1903-04-10 — Page 3

Page

SUPREME COURT.

Thursday, 9th April,

I ADMIRALTY JURISDICTION.

WILLIAM M. BEFORE HIS HONOURS

GOODMAN (CHIEF JUSTICE) AND COM- MANDER BASIL TAYLOR (ASSESSOR),

SEQUEL TO A COI LISION. L

POLICE COURT:

Thursday, 8th April.

BEFORE MB. J. H. Kamp (ACTING POLICY MAGISTHATE).

THE HONGKONG DAILY PRESS FRIDAT, APRIL 10TH, 1903

to be inned by the Government temporarily, or Bank demand rate on London.

CORRESPONDENCE.

THOUGHTS ON THE CURRENCY QUESTION.

TO THE EDITOR OF THE ́ ́ DAILY PRESS,

Hongkong, 8th April. SIT have been waiting in expectation of wooing an abler pen than mine furnish a reply to Mr. Gershom Stewart's long letter which appeared in the Daily Press of the 28th ult., but no reply has been forthcoming, I beg have to offer a few remarkir on the subject.

Mr.Stewart's letter contains scarcely anything that bas not already been dealt with by these who take the opposite view. He starts with

which would point out is entirely erroneous. ohangels disagreeable to the foreigner" an iden

no less than to the Chinaman, is not the lowe What in fact is disagreeable to this foreigner, exchange, if only it is kept stendy, but the violently fiuétuating exchange, however high it an unstable exchange have already been fatly may ran and the disadvantages acorsing from aisensant in the Daily Press, and need not be touched upon again.

The chief reason of the present low exchange, Mr. Stewart goes on to tell us, is China's demand of gold to meet her liabilities. This is no new revelation to us; it is a question of supply and demand. But does the question of ply indemnity form the lust chapter in the history of the continually widening chasm between the two metais, or is it only su incident?

THE INCIDENT AT MS, HUMPHREYS'S HOUSE, The Chinaman who is charged with entering the house of Mr. H, Humphreys on Tuesday His Lordship gave judgment in the cross night at about half past woven with felonious antion arising out of a collision which occurred intent was again brought up. He is big for on 22nd November about half past three in the Chisaman, but there is a look about him that morning is the Chins rea about 10 miles N. of Houan Island, between the French 8.8. Eclairagests he is not in full possession of kis and the Portuguese a.. Hokiang, while the faculties. As a matter of fact, it is advanced Eclair was going to Kanchauwan and the on his behalf that ho is not in his right mind. amplion flat "we all agree that low ex- Hoi-kiang coming up to Hongkong, sa s conse. He pleaded not guilty to the charge, and mant. quence of which collision the latter vessel sank fosted little interset in the proceedings there- in deep water and the former was seriously after. Mr. C. Ewons, solicitor, prossented. damaged

Mrs, Humphreys went into the witness Mr. E. H. Sharp, K.C. (instructed by Mr. F. Paget Hett of essrs. Monsey & Bratton, hor and described the whele incident in terms solicitors), appeared for the Eclair, and Mr. T. that agreed with the account published in Morgan Phillips, barrister-at-law (instructed by our issue yesterday morning. When she heard Mr. G. C. C. Master of Messrs. Johnson, Stokes the hall-door open, she said, she thought it & Master, solicitors), was for the Hoi-king.

The Chief Justice, is giving judgment, said was a friend who had entered. Hearing About 3,15 or 350 am. of the 2nd November, no sound afterwards, she went into the hall last, collision occurred between the French and saw the defondant standing there. He steamer Eclair and a Portuguese small steamer tried to pass her to go out by the way he had or large launch, called the Hokiang. The collision occurred some three or five miles off come, but lurned back and made a more in the promontory known se Sung Tis Point, direction of the back door, at the other end of situated, roughly, some 70 miles from Kwang the hall. A Chinese servant was standing there, chauwan, and it regnited in the sinking of the Lowever, and probably fearing opposition the Holthing. At the tiro, the Ecluir was pro- seeding from Hongkong to Kwangchanwas, defendant turned about and sat down in a chair; and the o-ring was on her way from that where he remained until Mr. Humphreys came port to Macao and Hongkong. The course downstairs. steered by the Eclair, shortly before the colli- sion, was weat by south, and that of the Fo Liang was east by north. Each was stored by Each steamer claims that it was nearer to the sompass, and the courses wore exactly parallel ahoro than the other. If that contention on the part of the Eclair is correct, the vessels would have passed each other, in the ordinary curse, red to red. If, on the other hand, the Hoi-kiung was nearer to the shore than the Eclair they would, in ordinary course, have passed green to green. The bridatice, with one exception, was, on both sides, that of Chinese, and as is, unfortunately, only too common, in Admiralty cases, the witnesses on the one side contradict flatly those on the other on the important points of the relative positions of the vocals and the lights seen from each rempaatively. The

Inspector Warnock gave evidence to the effect that the defendant refused to open his as he appeared to be concealing something mouth at the Central Police Station, and an attempt was made to force it open. Before this could be effected, however, he had swallowed whatever it was be was hiding.

A friend of the defendant made a statement on his behalf. The accused, he sffirmed, was silly A few days ago Le (witness) received a letter from San Francisco by the Siberia, on which the defendant was a passenger, asking him to look after the defendant and in pay out to him in small amounts the 3345 enclosed in the form of a draft.

His Worship at this point remanded the under medical supervision. accused for a week to permit of his being placed

IMPUDENT AND A THIES.

Mr. Stewart anggesta concerted notion to get Chins adopt a gold currency. It would no donht be a grand thing if it could be accomplished. But a question which has failed to and unanimity amongst an intelligent community in a small colony like this, is hardly likely to be botter received by a people traditions of Oriental misgovernments, and behind whom stand the whole Intent force of whoes existence is bound up with the worst popular amperstition and unreasoning con-

Barvatism.

That we all feel the existence of a disease in our monetary system, there is no denying The consumptive dollar is merely wasting away. Bat while there is entire agreement as to the existence of the disease, a divergence of opinion pravalls as to whether or not it is possible or advisable to eradicate it, Some say its eradication would be fatal, for trade would leave us. Others say its eradication will pansion of trade. At this junoture, a diagnosis of the disease becomes necessary, and a move- restore vigour and health in other words, x-

ment in the right direction was set afoot

account of those on the Beldir is that they wong Lam, & servant boy, was charged by to appoint a Commission to hold an enquiry

saw the rod and

light of the Har

biang nearly right ahead, baf very alightly on the port bow and about a mile or a mile and half distant. If this is, correct they did the right thing by porting their helm, and the Hoi- king ought to have done the sanse, The evidence for the Eclair is that the reasole tous proceeded, red to red until they were some four lengths apart, when the green light of the Hoi kung anddenly appeared on the Eclair's port bow and the red shut out The Eclair was making 10 knots and the Hoi-kang about 8, from which it follows that they were approach ing each other at the rate of a nautical mile in a little over three minutes. Four Jangths of the Eclair are equal to 160 yards, and this dis tance would be covered in, roughly, 15 or 16 seconds. There was, therefore, vory little time for the Eclair to take measures to avoid the collision, bat aneh measures as they say she did take appear to be proper, viz, putting the beim hard-a-port and talegraphing to reverse the engines an order which was immediately carried out. The cases, olted by the counsel for

ablishment, with disobedience of orders and disorderly conduct. He pleaded not guilty. The cumplainant said that at four o'clock Wednesday afternoon the defendant came to her and asked for what money was due to him as wagen. He was going away, he said, and had to be on the road in an bear. The complainant asked him his reasons for leaving so suddenly, but he did not appear to have any he simply wished to go, that was all. The complainant, Ending ahe was not likely to get any satisfactory explanation from him, made to go to the servants quarters to parane her enquiries, but the defendant This was all the evidence, and the defendant, Prevented her from leaving the room who had no excuse handy, was dismissed on the charge of dingbering orders and fined $25 or moath for disorderly behaviour

There was yet another charge against him, however one of theft. When he was searched at the Central Police Station a pawn-ticket ring which he had pledged for 312 was found in his possession. En. English manufacture and valued at fifty abill ings, belonged to. William Westlake, a boarder at Zetland, House, who went into the witness box and identifled his property, which he said he missed from his room only quite recently,

For this offense the defendant was sentenced to a further term of six weeks imprisonment with hard labour,

for

a

of

Those dollare to be marked or chopped by the Government and offered to the Chinese at a little above my r value, as Chins will always require some dollars to trade with, whether Marican, Spanish, or ovan yen.

3. What remains, to be melted and used for

new token dollars.

4. A slight loss will result to the Govern ment which will be greatly compensated by the 5. The Government to mint a new silver large profit from the coinage of the new dollar.

contain silver to the extent of is. 4d. only, and dollar to be nominated, say, a dollar, bat to other alloy to bring the weight to 418 graine 6 The mintage of such dollars to be limited thb weight of the present dellar. 10, say, 25 millions in silver, to be minted in las aiments of 6 millione as they atte

required.

5. That be issued by local Bar Botte ordered to be use 15 billions, representing such 28. dollars, which is considured anffolent to replace the silver notes.

8. The difference in coining the new dollars, which contain la. dd, and would be sold for and be used at the rate of 2., is Ed. per dollar, or

£839.383.

9. This difference of £833,339, less the loss sustained by melting the British dollars, to be invested in first-class gold security whether congols or Indian loans, and to be kept as a permanent reserve at compound interest, 28 ganrantee in cans of siser serionsly declining even below the fenue price of the dollar.

10. With such a handsome reserve about a third of the value, no Government should shrink from guaranteeing the dollar as 25.

11. The now dollars to be the only legal tender and to be sold to all Banks and others 12. A Bank should be appointed as the Hong- at the rate of 2s, or 810 to £1. kong Government Bank-say the present corporation of the Hongkong and Shanghai Bank dollars, and new dollars to gold exchange of spins or minus slight differences arising from the stringency or easiness in the money where gold can be exchanged for the now

market,

13. All debts, mortgages, stocks, shares, leans to be changed in face salus in proportion to the Axity of the present dollar to the gold silver dollar.

THE ALLEGED INTERNATIONAL

EMBROGLIO IN MACAO.

TO THE EDITOR OF THE "DAILY PRESS.”

Hongkong, 9th April.

In relating the cecurrence of erents it is important to be sure of their veracity and to be impartial in the nurrative of the same. Unfortunately what appeared in the Ching Mail of the 6th inst. regarding the alleged excursionists by the steamer Wingchai was illtreatment by the Macac police of cortain evidently a very exaggerated account of what coourred.

Foreigners have always been cordially welcomed at Macao, and there is no ground to the Macao authorities and the inhabitants believe or for making others believe that both have ever proved themselves hostile either to well-conducted Britishers or to those of any other nationality. On the other hand, foreign urs ought to understand that they must abide by the law of the country and not think the intervention of the polios. that they can do whatever they like without

In view of the admitted fact that the British Consul at Macau advised the party to drop the matter and return home, it is not too much to infer that the visitors had no adequate cause to A true narrative of the occurrence has been complain.

and as soon as it is received I hope you will give it publicity.

By the insertion of the above you wil

IMPARTIAL. oblige,-Yours, etc.,

PHOTOGRAPHIC

PLATES, PAPERS AND CHEMICALS.

EASTMAN'S KODAKS, FILMS AND ACCESSORIES,

DEVELOPING AND PRINTING UNDERTAKEN

A. CHEE & CO.,

-17%, QUEEN'S BOAI“, HONGKONG,

CHINA-BORNEO, CO. LD.

GENERAL MEETING.

[88

aquivalent rates forward to June, market clos ing with buyers at $106 cash. Donglases remain on offer at $43 without bringing out buyers.

A general meeting of shareholders in the China and Mauilas have changed hands at the above Company was held at noon yesterday at reduced rate of $25. Star Ferries are in request the offices, 4, Queen's Buildings, for the pur- both old and new ne quotations Shell Trans in which the winding-up had been conducted. that rate pose of hearing a statement as to the tanner ports after sales at 278 6d. remain on offer at Mr. A. G. Wood cocupied the chair, and the others present wore Sir C. P. Chinter, C.M.G., J. Wheeley (manager), G.O. C. Master (directors), Hart Buck, J. W. C. Bonnar, W. H. Wickham, O. Baptista, and Ieung Shui Lun.

vt

REFINERIES-China Sugars have ruled with ellers all the week at 3110 aud close steady with buyers at 8109, Luzona unchanged and witboat business.

<

MINING-Poojums have weakened a little The notice calling the mosting having been with astor and sellers at $3. Eaobs have sise declized after sales at $74 and $7 to 364. Nothing The CHAIRMAN Baid-Gentlemen, agreeably else under this heading calls for attention.

DOCK, WHARVES & GODOWES-Hongkong. read. with the notice which has just bean read I have the pleasure to inform you that the and Whampoa Docks have ruled sloady to firm December and 14th January last have compisted important forward transactions at equivalent liquidators appointed at the meetings of 20th at 15 sales for cash, and a few un- the winding-up of this Company by the transfor rate. Kowloon Wharves continue to be enquired its properties, basinsss, and goodwill for at 885 without bringing many shares on according to the terms of the resolution passed the market. Farnhams have been an unsteady at our extraordinary meetings of the 11th market with sales between $190 and $195, LANDS, HOTELS & BUILDINGS--Hongkong and 27th October last, and accordingly closing with sellers at the former rate. 25,000 shares of $12 fully paid in the new Chiness Borneo Co., Ld., are now being distri- Lands have changed bands in feir quantities ot buted among the holders of shares in this $175 and close with sellers at that rate. Hotels Company in exchange for their shares at the continue in demand and the rate has advanced rate of three new shares for every one old part. to $145. West Points unobanged and without paid share and at the rate of four new shares business. Humphreys have been placed as high COTTON-Ewos have advanced to Tis, 40, at for every one ald fully-paid share. This abas $124 and close with buyers at $12 sorbs 24,041 shares, leaving a balanes of 959 shares to be dealt with. You are aware that which rate a fow abares are obtainable locally. the new Company acquired the proporties, Hongkongs kave declined to $16 without sales. MISUELLANEOVs-Greea Islands are still in lands, buildings, business, goodwill and a Other Coltons unchanged and without business. assets and liabilities, contracts and engage 1902, request at $221, but the rate brings forth but of this Company as from the 1st January, 1902, but this did not inelado the nucalled capital nor few shares. A. S. Watsons with an unsatisfied the dividend which was paid in March, 1902, in demand at 3141 have advanced to $15, at which exchange for the 25,000 shares of $12 each fully the market closes with further buyats. Steam Waterboats, United Asbestos and China Pre- naid, representi. g $300,000 in the new Company vidents have found small buyers quotations. The new Company having acquired the present opese from the 14th January, 1902, the acconuts presented and passed at our the 1st March of that year represent the Baal accounts of the Company-the busine98 of 1903 belonging to the new Company. As regards the 959 shares of $12 each value $11,500 these represent fractional shares which I It will be necessary have just mentioned.

MEXO-Final call on Punjoms of 50 cents meeting of far ahere to be paid to Hongkong and Shanghai

Bank on or before 9th May.

THE ENGLISH - CHURCH

-DISCIPLINE BILL. -

SECOND READING CARRIED. In the House of Commons on the 13th ult. to deal with them by a special resolution which To the liquidators for their remuneration. Division of Liverpool) moved the second read- way, I trust, be to the following effect Mr. D. MacIvEn. (Conservativo, Kirkdale in London, $1,009; to Mr. W. G. Darby for poses to strengthen the existing machinary for $3,000, to Mr. J. Wheeler for services rendered ing of his Church Discipline Bill, which pro- services rendered in Bornco, 1,000, leaving a dealing with ecclesiastical offences to deprive balance of $6,508 in shares, and I recommend contamacions offenders of their benefices, private sale or by tender as they think best, to abolish the veto of the Bishops. The bill that these bo left with the liquidators to sell by instead of awarding them imprisonment, and fut not below par, and the proceeds to be dis- was not treated as a Government question.

Mr. A. J. BALFOUR (the Premier), in ex- tributed pro roti amongst the shareholders ia the register on January 14th, 1903, the date of pressing his personal view of the bill, blamed the confirmatory meeting when it was resolved extremists on both sides for what was now to wind the Company up. If any gentleman happening in the Church. The Bishops, the to answer them. (A pansa) Thore being but had not fully realised the depth and has any questions to sek I shall be pienant Premier said, had striven to rapress illegalities. no questions. I beg to propose that the balance bitterness of the laity's feeling towards by a violent stroke. Personal influence bad of the 25,000 fully paid-up shares of the new Romanising practices. Laxity had been allowed being fractional shares of such 25,000 shares, ected a great improvement. There had been Company to be allotted to the shareholders of to grow up, and it was impossible to suppress it the China Borneo Co., Limited (in liquidation). amounting in all to shares of the fare value of instance of the exercise of the power of shares be disposed of by sale (but not below would not remedy the present difficulty. Mr. their face value) in such manner as the Balfour continued by saying that he would not liquidators shall think it, and that the pet consent to the transfer of the laity's rights to s proceeds of sale of each shares be disposed of common informer. Illegalities must be sup- as follows-(a) The sum of $5,000 to be pressed, but not by alienating a great body of handed to the liquidatora as their remuneration opinion which was absolutely loyal to the for the winding up of the Company and to be Charoh, The Framier emphasised the declara divided amongst them in such manner as they tion of the Archbishop of Canterbury, made a shail decide, (b) The sum of $1,000 be handed few days before to a deputation of Members of to Mr. J. T. M. Wheeley for services rendered Furliament, viz, tant where episcopal anthority in London in connection with the transfer of was denied stern and drastic action was essential. new Company of the moderate high church party for not assisting the new Company, and in connection with the He (the Premior) blamed the great historie acquisition by the properties and business in British North the inity in the past. Mr. Balfour said that he would have supported the second reading of the Borneo of the Borneo Hardwood Company,ll had Mr. Binel ver's followere agreed to send Limited. (c) The sum of $1.000 be handed this and Mr. Cripps's bill on the same subject to Mr. W. G. Darby for similar services

in involved da quirles showed that this ring, a gold one of | standard. I venture to suggest a scheme for asked for from the Calonial Secretary of Masao, $11,608, be dealt with as follows-That much reto by any present bishop, and its abolition

The ring, which, being of English manufac ture and unlikely to belong to a Chinaman of the defendant's station, it was naturally sup posed by the police should have been suspected by the pawnbroker to be stolen property, was returned to the owner.

BEFORE ME, F. A. HAZELAND (POLICE MAGISTRATE).

ATTEMPTING TO PASS BAD MONEY,

the Boi-kiany as to the reversal where risk of collect a prop not seem to me to assist much in the determina tion of this case. The engines were reversed the evidence an be balle ved, and it would appear there were not more than 15 or 16 seconds between the sudden opening of the Hoi-klang's green light and the netal collision." Assuming the evidence of the Eclaire witnes ses to be substantially correct, the fault was entirely that of the Hot-liang, Passing to the evidence of the Hokiang-people, they tell vory differenttale. Their account was that they first saw a green light a little over a mile off They had soon the white light several minutes before that. When they pay the green they blow two blasts and lightly starboarded, and got green to green. They proceeded thas for three or four minutes and then suddenly, und at a distinca of not over eighty yards, the Eclair red opened ont, whereupon the Hoi-kiang. starboarded and reversed, but the collision o0- curred. His Lordship then reviewed the evidsson At Hunghom on Wednesday a Chinaman on both sides, and came to the conclusion that went into a countryman's shop and bought the Eclair's account was supported by a fer two packets of cigarettes, in payment for which he tendered Japanese yen piece. A stronger body of testimony than that en behalf of the Hoi-kiang, and continued: glenen revealed to the shopkeeper that the There is, however, ons matter which can be coin was bad and be handed it back, Another submitted to the test of absolutely reliable yen was affered, bat this too was found and independent testimony. The Eclair was to be bad. A hukong was walking past surveyed on 24th and 26th November, ou her just then, and the shopkeeper called him arrival in Hongkong, by Mr. A. G. Gordon, in and explained the situation. The would His evidence makes it certain that the Belair's be purchaser was asked to take a walk as stem did not penetrate the Hoi-kiuang, bat far as Hunghom Police Station, where a search that the Hoi-kiang'e stem did, as alleged by the revealed the presence of a third counterfeit csin Edai'slawyer, in their preliminary act, inlet besides some good local money and a couple of great damage to the port bow of the Eclair about schots of cigarettes. The case against the ive feet from the stem, In spite of this, the man was clear. Already having amokes" preliminary act of the Hot-kang alleges that is his possession, it was plain that his setion the stem of the Felcir crashed into the star in purchasing more was simply in order to board bow of the Hot-Liang, Just forward pase the bad money, especially as he could of the grown side-light After Mr. Gordon's have paid for them with a local coin of the evidence, the counsel for the Hoi kiangenot value of the parehase, had to admit that his clients prelim- He was convicted and sentenced to six months' imary act was wrong in that respect. hard labour.

Here, therefore, we find the allegations

of the witnesses of the Eclair, to be correct, and those of the opposite side to be erroneous My nautical assessor agrees with me in coming to the conclusion that the collision was entirely owing to the faults of those in charge of the navigation of the How hang, and 1, accordingly, find in favour of the Eclair in the original action and also in the cross notion which was brought by the Hoi-klang. There mast be the usual enquiry as to damages, and I give judgment for the Eclair in both cases with costs

N

LATEST STEAMER MOVEMENTS. The CP.R. steamer Empress of India serited at Nagasaki at 7.30 am, on the 9th inst, and left sgain at 4 p.m.zome day for Shanghai, where she is due to surive at midnight, to-day

The A. steamer Franz Ferdinand left Kobe via Moj; for this port on the 8th inst,

The T.K.K. steamer Roselia Mara left Manila on the afternoon of the 8th inst, and is expected here to-day at 2 pm, 120

The NY.K. steamer Kaga Maru (Asperlosa Lino) laff Shangnal for this port on the 9th inst, and is expected here on the 12th inst,

The Indo-China starter Susang left Calcutta for this park via the Stralis on the 8th init., and may be expected here on the 25th inst.

The A steamer China lett Singapore for this part on the 8th instan

The Beston Steamship Co.'s steamer Shamut left Victoria (BC) for the usual porte en th

6th inst.

CHURCH SERVICES.

ST. JOHN'S CATHEDRAL

GOOD FRIDAY, 10TH APRÍL.. Matins (11 s.m.). 1) Proper Pealms, XXII, XL. and LIV Anthem, Sarlour of the World" (Goa).

Evensong. Hymns, 114 and 404. Proper Psalms, LXIX and LXXXVIII. Hymns, 108, 112, and 108.

FASTER JAI, 12TH AFGIL, 6. Matinn (11 s.m.) Processional Hymn, 181. SEN Responses. Tallin Easter Anthem, Humphreys. Proper Paalms, IL, Cooke: LVII, Rimbault,

and CXL, Esmphreys.

Te Deum and Benedictus, Stanford in B flat. Anthem, Awake up my glory" (Bamby) Hymn, 140. Kyrie and Crede, Stainer in F. Offertory Hymn, 134,

THE FINANCES OF JAPAN,

Mr. HART BUCK-I beg to second. This was carried ananimously.

Sir WILLIAM HARCOURT Mid that the exercise of the power of veto would produce

different results in different dioceses,

Mr. C. A. CIPPS (Conservativa)-My bill provides for a collective veto,

not prove beneficial to all members of a community, whatever be the social question, as witness the draggist making money at strife, the undertaker in time in time of sickness, the lawyer in time epidemics, the grain-cornering merchant in time of famine, etc. In a question like the present, one cannot say that the redress asked by the community will be beneficial to all. The greatest good for the greatest number" is the great desideraturu, and we are couldent that the Commission of Inquiry, unbiassed as it will be. majority.

Mr. Stewart's criticism of the pounds, shill- will arrive at a result satisfactory to the jugs, and pacco suggestion of Mr. Osborne was quite unnecessary, as the latter did not include this question in his resolution nor did he mean to force it on the wind of the public. He preferred to leave it to the final decision of the Commission. But as Mr. Stewart seems to and great difficulty in solving the problem of the conversion of our monetary system into a gold consideration. (dee below.)

When Mr. Stewart advises us to invest our cavings in gold, or remit half in gold and keep owing to falling exchange, it is scarcely possible half in silver, and so hedge against a big loss to believe that Mr. Stewart has seriously con- sidered its significanco. One would suppose that an expansionist of Mr. Stewart's type would be the last to advocate the removal of capital from our business centre for investment

The Tokyo correspondent of the Times, in foreign guld countries. The means where- with to trade, expand and increase in wealth, We are now asked to withdraw from cur im writing with regard to the present condition of modiate control and invest for a small and the finances of Japan and Japanese opinion on Kaited return in the shape of fixed and low the subject, says true ontlines of the situation

So long as the interest. And all this for what? Rather than

are recognised, there will be no mistakes notion introduce reform in our monetary system and remove the last vestige of obstruction to trade, that the country's finances are embarrassed. we are recommended to divert our resources to As a matter of fact, the settled accounts for the rendered in Eritish North Borneo. (d) The to a select committee. The Premier concluded other unproductive channels, or in the last year ended March 31, 1902, showed a net balance derived from such sale as aforesaid to by stating that spiritual authority alone could resort go through the process of hedging. But surplus of revenge amounting to 7,000,000 yen; be distributed pro rate amongst the share. keep the Church within proper lines. will "bedging" improve matters? To me it the accounts of this year will also show a holders of the Company who appeared on the "Rather than seek surplus, though the amount is not yet known, register of shareholders on the 14th day of secme like saying to a man:

March, 1903, goes into operation for the a safe boat, put a life-belt round your waist and and when the Budget for the year ending January, 1903, hedge yourself against stormy weather."

Again, Mr. Siewert believes that with a gold ensuing year the Constitution provides standard in Hongkong, our outports might in case of the Lower House's dissolution. draw their supplies from Shanghai instead. He the income will exceed the expenditures must be alluding here to foreign imported goods, by 15,000,000 yen. The ultimate problem over and that being so I would point out that the which politicians are now wrangling is, not cost of these being in gold, flustustes in silver how to make ends meet, but whether to spend or according to the rate of exchange, and there to eave the Treasury's surplus income. Here, mischief like that of 1902. A. corollary to fore makes no differenes in value that will again, there has been an incidental source of invite competition between the two ports.

With regard to the very alarming picture Marquis Ito's programme of economy is that drawn by Mr. Stewart of the change in the rela- avenues for the outflow of spasic should be tive position of the Banks and the general public, closed as far as possible. It will not be im which in his opinion would follow the adoption mediately apparent how that can touch the of a gold standard, one would think that the foreign investor. But it does touch him. A dwindle back to its former state of insigni- anese the same aspect that an absentee landlord end would surely come and Hongkong would foreign investor presents to conservative Jap flcance as resort for fishermen, or at best be presents to Irish tenants. Dividends paid to but a stronghold of imperial defence. If we the foreigner go out of the country in hard money. Therefore, it foreign capital is to bo were the first and only country to initiate a gold currency the difficulties depicted by Mr. utilised, it must be obtained in the form of loank

JOINT STOCK SHARES. Stewart would doubtless form obstructions to at a low rate of interest, instead of coming in

Messrs. Vernon & Sexyth say in their weekly ont progress. In every movement there are the company of the foreigner himself pessimists who by natural disposition or through partner in highly paying enterprises. Let the other causes cannot be made to use the bright foreigner draw his 4 or per cent, out of the shere report, dated Hongkong, April 8th.-T side of things. The question at issue piust be country, but do not let him draw 12 or 15 per morrow being Good Friday and holiday, our weighed and considered in all its bearings and cant. as a shareholder in lucrative concerns. report in dated a day earlier in the week that should not be dismissed because of some ap. It is quite curious to hear the shrill bysterical usual. Since date of our last the market has

cases show some Bass, Boar's Head.... parent disadvantages. If the result of the Comontory raised by old-fashioned conservatives ruled fairly active, rates have been well main-

Do. do mission be found to side with the change in over this mare's nest. Considering that the tained and in many our monetary system because of preponderating Japanese nation has entered into partnership improvement, while a good steady business Ins advantages, we must necessarily abide by their with Great Britain, such timidity on the part of been transaated. At time of closing the general Dortmund, Pilsener 4

El Capitan, do,

Do. fuel decision and think no more of the minor the individual Japanese seems rather laughable, tone of the market is firm with more buying disadvantages. There is no such a thing in But there are two reservations to be made. One than selling orders.

BANKS-Hongkong and Shanghais, after the world at least not to our knowledges is that politics are partly responsible. Certain absolute good. We must all be guided by the Cabinet Ministers are supposed to be associated farther small sales at 2692), parcel of shares Jubiles, principle of the "greatest good for the greatest with enterprises where there is talk of admit- being on offer without finding buyers, the mer amber." Other countries have made the change ting foreign capitalista to partnership, and anket closes weaker at $680 and possibly a lower Marich, Dark

instinct of and succeeded, and why should we prove an opportunity thus offers for representing these rate would be accepted. The stock, however,

of net by any means on offer generally and the Blatz, American ... Ministers sa me imbued with the

unchanged and with Tebisa, exoeption

Fically, if Mr. Stewart admits that if gain rather than of patriotism. The other is slightest demand would quickly again put as MARINE INSURANCES-Unions have chang Chink goes gold we shall enjoy immunity from that there are already sign of strong rebellion rates Nationals remain wach

ed handa in small lots at 8535, China Tradom all those objectionable consequizcos which zainst such pusillanimous foctrine. A out business. would follow our sdoption of gold, we would ding journal points out that, Government will like to know what difference it would make his apart. Cerojga capital ou note with it at 360, Cantons at $165, and North Chinns at in one relative position with the Banks in the othe the foreign capitalist comen matter of bourering our codonat que silver to to superintendite employment; and that, Japan $200.

Jointly being bound by her own laws as well sa by her

resties to

to make no discrimination against the with China? Lourd, MICHAEL

alien in matters of business and industry, it is gold, whether we go gold singif u jelati

extravagant to talk any longer of keeping him fat arm's length. The outbreak may therefore he regarded as a temporary aberration, but it be construed injuriously by Japan's foreign has produced a palpable effect and will certainly

Evensong (3.45 p.m.): Responses, Talls, Proper Palms, OXIII, Bettishill, OXTV, Tennis Perigrinus, and CXVIII, Goodson and Walmsley,

Ward in East Magnificat and Nuna Dimittis, Hymns, 195, 136, and 138 Vesper Hymn, Ward (No. 1), Voluntary Hallelujah Chorus

Handel)

૧૫.

eto

1. The Government to call in British dollars, within the space of, my, six or twelve months (Hessiah clean ones only, not chopped or late pered with, to pay for same sither in new goli dellar noter

The CHAIRMAN-I beg to propose that the account submitted to this meeting and the ex: planations of the liquidators showing the manner in which the winding-up has been conducted and the property of the Company disposed of be received and adopted.

Mr. WICKHAM-I beg to second. The motion was carried nanimously.

The motion for the second reading of Mr.

Ayes Malver's bill was carried by 51 votes, the division being :-

*

Nos

Majority for eyes

190

139

SI

The minority included Mr. A. J. Balfour, and

The CHAIRMAN-I beg to propose that the most of the other Ministers, 10 members of the books, aesonats and documents of the Company Nationalist party, Mr. S. C. Beston (Radical), Unioniste. Many Usionists and the bulk of the Nationalists refrained from voting. and of the liquidators thereof be handed over and Mr. J. Burns (Labour). The majority

Mr. HART BUcg-I beg to second. to the general manager of the new Company to consisted of Liberals, and between 50 and 60

This was carried nuenimously. be dealt with by bim as he shall see fit.

The CHAIRMAN-That terminates business, gentlemen.

the

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