421
2
13
by Chinese here for his integrity and liberality, and has subscribed largely of late to various educational and other institutions. Taeng is assisted by Ma Hsiang-po, a Shanghae man who was educated at Siccawei and became a priest, but left the order to enter the Yamên of the Viceroy at Tien-tsin. A few years ago he returned to Siccawei and founded Aurora College, the students of which are more advanced in their ideas than those of any other Chinese college, many having been in Japan. Ma is the hero of these students and the student clan in general, and has great influence with Chinese officials, which he uses to advance the interests of students.
He is a man of great personal influence, and has been the principal speaker at all " boycott' meetings of students, as Tseng has been at the meetings of the Chinose Chamber of Commerce. The merchants and the Guilds were the last to join in the movement, actuated apparently not so much by patriotism as by the hope of establishing a corner in American produce. It was originally agreed that all existing contracts should be carried out. These contracts extend up to next April, and after that date no further contracts for the import of American goods were to be entered into. This would give the Chinese dealers control of the market, and their profits would have been large. Unfortunately for the merchants, the movement has now got beyond their control; it has been ruled that the boycott is to take effect at once, and, as large quantities of goods are coming forward which they will not be able to dispose of, and against which the banks will not advance money, ruin stares them in the face. If the Chinese Government were to take energetic measures to suppress the boycott I am of the opinion that they might count on the support of the respectable class of Chinese merchants.
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The movement is now spreading throughout the country south of the Yang-tsze, and there is always the danger in China that a popular movement of this sort may give rise to indiscriminate anti-foreign feeling.
The letter of the Chairman of the China Association shows the effect that a con- tinuance of the boycott is likely to have on British trade and trade generally. I have gone carefully into the question with some of the leading bankers and merchants of the place, and I am of the opinion that the China Association are right in their conclusions.
I have, &c.
(Signed) PELHAM WARREN.
3
journalists and Chinese students returned from Japan, led by one Chang Sao Ching, a native of Fukien. Under pressure legitimate native traders gave their countenance in the early stages, and are now notoriously disturbed at the serious consequences which threaten their vested interests, though the movement has now gone too far for them to intervene and suppress it.
The matter is one well within the scope of the high Chinese officials, if they can be influenced to act, and, as pointed out in the issue of the "North China Daily News" of the 9th instant, the movement is contrary to the provision of Rule XIV of the French Treaty of Tien-tsiu.
I have, &c. (Signed) B. W. LITTLE,
Chairman.
STATEMENT of Financial Obligations entered into by Chinese Merchants with those of American, British, and other nationalities in respect of American Piece-goods and Kerosene Oil only.
Piece-goods
In stock, 200,000 bales at 97... Afloat and under contract, 400,000 bales
at 101.
Kerosene oil-
1+
In stock, 3,285,746 cases
11
bulk oil
Afloat, 876,214 cases
Loading, 1,295,000 cases
Buik oil afloat, 320,000 cases
Outstanding contracts, 1,320,037 cases
Total
£
At ex. 28. Ed., 1,800,000
4,000,000
Taels. 13,500,000
30,000,000
5,750,055
469,475
1,538,374
2,266,250
$36,000
2,270,463
56,125,617
Sir,
Inclosure 2 in No. 1.
China Association to Consul-General Sir P. Warren,
Shanghae, August 11, 1905. HAVING reference to our communication of 8th instant, I now beg to lay before you the following statements, which have the concurrence of important and leading British financial and commercial men here on the matter of the existing boycott of American trade:--
In the first instance, many, indeed, almost all, British firms are concerned in the import of American goods, and with the expansion of the boycott no heed can possibly be given to the nationality of the importer.
2. British trade interests are throatened seriously in view of the fact that natives, trading alike in British and American products, will be totally unable to observe their financial engagements if the boycott is maintained for any prolonged period.
3. Very severe financial embarrassment, meaning ruin to many firms, must result from the great stringency in the money markets, which will be the inevitable outcome of American goods in large quantities, and of the value of many millions of taels being accumulated and thus unconsumed. Large stocks now exist, and heavy forward commitments have been made.
To further emphasize the financial aspect, I send you figures connected with two extensive articles of import; there are necessarily very heavy delays in other commodities.
4. Shanghae and its surrounding districts, the Yang-taze Valley, and the southern ports are becoming daily more agitated, and it is by no means difficult to assume that the movement may grow rapidly into an indiscriminate anti-foreign agitation of a grave character.
The movement has been kindled by persistent effort on the part of native
To suppress the circulation of any such sum of money by rendering the securities against which it is advanced unsaleable, and so commercially valueless, means disaster. No Chinese merchant can hope to keep his engagements, which must, then revert to the foreign merchant. To prolong the existing state of affairs is to cause a total dislocation. of the commerce of all nations, and to destroy the credit and confidence which have hitherto been conspicuous in the trade with China.
China Association, Shanghae Brunch,
August 11, 1905.
E
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