1912-03-16 — Page 3

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SUPREME COURT.

FRIDAY, MARCH 18TH.

IN SUMMARY JURISDICTION.

BEFORE MR. H. H. J. GOMFERTZ (PUISNE JUDGE).

SHOULD A MAN BORROW ↑ This was a case in which Massru. R. Corney & Co. sued A. M. Souza for $125, money lent, Mr. Grist appeared for the laintiff and Mr. Gardiner for the defen- dent,

Mr. Gardiner said he would, consent to judgment, and was instructed to ask for instalmenta. Defendant was earning $40 a month, out of which he was already pay- ing St on another judgment. He was a married man with right children.

His Lordship-What can he pay? Mr. Gardiner-About $2 a month. Mr. Grist-1 am told he gets a lot more than 840; he is in the P.W.D.

His Lordship-You get $40 a month? Defendant--Yes, my Lord.

His Lordship-Have you no quartera? Defendant-No quarters, my Lord. Ilis Lordship-It seems mockery to make an order at all.

elmost

a

Mr. Grist-I understand he has property in Macao.

LOCAL SPORT

CRICKET.

THE HONGKONG DAILY PRES8 SATURDAY, MARCH 16mm, 1912.

II.K.C.C. V. QVIL SERVICE. The following will represent the H.K.C.C. against the Civil Service on the H.K.C.C. ground to-day, play to start at 2 p.m. sharp:-T. E. Pearce, D. E. Donnelly, M. M. Maas, C. C. Clarke, F. Watson, R. P. Thursfield, Comdr. Ward, R.N., B. Gillingham, H. R. Makin, A. N. Josnland, and W. E. Warburton,

C.C.C. v. R.G.A.

This league fixture will be played this afternoon at 2 o'clock on the C.C.C. ground. The following will represent the c.C.C.-H. A. Taylor, R. A. Carvalho, L. A. Bosc, G. A. Hancock, W. H. Vivcash, J. V. Braga, E. L. Braga, J. D. Noris, R. Pestonji, C. Johnstone, and R. Вака.

This fixture is of unusual interest owing

to the two teams being closely together on their points. This match will practically decided the shield,

RUGBY.

INGKONG CLUS V. THE NAVY.

The and and final round of the cup com-

His Lordship--Have you any property 4.15 on the Club ground. -

petition will be played this afternoon at

in Macro!

The following will

the represent Club: Full back, F. E. 8. Robson; three

Defendant---No, my Lord.

HONGKONG SHARE MARKET.

Messra. Vernon and Smyth in their weekly share report dated, March 15th state:--

BANKS. Hongkong and Shanghain have receded to a selling rate of 8850 after sales at 8855 and 28621, London now quoting

$83.

MARINE INSURANCES.-Unions continue firin at $860, and Cantons at $194 both in request. Yangtszes have been booked at 8910, and more shares are wanted in the North China Traders and North Chinas

(Late

CHINA'S OUTLOOK,

FINANCIAL PROBLEMS.

I L

[BY SIR ROBERT BREDON.] Acting Inspector-General Imperial

Chinese Customa.)

and get the best terms she can from any- one who is willing to lend. She does not want to be bound to borrow from this or that syndicate of any particular nation- ality, and she is suspicious of all syndi- cates which have the appearance of being. backed by Foreign Offices, suspecting that During the past week the market for

they will be used by the latter for their political purposes; and, above all things, local investment stock has ruled liem, and a fair business has been transacted at im-

she dreads and will contest to the utmost of her weakness "Rubbers" continue

to proving rates.

any attempt PEKING, Jan. 13.

China firm, and close.

Egyptianise Chinese finance. generally with an improving tendency, Fine Hard Para In estimating the present financial posi- knows, just as well as the writer knows, Bubber is quoted to-day at 4/10 per tion of China, I have already dealt with that there are both bankers and Legations Ib. quiet. Bar Silver closes at 28 15/16d. the land tax, the Customs receipts, and who professed long ago to foresee, and per oz., and Sterling T,T. at 1/11. Dis other sources of revenue. Another source

now to see clearly, the near advent of count rates are unchanged at 3 per cent. fairly reliablo, though, perhaps, not at the some financial foreign control. In taking for both Bank of England and the open moment fully to be counted on, is the pro- these viewa China is not wrong. market rate. The T.T. rate on Shanghai1t is well known that the Northern Rail- cluding currency reform, cannot be pro- fits on the working of the trunk railways That China's financial regencration, in- in still quoted at 71).

perly conducted without foreign financial ways have turned into the Treasury as much as 10,000,000 taels a year during help, is the writer's honest belief, but that some years, and the Fehan line is now on any foreign adviser can be found with a good paying basis. Whether the milknowledge to render him capable to take lione put down an interest and amortiss Chinese finance bodily in hand, he equally tion of foreign loans do or do not include honestly disbelieves. No foreigner could expect or would get the necessary au- charges on the railway loans is not clear. If they do, all that the railways make over thority to do so, unless China is not only working expenses and upkeep is a clear Egyptianised, but Indianised. The idea is national profit.

as impossible politically as the word is are unchanged and without local business.

On the other hand, the railways for the grammatically. What China does want, FIRE INSURANCES.Hongkongs have been booked at $300 cum dividend and are next two or three years ought not to have and what it is to her own interest that atill obtainable at 8333 ex the dividend much to spare. They are all run down by she should have, is an adequate system of recent military demands on them, are in-national banking, a proper system of ac- of $27 per share paid yesterday. Chinas sufficiently provided with rolling stock, counting and a proper system of financial have been sold at $124 and more shares and, in some instances, betterments, and control, as well as a proper system of are enquired for.

even reconstruction, are badly needed. į audit. These obtained, and accounts pub-| SHIPPING. Hongkong, Canton and

Such work would be the first charge on lished under the supervision of foreign Macaos are firm with buyers at 8261. their income till complete. Still, when all employee selected by herself, the actual Indos after sales at 864 and 865 are easier is well in the railway world, the Govern- details can be carried on by Chinese with sellers at $543. China and Manitesment should be able to count on at least hands, of which there are an abundance, are obtainable at 8113, and Douglases at 10,000,000 taels profit on railway working, with sufficient capacity to do the work. 221. Star Ferrys are wanted at $27 and And now to cursorily summarise what re- The establishment of a control to some

17 for old and new respectively. Shell

the basis of old estimates, Transports have improved and can now be topts the new régime may count upon on such extent may be very reasonably mude a condition to any leans on a large scale, We may take it that the Government and China would show no more than com-. RAFINERIES-China Sugars are in re- will have to find for public purposes, mon sense in adopting it. quest to a small extent at 8107. Luzona national and provincial (including the aer- have been booked at 839 and close with vice of loans present and, to some extent, more shares offering.

future), say 400,000,000 taels a year. On a MINING-Tronohs have been bought at conservative estimate,

counting 73/6 and 74/- and close with sellere at nothing on an elasticity of revenue which hesitation, Through the Customs." That 75/ Raubs are quoted at $41 sellers and may be expected, the writer has assumed Service is a Chinese institution, has a Chinese Engineerings at 35/- sellers. that the five items: Land tax, salt, Cas-, long-standing existence, and, being "in DOCKS WHARVES AND GODOWNS.-Hong toms, public property, and railway profits, being," meets the constant Chinese ob kong Whampoa Docks rule steady at $53 should bring it 285,000,000 taels a year. The Service contains many able mea, some jection against initiating anything new. with buyera. Kowloon Wharves are pro- He sees no difficulty in the possibility of of whom know China well, and nearly all curable at 801 ex dividend after sales at 138,000,000 more being raised on the now system to be devised. What will be re- LANDS, HOTELS AND BUILDINGS.-Hongquired of it is a sufficiency to meet those kong Lands have been done at $100 and existing taxes whose abolition is pro- more shares are wanted. Kowloon Lands posed. If industrial development is fos- have buyers at the improved rate of $31, bered as it should be, mining royalties and and West Points at $524 after sales at such like and the increased revenue which 552 Humphreye Estates continue in re this development will bring in the form of quest at $82.

indirect taxes should leave the Chinese Budget not only balanced, but with a sur- plus which will probably tend to increase; as more economical collecting methods are established and metropolitan charges, such as Manchu pensions, are diminished. It will be noted that the provision for in- torest on future loans is also referred to. Even admitting these, it will be already inferred that, in the writer's opinion, China's financial position can without diffi culty-but with judgment and honesty-be made a thoroughly sound one.

His Lordship (to Mr. Grist-Of course, quarter backs, T. J. Fisher, W. Graham. placed at 95/3 ex rights. if he has any money you can upply.

Mr. Grist-What right had he to borrow Rouse, and H. W. Hamilton; half backs, $125 when he knew he could not pay it. P. Dashwood, and F. Sutherland; forwards, R. O. Hutchinson, 8. B. B. McElderry, F. R. Ormston, F. C. Hall, W. E. Andrews, A. F. Dean, P. Liaton, and A. Temperley (Capt.).

back?

His Lordship--They will always borrow money when they can get it. This plan of paying in small instalments is making money-lenders cautious.

HONGKONG CRICKET LEAGUE.

The following is the League table up to 51. date-

∙Club.

Craigongower

2 Civil Service ... 3. G. À. ... 4 Kowloon

Mr. Grist-The fact that the money is paid in amali instalments makes it more difficult for the money-lenders to recover the money. Therefore the people who pay have to pay for the people who don't pay. It is exactly the same with tailors. People should be prevented from borrowing, and not from lending. If a few of these horrowers were put in pri

6 K.O.Y.L.I.. son, they would not be an anxious to bor7 B. E... row money. As a matter of fact, the 8 Naval Yard money-lenders would charge a far lower rate of interest if they had not the same dificulty in recovering the money lent by them.

His Lordship made an order for the pay- ment of $2 a month.

before a

FIDDLE-DEE-DEE.' The "Hughes Comedy Company at the Victoria Theatre last evening produced the American absurdity "Fiddle-dee-dee" packed lionse. All the good things which had been promised material ised sed the audience dispersed in excel- lent humour. The plot, although some- what thin, provided plenty of scope for the whimsicalities of the clever principals, the chorus work was of a superior quality to that of the opening production, and the dancing specialties, notably the "Toxas Tommy dance," were above those Hongkong audiences are accustomed to. Messrs. Paul Stanhope and Bert Le Blanc again assumed the characters of the ex- centric comedians, and kept the bouse in rours of laughter throughout the piece. The remainder of the caste fully sustained 'their respective parts, and acquitted

themselves admirably.

"Fiddle-dec-dec" will be repeated this

evening.

TYPHOON IN HANKOW.

Advice from Shanghai states that a disastrous typhoon his been experienced in Hankow Many buildings were des-

troyed and a number of lives lost.

LOANS TO CHINA.

A WORKING ARRANGEMENT..

The Poking correspondent of the N., Daily News telegraphed on the 10th inst.The group of international banks yesterday credited the Government with Tls. 320,000, and agreed to pay to the Chinesó

Tla. representatives abroad 180,000, in addition. Next week Tls, 600,000 will be paid to the Peking Govern- ment.

The bankers intend to finance the Gov- ernment, or Governments, until the latter's finances are restored. The bank.

5 Hongkong Police

P. 12

14

12

10

8

...10 10

N. B. A win 3 points.

A draw1 point.

MINING IN FRENCH INDO-CHINA.

COTTON MILLS.Ewos are wanted in the North at Tis. Pl, and Hongkongs locally at $5.

MISCELLANEOUS.-Green Island Cements are firmer at $4 after sales at $3.90 and $4. Electrics are wanted at $21, Ropes at $17, Watsons at $5, and Steam Fisheries at $3. Langkats have improved during the interval to Tls. 76 with buyers for Shanghai account.

LONDON QUOTATIONS.--The following are quotations to hand by wire to day from London (middle price). United Serdanga Batu Tigas Sapongs Ledburys London Asiatica London Ventures Linggis

113/9 77/8 22/0 00/- 11/3

The hitherto existing mining legislation of French Indo-China bas just been re- formed and completed in a decree issued by M. Lebrun, Minister for the Colonies. The general tendency of this new legisla- tion is to simplify the regulations at pre- sent in operation and to avoid the disputes to which the lack of precision of preced. ing legislative provisions gave rise. Thus the decree of 1897 distinguished three

E. & I Truste categories of mines, and the result was that in some cases three mining conces Rubber Trusts

Tronohs siens were superposed and the three con- cessionaries disputed regarding the extent Hongkong Electric Trams... 3/3 of their rights. The new project only Shell Transporta

this

Indo-Chinas maintains ons kind of concession, giving the right to exploit all mineral pro-Pare Rubber ducts comprised within its limits. It may be noted that one clause of the new de- cree forbids possession or exploitation of minca to foreigners, and forbids also the taking of direct or indirect interest in the exploitation of the colony's mines to cer tain classes of officials. Further, instead of effective occupation giving the right of priority for the acquisition of prospecting rights, this will henceforth be determined by the deposit of the application at the offices of the chief of the province.

FRENCH INDO-CHINA.

95/8 .109/8

4/101

THE MURDER OF MR. DAY.

AN UNPROVOKED ABBAULT.

The British mission, headed by Major Willoughby, British military attaché, and Mr. S. Barton, Chinese Secretary, which had been sent to investigate the murder at Chihchow of the Rev. Frederick Day, of the Anglican mission, returned to Peking on the 9th inst., accompanied by Bishop Scott, and. Mr. Hughes, bringing Mr. Day's body.

and

PRESENT NEEDS.

|

CONTROL OF FINANCE. Now how can this financial help be pro- vided! The writer would answer without

46

INTIMATIONS

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With

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*Samples with 22-p, book free from nearest dopoti Newbery, dept. SI, Z Charterhouro iq.. London: B. Towns & Co., Sydney, N. 8. W.; Lennon, Ltd., Cape Town: Mullor. Maclean & Co. Dalentto and Bombar: Folter D, C, Corp., wole props, Boston, U. H. A

87-0

Chs. J. Gaupp

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of whom have some knowledge of the language. Its loyalty to the Chinese in- terent is unimpeachable. Its international character is understood and accepted by the Powera No one now looks on it as a purely British institution. Of course, it may be said that the Service is not immediately ready to take up such-work, That may be admitted; but is there any alternative arrangement any other de partment which would be ready? The Service has its limitations, no doubt, and its restrictions, too, and probably no one bes had such a unique opportunity to WATCH MAKERS, learn them as the writer. To give.the as the above suggestion would require Customs service such a standing and staff would probably mean a certain amount of development from within, and a somewhat extended base. A certain number of specially skilled men of various nationali- ties might be added to stiffen its financial expertness, for one would have to assume that it would become a Service interna- tionally, and avowedly supported in con- trolling and watching the interests of the many nationalities concerned, with great

er reference to their financial standing as lenders than to the preponderance of their trade. The alternative seems to be a Caisse de Dette. either manned by nominees of the Great Powers to show their prestige or of little ones to appease their jealousies. To put in new chiefs and new staffa with no knowledge of China would be to invite complications with China and for China from the very first.

Now we have assumed that China's finance can be put on a proper basis with in a year or two, but what about present needs 1 Taken at what may be assumed to be their worst, the writer infers that 1/-

China will want during the next two years 36/9

about 800,000,000 taels, or, in round num- 3/6 premium bers, 100,000,000 pounds sterling. Admit- 15/- premitunting that she can collect in taxes during 75/-

that time, say, 250,000,000 taels a year, that would leave a maximum deficit to be provided for of 300,000,000 taels, or, say, 40,000,000 pounds sterling, in two years. During the last few days the writer heard that precise figure named by a Chinese authority as the amount considered neces- Just one word of politics-entirely non- sary, It is, of course, much more than critical. It seems in the best interests of foreigners can be expected to lend the China and in the general interest of the Government, but much less than it is Fowers that the Mackay Treaty should be hoped foreigners will have an opportunity taken up and revised, hot by Great Bri-. of profitably investing in China during rain on this occasion acting alone, but by the next decade. That China would be the Powers in conclave, The increased able to pay the interest on £40,000,000 is duty provided for in Article 8 should be tolerably certain, as interest and sinking accorded, and the fullment of the articles fund would probably represent £3,000,000 which have been allowed to become oh- & year, but foreign financiers could not be solete, partly in consequence of the crudity expected to provide any such sum, or any of their form, should be asked for in a sum more than is actually wanted and is sympathetic spirit of give and take. The certain to be judiciously expended. China question of the employment of foreign has so far not produced for the public capital in China which the negotiatora view any financiers, not even any bank accepted (some, one might fear, with governors or railway directors, who should tongue in cheek) should be made clearer. have other people's money to play with. The political economy which has been in Assuming funds are wanted at the mostilled into the new revolutionary genera ment, could they, in whole or in part, be tion at Yale, Cambridge, and Tokyo might raised in China and from Chinese? The be expected to enable them to point out the advantages of developing their coun writer is of opinion that very little can be expected from native sources. He try with any money they can get. doubts if there is any floating surplus of currency question, one may assume, is money in Chinese bands seeking invest already in hand. The promised mining re- Dayment; if there is, it cannot be a large sum.gulations should be produced, and the A very capable foreign banker deserving difficulties which extraterritoriality makes of much confidence says there is some sur- in connection with them, and which have plus, but by no means enough for the na a certain reality, should not simply be tion's requirements. A Chinese highly pooh-poohed, but should be met by com- placed official, in whom the writer has no promises which one cannot consider im- confidence whatever. says "there is plenty possible. The way the Anbui and Sze- of money in China,"

Readers can form chuan mining cases have been handled is their own judgment from those conflicting no credit to anyone, and such standing dtatements, but, in doing so, they must possibilities of friction should be provided remember that Chinese trade is done al- against for the future. most entirely on credit at high rates of daily interest; that the silver in circula tion is so limited that it was necessary the troduce a new

When Mr. Day and Mr. Hughes arrived at Chihchow, says the NC. Daily News At a sitting last month the Committee correspondent, they recognized Bishop for Foreign Affairs of the French Cham Scott's cart, which had been commandeer- ber listened to a statement by M. Métin,el, and asked that it should be returned. regarding the loan of E.50,000,000 solicited An altercation ensued and, although the by Indo-China. The speaker showed that missionaries were most civil, the soldiers this new loan cannot be secured by new fired, without, however, touching the mis taxes, in view of the fiscal charges already sionaries, who fled to an inn. borne by the Colony. In accord with the The soldiers followed and, as they could Government, the reporter thinks that the not succeed in foreing au entrance, they necessary security must be found in the

fired through the door, hitting Mr. suppression of certain expenses recognis- ed as useless. The Committee decided to in the head. Death followed shortly. hear M. Lebrun, the Minister for the Colonies, on the subject.

TERRIBLE ORDEAL FOR AN AVIATOR

LADY PASSENGER IN HYSTERIOS.

An extraordinary incident occurred last

The attack was quite inexcusable.

THE POLICE PAY IN THE STRAITS SETTLEMENTS.

TROUBLE HEVIVED BY NEW GOVERNMENT PROPOSALS.

The recent troubles between the Euro- pean police and the Government, which were thought to be settled, have been re-

The

It is to be hoped that the new régime will be a progressive one. Already both parties give the impression of wishing to

month at New York during a fight made vived again by the action of the authori- other day to borrow some millions to in- be taken as such when they get the power.

ers expect to advance Tls. 6,000,000 or Tis. It will be

are

7,000,000 monthly for two or three months. The

Russians Japanese and privileged to take part in these loans, but the Russians have not yet arranged their banking representation.

When the sextet group is established an agreement will be signed, retroactive as regards the present advance and the recent advance to Nanking.

CHINESE LOAN SERVICE.

ANNOUNCEMENT OF PAYMENT.

The first portion of the above article appeared in our issue of March 5th.]

NEW VESSELS FOR THE P. & O. INTERMEDIATE SERVICE.

remembered that the basis of the settle-perience has hitherto proved that Chinese peet progress who will turn out, the wise was accompanied by, a lady passenger.

The cold was very great, and while the ment arrived at was a revised scheme of money-holders will not put their money scers, and not those who doubt-Daily biplane was a considerable height above salaries and conditions proposed by the for any purpose, national or other, under Telegraph.

Hon. R. J. Wilkinson, then the Officer official controll The writer believes that the ground the gasoline began to freeze. Administering the Government. That there is not only not plent of money' The biplane came to a stop when the scheme was accepted by the bulk of the in China, but, relatively speaking very machine was fully 1,000 feet above tho.

men, although not with any visible en- little hard cash per capita of population, Ho assumes, therefore, that borrowing earth.

In fact, no fewer than 27

abroad on a large scale will be a necessity, The aviator, realising his danger, had thusiasm. already began to make a rapid descent, European officers have left the force since but now his passenger began to scream and the publication of the new scheme, but and he proposes to discuss this question cry, and finally she became so hysterical the remainder were prepared to take it, both from the borrower's and the lender's that only by main Fores was Mr. Beaftr It appears, - however, that even the ad- f point of view, with the idea of serving the the Nile class now building at Greenock able to restrain her from jumping from the vantages offered by Mr. Wilkinson's best interests of both.

So far as schere have been withhold. His position was now a terrible one; for salaries are concerned, the officers are the machine, not properly under control, practically no better off than they were had commenced to descend with great prior to the agitation, and now they are rapidity. The aviator, with rare resource, being offered by Government a fresh however, forcibly held down the lady with scheme which is for less attractive than one hand and with the other obtained con Mr. Wilkinson's effort and which they trol over the biplane, which he ultimately intend to decline. Considering that Mr. succeeded in bringing safely to the Wilkinson, exercising his then authority the resident head of Government, had offered a definite scheme of improvement sible, and remembering that that scheme was accepted by the men, it is felt in the force that the new more of the Government is somewhat inexplicable.

car.

The Hongkong and Shanghai Banking Corporation announced in the London papers last month that having now been supplied with funds for the service of the Chinese six per cont. Gold Loan of 1895, and for the payment of 2,000 drawn bonds of £100 each, the bank was preground. pared on March 1 to pay the bonds of the twelfth drawing, with interest accrued to that date-ie., 19s. 8d. per bond, less tax -OB presentation at their offices, 31, Lom- bard-street, E.G.

The unusual evolution had been wit- nessed by hundreds of horrified specta tors, though, of course, the full signifi- cance of the biplane's erratic movements

was not apparent to them.

Of the four intermediate steamers of

for the Peninsular and Oriental Steam POSSIBLE LOAN OPERATIONS.

Navigation Company the two latest to be Wo may presume China will want to laid down will be called Nagoyu and borrow and European financiers will be ellure respectively; the tire earlier willing to lend, say, up to £20,000,000, or ships, which are approaching completion, What has aready been writ- are, as stated in the company's last re even more. ten will, perhaps, have led the reader to port, to be named Nankin and Novaru. believe that, properly governed, China These additional vessels will bring the can pay interest and amortisation on such Tile class to a total of eight ships, each a loan, later, perhaps, on more; but China of 7,000 tone, and will be chiefly employed will want, of course, the easiest terms pos- in the company's direct intermediate ser

The writer, not being a bankor vices between London, Calcutta, the does not suggest the terms on which such Straits Settlements, China, and Japan, a loan would be issued, or what interest by which passengers are conveyed without will be charged. China wants to go into transhipment and at lower fares than the open market like any other borrower, those ordinarily ruting.

JEWELLERS,

AND OPTICIANS,

Always have on hand a large stook of

Scientific and Surveying. Instruments.

Microscopes and Optical Goods, Zeiss Prism Binoculars,

Voigtlaender Telescopes, Watches and Clocks..

AGENCIES:

45

MAPPIN & WEBB, LTD., London.

W. F. STANLEX & Co., LTD.,

London.

CARL ZEISS, Jena.

VOIGTLAENDER & SOHN, Braunschweig.

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