Page
THE NATIONAL BANK OF CHINA, LD.
ANNUAL MEETING,
Thu notice calling the meeting having been
reed,
THE PONGKONG DAILY PRESS, THURSDAY, JANUARY 22ND 1903
PENINSULAR & ORIENTAL, which I have referred will ohledy affect our first.
STEAM NAVIGATION CO.
The sixty-second annual meeting of this company was held on the Dusomber, at 122 Leadenhall Street, ondon. E.C.; Sir Thomas Sutherland, G.C.M.G., LL.D., in the abair.
in
two yeur, when
THE CURRENCY QUESTION.
THE PRESINT POSITION
EASTMAN'S
FILMS. KODAKS AND ACCESSORIES
The disparity between gold and silver has for many years gradually become more and more pronounced. It has now become a burning question for those countries whose mediam of exchange is silver. It is useless to attempt to DEVELOPING AND PRINTING UNDERTAKEN. revive any scheme of bimalallism. Whatever may be the benefits of such a scheme in theory, the practice of the world has made it to be impossible. The subject may be of academic interest, but it no longer enters into practical politics. This paper is unt intended to di-ousa any theoretical question, but aims at immediate action with a view to remedying the present condition of affairs,
Trado has become exceedingly difficult in China owing to the continual and ruinous fall in the value of silver. We are not concerned hep
GOOD WORK. PROMPT RETURN.
ACHEE & CO.,
L
WE HAVE AN ESTABLISHMENT SOLELY DEVOTED TO EXECUTING WORK FOR AMATEURS, AND WE HAVE LARGER AND BETTER FACILITIES hother this is due to the depreciation of FOR DEVELOPING AND PRINTING THAN ANY HOUSE IN THE COLONY.
to the rise in price of geld, or to any o come. The fact remains that the price of silver as compared with starling is very seriously hampering trade. It is perhaps ton. strong a term to say that trade has become paralysed. If, however, the exchange continues to fall the term will be in order. If this connection I do not propom to diemia what has caused the fall of silver or whether allvar is likely to rise or fall. I do not believe anyone can prophesy with certainty as to what silver is likely to do. One can only say that the indications seem all against any permanent riss in the value of this motul,
An attempt to arbitrarily force up the value of silver is almost certainly foredoomed to failure. Th Government of the United States seriously tackled this problem but was compelled to abandon the scheme when it became apparent that all efforts would be in vain. If a wealthy country like the United Braten has been compelled to abandon the attempt as an impossible one it is needless to say that it would expect China or any com be more than folly bination of silver-using countries to succeed.
We cannot conceal from ourselves the fact that the day of silver as single standard of exchange has gone. It would even appear the commercial world has come to the conclusion that silver cannot be used as a medium of exchange either as a single standard or in any combination with gold, such as bimetallists pro- world have give up silver is a suffeint evidence of the truth of this proposition. In the face of the actual practice of the trade of the world it is useless for practical purposes to argue in favour of any silver the:ry. We ara then face to face with the following facte:
1. All the important trading nations of the the exchange of commodities.
Chins is now the only large and important nation in the world which continues to use silver, 3. The ranks of silver-using countries aro being rapidly thinned by the replacing of river with gold. As recent witresses to this one newmight point-out Japan and Siam and that similar action is proposed in the Straits Settlements, the Philippines, and elsewhere,
-service-- au
4. Trade is becoming increasingly difficult in this country owing to the diminislung value of silver. The import trade is receiving a serious check owing to the enhanced prices in silver required. for all foreign commodities and the difficulty of doing business with a medium whi h is so constantly and violently Boctuating.
17A,
PHOTOGRAPHIC GOODS STORE,
QUEEN'S ROAD CENTRAL.
FEW DOORS EAST OF HONGKONG HOTEL.
Hongkong, 15th November, 1902.
VICTORIA
AGENTS FOR—
LITHOGRAPHIC
3, DUDDELL STREET,
[30
PRESS.
LITHOGRAPHIC AND MUSIC PRINTERS, PÅPER AGENTS, &c.
EACH DEPARTMENT UNDER TRAINED EUROPEAN SUPERVISION. LATEST
MACHINERY FOR PRODUCING FIRST-CLASS WORK.
MESSRO. PARSONS BROS., PAPER MERCHANTS, London, New York, and Sydney.
Loading lines kept in stools.
[160 cot, though that will naturally follow in drunk, as the most careful man does not take future years. Silver subsidiary coins, of course, the same examination when he buys mineral must be issued, but these coins will only water as he does when he buys medicine or
The Government should also issue notes through appearance of defendante' label, taken in cou are in all the gold-uring sountries of the world. constrained to say that I think the general the regular obaunel of an authorised bank action with the word "Tansan" appearing imperial gold currency notes, based on the upon it, is calculated to deceive, and security of an actual gold reserve, to be absolute believe that the average purchaser of this y controlled by trustees beyond Government character of a commodity would not, and interference. The denominations of notes and should
80 not be required to carefully
class outward or sterling rato, and in that connec tion we shuli propose a reduction not only of 10
Ty tho N.-C. Daily News, there appears a per cent., which we added to our fares somePlea for Immediate Action with a View to the two or three years ago, but a reduction of some Establishment of a Gold standard in China," The twelfth ordinary annual general meeting
16 or 17 per cent.; and with that low rate in written by Mr. Edward S. Little, of Shangbai. of shareholders in the National Bank of China,
sterling we shall bring or rupea rate in India Mr. Little writes as follows:--- into harmony, so that in future, whether our Ld., was bold at the oflices of the Book at noon
passenger rates upwards or downwards, they yesterday. Mr. C. Ewens (chairman) presided,
The SECRETARY (Mr. G. F. Johnson) road the will move on what I may call a sterling basis. and the others provent included Messrs. Jnotice convening the meeting.
We intend also to differentiate the rates by our Lauts, Chou Tang Shan, Chan Kit Shon The CHAIRMAN-Gentlemen, I presume you mail steamers from what we call our inter to say from our (directors), Hon. G. W. F. Playfair (Chief will take the report as road as usual. ("Hear, mediste steamers--that Manager), Fang Wa Chin, R. C. Wilcox, E. hear.") I have, therefore, very great pleasure steamers which ran at an average speed of 15 in moring its adoption, and I venture to any knots, or the reabout, and mar steamers which Kadoorie, H. C.. Wilcox, E. W. Terrey, and H. that the statement which we place before you run at an average sped of, perhaps, something -Pinckney.
today is upon the whole the most satisfactory like 114 knots. In short, we have done our best report which it has ever been my lot to bring to achieve an equitable tariff, which will come under the notice of the shareholders (Hasr, into force from January Jai, but I am not vain beor whether we regard the state of trade enough to suppose that we shall ever invent a The CHAIRMAN Baid-Gentlemen. in eab and of the shipping interest generally, or the tariff which will be cheap enough to please mitting to you the report and accounts for the amount of the dividend which we declare, or everybody (Laughter.) It certainly does not past year, which, with your permission will, as the very handsome appropriation which we appear to me, at all events, that the cost of sea namul, be taken as rend, I would point out that, recommend in regard to the reserve or sinking travel is excessive. Why, you may go round fund of the company. Gentlemen, the dividend the world at the rate of a penny per mile, or notwithstanding the abnormal depression of the and bouus, as you are aware, amount to 9 per thereabouts, with four meals thrown in every past twelve months, our profits are nearly as cont, on the toral paid-up capital of the com- day. (Laughter.) A second class return tickets much se last year, but owing to the heavy pary, including the bonus of 3 per cent, and I betwor London and Bombay will work out at should like spacially to call the attention of three farthinge per mile, and I should be decline in exchange it takes nearly $12,000.00 the shareholders to the fact that the bonas is extremely sorry to think that our passengers more than we paid last year to pay the same absolutely identified with the safety of the would lose weight as a rule in the course of the dividend in sterling. While on the subject of company's fleet and its immunity from Day-voyage. (Laughter.) If I turn from the exchange it any be as well to mention that the thing approaching a serious accident, which is revenue to our expenditure I may briefly say happily the case on the present occasion. I that the most important fatare in our ex- time appears to be approaching whoo it may be have looked back to see what the effect of that penditure is a reduction in the cost of soal the extent of £21,000 during the advisable to bring our shares more into line principle as regarda the payment of a bonus to with the present ratio between gold and silver, as really best for a number of yours. And past year. Bat shlongh we have diminishod
I find that looking backwards for thirteen some of our expenditure in other direct ze, either by placing the shares entirely on a silver lusis, if such is possible, or else by redne. years amely, to the date ou which we tione, I am sorry to say that our general
reduced
our capital account to its present charges still remain at a ve y high point. I ing the sterling amount of the shares to their limita-the average payment which we have can hardly give you a better illustration of what proper equivalent of silver. I merely mention made to the shareholders has been equal to 8 I mean in that respect that by saying that only The matter now so that shareholders may have per cent, and a small fraction. The fraction this last year the London docks have increased time to consider it ; nothing can be done an that he, indred, been a very small one, because it our, dock dues by 50 per cent, which amounts respect without calling an extraordinary general outy anoints to 98. per annuja. The payment, to certainly not less for the current year than meeting, and it is not proposed to call suck, & therefore, has been really at the rate of 8 per £10,000. Again, the depreciation in silver neoting at present, but as I said before, the cert, and I think wo many consider that a ratis- which has taken place is largely adding to our time is probably approaching when it may be factory return over the long period to which expenses, more particularly in China and our advisable to do so. The unfortunate fraud on rofer, especially when we take into account that statt in the Far East would, indeed, have load the part of our compradore in Yokobama is during that time we have materially strength great reason for despondency with the exchangs much to be deplored, and as he hung himself in ened the Boancial position of the company, at Is. 76. por dollar if, fortunately for them. gaol it was hopeless to discover how he made and in doing so havo neinred the marketable the board had not placed all our Eastern value of your property. Gentlemen, eur salaries on sterling basis several years ago. away with the proceeds of his slefnications, and therefore the only proper course was to at once position is rendered on doubt more atisfactory When I consider that as your agent in China our paid-up capital is upwards of thirty years ago I remitted many write it off from reserve, as we have done. I by the fact that
small, and also that we have been hundreds of thousands of pounds at 48. 74. a ahould, however, mention that this agency has 0, now been withdrawn. I can hardly close with. uble to issue por debenture stock to the dollar, and even thought that a suficiently low ont referring to the burning question of an publie ou exceedingly favourable terms. But, rate, the change to a remitting rate of la. 74. ever-dropping silver currency. With the prob. / I think, there is another view which may bois indeed a startling contrast to that of old times, pose. That all the great trading sations of the be in the nature of tokens, such as they many other things of more moment, and I am able adoption of a gold basis in Singapore it is taken with regard to the profits of this com- Well, gentlemen, there is one feature to the bigh time that Hongkong should carefully pary, and is this that we carry on a business debit of our account which I must prominently Los only of shipowners but as underwriters, and notice; it is that very handsome charge which reconsider its position. I know that there is a
we make as an appropriation to the company's great deal to be seid upon both sides of the ques. Lust as underwriters we are exposed at all times 1.0D, and there are strong vested interests still in to very heavy risks indeed; and surely, taking sinking fund of £600,000. We have on more Intour of continuing on a silver basis, but if the into consideration the dual nature of the then one occasion charged as much as halt a basiness, the most captions critic must admit million, but this is the first time that we have inhabitants of Hongkong were polled 10-marrow I believe that four out of five Europesus would i that a return of 8 per cont, is not an excessive | ever been able to make so munificent an appro-woik tas guld as the only standard of value all coize is a detail which may be deckled later observe a label as to prevent him from buying vote for a fixed stundard. Until we have a profit on a business of this kind; at all events, priation, which I am quite sure you will fixed standard we can nover expect to attact gentlemen, I am quite sure that the share cordially endoiso-("Hear, hear ")-because it
on. Copper coine will also be necessary, All the one when he preferred the other, and that bome capital to Hongkong. To return to our holders will not consider it to be of an isa valuable measure of pressation in view of
these coins and notes will require to be backed be would hate in mind and desire to purchase up by a gold reserve in the Imperial Treasury the well-known, trade-marked "Tansan" goes accounts, gentlemen, the figures are pearly the excessive character. (Laughter.) Well, with the termination of our prosent mail contract,
and the Imperial Government must guarantee almost without the saying. come as last year, with the exception of a light regard to the scorents which we place before which, as you are aware, looma son before
to redeem on demand any or all of those The plaintiff did not choose a combination of that the Imperial Government and some Japanese language means carbonated minoral tokens in gold. Recent information shows letters for his trade mark which even in the increase in accounts and a slight decrease in you to-day, I have really very little information as at distance of our torrowings in London against curity to give in addition to the explanation which kus an convinced, whether we have (loans payable). Wo have been able to been given in the report itself. You find, entroot or not, we shall be called upon
of the provincial governments are already water," or anything of that kind, but even if under the head of freight and charters," that 10 effect a considerable additional outlay hold the annual mesting ourlier this your thou
our revenue for this year amonats to the con- connection with
jesting Government notes. It would appear bo had I think the combination of letters would your hitherto, and will continue to do so in future,
that the Viceroy Yuan Shikai la now putting be the proper subject of trade mark and not be as we have arranged that our London office siderable sum of £1,824,248, which is an excons shall close their books on 30th November of £64,000 over and abore the revenue of lest
into circulation two million teels in notes and held to be marely descriptive in a country where instead of 31st December. I have now to move year. That is entirely due to our transport
that the Provincial Treasurer of Bhantung has the meaning of this combination of letters was service, because our freight proper would have
followed suit by issuing to date eight hundred wholly unknown, and where the letters formed a that the report and accounts be atopeil,
Mr. TERREY Seconded, and the motion was shown by itself a very considerable deficit owing
thousand teak. It is only a question of time more arbitrary, meaningless word, and I there- when all the provincial governments will adopt fore feel obliged to overrule the motion to to the lower rates of fruight which baya agreed to unanimously.
5. tome remedy must be found and that im this comparatively easy method of replenishing dissolve the temporary injunction. The next item of business was the confirmation provafled, especially during the last six or eight of the appointment as a director of Mr. J. T. months, and owing also to a scarcity of cargo,
medistely. The only remedy seems to be the exhausted treasuries. This policy, if continued,
will in a very for yours bring about a sériona LATEST STEAMER MOVEMENTS. Lauls, and on the motion of the CHAIRMAN, But the transport business has been ex-
establishment of e gold standard in China.
Many bave imagised that the low price for financial crisis in this country, unless the seconded by Mr. KWAN TONA KUR, the ceptionally active since the declaration of pears
The C.P.B steamer Empress of China arrival z appointment was duly confirmed.
in South Africe, and the necessity arising for
silver would stimulate enormonsly the export Government hon stly and strictly place in re- Mr. R. C. WILCOX proposed the re-election hurrying home the traces thence as rapidly as
trade of the country. It is an undeniable fact, servo against such notes bullion of a correspon at Kote at 8.30 p. on the 20th inst, and left ding value. Judging from former experience again at noon on the 21st for Yokohama, where of Mr. Ewens as a director, and this was possible. We were so far fortunate that, having and etently in view. It is Interesting I think | however, that the export trade has not responded of the Becal methods of the Chinese Government she is dno io arrive at 1 p.m., to-day.
in recent years built a number of vessels
as was expected to the fall in silver. The prices it is more than doubtfut whether any such The 0.8.9. steamer Tydens left banghui on reserves are being pat against the issue. The the 20th inet, a.m., and is due here to-morrow, spacially suitable for the transport work, we had
of untive articles have steadily risen in corres- these vessels rapidly engaged, although at some
pondence with the fall in exchange, and this is what low rates of remuneration, and we had at
true more or less all over the Empire with all immediate effect will be to inflate the cur
inevitable result will come sooner or later, one time as many as twelve or thirteen vessels
kinds of native produce, even when required for racy and give a fictitous prosperity. The simployed in this particular duty, a business
home consumption. It is an interesting ques The notes being inconvertible will depreciate tion Аз to what has caused the rise in price in which, I am sorry to say, is now rapidly drawing to a close. Well, I do not like to pass from
purely native articles for home consumption, batin value and the Government will either refuse
that it is due to the officers of this company,
here. May it not, however, be possible that The CHAIRMAN--Then I beg to formally both ashore and afloat, that the service has hess
though gold as a standard of valne is unknown move that the London Committee be restricted carried on with such great efficiency and with
in China it nevertheless has exerted its sway in to two is the meantime, and that the re-election out the slightest interruption or disturbance to
this country and is responsible for the rise of
of the third director is not zeceŃRITY,
the mail service or to the ordinary operations of
values oven though the laws governing such Mr. Kapoor seconded the motion, which the company. ("Hear, hear." As you
may be wholly unknown to the official and was curried without opposition.
perceive by the report, we have carried during
mercantile world of China? One has noticed On, the proposition of Mr. WAI KEE SANG, the last three yours 150,000 man and upwards,
the rise in value of land as well as of com seconded by Mr. CHAN HER, it was agreed and several thousand animals, not only without
mesities and though the price in silver is much that Mr. K. C. Wilcox and Mr. A. R. Lowe, the shadow of a single complaint, but with a
higher than a few years age it is not improbable a close investigation of the subject would show chartered accountants, be elected auditors to aut chorus of satisfaction on the part of the com.
that expressed in terms of gold there has been jointly or severally at a remuneration of Sanding officers who had charge of the troops such, or 200 for a single audit. It was further embarking on board your flest. I do not say able to say that we have given the Government no such violent factustion as world appear decided that Mesers. Deloitte, Derer, Griffiths for one single moment that our work has been very excellent quid pro quo in connection with from a mero sorory examination of the question. the payments we have received; and if we ware China's liabilities are practically all expressed and Co., chartered accountants, be re-elected better in that respect than the work of our
to be put on
footing with our foreign in terms of gold, the result of which is that the cur door. auditors in London at the same remneration neighbours, because the transport service in con-
2. The establishment of a national lank with notion with this late war has excited the ad- competitors-say with the German or French amount of China's debt expressed in terms miration of the world. ("Hear, hear.") Bat it companies we should require a very large addi.allver is steadily piling up, and in spite of allohief statione in the strategic trading centres, is gratifying to find that His Majesty the King tion to be made to the subsidy which we now payments on account of loans and indemnition say at Tientsin, Shanghei, dankow. Chungking, & SCOTCH WHISKY OF EXCELLENT
The very interesting report of the not only has the total amount not been reduced and Canton, This bank must be the medium intends to recognise the work carried on by the rchive.
through which the new coinage system is to be officers of the mercantile marine in connection Select Committee appointed by the House of bat the payments en the same are insufficient to
put into operation. Its managers must be with these expeditions, and to distribute medals Commens to consider the question of shipping account even for the difference in exchange. beyond the power of interference on the part to the men who have been so engaged; and it is, subsidies has just appeared. The Committee. It is impossible to say whether or no lis
of the government in order to insure con- surely, a matter of additional gratification to na was appointed chiefly with a view to consider movement will continue. As already stated
#dence in the absolute honesty of ita administra- in this room that our i te colleagur, the present whether the progress of foreign shipping had there seems nothing in view to provent further
tion. There is already an elaborate mercantile to Becessitate some and continuous falls in the price of silver. First Lord of the Admiralty, will be closely not become such as identified with that recognition of the mercantile special bounty or encouragement to the ship- Both from a trading and from a Governmental banking system in use in China which works! marins to which I now refer. When we pass ping interents of the country. The finding of standpoint it is necessary to find in China some quite smothly and which could be made to fit
in with these national bazke. from our freight to our passenger traille we find the Committes is in the opposite sense, and they more stable standard loss subject to external that the total receipt amounts to £1,318,926, sxpress the view that subsidies should only be indsence then silver. The only metal available and that is very early £6,000 under the given for valae received. This was the only is gold.
A GOLD STANDARD FOR CHINA. figure of last
which year,
was a record peasible finding, lo view of the evidence sub-
The action of other nations and the condition year. I may say in passing that this pas mitted, and this has always been our opinion. sage money is almost double the amount The Committee Lave, however, dearsed at of affairs as ontlined above, are gradually forcing of our revenue in this department of twenty advisable not to confine their judgment to this all classes of the community to the conviction I might attribute this slight important and other cognate points, but have that it is absolutely necessary, in order to saPA years ago.. the trainere som to call all sorts of animals decline of £6,000 to various causes. I might soured, if I may say so, into the region of phi the situation, to introduce at the earliest possible attribute it, for instance, to the unfortunate lanthropy. They appear to enggest that the moment a gold standard into this Empire. Al- ponies. "I will sent round your pony at eight state of affairs in Australia, which has undoubt Government should, in future mail contracts, though. China is a debtor nation, there is o o'clock" is a familiar plisse to me, and in two edly arrested the traffic in that quarter. But stipulate for reduced rates of passage for the insoperable obstacle to the adoption by China cases it has always portanded the arrival of an in reality and wore properly, the slight deficit thousands of Government officers and employés of a gold standard. There is sufficient potential to which I refer is due to our own liberality in whe travel to and from all parts of the world, oud actual wealth in the country to bear the animal of quite 14.2. d have searched for autho- cheapening the price and extending the term gronting whatever additional subsidy may be strain of such an enterprise. The following rities for some, time past, and only accident" of the return passenger tickets, which we now necessary, at the east of the general taxpayer, suggestions are made as to a possible means of ally come upon on the other day. A pony, I grant at a reduced rate for a period of to meet this desideratum. At a rough guess in introducing a gold standard:---
I find years.
I. The establishment of a national coinage, repre- the case of our own company, I should think this. find it stated, is strictly applicable to an animal two ander 13 honds; above 13 and up to 13.3 thetalice in Bombay, where a large amount of arrangement would probably cost the taxpayer At the present moment there is practically no our traffic naturally centres, estimates that the about £200,000 a year. But the noenlightened coinage at all in the Empire. It is true that creature should be known as a galloway, and sacrifice at that part alous amounted in the taxpayer might surely demur, or, in some cases,
there are various denominations of copper coins over 13 3 it becomes a horse. This, however, is present year to Rs. 200,000, or £13,000. But perhaps wonder why this banovolant idea should and that inany provinces have mined dollars. There are also dollars of other countries, suols not the modern interpretation, though when the wo are prepared in this next year even to face be arrested at the circle of Government em phraseology was altered I do not know. Accord somewhat larger sacrifice if it be necessary, ployés, socing that there are many hundreds of as the Mexican, British and Spanish in circuls leppily taken place in the price of coals, we but who are obliged to travel, and who would The whole of these should be withdrawn from height of ponies shall not exceed 14 hands 2 feel bound to introduce from January lat next welcome the advantage of travelling at the eirentation and the provincial mints taken over inches," and such an animal, according to my e considerable modification in our passenger cheapest possible cost. The Commites farther by the Imperial Government. It is already pro recommends that, in future contracts, the rided in the Shanghai Treaty that China shall old-time authority, would be quite a full-sized fares, and more particularly in our
passenger face, which will certainly leave me a
Government should exercise some entrol over es blish a sintional enrrency. It will be eating horse. One cannot, of course, go against the deficiency next year unless we are fortunate freights, quoting the example of foreign fa China to establish a gold coinage at the outset Hurlingham nomenclature, but I should enough to obtain compensation by an increase Governments, more particularly the Austrian thus to still further complicate the sitnation by be inclined to say that in general parlance in trafic. Touching on the question of traille, Governments, in this respect. Probably, how establishing a silver currency and then having
it might be supposed that the Darbar in ludis, anything under 14 bouds is a peny. from the extent to which it has been written Austrian Government had recently to come to of other nations, she will be compelled to do ever, the Committee were not aware that the to change it again as, judring from the history am glad y correspondent did not ask about in the newspapers, was rapidly making our the rescue of the Austrian I loyd's Company, in the near future. The national coin might for an exact definition of a
to prevent the latter from falling into serions be a Tool of the value day of 28. 6d. It would "cob," for I fortune; bat upon a close analysis of the total could do not better than suggest that a thick-amount of traffle which we have obtained in that Snancial difficulty, and that only within the not be necessary to issue an actual gold coin, connection, I moy mention that it extends only last few weeks the Messageries Maritimes indeed in the present condition of things sad set pony from about 13.3 to 142 would come
Company-a most admirably administered con judging by the treatment to which silver under this head; the term "oobby," at any rate,
cern-have been compelled to write of half dollars are subjected it will perhaps be wiser
(Continued on page 5)
for the present not to actually issue a gold has a significance of its own,
additional outlay which I shall show you we have already begun to arrange for. Gentlemen, I know nothing whatever, and no one does, of the views and intentions of the Government with regard to the future question of the Eastern mail services; but I imagine that, at time like the present, when other countries are surely striving to supplant British commerce, and even political iofuence, in those regions where we have hitherto had a supreme interest, the Imperial importance of our mail services will be a matter which will be kept prominently is point to the evolution of our mail services daring the last thirty years. Thirty years ago we received oxaotly double, as nearly as possible, the amount of our present mail subsidy. At that time the subsidy was one-fourth of the total amount of your revenue; today it is only one-tenth of that revenge, and yet, as you are aware, the mail service is vastly more extensive, stated before a Select Committee of the House of Commons last year that the mail matter carried by this company measured no less than 100,000 cubic tons in the course of the year. We are carrying that mail matter for a half of our former subsidy, when it is pretty certain that the bulk of the mails thirty years ago was only a fourth of the enormous figare which I have mentioned, We bave been able to effect this economy in the public service by keeping pace with all modern progress and STE are improvements. It is thus that
The N.Y.K. steamer Hiroshima Maru (Bom-
bay Line) left Kobe via Moji for this port on the 19th inst. p.m., and is expected here on the
seconded by Mr. No Curu Hr and agreed to. The CHAIRMANAs regards the vency on thes Loudon Committee the directors think that in the meantime two members of the Commit tes in London are sufficient, and if greenble to you I would put it in the form of a motion.
Mr. KALORIEI quite agree with the sag. gestion of the Chairions, and shall be very mention of the transport work without saying me repid, and more costly then formerly. Ione that we do not wish to digress to discuss to honour their own notes or be unable to for this port on the 21st inst., at 2 a.. happy to second it if it is put in the form of a resolution.
before.
This was ull the business. Dividend warrants, the CHAIRMAN intimated, will be ready this morning.
WHAT IS A PONY?
A correspondent writes to ask me, says Rapies," in his notes in the December number of the Badminton Mogazine what a "pony is not the pony of the betting ring: be refers to the animal. The dictionaries which he has consulted tell him no more than that a "pony" is "a little horse," and be wants to know where the pony ends and the horse begins. The term is, of course, tory leusely used. At Newmarket, where one might expect accurate definitions,
that
oar
a
of
redeem them in bullion. For both of thesu
25th inst.
The P&O steamer Formont left Singapers
TELEPHONE No. 135.
prognostications there is unfortunately not only Imperial but local precedent. The issue of these notes is another urgent argument in favour of the immediate adoption of an Imperial gold currency and is of sufficient urgency and importance to demand the serious attention of Western Governments. As trading communi. ties we too shall be involved in any financial panis or crisis that way arise, and we cannot afford to stand idly by with folded hands and eslmly decide to do nothing, as Hongkong has done. If the precedent set by Hongkong is STILL LEADING followed by the other marcantile bodies in Chins the name future will bring dimater to
(To be continued.).
THE TANSAN” QUESTION.
DECIBON IN MANILA.
Judge Ambler in Manila bəs given judgment in the case in which J., Clifford Wilkinson
mark,
TRADE
MARK
"CLUB"
QUALITY AT REASONABLE
PRICE.
PER DOZEN
$15,00
IF YOU REQUIRE A PERFECT
LIQUEUR WHISKY
PER DOZEN
TBY OUR
$22.00
H. PRICE & CO.
12, QUEEN'S ROAD.
142
sued for an injunction restraining the firm of KING EDWARD VII Erlangor & Erlanger the use of the name "Tansan" for a certain brand of mineral water. The ruling of the court was upon a motion to dissolve the temporary injunction already granted on the ground that the word "Tansan is descriptive an not a proper subject of irade In the course of bis judgment the learned judge said--The evidence before me shows that the word Tansan" is a Japanese word mean- ing "soda" or "carbonic acid," and I am inclined to think that either of these words aloud is not descriptive of carbonated mineral water, even in our language. But even if this is not the case, the word "Tasso," either in an ing country, is descriptive of nothing, bat is simply an arbitrary jargon of letters, and as such I think the subject of trade mark when applied to mineral water, or in fact to anyl ing it hicks to me as if the defendants wer seeking to take advantage of the reputation enjoyed by the plaintiff's water by imitating as closely as they might the plaintiffs trede mark. RINART PERE & FILS, REIMS
Counsel for defendante submitted to me. without argument that the label adopted by his clienta was not so nearly like the plaintiffs! label as to deceive the ordinarily careful purchaser, and be undoubtedy from his manner believed that I would say it was not. Ent counsel perhaps overlooked the circumstancos under which mineral waters are purchased and
ing to the Harlingham Rules of Polo, "the for consequent on the reduction, which has other people who are by no means 100 well-to-do, tion in certain sections, but no national caio. English-sp-sking, country or a Spanish-speak Storage available at EAST POINT. Stores will
to the small number of 157 first-class passengers spread over four or five very large steamers, Now the modification in our passage rates to
COLD STORAGE
THE HONGKONG ICE COMPANY, LO., have now 10,000 Cubic tees of Cold
be Open at 10 A.M. and 4 P.M. day, Sundays excepted, to receive and deliver perishable goods
WY. PABLAÑE, Manager. Hongkong, 18th November, 1901.
Established 1719, CHAMPAGNE GROWERS AND
SHIPPERS.
Ship only the Finest Quality Extra Dry (Green Seal)
LAUTS, WEGENER & CO.,
Bole Axenta. Hongkong, 17th May, 1.95,
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