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CHINA'S WEALTH.
LESSONS FROM SHANGHAI AND HONGKONG.
The 34. Daily" Xers in a recent article saya.
THE ANTI-JAPANESE BOYCOTT.
JOINT CONFERENCE IN. SHANGHAL
At the opening meeting of the joint conference of Japanese Chambers of A couple of holidays this "week has Commerce, in China and Japan and the given us time to take sobie stock of the Sino-Japanese Business Men's Asocia financial market is it rules in Shanghai, tion, in Shanghai last week, Mr. M. There is a mass of mury in this centre, Yoresatto manager of the Nisshin Kisen and the disposal of it throughout the Shipping Company at Shangbal' and the rommanity is of a character to induce Vier-President of the local Japanese much thought, which if it could compot Chamber of Comavres, took the chair. and following his statement na to the an equal consideration at Home of purport of dolling, this joint conferents China's condition might bring about such representatives of the Japanese bani various parts al Fute the politicians that they bers of Commerce in would not be slow to adopt a strong China delivered speeches concerning the policy in regard to China. Ai Home Progs and the actual condition of the during a period of trade depression like it-Japanese agitation.
Mr. YoSESATO, the Chairman, address) the present, money flows naturally into) gilt-edged securities, and such stocks as terms:--Since the first revolution in 1811,
ed the assembly" mainly in the following] Government loans tead to show a strethe thoughts of the Chinese young ge appreciation, The inevitable result being
6330
tant industrials. with their smaller gerration have undergone a radical change, taints of a return an enpital, are negut nevertheless they have in reality de lected and record a lower level of prier. voted themselves merely to the restora The same does not apply Jure in lika tion of China's national rights, with the manner and for this reason, that so much consequence that the domestic affairs in of the money is held by Chinese and this country are growing more complic their affections have not yet been develop ated, and confused than ever. This chao- rd in the direction of long term securities; tie state of affairs has led to such serious with, an assurance of regular interest, incidents as the Lincheng outrage that! They have a keen preference for land seriously mirched the name of above all other things, "white the max. the Republic of China. In fact, the pro- chant, ser, waiting for a chance to spact of the situation in this country is finance his imported cargo into the now so gloomy that foreign intervention interior with some measure of security, Appears to be near in sight. It is most prefers the short term loan system which imperative for China, therefore, to lasu native banks offer, so that practically at a time in reforming her internal affairs moment's notice he may have his money Japan, as a neighbouring country, hasi to resume business operations interrupted, up to the present always shown Chin by banditry and civil war, Naturally in a most profound sympathy and hoped that state of affairs such as the present we; the latter would do everything within her expect to see the merchants' money in power to reform her internal affairs, to Shanghai, earning a low rate of interest establish without delay a sound eitral while awaiting profitable employment, int Government and this to bring into exist. There is more money than that of the mer. chants in the coffers of the flasks here and a great deal more in Hongkong. Where that money comes fromds a matter which, Home business men ought to be interested in knowing, so that they can bring the necessary pressure to bear upon sluggish policitians.
1
Events in Hongkong during many months back are perhaps a better in ration of the state of affairs than we see it for ourselves in Shanghai, although similar conditions have obtained here in the past and may do so again at almost any time in tar future. Kwangtung is
ncenation. able to secure and guar antee the lives and property of forrigal "s of all nationalities living within De Chim, however, bas domain of China. not only failed to reform herse:f, but exists a tenilency that an agitation of has taken anti-Japanese acting. Ther this sort will grow gradually from d
to worse. The Japanes people residens!
China have endured with as much patience and with as much f-respect as possible, this irresponsible, and up scrupalou agitation by Chip who as fo commit anti- ve gone so far Japan putrages as a protest agalikt the 1915 Treaty concluded through pro- i
wealthy province, inhabited by a race of merchants who rauk with any in the and international measures, and the world for business aémme They have tention by Japan of Port Arthur mut Dairon, resulting finally in the Chang accamulat considerable wealth in the incident. Under these circumstances, past, and in spite of official exactions have the Japanese Camber of Commerce and still go on in the path of afluence, cther public bodies in various places of Where they have traded officials have China have requested the Tokiu Govern equally waxed prosperous by methods atment to Be a strong protest with the which they are adept. Kwanging for Chinese, Government. Accordingly, the the past two years and more having been Japanese Government has, through the the scene of turmoil, a great deal of the Japanese Legation at Peking and the epital of the merchants" has gone to Japanese Consulates throughout Chim. Hongkong for safe keeping, thereby lodged grave protests with and given stritt. lping to swell the available capital is warning to the Central Government of the Colony. In addition, officials have China as well as the provincial authoris found that the ever-changing kaleidoscope ties concerned, but a to mu purpose. of events has not been for their comfort, We cannot but come Ko the, conclusion in their savings" have likewise gone that the powers-that-be of China have to the Colony, not filtercal in but enter not been and are not enforcing any con- ing by the million. They have paid trol whatever with regard to the unin
emarkable tribute to the power of good ful anti-Japanese agitation. China is government which they took care to avoid thus, by ignoring the mind of the Govern- instituting It was not long in the meat and the people of Japan, perpetrat- ircumstances before a land booming outrages and steadily carrying out. deveerd in Hongkong, and property the so-called rupture of her en has now risen to ritoriuous figures, much relations with Japan, which, we are given of it having in these recuit nonths par to understand, is an act of violence that into Chinese hands. The amount of comics only next to the opening of actual property available, however, has not been hostilities. Want we want emphatically sufficient to satisfy the Chinese demand, to point out is that there is a limit to and the interesting spectacle has been wit Japan's patience and self-restraint and nessed of their purchasing industrial that the time has already cane when we shares for a rise. It has come to such a with firm determination, should attach pitch that two or three months ago Hong little hope to such wraps of paper is keng was in full control of the Shanghai notes of protests, but should formulate share market. It awned, for instance, sume concrete counter-measures, display three-quarters of the shares in a lealing thereby our real intention," cotton company whose capital runs into Mr. S. Takeuchi, delegate of the Tien- millions, and probably half of a ship tsin Chamber of Commerce, spoke briefly building company. At any time in the as follows': Despite the fact that there present state of China Shanghai may receive similar, attentions, as, it has done a gretion of the Jupaten people, who regard the present anti-Japanese boycott in the past, and when landl mortgages and agitation as a universal voice of the und purchaws are no longer able to meet Chinese nation as a whole, it seems T- "demand, we may see the entry of much in that such a conclusion is entirely of this money into industrial and other, wrong, and that this movement has been
iccks.
carried through by a minority of the However gratifying this may be to the Chiura people who want to attain their local dabbler in such stocks, the view ends, political or commercial. From tha must occur that by these operations political point of view, it may safely be China is being denuded of money which stated that the agitation is due to the in the normal state of affairs would go strategy and intrigues of the Chibi fac to Baner her interual trade. The point tion, whose object is to divert the atten ix too obvious to require elaboration, but tion of tho Cainese people to the diploma- we would now draw attention to a fur-tie affairs of this country.
This may The Erlement in operation here." easily seen from the fact that the anti- retail trade of any city is to-day closely Japanese agitation and boycott are most regarded by economists whose thoughts intense within the sphere of influence of run on purchasing power of communities the Chihli fretion.".
and similar indications. We may, nc Several other speeches were made by cordingly, quote a repart referring to the the delegates from Hankow, Conngsha, danun cheap sale of one of the large and Changte, and the meeting was closąd fores is town which normally caters for at 1:30 p.m.-Fodern News Agency. the middle classes and lowered salaried f people generally and whose busincas is as
nuca Chinese as foreign. It is believed
that its sales during the present season HONGKONG SHARE MARKET were actually forty per cent, lower than
a year ago. This tells its own tale. Here is a community, repmitedly wealthy and certainly having a great deal of mancy held by it, yet its purchasing. power is low, lower than a year ago when already the trade depression had set in with its full force. The conclusion to be drawn is that the money is not in the proper hands. that it is lying idle, and it may further be deduced that until it does get into the right channels trade here will languish. This position as regards Shanghai may well by applied to China at large, and until it is remedied there seems little hope of better conditions" for our merchants.
It inay well be believed that if bunditry and levii officia/dom, could be removed or even lessened the same money would quickly Beck, its proper medium, but until cffce tive steps are taken to ensure that, there twill be, poverty in a country of plenty and any appearances of well-being will be illusory and Beeting."
CLOSING QUOTATIONS
JCLT 17th, 1923. Hongkong and Shanghai
Banks
11,125 b. &s. Cantón Insurances
gra b. „Union Insurances..."..... ... 27} b. "Star" Ferries.
53 b. Langkats (Combined)....Th. 30.
Kowloon Wharves
Shanghai Docks........ “...Tis. 991:b. Hongkong Lands :..... Ewo Cotton Mills
Cements....
30. b
Tab
Hongkong Rope........$ 43) pa Watsons
201 b. "Hongkong Electrics ..... 33 b
Hongkang Trams.
b-buyers; -geilers
24.b
1993
"DECOLITE'
FIRE-RESISTING FLOORING
(Awarded Gold Medal Franco-British Exhibition.)
JOINTLESS. HYGIENIC & NON-SLIPPING Laid by Our Own Workmen on STEEL, WOOD OR CONCRETE.
THE UNITED ASBESTOS ORIENTAL AGENCY. LTD.
Tal. Central 236.
· 2, Quean's Buildings.
YE OLDE PRINTERIE,
LTD. COMMERCIAL, PRINTERS, "ACCOUNT BOOK MAKERS, ETC. 14. QUEEN'S ROAD CENTRAL,
Telephone 3707. **
V. C. LABRUM, Managing Director.
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