THE HONGKONG TELEGRAPH, THURSDAY, APRIL 30, 1891.
Taels 7,000,000 (or about £1,750,000 sterling) as insufficient to meet existing charges on it, be that the Secretary of State, when he has been adapted since yesterday- one hour's supply. I could see one another a good distance off, but
of the colony if, as is probable, it should shonly of our surplus balances, there would in all pro hecome necessary to milso a loan for Public bability be a considerable deficit by the end of Works.
next year, if we, continue to defray out of After giving various reasons why the revenue Revenue the great drainage and water distribu- was likely to dwinile, and why presumably i tion works now in progress. This, however, is confined to its present sources, it would be
not likely, and thert in every reason to believe proceeds to say that the taxes are already very placed in a position to estimate the condition of high, and that though rates at 13 per cent, on affairs, will sanction a loan for public works such. the rental appear moderate, they are in reality'na in every one of the larger dependencies of the heavy, inasmuch as rents are here about thice Crown would have been raised long ago. What times as high as is England; in fact he gives should be the amount of such a loan i will not the impression to the cutside world that the undertake to estimate. It, of course, depends on taxation of the Colony is
Government relations determined to undertake. But I may mention that from statistics furnished to me, I estimate at $50,000 the increase revenue from the New Cen- tral Market, from the new or extended depois for cattle, sheep and swine, and from the public laundries, and at $11,000 that from the New Water Distribution Works; making, together, $61,000; so that from these sources alone there would be sufficient to pay interest and a per cent slaking fund on a loan of $1,220,000 at 4 per cent;
OUR WATER SUPPLY.
Kolung in charge of Mr. W. Johnson; he was just through one of the cuttings west of Sultingka Mr. F. A. Cooper, Water Authority, Informed | (midway between Kelung and Twolutia) and a representative of the Telegraph this afternoon could fortunately see some distance shaad, when (agth inst.) that the water in the Tytam tearreglais to his honos he saw a locomotive with a carriege not being diminished by the new system of supply coming right against him at a good speed. AI ended well, as it was in such a place that they in all the principal districts throughout the city." It may therefim be taken for granted that ne
when be tame koms a complaint was made 10 Mr. farther reduction in the supply to the city will be Brown, the European locomotive superintendent. necessary, and that we can hold out for an As it appears that the Chinese Director for repairs almost Indefinite period as we are now going would take no onder from the railway manager,
all the locomotive drivers atrock and refined on. He contradicted the rumour that, the
the purpose of supplying condensed water to a European manager, Mr. Matheson, then had an portion of the colony-such a step being
interview with the Governor, and although H.E. unnecessary so long as the daily supply from is sick at prezent, such is the strength of his will Tytam does not diminish the reserve mbr
that everything wis settled the same day, and appreciably,
such rules were given as thoroughly to stop such an occurrence la futuro.
to
at 500 and in the other at 300 per cent, premium.lrg unable to get the similar return for former burtbensome and that heady exceedingly the extent of the public 'works which it may be Government had chartered several steamers for run on the line until this mailer was settled. Tha
years I do not count this balance as proof of increase, I think the figures at least suggest the probability that Chinese trade is not falling off.
Turning now to the matter of Bank deposits sce as little reason for alarm or despondency, Having requested information on the subject from the four British Banks in the colony, the answers obtained from three of them shew that as regards them, there has been not decrease but increase of deposits to the extent of over $800,000. The only one of the four which returns a decrease, the amount of which is not stated, is the Bank under the management of the honourable member, who in replying to my letter as Manager reiterates his statement made as member of Council in respect of the decrease of millions of dollars," but in this instance limits it to Chinese banks. Now on this matter of Chinese, banks I have made er quiries from high author ties, banking and others, as well as from the Registrar General. The estimates thus received wary considerably in amount, but I am most inclined to that of Mr. Wei Yuk, comprad re of the Chartered Mecantile Bank, not only because at each of the Banks referred to but because it represents a mean between the extrenic estimates on either side, According to his calculation the aggregate decrease of deposits in the Chinese the figures being $6,000,000 for 1889 and bank as compared with 1889 is about $1,000,000, $5,000,000 for this year. Deducting from this decrease the $800,000 increase in the British banks, there is left $200,000-so that there requires the large decrease of $1,fob,coo in same unaccountable quarter to make up the two millions which would be the minimum amount to justify the honourable member's indefinite statement as lo" millions" of decrease,
I should mention that the Registrar General in forwarding his estimate of Chinese bank deposits accompanies it with the statement that despite all losses, money is at present plentiful among the Chinese, and that the rate of interest $0-this being scarcely over 5 per cent. per annum and is even lower than the rate among Europeans.
to
י|
All things considered therefore, though I am by no means sure that some of the increases of salaries do not require re-consideration, I am completely satisfied that with a very moderate
load for public works and in the absence of circumstances impossible to foresee, there is every reason to believe that the ordinary revenue from its present sources will be sufficient to cover the salaries, as increased by the vote last October, as well as the increased Military Con. tribution.
7
I
דו
FOOCHOW.
April 251D. After all, the amount of treasure sent up country for the new leaf to date has already reached the handsome sura of $1,600,000. We can safely say that there is only half of the usual number of buyers in the hills this season, therefore prices must undoubtedly be lower than
those of last year.
As it is now necessary that all intending onlum growers obtain a license from the Government, beside taxes on the land and the opium, many planters have given tip the iden af plant Ing poppy, as they fear, and justly too, that more trouble than prefit will be the result of their labours in the new enterprise.
Reputedly owing to the bad state of the weather during the last few days, the price of rice has gone up some ten cents a picul. The
Yesterday Lieut. Hecht tried all the guns on the new battery on Palm Island. Everything went off satisfactorily, and without mishap ↑ Mercury.
Co umercial.
LATEST QUOTATIONS.
Hongkong and Shanghai Bank, ex New Isipe,
196 per cent, premium, sellers. Hongkong and Shanghal Bark, cum New Ismo.
per cent, premizm, reliers. Hongkong and Shanghai Bank, New Issue.-"
$194 per cent, premium, sellers, Union Insurance Society of Canton-$95 per
share, buyers,
China Traders Insurance Company-$63 per
share, buyers, * North China Insurance-Tis. 375 per share, North China Ins
at a heavy discount, is extremely Insignificant as general trade between China and Hongkong compared with the total paid-up capital of local which are Tuels 127,358,507 for 1888, Tacis joint stock companies, which are at a premium,118,046,381 lo 1889 and Tacle 125,844,901 for and for the most part at a very high premium. 1890. Thus the value of our trade with Chin
Taking up the list of local enterprises pub. netually increased last year by more than Taels ished in the daily journals I find that the shares 3,000,000 as compared with 1888 and by over of the Hongkong and Shanghai Bank, with a paid-up capital of $9,300,000, backed as it now
compared with 1889. As also indicating that is by a reserve fund of over a million sterling. the volume of trade is not decreasing I may
worth' now
in the aggregats about mention that from a return furnished by the $28,000,000. The stares of the two local Fire Registrar-General, it appears that in the first Insurance Companies, with an aggregate paid- three months of this year 174 Chinese shops were closed and z36 opened, shewing a favour up capital of $800,000, are quoted in the one case
able balance of 62, and though sing to my The shares of the local Marine Insurance Com- panies, with aggregate capital of $1,350,000, are quoted at nearly 300 per cent,, 150 per cent, and 100 per cent. premium, respectively. Carrying my eye down the list I find the Hongkong and Whampoa Dock Company shares (with a paid up capital of 1 million dollars) are at 98 per cent, premium, while those of the Hongkong and Kowloon Wharf and Godown Company, on which an aggregate of $1,000,000 is paid-up, are now worth over $1,500 000; the China and Manila Steam Navigation Company's shares, with paid up capital of $175,000, are at about 150 per cent.; and the $1,600,000 paid-up capital of the Hongkong, Canton and Macao Steame boat Company is worth $2,660,000. Similarly the shares of seven other companies (China Sugar Company, Hongkong Land Investment Company. Sociée des Charbonnages de Tonkin, Hongkong Hotel Company, Humphreys Estats and Finance Company, A. S. Watson & Co., Hongkong Ice Company) principally owned in Hongkong, on which was originally paid $6,223,000, are now worth $12,940,000, which, added to the figures representing the paid-up capital and present market value of the Hongkong give a total of $22,010,500 paid in respect of shares which are now worth $55,177,500. This, however, gives only a partial view of the situation. A more complete view is furnished by the following statements and figures supplied to me by the Registrar of Public Companies
"At the end of the year 1887 there were 26 public companies whose shares were dealt in the Hongkong market, having an aggregate paid-up capital of $16,233.000 and the market three of these was then $46,870,125, In 1888 three of these companies went into liquidation and a fourth reduced its capital by $175,000, and at the end of the same year the 23 remaining companies represented a paid-up capital of $25.138,000 and a market value of $48,355.325. or an increase in the market value of the 23 companies for the year 1888 of $1,021,200. In the same year the shares of 13 additional com panies were placed on the Hongkong market. among them just now is 12 cents per month per England for houses of equal size In equally the annual requisition upon the Crown Agents; and the fire walls at Messrs. Hok Lee & Co.'s and tongkong Hotel Co's Six per-cent. Debentures representing a paid-up capital of $3.709.640 and a market value at the end of 1888 of $5,596,000, giving an increase for the year of to companies, $2,634,640 in pald-up capitai and $7,081,200 In market value. Thus at the end of 1888, there were 36 campanies with an aggregate paid-up capital of $18,867,64", the market value of which was $53953,325. Two of the companies (with a total paid up capital of $200,000) are now
shares of the remaining 14 amount at present to $64,421,050 shewing an increase (after deducting $1,715,000 net increase to capital) of $8.874.725 as compared with December, 1888. In addition to the above 34 companies there are 30 new companies reg.stered since December, 1888, whose shares are dealt in in the Hongkong market. The total paid-up capital of these so
Bank and the six companies just mentioned, it is the result, I understand, of careful enquires al same-/g in the inhabited. house tax on the in 1889 (being some $746,000 per annum higher authorities should look into, the matter, and Canton Insurance Company, Limited-§*15 per
Now as regards land; which the honourable member says has fallen greatly in value, I do not doubt that as regards a considerable area of the less valuable land of the colony, there has been considerable depreciation by comparison with
devise some rules and regulations for the sale of this great article of food of the whole Empire this necessary article of food are the work of
benahiare, sellers.
Norwich that the rates there were 18/-in the £ this time of exceptional depression (from which Many of these attempts to raise the price of Yangiste Insurance Association-Tla yo per
the retail dealers alone.
The fire that broke out last Saturday night of small significance; some two hundred houses over the "long bridge" was not, as was supposed) and stops were destroyed.
"On Wednesday about noon the second of the
Tal Inumance Company, Limited-Tis. 150 share, nominal.
per share.
share, sellers.
China Fire Insurance Company-821'per share, Hongkong Fire Insurance Company~~$315 per
sellers w
with the people of Hongkong are analogous those of a landlord with rack-rented tenants. I venture to think that in this matter he has given a very wrong impression; and in fact, speaking from experience which is by no meant a narrow one, I can state the confident belief that, with probably the single exception of the people of the Straits Set lements, if that be an exception, the people of Hongkong are less taxed, and probably far less taxed, than any other equally or more important, community in the whole world having a pretention to civilised Government. There are indeed within my experience very few cases where an urban population has not to pay other heavy direct ** indirect taxes, besides all the rates and taxes in an equal or greater degree which are paid by of the people of Hongkong. To take the case
he Mother Country with which the honourable member has instituted a comparison in the matter of rents. There are few, if any, important commercial or man facturing towns in England where the rates are less than 6/-in the or
As regards the future, though there may be 35 per cent on the rateable value, and this expected some loss, in the next sale of the independently, where it has not been commuted, obtained for it under exceptional circumstances
if actual rental; and I was informed only the other day by a propiletor of houses in the city of than previously), there is good reason for antici. pating advances in other directions: (1) If at (ga per cent.) on the rateable value, or some So the facts above referred to seem to indicate the what the honourable member alleges as to rents should prove to have fallen off as estimated only per cent. on the actual rental. I do not forget beginning of improvement), the assessed taxes here being about three times us high as in England, but there as in other passages of bis. increasing general trade that there is good 21 per cent. I venture to think in view of the speech 1 am disposed to think that he has unwittingly used the language of hyp rbole. No
reason for believing that this loss will be doubt there may be found places in England ay quickly compensated by return to a where houses are cheaper by ads than her normal condition, even if there should not usual series of fires broke out at a cook-shop Hongkong and Whampoa Dock Company-t100 on the other hand I know well that there are be, as I confitently anticipate, a further upward iver. Luckily, however, it happened in the day-longkong, Caston, and Macao Steamboat Co-
ust above the bridge, on the Nantal side at the percent, premfuf, buyers. other places where they are not only not cheaper progress to prosperity. (a) The revenue from but considerably dearer than here, and judging profit in subsidiary coinage, so far from than and gas therefore more promptly tackled from what I have learned from a gentleman shewing any signs of diminution tends than at night. The first fire-engine on the scene specially experienced in this matter, I apprehend demand for these coins, notwithstanding the
was brought over the bridge from the district steadily to increase. Owing to the exceptional that the case would certainly not be understated
magistrate'syamen, another arrived from a foreige of tents here are estimated at double those of institution of the Canton mint, I have been com-dred and both did good work About one hap-ongkong Hotel Company-8120 per share, pelled to raise from $1,000,000 to $1,500,000 dred houses bounding the river, the salt godowar and if the Mint should be able to supply us with the Ningpo Club "joss house were burnt. The the amount, I anticipate that the revenue from "josies" were taken out of the joss-house"
Indo-China Steam Navigation Company, Limited with great alacrity, but unfortunately lathe 30 per cent, discount, sellers. this source for this year will be at least $92,co crowded labyrinth of houses, destroyed, lourotax Steamship Company-848 per share, (3) Rent from land must continue to increase in
women and three men lost their lives. The make a considerable advance this year. Indeed the permanent revenue from this source will mount very rapidly, if, as I most sincerely hope,
able portion of the premiums. There will always be a strong temptation to abandon such a policy at a time like the present, when the current accrust is running low; but I am confident that it is the only sound policy, and that, if steadily maintained, it will in the course of not many the weight of taxation. And while referring to years render it posslule to considerably diminish this matter of taxation, I think it well, on the which I may have given in a recent speech, as eve of my departure, to correct an impression to the possibility that any substantial increase this colony to meet the same fate as the West Indian Island of St. Thomas.
favourable situitions as regards similarly Important centres of business. The mere rates of Hongkong independently of the inhabited bruse tax are therefore certainly not above, and probably below, the average rates of commercial towas in England, and considerably less than half those mentioned in the case of Norwich; and in this view it is scarcely
amount as further land is sold, and will even
8131 Der share, sellers.
bina and, Manila Steam Ship Company-120
per, share, sellers. langkong Gas Company-$131 per share,
sellors"
buyers.
$501
Wesellers,
Į the init sted prices of 1889, but I question whe necessary to point out that the rate-payer of the policy should be maintained of permitting of ruffians that usually assemble, at fires, inson, Sugar Refining Company, Limited-392 being wound up, but the aggregate values of thether there has been any depreciation at all as Hongkong is in an incomparably more advan- the commutation for increased rent of à consider-
companies is $13.692,110 and the aggrcale market valus of this capital. is $12,779,500 shewing a depreciation in the value of these new companies of $912,810 as compared with the
tageous position than the English ratepayer
paid-up capital. A further analyals shews that The intrinsic values of town and suburban Jola positions with those of the people of Hongkong, of taxation would, by driving trade away, cause
of these 20 companies the aggregate market value of the shares of 5 of them is $4,809,940 in excess of their total paid-up capital, while in 14 of the 20 there is a depreciation to the extent of $5,627,750 below the paid-up capital. Of the 14 latter companies 7 are new companies engaged in purely local business, the shares of which are depreciated below paid-up capital to the extent of $995,000 only, and the remain- ing 7 companies, whose shares show a depreciation of $5,126,750,below paid-up capital, are companies whose businesses or enterprises are situated entirely outside the colony. There are now therefore sa public companies with a value of $77,200,550, as against 26 companies la 1867, with a pald-up capital of $26,333,000.
regards what is of incomparably greater import- pace, vis: the large area of specially valuable land in Victoris. For though n seller of such land might not as readily obtain the same price as in 1830, I have reason to doubt whether, unless under exceptional circumstances, the price to a buyer would be any less now than then. On this point I will read what is sold to me by a gentleman, whose position is one likely to render him specially well acquainted with the subject: The value of Marice and Inlard Lots has not in my opinion declined since 1888. have increased within the last two years to the extent of $2,000,000 at the feast by new build- ings and improvements. Fren where no improvements have bren effected no house pro- perly in Victoria can be purchased now, under ordinasy circumstances, at a less price than in 183. House property in the vill-ges bas increased in value particularly at Yaumati, and the only apparent depreciation is in suburban property which is occasioned solely from over-building. A great increase in rentals took place in 1888-89, owing to the great number of two-storied houses which were then pulled down for the purpose of building houses of three stories down and re-building there was a douth of house accommodation and many familles left
rates demanded. I find that Chinese tradesmen
A.
Thare sellers
Prefect, Magistrate, and their hook and ladderina Sugar Refining Compray, Limited--$199
per share, sellers. companies, did good service in arresilog the spread of the fire, and also to keeping the crowd order.
per share, sellers. peticed one fact which way possibly have ongkeng and China Fakery Company, Limited Respecting the latter fra an eyewitness writes: "ongkong Ice Company-Soo per share, buyers, been overlooked or not properly recognised by
$75 per share, others. Mesan, Jardine, Matheson & Co.'s fireffongkong Dairy Farm Co, Limited-$7 per cagine arrived on the scene very promptly after Stone Co., Limited-$213 per share, the commencement of the fire, and although the approach to the scene was densely crowded with time, was safely piloted to an advantageous Chinese, this engine, in a very short space of position for rendering help in extinguishing the fire. This was due to the energy of Mr. Brand- He was protecting the interests of the Hongkong Fire Insurance and certainly deserves sincere forcing his way through the crowd of rafftans and thanks from that Company. A solitary European
cut-throats, which is always present at'a'fire' in Foochow, is not in an enviable position, nor is the
risk to his life small,”--E¿Ãė.
FORMOSA.
*
buyers........
Chinese Imperial Loan of 1884 C-5 per cent." hinese.Imperial Loan of 1884 B-21 per cent,
premium, sellers."
hapteralum, buyers. Chinese Imperial Lann of 1886 E-14 per cent. netpremfuria, get s Hongkong Rope Manufacturing Company.
Limited---$125 per share, ex, div,, sales and buyers......
The Hongkong Steam Laundry Co., Limited - Swag per share, nominal,
Panjom and Sunghie Dux Samantan Mining Co. sandega për share, sellers.
The Raub Gold Mining: Có, Limited-Ro centu
per share buyers. y Imaris: Mining Co., Limited-$12 per share,
buyers
per shara, deflers.
paid-up capital of $44,074.950 and a market in their place. During the period of pulling bear, moreover, not only the whole cɔst of their any large scale at a profit, and that consequently the military Instructor, Lieut. Hecht. He has Toaquin Coal Mining C
and a market value of $45,870,125, and 36 com- the colony, not being able to pay the bigher when I read the honourable member's eech
panies in 1888 with a paid-up capital of $18,867,630 Aid a market value of $53.951,535, sbewing an increase in the last 38 years of 28 companies, $17,841 90 paid-up, capital, and $30,330,425 market value."
Compared therefore either with what may be called the figures of special success, or with the figures of all companies successful or unsuccess- ful, the figures of failure, or threatening failure, are puny indeed, and it is to be borne in mind that the present is a time when, owing to losses Ín' speculation, all such securities are probably under their normal value, Now notwithstanding the fact that the shares of most of these com- panies were in 1889 driven up by speculation to a price considerably higher than at present, I venture to think that from the palat of view of the share market, there is nothing pointing to any serious or permanent decline of prosperity indeed afters careful survey of the position at this critical period I believe that any competent and impar tial judge would say with confidence that the business of the colony in so far as it is conducted by joint stock companies is generally in a very sound condition.
Happily there are indications pointing in the xame direction from several other quarters Though the absence of returns renders it impos sible to speak with certainty as regards Exports and Imports, it is salisfactory to find that the shipping statistica of last year point to an increas ing rather than a decreasing trade. For accord-
formerly paying at the rate of $35 were compelled to pay to a month for rent or leave and lose their business. Then came the over-buliding, upwards of 700 new houses being built to meet a demand for about 150 houses. The reduction of rents followed of course, but I do not find that rents in Victoria have decreased except in cases where they had been previously raised to an almost prohibitive extent, and there is no general appearance of reduction in capital values,"
from the truth, and I know them to be correct as
them
than
BAY; but
4. G. Brown & Co., Limited-$48 per share,
ex diy buyers,
The Steam/Launch Co., Limited-nominal, to The Ansin Arms Hotel and Huilding Company,
Limited $13 per share, sellers The China-Borneo Co., Limited-$16 per share,
sellers/ The Hongkong Brick and Cement Co., Limited
sellers, a to
Co Limited $1 per share, sellers, The Green Island Cement Co.—$17 per share,
The Hongkong
For the latter has to pay in addition to his local rates not only all other taxes that are paid here in an equal or greater degree, but he has alsoto ply income tax property tax, (in addition to the inhabited house tax before mentioned) servants' tax, succession duties, sometimes tithe rent charge, besides heavy duties on his wine, spirits, tobacco and tea, from all of which the Hing kong rate-payer is entirely exempt. Indeed if it were fully understood here how heavy to the burthens on perple in England la similar, I am unable to conceive that there would be the same display of opposition to the Increased Military Contribution. For however unpicasint it may be to be asked to pay for what has From further enquiry into this question (which hitherto been obtained free or for a comparatively I may mention only suggested itself to me on small payment, I do not think there would be spar of the moment), I have been led to believe gru ged a contribution, which is after all but that any apprehension on this score may be a small proportion of the cost of defence, if it entirely dismissed. Without troubling you with were understood that our fellow-countrymen at all the reasons which have induced this more
(FROM OUR CORRESPONDENT.) home are far more heavily taxed than we are, favourable view, I may mention the principal one
KELUNG, April 4th. and it were borne in mind that they are algne as being that the large size of the steamers
Ordered by H.E. the Governor, three different paying the debt which enabled Great Britain which, are ordinarily required to bring goods kinds of powder, brown prismalic, black prismalle The Balmoral Gold Mising Co., Limited#7 and ber people all over the world to maintain from Europe and America, would render it im-
and pebble powder, were tried on the and instant gongkong and Kowloon Whail and Godown. possible for them to conduct coasting work on their independence of foreign domination, and
In one of the 6-Inch guns on the High Fort, by Company-$79 per share, buyers. own defence but in a very large proportion the
a distributing centre, such as Hongkong and for
Co. $430 per share, no instruments here to measure the muzzle cost of Colonial defence niso.
which no other port would afford anything like velocity, etc., and could only make the trial by Hongong High-Level Tramway Co., And now as regards the Snancial position, equal facilities, is an absolute necessity. And I firing at targets a measured distance off with Limited 365 per share, buyers.
am further told and believe that the present to charges made fa proper weights, according to The East Boinea Planting Co., Limited-$10 per at first intended to supply in detail the results aage dues might be very considerably increased, Armstrong range-tables. The result was very of an exhaustive examinations of this subjects and might be made something much more satisfactory as regards the black prismatic and
share, sellers. but this is now impossible consistently with the early approaching the average of other ports, the pebble powder; the brown prismatic appeared performance of work absolutely necessary to be and yet all, or nearly all, the vessels which now
to be less powerful in its effects, as the shell fell The Songel Royah Planting Co, Limited $131 come here would still have to come here, fnas short of the target by the right elevation, of done in the short time x fore my departure, and say regret I might feel on this score is much much as their not coming here would cause the gun; in future the charges of this kind of Cricksbank Co., Limited-835- per › share,
per that, buyers.. lessened by the consideration that for reasons
a lo considerably greater
Whether this view powder will be increased. 3, was courteously above given a general discussion on the financial the increased tax.
Invited to be present at this trial, and have picatinominal, the map position is only to an extremely limited extent completely correct, I cannot
pleasure in stating that the whole battery, pertinent to this subject of salaries, and that it believe there is at all events sufficient truth Including the men and buildings, is kept in Now though this gentleman may possibly be bad for other reasons be better postponed until in it to suggest the consideration whether perfect state, and the men were, well drilled. the consideration of the Estimates for 1801. 1 additional revenue might not be raised, or Everything looked cleansed in good order. The somewhat over-sanguine in his views, 1 mysell
able, have reason to believe them by no means farle al however, to say enough to render it whether, with the revenue remaining at the last new industry, here is gold-washing. When position, though not same amount, the incidence of taxation might the railway towards this end was ballasted, some
not be more fairly distributed to the relief of the to the increased value of land in the villages, holy satisfactory, is not one which gives any In any case they make clear that sorde of the the general condition of the Colony. I observe Chairman of the Chamber of Commerce and by round the bills and over stony rapide. Now as more reason for alarm and despondency than rate-payers Attention was lately drawn by the gold dust was found amongst the sand near the so-called Kelang River, which here suna swiftly causes of depreciation are entirely consistent.
the housurable member states that accoding to Whitehead, to the supposed necessity of a in hand I ans quite a number of men working question in Council of the Honourable Mr. old gold washer from California, has the thing with the absence of any general decline of
the latest official information there will at the prosperity,
To sum up the situation. While it must be $100,coo. Preraming him correct, or as I think that in former years the funds raised for Light the first gold has actually been exported
end of the year be a deficit in our finances of Harbour Board, chiefty on account of the fact in the bed of the river when last I passed it, and admitted (1) that a large sum of money has been very possibly under the maria. I need scarcely Does had been more than sufficient for the lost to the Colony in outside enterprises (a) that sty that such a statement without explanation maintenance of the lights, and because on the Kelong Wharf to Twatuila, but the end station ThonWek Point Bafldings Co., Limited $30
The locomotive runs daily through, from owing to the great building operations of recent rears, the supply of houses is now considerably world; inasmuch as it leaves entirely out of would probably occur again; and it is evident about 20 minutes walk from, the what, One Pen Hall and Trading Co., Limited-$1
gives a very wrong impression to the outside completion of the Gap Rock lighthouse this for passenger traffic, is on this side, the tupne ben per share, sellers, in excess of the demand, and (3) that the valve sight not only the enormous sums which have that the President of the Chamber of Commerce weak place on the embankment has yet to be a pessoa seller. of land hat consequently fallen below what I in the last few years been expended out of (front-to-point where would like may call the strengthened properly before the passenge The "lable Planing Co., Limited-825
or indistinctly intimated as the inflated valves revenne прод public works,
elsewhere non-local shipowners) would like the cost of carriages are allowed to run down to the whart.
per of 1889; yet on the other band there are: (1) in ordiasrily provided for by loan, but also lights as well as all Harbour expenses to be paid To the south of Testatis a new station was just there, sellers. the prosperous condition, of all our leading amis to notice (which is for the purpose from the rates. But as regards the alleged to have been opened when very heavy ralo The Lama Planting Co., Limited-47 p
7 per share, enterprises and industries, (3) in the lur more important) that $120,000 of this year's surplus.revenue from lights, it seems to be caused a landably about 4 miles south of Paska, creased
of shipping at a time of expenditure which is estimated to cause this forgotten that besides lighthouses there are other where there is a very deep cinting soon. The Jelebu Mining and Trading Co., Limited— depression all over the world,, (3) defcit, is also for Extraordinar Public Works costly, services, such as the Harbour Master's this is repaired the line will be opened, good umcanal ing to the recent report of the Harbour Mac Liathe-increase of the regular trade of the Allowing for a considerable falling on in certain establishment, Harbour launches, Harbour distance to the south, From Kelang to Twashlin And Selamain Mining Co., Limited-$i, per .
Èi per share, buyers, from Hongkong reached in 1890gthe enormous Colony as evidenced by the Imperial Customs items of revenue (as to which however I should police, and the. Observatory, involving an cargo has been shipped already do The Shameeri Hotel Co., Limited--nominal.
share, sellers, N figure of 13 million tons or considerably higher the small decrease, if there be any decrease, in anticipated by the honourable member la, 7 annum, which are maintained for the benefit of fully cultivated and rich in produce,, When The Kowlows Land Investment Ca, Limited-
returns and considering all things (4) even in mention that the great fall in assessed taxes aggregate expenditure of some 880,000 per 1,000,000, fons those of 1889. It would thus the Bank deposit accounts—there are, I say, in all understand, in fact, not likely to excord 21 ptained out of the ordinary taxation of the Colony, passed it last week I,saw,large fields of Indigo, I hare, buyers. A
these things indications of distinctly fatrearable cent) allowing however, I say, for a considerable
the shipping, and which are principally_main- appear that my anticipation rare in other direc. promise for the future, and such, I venture to falling iff in certain items of revenue, and in the If the above view is correct as to the Impro- Towards a town called Tokokan, by the river The back of China & Japan & the Straits Ld.
to be correct,
sugar, and tea, besides the large rice, Geldra Traper hine seller.
& Japan & the Straits Ld →→ Hons is compensating for the deficit caused by think, an give strong grounds for the belief that matter of Expenditure for the increased Military bability, of shipping being driven away by the the decaying tea export, and the stoppage of any depression that exists is merely temporary, Contribution, and for the payment under the small tax that would be necessary for the purpose, cultivated tea gardens that I ever came across the longong Marins, Limited amminal,
which runs past. Twatutis. I saw the best Founders Bates, 180 per share, sellers, emigration to Australis and the United States and as many former occasions in the bistory sew instructions during the current year of I think it to be well worth consideration whether in my life; miles upon miles of And while on the subject of Emigration, I may of Hongkong is only the precursor of still farther December salaries (amounting to some $90,000) it should not be imposed to the relief of other folds of, tea, with hedges of bushwood for square, fat mention that the accounts recently received of increase of prosperity at no distant time. which in previous years have been paid in the forms of taxation. If, on a principle which I belter, all kept perfectly clean by belag the condition of the Chinese in Mexico are as may be judged, therefore, from what I have said following january, I am of opinion, as previously understand. is in force at Shanghai, weasels ploughed betwen, the, now, and hoed band The Nation Bank of China, Ld.,—37% per con', favourable, that if they should be confirmed I that I do not at all share the gloomy anticipations stated, that the deficit will at the end of this should be exempted from payment more than weeded round the plants. It is a plateau thick it only right that the Government should of the honourable member. You no doubt have year be considerably more than the $100,000 once in three months, I apprehend that the above level of the The Niloni Bank of Chios, Ld., Founders' encourage the emigration thither which it
frequently observed that the organisers of mentioned by the honourable member, if the full new tax would fall lightly or not at all on the through, it the ilver, makes its way, shooting
400 por share, sellers, desired to conduct from Hongkong. If it is true,
tue. Chfarse processions, In order to make a more s I am informed, that Mexico will welcome al imposing show of followers, will engate coolies Extraordinary Pubile Works. But judging from far the larger benefit to the Colony, and would scenery towards Twatulia, which makes it quite on LONDON Bank T. Tsun amount of $870,000 were to be expended on local vessels which contribute proportionately by down over rapids and through maguidcent Met EXCHANGE, A
down in expect that in so long time the trade which will coats thrown over them resplendent in gold and disposed to think that this carimate of expendi- community. I throw out this as possibly aping up with that rich country-rich I mean and colour, Now it seems to me that the ture would have been considerably beyond the useful suggestion for the future, and I may add Last Sunday (stb) we were E to soil and its minerals will not only equal honourable member has reversed this process, mark in any circumstances. And in view of the that any advantage which might otherwise that the locomotive drivers, had struck, and no we were astonitted to bear but surpass all that has been lost by the restric and has succeeded for the moment, but only i fact that some new works, such as the Governor's accrue from a Harbour Board, would be increased trains were running in the forenoon. It seems tive laws in the United States and Australla trust for the moment, lo throwing a squalid Peas. Residence (the prosecution of which I were empowered and required to raise from that the Chiness management la divided into two ON PARISTOTELOT Eat, however, this may be, the correctness Covering over the brillant uniform in which abandoned immediately after my return to the ships all the fonds which have to be expended parts one for the working of the railway and orz Blink Bils, on demand........ of the indication from tonnage that the volume Hongkong usually appears to the outside world, colony), will not be procceded with for the present, for their beacût. of trade is increasing was signally confirmed and which shall still venture to believe is and that there has been a temporary cessation
and for repaising and maintaining locomotives ni Credits, at monthe sight And now having touched on all the points of and rolling stock, A. focomotive had just been bed On India, T/T, only the other day, since I began the examination rightly belonging to her. of this question, by the stainical report of the Before coming to the financial posidon of the the recent public works in consequence of this question which appear to demand attention, in for overhand and the Director for this branch it 5.On Demand
of the the recent telegram from the Secretary of State, I commend these remarks to the careful con-wanted to try it the other manager gara paders ON SHANGHA Chinese Customs for the last year (for a copy of colony, which the honourable member regards I question whether at the end of the year there alderation of the Council and the commently, that he would only run a short distance and on which I am lodebted to the kindness of Sir so passtisfactory, I think it right, however will be more than a very small deficit, eres it with the sincere expression of my pleasure that is account pass the sin on has lasted for Potente, he Robert Hart' and the local Commissioner) Invidikus may be the duty of touching on as I scarcely anticipate, the whole increase of am able as the eve of my departure from the that he got a carriage alfached and went on this
: Private, Ho'days' weat Though I have not had time as yet to examine another subject, akin to it, respecting which the salaries voted by the Council should be ap- Colony, to take, as venture to think, on very single ralled line for, a small pleasure excursions of Printed and Pablished by ROBERT carefully all the figures, it suffices for my purpes honourable member's statements, if left without prowed by the Secretary of Stais. As on the seficient grounds, so favourable a view of its That was last Saturday, the gin instant. In the SMITH; No:6, Fédders Hill-in the city to take the figures shewing the value of the i criticism, would do a serious injury to the credit other hand tisare is likely to be little or none left ; condition and prospects,
mekawhile the second train sates bach': from 3. Fin@vka):
the tonnage of veci vatering and clearing
than those of any former year and exceeding by
|
The land to the south of Twantias:beautle
Land Investment Co., 687 për-share, selloru,
Gear Fenwick & Co Limited-81 per share, The Hongkong Electric Light Co., Limited-$6 Bizfperablejbuyers♫ „;
Tandon and Padlóc Patroleum Co. Limitediv
the free Chinese which can be sent there, I shall whose labour-solled rage' are barely hidden by the rate at which the Department works I'am be felt an Bítle or nothlag by the people of this |-Interesting to go Quinn BAGONG April 11th Bank Bils, at 2 months sight 257
*Bank Bilis, on demand.
Documentary Bills, at 4 months, Credits at 4 months' sight right
be
1.