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A.B.C., 5th edition.
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The Hongkong Telegraph,
HONGKONG, `FRIDAY, AUGUST 4th, 1011.-
SHARE BROKERS AND THEIR LIABILITIES.
(29th July.)
In our issus of this 'ovening there is published the first of a series of articles on the rights, duties and liabilities of sharobrokers. As the writer of those articles statos, there can
THE HONGKONG TELEGRAPH FRIDAY AUGUST 4 1911.
of
CHINA'S NEW NAVY.
(B3rd August.)
COMMERCIAL.
SINGAPORE SHARE CIRCULAR.
Fraser & Co.'s -
ovenly divided between Rubbor and Mining shares, whilo Indus- ́trials are stondy with little doing, Rubber.-Laundronshave been
"GLAD WITH WINGS.”
control which should tond for the good administration, of the Empire Army. The British are learning from history that it was (1st August.)
the very discord that prevailed between the various Roman camps Whether Daedalus and learns ovor did fly is an open question, and their generals that made for the ultimate downfall of tlut great nation. Civil wars had sapped the country's best blood but at any rate, if they did, it is quito clear that the first fall and the hiring of mercenaries with their differing idons of how was that of Icarus, who flying with the wings that his father a battle should be fought in the end reduced the empire army to hind made, on the way from Greece to Italy fell into the sun. a state of perfect chaos that in the curse of time could only spoll Of course this is all mythology, but if it were truo it would ruin. The picture bids fair to be reversed so far as England is con- Business during the wook has lavo boon only a foretaste of the things that were to various pooples under the sceptro of King George, giving us that the markot remaining extromoly corned. The presont scheme should tend towards the unity of the again been on a very small scale, come in the future. When M. Dumont, flew is very fow yards strength, which will come from harmonious working between the dull. Attention has been more some years back, column upon column in the Press was devoted homoland and her dopondencies. to the performance und it was looked upon as one of the wonders of! times. It undoubtedly was, and though it only marked the beginning | of the'mulmination of a now scionco, it was yet another fulfilmont of the poet's prophesy in "Boadicon" that the people Rome had never known "armod with thunder, clad with wings" should a wider worki
A low days ago wo published telegrams to the effect, that the placed at 70s, Anglo Malays 108.,
Heawoods ds, to is. 3d., Morlinnus. command. From the old time experiments, when the intrepid authorities at Peking were taking steps for the reorganisation of | 39, 84. with buyers at the close at bo vory little doubt that the majority of persons in this investigators with cagio's wings bitud to their shoulders, throw their navy, and with that ond in view, inspection of the count line
38. 6d., Chimpuls have changed Colony douling in shares know little or nothing either of their thomassives from great heights to tho odsout of machines for a suitable basse las boon set afoot. It it shows nothing else, it hands at Is.31.and Kamunings at own rights, or of the rights and liabilities of the brokers that live actually, risen from the ground,, tho, pursuit the demonstrates clearly that the Celestial Empire, or at least sections 38. 2d, premium. Ayor l'anns have whom they instruct. The brokers themselves, or many of thom, aro science has beau marked with the many deaths that progress of it, is awakening to a right sense of the position it ought to hold been done at 83.10, Ayer Moleks in the world's affairs, and as the prolimimry stop, the first task is to $1,65, Now Sorendale $2, Lands probably equally without much knowledge. The general idea has at all times demanded from her dovetees, and it is a source secure a good naval base. The method of procedure is undoubtedly $1.60), Alor Gajalis $1.40, Ole- appears to be that a broker is at liberty to act for as many that degree of stability, which has permitted of the lengthy thio porfooting of administrativo facilities would take premier posi-cents, and a fany Kempasat $2.80. considerable satisfaction that at last the aeroplane has attained like putting the cart before the horse, for wo should have thought nonlys $1.30 to $1.20, Jimohs 30 principis as he pleases, however antagonistic the one in the other, lights that have taken place during the past month. Last year iton, closely followed by the establishment of an efficient fleet. As their interests may be, or he inny sell his own shares to his principal; tho "Daily Mail" gave a valuable prize for a flight from London to regards administration China has never, in recent times, possessed it, tuntod considerably with business Mining.-Tronohs have fluc- and further, that if a contract is once made in accordance with legal of M. Paullen, who stole s march on his competitor, while he of cusos, most lamentable. Nor was it entirely due to their own $40.75. Belats have bean placed Manchester and singularly enough it was won by the smartness while the ignorance of the various high ollicials was, in the majority at varying rates from $36.50 to joquiremonts the principal whohas signed it is bound by it, although,
slopt. if he chooses to do so, he can back out of a contract which contains
faults. Trainod as many of then wore undor the ethical code of the fox-dividend, Kintas $22.50, Now is come the linge contiucutal race, and, close upon old school, unised to the scientific trand of thought, which can alono Rahman Hydraulics $10.25, no numbers of the shares, agreed to be bought and sold for future its heels, the circular contest in England, won again by u French be in consonance with the over increasing mechanical contrivances Brunngs $5.25 and Tongkah Har- delivery, and is under no legal liability either to the broker he has man. M. Andre Beaumont throughout his victorious journey showed used on evon an average battleship those men have been placed in Lours at $17.50 ex-dividend. employed, or to the other principal, in relation to that contract. wonderful skill and completed the journey of 1,010 miles in positions requiring, not an extensive knowledge of Chinese litern- Clonera.-Straits Tradings aro The real position is, however, very different from that which we both short space of twenty-two hours and twenty-eight minutes show ture, but a thorough acquaintance, with, and specialized knowledgo stently at $10.50, Stosinships lieve it is generally supposed to be, for it may be gathered from the ing that the time has come when the noroplano is no longer the toy of of all matters appertaining to modern warfare. articles we are publishing, and from the authorities therein tod, the rich, a thing to be looked upon as a mere amusement, but an se- under the old school it is practically impossible to secure an and close firmer at $250. Fraser Consequently have been donent $240 to $247.60 that so long as a broker acts lunestly towards his principal, and in tual potout force which in the next few years will have a great effect ofliciontmval administration. Agood knowledge of law isnot the neces- and Noaves and Riley Hargreaves accordance with his principal's instructions, and if has no on the economic conditions of the whole world at large. The dreamersary attribute of a glover mechanic. It is Chum's business thereforo uro wanted at quotations.. personal interests
of his own in the transaction, which is not now looked upon as a butt for ridiculo when he says that the air in the first place, to secure specialists in the various branches, and it may possibly be opposed to those of his principal, he is entitled will be the carrying median of the fature. It is clear that with the ad will have to provide those as host she can. It is the foundation upon
The New Linggi. Issue: both to his brokerage, and. Lo be indemnified by his vent of a method for securing the absolute stability, the aeroplane will which an efficient fleet is built. Ships and men are mere lighting Eastern agents for Tinggi Planta.
Messre. Guthrie and Co., Ltd.' principal against any loss le may sustain in the becomou means of transit, which will beabsolutely depondable. Dur units, and as good or as bad as the dininistration ukes thom. Itions, Ltd., aro iu receipt of cablo transaction. The contract between a broker and his principal ising the past year much has been done in this direction. The size of wo were asked as to what was an efficient fist, we shouki immediate advice that at a meeting of entirely indepon lont of the contract put through by the broker for the mchines, have been reduced and the power of the ongines greatly say "ono that is ready for and able to cope with any emergency." salo and purchase of shares. It is a contract of indemnity which is enhanced. The result has been the obtaining of a fuster spood and We are quite aware that such a standard is high, but it has been sot on Tuesday, it was resolved to the shareholders hold in London, implied from the relationship between them of principd and agon, by some it is said that more stability has thereby been secured. by the powers of the world, and in fact the only efficient fleet at the increase the ordinary share capital But to ensure the rights of tho bmker nuder such an implied contract Whether that be so or uol, it is quito clear that more confidence in present time is one that could cope with the greatest emergency, by 125,000 storling, of which it is necessary that his conduct should be absolutely fair and the aeroplane is being nvinced. Politicians have ventured into the an attack by Great Britain. Fleets that cannot do that, are not e10,000 to be issued now at the opon towards his principal, to whom he must disclose any fact blog vault of heaven amid the raptures of admiring crowds efficient, for they cannot carry ont successfully the defence of their price of £1 10s. per 2s, share, the within his knowledge which may affect his principal's interests. d hivo, come safely back to earth. Flying meetings country from the onslaughts of another nation. Undor no circumstances, as broker, my he sell to his principal his ro been held, thousands of people have soon that which this ideal? We venture to think that if she over does it will be in the shareholders pro rata to their Can China attain shares to be offered to registered own shires, or sturgs in which ho is personally interested. A they had over hoped to witness, and the world is having dim distant future. Conservativism, the clinging to old ideals and the holdings. Further particulars principal himself he may, of course, deal in such shares in any way placed at its disposal a new bans of transport. It may be tatont unwillingness to admit ignoranco are factors operating against will be published later. he pleases, but he must state the fact that he is a principal, and not that the acroplane will add to the terrors of war and by so do doing China's progress in every direction, and it will not be until this lot it be supposed that he is dealing with the shuros as a broker help forward the cause of universal poace. It is to be hoped that this goneration and the next are long forgotten, that efficiency in naval morely, and that he is therefore entitled to claim a commission or will be the caso though at the present time it hardly seems fossible, matters will stand even a chance of being attained. As fur back as brokerageun their sale price. To a brokerage on commission under Now it is looked upon as a docile lly useful adjunct to the ordinary 1904, Sir Robert Hart submitted a memorandum to the authorities at those circumstances bo wild cartiiuly not be entitled.;
forces of war. Mr. Graham Wright has shown the immense possi- Poking, and suggested the formation of three separate fleets consisting This, briefly, oppe is to be the stains of a sharobroker and of bilities of the new scout, how that fortifications aro as muught in the in all of 240 various craft. his principal in sharo transactions—a position which we venturo to bomb that is dropped from aloft, and it is to be hoped that, by virtue
The initial outlay, or ratheraddition to the national doht would be believe is not bon un lorstood by many in the Colony. It is pos-of the very experiments, that he has conducted, lie will be able to at least £100,000,000 and a huge yearly burdon ou the revenue. The sible that not a few transactions in shares have been put through convince the whole world that war has gone out of the ken of Empire can bear the coat, when she has got rid of the maladministra- which might have been ropa-linte-1, or which would not have takon reasonable man, -place, had the parties bzon award of their rights and duties; and The circular race for the "Daily Mail" prize shows that the oircles. A progressive policy of reform in practically all directions, ion and chicanery that is existont at present throughout official other transactions may havo buon repudiated by persons who errone-aeroplane is becoming too big for one country. Its possibilities and the creation of industries with the raw material at the country's ously believed that they were entitled to do so. We do not suggest have extended till they embrace the whole world and the foretold command, should in no very groat time elevate China to that position. for a moment any moral delinquency in the majority of instancesco across Europe and Asia to Clinton may yet become an accom in which the fulfilment of Sir Robert Hart'ascheme would be a matter in which contracts might have, but have not, been repudiated, but plished fact. It will then be only to "throw a girdle round the easily accomplished. merely that the position less not been proporly understood, as it must earth."
in future be by those who take the trouble to read and consider the articles we are publishing,
AN UNSATISFACTORY LOAN.
(31st July.)
IMPERIAL DEFENCE.
(2nd August.)
JAPAN'S FIRST GREAT CHARITY.
(4th August.)
Rubber Auction Prices. The following prices were replisod at Messrs. H. L. Coghlan and Co.'s rubber auction at Singa- pore on Tuesday, July 27:-
No. 1 Sheet ... 241 to $246 por pl. No. 2 Sheet.. $202 Bark Crapa... $180 to $192 Bark Forup... 897
has
Tin and Rice Quotations. been done to-day, July 24:- The following business in tin
Singaporo;
Straits Trading Co.,
buyers, no sollore. $93.60
Penang:
Ponnng Tin Ex-
change, buyers, no sellors............
Straits Trading Co., buyers, no sellors.
02.25
93.00
192 cash and £184 10s, threa Tin is quoted in London to-day months' sight.
Rangoou rice is quoted here to- day at $150 per coyan.
A SCARE IN CANTON.
Viceroy's Order re Carrying of Arms.
["TALHORAPH" CORRESPONDENT.]
Canton, Aug. 3:
Rucontly many soldiers and
Perhaps the first instance of public clarity in Japan, on a large Tho report of the Imporial Defence Committoo, which was scale, is the gift of the Emperor of one and a half million yen for called luing the time that the Colonial Conference was being the relief of the poorest classes, by the provision of free or exceed-at held in London, re just been publishel, and gives some very If the initial stages of the raising of the "four actions" loan are interesting facts, if the brief suntry that the cables give us is ingly cheap medical relief. Following closely as it does upon the any criterion, several things have happoned recently which should anything to go by. The report sys at the outsol that the Imporial anarchist plot, for which Kotoka and eleven of his associates suffered have a serious effect not only of China's domestic policy but oven General Stall has made consirable progross during the two death, it has been thought by some that there is a rotationship on her foreign credit, The loan in the first instance was raised for years of its existence. In the first place it was found that between the gift and the unpopularity of the sentence, which gave the purpose of financial and currency reform, and four days after the one of the difficulties to be solvel, was that of obtaining a de Koloku over to death. This we venturo to think is not the cass, but signing of the noce 43ry agreement the sum of £400,000 was handled nito arrangement in dealing with various points that had crop. believe that purely philanthropis motivos only underly the gift, and over to the Chinese governucut to be devoted to "commor- pod up. It was in connection with this side of the question that the money was given solely for the good that it should do. The eial enterprise in Manchuria and the reimbursement of expanses that a detailed statement of the arrangement of loans, attach immediate effect of the gift was to set an example, which many of incurred during the plague." There las hardly been a Euro meats and interchanges of and between officers of the Regular the Japanese have been only too ready to follow, and early in May pean paper in the East that has not, at one time or the and the Overseas Armies was prepared and forwarded to the Oversea it was decided at a very influential meeting to take steps for the othor, held forth on the supreme folly of handing tho administratiovernments. There has been practically a general acceptance with augmentation of the Emperor's gift till the very large sum of 20 tion of loans over to the tender moreios of the Chinese official the exception of Australia and South Africa. The former has made million you is accumulated for the object in view. The need of the. Take only one instance in the long list, that of the Poukou-Tientsin no reply up to the present while South Africa has sent a message Japanese for cheap medical treatment is only too evident if the Railway. By the original Anglo-German agreement the line was to stating that she is not yet able to gauge the actual requirements of figures of a German scientist are taken into consideration. Taking naval troops wore soon walking cost £5,000,000 but thanks to the innumerable methods of "equeozo" the force she will want for defensive purposes. The immediate re- the assumption that ono fatality occurs in thirty-four cases that the official is cognisant of, thanks to land funds and wasto, the sults are quite emorraging. In the first place they show that such of illness, the annual deaths in Japan being 1,000,000, it would be along the streets in private clothes nctual cost will, it is expected, ba double what it originally was. The writers as the well known Mr. W. T. Stoad have been jump a justifiable deduction that the number of cases of illness throughout and with revolvers in their londers of the money have to bune themselves to a certain extent, ing to conclusions which are not justified by the trend of modern the year would be somewhere in the neighbourhood of 34,000,000, lands. for they offered facilities for supplementary loans, of which officialdom political history. There are some man, who seem perpetually to Supposing only one per cent. are in needy circumstances, and aroused the suspicion of the was only too glad to take advantage. The evil consequences that look through a glass darkly, glass of such a yellow hue that their unable to afford the ministrations of a doctor, then 340,000 re- people, and the matter was re- attond the granting of loans in such a slipshod manner are so apparent whole outlook is cno jaundiced vista. It rany bo significant to the quire medical succour each year. These figures are not the result ported to E. the Viceroy. that we wonder the authorition responsible for the borrowing and alarmist home journal that Australia has not replied to the de- of a vapouring imaginative mind, but have the backing of an
lis Excol'ondy has now in- lending have not realized the danger and taken stops to rectify the tailed statement that has bonu sent to them. We can quite excellent statistical journal, so that a serious state of affairs is structed the commanders of the mattor. Take the ew of the railway in question. If it could be con-imagine that this delay will be looked upon as a direct shown in Japan which this princely gift will tend to alleviate. There military and naval forces that in structed for the sum originally mentioned, thecapital charge agains: the confirmation of the rumours that Australia is about to prove are, comparatively speaking, no public charities. They would not be future if any of their men go out railway was only its cost, so that for tho sum raised, it was ample false to the Empire. Such we think is not the case. Only very flourishing if they did exist, for at the present time the nation's on patrol duty or make enquiries security. But, if by any means more money is raised than that in the past few weeks Australia in common with others of the race for power, the increasing burden of armaments and the hurry for which necessitate the carrying of actually requirol then the senurity is not sufficient and the borrow colonies entered into a pact as to the placing of their separate up-to-date development, are involving expenditure, which is proving firearms, they must put on their ing power of the Empire is reduced by the amount of the surplus. navies at the disposal of the lime government in care of need a burden to the tax payer. Consequently the establishment of hospi-uniforme, and must previous- In other words every til that goes into official pockets, by reason History further back, though it is only a few years ago shows that tals, which in an ideal state should be the primary care of any governly apply for a permit from their of squeeze" in this direction, is an entity, which, taken collective- the people of the antipodes woro as loyal at any beneath the Bag. ment, has been left over. Charity did not exist to a large enough ox-superior officers. Even if they do ly with the other amounts pilfered by the same opprobrious means, We have no doubt that our colonins, are as loyal as those of any other tent, and the nation's income was devoted to other channels. Yet the go out to make secret inves- becomes a serious maaco to the financial stability of the country at nation though it may not be as clearly demonstrate as those, who gift of the Emperor and the loyal seconding of his subjects in the tigations in private clothes, they large. It is an increase of the ouairy's liability without a devolop wish for others' affections to be shown on this sleave, would have it. matter are significant indications of the gradual change that is are niso obliged to carry the par-
But to revert to the question of the Imperial General Staff; coming over the East. It has been said, more than once, mite with thein.
Thoir action greatly
ment of resources to meet the extra charges.
The construction of the Canton-Kowloon Railway has been enr- it must be admitted at the very commencement that the scheme that egotism is one of the traits of Oriental character. In the ried out under strict supervision-we refer to the Chinese section-is one that commends itself to those, who have the unity of the past it undoubtedly was true. "What can I got for myself?" was racks, thay aro subicct to the When they are out of their bar- supervision that has been effective, and it was agreed by the Empire nt heart. The idea follows out the old principle often the eternal question, if not on the lips at least in the mind, and, as control of the police. When asked financial combination that instead of accepting the Chinese terms of enunciated but rarely carried into practice that the most admir- a result, the duty of one citizen to his poorer neighbours has boon to show their permits cortifying "non-control" they would insist on the above mentioned railway ablo form of administration is that, which broadens the form of lost in the sublimity of the glorious "I". The prosont movemont them to carry arms, they have to being taken as a pattern, providing for an ongineer in chief and an government, but at the same time centralizes the responsibility is an unmistakeable indication, showing na awakening consciousness do so. Any offender will be taken accountant invested with powers to protect the bondholders. That and creates a final arbitor in all matters concerned therein, that poverty, whether due to misgovernment, natural calamities, into custody and brought to his was the sound and bonevolent practice of the fact, but the doctrine This is what it is proposed to do under the recommandations of porsonal defects, or other causes, is, when it grows too great, likely, superior officer for punishment has been sadly laparted from, till we have no hesitation whatever in the Imperial Defence Committed. Basides the arrangements for the nyo, almost bound to produce disquieting political consequences. by the Taotui of the Constabulary. saying that the terms of the presont railway loan are highly unsatis training of several colonial oflicors at home and thus making Farhaps Japon is learning from the great mistake of hor erstwhile The Commandera will be held factory. We hope that before long an efficient supervising body for a uniformity in army inttors, it is proposed to create the enemy, Russia, that to ignore the poor is fatal. They are un-responsible for the conduct of will be established at Peking, and that the Chinese Government will new office of Inspector of Forces whose special care will be fortunately in the majority, and whether the gift of the Emperor their men. Others than soldiers abide by its decision to take charge of all trunk lines and not content the armies of the Overseas dominions. The force of the colonies has a political significance or no, it must be welcomed as a means and naval troops carrying arms itself with lending the foreign capital at a big rate of interest to the will therefore lave in the first case instruction by office towards the alleviation of misory and distress, that is known to in the open streets will coal concern interested in the various transport undertakings. trained in English methods but will have a centralization of exist in the Land of the Cherry Blossom, sa well eg in other lands. pabled us desperadoes,