CHINESE CURRENCY.
THE HONGKONG TELEGRAPH.
SECOND EXTRA
surve this purpose as well ar Boversigus. All that was nOTERH- "ary, therefore, to secure that the dulian should remain near por, Professor Hinton's Third Lectue, was that they should always b
able, (when presented in sufficient amousis) to buy gold at a fixed The third and last lecture of ratio. When the balance of trade unfavourable, this ecries was well attended, Re- or payment was ferring to his previous lectores dollars would be presented to buy Professor Hioton aaid that they go'd credits in Europe, When inevitably conveyed a false im the exchange went the other pression of simplicity and com- Way, gold credits would be con- pleteness. The problems of Chin. verted into dollars, which would Be Currency were too complex be released into the circuia to be set forth briefly and com tion. With an adequate reserve and by judicions manipulation, plately. The audience must think of the confusion which be had this could be carried on so long as there was not an extremely pro- attempted to describe, as being many times worse than he hat longed unfavourable balance of id. Similar rem rke applied trade. If dollars were presented to the Rongkong currency. The for old, the receiving bank mast dependence of the conditions keep them out of circulation until here upon the balance of trade in the exchange turned the other Bouth China, was liable to upset way. Theoretically these dollars theoretical conclusions which were so much gold, which had were perfectly valid when applied 600 out of the country. The los normally independent system, Ho hoped to return to this in greater detail on afutureocenion, when there would not be the same uscossity for an elementary Irest- ment of the theme.
Two alms of Reform Stability
and Uniformity,
coner quant restriction of currency ad the effect of encouraging er, since prices fell and the
utry became a good place to buy in, but a bad place in which to sell. Thus the balance tended to be restored. This was the type of currency which D.. Vissering bad" proposed for China in his Any reform of the currency must have two aims, namely a capacity as monetary adviser to The atable standard of value, and the Chinese Government. uniformity in the coinage. The lecturer quoted a summary of Chinese Government was already these proposals. committed to measures which Dr.Vissering's Original Proposals, would serure the second of these
Io
HONGKONG, SATURDAY, MAY 15, 1915.
APPOINTMENTS,
I. E. the Governor has been ple sed to recognise, provisionally. and pending the receipt of in- structions from His Majesty's Government, Mr. Carlos Laysea a Acting Consul for Peru, in Hongkong..
B. E. the Governor has been pleased to make the following appointments under Section 19 of the Public Health and Build- ings Ordinance, 1903-
Police Bergeant A. Floyd to be Sanitary Inspector for Aber- dees, with eff at from February. 5, 1915, vice Sergeant P. Brazi,
Acting Lance-Sergeant A. W. Grimmat to be a Sanitary In- spector for Stanley, with effect from February 5, 1915, vice Lance-Sergeant W. Spille t..
Lance-Sergeant R. Lanigan to be a Suitary Iaspcotor for Sham. shaipo, with effect from April 97, 1915.
TO-DAY'S
LATEST WAR TELEGRAMS,
RUSSIAN SUCCESS IN GALICIA,
AUSTRIANS IN PRECIPITATE FLIGHT.
GERMAN CLUBS CLOSED in ColoniBS,
[Beuter's Service to The "Telegraph."]
THE ITALIAN POLITICAL CRISIS.
May 14., 5.30 p.m. Reuter's correspondent at Rome reports that the King of Italy received the presidents of the Senate and the Chamber to-day, and then Signor Giolitti. Acting Inspector M. Earner to There has been great excitement over the crisis, and the be a Sanitary Inspector for Kow-military have been most vigilant to prevent disorders, as the exasper- Viva Salandro and Sonnino" and loon City, with effect from March ated orowds were shouting 1, 1916, vice Inspector G. Sim. "Down with traitora,"
E
GERMAN CLUBS CLOSED IN AUSTRALIA.
May 14, 10.20 p.m. Empire-wide sympathy in connection with the Lusitania orime includes a résolation by the Australian Parliament condemning this want on murder on the high asas.
The German outrages have caused an intense feeling is all the Dominions.
Renter's correspondent at Melbourne reports that the Hon. Mr. Pearce bas ordered the closing of all German cluba in Australis.
HONGKONG UNIVERSITY
UNION.
Proposed New Bulidings."-
DAY BY DAY.
Extradition Case Remanded.
In the case in which the Chinese authorities are asking for the ex- tradition of Chen Yam Fuk, a remand was ordered for a week. The Crown Solicitor appeared for the prosecution and Mr. Osto Kong Sing for the defence.
Theft of P.W.D. Property.
In the third year of its existence, the University Union is able to congratulate itself upon a mem bership of nearly $250, The Annual General Meating was beld in the Great Hall of the University on Friday last. His Excellency the · Governor and This morning at the Polios Chancellor is President of the Court, before Mr. J. R. Wood, Union and there are several wella Obiness was charged with the known local gentlemen as Vice theft of 170 lbs of iron bolts the Presidents, Mr. Fang Man Sui property of the P.W.D. from that (Chairman of the Union) presided lepartment's store on the Praya and after the usual formal East. The man was sent to pri- business, announced that the Pre-son for three months with foar eiding Officer would furnish the hours stocks, names of the new Council as soon
וי
The Assault on a European.
as the ballot papers had been duly counted. He next referred to the various sotivities of the
In connection with the outrage Union daring the past year and on Mr. Hutchinson, six coolies, especially mentioned the success who have been arrested were ful issue of the University brought before Mr. J. B, Wood Magazine; be slao expressed the on a charge of highway robbery hope that something would be and remanded for a week. An- done to provide better acomoda other Chinese charged with re- tion for Union members in the ceiving some of the property University. He mentioned that the alleged to have been stolen was members of the Union had had also remanded. the annual report in their handa for some days and he would be
Alleged Armed Robbery pleased to answer any questiona
at Yaumati. Three Stages of Reform. cooperation of the Chinese and
Yesterday afternoon "four men concerning the work-Athletic onda. They were issuing dollars. Tae reform was to be under-foreign bankers, and this con- of about 72/100 Kuping Tael 900 taken in three periods,
called upon the Hon, Treasurer entered 499 Shanghai Street, stituted the second difficulty,
end Social of the Union. He then dae, and atempting to displace the first the gold unit was However much the reform of the
to give some detailed vecount of Yaumsti, and enquired of a the balance sheet.
woman, who was there, if her the present currency by these und to be fixed at about 1/20th of a currency might be to the benefit of deposit banking in the fatore, notes based upon these. When pound sterling and, through bere seemed to be no reason to
Professor Middleton Smith (Hon, husband was in. She replied in Treasurer) dealt with the various the negative and they thereupon the slow progress of this reform fourgeaised Central Bank, atro
items in detail. He wae eat upon her and bound and was complained of, people forgot duced as one more element in the uppose that the business of ex-
pleased to say that they had gagged her and her apprentice. the area of China. China ploper present welter, of currencize. I change banking would benefis by
completed the new recreation They ransacked the house, break- was as large as Europe without was to be a money of account, like the change. The ultimate benefit
ground in the Pokfulam Road, ing open two boxes and made off Russia and that continent hade tagl, but of more stable value, was theoretical, and involved. re
which was now a really fine with jewellery to the value of nineteen separate coinage being of gold. At this point the adjustments and modifications of
Big Austrian Defeat in Western Galicia.
ground. Although the Union, in 8134 and money to the amount of ayetems, only partially uniform. couperautoa of the banks was business methods which might
May 19, 10.40 p.m. The immediate Given prace and continu-neutal if the new money was to not prove easy.
Reuter's correspondent at Petrograd states that the official com common with the rest of the com- 8257. As they went the woman loss was likely to prove a very Auca of the prosent policy come into general use
venience dea to the war, as Indian and a coxswain of the Water a considerable improvement in this had been accomplished the practical consideration as soon as maniqus reports the fighting is favourable to us at Charli, where munity, had suffered some incon- succeeded in raising the alarm the currency in this direction Central Bank was to build up a the demonetisation of all other we captured over one thousand Germans and nine machine guns."
The intensity of the fighting in Western Galicia lessened on troops had been quarteted on the Police, who lives nearby, effected might be expected.
reserve by taking gold or ita monoy took place. It therefore As to the stability of value or quivent and issuing notes re-seed doubtful whether this May 10, and our troops concentrated on a shorter front on the new ground, yet the Government the arrest of a man carrying a River San. The Austrians have evacuated strongly fortified poai-had dealt very fairly with them quantity of the stolen goods and constant "purchasing power in a deemable in gold ar drafts, apport would be forthecming,
tion of compensation das to the ourrency, it was inuspable of This paper currency was then and in that event it was unlikely one from Systritz in the Roumanian frontier and retired precipitate Of course there could be no que also a knife. realisation under present D
bevume
legal tender, that the Obinese Governmently along a front of 140 kilometres beyond the river Prath, ditions, but the nearest approach and act as
The enemy's cavalry endeavouring to cover the retreat were lose of the use of the ground for s part of the could force the soheme through.. to it was given by a Gild Saud- orculating medium. At the end The third difficulty was that of defeated by our fre. The Russian cavalry broke the enemy's linee season, but the ground was being ard euch as was used in Great of the first period it would be preventing counterfeiting. It was at several points, charged and threw the Austrian columns into repaired and all damage made Only yesterday their President Britain. To a slightly less degree possible to tell whether or not proposed at first to issue what disorder. A vigurous pursuit continues ander conditions par. good at the Government expense.
ticularly favourable to us.
(the Chancellor) had enquired at a Blability was aleo ensured by se conditions of foreign trade were practically bisk notes re-
The great number of prisoners we have taken are boing Conneil Mesting as to its progress. Gold Exchange Standard. The China were favourable to the deemable in gold credits or to
extent in gold coin. rapidly increased. Ossential advantage of this sys-establishment of a fail gold ex- Home
When people had grown used to tem was that it enabled a gold change standard. standard to be maintained in a The second stage was concern the new unit it was suggested that country with a silver circulation.ed with the issue of silver tok silver taken coins should be issu Hence its adoption among other one of a weight and fineness to ed. But this left the difficulty of places by the Philippines, the be then decided (1/3rd of a Kap. preventing counterfeiting where
to
When
RUSSIAN COMMUNIQUE.
FRENCH COMMUNIQUE.
Further Success on Western Front,
SANITARY BOARD. Business for Tuesday's Motting. The following tre the orders of the day for the meeting of the Sanitary Board, to be held on wash Tuesday, next-
Mizate by the President of the Sanitary Board re proposed ahan ges in the Estimates for 1916.
May 15, 1,35 a.m.
Limewashing return for the for night ending 4th May, 1915.
Mortality return for hongkong for the weeks anding 25th April and 2nd May, 1915..
Mortality return for Macao for the weeks ending 25th April and 2nd May, 1916.
Rat return for the weeks ending let and 8th May, 1915,
TYPHOON WARNING.
Professor Smith then referred The following typhoon wan to the urgent need of a suitable ing has been received through pavilion for the groold. He said the courtesy of the American that from time to time, visitors to consulate
the University, after admiring The Telegram quoted below their fine buildings and equip was received from the Munila ment and after learning of their Observatory at 10.45 a.m. May various branches of academie 16, 1915. work, asked him Suppose that Cyclone or Typhoon E. of Bishl som donor offered fifty or sixty Channel. Moving E. thousand dollars to you for the University, how would you spend
The Parie evening communique states that North of Arras the Straits Settlements, Japan, and ng tsel 987 fine was suggested), it was before, and the expedient in a limited form, British Ladia. These Duine with their sub-cuggested as a possible courac, state of the ground has interfered with the fighting, but we continu The detaile varied with local cir-sidiary issue, were to be par namely the imposition of an ined our offensive and captured to the south west of Angres, a German cor- port duty to raise the value of trench a kilometre long, a fortified wood and second line of trenoh, eamstances. In some places into circulation, and a gold might be current in small respoading gold reserve built up, silver bullion so as to make fall Four hundred German bodies were found on the ground. stormed more houses in Neuville St. Vaagt, amounts, in others it might hardly in Europe or Unins or both as oc-weight counterfeiting unprofit We ever be seen; the circulation Gaston demanded. Gold might able was also open to serious One hundred officers, twenty gans, including eight heavy guns, it." Of course he was always if only one of his friends smong
objections.
one hundred machine guns and trench mortars have been captured tempted to speak of extensions the Chinese community be cons might be mainly paper, or partly also be coined to some extent;
All these dificulties had of since sunday. The German attack in the Bois D'Ailly was repulsed, and momentary visions of new vinced of the need of thi i pavilion oan and parily the other. In ang the Sovereign Band American gold
machinery and possible researches he would be of the utmost service case it was a token money main Eagle might be made legal tender course been recognised by so able elsewhere everything was quiet.
delighted him. But he always to the Union in taking up the tained at parity with gold by the "ogether with the new coin of 20 an economist and banker as Dr.
answered at once On behalf of matter with his usual enthusiasm. fact that it was redeemable inuuts Possibly some gold certi- Vianering, and much weight
the Students' Union. Not only to could not mention names but gold, or in rights to receive gold fivates might be put on the same should be attached to the foot
did they need (be new be hoped to do so later on. But he olsewhere.
tuoung. Thesecond period would that a somewhat similar. reform Establishment of a Gold be brought to a close by the de had been carried out very success
pavilion to complete their splen could promise any local gentle-
Exchange Standard.
olaration of these token coins, fully in the Datoh Indies through
did athletic ground, but they men the gratitude of the students also needed proper accommodation and staff if they could assist the Suppose a Government using gold coins, and gold certificates, his bank. a silver doller and note currency as alimued legal tender,
The measures which he sug
for indoor recreations and activi University in this manner. ties. He fully agreed with the
The Treasurer's report having wished to fix the value of the dollar! The next stage consisted of the gested to meet those difficulties
Chairman as to the urgent neces been adopted, the following eleo at 2.That was to say, the dollar withdrawal and demonetisation were ingenious, but they all de was always to buy as much as one of the old silver dollars, and the pended for their success upon the
eity for proper reading and club tions were arounged. Chairman roome, where the students of the Mr. Lo Hin Shing, Hon. Secretary tenth of a sovereign would buy. Cash, and the supersession of the hearty goodwill and cooperation
various Frenlties might fraternis. Mr, John Moraes, Hon. Treasurer This could be done provided the Syow by the new unit so far as of bankers and merchants or upon rather extraordinary ability and
As treasurer he would do his Prof. C. A. M. Smith M. Bo dollar was freely exchangeable posible.
integrity in Governments. The
almost to persuade sny friends of Members of Council Mesure Cheah for gold, ter dollars for a sover
lecturer was by no means satisfied
the University bow admirably Tiang Eam, Cheong Chao Hai, eign. It then became a silver or paper symbol for 12.327 grainsof
such money would be invested Fand Man Sui, Si King Houg, The objecuous to the scheme that there was what English par standard gold. It was not gold, were threefold. In the first place liamentarians would call a "Man- Application for permission to The following is the program- Ee would guarantes to all donors Li Teok Las, Mok Hign, Tang bat it was evidence of a right to the requirements of different parts date for Currency Heform" in sell meat, pork fish, &c., on the me to be rendered by M of euch a building that they Ying Lam, Wei Wing Hon and
should have their names handed Wong Siong Ole, receive gold. Now the Govern of China were so widely different, China, and it was perhaps too ground floors of certain houses Denman Faller at his organ
it Mr. Lo Bin Shing, in thanking thedral down to posterity by Buit ment might find it inconvenient that it would be aficult to in much to hope that so delicate proposed to be erected in Mathe recital in St. John's Moon Monday afternoon
able notices in the build the members for the honour they to keep large reserves of gold on iroduce a uniform scheme which and complicated a sequence of hand in the country, and on would suit all parts alike. This reforms could be carried out in Report from the Government Allegro (Sonata in F minor), inge. He cincerely hoped that had conferred upon him in electing
a great effort would be made to him sa Chiuman, made i examining the reasons for the atticalty it was proposed to over. China as we know it to day It Analjat on the public water sup- Mendelssohn.
obtain the necessary money for appeal, on behalf of the Union. presentation of dollara frcome by first introducing the might be possible, ne the Doctor plies for the month of April, 1916,
ilian for the redemption, it would find that in now gold snit as a money of suggested to carry out his scheme List of legal proceeding taken
such a building fund.
pro Union rasny cases they were pre-account, especialy dealt in in part, but that would not seem by this Department against per for the sake of by a new Central Book to do much more than add to the one for breaches of the Publis gold to settle interne with monopolistio privileges of present confusion. There was a Health and Buildings Ordinance
short disc Claion at the end of the Lot 1908 for the month of At drate an 183ue. But the su000s of Huoka balances. But drafts on a
| 1915. count in London would wotems depended upon the hearty ecture.
Bented
Threefold Objection to the Scheme.
Application for permission to erect 8 water closets and 8 urinals at the proposed school for Indians on Leland Lot No. 1524, Bao Kun Foo.
Bon Bireet.
ORGAN: RECITAL PROGRAMME.
Cariasims, E. Elgar Usnon i
n in B minor, Bohomson To the Spring, Grieg Fagne (on sane of Bymn 165), Bache Serenade, Bridge Tocoats & d'Bury
had quite
for the new groun bably cost about $5, dinrunned this matter, frequently frendi with it, mombers of the Union great
and he was mnguine that putem
and