+
+
THE PHILIPPINE CURRENCY
AND THE LOCAL BANKS.
(Concluded from Wednesday.)"
CHARTERED BANK OF INDIA, AUSTRALIA AND CHINA,
Manila, 18th January The Honourable Members of the U. S. Philippine Commission.
Gentlemen,-In the newspapers of 14th in- stant appears the text of a roposed new law regarding the continued use of Local Currency, Before commenting an the proposed Act, I beg leave to lay hefore the Commission rea sons which tend to show that the proposed legislation against the use of local currency is much premature, and based upon an erroneous and evidently pessimistic view of the progress made by the new currency.
THE HONGKONG TELEGRAPH, FRIDAY JANUARY 29, 1904.
The Mexicans in the Telands, many of which are dated before 1877, are morally, and probably legally, just as much the money of the Country as the Spanish Filipino coins, and entitled to Just as good treatment. The Government of the Straits Settlements is giving its new dollar at par for Mexicans as well as for British Dollars.
Thirteen days after the earliest date at which it has been possible by official means to change
Auction.
PUBLIC AUCTION.
to Sell by
THE Undersigned have received instructions PUBLIC AUCTION,
FOR ACCOUNT OF THE CONCERNED,
on
MONDAY, the 1st February, 1904. at 3· P.M..
Consignees.
NORDDEUTSCHER LLOYD, BREMEN. IMPERIAL GERMAN MAIL LINE. - NOTICE TO CONSIGNEES.
"HE Steamship
"GERA,"
of the NORDDEutscher Lloyd,
even 55.-Spanish Filipino Currency Into P. alongside DOUGLAS STEAMSHIP CO.'S WHARF, having arrived, Consignees of Cargo are hereby
Pesos, a draft Edict is published of Chinese severity. This act proposes that six months, after the Government may be conceded to have launched their incomplete scheme, the out- standing Spanish Filipino coins, and Mexicans then in the hands of the people, will be subject to partial confiscation. It is tran, that since 1st January it has been possible for the public to change their Spanish Filipino calns with the Government, but on most days at very much.
It was only on or about 20th July last that the Philippine Peso wat in existence as far-as--worse than the market rate. the Public were concerned. On that date tha four Banks, each of whom bek half a million, were authorized in emit part of same. Before however that permission could be effective it was necessary that the public should come and buy. This they did not do except in trifting amounts, nor could it be expected that they should. The retail houses, nin-tly Áme-ienn and Spanish, and private individuals, mostly Amer can officials, who kept their finances on a gold basis, were in the habit of using U. S. paper, and could hardly be expected to give that up for silver coins as heavy as the Mexican. In
For the Mexicans not even that is conceded, and the interior oative will have to dispose of his coins, if he is able to at all to itinerant Chinese at ruinous rates. Such an Act put in force so soon would be equivalent to depriving a
man of his property with due process of law. In view of the above I strongly urge that the consideration of the proposed Act be postponed for at least six months. By that time it will be known whether an export of Mexicans has taken place or may be expected, this year. If such should be the case, it would help on the situation by natural means, without loss, in-
ONE STEAM LAUNCH, Aulit of Teakwood in 1901.
Length....... .......8: feet.
informed that their Goods, with the exception of Opium, Treasure and Valuables, are being landed and stored at their riskiate the Godowns Breadth, .................13 ft. 6 in.
of the Hongkong and Kowloon Wharf and Depth, 6 ft. 8 in.
Godown Company, Limited, Kowloon, whence Condensing Engines,.. 6 ft. by 18 ft. by 6 ft. delivery may be obtained,
st fl. Boiler,anizarán 8 ft. by 6 in. TERMSAs usual.
HUGHES & HOUGH,
Auctioneers,
[176
Draft,
Hongkong, 27th January, 1904.
Entimations.
THE
ל
ROBINSON
PIANO
CO LTO
Optional Cargo will be forwarded unless natice to the contrary be given before 11 A.M., TO-DAY.
No Claims will be admitted after the Goods have left the Godowns, and all Goods remaining undelivered after 1st February, will be subject to rent.
All broken, chafed, and damaged Goods are to be left in the Godowns, where they will be examined on MONDAY, the 1st February, at 9.30 A.M.
All Claims must reach us before the 6th February, or they will not be recognized.
No Fire Insurance will be effected.
Mails.
NIPPON YUSEN KAISHA
(THE JAPAN MAIL ‘STEAMSHIP COMPANY.)
PROJECTED SAILINGS FROM HONGKONG.—SUBJECT TO ALTERATION.
STEAMERS,
AKI MARU⭑
J. W. Ekstrand..........
DESTINATIONE.
BAILING DATEE
(VICTORIA, B.C., and SEATTLE, TUESDAY, 9th Feb,
U.S.A,VIA SHAnghai, Moji, KOBE and YOKOHAMA
M.
4 P.M.
Bills of Lading will be countersigned by the KAGOSHIMA MARU......... (BOMBAY, VIA SINGAPORE and? TUESDAY, 16th Feb, at Undersigned.
K. Kori.................. COLOMBO ...........3
NORDDEUTSCHER LLOYD:
MELCHERS & CO., Agents.
Hongkong, 23rd January, 1904.
FROM HAMBURG, PENANG AND SINGAPORE,
fact they usually flatly refused to change their convenience, or harm to anyone. Also by that HONGKONG, SHANGHAI, SINGAPORE. THE H.A.L. Steamship
II. S. Currency Recnants to P. Pesos. Only at -end of October_last were P. Peso silver certifi- cates issued. which gave those who had hitherto wied U. S. Currency, and the increas.
time it is probable that the bulk of the Spanish Filipino coins will have been redeemed. As to what proportion of them will be retired, largely depends upon the Government rate of con-
ing number of retailers who were on a gold version, When these latter cains no longer CABIN
basis, an inducement to use the new coin,
During the later months of last year great progress has been made in its use, as far as Baaking business in Manila is concerned. A large proportion of the loans, overdrafts, and fixed deposits are in that currency, and the current account work in that money is increas ing daily. The Goverment can easily satisfy themselves on that point by comparing the figures of the quarterly statements furnished by the Ranks to the Government for 30th September, and 31st December last, Speaking for this Bank an increasing proportion of foreign exchange sold is paid for in P. Pesos,
Agure to any extert in local currency, and the latter practically consists of Mexicans, it will: be easier to deal with Local Currency. At
present any drastic legislation levelled at Local BABY
Currency in general, but at Mexicans'in particular, would be very likely to cause one of these coins to go to a varying premium over the other. Anything of that sort would cause very great inconvenience and trouble, and retard rather then help matters.
To those who urge the speedy passing of the proposed law in deference to the largely fictitinus outcry about the alleged "currency muddle" it may be said that there is nothing now to prevent such persons in Manila, Iloilo or Cebu from putting their finances on a P. Peso basis and keeping them there.
Another very imponant change has taven place in the past year. viz., about fifteen mil- lion Mexicans have left the Islands voluntarily without working hardship or loss on anyone
What has been the very greatest hindrance to the circulation of the new currency, has The rice prospects of the Islands this year are fortunately much more favourable, but there is herr, and still is, the impossibilty of getting no reason to suppose that a gond many more full value for it, in so very many cases it hav millions of Mexicans will not be exporteding to be paid away as equal to the same against rice importations Also the prospects of war between Japan and Russia form a very real factor in the situation. Should war take place, Mexicans may be expected to go to a premium over P. l'esos and of course leave the Islands.
Another important step was taken on 14th last. when the import of Mexicans was pro- hibited,
This course was recommended in writing by the four Exchange Bank Managers on or about 5th July last, besides on numerous occasions verbally before and since that date. However, as was stated by the Government at the delay, the current having been outward all 1903 and legislation might possibly have tended to check
it.
number of Mexicans. The action of the Government re Local Currency salaries, and taxes, has not tended to solve that phase of the difficulty. That is another reason in favour of postponing for at least six months the consideration of the proposed new law. By that time the difficulty above mentioned may have lrgely disappeared' to the great encour
agement of the use of the new currency.
As I am aware that all suggestions from the Panks are looked upon as interested, I would here remark that the money this Bank holds is against its liabilities, and is not private capital. After collecting our advances, and paying off our local currency liabilities we should be square.
The only statesmanlike way to solve the currency question, is to change all the loc Currency in the Islands for P. Peans at par, giving a time limit of say six months for the operation. Any currency not changed by that date to be taken over at its bullion value. The
It would be reasonable to consider that all the above preliminary work could be con- sidered satisfactory, even if a new Currency scheme had been in operation since 20th July last, but I beg to emphatically state that until and January last (1st of January being a holi- | cost of freight and recoinage, on the low caused day) there was no scheme in operation. Only on 31st ult, when it was announced that from 1st inst. Spanish Filipino coine would be exchanged at 1-2 can it be said that a working although incomplete currency scheme was before the public.
by the low Anances of the Spanish coins could very properly be met out of the general revenue of the Islands, and if necessary corresponding economies in other directions could be effected -Very respectfully,
T. S. SAMBON. GUARANTY TRUST COMPANY OF NEW YORK,
January 17th, 1904.
opinion I have previously expressed that Government should follow the precedent of every civilized country and redeem the local currency by giving one unit of the new for every unit of the old.
These Islands contain over 800,oco people. Roads are exceedingly bad, even four miles from Manila. There is only one short rail. 1. On general grounds I think the proposed way. Consequently communication between hill is unjust and unfair. I am still of the the various towns and villages, except those on the sea coast is difficult, and probably the bulk of the people never leave their own provinces, Notwithstanding this there are a large number of civilized people of fair means, spread in well
Both Mexican and Spanish-Filipino coins built pueblos all over the islands. The local currency circulating in the different islands is should be redeemed and treated equally. The officially estimated at I believe Spanish Filipino bulk of the Mexicans now circulating were coins $14,000,000 and Mexicans $15,000,000, imported during the last five years, some The bulk of these people expected to get the directly by the American Government, and the Civil Government has treated them in its new coins given them by the Government at par both for Mexicans and Spanish Filipino business dealing with the public and the banks coins. On 13th August 1st the Government being of equal value and interchangeable. For Announced positively that it would not redeem same time Government prohibited the exporta the Mexicans. This made many people still tion of Mexicans, more of opinion that the Spanish Filipino coine would eventually be taken over at par, and no definite pronouncement was made by the Government until gist ulto,
Therefore and. January was the first day that the people has any inducement to get on a gold basis. How could people in Manila, Iloilo or Cebu with Local Currency funds, be expected before then to go into the open market and
2. Further, I think the bill is as yet uncalled for. It was only on January 1st. (a fortnight | BRO) that Government made any offer to re- deem any portion of our local currency, and even then the offer was not as favourable as could be obtained and is obtainable in the open market at Manila. At the present moment there must be many districts of the archipelago where the Government proposal has not yet
been heard of, and before the news reaches changed with Banks or Chinese, and at a heavy | them this scheme to confiscate and rander discount, their holdings of local currency into valueless (for that is what the Bill practically P. Patos, when they hɗd a strong hope of get. means) the money in the hands of the people, ting par from the Government later on. Not is made public, It must be rememb red that
the banks and merchants of Manila and other parts can protect themselves: It is the natives of the provinces (and especially the poorer ores) who will be the sufferers.
A
13
"C. FERD. LAIESZ," Captain Sachs, having arrived from the above ports, Consignees of Cargo are hereby requested to send in their Bills of Lading for countersignature by the Undersigned and to
PIANOS take immediate delivery of their goods from
AND
alongside.
Optional Cargo will be forwarded unless notice to the contrary be given before TO. DAY.
ORGANS landed into the Godowns of the Hongkong and
Any Cargo impeding her discharge will be
GUARANTEED FOR CLIMATE.
THE NEWEST
RAG TIME
MUSIC an
VICTOR
and BOOKS.
TALKING
Kowloon Wharf and Godown Co., Limited, and stored at Consignees' risk and expense.
No Claims will be admitted after the Goods have left the Godowns, and all Goods remaining undelivered after the goth instant, will be subject to rent.
All broken, chafed and damaged Goods are to be left in the Godowns, where they will be examined on the 30th instant, al 3 P.M. No Fire Insurance has been effected.
HAMBURG-AMERIKA LINIE,
Hongkong Office. Hongkong, 23rd Janairy, 1904.
S.S. "YARRA"
COMPAGNIE DES MESSAGERIES MARITIMES.
NOTICE TO CONSIGNEES.
(164
~ONSIGNEES of Cargo from London ex
s.s. Midoc and Ortegal, and from Bor
Noon
* Through Passenger Tickets issued for the Principal Cities in the United States, Canada. and Europe, in connection with the GREAT NORTHERN RAILWAY and Atlantic Steamers, Round-the-World Tickets also issued Between Moji and Kobe, 1st and 2nd Class Through Passengers have the Option of Travelling by the Sanyo Railway.
For further Information as to Freight, Passage, Sailings, &c., apply at the Company's Local Branch Office in Prince's Building, 1st Floor, Chater Road-
Hongkong, 27th January, 1904,
ORIENTAL
NSULAR
STEAM
THE PENINSULAR AND ORIENTAL STEAM NAVIGATION COMPANY,
STEAM FOR STRAITS, CEYLON, AUSTRALIA, INDIA, ADEN, EGYPT, MEDITERRANEAN PORTS, PLYMOUTH AND LONDON, (Through Bills of Lading issued for BATAVIA, PERSIAN GULY, CONTINENTAL, AMERI CAN and SOUTH AFRICAN PORTS.) HE Steamship
T'
" BENGAL," Captain G. Philippe, carrying His Majesty's Mails, will be despatched from this for
MACHINES deaux, ex s.s. Ville de Lorient, in connection with BOMBAY, TO-MORROW, the 30th instant,
JCE ALUTE REPRODUCTION [OF THE
HUMAN VOICEI
SHIPS PIANO
PLAYERS $450
OR
CASH CREDIT
[39
Hongkong, 6th January, 1904.
'REEN ISLAND CEMENT COMPANY,
LIMITED.
PORTLAND GEMENT.
In Caska of 375lbs. net $4.78 ex Factory, In Baga of 150lbs. net $2.86 ex Factory.
SHEWAN, TOMES & CO., General Managers. Pongkong, 15th August, 1903
ID
F. BLACKHEAD & CO.,
SHIP-CHANDLERS. SAILMAKERS, COAL AND PROVISION MER CHANTS, NAVAL CONTRACTOR AND GENERAL. COMMISSION
AGENTS. 16, DES VIEUX ROAD CENTRAL, HONGKONG.
50AP
H
AND SODA MANUFACTURERS.
SOLE AGENTS FOR [ARTMANN'S RAHTJEN'S GENUINE COMPOSITIONERS GENUINE
BRAND, HARTMANN'S GREY PAINT, DAIMLER'S PATENT MOTOR LAUNCHES, &C...
&C
&C.
Sole Agents for FERGUSON'S SPECIAL CREAM and
P. & D. SPECIAL LIQUER SCOTCH WHISKY, &C. EVERY KÍND OF SHIP'S STORES AND REQUISITES ALWAYS IN STOCK AT
REASONABLE PRICES. Hongkong, 15th December, 1903.
A
TUBORG BEER.
only had they the hope, but it is a question if they were not right to expect it. The Spanish
FIRST Class PILSENER BEER Filipino coin and Mexican dated before 1877
guaranteed free from Salicylic Acid, 3. The time given is too short. The money were the money of the Country before the
PRICE $toso per case of 48 bottles (quarts) Amarican occupation, and the new Mexicans circulating in the provinces consiste entirely of and any other Chemicals.
cols and in the five months remaining before
or 6 dos. were imported finitly by, defalte written perr June goth it will be impossible for the people
pints. Special Prices for Quantities. mission of General Diis, and subsequently by to change all their holdings
Sole Agents
SIEMSSEN & CO. facit permission of the Civil Government. Not There are banks at only three points, and
Hongkong, Luth January, 1903. only so imported, but used and paid out by sald outside these places the only means of chang ing money is through the local storekeepers Government, which accumulated enormous (almost all of whom are Chineɛn) who will hoard in its Treasury ; and in the two Banks buy the Mexican cain at any price they choose then existing. Further these two Banks were and deduce the full amount of the tax at once. subjected to approbium, at the time of the Many of the depositors of the banks are scattered in foreign countries and will not hear
Bozar troubles ta' North China, for exporting of this proposed legislation until it is too late said new Mexicans, and later, on such exporte | to change their deposits in sime to avoid the, silon was subjected to probibitive
DENTISTRY.
SUI SANG, (Lately Practising with Dr. 1. BAKATA),
DENTIST.
No. 3, Connaughs Road Central, Hongkong, qta Padroary, 1909.
above Steamer, are hereby informed that their Goods, with the exception of Opium, Treasure and Valuables are being landed and stored at their risks into the Godowns of the Hongkong and Kowloon Wharf and Godown Co. Limited at Kowloon, whence delivery may be obtained immediately after landing.
Optional Cargo will be forwarded on unless intimation is received from the Consigneet before Noon, TO-DAY, the 27th instant, re questing it to be landed here.
Bills of Lading will be countersigned, by the Undersigned. Goods remaining unclaimed after WEDNESDAY, the 3rd February, at Noon, will be subject to rent and landing charges.
All claims must be sent in to me on or be fore the 3rd February, or they will not be recognised,
All damaged packages will be examined on WEDNESDAY, the 3rd February, at 3 P.M.
No Fire Insurance has been effected.
G. DE CHAMPEAUX, Agent. Hengkang, 27th January, 1004.
"NOTICE TO CONSIGNEES.
HE T. & O. S. N. Co.'s Bleamship
THE
"SOCOTRA,"
19
FROM ANTWERP, LONDON, PORT SAID, SUEZ AND STRAITS, 'Consignees of Cargo by the above-namen vessel are hereby informed that their Goods are being landed and placed at their risk in the Hongkong and Kowloon Wharf and Godown Company's Godowas at Kowloon, where each consignment will be sorted out Mark by Mark, and delivery can be obtained as soon as the Goods are landed.
Optional Goods will be landed here unless instructions are given to the contrary before | 2 P.M., TO-DAY.
Goods not cleared by the 2nd February, at 4 PM, will be subject to rent.
No Fire Insurance will be effected by me in any case whatever,
Damaged Packages must be left in the Godowns for examination by the Consignee's and the Company's representative at an ap- | pointed hour.
at Noon, taking Passengers and Cargo for the above Ports,
Silk and Valuables, all Cargo for France and Tea for London (under arrangement) wil ba transhipped at Colombo into a steamo proceeding direct to Marseilles and London other Cargo for London, &c., will be conveyed vid Bombay,
Parcels will be received at this Office until F.M. the day before sailing. The Contents and Valas of all Fackages are required.
Shippers are particularly requested to mult the terms and conditions of the Company's Bills of Lading,
For further Particulars, apply to
E. A. HEWETT,
Superintendent, Hongkong, 29th January, 1904.
TA
NORTHERN PACIFIC STEAMSHIP COMPANY.
BOSTON STEAMSHIP COMPANY. BOSTON TOW-BOAT COMPANY.
PROPOSED SAilings from HONGKONG, VIA
SHANGHAI, INLAND SEA OF JAPAN, KOBE AND YOKOHAMA, FOR VICTORIA, B.C., AND TACOMA, IN CONNECTION WITH NORTHERN PACIFIC RAILWAY COMPANY.
Captains.
1904
Feb. 11
Steamers. Tons.
Olympia"...... 1,837 A. Dixon Shawmu... 9,605 W. M. Smith... Feb. 19 Tacoma..... 813 M. Ridley Feb. 26 Victoria 3,50 J. Trebridge... Mar. 16 2606 T. W. Garlick.. Mar. 25 Trimont
1,837 A. Dixon ......April 27 Olympia*...
† Cargo only. Steamers marked (*) bavo no second-class passenger accommodation.
The attention of passengers is directed to the very cheap rates offered by this line to the All claims must be presented within ten days Pacific Coast and to the Interior and Eastern of the steamer's arrival bere after which date | Cities of the United States and to Europe. they cannot be recognised.
No claims will be admitted after the Goods have left the Godowns.
E. A. HEWETT,
Superintendent, Hongkong, 27th January, 1904
INDO-CHINA STEAM NAVIGATION
14
COMPANY, LIMITED.
FROM CALCUTTA, PENANG AND SINGAPORE.
THE Company's Steamship
"KUMSANG," baving arrived from the above Ports, Consignees of Cargo by her are hereby informed that their Goods will be delivered from alongside.
Cargo impeding the discharge or remaining
+
Special rates allowed to members of Govern ment Services.
Through Bills of Lading issued to Pacific Coast Points and to the Principal Cities in the United States and Canada.
For further information as to Freight"or Passage, apply to
DODWELL, & CO., LIMITED.
General Agents, Hongkong, 16th January, 1904,
·Insurance.
(12
·WORTH GERMAN FIRE, INSURANCE COMPANY OF HAMBURG,
THE Undenigned AGENTS of the abo Company are prepared to accept I inst
on board after FRIDAY, the 19th instant Class FOREIGN and CHINESE RISKS E
at 4 F.My will be landed at Consignees' risk and | QURRENT RATEL.
exponse into Godowns at East Point. -No Fire Insurance will be effected, "Bills of Lading will be countersigned by
JARDINE, MATHESON & CO.,
General Managers,
· Hongkong, 28th January, 1904.
[54
THE
NOTICE.
[184
HE Public are hereby informed that no
change has been made in the Rates of Subscription to the Hongkong Telegraph and
SIEMSSEN & Co.
15:
· Hongkong, 18th May. Ros,
Masonic.
ZETLAND
No. 115, R.C.
LODGE.
REGULAR MEETING of ZETLAND
they are warned against paying more than A LODGE will be held at thFANT
TEN GENTS (10 cts.) per Single Copy
THE MANAGER, Honghong Telegrupà Co., Ltd. (17) Hongkong, josh September, 1903,
MASOKE HALL, Zetland Street, on 'MONDAY, the rat February, at 8.30 for 9 PM. procisely, | Vialting Brethren ase cordially invited to attend,
Hongkong, s6th January, 1994.
Notices
A. 8. MIHABA
Jianuger
.(s.
of Firms.
L'UNION OF PARIS FIRE INSURANCE COMPANY, LIMITED.
THE
THE Undersigned having been appointed AGENTS for the above Company are prepared to accept RISKS against FIRE at CURRENT RATES.
SIEMSSEN & CO. Hongkong, 1st January, 1904.
T
NOTICE.
"HE PARTNERSHIP bitherto existing between Myself and Mr. JOHN HAS- TINGS having been dissolved by effluxion of time, my Business will in future be carried on under the Firm Name of DEACON, LOOKER and DEACON.
VICTOR H. DEACON. to, QUEEN'S ROAD,
Hongkong, Int January, 1904.
Wotel.
KING EDWARD HOTEL.
A HIGH CLARs Private HOTEL.
LADIES' AFTERNOON TEA ROOMS,
PRIVATE BAR
AND
BILLIARD, ROOMS,
Hot and Cold Water throughout,
Electrically Lighted,
Electric Fans (if required). Electric Passenger Elevator to sach Floor, Table D'Hote at Separate Tables, For Terms, &c., apply to the
MANAGER.
fgr
Manylang, sard (ctober, 1971
To be Let.
TO LET.
A HOUSE in KNUTSFORD TERRACE,
KOWLOON.
Apply to-
J.
THE HONGKONG LAND INVEST- MENT & AGENCY-CO, ED. Hongkong, 27th January, 1904
TO LET.
[178
Trance from Ice House Street,
TWO ROOMS suitable for OFFICE use;
Apply to-
SECRETARY,
MASONIC HALL. Hongkong, 28th January, 1904, (185
For Sale.
FOR SALE,
INC
[NCANDESCENT **
GASOLINE
LAMPS
OF ALL DESCRIPTIONS, from the best makers.
INCANDESCENT
AMANTEES,
CHIMNEYS,
GLOBES.
SHADES, &c
**For
- GASOLING`AND GAB LAMES
at the most moderate prices.
Lamps fixed, up fo Buyers free of charge,
Naphtha of the bes kind kept in stock.