Page
(Continued from page 3) through the wretched deprocisting silver dollar Mouthly allowances made by some persons to their families at home, the silver equivalents of which regularly increasing will be less i-dowsome, if a gold standard bo catablished. In the satue vay the means of the cost of living will be auch facilitated if are paid the cast of ecessaries of life for in the same monetary gold stan dard. The fixity of exchange will cheapen money and investments from outside will tend to devolop-Kowloon, which promises in the fatore to dwarf Hongkong. What I therefore think we require in a gold standard similar to that of India. It may be argued that if you institute a gold standard it muy at times be a profitable undertaking for persone in China to make silver dollars and flood this Colony with them, But as I have already pointed out India undertook this responsibility and we have not heard of wholesala forgeries. We shall be much better off than India, where this rupee to-day is worth exactly Sid, but it is marked at I. dd.- ditterance of 744. That is a risk every gold standard country accepts and it is a risk to should have to undertake, as our banks do now in issuing banknotes. It is also argued that if we were to make our dollar a 28. deller and today the market is 1s 7d., which means that every 10 gold standard dollars would
THE HONGKONG DAILY PRESS THURSDAY, FEBRUARY 19г., 1903
members fa general in voting on the resolution. In the event of the resolation being carried the committee desire to record the opinion they bare (with one exception; arrived at, ciz., that they could not norept such as implying that they support the advisability of instituting an enquiry on the lines laid down, and that in the event of the commission being granted and reporting in favour of the edeption by this Colony of a currency different to that used in the foreign trade with China the committes would strongly disapprove of such a change, as they are fully convinced that it would work very parists harm to the basiness and prosperity of this Colony. (Applause.)
The resolution was then put to the meeting, when thers voted
For the resolution”....... Against the resolution..
before giving that a trial, we should start in and try ouelling also. I have the greatest Ionafideurs in the opinion of the commities. I consider that they are as fully uble as any experts to say what we should do in this business, and muels as we may regret such certainties of life in China as that of the must put up with it and currency, we
With regard to the do tho beat we can. Indian currency, I think that experiment has not yet been fully proved as successful as Mr. Playfair Boys, and I think willowners and industrial people in China would hardly endorse the way in which he diamesed the point. I think our docks and mills here might suffer if the Chinese had to be paid on a gold basis; they would ask for the best currents going. I cannot follow Mr. Osborne when he says that the goods from Europe and America would be paid for in gold, and goods from Canton and Burma in silver. He said the adjustment could be done at the rate of the day. I thought there would be no rate of the day, but that it would be a fixed thing from the 1st of January till the 31st of I think the issue was rather December. obscured, and i would like this Chamber to shink over this in their votes, that, if this Chamber comes to a decision which is distinctly adverse, to silver-however much that may be denied it will be to-morrow wired all over the much depreciated dollar. And this being such a simple matter, this proposal to tip over the enormous mass of dollars which we propose to throw over when this is brought about, it is plain that the Chinese, if silver is going to be depreciated, will be less able to purchase our commodities. I think the discussion is extremosting. mely interesting, but it failed to convince me, and, I hope, others; I think the issues are rather alsoared, and I will not give my vote to anything which may tend to farther depreciate silser. (Applause.)
from this fact, moreover, in is by no means certain that the holders of their sorip have any special cause for self-congratulation. have not had time to go into tigures myself, but the North-China Herald of the ith ult. published a list of stocks compiled by Monsre. J. P. Bisset & Co., of Shanghai, showing the difference in value at the end of 1902 compared with that show at the end of 199), and accord ing to this list the net loss was Tls. 7,948,788. That arianut of course includes Shanghai as well as Hongkong stocks, and a portion of the loss was due to acer speculation, but leaving the cart of consideration. I do not think that, with the exception of Banks and Unions, we fa Hongkong have any reason to chuckle over ap preciation of stocks. Steady investments like Hongkong Lands, Docks, Wharves and Godowns, Steamboats, Watsons, and show either daprosiation or no others
their quoted susible improvement in value. I come how, lastly, to fixed deposits at the banks. This is a very important form of investment, being open to all, whether small or great. I note from the last report of the Hangkong and Shangbai Bank that this institution has 346,111,348 in silver on fixed deposit. I do not kow what proportion of this sum belongs to Bongkong, but I presume a fairly large amount. Whatever the amount, it represents the savings of persons of limited our industries, for the coolic and artisau will pack through the depreciation of silvor falls with up their temps sed depart for the borders of mach numerited severity. Let me illustrate Canton. But I do not think there need be any thin. A man after saving a thousand dollars fear of such an exodus, for so long as the silver in 1901 placed it on fired deposit with the Bank dollar is a commodity where you can purchase on the 1st January, 1902, for one year at 4 On the 31st December $18 Mexican with 310 gold in
the per cent. per annum any quantity employers will easily give the option of selection he received his principal with interest of to the employees. The Chinese are shrewd 54, to him, no doubt, a satisfactory return on people and will soon realise this and for their bis little investment. But when he comes to guidance they have numerous native money turn his $1,000 into sterling for, transmission changers and tankers in the Colony. It simply home, what did he find? That he had lost resolves itself into a question of facilities of ex- £10. 7. 4d. of his capital after allowing even for the interest it had earned in the twelso obange, and the difficulties are but initial ones, whic will edinst themselves. I beg there months! I think I have now show clearly fora to strongly support the resolution. (Loud the never ceasing decline of siper, but I will how the saving of the Coony are affected by applause.)
finish with one more practical illustration from personal experience. A few years back I had trustee to realize an estate which on the death of the testator some twenty years previous, was worth about £26,000, but which remained here invested in silver securities namely stocks and mortgages. Although the dollar value had slightly
Majority in favour
40
་---
15
The smallness of the poll is explained by the fast that many left the mesting during the delivery of the speeches.
DRESSMAKING.
BEST FIT AND STYLE GUARANTEE D.
SPLENDID NEW STOCK OF RICH SILKS.
CINEMATOGRAPHS.
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NEW STOCK OF NECKWEAR, GLOVES, HALF HOSE,
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The vote was taken by a show of hands, but the CHAIRMAN naked those present to fill in the word "Yea" or "No" on the carde supplied them and to leave these in the ball, with their LARGE SELECTION OF SMART AND STYLISH RAIN COATS, own card. It would carry a good deal of weight with the public and with the Government, he said, if they knew who voted for and who against the resolation. As that had been WM.
bay 13 Mexican dollare, it would seriously afset means on whom the loss of capital involved I world and give another kiok to the siready rried, the committes would of course proceex]
Mr. R. WILCOX said-I have muek pleasure 3x. Chairman, in supporting the resolution proposed by my friend Mr. Osborne. The remarks to which we have already listened cover mest of the ground, but without unduly trespassing on the time of the meeting I should like 10 lay a few facts before it which, if tot exactly new, may not have yielded their full significance. We are met to-day to consider what may, 1 think without exaggeration, be formed a crisis in the bistory of this Colony, and I trust that in such consideration we shall neither be swayed by fears of the unknown nor kissed by were spinions as to our impotence in the water. I, at any rate, am not willing to bearken to counsels of despair. Nothing but good can result from a discussion of an evil about which all are agreed but few are competent to suggest a remedy. The question before us is simply: Hasing for more than sixty years besu fuqueially wedded to Chine, will it be for any advantage to obtain a divorce I think it, would be, for the following among ether reasons, but on compler a question as the entrency I do not desire to dogmatise, I would now simply point out some of the ways in which the Colony is injured by the ceaseless Botuation and more or less steady decline of its present standard. It has been clearly shown hotel, how its profits have long teen grow adversely trade in all its branches has been ing email by degrees and beautifully less. The present commercial depression must, I fear, continue for some time in any case, but I do
increased, the property when realised only produced little over £13,000 The for division among the legatoes! assertion that things will adjust themselves and that though dollars are worth less we gat proportionately more of them, have, I think, bron conclusively disposed of. It has been shown that legitimate Investment is hampered, cir- cumscribed, and rendered onremunerative by the factuating silver standard, and that the savings of the Colony are subject to an annual and evor jucreasing shrinkage; and I fail to see where any compenesting advantages are to be derived. Does anyans proft by the existing condition of things? If not, what objection can there be to make some attempt to obtain relief from it? For every ill there is a remely it remains for us to find it. I have for any yeam clung to the belief that the ratio between gold and silver would some day be adjusted, and have gone on hoping against hope that the demonetisation of the white motal has been fiually dissipated by recent events; would be stayed or reversed. But that hope the tide hus set in standily against silver, and China and Mexico are now practically the lest countries in which it is
ocat than ever, and the
|
to take the carliest opportunity to further con- sider the matter.
Mr. Osso NE suggested that the voting cards be sent to those gentlemen who had left the room before the resolution was put to the
POWELL, LD.,
28 & 34, QUEEN'S ROAD, OPPOSITE POST OFFICE.
The CHAIRMAN-I think it is only possible. to take the vote of those who did actually vote.
This concluded the proceedings, and on the J & H. GWYNNE, LD., call of Mr. PLAYFAIR a vote of thanks to the chairman was recorded,
THE VOTING.
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There were 34 members who voted against anquiry, as follows:-Arnhold, Karberg & Co., Carlowitz & Co., Gibb, Livingston & Co... Jardine, Matheson & Co., W. R. Lorley & Co., Dr. J. W. Noble, Shewan, Tomes & Co., H. Skott & Co., Wilkinson, Haywood & Clark, Ld., ILLUSTRATED CATALOGUES MAY BE OBTAINED ON APPLICATION TO THE OFFICE OF THIS PAPEL Chartered Bank of I. A. & C. Green Island Cement Co., L, Hongkong Fire Insuranc Co., Ld., Hongkong & Shanghai Banking must confess I Corporation, International Banking Corpora
tion, F. & 0. 5. N. Co., Shell Transport & THREE CASTLES CIGARETTES Trading Co., L., Yokohama Specie Bank, Ld., Agency of P. M. & S. Co., O. & S.S. Co., &
bot imagine it to be beyond the wit of mon or con be mined at a lower capted," The metal be redeemed. I speak subject to correction, but T.K.K, Butterfield & Swire, Dodwell & Co..
supplies seem likely to increase rather than to diminish. The fall seemis indeed to have no bottom. Are we to stand idly by and see the savings of a lifetime melt into space, leaving ne to indulge in via regrets for the fatuity that prompted us to pin our faith on its recovery and the apathy that induced us to acquiesce in the dictum that Hongkong must continue fascially wedded to Chins! (Applause.),
|
IN PATENT AIR-TIGHT TINS.
IN PATENT AIR-TIGHT TINE.
Ld., Gilman & Co., Jebran & Co., Melchers & Co, Reis & Co., Bioussen & Co CAPSTAN TOBACCO Stewart Dres., Coaton Insurance Offl'e, Ld., China Sugar Refining Co., Ld. Guaranty Trust Co. of New York, Hongkong Rope Manufacturing Co., Ld, Hongkong & Whampoa, Dook Co.. Ld. Mercantile Bank of India, L., Russo-Chinese Bank, and Union THESE BRANDS ARE ALWAYS RELIABLE. Insurance Society of Cantos, Ld.
There were 30 members present who did not leave any record of voto. These were us follows:-F. Blackhead & Co., W. Danby, Grossmann & Co., D. Haskell, Krosa & Co., McGregor Bros. & Gow, Meyer & Co.. N. Mody & Co., E. Pabauey & Co, David Bassoon & Co., Id, Smith, Bell & Co., Tata & Co., China Export, Import & Bank Co., Hongkong, Canton & Macao S.B. Co., Ld., Standard Qji Co. of New York, Eastern Extension. Austra lasin & China Telegraph Co., Ld., P. Brewitt, Fang Wa Chan, C. L. Gorham, J. D. Hutchison & Co., Lutgens, Finstman & Co., A. R. Marty, Wm. Mayerint & Co., H. N. Mody, Renter, Broekelmand & Co., E. D. Bassoon & Co., A. G. Stokes, Wendt & Co, Chins Fire Insurance Co., Ltd., and Imperial Bank of China.
Mr. E. A. HAVwers-Tt is not the mile, I believe, in a meeting of this sort, for more than one member of the committee to speak, but I propose with your permission to transgress that rule on this occasion. When Mr. Osborne began to make his speech I had it in my mind: that it might be advisable to reply in detail to some of the points be mentioned, but we have had three very carefully prepared speeches more or less read to us, which probably have taken a good time to prepare, and it would be folly or presumption on my part to attempt to reply in detail to the arguments. Personally, I think the arguments put forward by the thres For speakers are very largely fallacious instance, Mr. Osborne made one point that the introduction of a gold standard in this Colony would not increase the cost of wages here. Well, I have had very nearly a quarter of a ceatary's experience of the Chinese coolie, and I am prepared to say that from my own experience, and I believe it will be endorsed by most of you, the question of wages on the main land has really no bearing at all upce the wages demanded by the Chinese when they come into a small colony of foreigners like this, where they are more or less all working in a close ring against the foreigner, and exploiting bim for all they are worth. My case is borne ont by the fact that Mr. Michael went on to say that the adoption of a gold standard in Japan bad increased wages in Japan. Then Mr. Osborne spoke of a certain dollar which have not seen that dollar, yet but of the bore the King's head-I dollars of which he speaks large numbers are floating about in Chips and would have to I believe the Imperial Government bave looked the power of the Imperial Government to devise
upon the issuing of a trade dollar as a certain source of danger to the Imperial Government, a cure that will at least put a period to the never ceasing fall in the value of our securities
It does not matter whether it has a Britannia with her trident or King Edward on its face: and the continul sweating of the Colony's
that dollar, if it is brought back nachopped, has savings. With your permission, gentlemen, I propose to briefly illustrate what I mean by
to to redeemed at its full value, and it appears this remark. The savings of the colonists are
to me that if we induce our Government to invested, as you are awarn, in various ways, but
establisk something like a fixed value for silver, because that would be the effect of sbiefly in real proper mortagages, bonds and debantures, shares in joint-stock companies, and
Mr. GEESHOM 81rwant-Mr. Chairman giving us a gold standard here, I think it deposits with the banks. Now with regard and gentlemen, We have heard a number of is very moderate estimate to say that there to the first-named of thean, ilin amount in speeches but the speaking has been all on one are at least fifty million dela s which can be vested in which may be roundly estimated side. We all listened with great pleasure to returned to this Colony to be redeemed. Sup. int $82,000,000. No doubt this has been the very able speech Mr. Osborne made, what-poso the dollar is worth 17, for every penny a very paying investment in the past; ever we may think about the point he wishes to over and above that value that we raise the bat, although puts have so far no the make. His cheerful optimism as to the means value of our dollar to we have to pay one and a is concerned increased enor by which this great change is to be accom- quarter millions, or four or five years' income, dollar rate
in redeeming these trade dollars. "I do not agros reously, I queing whether real property, plished certainly struck me with a certain
amount of doubt. If the whole thing in so with the argument that the trade dollar will when valued in ste fing, really pays as well ue it did ten years ago or is even mlable for a smply done as he advocates it to be, I think aimply come to us silver, and I believe I m much higher price except in special instances. the committer of the Clamber of Commeros are right is saying that the Singapore Chamber of It is true that the rents have beek increased well able to discover the means by which it could Commerce propose to get out of the diffenty ail round, but to place them on a par with those be dose Mr. Playfair began by saying that he at least, so it is sinted by one of the Binga obtaining twenty-fire years ago they would we pick of silver. Well, gentlemen, sa we go an pore papers-by sending their dollare up to need to be trebled in the depreciated dollar. in life we are sick of a good many things wo Hongkong, where we would take them. There That is to say, a lumse lot in 1878 for $50 per have to put up with. (Applause.) Mr. Wilcox are a number of other questions, but it is
There were 23 members not present as follows: month should now f-teh $150 per month. This drew a harrowing picture abent the losses late, and we have had a long sitting. But Ido-Binker & Co., A. V. Apear & Co., Hughes is not the caso save in a few instances, and even of landlords on collecting interest on their believe myself, with all due deference to the if it were the inde instead of being the excep mortgages Gentlemen, there mast te suother gentlemen who have spoken on the subject of a tion, the net profit would be smaller because the side to that picture. What shout the people fred standard here, that they have been draw. cost of upkeep and repairs has greatly misreased. who have to pay the interest? I suppose they ing red herring across the path. We ll Property in, or the whole, I cozeider, o les enved amething. However it is a very great sympathise with Mr. Wilcox and his favestors rentable investim nt here than it was for relief to hare an expression of feeling apou a sad the widows and orphans who have been merly certainly in pre-Banitary Beard dass question which is by no means a party question. losing through falling silver. But we have all In dues, however, ford some prospect of profit It is an honest attempt. I believe, to benefit done that. The question is not what we have. by preintion in rahte und is so far prefer. everybody at the expense of nobody in partic- each lost or how our priva o pocket has suf- side to the next form of investment named. I ular, but that is rather a difficult thing to do. fere, but the effect this would have upon the alhade to loans on mortgage. This is a very Of course the spirit of enquiry is one to be trade of the Colony in the event of favorite form of investment both here and in encouraged but it is not a fair statement to suy fictitious value being put upon silver. I other countries us it is supposed to offer the fint certain interests must necessarily be oppos maintain that of all the argoments brought maximum security, to yield a good rate of in- ed to it. It is equally disturbing for a man to forward there is not one contineing argument forest, and give the minimum treble in colane his cavings diminishing and his chances of to induce me to vote for a gold standard,
when he goes to bocnuse there is not lection. Fire is, I find, upwards of forly getting an "old agu pension
one brught forward millions of dollars thus invested in this Colony. live in his own country becoming more du more to show that we are wrong at pressat. I Most of the loans are advanced for terms of remote. But it has been said by a very wise believe myself that we cannot possibly go From two to five veure, thongir many run on in. man that it is sometimes better to bear the illa gold bore until China goes gold, and that definitely after completion of a term. Lat we have than fly to others that we know not of. alone is the question we have to consider. Wo us assume that the mean is three years, (Applause. This resolution calls for the case have not to consider our private opinions alone and, taking the exchange when the ana
—one personal views have nothing to do with it to be submitted to experta Well, gentlemen,
Great but what is best for the Colony; and I believe were fixed roughly at 2, this eum turned the whole conditions of trade botes into atering would amount to £4,000,000. At Britain and hins have been in the Lands of it is better to go on as we are then to jump ont In that way I the end of last year the inte of hange had experts for como time past and the Treaty that of the frying pan into the ilre. fallen to 1/7 and the sterling value of these forty has been lately signed i the result of it. There entirely agree with Mr. Stewart. (Applause.). millions of dollars stood at £8,166,666. 138. d., a was one clause in that I res y which met with
written The CHAIRMAN-I have no doubt that difference of £833.393. 6s. Bd. or $10,520,313.78, universal approbation. That was that China equally with the committes you are all But, it may urged did not the mortgagees should have an equal currency spreading all listened with the koenest interest and attention enjoy a han me return or their investment over the country. It was one of the few clauses to the discussion which has just taken place. meantime ? Lid not this moure than balance with which everybody thoroughly greed; yet The resolution which is submitted to the the loss of principal? No gentlemen, it did hero, gentlemen, before the ink of the signs meeting asks that reference be made to a com- Dor. Th interest on $40000,000 at 7 per cent. tores to that Treaty has dried we are aed to be mission "with a view to ascertaining whether por avoum for three years would gross the fist to cat ourselves off from Chin which, reform of the Colony's currency arrangements $8,400,000, and, if his be allowed for, there whatever our political aspect may be, are comis advisable. The commission named in the would still be a net luss to the mortgagess of mercially a part (flear, bear) I could not resolation is a spelo one, the Straits Currency $2,196,31578 in ther wors, more than a understand from Mr. Osborne's remarks what Commission. I do not know exactly the com fifth of their ospital disappeared. The holders the standard of valas in this Colony was to be. position of this commission, but I believe it of bonds ord debeatures are in even worse He did not seem to hold out much hope that consists of one or two finencial exper a and case than the mortgages, for they have there would be gold coins; and I was struck severul merchants engaged in trade with the probably beta their securities longer and have with the way ho unintentionally perhaps Straits. No doubt these gentlemen have a been receiving a lower inte of interest. Many juggled with the word adjustment. It is thorough knowledge of the Straits trade and all A tremendous que tion. I think that, see- conditions relating it, but I do not imagine. persons may emingly bjser that they are not affected in this way because they hold neithering that in the British Treaty, which bas ien that we take it for granted that mortgages nor debenta es their investments carefully gone iuta in front of us, it is laid they are acquainted with the China trade or are confined to shines in joint-steek concerns, down as an axiom that Ching should have ni the local conditions affecting Boogkong, or and that many of these here improved in value, currency which is equal all over, we should be that they are therefore qualified to form a But such investors may perhaps not be aware, beginning a very dangerous experiment if, reliable judgment on the matter of currency in this Colony if it bo referred to them. This or they may not remember, that most of the
request may "at first sight appear to some tocal companies have invested a large proportion of their reserve funds in mortgages and de-i
to be a very reasonable and desirable one to bentures Ten of the principal lusal joint
moko, but I would like to point out that the stook companies have loaned out en mortgage
saly reform or change (muck has been wonde no less a man than $11,178,993 and bare another
of the word "reform" but I prefer the word million invested is bonds; and debentures
change.") possible in our currency is to place mures and from there latest
dan gold possiblf have already talented published reports. It will be soon therefore that the joint-stook concerns have a very
share in the general loss. Apart dysentery. appreciable
Gam
& Hough. Dr. Jordan, G. P. Lamwert, Ming Keg Hong, Badecker & Co., Sander, Wieler & Co. Le Banque de L'Indo-Chine, China Merchants' 8. Ñ. Co., Ld., Deutscho deiati che Bank, Tai Sbing Paper Manufacturing Co, Ld., Caldbeck, McGregor & Co., Bir Paul Chater, CMG, Johnson, Stokes & Master, La Hing Hong, P. Tamaite & Co., Fanchard, Lowther & Co, A. H. Ronnie, Vernon & Smyth, Canadian Pacific Railway Co., China Tradera Insurance Co., Ld, and Fast Asiatic Trading Co.
[ MEMORANDUM DE VOTING, RTC. Total membership of Chamber Number of members present who signed
the attendance-sheet... Votog on show of hands :--
7.
---
127
105
In favour of Mr. E. Osborne's resolation 40 25 Agaicat ditto
Total votes recorded Votes shown by signed voting cards:
In favour of Mr. E. Osborne'e resolution Against ditio
PA
+4
Total votes recorded Members present who left no
record of votes Members not present at moeting
Total membership...
Refreshing and Agreeable.
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FROM HOT TO COLD, Dysentery is provalent everywhere in summer and is due to miasmatic poisons, and begins abruptly with inflammation of the museus living of the large bowal In America the disease is common, but properly treated does not result as seriously as hu the tragicu, poor Davis' Painkiller is the best known remedy and views held (with one exception) by the com- 33, DES VEUX ROAD CENTRAL HONGKONG. the most efficacious in the treatment of mittes on this subject, and I would express the From the University of Pennsylvania, U.S.A.
Hongkong, 4th March, 1902 [99813 hope that those views may have the support of the!
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