1907-09-14 — Page 9

THE COLLAPSE IN JAPANESE SECURITIES.

THE HONGKONG DAILY PRESS, SATURDAY, SEPTEMBER 14TH, 1907.

an official creation-wore conalituted the I abief medium for contracting foreigu loans, | the borrowers would obtain reasonable terms and the lenders would be guaranteed against- The Times correspondent at Tokyo wrote or risky transactions, the Treasury extend d its Jals th

Towards the close of last Janualy Japanese support and co-operation to that bank. In theory the idea was not unse and but in economics entered a downward grade, the ex-practice it had the natural effect of driving tremity of which seems-to-have-beat-reached-on out of the field several foreign syadlestes June 17. Perieps the most eloquent method of which, though anxious to compete for Japan's discribing what cocurred in that interval in to

custom,

did not cars to enter the liste against record operations on 'Change in the cases of a

what in their eyes bore the character of an Few of the gilt-edged securities -

officially supported monopoly. That, however, Highest Lowort

is a side issue. Moray finds its own way Quotation Quotation

sooner or later to the places where it is most (January) Juce)

in demand, and Japan should be such a place, for that she is entering a period of great material development there can be little doubt.

Names of Securities,

103.30

Tanko 8.8. (Company)

172,50

Tokyo Electric Teams

124.00

Keihin Flectric Tram.......

154.00

66,80 87.95

Yusan Knisba

151.00

91,25

Tokyo GE Come in

191.00

90:00

Fiji Cotton Spisning..... 244.90

-88.50

Tokyo Cotton Spinning.....

188,00

“Kuuegafüoht Cotton Spin-

ning in atmaster

299,95

Beer.

175.03

Видатн

- 162.50′′

Q. P., YEOMAN.

THE CHINESE WHEELBARROW.

(From the N-C, Daily News.) Muat nationalities have one or two objectä-of- daily use, which seem to embody their peculiarities. What is chosen as characteristic depends up n the intuition, and the experience of the observer. Thus, for the Frenchman there is a cartoon, which exactly represents the Englishman whilst Englishmen hare an imm. diate and vociferous recognition for a picture portraying their notion of a Frenolman. It an Englishman were asked to choose some typical object in uso amongst Frenchmen, he might, perhaps, select their

long, narrow nervous looking boots, whilst if a Freshmen wanted something, which most conveyed the idea of an Englishmao, he would probably select a loud, checked Norfolk jacket. And this would be after generation of

68,50

In the first place, he had a very peculiar name, Handicapped in the patronymic of his form 140,00

fatbers, his parents went one better in bis 100.00

christian name, which they must havo discovered 7755 in a back of Latiu quotations and proverbs. 123,50 Tokyo Stock Exabange... 780,00

Had Q, P. been of the highly sensitive mould, The aggregate meaning of this depreciation he would on attaining years of know! becomes pisit when we note that the total murdubitors here sacridood both set-lived he ket value of the 50 kiade of shares handled by under a perpetual aliss, but he was not so made. the Tokyo Stock Exchange was 833,409 137 yen Like his name he was an ex ggestion—a cheer nn January 18th, namely, the period of greatest ful exaggeration in expression, tastes and babits. inflation, against which the sum actually paid It was the custom to smile when he was men- 1.

on the shares (which numbered 7,575,024) tiened, for he had a genius for transforming was. 408,954,200 yer. Ent on June 17th, al- most situations in whielt be found himself into though the sum paid had increased to 410,121,200 the lancbable or grotesque. ye, the aggregate market value of the whole. Waly 53,151,200 yan, which reprezente a shrinkage of 93,447,937 yen. This relates to alone. There can be no doubt that, if Molar match to can thing of throughout the Empire were compiled, the notions and other unpleasant official documente total shrinkage would amount to at least 50 were waiting for him at all hours of the day. million

will take my readers with P., from the sterling The reasons of this extraordinary debele are hour he was sworn in, in the billiard room of an

Of course the old fashioned

little hotel until he consigned January onoratious indicated & condition of his troop of acsubstie militie the consigned ablo sooner or later. I ut the prices in the June over his head, which he never paid, because they inflation from which some reaction was inevit. botter, land, and left with a C10 fiue hanging column of the above table show a panic, and it could not find him. Having sworn allegis itself, does not occur.

diBcult to discover clearly.

Q. P. was a Volunteer, but he was an ardent ria-man for a year only, and forsook the walk- ing for the riding branch, incurring dire pains and penalties which to somehow managed to the

OF, HIXO

writer, with only his own experience to guide him, no object seems to be more typical of the Chinese than their wheelbarrow. It is typist), in the first place, of their ingeraity To wheel an ordinary wheelbarrow is no easy task. The prefied gardener can do it, bat let an amatear-volunteer and he will Bad tow dimonit it i». But even the European gardener would look foolish if he tried to bosnage a One can imagine Low Chinese whodbarrow. One coz Bdontly he would waisten bis bands, nod grip the shafts. But, had hes load of potatoes on one side and a bundle of cabbages on the other, how far would be get oson along a straight, garden peth? How the Chinese would laugh at the attempt: Here," they would say, "is the wonderful white man who is king over machinery and who cannot control a simple thing like this!" But, though the Chinese hare learned to manage their wheelbarrow, as they can learn to manage anything, pot it is a clumsy and emblematic both of Chinero disregard of convenienor, sud of their hatred of change. Instead of trying to preserven blanca light cardboard hat-box, we choose the ey between a heary wooden packing case w

method of using a track We limit the use of

Chinese the idea of acaroniones, as an end in the wheelbarrow to things which can noo

niently be contained thervio.. But to the

His father smarted a by wheeled track? He would a Boon think of having pockets sewn into bis clothes, or of wearing boote that kept out the wot

ostensible causes for panic. From the begin next we see of him, is in the squadron store, should he escape, discomfort by using the two-

ning of the year 196 the country entered at period of industrial expansion, as was natural after the war. Enterprises of all kinde found ready and even Lager support, and by the spring of the current year capital had been pledged to be exient of some 200 milline sterling on sc. count of now undertakings. Out of this total sum not mire than 30 millions was neually paid up, , and the whole movement did not inspire any alarm, being attributed mainly to the nation's possession of large fonds scattered throughout The country in the form of war outlays. But

a wrong address, unwittingly, the from which he extracts a helmet two sizes too big for him (which be endeavours to lose without artifact salisfactory results, and sundry other artioles and accoutrements. In the riding school he bass harrowing time, even for a recruit. When he is shot from the back of a horse with lamblika habits, during a derce effort to lower the stirrup irons and at the same time push the bolt of the next man's ride away from his krae, everyone rosie, Q. F. again! The Sergant Major cracks a borney joke, Situations like Majors. Fut Q. P. gets even. All horses 5pm, by the Adjutant. This is the nalice intended for crop will ho inspected to morrow at receives at the breakfast table the following morning?

The Chinese wheelbarrow is mad quits as of conveyance. much as a means of progression as A wheelbarrow is cheep, and it can go whare a Aisha, for instance, is too mesh col large a vehicle to go through the arrow, pont alleys of the Shanghai Native City. Even if i could do so it would be out of place. 1 he ricsha is exotic, intended for Europeans, nd meant to run on roade, But the Chinese take no care of

there was one feature of this company mania this call forth the finest efforts from Sergt. their roads; they are so much more at bome in

coíu.

which could not fail to be injuriously felt in the Fridamely, the sale of Bharatitles. So sharply accentuated was the speenlative spirit that, even before an enterprise had come into legally recognized existence, its shares in pusse coin- mended high premiums, and were esgerly bought up by men who imagined that every route of industrial expansion must lead to a gold mine. In these e aditions the professional promoter at his opportunity and exploited it greedily, with the result that when the period of depression set in many people found themselves in possession of share titles purchased at high prices and likely to become quite valueless. This could not fail to shock and check the spirit of enterprise, and thus to react open the general demand even for shares of old- established companies.

The day arrives. The school-yard is crowded, with horses and horses. Some appear to have get in through a mistaken impression scout the species of the vast animal creation required for the purpose; on the part of the riders. One passes, with a flick from a whip that sonds tho noble steed cavorting on the l'in as energétic cers a manner as though a few Chinese crackers were exploding of the and of his tail. Curses and imprecations terrible to a weak digestion, follow the course of another charger," combined with palbelio, anxious enquires as to what it is and where it was excavated. With a gloomy brow the youman rides kis scorned arab home to kindlier baunts and a coal cart A horse stope dead on one coonsion; expectancy in his eye; a wit calls "not to-day, baker, thank you we have three leaves from yesterday" And off he shoots again, following the dictates of habit which is second nature.

Next man 1.

Slowly, painfully, clatters up Q. F: All voices are hushed. Q P winks, and the ghostly gandruped nearly overbalances. "Got him from Hearts" whispers his rider in ecstacy. "Great

in'é

By degrees, to an aneasy suspicion arose that small banks, which bad advanced money on the security of bares, would be unable to obtain re- margins from the borrowers, and would be com pelled to unload precipitately their bolding, to the further demoration of an already weakened market, and possibly to the failure of the banks themselves, his suspicion, plainly calculated itself to produce the dreaded results, found confirmation in part. Within the short space of 17 weeks, ended June 17, no fewer than 39 barks were subjected to Ds and 12 wers obliged to clore their doors. In English ears aneh a record sounds more formidable than it really is, for a special correction has to be applied namely, that all those tanks were exceedingly petty concerns from a European point of view simulates a desire to increase his speed and that some of them wore working on a capital of not more than ten thousand pounds. Nevertheless, they possessed importance in Japanese sys, and as these frequent announce ments banking embarrasements were supple. mented by two snioides of pr minent . desmen who had cat beavily o on Change, public nervous nesa became almost bysteric.).

Happily there were corrective factors af

what Henry's is the vale to which the agedequing is led to die.) The Major gasps and splatters, the Bergt Major tarns pale, and the Adjatant's monocle falls down bis brok, which has a negative effect. Having enjoyed Lue sensation awhile he waits art for the verdict, bat passes on to the top of the yard, and hands the stand to aimall boy with strict instructions not to bring it back. He returns without s smile and faces castic comment with never a

blush.

drive a tensor cab through a country lane. rough, tortuous alleyways. To use a rich in a Dative city would be just as incongresur as to

One does not expect comfort, cleanliness or well- being in a Chinese native city, and a ricaba is, by comparison; the embodiment of all three. Besides, the riceha stands for haste, sud ap Chinaman is over a hurry. To dash about behind a running man befits only the foreigner. to whom time is precious.

Then the wheelbarrow in the epitome of Chinese patience and resignation. Very often, of course, an up-set eccare, and gives rire to a torrent of the most terribly abusive language, but, just as often, it results in a

a inngh and, at any rate, never prevents a renewal of affort. The fact that an inneyance has cocurred to-day ita never seems to be na argument in favour of recurrence to-morrow; or, if it does, that does not affect

tbo coelie's estimate of his

wheelbarrow. It is just the same all through the life of a Chinese. If he is visited with misfortune, well, he suffers it patiently.

rouble in the lot of man, and, for some reason, bioden from his understanding, trouble iudicted. Therefore, tie up all the luggage, and stmin beneath its weight again. It is very bot, and the road is full of menace, but why attempt to escape?

But though the Chinese wheelbarrow stands

for all the gaslities at which a European laughs, aud for nous which he vaguely admires, yet it stands for something else as well. When the day in dying, there is something touching and gentia in the sight of a small party of Chinese women being carried along the Babbling Well Road, or out on the road to Jessfeld. They sit on either side of the wheel, laughing and chatting happily, whilst the coolio trundles them contentedly along. The hot day is over, and a pleasant breeze fans the branches above right their heads, or stirs the fields that lie to and loft. The road winds out behind them, they more towards the white and dusly,

Bought it for three bob." explained QP later on, He who laughs last laughs best, eh?! His eventual luck is a black bog-maned Army ally cooked back, and the other forward, in carriages, which sweep so fast, beside them, them with such scant courtes", sod treating

work. The three great capitalists in Japanremount from Aldersbot, with one ear perpetn. lights of home. They glance anxiously at the i

are the barley crop, be silk crop, and the rice erop. Of these the first two may now be said

to be assured successo. The barley is already constant enquiry,. And at the tail end of the alling them with a vague wonder sad distrust. afternoon, on returning from a tiring field day harvested, and is far Above the average yield, would always sarn the enmity of the Sergeant. Very demure and weak they look, these Chiness and sericulture promises to have B record year,

barri-d nor noisily shouted for, whereas the sxport in 1906 reached the and the smiles of the crowd by dropping his women, not to be unprecedented ägure of 10 millions sterling,

reins and feigning sleep while bis horse would aside. Quickly the light is fading; it will be there are good reasons to think that the total wander on is front, for all the world as though dark before they reach their journey's end. The For this year will be nearly half as much.again, he were gauged to the joke, just for company stars are opening bright eyes, and the ponce

for the 881geant." In the ease of rice which is incomparably the

Now and then Q. P. would of the night is fallinz round them. Would one be would center have them, after all, give up their simplicity most important of the three-it is still prema go out scouting," that is to say ture to speak with. any assurance, but the rainy out of sight, witch his horse to a tree in a shady for our alacrity? Would one like them any

place, season, which plays a large part in the quantity wheedle a glass of milk or beer (or both the batter if they drose? Is there not borne- of the crop, has been ideal thar for, and the best frem a farm house, and de part on a blackberry. thing sacred, even, in their slow, clumey wheel. judges predit an exceptionally Bae rotazu. ing expedition, or a mushroom excursion, return barrow Perhaps the Chinese woman has Consciousness that those remedial factors were ing to the lines when dusk was gathering, and prerogativer, just begusa aba iss woman. If The is fond of her wheelbarrow, is she not fond at work gradually produced a feeling of re-. the horses had all been watered, gro: med and assurance: nd thie was accentuated by the fed, with weird tails of a lost way, and spec: of obildron too, and does not snything, of which a woman is fond. deserve at least the tolerance action of the principal bankers of Tokyo, who, meus from a plundered orchard in his pocket. meetling on the 20th June, formed a league for For he wasnota modd y mile work in the contrediction of an article which began by yeoman. QF seldom of me? Does it not, at any rate, ozouse the mutual protection, and decided to substituto strength of usion for the conservative policy lines was sesiduously left to someone else, end dissecting the ridiculous, and ends by dis-

it Q. F. which had hitherto been dictated to them by

of parading with a bine hesdrope, circumstances. This changed attitude was not tinction of who one morning secured the discovering the picturesgne ?

among 500 beuatiful white oues.

pipeolayed" it with Eiskets' blue in the dark

ወደዩ።

He had

without R of Inded, hen the whole situs tion is summed up, over-speculation is the only factor charly responsible for the resent the night before, and bis appearance on the depression.

ground, unconscious of the disaster (for as usual In other directions everything is satisfactory.somebody else had to saddle and bridle for him) "Thus, wherese last year a w au extraordinary nearly paralysed his young, enthusiastic Lien- growth of the country's foreign trade, the chant, Q. P. was severely spoken to regular- relarns for this year are still more striking,

ingly every day, for dusty rifle, nuburbished carb since they show a total increment of six millions chaina sud stirrup irons, that is if the individus

who look him to fask eculd Isat out the orpbure sterling up to the middle of June. In the

of State finance: too, (qually gratifying results with an intreveable expression-Whion was have been noticed. Thus the repue for there."Bingapore Free Prear,”

Escal year ended 31 t of last March exceeded

the estimates by three millions sterling, and this surple, supplemented by the proceeds of reduced.

A SUFFRAGETTE,

expenditures, bes enabled the Treasury to dis- So much has been heard of recent date about peose with the Bortion of sight millions sterl ing of domestic bonds, which transaction, sancthe doings of the suffragettes, that the follow ever the nation head for several months. The elementus wilde voting female but s loved by prev ous Budgets, had been hanging ing few words may be excused. The lads to whom these remarks refer is not a muscular, 036-salient need If the situation is cheap foreign capital. It is 201 possible. exsolly bow

IEDY

of

the enterprises

planned during the recent period of inflation

tare

of delicate bealth, sweet disposition,

in suffering and unobtrusive.

wishes bur vote" recorded, and that in favour survived the ordeal of depression. Many Van Houten's Cocos, beans it has been bare certainly been ahand red and manF others will be similarly a fostabato, Bat there will be such a help to her. She has found it sustain-

a large res duum of second undertakings and, favour, easily made

it

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not dear:

to

is raloulted that if these re to be succis really not dear because a little goes a long fully developed, they must ehtein Folly one half of their working arpital from Europeu only aed a very small quantity

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ON SALE.

CHICAGO, U. §. AT

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On sale at the HONGKONG DAILY PRESS OFéé,

Hongkong, 28th July 1907.

MARTIN'S

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$9