October, 1866, only been able to raise the movement, to breaking the Treaties in small matters au be an excellent thing for the colong.
Baka- Has it not been made powerfully country in the work, to extremes and great No. 3. thirty-fire companies with s paid- manifest by the fierce fight of our recentez-loss have breu afered and great orju feeble proportions. They have even gone so viuluting their spirit wherever possible is not
wy ospital of over million of dollars perience that the oue assential now required brought abemt; bat, with the exaoption to be were formed in Hongkong in 1885-1880. promote the development of India's trade mentioned hereinafter, there has boon no legisla- These ausbaut fe way henry loss and Ative interference with this limited freedom for much of the individual distress that exists in a stable exchange, and that the necessary of contract, and legislatures have again and arising from local causes. The failure complete The suggestion advanced by a Straits degree of stability cannot possibly he agalo refused, while recognising so undoubted or partial of these companies has directly affected ingten for interfering, in what seemed To the list of recent outrages on for- conteraporary that the charge for ed
an international compact 'to evil, tc apply the iomady sought to be applied hudhods of men and has rooted in all directions a very hartuless way, is the domestic poli- eigners in Ching the case of Dr. J. A. Gagau the military contribution should be met by as by legislation the respective values of by this did usages in de sought for ba ju lowering the prices of all other stacks, in tics of the United States, and
No later than this present Session, the Par diminishing credit and in producing the crisis, really will have to be added by the British Minis- the imposition of tonnage dues is one which the two metals Every one engaged cannot see what right the United States vor. This oidruge, of which fulles par should not be allowed to pass without pro-in the Eastern trade rust, we think,liamset of Grost Britain has refused to inter new schonenly attributed wholly ned utirely Vice-Consul at Amoy has to sign petitions ticulars are now to band, took place in test. The Penang Gazette admits the justice agres as to the desirability of a stable cafort with the absolute freedom of the trade in to short-selling.
There have be, it is true, heavy speculative relating to the legislation of this Colony Manchuria, is the provines of Kirin. Dr. of imposing imperial taxation in order to change, that is, every one who prefers pig iren and in the sale of warrante erefor, by However, the weight of a parition is to be asia, who belongs to the Irish Presby provide for imperial defence, and proceeds sound trade to mere gambling; and the ring the insertion in aneh garrants of the lassus in sharus and the recent considerabila fall amber and marks of the impa contested for. in the value of some stocks is erroneously at- judged more by the character of its arguerian Mission, was returning to Kwancheng to advocate that this imperial tax should be only way to secure stability le
by The wvity complaind of were the sauna, the re-tributed by Me. Keswick solely to short-calling meuls than the number of its signatures; if zu, in Shingling, from Kirin, whither he leved in the form of touage duen. White so the adoption of the bimetallic system. It medy proposed the antue that objections the Year petitioners husbly submit that the rest the arguments are forcible in themselves it and bear on his usual monthly visit di are not disposed to join issue on the abstract would be fatal to the progress of India to same. Why should the Legislative Council of reason is the natural reaction fellowing on s is unneœsary to dwell on the cher-pensing, medicine, a work of charity and justice of a uniform imperial fax, we are adept a gold standard, as unggcated by Sir Hesgkong be permitted to interfore with the market unduly insted by accrivo sporulation, soter or standing of thous by whom they are benevolence which should have seened him constrained to do so most strongly on the DAVID BASEOUL. Gold is too expensive freedom of leads in a way condemned as un- and intensified by a real fall in the rains of many advanced. Ett in the petition under notice from ill-usage, for the medical missionary is ground of expedieney. A tax that might and does not exist in sufficient quantity to suitable and convient by the wincon of the stocks owing to losses, etc.
Your momariste unhesitatingly assert that a The earlier por argument whatever. generally welcome even in Chius, where bob a convenient way of raising money in supply the currency requirements of the nerial Parliament when dealing with o pra
portion of it is made up chiedy beals the body es well na ruinisters the one Colony
dusa, for instance, might appreciated its value enormously, and if affecting the sale of shares be one thing in Great recent crises in the least share market: fist the
Heitsia and another in Hongkong?
misabiat in dones not by the professional gamblare when the petitioners come is argement as more for the tabernacio than for the spirit. be comparatively unubjectionable at a ter India were to adopt it as ter slaudard ske Your memorialists, therefore, pray your Lord and speculators bat by the foolish men with little can they find to any that they are It meeras some boyu followed the doctor's nainal port where there was ug transit trade to work, do so at great cast and would be ship to refuse to sanction this Unlinares on the ont money or with insufficient resources to driven to plead that the measure should be travelling cart for several miles, and then boconsidered, but at ports of call such as those placed in possession of a standard not near-grind that is a dope to fly in tougheng speculata for the rise, buying stars that tim teallowed because it will be some trouble to not being encourged they disappeared of Hongkong and the Straits Settlements, ly so well adapted to her requirements as England, and so attempt to apply in Hoogkong are unable to take up and per for, that they an the seller of shares to look in his ledger or safe Whether these young rascals returned and which are dependent almost entirely more ter present one. Let her adapt bimetallism priuaiple which the Forliament of Great Brically handle, under any sorible combination of to ascertain their numbers or marks!
concocted soros atory to the effect that so in Hongkong than in the Straits-on by all means, if circumstances and the stain has quite recently refused to apply in Eng circumstances, by the aid of Banks and other
kend in o.like case. Dr. Gusto bad abducted one of their their shipping trade, poly ought to be tion of other Governments render such a The one crooption to which reference has bean An Ordinanso forbidding men to enter inte number.
·· THE OBSTRUCTION OF TRADE
whether the report was put by all means attract shipping, and to tax course possible, but to adopt the single made is the Imperial Act known se Leeman's catruota for the purchase of shares that they IN CHINA.
into circulation at the last place at which it is certainly not cadoulated to have that gold standard would simply be to invite lone Act but that Act applies to Bank shares only, had no means of aging for and ne ressonable he stopped, is not very dear, but such a effect. Admitting that it is reasonable the aud disaster fadio may or may not bara and was passed to remedy a serious public oil, expectation of being able to take on when the The policy so markedly adopted by the canard certainly did get abroad, and was the colonies should contribute to the cost of improfited by the fall in the exchange value of the injury to publicoredit and to the stability of time cams, might be effective to check the gaz Chinese Government during the past decand insediate age of the indignities, beatinga, perial defence, they ought to be allowed to silver, but whatever profit there may have great financial fustitations through the deliber. Eling spirit that prevails from time to time, but of doing everything possible to curtail und and detention he suffered subsequently, for raise the amount of the contribution in the best from such cause must necessarily depreciation of their stook by moon of short to Ordinazon, howevic strictly anforowd or Löwarer effective that only stopy short-selling, bandicap foreign trade, by throwing obat midnight he was roused to the inn at dinner most convenient to themselves. On hura bred of a temporary character, and it „No snob orilo káva, in fact, arison hero or are will ever prevent wealthy men from operating Staklen fif tig way developing the Inland which he and his dispenser and obtelual wint basis the amount ought to be fine) le hit siready disappeared in grant part if not likely to ask, and your memedillata ferilor, for a fall de impetuniets dan from buying for à
for afield in their search for signatures as to calculated to hasten the crisis they four.
secure that of Mr. FALES, the United States!
Vax Courul at Amoy. It is net long sines n THE ATTACK ON DR. GREIG, British Minister was ro.calls from Wash
THE MILITARY CONTRIBUTION": A PENANG SUGGESTION.
to
of misstatergents on matters of fact, and soul, and the matorialist. Olivese care vastly another. by fatal to tiis prosperity of world; the demands apon, it have already sisely similar subjest? Why should the law short-selling hra not brought about suy of the
Ezios,
Baancial institutious
(5) That short-selling, if it has tmul any part in revent losers, has had bat a small part and that these Town one easily and well be as counted for by well-known Esota in the his tory of the past three yeora. (6.)-That the role of law now introduced wil seriously hamper all legitimate dealings in shares and chinga tha legal character of the controls for the sale of shares on timo, will stop all dealings with plenes outside of the colony, and will in pode the local business, to the injury of investors, dealers, and brokers slike, to the dimention of the value of the shares in lol companies and to the injury of the trade and prosperity of the sology. (7.) That it is a serious and one-sided intar ference with the freedom oftendo in a busi- Moss now naiversality recognised and practis , anauthorized by any precedent in the gisktion of Great Britain or of her colo- nies, and condemned by the experience in the paat of England, America, France, and e- many. Your petitioners therefore humbly pray your Lordship
(I)-To take this their respectful memorial and petition into your earnest consideration. (2.) To advise Her Most Gracious Majesty the Queen to disallow the Brdinshes in- troduced by the Honourable J. J. Keswick and passed, by the Legislative Council of Hongkong untitled “An Ordinance to xmend the law in respach of the mala of Shares in Companies registered under the Companies Ordinaunes 1965 to 1856 and in other Joint Stock Companion."
1.
(3) If your Lordship should deem any legiala- tion in the subject of shares and share denie ing desirable, to direct s bomalvoton éf inquiry to take evidoned and report on the sabzout.