1910-08-10 — Page 2

INTIMATION

AS. WATSON

LIMITED,

ESTABLISHED A.D. 1841.

THE HONGKONG DAILY PRESS, WEDNESDAY, AUGUST 10T¤, 1910,

[Protected by the Telegraph Mensage

tion of respect and goodwill towards Gor- The annual report of Somarang Bee and Fire The Shanghai Volunteers at Bisley this year many and especially towards the person of Insurance Company, Ltd., shows a very satisfag-soom to have acquitted themselves well, says the TELEGRAMS. the PRINCE, who, by his courtly yet simple tory year's operations during 1999. The balance N. C. Daily News. Full reports are not yst to manner and his urbanity to people of all of proft on both branches was F40,500, and the hand, bat, we are informed that Mr. H. W. Daldy scored 194 out of a possible 205 in the first and second stage of the King's, and was shooting in the third stage at the time our correspondent wrote; Mr. C. R. Graham scored

classes and nationalities, made himself exceedingly popular wherever he went. His Imperial Highness, on the outward voyage, remained in Hongkong about five weeks an the guest of H.E. the Acting Governor,

roservo fund new stands at F112,164, The local agents of this company are Mosary. H, Robitsek & Beis.

The hopes entertained of a speedy in provement in the financial sitation at Bhsuglial received a setback yesterday, says the N-O.) Daily Nons of August 5th, with the sport of the failure of a prominent Chinese firm of stevedores. It would soam as if the community must reconolle itself to the proapoot of severe financial stringency extending over sororal menths.

COMPANY MEETING. THE HONGKONG, CANTON AND MACAO STEAMBOAT CO., LTD.. Copyright Ordinance, 1994.]

The ordinary half-yearly meeting of share holders in this Company was held at the offoo

SUNGARI AGREEMENT. present: Mossra. H. A. Siebs, J. W. ["DAILY PRESS" EXCLUSIVE SERVICE.] of the Company, Hotel Mansions, at noon yesterday. Mr. I. Shewan presided, and there Bandor, F. A. Gomes, F. H. Armstrong, C. H ̧ Boes and F. Lieb (director), J. · Arnold (Acting Secretary), J. M. E. Machado, A. Chan Siu Ki, K. von Wiser, M. S. Northcote, HL. M. da Silva, T.-F. Hough, A. Turner, A. O'D. Gourdin, Formandos and E. A. Stanton. the meating.

The Secretary read the notice convening

49 out of 50 at 800, and Mr. Bowen 47 out of THE 50 at 1,000 yards.

PEKING, August 9th. The Agreement respecting the

Lady Piggott (wife of the Chief Justice of Hongkong), as the Founder and Vice President of the Colonial Narsing Association, contributes to the current anmber of the Nineteenth navigation of the Sungari River bas Century an interesting account of the origis and been signed to-day.

the sims of the association which came into

& CO., Major-General BLACK, the Deutschland having to go into dock for extensive repairs, and during his visit the PRINCE entered thoroughly into the social life of the Colony, Balls and dinners were given in his honour, and he showed his keen interest in sport by playing at the Happy Valley in two or thres polo matches, well as leaving a cup for competition on his the defendants had deposited the chair noar CHAMPAGN EI return home. later in the year. While in the steps of the Supreme Court and when order. endured sickness in some of the Colonies before the goods from the whole of each country read. The present position of the Company is so

WINE & SPIRIT MERCHANTS.

DE ST. MARCEAUX & Co

REIMS,

VINTAGES

1900 & 1904.

VIN BRUT AND VERY DRY...

PER CASE 1 DOZ. QUARTS... PRICE

$57.00

PER CASE 2 DOZ. PINTS. PRICE.

$59.00 THE MOST POPULAR WINE IN ENGLAND AND EUROPE.

CREME

D'EPERNAY

A CHAMPAGNE OF FINE QUALITY.

PER CASE 1 DOZ. QUARTS. PRICE -

I

PER CASE 2 DOz. PINTS. PRICE -

08

The adjourned charge aginst two ohair coolies existence fifteen years ago. "You would bartly the N-C. Datly Newa atated that China's claim [4 talegram reprinted by us on Monday from in the employ of Mr. F. Maitland for assaulting believe it" is the title given to the article, the for a free trading some, of fifty versts on each

The CHAIRMAN said:-Gentlemen,-I pro- by a lakong was concluded yesterday. Apparently phrase being applied to a description of the acted goods_emsasting from opposite zones tico, the Report and Accounts will be taken as

side of the Russo-Chinese boundary whi

which sume that in accordance with the accepted prac.

only has been abandoned

the East PRINCE. HENET visited with his squadron the principal ports, including Manila, and his visit to the Imperial Palace at Peking will ever be memorable for the cordial reception given him by the EXPRESS- DOWAGER and the EMPEROR in the Imperial Palace-an grent which marked the achieve ment of a distinct'improvement in the condi- tionaattaching toforeign intercourse with the Chinese Throne. This had been & voxed question for many years, and it had only been partly solved four years before by the French and Russian Ministers resol- utely declining to be received anywhere outside the precincts of the Palace.. The marked cordiality of the reception given in the Falace to PRINCE HENRY by the EMPRESS-DOWAGER BE well as by the EMPEROR opened up a new era in the istercourse of China with the European Powers, and the PRINCE was fully entitled to the congratulations which were at the time showered upon him fromall sidos. His visit to

ed to more from there they declined to do so and assaulted the inkong. Mra, Maitland gare evidence that she saw one of her coolies strike the Jukong. One defendant was doed $10 and the other was discharged,

Yesterday at the Magistrany the water police proceeded against eight steam launch owners for making fast to the se. Laisany while she was under way. They were towing cargo toate and made fast to the steamer when she was were fined $25 ach. The owners of the thirteen about a hundred yardą, from her buoy. They cargo boats were also charged with a similar offence, but Inspector Langly did not press the ease, and the defendants were dismissed

with a caution.

conditions under which white men and women

zone, by a

It has been decided that

rebate following upon proof of consumption

other's of the local taxes on beans and grala, Ingon thero. China concedes the reduction of a third nection with the tonange dues, Rassin quoted Articles 15, 16 and 18 of the Treaty of 1881. It was finally decided to institute regular freight dues, which are expected to noroase per cent. China is to provide tags equally for all China's revenue from this source by twenty-five vessels.]

the foundation of the Colonial Nursing should be free in the Association. "The aim of the Association," Lady Piggott writes, "is to help our Colonies or all British communities in foreign lands to act as the machinery which will provide them with permanent narsing assistance. In other words, the Association undertakes to select and forward nurses to any place requiring them on the understanding that a repre- sentative committee of rosidonta will do its utmost to raise sufficient funds for the of nurseent. The Association guaranteesay malatenanos (board, lodging and salary, &c.) deficit which the residents may not bo in a position, at first, to meet, and advances the initial outlay of the passage money, &o, trusting

that in every instance the local fand, together with the nurse's foes serned, will be sufficient to

when case the initial dificulties of sending out enable the movement to become self-supporting

the nurses are overcome."

DEATH OF MR. E. B. SKOTTOWE.

At the Magistracy yesterday, J. H. Ozbarry kong. Hotel launch to the Ernest Simons while was summoned for having made fast the Hong- she was under way-Defendant, who was asked by. Mr. Hallifax if he were the courier of the Hongkong Hotel, replied that he was, mad explained that he saw one homp rope, fastened

We regret to have to annonce the death in to the steamer's buoy before he told his coxswain England of Mr. E. B. Skottows, formerly to go alongside. When he got there he found Manager of th Shanghal Branch of the Charter also that the gangway was down. Inspectores Bank of India, Australis and China. Me. Langley, who prosented, said that he had seen Skottore, the N... Daily News says, had bean

a

(REUTEE'S SERVICES TO THE " HỌNGHONG DAILY FRE99."]

THE VOYAGE OF THE CROWN PRINCE OF GERMANY,

LONDON, August 9th.

Germany to the Far East has excited The voyage of the Crown Prince of

general interest.

It has not yet been decided whether His Imperial Highness will travel on a warship or a special liner.

It is understood that the Frince

for me to detain you with many remarks. Like learly set forth therein that it is unnecessary

suffered from the general dulness of trade; in most other local enterprises this Company has addition we have had increased competition to contend with on all the lines occupied by our steamers during the period under review. I am glad to be able to state that after prolonged negotiations an arrangement was come to at the end of June with the Chinese and

have shown a marked improvement, and has Foreign-owned steamers running between Hongkong and Canton. Since the formation of this agreement our earnings on this line

worked beneficially for all-parties. In view of the heavy annual outly for repsizs to the boilers of the es. Houngshan your Directors, acting

improved and more modern type. Tenders on the advice of experts, have deemed it prud- ent to replace the present boilers with others of

having been invited, the order for the constras

in of the boilere was placed with the Hong- kong and Whampos Dock Company. The cost of these boilers about 350,000- will appear in the next half-year's working accent, The Com pany's investments, I am pleased to say, are in satisfactory condition. All our mortgages with one exception, which we are, however,

the Far East proved a distinct and enduring stomers come in from Lycomna with their in February, 1903, and little hope had been enter: \ and visit. India on the return journau about to foreclose, show ample margins on the

bad state of health ever since he left Shanghai will travel first to China and Japan tained of his complete recovery but the news of

triumph for Germany, The past twelve

statement that the

his death, which was received by telegram, from London will come, nevertheless, as a shock to many. Mr. Skottowe was

apprenticeship to with the Douglas branch of

the City of

THE VIBIT OF " EMINENT

POLITICAL SIGNIFICANCE."

gangways down. The bearing was adjourned. years have seen an enormous enhancement of

During the early hours of Sunday morning German prestige in the Far East, politically and commercially, and even if we had not Road Central, sad made away with timepieces banking ank. He came to the East in 1832 someone broke open. a 'showcase at 128, Queen's fan, And Berved his first in the Isle of the authority of the Berlin Post for the to the value of $350. Two or three hours later Glasgow of the Chartered Bank at Shang-

coming tour of Bergt. Wills arrested the suspected thief and 5

LONDON, August 9th. on the following day found the man who had bai and in 1891 became Manager.

His name will always be

The Crown Prince of Germany will remembered in Shanghai as that bought the stolen articles. The man charged of a generous patron

local sports,

which he return from his tour in the Far East with the theft appeared before the Magistrate was ever ready to encourage. In 1903 he yesisrday and was commitied for trial, while the much-needed impetus to Association Foot early in February. ball by presenting the In 1997 in con

Skottowe Cup, which is now connected with the League competition conjunction with Mr. Johu Prentice be gave another Challenge Cup to be competed for by international teams. Mr. Skottowe's is a member of the Municipal Council and position gave him a recognised infinence in the Chairman of the China Association.

$33.00 the CROWN PRINCE will be of "ominent political significance," we can wall conceive that a friendly visit to the Courts of $35.00 China and Japan by the KAISER's eldest son will not only be of extraordinary personal interest to the royal visitor, but likewise A.S. WATSON & CO.. in all probability of enduring value to the great and growing interests of the nation whose Throne. Komning course of events be called

LIMITED,

ALEXANDRA BUILDINGS.

NOTICE TO CORRESPONDENTS. ONLY communications relating to the neton suluman should be addressed to THE EDITOR.

the articles knowing them to have been stolen charge against the man alleged to have resolved

was remanded.

We (Shanakaj Mersary), understand from

Rome" community in Shanghai, inspired by Mr. Chan Tit-kwen and others, is Losonel Brace, Superintendant of the Shang-going to establish a-Cantonese A. D. O. AL hai Police, hes renewed his agreement for another term of three years.

future be handed over to the charitable funda of the port. Mr. Chan is following the precedent

The Waiwapo has sent telegrams to the Correspondents must forward their names anders, tendering thanks for the cordial re- adtresate with communications addressed to the ception recorded to the Chinese Army Com- Editor, not for publication vul as evidence of missioner. good faith.

AZE lellers for publication should be written on me side of paper only.

nite alt nously signed communications that

No

nserted.

Orders for extra copics of DaKLY PRESS should be sent before 11 a.m. on day of

Mr. A. Chapman, assessor, reports to the police that on Monday he lost, between the stamp vanit and his office, a leather pocket-book containing 850 in money and some private papers.

His Imperial Highness will be accompanied by a small suite,

The presence of the Prince in Peking The Berlin"Post" says the visit puncica, signicance,

and Tokyo will help to convince the

respective loans. As customary the properties mortgaged to the Company have been survey- ed and revalued by Mesure, Palmer & Turner, Funds in

Pablic Companice, s usual, have been adjusted in accordance with * the quotations current on 30th June, by the transfer of $24,780.50 froza Investment Fluctan during the past six months working mounted tion Account. The loss by subsidiary, silvar

to 828,112,18. I may say the ontrent half-year

has opened encouragingly, and I trust when we

meet again we shall be able to show an improve ment on the result of the past six months'. working. I do not think there is anything are any questions to be answered I will propose

the adoption of the Report and Account as presented.

da vaglásætatus, su UABAs there

No questions were asked, and the CHAIRMAN

money collected from the performances will in / JAPANESE CONTRACTS FOR BRITISH ruling classes what an important and proposed the adoption of the report and secounts

he established in Hongkong, Singapore and the Dutch Indise, in which large sums of money have been contributed towards the relief funds of the late foundation in Kwangtung and the famine in Kiangpah.

The duner given on board the flagship Minotaur at Dairon on July 30th was as great a socess as that of the previous evening says the Manchurian Dally News, Gov.-Gen,

H. B. M. King George. Then Vice Admiral Windice gave the toast in honour of H. M. the Emperor of Japan in a manner as striking as it was unprecedented. At a word from him, a salute

FIRMS.

A commercial organ says that there have been

to

several important orders scoured by British the Far East. A contrast of the £30,000 has been obtained by a Retford firm firma just lately from Japan and other parts of value of over erect a gas giant for the Tokyo Gas Co. Thers is a great opening for the introduction of gas plant in Japan, and it is fortunate that a British firm should carry off this order from the capital British engineering. A large quantity of sugar. It should serve well as an advertisement of mill machinery has recently been shippet from the Clyde to Japan, and electric lifts and wood. railway will presently be leaving England

she will be still more so in the future. unselfish friend Germany is, and that

CHURCH AND STATE IN SPAIN.

INSTRUCTION FROM THE VATICAN,

LONDON, August 9th.

It is reported from Rome that the

presented.

Mr. Chairman, Before seconding the sdoption

Mr. SILVA, in seconding the motion, said :—

of the report and accounts, I beg leave to say a few words. am almost sure that the share- holders of this Company are quite pleased with the result of the half-year's account, and that, in spite of the bad time and depressed state of the trede, the Directors were able to present such a satisfactory report. I believe the Company hea never been insuch a prosperous and sound position,

publication. After that how the supply sinatracted the Mint to push on the minting of Viscount Oskims proposed the health of working machines for the South Manchurian Papal Secretary of State has instructed wish to congratulate and thank them and the

Umited Only mupply for Cash.

Telegraphic Address: Pass.

Coder: "A.B.C. 5th Ed. Lieber.

P. O. Boz. 84. Telephone No. 12.-

Honakona OPPI: 10A, DES VOUY ROAD C LONDON OFFICE: 131, FLEET STEEST. EC

The Daily Press.

HONGKONG, August 10th, 1910.-

The Ministry of Finance at Poking has

the new currency coine and to remit them to the Ministry to be isased in the 8th month.-

The Chinese Government considera tho estimates of expenditure drawn up by the provinces for next year's budget excessive, and that the Ministry of Finance should ourtail them.

As will be seen from the water return olsa whore there is now no danger as to supply. The number of storage gallons was 525,018,000 on August lat as against 501,327,000 a year ago. Pokfulam, which last month had several inches above overflow, is now below overflow...

J

General de Boyilé, Commander of the Third Brigade, French Indo-China, has been drowned together with the chief of the French modical service at Imos and three nativos, by the capsiz. Meking rapide below Luang Prabang. ing of a boat in which they were crossing the

THE contemplated visit to the Far East this winter of His Imperial Highaces the CROWN PRINCE OF GERMANY, of which the telegrams have notified us, will naturally be anticipated with great interest and pleasure by the important German communities in the Far East. It goes without saying that His Imperial Highness will receive in his progress from port. to port from all classes and all nationalities a welcome no less enthusiastic than that accorded to his popular Uncle, PRINCE HENRY OF PRUSSIA, on the occasion of his visit to the Far East twelve years ago.

The circumstances at- and Museam for the week anding the 7th August, The return of visitors to the City Hall Library tending that visit will be well-remembered 1910, shows that of non-Chinese there were 339 by most people who were in the East at to the Library and 114 to the Museum, and of the time. PRINCE HENRY camt

Chisele 156 to the former and 1,877 to the out in the capacity

of

latter. The Library was, therefore, used by 495 Admiral of tho German Fleet at a time when there

persons and the Museum by 1,991.

A Berlin Press message states that according to the Kieler Neusste Nachrichten, Chius has requested Germany to send a number of Germen A proposition has been made for the introdue officers in order to reorganise the Chinces army. tios of compulsory military service in China.

Mrs. Brantschel, residing at 3, Beaconsfield

of 21 guns broke the minor of night. The overcome at this extraordinary mark of respect Governor-General and all the guests were quite to their Soveraign. The dinner was followed by a soirée, in which congeniality verging on fraternal unreservedness reigned supremo,"

Mr. A. E. Leatham contributes to the current article on “A trip into Central Chins and a number of Blackwood's Magarine an interesting New Variety of Deer." The deer was shot-by neighbourhood of Icheng. Mr. Lydekker, of the Natural History Museum at South Ken. Mr. Leatham high up in the mountains in the

sington, declared it to be a now variety and named it the "Ichang Tufted Door." Mr. Lydekker wrote that the genus Elaphodus has been hitherto known by two species, one from Tibet and cus from the Niagpo district of China, and after noting the differences between

THE SILVER MARKET,

the Bishops and prominent Catholics in Spain to prevent demonstrations

latest circular to hand by yesterday's Siberian of any such movements becoming Subjoined in Messrs. Mocatie & Goldruid's and disorders, owing to the possibility Mail

anti-dynastic.

בס

The demand for cash Silver mentioned in our the difference widened to as much as fi, per or. last has continued during the past week, and the 11th inst, when a large number už bears had to settle their commitments. Since then little as the premium on cash rapidly declined, being as to-day it has again widened, the quotations 3d. per oz, on the 13th and 14th, though being 2534 per os. for cash and 24jà, per oz. for two months forward.

io

not

to

The Vatican hopes this will the door to a settlement,

re-open

THE COMMERCIAL TREATIES WITH PORTUGAL.

had sold "bears" se

Those large differences which have had be met by operators, many of whom

LONDON, August 9th. hedge against China and other transactions, will probably exchange

predicament again. It was, however, only the tend to restrict business, as operators will

Portugal is busily negotiating the care to face the risk of being in a similar revision of her commercial treaties natural outcome of the policy of the bulls, have been taking ap their purchases instead of

with foreign Powers. who

which we made reference three weeks ago, carrying

them

over in the market—a policy She has already concluded a reci. sell freely in Bombay. The stocks in the latter now discussing terms with Great

China took advantage of

procity treaty with Germany and is the high prices to

now on the way both from China and London. they will be soon swollen by large ship place are practically

8,800, by large shipmonte Britain. quiry for alver for other than speculative Portugal applies & surtax from the 1st

up-soustry

try demand remains small, and the

Failing the negotiation of a Treaty The p

Magistrate yesterday when a man was charged pursue their present policy we may expect

An interesting as was brought before the proeant; but as long as the chief operators of January,

limited all the world over at

with being in possession of a stolen deposit

continuance of the conditions now ruling. rooeipt for 81,000. Some time in June last a house in Macao belonging to a woman was entered by burglars, who took away clothing,

these varieties and the specimen brought home as to the specific distinctness of the Ichang by Mr. Latham says: There is no doubt Tafted Des, which may be named Elaphodus ichangoneis.”**

игрова

Tery

[FBOK THE "N.-O. DAILY NEWS.” COUNTY CRICKET.

which is a credit to the Directors. I therefors seting secretary and the staff in general for the the shareholders. I wish also to show our ap- co-operation they have given in the interests of

towards the waifare of the Company. With these preciation of the services rendered by the noting Secretary, who has also contributed very much for remarks, I have pleasure in seconding the adoption of the report and account.

The motion was carried unanimously. The election of Mesura F. H. Armstrong and C. H. Toss to the directorate was confrmed; on the motion of Mr. TURNER, seconded by Mr. GOTEDIN.—

It was proposed by Mr, STANTON, seconded by Mr. NORTHCOTE, and agreed, that Mesars. H. A. Biebs aut J. W. Bandow should be re-elected to

the Board of Directors.

Mr. CHAU 8ru Kr proposed the rasppoint- ment of Messrs. A. O'D. Gourdin and W. H. Potts as anditors.

Mr. MACHADO seconded, and the motion was carried,

gentleman. Dividend warrants are now ready.

The CHAIKHAN-That is all the insiocos,

I am obliged for your attendance.

WEATHER REPORT.

The Hongkong Observatory yesterday issued the following report

On the 9th at 11,35 am. The barometer is falling in 8. Japan, and a slight fall has taken. place

also over

the China const sud at the stations around the Chins Bes

The

the

slowly Bastward which continues to move

How situated in the neigh bourhood of the

the Northern Loochoos.

The

LATEST STEAMER.MOVEMENTS. was much talk of the partitioning of Arade, appeared at the Magistracy yesterday the matter to the police at Macao, who instructed for the Straits and Hongkong on the 5th inst.. Jewellery, and a deposit receipt for $1,000 on the United Kingdom on the 2nd instant for Hong- The Mogel Line str. Pathan sailed from the

London, August 4th.. China among the Powers. Germany in reto prosecuto a cook employed by Bfe Danenberg her to inform the bank, which she did. Ón and is due here on or about the 21st instant,

Hongkong and Shanghai Bank. Sho reported kong via Straits,

The following are the results of the N of high pressare still extends over paration for the murder of two missionaries for using abusive language to her. After hear Thursday last a man appeared at the bank and

The Indo-China sir. Kumsang left Calcutte

cricket matches played on August 1, 2 and Pressure is relatively 3:- in Shangtang had seized Kiaochau, and was ing the evidence, Mr. Wood ordered the defeat presented a deposit receipt for $1,000, and for this port via Japan and Manils on the 6th by an innings and 143 runs; Kent beat along the B. coast of China;

of the China Sea, and logh over the S. part

over 8. Chin demanding the effective punishment of all ant to be houud over in the sum of $25 to keep reference to the books showed that this was the instant, and is exposted to arrive here on or Middlesex at Canterbury by an image and at 10 am to-day, 0.06 inches.

The 0.8.K. str. Panama Maru left Tacoma

Surrey beat Nottinghamshire at the Oral the Formoss-Channel, and fresh 9.W. winds Moderate variable winds may be expected in concerned in the outrage. The occasion of the peace for six months thedeparture of PRINCE HENRY from Kiel on

receipt which had been reported stolen. The

13th prox.

Hongkong rainfall for the 24 hours anding the battleship Deutschland was marked by the informs the polios that on Monday evening, meanwhile the woman in Moon was communi. on the 6th host.

Miss Ruby Holstein, of 33, Wyndham Street, man was advised to return on Saturday and left here on the 16th alt, arrived at Vancouver The C.P.B: Co.'s str. Empress of India, which

160 runs; Essex beat Derbyshire at Derby Kasse instructing lum to strike with his between 8.30- and 11.30, during her absence, cated with. She appeared at the bank at the arrived at Shanghai at 1.30 a.m. on the 9th Manchester by an innings and 111 raus.

by 271

rans; Northamptonshire beat to-day is as follows

The forecast for the 24 hours ending at noon Leicestershire at Northampton by four The CF.R. Co.'s str. Empress of Japan wickets; Lancashire mailed fist" in case of affront or prejudice silver box valued at $97, silver tray valued at claimed the receipt. The man was brought to Nagasaki, where she is dus to strive at 6 cm. The matches between Gloucestershire and Formous Channel

there were stolen from her bedroom a large sais time as the man on Saturday and both instant, and left again at 10 p.m. same day for

beat Yorkshire at Hongkong & Neighbourhood derate to freeh; (8.W. winds, mo but happily no affront was offered, and the $20, six liqueur goblets valued at $25, ayy the Police Station, where he was charged with on the 11th instant visit of His Imperial Highness proved to be blue coat with fur collar valued at $160, and being in possession of stolen receipt. The disco on the 5th inst. a pleasant tour marked by every manifesta. | money to the extent of 77, in all 8369....

The P.M. str. Mengolid arrived at San Fran ahire and Sussex were all abandoned on South coast of China between Somersetshire, Worcestershire and Hamp-South cast of Chius between Lease was remanded till Wednesday.

Hongkong and Lamocks. Hongkong and Hainau,..

account of rain.

འ་ད

fair to showOLY+ - Varisble winds,

Same & No. 1. Same as No. 1. moderate...