THE
ROBINSON
PIANO CO.,
LIMITED:
PIANOFORTE MANUFACTURERS TUNERS.
POLISHERS AND REPAIRERS.
BEG TO CALL ATTENTION TO THEIR EXTENSIVE STOCK
OF
BRITISH FINANCES.
We take the following extracts from a long article in the British Trade Review. Discus sing national fingers as they affect Trade reaction and depression," that fournal says In recent years the expenditure of the nation have been colossal, uving in some meatres to the rast outlays upon the war; but the country has not to hear the burden of a great recurring expenditure, with its onerous taxation. In the short space of six years the debt of the nation bus hoon increased to
the Sinking Funk pur- chuses of the previous 33 years have disap- pearl, apparently there is no diste
and
of appreciable reduction of debt. prosent In brief, the country has new to meet - prose 'ented expenditure and to bear burden Home taxation, at the same time that is debt is
THE HONGKONG DAILY PRESS, SATURDAY, JULY 29TH, 1905,
rised in recent years, but he recalls that in 1808 the tobacco du'y was reduced, and that the increase in the daty that has since taken place has merely restored it to the level at, which it stond prior to 1898. He also referred to the fist that the Exchequer has taken no cognivanes whiatorer of the vast mos that have book spent for relatively unproductire torpesas in the building of expensive houses, deurgents that rather than let the income-tax stand at such a high figurs as la in this pound, the inhabited house duty could have been been inemused. The grine ple would have oxtravagance.
· JOINT STOCK SHARES
"Biomara. Verusu & Smyth say in their winkly
1905. The market continues to rule vory lure report dated Hongkong, th July, quiet and without elasticity, and in the absanes or cooperative absence of line business it in if it is more than likely to rexsin so. Activity in such a restricted market is impossible dependent entirely on a cash business, and as the rapid deerenaing forward settlements are worked off month by month, the inactivity is healthy forward business is institated.
BANKS--Hongkong and Shanghai. market has steadied during the week and tor have no THE REPORT OF THE BUTLER the first time for many weeks
COMMITTEE.
material advance to repart. Small sales have boon affected at $915 and $917. the market closing steady at 915. Nationals reunir un. changed and without business.
of the adranlages fidly that the whole sound and logipal. It would havo discorägid likely to become more accauinated; unless
Buy
greater than it has been since 1866. Under these cireutustances the exhaustive analysis of the national Budget made by Mr. Edgar Speyor, of the well-known banking house of Messrs. Spayer Brow, in addressing the interest, and merits the most caroful istine of Bankers last month, is of special deration. Mr Sporer began his addra by placing his finger apor what he regarded ay the true cause of the malady that is FusquBible for the depression intendo from, irhich the nation is suffering stated that the cause of the trouble has on the genes extravagance national, municipal, In the past 10 years the nt individus!, pational Government has expended a son of £1,414,83126, in contrast with 2209,158 in
Ho
The following correspondence with reference the report of Sir William Butler's Committes bas been sent to the Times for jublication
13, Cornhill London, E.C. The Right Honourable H. Arnold-Forster, e.. Becretary of Stats for War. War Office Fall-mall, S.W.
Sinoferring to one letter to you of May 31 lust, we have now had an opportunity of pausing the report made by Sir William Butler's Committee, and having done so un behalf of Lieutenant-Colonel Morgan, CE, DS, Army Service Corp, we must sot omphatically protest against the publication of this account. In one letter of May 31 wo pro tested strongly against the proposed publication of this report on the grounds Chorei Hot forth. The report having now been published it is making such protest.
The
MARINE INSURANCES-China Traders have ru'ed steady and in demand at $74, at which rate only a few shares has changed hands; at time of closing buyers at $74 rule the market and no shares sppear to bo obtainable. Unions have further improved to 378 with buyers and no sales to report. Cantons remain anchanged at $325. North Chinas and Yang. tezes no business to report.
FIEE INSURANCEs Hongkong Fires, after sales at $395 in the early part of the week suddenly rese to 316 with sales, market closing steady at that rate in Fires continue weak and on offer without business.
SHIPPING - Hongkong. Cariton and Macao buvo ohangel bands in small lots at 8242. In as of the week improved to £94 dermusziel fevra
HIGH-CLASS INSTRUMENTS. the previous Légenraa difference of unless than "pparent that wo were amply justified in | in the early Shanghai and a fair number i
BOTH OF
THEIR HOWN MAKE"
AND THE
LEADING BRITISH,
CONTINENTAL
AND
AMERICAN HOUSES.
AT
PRICES WHICH DEFY
COMPETITION.
per
Bottled
af skaros changed hands: juter. however, on the Shanghai demand resing the rato fell again to in which rate also a fair busine No other Lusiness Market closes steady at 98. under this bending Losport.
RAFIESES China Sagers have rated Arratic but with a decidedly upward touce. In the warly part of the wont buyers at 8211 not being satisfied the rate steadily ress and after em sales at $215 and 2016, sales were affected as high as $2191,ash, at which rate buyers ru's the market. For August eales are reported at $218 to $220 Lasayas have declined
MINING Haubs have r: celed to $5 without any business to speak of.
DOCKS, WHARTES AND GODOWNS.-Hong- kong and Whampoa Docks have been dealt in at 8196 and close quiet at that rate. Kowlon Wharvos have ruled in good demand and the rate has gradually risao, prastically without dir, paid on 26th inst, market sales to 8974
Now Anoy Docks have been placed at $17 and close with bayars. Farnhams close f
€6,000, or nearly 60 per cent. Beyond this,
So far as Linatenant-Colonal Morgan is con- il Jas spent £45,000,000 on halanes ont of
e-rael, one of the most morious allegations made capital on what amy be termed extraordinary against him is based upon the assumption that Budgets for pasal and military works. No the Mr. Mever originally connected with the whereas in the previous 19 gars only 1.000.000-at contract unde with Mr. Borg! in January were appot on balance for those purposos. 1902, was the same Mr. Mayor as Mr. H. J. Thus the national expenditure has in the past Meyer, the gentleman whose letter appears in 10 years exceeded that of the previous decade Appendix 1. to the report of Sir William by shont 2581,000,000. DE this sum about
Buthor's Committee as managing director of £220,000,000 has been for the war. The ex- penditare of the country is now at the rate of Moyer (Limited). The facts are, that the MT. syer ennnected with the two cold striage £12,000,000 per annum, whorens 10 years ago companies which took over the ment contract it was less than £8,000,000 per un somads with Mr Berg was Mr. Gae! Meyer.
TOFA banker, Mr. Speyer is struck with the of income to the nation resulting from this eaten well known in the City of L-to $25. pormous oxpenditure. After allowance is made don. This contract with Mr. Bergl, although for a normal growth of expenses arising from negotintel by Lieutenant-Colonel Morgan, was by the then director of contracts, Mr. an increased population and additional exper: Major, with the assistance, as we understand, of ditura upon education, the net loss of income to the nation from the excessive growth of the the law officers of the Crown. The whole of the facts and the partins connected with this national expenditure is about £24,000,0 10 andum. This is the loss of interest which the contract must at that time been fully country bus suffered from the fact that we have known to the War Office authorities, and there spent so vast a sum of money for unproductive should be full records at the War Ofice which parposes, instead of using it for productice would have enabled Sir William Butler's Com purposes, for the extension of our trails and the mittee to have boon sapplied with the potas
facts without the lightest difficulty. Even if d-velopment of our commerco. When this Fast this is not so, which is almost inconceivable, the national expenditure is considered in conjunction facts could have been ascertained by inquiry of expenditure, the effet upon the recurring in- some of the country is indeed serious. For ths 10 years up to 1905 Of the municipal expenditure, capital and income, lins been about 1.370,008,0), compared with about £737,000,000 in the pre-
Ths. Fuct that there were two Me Mayora vions 10 years. Therefors the country's natiomh
dutcipal utlys have reached the enor. uariely, Mr. Carl Meyer and Mr. H. 3. Merec, instend of one, a assured by the committes, mmuteti of £2,71,000,000 in the last 10 years, dastros entirely the ground nyou which is of compared to £1,039.000,009 in the previous d-ende Having thus show the vastness of the the wet serious of jan allegations against National and municipal expenditure. Mr. Speyer Lintest Colored Morgan ware based, and of the assumption being proved, clearly proves that the great extravagauce is the resucity follows time the evasinious cause of the immeyra growth in our imports and the alationary nature of our exports. The fact arrive at are wholly valueless. Had Colonal that we have bara speading our income upon Morgan or we, as his solicitors, born allowed to see this report before it was publish the and ourselves has reduced the pout of our savings available for investment in our Colonies other material mistake na to fausts and con- clusions drawn therefrom would have ben and in foreign countries,
we pointed out to you and a grievous wrong to
are +avier at Pls. 140,
MUSIC AND MUSICAL INSTRUMENTS Tithí the oormons inerosso in the municipal any of the parties concerned with the original | §§ paid on 27th inst. Hotels have ruled in fat
OF EVERY DESCRIPTION.
CASH OR HIRE PERCHASE
SYSTEM
Hongkong, th July, 1905,
COLD STORAGE.
f1363
I
coul ract.
Mr. H. J. Meyer, the managing director of Moper (Limited), is a totally distinct and seperate person to Mr. Carl Mayur,
it
INHE HONGKONG ICE COMPART, .blained that when we inca officer who, on the evidence giren before the
have now. 40,000: Cubic foot of Cold Storage available at EAST POINT Stores will "be Open at 10-A., and 4 P.M. daily, Sunday. -excepted to receive and deliver per stable goods.
WM. PARLANE, Manager. Hoogkong, 1811 November, 1901.
ON SALE
155
OUND VOLUMES of the HONGKONG WEEKLY PRESS, January to June 1908. With INDEX. Price $7:50.
On sale at the dongkong Daily Press Office Hongkong 17th July, 1905
A-warranted ears for all dequired or constitutiond Dis CLARKE'S1es from the Urints Orgas in either sex, Those furson's Pais also euro Gravel, Pins in the B. 41,
Bark and all Kidney Disorders. Forty Free from mercury.
PILLS. Events Macro Sold by all FChemiška l Storekeepers
throughou the world.
TO
71
Badies
all the most beautiful women use
CREME SIMON
Mme ADELINK PATTI SAYS :
«Have found it very estand indeed i
SAVON POUDRE SIMON
414
PARFUMS
Crème Sinca Violetic-lotrope
PARIS J. SIMON.
Chemiste, Hairdressers, Portomar and Stares.
1847
TEN DAYS' FREE TRIAL
y els bought of is Your!
Money in fub refunded vident ca stino
at of
torty kretalamory, ghtrada
SIRE, WETanimi bix SONS.
S $2.10 to £6
Hadi o Xew Deportes
ng Cocher & Von Tes
tirules, Two Breed first. . . . .
Packed and Delivered Free
wix-part the work. We jumlaudeu Akio,
Socom-Hand Cycles
have to send it out either by
or by reducing our purchases of for goods.committee, but not referred to in the report,
over
nur
B
I
prevented.
an
In the eighties, in consequence of our economy, ha rendered good service to his country, been we were investing capital abroad at the rate
We have to submit, on behalf of Lieutenant of about £60,000,400 a year a fact that largely Colonel Morgan, that hefore any discussion of a contributed to the volume of our exports and report containing such serious inaccuracies in to keeping down the volume of our imports. allowed to take pizce in the House of Commons Consequently. In the eighties decade tho
a statement should be made in the Hons average excess of imports over ports was informing the members of the fact that there about £98,010,000 per annum. In the minetion
were two Mr. Meyers, and that, this being so, wo kept our capital at home to a
much
the conclusiona drawn by the committes are, so abroad we invested greater extent, and only about £25,000,000 your. Conse- far sa regards these facts, necessarily inaccurate, immediate assurance quently the average excess of our imports and we have to nak før
exports rose to £148,000,000 that this will be done.
There are various other serious misstatements per annum. In recent years, when we have
of facts so for as concerns Lieutenant-Colonel boon spending practically the whole of our
for whom alone we are concerned, but Morgau, savings upon ourselves, the excess of, unr
into these we do not propose to enter at the aports over our exports has risen to over
prosent moment beyond stating that the com- It will be seon, £180,000,000 per annum.
mitteo could have had the actual facts prosented therefore, that the large excese of importe over exports in recent years is due not so much, if te them without diffenity, and that Lieutenant. at all, to our fiscal pelley, but to the great Colonel Morgan claime to bare a full answer to extravagancs, to the comparatively small each and every charge that may be brought amount of cur savings devoted to our against him, investments in foreign and colonial countries Speaking to his audience of bank-ra Mr. Speyer expressed the situation in a striking manner
and
To you. bankers of the City of London, I nod not afria that in recent years we have not had that adequate supply of capital which in the et so greatly assisted the development of our export trade to our Colonies and to foreign countries. On the other hand, the Continent and the United States bare taken advantage of our extravagance to expert capital to the now South countries+Caucda, South Africa, America, China, Cuba, the Philippines, and elsewhere and have, in consequence, enjoyed a much larger share of the trade of those couarries than they could hind wo been as theifty as possibly have secured
of yore
Before conoluding we think that in justice to our client we should point oat that, having regard to the circumstances in this case, it is a matter which requires some explanation that the committee makes no reference in their report to a large amount of evidence extremely favourable to Eieutenant-Colonel Morgan and given by wituesves in no way personally con-
transactions cerned in any of the
Japon evidence was takes.
which
We shall be glad to hear from yon that, in view of the comments male in the Prass von- cerning the report, you have no objection to our sending a copy of this letter or the complate correspondence to the papers for publication Weare, Bir, your obedient servants,
CHRISTOPHEE AND RO EY.
War Office, London, S. W. June 20, 1905. Gotlema,—I am directed by the Socratary of State for War to acknowledge the receipt of your letter of the 19th instant,
Our extrav agance was their opportunity
"Having thus disonseed is cause of the trade reaction and repression that is being fult throughout the country, Mr. Speyer ersmined
In reply I am to inform you that, poutline a the conduct of the national finances, in order to ascertain if they have been managed in other decision by His Majesty's Guvernufent as to the respects iner which would conduce to the further proceedings to be taken in regard to flie efficioney of theuntion. He called attention in the report of the Batler Cormistes, he has nothing first place to the vast amonat of floating debt-tadd to his note which prefaces that report. Treasury bills, Deficiency drafts, and Ways He has no objection to copies of your lettor and Means advances carried by the Tregury, and this reply being furnished to the Press. which bas attimen reached to as, touch as
I aus, Gentlemen, your obedient servant, £35,000,000. The Government, by allowing
་་,
E. W. D. WAJIK this large floating debt to exist at a time b+2.
Messrs. Christopher and Roney. it should not exist, become thereby active coin- petitors to trade, house they drain away in o other channels mansy which should flow into theso of trade. Da
RUSSIAN FINANCE.
He cummarised the first portion of his paper A preliminary retary has been issued by this as follows First, that gen ral extravagance Treasury of the Stite revocne and expenditure' has affected the annual add ions to the capital from January 1 to March 1, 1905. The figures. fund of the notion, has curtailed, and is now which aro-bus upon provisional accounts curtailing, trade. Secondly, the lack of capital received by the Ministry of Finance from the available for investment in colonial and for sign treasuries under its direction and frum fordign LEARN A GYULE ;éountries has had; the effect of doabling the banking hon-es, shentes o
200
ait makes to $2.10
factory clearazhe air 12 Lalf fotory grire, YCF an order fra plė
wasted och district. Largo pionie enmityn
MARTIN'S
756
i
1994
4rdiny
ros pus, 342,939,800 roubles of imports compared to export. Tyres, Sundelis, bewind sinus l'avons daar prdly, the large amount of Treasury bi is hus (134.293), an unaru with 32,40 0 JOCTORED OF MEAD CYCLE CO. Dept. H 36
furbbe injured trád Fourthly, extraordinary roubles (£35,245300) in 1914, or a
dinary
expendi LIVERPOOL, LONDON AND čudesar,
Budleets barn be allowed to exist ant uallity 9,514,000 roubles (£951,400);
tur, 339,870,000 roubles (83.070, a com Fateficial action of the Sinking Fund in Minucione National Deb, which, in real y, panel with 335,926,300 runbl-> (34.592 Bhoj in a decrease of 16,858,400 rubles ind hot bar reduced at all since the war.
(£685,000); extraorilioary revenue, 844,000. Mr. Speyor the carried his, elaborate survey (£8,043,4 G), és compared with 79,894ÍA, into the cestion f taxation, die showed that
of in attempt is being made by this Exchequer turtles (£7,989,400) in 1994, or an increase febeck extravagance by the taxation of luxuries. :-540,000 reables (£1,000); oxitaordinary expen "The duty on spirits has scarcely been touched., diture, 169,36000 roubles (£1,936,200), as while there has been po increase whataver in the compared with 135,130,000 roables (£13,543,600) tobacco duty, notwithstanding a cast growth in in 1904, or an increase of 38,426,000 roubles. egasumption. It is true that the tax has been (3,302600).-Thes
for Ladles.
STEEL PILLS
· fon-all Lagularities. Thommste
Arunch Beutels Greidma timely do
FU14 La for Browser, ka LZUS CE DE
2010054
"Kasi sign of any kirtgzlarity.
be administeret Ta
Ithumber
MÍS WOOSIMAS sale. At all heretapi dars or pattre *** TATRči, Churiel SOUTHAMPTON, ANDZÍ SEIN
76
LANDS, HUTEN AND BunDINGS - Hodg kong Lands have found further buyers at $120 cum diy, and close steady at 8116 ex dis of iemand and the rato had farther improved to $144, after small sales at $142 and $143. West Peists, have been gaired for and sesoffast at 853 eum dir, and $51) ex div., paid on 17th inst., closing firm.
Corres MILLS-Hongkongs' have vaxtsi to 816 with sell-ra ond msl sales, the other, Calton Mill quotations are taken from Shang-
t
THE YOUNG AMERICAN
វា
0
GREGOR
CIGARS
ALWAYS ON THE TOP
A STANDARD OF EXCELLENCE FOR DISCERN- ING SMOKERS,
"EVERY CIGAR WILL GIVE
YOU HAPPINESS FOR AN HOUR.
TRE SIGNATURE OF
DRESSELHUYS &
NIEUWENHUYSEN
ON EVERY BOX.
SOLE IMPORTERS
}
THE HOLLAND-CHINA
TRADING COMPANY,
SHANGHAI HONGKONG.
FOR SALE AT ALL THE PRINCIPAL
* ן,
&
CO.,
31, QUEEN'S ROAD CENTRAL, 1ST FLOOR.
CHIANTI
WINE
FROM U. PAZZANI, FLOŘENCE,
MISCELLANEOs Geo. Fonwicks have de- clined to $2, and 8 6. El-etrics to 416 a04 LATEST AWARD ;
101, South China Morning Post to Sal and Matkins to $7. Watsons have been placed at $12 and later at $13, closing with buyers, and dreh Islands at 826 and 26. We have nothing furth to report aufy this loading..
!
CHURCH SERVICES.
Sr Peru's Cuisse Queen's Bad WoĖ Sixth Sunday after Trinity Holy Communion, 7.30 Morning prayer li a.uz.-Venite, Savage; Te Deum, Oake'ey Jubilata, Lemon: ilyæk. 7, 109, 204 and 41). Evening Prayer 6.30–Maghi- fest, Barnby: Nae Dimittis, Tucker; Hymas, 12, 194, 263 and 267.
The Church hamel, Payspring, will call on slips carrying white crews, to bring friends ashore te the services, between 15 and 10.30 am and
The
between 5 15 and 6 p.n. (Kowloon Police Pier 10.30 and 6), returning afterwards.
Ausw ring Pe want is the call fag. All the eitthugs me free and unappropriated, Visitors welkome Books, & provided. Sunday School- 10-145 am.
ASHLET ROAD HALL, Kowloon, No. 6, Gronnal Flour--Services. Tor's Day, I am. Breaking read. Lords 1'ay; 6.30 p.z., Gospel Meeting Lesday, 7 m., Hible Class, Thursday, 7 pan. General Meeting. Saturday, 7 Meeting.
IN MOT CLIMATES
where a good antiseptic map is often more a necessity than a luxury,
CALVERT'S
20 per cent
$9.75 per case.
GOL D
MEDA L
AT ST. LOUIS EXHIBITION.
A "HAIR-SAVER" that growa ła populziiły.
GOING!
GOING!!
GONE !!1
Y Y Y
- —- MERFICIDE - WILL SAVE-AT...
HERPIONE WILL. GITË. M..
HE NEEDS A GUARDIAN
The business man who is too busy to look after bis health and personal comfort needs a guardian. To notice dandru and failing tale is beneath his idea of business. Later when incurable bald- best comes he will waste money trying to ovar-
Drug Stores, $1.00.
LOO LATE BOS. HERPINION———
come the resultof his own neglect. Some one at home should look after him. At Erst sight of dandruff which is a contagiotis diasase-Nam- Bro's Herpicide should be used. It cures dank- rut and stops filling hate by destroying the A delightful hair dressing, cansrun gera
STOPS ITCHING INSTANTLY:
NEWBRO'S HERPICIDE
THE
The ORIGINAL remedy that "klis the Dandruff Germ.”* AS WATSON & Co.-LONOKUNG, SPECIAL, ADENTS,, Applications at prominen€ "Vurkar sħa ac
CIGARETTES OF
FUTURE.
ONCE SMOKED ALWAYS SMOKED,
106-1
THE
Carbolic Soap E. D. PROTOPAPAS & CO.
has a ready salo, an account of ite refreshing qualities, and the protec- tion its use gives against mosquitoTM bites. It contains 20% Crystal Car- bolic, and is useful for insect bites- or stings, ringworm, itch, &c.
Calvert's Disinfecting Powder is guaranteed to contain is Carlin and fois cheep to use as it necol only be lightly. sprinkled to destroy noxiom and unpleas net deurs and event the approach o£ infection. 1, 1 15. And 'slb. ans,
F. C. CALVERT & Co., Manchester, ENGLARE
MAKES THE SKIN
as SOFT as VELVET
BEETHAM'S
Reueres.12 ROUGHNESS, 5 REDNESS,HEAT, -IRRITATION,TAN,and KEEPS THE SKIN SOFT, SMOOTH, and WHITE ALL THE YEAR ROUND. Delightfully COOLING REFRESHING during the sniper
14,19, and 26 each. Bottles, M. BEETHAM & SON, Cheltenham.
2897
Sarola
FINEST
*TRADE
ALEXANDRA & CAIRO, EGYPT.
EGYPTIAN CIGARETTES.
KRUSE
& CO.,
MARK.
SOLE AGENTS FOR HONGKONG
CONNAUGHT HOUSE
HE
SUN FAT & CÓ.
MANUFACTURERS AND DEALERS IN
CHILDREN'S
FADIES' AND
UNDERWEAR, EMBROIDERIES, Lacks, Size, PONOZES,
GRASS LINEN, SHAWLS," HANDKERCHIE29 BLANKETS. TRUNKS,
HOT FURNITURE · AND FANCY
Goods
No. 32, QUEEN'S ROAD CENTEAL, Any Order Promptly Attended To Hongkong, 38th Jandary, 265.
DIRECTORY AND CHRONICLE
FOR 1905
Osimplete Edition
Small
$10.00
6.00
Obtainable at the Hongkong Daily Press Office
and from the Local Bouksillere.