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JOINT STOCK SHARES.

THE HONGKONG DAILY PRESS SATURDAY, APRIL 25TH, 1903

Messrs. Vernon & Smyth say a thoir weekly share report, dated Hongkong, April 24th.- A fair general business has been done daring the past work, and rates, with the exception of Lands which show a decline, haveloen generally well maintained, and close steady,

BANKS-Hongking and Shanghain line been booked at B690 (a small lot) 865 and 8680 (s forced sale), and close with probable buyers at the latter rate. London is nuchanged at 203 Nationals are still in request at 125.

MARINE INSURANCES. Untine are steady fea at 8535 China Traders have sold and more shares are wanted at 360, North Chines have buyera st Tis. 200. Yangines are wanted at $128 ex the dividend of 919 per sbare for 1901 paid on the 22nd instant Cantons are procurable to a small extent at $167).

FIRE INSURANORS.-Hongkags are some- what easier at 83074 after sale at 8309 and 310. China-have been bookal at $82, 1821 possible to do business on bafe lines, and bringe aoubt, is a diflonlt question to answer, bat if it the head the argument that low silver will

|SHANGHAI AND THE CURRENCY |➡"An oxemination of the statistice of exported a fallacy. I should like for a moment to refer prodaco does not appear to afford. any substan you to the figures on the Annual Customs Re- QUESTION.

tial foundation for the view that lo practice the port. I want you to notice that the Imperts of Mr. F. Anderson in moving the currency stimutas of a falling exchange, assuming it to the present year show an increase of 27 per cent resolution st the meeting of the Shanghai have -xistad, has had any prevailing effect on over these of the preceding your white the ex- Chamber of Commerce quoted in our yesterday's the course of trade; on the contrary the pre-porte of last year increased by 25 per cent. The issue asid-At this our annual meeting, we are gress of the export trade has been less with a import trade has, therefore, flourished ap met to discuss questions affectiong the welfare rapidly falling than with a steady exchange.parently in spite of dropping sily r. but we mach for recently he could sell now as

years ago. of trade Of all the important questions which Statistics do not show that a falling exchange most not be led away. A gentleman told me affect the foreign trade of China, there is none has had any effect in checking imports. which becasions more ariety to those engaged in Those were the genelusions arrived at in India. 3 tnels as he could a few trade than the vagaries of exchange; both after a thorough and exhaustive examination of for one thol, but be left out one great has sustained an increase; it is not satisfactory Chinese and foreigners are daily affected by the the subject, aul our experience in Chins tends consideration. The trade of all countries to find trade in China the same as it was But it may be said. If the views are correct, uncertainty which constantly hangs over daily to furnish additional proof of their soundness. exchange quotations, and there can be no doubt that the end den and violent Bustuations to which Bad If Chins imports more than she experts, 10 years so. Again, the exports are shown to wo are from time to time subjected, add to the bow does als pay her heavy gold indebtedness have increased 24 per cent., but Mr. Taylor in uncertainty and risk of trade, and therefore for leans and indemnity nearly all of which is a his report tells as that silver has fallen 20 per tend to curtail it; these flus uations discourago drain upon her resources with no return. If cont. There has been a rovision in the scale of the investment of foreign capital in China, she has to pay about a million tools, about the duties and although the number of laels received and binder the development of the country, equivalent of the annual revenue of Shoughai, is much greator, the practical sterling value of except by increasing her exports? That, no bators or possibly a little less. This knocks on The ascertainty of exchange makes it im- every wock, how can she liquidate that debt the experts was only the same as the geof an element of gambling into trade, which hon As an instance of how little any opition about the future of exchange is worth, it may not be inappropriate to quote the following extract from the speuch of the Chairman of the leading on the 14th February:

PHOTOGRAPHIC

PLATES, PAPERS AND CHEMICALS

EASTMAN'S KODAKS, FILMS AND ACCESSOBIES,

"DEVELOPING AND PRINTING UNDERTAKEN

A. CHEE & CO.,

17À, QUEEN'S ROAM, HONGKONG.

NERNST

NERNST ELECTRIC LIGHT.

[38

BEAUTY OF ILLUMINATION COMBINED WITH GREAT ECONOMY

AB CHEAP AS GANI

SHIPPING-Hongkong, Canon and Macron in many cases-had-most unfortunato results is looked inte carefully, it will probably be found benefit exports; it has not done so hitherto, I FOR PARTICULABS APPLY TO

waut to take my spoeck out of the range of theory and put it on the practical basis of whatever to fear from putting the currency netual facts. The export trades has nothing

00

May, and $109 Junio, at which rates more sharen Bauk at its last annual meeting in Hongkong the Philippines, etc., the expenditure of articles adverted to the fact that gold is

and $83 and close with probable buyers at 889. have sold at 28, and more shines are procur: able at this figure. Indo-Chins have firmed up, and close with buyers at $87) after sales at $10, $100 and $107. onsh, 6108), and $109. are enquired for Chius and Mallas have sold at $25 and are in farther demaal Star Ferries (old) coatinus in request at $27, and (now) at the advanced rate of $151. Sell Transports aro still to be had at 21 ds, with probable buyers at £1. 58.

RIFINERIES-China Sagar have sold and are wanted at $100 Lutons an unchanged at $123 sellers.

MINING.-Parjous contine work with sellers at $3. Raubs have advanced to 897

buyers, and Jolebrate $14 (prokbly $14) bayern. Charbonnages are unchanged of B100 sellors.

DOCKS, WHALTER & Gonone-Hongkong and Whampoa Dicks bare he played at $217 and $216, and close with a fer sellers at $216. Hongkong and Kowloon Wharves have boan booked at the reduced rate of $3, Now Amoy Docks are slightly firmer with buyers at 839. Farnhams have sellers locally and in the north at Tla, 150,

After remarking that the accertainty of the silver market bad made exchango operations & matter of much difficulty and no little anxiety, be went on to congratulate the Chinese in the North in the following terms: The Chinese have again proved their capabilities as business men sad have mostly settled tufe storlag exchange at the time they ordered their goods, them against loss on a falling

thas insuring silver markot."

That

HONGKONG ELECTRIC CO.

DX

NEWS.

THE ROBIN,

AND

SIEMSSEN & CO.

[670

DR. BRADLEY AND THE STUDENTS. A sensationul incident marked the Into Dr. Bradley's term as Master of University College Oxford. By o tos persistent interference with A writer in Country Life makes the intores the unwritten privileges of the men the Senior changing its babits and becoming crepuscular, result was that one night, when reterring to ting suggestion that the robin is gradually Proctor had made himself acpopular. The like the bat. When, in the gathering dusk of his lodgings, he found himsell" screwed "in the evening you can just catch sight of a small Varsity woose the doors, windows, and bird that fits silently and suddenly across your shutters of his rooms being screwed up. in the grey dawu it is the robin that gets up the next morning salamoned the college to the path, you may be almost sure it is a robin; and Desa Bradley was righteously indignant, and before your feet from the roadside. Already, hall, declaring that unless the delinquents too, the robia owes a good deal of its beauty to nomas were given up be would sond the whole its large, full eyes, indicating powers of vision college clown. The rioters were not betrayed, in ench seanly light as would render, say, and the whole college wont down.

ing an endless line of cabs standing in the canaries, with their little beady eyes, practically day cartoons may be bought in Oxford depict- High," while Dr. Bradley and his group of Duns cluster in the background speeding the

blind.

the gold basis. have in published MISCELLANEOUS NOTES

we will or not. A onrious fact has come to my the basis value in this country whether attention in the last few days. It is that in thờ interior the dollar will only exchange for 650 eask as against 800 here, so the price of things has nothing to do with the value of silver By An intermediary is wiped in the interior has practically inorostid.

out and We get the exchange value, I for silver think, as between copper cash and gold. So the export trade has nothing to gui from continuing on a silver basis, bat everything from putting it on a gold basis. We should get the advantage of an absolutely stable currency. Every importer knows tho difficulty of doing business with the present widely unctuating exchange and it will be to everyone's benefit to have a-steady standard calties and details of the question. I au basis. I hope no one will bring up the diff.

We admit that quite ready to argue these, but we are not there are difficalties, but Chi a has agreed to a asked to face them now

ao, it will be good to do this and put it on a Mr. J. Dudgeon-1 should like to gold basis as soon as possible (applause). emphasise suo or two points in connection with the theory held in some quarters that low exchange stimulates exports. I confess I have boon to some trouble in working out figures of the trade in China for some years and. although I have not these complete as yet, I can gren general summary. Take the import trade for the past 11 years; I have not thought it necessary to go back further in regard to them. My figures show what China has bought in sterling, not tasis, in the year 1902. as com You will find that China paid out in gold last pared with what she bought a sterling in 1892,

and in that period exchange has fallen year 10 per cent, more than she did in 1849, per cent.

THE CLYDE AND FORTH CANAL.... The decision to establish a new naval base at

that the export of gold, the expenditure in China of foreign armies, foreign nacies and missionaries, the expenditure in Chias of Chinese emigrants from America, the Straits, railway and mining syndicates, remittances of

foreign Powers such as Russia in Manchurin, and lastly the sport of silver, are in the For instancnit has been estimated that Chinese aggregate suficient to adjust the balance. remittances from California alone amount to about 2,000,000 per annum; the amount of rouble notes which filter down from the North to Shanghai have been estimated at over, by some considerably over, £2,500,000; they are brought here and used as remittanc-s from No doubt the Chinese did insure themselves China; and gold shipments from Shanghai against a further decline in silver in the large alone are ever £2,000,000 per annum, whilst we forward settlements they made in Decomber havo sset from the Customs figures that nearly £1,700,000 of silver was exported last year, and and Januar, but what is their position to-day? Very few of them have scoped losses of from it is not improbable that in this or similar ways, yy dent, to 4 per cunt, at to-day's rates, and China provides for the payment of her national may bays to face much heavier losses before debt, and that but for that debt she would be their contracts are due; this is at present the becoming rapidy richer, Not only has China result of their efforts to try and insure them had to pay a large additional amount in tale selves against lose. Now, gentlewen, I need owing to the fall in silver, but the rates of LANDS. HOTRIS & BUILDINGS.-Hongkong not waste your time in enlarging upon the exchange since the beginning of last year, hare Lands have declined to $171 sllere after sales stability of silver, but perhaps even at this boon on an average about 2 per cent below the at $172 and 9170. Kowloon Inds are reported inte hour of the day, it will not be inadvisable parity of silver; for months in the height of the booked at. $42, closing with llera at 8424 to say a few words upon the question of produce season they were 3 to 4 per cent, below national currency, aud we only say that toing St. Margaret's Hope has led te a revival of an parting undergrads,

low exchange being beaedcial to the export silver, all of which was so much extra loss to trade of Chins, as this is one of the fallacins the Chinese Government; as far as exports are which seem to have some influence still; it concerned, it has been equivalent to a rebate of is one of those statements which have been the major part of the export duties, while it has repeated bere for a generation and it is a proportionately increased the laying down price ie which seems to die very hard. No proof of imports. Gentlemen, the whole situation in of its trath is considered necessary by those who China is filled with uncertainty and perplexity, believe in it-all that is required is to make the and one of the elements which adds to the feel statement, say nothing more, and look as ifing of unrest is the instability of the currenes it were all unusworable argument. But whatthe Government does not know what demende is the truth? If this argument, that a fael is may be made upon its resources from day to still a tal to a Chinamaa, means anything at day, merchants do not know upon what basis to all, it means that silver has not depreciated in calculate their operations; the constant fluotua- the interior of the country, although it has tions in exchange make it impossible to bave faller enormonsly elsewhere, that silver, one of any feeling of safety or security in a the moet transportable commodities, can abange commerciel transactions, contracts are altered over the heads of those who have made them, the ile value to any extent in one country without from day to day by the operations of exchange changing its value in smother, that it had one valee in China, and another and totally different loss in the purchasing power of the floating value everywhere else. Such a conclusion is capital of the country is enormous, and may manifestly absurd. There is a world value for become still greater. This part of the wealth wealth is something that has a value, the value all commodities where transport is reasonably of the country has disappeared into thin eir cheap, but according to the theoriste, silver may lose its value all over the world, and with of a thing is what you can get for it, and you ent any special protection retain its former con get much less for a tack or thousand taele comes within the to-day than you could when silver was double

its present value.

tions.

May.

THE FACIFIC MALL FLEET. ·

The following is from a Sea Francisco paper

Talde as 8001

There is, therefore, an indication

that there is a purchasing power ja tina, a power the extent of which we are inclined too

145

much to overlook. Take the export trade; I have treated that somewhat differently and. gove back 20 years and I have divided my Bigures into two decades-1892 to 1891 and 1891 to 1901-while I have set out thoun for 1902 separately 1-find is that period of 21 years exchange has fallen 54 per cent, while the against, on the import side, increase in the export trade has been about 30 per cert an increase for that period of 21 years, of 88 per cout. Therefore it is perfectly fall íu ex- plain that the theory that a

BI absolute change stimulates exports is What we want is a stable exchange and I think we shall be wise to accept Mr. Anderson's motion so as to further the movement in that directi.u. To get a stable exchange is ab absolate essential in my opinion for the trade of this Empire. We have seen a most enormous increase in the sterling parchasing power of Chite, an increase of 88 per cent in 21 years and on the other side we see that the export trade has only increased by 30 per cent. stable exchange is what we require and we ought to do everything in our power to bring it about. The motion was carried unanimously and the meeting ended.

A

THE "VICTORY."

To this

old scheme to construct a ship canal from the

While a sentimental pang must be permitted Forth to the Clyde. According to the old scheme the canal would be thirty mile long, it would at the nowa that His Majesty's ship Victory is run along the Kelvin Valley, and it would to be finally released from the last claims of cost £7,000,000. No engineering diffenities | Admiralty duty, it must be takon for a symbol exist that could not easily be surmounted, and--not whdly theatrical, we trust-of the pro Nolson's old the sace with which warships pass from the greasire, spirit of the times. east to the west coast, it is claimed, would be darling bas remained up till now the flagship well worth many saillions. Ships by means of at Portemonth, being used also for the purpose this canal would save 540 miles in passing from of instruction in signalling. The demands Glasgow to London. In fact, the Scottish of naval education, it appears, can no adrocates of this new waterway declare that by longer be satisfied under the shelter of her from one coast to another a sew terror would fliet to be more visibly coalised ihan is possible enabling the fleet to pass with magical swiftness bulwarks. They require the pendition of con- be struck into the heart of the designing with a ship whose glories are centenarian. The Victory is magnificent, but she is not war in unemies of Great Britain.

1903.

8T. MARGARET'S HOPE,

'St. Margaret's Hope, where the new naval buss is to be in the Forth, has historical associa tious taking as back to a time sang about in the beautiful ballad of Sir Patrick Spons:-

Young, lovely, learned and plous," as one writer says of her, she won the heart and hand of Malcolm Canmore. She went about among

-point where she was went to cross the Forth in the people of his kingdom doing good, and the her journeys has ever sines been called Queens. ferry.

PEABLE AND EMERALDE..

She will still remain the Moon of patriotic, historical, and romantic enthusiasm. nad Englishman my continue to gaze with emotion upon the scene in which the greatest of their sea dogs gave up his life in the service of his country. There is fortunately avery pro- apust of the Victory's surviving for many years as the most vivid memorial of a glorious past.

SMART JOCKEYS IN INDIA.

West-Points have been taken if the market at $54 and 8534, and close with probable sellers at $54, Hongkong Hotels has been booked at $150 and 3161, and close in further request at $150. Oriente Hotels can I placed at $275. Humphreys Extales are wanted at $121.

COTTON MILLS-Hongkotys have advanced to $16h sales, and close in further request at $16 ex the interim dividend of 40 cents por share on account of 1902 to 1003 payable application at the Company's offices. The northern stocks are unchanged at last quots MISCELLANEOUS Manila Investments con- tinue in request at $15. Grew Island Cements bave sold and there are further sellera at 823. Chine Borneos have advanced to $111 sales und buyers. Electrios have seller at $14 (old) and 871 (new). Ropes have stranged to $115 Layers. Fenwicks have soldat 850 and a few more shares are procurable at this rate. Ices after sales at $287 and $210 close with pro- bable buyers at $247. Steam Waler-boats have sold at the improved rato d $12 and more shares can be placed. Chin Providents con tinue on offer at $94. Holk Asbestos uve

charmed circle of the Celestial Empire,

Silver, Jow and depreciated though it be, is

The King site in Dunfermline town, Drinking the bluide-red wine. been booked and are in further request at $3.

When the Chinese want to provide for the Watkins have buyers at $9.

Malcolm Canmore, like other Scottish kings, Mexo-China and Manik Steamship Co., arcessities of their deceased relations in the becoming scarce, credit especially in the North aasoon world, they burn large quantities of of Chiss is seriously restricted, and we have no

The sporting editor of the Indian Planiera" had a Royal residence at Dunfermline and Queen Ld., ordinary yearly meeting on the 20th intimitation syces made of silver paper, as the prospect of any permanent alleviation of the

Margaret, who gave her naton to St. Margaret's Gazette, disonssing the smartness of the jockeys Panjom Mining Co., Ld., sctify that a final

The subject is very call of 5 cents per share on tis ordinary shares spirits are not supposed to know the difference sitzation as long as the present state of

between this paper money and the synce they instability vontinnes, of the Company is payable it the Hongkong more so fond of when they were in the Celestial difficult and complicated; any one who professes and Bhangliai Hanking Corporation on the 9th Empire here below in the flesh, but whatever to thoroughly understand this question is fallacy. It has been proved so in India Hope, was his consort. Early in the eleventh in India, remarks: The Colonial article whea

man whosa opinious should be

century she, with her mother, sister, and hoy he arrives here, however excellent a horseman part, and yet we are informed that these are the spirits of Chinese may believe, amongst the probably

Their ship the crack representatives of their profession. A 400 millions of living Chinese it is very im- received with caution; but I cannot but think

brother, Edgar the Atheling, fed Irom the he may be, certainly takes no pains to look, the North of England to Scotland. probable that there is one sane man who does that neglect of such an important question will

found refuge in the Forth anchorage which the leotaring tour on the blessings of nicely out not know that silver is much less valuable than only add to the confusion which new exists and

vory good thing in the Colonies. At present the it was; we know that copper chah have been that China cannot be wrong in trying to follow

Admiralty are now making down for their own. brooches and properly put on boots would be a steadily dabaeed for years, yet this debased cop. the lead of the united wisdom of the whole to hand by the America Han:-

The announcement that the Pacifle Mail por cash has risen to a premium of between civilised world, especially as she is practically

Colonial artist's idos of the part is breeches that

reach bigher than three inches above his Steamship Company had parthened two big pasand 28 per cent., compared with silver in the the only exception to the establishment of a

fit nowhere, with buttons nearer the back of his senger steamships in the Eat caused consider last ten years; rice which was formerly $3 to $4 universal single standard, a standard like gold

tree than anywhere else; boots that certainly able comment yesterday in leal shipping ciroios, per picul is now $0 to $7 per pical; cotton which for which demand is constant and steady, not

on leaving his ears out, and his jacket as often The two steamers were griginally built for was formerly Tls. 9 to The 10 per pical, is now like silver, for which demand is fitful and erratic,

ankle bone, if sa much; his cap ho prefers to tie The paragraph in the report of the Committed

as not does not continue in partnership with his breeches until the race is over. The blessings the Atlantic Transport Company. They will Tla 19 to Tis. 21, and so on throughout the

of a neatly tied husting stock or any other of be completed by the end of the year, and will be eutire range of commodities; even the conlies which refers to this question is exceedingly mea- the largest steamers running out of this port in the streets will tell you "just now dollar gre; the settlement of her currency on a sound basis is a vital one for Chins, both politically and

the minutia he is blissfully ignorant of. How. MEN FOR OUR SHIPS. Both measure 600 feet in mgth, 43 feet in more cheap."

Pearls and emeralds have become so source, over by the time that India has done with him depth and 65 feet in beau They will have If the argument means anything, it also commercially, but in their report the Committee

The report of the Naval Reserves Committee accommodation for 310 cabla passengers, means that China, or any other nation, can, have referred to the drawback on bunker copis There is mach conjecture as to the purpose by simply depreciating ils carreroy, enable its at twice the length which they have devoted to of the Pacific Mall Company in increasing its producers to compete successfully with the the financial problem. I venture to think that has been issued. The Committee consider that ya a writer in the New York Times, that he, as a rulo, gets converted into the charm of them from private sources to satisfy the porous plaster, and boots that it to match and do not give the wearer the appearance of being-

shrimping expedition, Spurs also, a feet. It is rumoured that the sadition of two producers of every country whoss currency has if they faithfully represent the commercial the Royal Fleet Reserve is the best form of precious stone dealers are obliged to obtain breeches that grip you round the knes like a steamers to the fleet running to Chins will be not depreciated; that by baving a depreciated opinion of this important centre of trade, they reserve for the Navy, and that every means

been coming on gradually, until now it is knightly appendage that when badiy put on set followed by the withdrand of the steamors currougy, China can make money, she can will show a kerner interest in the solution of should be taken to acceleme its growth. They demand. This condition of the market bas ont on

as important feature in the buying and the teeth on edge, are usually worn by the Colonial trailing over his bel, and murderous. of the Occidental and Crintal Steamship line. grow rich at the expense of her neighbours. the problem than they appear to have taken,say that they are avable to suggest any method If this is true, does it not seese to you judging by their roport and their correspondence, by which larger numbers of reserves than The liners Deric, Coptic and Gaelic are Dow raaning between this pert and the Orient that in this age of teen competition, it is Their anggestion that an International Commis. are contemplat d in the existing scheme of

result of an increased demand, although pearls in despised India he finds out that the proper These vessels, which belong to the White Star extraordinary that other antions do not sion should be appointed to enquire thoroughly mobilisation could consistently with efleichey, selling of the stone. It is not so much the weapons thoy us a rule are. When he has been are becoming more popular each year, as on place and best place is well up above the heel fine, were brought out here from England, and try this simple oxpedient; all nations are into the

approval. In the first place of these dalies whichare set forth in the report. have been ruzning on a joat schedule with the striving to grow rich and powerful; how is it with uner, is one which will hardly moet be substituted for native servico mea for any

gems. The decrease in the work's output of the instep and a short'uu on top. We are doubtless & backward and benighted lotin many Pacitte Mail and Toro Kisa Kaisha steamship that one after the other, they are all discarding at a Commission would tend to alarm the Until enough reserves can be provided, the

emeralds during the past few years has been ways, but we do make an effort in some direc lines. It is stated that the vessels will be sent silver India, Japan, Siam, the Philippines, Chiress Government, and an international con deficiency of reserve men can be supplied only count of a falling in the world's supply of and set on square with a longish strap ander back to Europe and the twisteamers purchased with the best expert advice in the world at their ference is often a clumsy body for deliberative by having active service men instead, a lem

sach at to cause grave alarm among the tions, and this is one of them." by R. P. Schwerin, Prestont of the Pacific disposal, have deliberately foregone this precious purposes; it would be an excellent body to porary mossare involving great additonal ex- s decision which had already been penditure, and the Committee consider that as

most conservative of procione atone dealers Mail 8.6. Co, will take their places. It is also advantage, and the Straits are preparing to com

in New Y and Lomivu. Unlem new stated that the steamers will be used to compete follow their example. The plain fact is that arrived at by negotiation, but not to work out large s proportion as possible of these active with the lately organised Chive Commercial the statement is not true, it is a fallacy. Lord the details of a complicated financial scheme. service men borge in orcess of peace needs

mines are dovered woon it is not unlikely Steamship Company.

Farrar, from whose works I have already quoted. If there is to be any hope of saccess, China ment should be entered for non-continuous service.

that the emerald will become the rarest says that it is impossible to imagine a more herself take the initiativo, in trying to work out The Committee express the opinion that so far her own salvation; alone and without assistance, as is consistent with efficiency the further num-

As the dangerous and preposterous fallacy.

Probably it is true that wages have not yet she may be quite helpless, but she has plenty of bors required for war should be reservists. The been adjuster to the higher prices of com- inducement to make a serious attempt to Committee note that if for political or other rea- precious stons in the world. moditie wages always rise more slowly than extricate her finances from the confusion into sons it should be found necessary to increase condition of the market is now they are worth commodities, and to that extent cost of produc- which they have drifted. She will no doubt gradually without mobilisation the proportion in stones larger than five carate from two to tion may be cheaper in Chins during the period receive sympathetic assistance from the Powers of ships in commission to those in reserve, the of transition-bat what is the effect of this? if they see that abe is in earnest; she has already present manning system would break down, The masses of Chins Bud that the necessaries agrod to take one important preliminary step bemuse all the active service ratings would be Several stones now in the hands of New York of life are becoming steadily dearer, they find in the establishment of a national currency and need up first, and there would only be half-dealers are worth from 15,000 dollars to 50,000 it difficult to get a corresponding advance in therefore, I hope, you will concur in the terme trained reserves left for the last ships com- doliass a piece while they range from ton to wages, they have therefore to curtail erpendi. of this resolution which suggests that the missioned. They therefore recommend, that

penge time, beyond the normal proportior a imperfections. Magniture, the consuming power of the pantry is less Treaty Fewers should urge upos China the ad. when extra slips are put in commission in thirty carats in size, and are not feed from

part of their complement should be made up than it would otherwise be, and there is a viability of taking preliminary steps to r form

Mr. B. 8. Little-I rise to second the by reservists; and that these reservists should

A Swim clergyman named Tobler. of Bir feeling of unrest and dismtisfaction spread her aarrency without further delay.

be obtained by inviting Royal Fleet Reserve, throughout the country. The farmers and the merchants recoup themselves by selling resolution, but before I do so I should like to their commodities at higher prices, but ask if the Chamber of Commerce is committed and Royal Navy Reserve men te volunteer for mensdorf, near Zurich, has been sentenced to proclamation. Provision should be made that costs" for insulting the memory of the dead.” the poorest of the population, wage earning to the expression of opinion that an Interna- such service without being called out by Royal three weeks' imprisonment sud 200f. fine and classes, are the people who feel the effect tional Commission is desirable, because I am

if the men could not comes for the whole It appears that Tobler had been engaged to be of the depreciation of the currency meat not of that opinion.

The ChairmaI can only reply that the commission they should be invited to do so

married to a German lady of wealth and good. they have to bear their share of the increased.

for a year. taxation which has to be imposed to meet the report and avocunts were paced unaniminale.

Mr. E. B. Little Then the Chamber is This measure would apply especially to special family, named Berger, of Halls, for a number additional public burdans, but they find it a

service squadrons placed in commission for hard struggle to increase their incomes. Then committed? these people who say that low oxchange The Chairman-It does not say so. If this short period in times of emergency, and the of year. Becently the pestor left for Halle service proportion of the crews for ships remain mony arrived, the guests had already gone to stimulates experts appear to forget that exports resolution of Mr. Anderson la carried the advantages gained would be that the active to marry his fanean. The day of the sero are paid for, not in gold or silver but in imports. Chamber will adopt the terms of it.

Mr. E. 8. Little Than the report has nothing in reserve would not be reduced, and that the church, and the wedding breakfast was If China exports produce and that produce

the care and maintenance parties of foot reserve ready, when Tobler quarrelled with Franlein The Chairman-No, I referred to the matter ips would be left intact instead of being drawn Berger, insulting her and her father. He then not paid for by a corresponding amount of im sexmitted the Chamber F porte, she is a loser by the transaction; a sation

Puma for the service na at present. The Com- abruptly left town and returned to Zurich, like an individual grows tick by receiving, not in my speedli

to speak inmitten, in conclusion, state that what they have The scane so affected Fraulein Berger that she by paying. As her exports therefore are paid

Tobler, to justify" his conduct, for by her importe, all the advance in price support of the resolution, and in the course of done is to recommend that the numbers of the died the same night, it is said. of a brokas We have older and more expensive Whtakiwa a

openskej potive service vote should, with very few excep heart obtained for the former is lost in the bigher itin remarks said the room who no lions, be kept within the limits of the once published a letter in local paper caliad La

There are gentlemen prices she has to pay for the latter, and në she imports more then sheexports, she has been a doubt believe the export tende will be interfered

reas future experience may decido, and if the ones commenced legal proceedings against the to are such as be you the monokusions of Lord Herschel's Conference to my pamphlet and this letter remarked mary continues to grow beyond the increase pastor and the paper fer libel. The judge in

infiet a more severe punishment. mittee on this point, the Committes hoere that it would be a mistaks to advocate 'n gold which is at present foreseen, the recommends samming-up severely rebuked Tobler for ble appointed to investigate the Indian Currency carreuse for that reason, I submit that that tions of the Committee will be capable of pro- bass conduct, adding he was sorry he could not before the closing of the Mints. They state that opinion, as Mr. Anderson has already shown, is greasive application.

CHURCH SERVICES. ST. JOHN'S CATHEDRAL. April 26th 2nd Suzy after Easter. Matins (11.). Responses, Tallis; Voze, Kainogle; Palms. Baker, Artace, Greene and Helmore To Deu Hayes, Russell and Stainer; Benedictas, Gar rett in G, Hymns, 500, 185 and 275.

Svensung (845 pm.). Responses, Tallis; Pasins, Barnby Beat, Wesley in F (1st M.), Nano Dimitlis, Felton in I fist, Hymns 197, 504 and 137 Yeeper Hyun, Ward (No. 1).

ST. PETER'S CHURCH. Queen's Red West Matins (s.m.). Hymns, 3, 396, 600, and 443.

Erensong $30 p.m.).. Bymus, 208, 409, 48, and 16. The Church Iannah Lyspring will call on the ships between 9.15 and i sin and boron 5.15 and 6 pm, to bring friends sahore to the services (Lowloon Polos Pier 10.30 and returning afterwards, The Answering Pen- mant" is the call Bag. All the sittings are free and appropriated. Flanger.are welcome.

GOSPEL HALL.

6, Arsenal Street, Top Floor, off Queen's Road

Mr. Little then proce

ten times as much as first water diamonda

INSULTING THE DEAD.".

Meetings are held as follows :-Sunday loser instead of a gainer by the fall in silver with by the ulteration in the curranoy bad2quirements. The Committee state that their ↑ Limmel, casting reflections upon the honour of i

"Acts 2, 42, 11 am; pel Address, 6 p.m.

Tuesday-Soldiers and Sailors' Bible Class

6 p.m.

Thursday-General de Class, 6 pm. Saturday--Prayer Meeting, 6 pm.

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141