day. This was detrimental to the interests of the Colony, and to remedy this and to give life to the business of Hongkong he would propose one or two resolutions, which he did not expect would be carried out, but still it was his duty as he was there to say what he thought. At the pre- sent moment the She Tai Bank bad advanced $400,000; the She Tong $400,000; the Yik Lung, $580,000; the Hang Wo, $350,000; the Shon-ena On. $440,000; the Cheung Tsuu Wo, $120,000; the On Tai Insurance Company, 8450,000; and the Lee Lai Hang, $980,000 besides $350,000 advanced on promissory notes. There were several other banks which he had not had time to deal with and including these, the amount of money, independent of the foreign bauks, advanced by native concerns to Chinese, and now in their handa would, be thought, amount to nearly $8,000,000. There was no business in Hongkong now.and how to bring back the business to the colony was thaquestion for them to consider. He would propose the first resolution, which was as follows:-"That in view of the present alarming state of affairs in the colony, the Government be requested to advance money on mortgages on landed property at a low rate of interest-gay at fire per cent. per annum," (A VOICE-Bab.) It was all very well for them to say bah, but the money the Government lent out to the banks did not realise more than five per cent, and it was quite right that they should appeal to the Government to assist them.
The motion was seconded by Mr. Wong Kwan Tong and was carried with two dissentients, Mr G. Sharp and Mr. R. G. Alford.
The CHAIRMAN said he next came to the fo. reign banks, and the motion he had to propose with regard to them was "That the foreign banks be requested to renew their confidence in the Chinese banks; as by their withdrawal of capital they have seriously crippled the general trade of Hongkong, by diminishing the power of Chinese merobants to make purchases and sales." Mr. LEE TUK CHEONG dressed the Chair- man in Chinese, and that gentleman translated his remarks to the effect that he (Mr. Lee 'Tuk Cheong) was willing to second the resolution, but he thought the Chinese should understand that of course the foreign banks would not ad. vance money unless they had proper security.
The CHAIRMAN said the foreign banks trasted Chinese banks a year ago, and he did not see why they could not do it now. They (the banks) would take care of themselves. They had eyes and ears as well as he had and if they wanted to make money out of the Chinese, of course it was their look out. If the foreign banks would renew their confidence in the Chinese, the capi- talists at Canton and Fatshan would at once rush forward to Hongkong, and they would have plenty of money. He knew that in Canton and other places they could only get two per cent. interest now, while at Hongkong they could get ten per cent, upon their capital.
The proposition was then put and carried with the same two dissentients.
The CHAIRMAN said he had nothing further to say excepting to thank those present for their attendance. Although they had a large number of Chinese present, they had but very few in- finential English merchants, and he was sorry to see that so many of the merchants were absent. He recollected that some years ago a meeting was called as to the general business of Hong. kong at which Chinese and English met together. On that occasion a row occurred, but he was happy to say that the proceedings of the present meeting had passed off quietly.~(Ap. plause.) He again thanked those present for their attendance and for their support to the re- solutions which had bean brought forward.
Mr. BEART proposed a vote of thanks to the Chairman, and the meeting was then brought to a termination.
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