1912-09-25 — Page 3

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HIGH EXCHANGE IN CHINA.

THE HONGKONG DAILY PRESS, WEDNESDAY, SEPTEMBER 25rs, 1912.

import trade as a whole. There is strong reason to believe that periods of moderate to low exchange mean more genera The following report by Mr. G. E. prosperity in Chine and a safer and Anderson, U.S. Conti-General in Hong-more permanent foreign trade, hong, has recently been published by the State Department :~~

RISE IN COST OF PRODUCTION--GENERAL

FFFECTS.

Present restriction of exports from China by high exchange is likely to be production

PANAMA CANAL LAW.-

-HEAVY BLOW TO AMERICAN SHIPBUILDING..

A Philadelphia telegram to the New. York Herald states that Mr. J. W. Powell, assistant to the president of Messrs. Cramp's shipbuilding company,

THE TRAGIG END OF GENERAL NOGI.

COMMENTS IN JAPAN.

dreamed, we may be sure, of following hia Lord into the grave, but continuously devotes himself to arousing patriotic enthusiasm among the growing genora- tion. That is the natural course of a

INTIMATIONS

brave public-spirited man in the West. until carried to the limit of a violent But we must understand that in the East, JOHNSTONE'S self-sacrifice is not fully appreciated

militant ideal of self sacrifice. From death, and suicide is thus essentially the

Among the opinions expressed by General Nogi's suicide the following is Japanese publicists on the subject of worthy of note:

General Nogi's suicide will become one momentous educational and sociological and we can only say we believe Count Imperial funeral involving very

to say how far patriotism justifies junaki, discussed and studied. All the news

trade in recent years has depended exceptionally marked because cost of announces that contracts for ships of the most serious problems after t this point of view, it would be difficult

The manner in which Chinese foreign greatly on the exchange value of silver has been indicated in various articles in Daily Consular and Trade Reports, and

THE MONGOLIAN AND TIBETAN PROBLEMS.

Chinese goods is constantly appreciating (£2,400,000) have been withdrawn from of nearly all. standard amounting to twelve million dollara is becoming recognised to a greater extent be abundant straw and other supplies Messrs, Cramp's and the Newport News issues. I am sure it will be thoroughly Nogi was actuated in this deed by the

In matting, for example, while there may by the exporters, and importers of the the higher cost of labour, its scareity and Shipbuilding Company by the Paciuc papers in reporting the sad event, highest and purest patriotism as he con- United States. It is of unusual prosent increasing independence, all importance, being generally recognised trade, while decreasing prices for goods

restrict Mail Steamship Company because of the describe it as a junshi, bat for my part ceived it. But this sensational accom by all trade authorities in the Far East on the basis of the same level of price Prision in the Panama Canal Law for I cannot believe that, however sorrored paniment of the Imperial Funeral may that the high exchange value of silver for the goods in the United States is bidding the railroads to operate ships his ravered Emperor, a sous and set of effects after its motive is better under- last fall, and particularly notable during taking the margin of sales here below the passing through the canal.

by the death of his two sons and that be better considered in the light of its the first half of 1912, marks the beginning possibility of manufacture. In silk and of a high exchange period in the Orient to and other coramodities whose prices Erzning Standard, a discreet, but none the late Emperor, as ignorant super-

In shipping circles in London, says the cide out of mere emotional sympathy for is published.

a brain as General Nogi committed sui stood when the last testament of the dead which is likely to continue for some time,

are axed core or less by world demand the less eloquent, silence is maintained stitious persons might have done. I am probably several years.

sad supply, the Chines producer works upon the action of Mr. Taft in siguing fully confident that General Nogi's extra- rises, and, with the prospect of good dom from tolls to American coasting ships of irresistible patriotism intended as a at an increasing disadvantage as exchange the Panama Canal Bill, granting free ordinary net is a spontaneous outburst supplies in both great staples in other only. in violation of the Hay-Pauncefote lesson for some very useful end, such as countries where production is based upon Treaty. The time is hardly ripe, in the bis suicide alone could perhaps drive a coat in geld, the disadvantage of the Chinese producer is becoming more and general opinion, for a united protest on more marked.

the part of shipowners, and individual protest is looked upon as useless.

Shipowners whose affected by the opening of the canel interests will be regard the matter as one for Government interference.

regret President Taft's step, of course," said the general manager of the Harrison Line when questioned on the subject, "but I hardly Hee what we can do. We are bound to foul it, though our interest in South and Central America is not so large as that of some firms. will adjust itself, but I think any protest The situation probably that has to be made is a matter for the Government, and not. for individual ship

While there is no certainty about any such matter, and exchange many fall at any time, it is generally considered that the revolution in China and demand for cash payments following restricted credits, have led to an increased demand for silver which in itself will raise its price in exchange shove what it has been for Boveral years. The necessity for funds in China for establishing the now régime and affecting some pressing re- forms (which has been the subject of tentativo arrangement between foreign financiers and the Chinese Government) creates an additional demand for silver in reforming the currency system. Ele ments in the increased demand for silver being so many and varied all Eastern authorities agree that exchange will be high for some time the only question

being how high.

A

*TWO-SHILLING DOLLAR "—PLEMENT

TRADE TENDENCIES.

For the American exportor the prospect is that the next year or two in China will be one of increased demand for his goods, probably followed by more or less of a collapse in trade, a time when present sales may be encouraged with a view of introducing American goods, but which should be looked after carefully as ngainst possible future disaster.

In particular it is strongly probable that the restoration of anything like normal conditions in China will witness demand for American and other foreign cotton goods comparable to that of 1905 1907, which can be interfered with only by a high range of prices in the United States and other producing countries.

THE JUNKNINGPO,"

1MIRD ATTEMPT TO CHOSE PACIFIC,

· The Shanghai Mercury of the 17th inst. says:-

owners.

"We

Bankers in Hongkong generally agree

"Speaking purely from a shipowners' that there will be at least a two-shilling dollar Hongkong dollar at c.18 gold

point of view," said a member of Messrs. Andrew Weir & Co., who have large or mitre. The general influence of this

interests which will be affected by the movement on trade may be realised by the fact that in 1908, when the average

opening of the canal, "the effect of value of the Haikwan (or customs) tael

American discrimination in the matter of in China was c.80 gold imports of China

at the eastwise steamers will not be Vore valued at 8328,216,006, and exporta

moment extensive, but it will help Ameri only $139,185,391, while in 1909, when the

can shipowners to oust British steamers After two ansuccessful attempts to tael was at c.63 gold imports were valued cross the Pacific to San Pedro, to take from carrying coal from the Atlantic at only $263,439,562, while exports par in the coming Panama Exposition coast to the Pacific and the Philippines. at San Francisco, the junk Vingpo, own-America already sends a good deal from the Atlantic scaboard to San Francisco. For the present it must be regarded as the thin end of the wedge for further extension, and for this redson President Taft's action cannot be looked upon with anything but disfavour. ̈*

advanced to $233,565,473.

OPIUM-SMUGGLING AT SAN

FRANCISCO.

The following is from a San Francisco paper just to hand

F. S. Pang, a slant-eyed resident of Chinatown, visited a friend aboard the Pacific Mail liner Manchuria yesterday morning, and when he left the liner a half-hour later he seemed so much fatter

Inspector Head hurriedly

summoned several of his aids and followed him back into Chinatown. Just before Pang. entered a Clay-street store he was stop- he seemed to have accumulated on ship. ped and searched, and the surplus flesh board disappeared simultaneously with the discovery and seizure of between 500 and 81,000 worth of opium in his blause,

The volume of such goods Tar first mate is Mr. Robertson, who has than when he went aboard that Customs leaving Europe and the United States sine the middle of the last calendar year has been such as to give American and European traders a false idea of actual trade conditions here. Local firms, load ed with these great stocks of goods, have complained loudly that European and "American firms have crowded them by forwarding goods ordered with different conditions in view and the inability of Chinese middlemen to take goods off their hands under conditions which afford them the necessary safety. At the opening of the year Shanghai had in warehouse about Tls. 35,000,000, or $22,750,009 gold, worth of foreign goods more than usual at such season, and Hongkong, had prob

ably more.

B

charge of smuggling, and late in the He was immediately arrested on

furnished by one of his Chinese friends. afternoon gave bail in the sum of 81,000,

home.

Count Okuma, in a statement, is re- ported to have said that the fact that meddle in polities and business seemed to officers of the army had recently begun to cause him great indignation, which was, perhaps, one of the reasons for his action, interesting comment:

The Japan Gazette makes the following

CANNOT BE SETTLED BY FORCE GE AFMS.

It is announced officially that the.

PEKING, September 17th, National Council disonssed the Mon- secret session yesterday golian and Tibetan questions while in Premier, Chao Ping-chun, made a speech The Acting in which he said that it was unless at the present jumeture to attempt to settle these questions by force of arms. With involved with a foreign Power, and the regard to Mongolia the matter was too policy China should pursue was to rely upon treaties for settlement, vis-a-via, would assume with foreigners, after which the situation would render it much simpler to deal domestic aspect, which

with.

M.P.

*Tess of bad Whisky"

· After effects of 18. 26. **

OBTAINABLE EVERYWHERE.

H. RUTTONJEE & SON,

[33

Nogi was a natural protestant against There is reason to believe that General modern Japanese tendencics and that his self-restraint from expressing that pro- by the tormination of his late Lord's life test in its strongest form was exhausted When he returned from Manchuria and was universally acclaimed as the con- queror of the supposedly impregnable fortress of Port Arthur, his heart was that it would be best to allow the Dalai Concerning Tibet he was of opinion sorely uppressed by the thought of the Lama to resume his former functions, WINE & SPIRIT MERCHANTS. price in Japanese life and treasure that while the Tibetan expedition ought to be success had cost, as was shown in his recalled. Then a Chinese Commissioner reply to the national réception follows:-

a could proceed to Lhassa in order to ex-

plain the principles of Republican gov I had never expected such an honour fernment and to emphasize that it was not and welcome. I have caused so many necessary to change the administrative youths to perish that I was prepared to system formerly in vogue there, and that lacur the wrath of many fathers and to China was prepared to abide by trenties be stoned to death on my arrival in Japan. | which had been enacted by the Ching Instead of that this remarkable welcome Dynasty, whether they concerted Tibet

Hurely my two sons who perished for

or any other parties. as trenties neces- their country have done their poor father sarily formed the base most. filial service; for their deaths havs, relations everywhere.

of foreign it semua, mitigated the wrath of the people against mo.

Chao Ping-chun concluded by enying that he hoped the National Council Again, when he returned from Europe, would approve where, in the suite of Prince Higashi enunciated, as it was the surest and safest the policy he had Fushimi, he had attended the Coronation means of restoring tranquillity in these of King George V. of Great Britain, he disturbed dependencies. spoke before some 200 Yamaguchi men, assembled at Prince. Mori's residence to welcome him, in strong protest against any national wholesale acceptance of the subtle incense of foreign compliment such specially prepared for Japan. as he said he had encountered everywhere speech on that occasion is worth repro- His ducing here. He said

Can

O

be said that Japan was victorious in the late war? All I should be prepared to admit was that we got through the war without bringing disgrace the constry. They tell us that we are now one of the first-class Powers. But where and from whom has Japan obtained 4 certificate conferring on her the rank of a first-class Power? It would be a terrible business if we should thoughtlessly allow

National Council expressed its approval According to the usual custom the of the Prime Minister's policy, but it remains to be seen whether they will raise any objections at a later date.

Chs. J. Gaupp

& Co.,

ALEXANDRA BUILDINGS,

CHATER ROAD,

The Peking Daily News of the 17th Manchuria, discusses the question of inst., in an editorial on the situation in Always have on hand a very large complete

the creation of a buffer-state, which will whether the activity of Japan points to intercept the march of Russis towards Linotung, or to secure a political fulcrum to be used ultimately na a lover to place the Chinese men and resources at the

stock of

SCIENTIFIC AND

The Peking Daily News considers that command of the Japanese Government. SURVEYING INSTRUMENTS

and, unless China becomes a strong the Russian menace is nodouhtedly real, Transits, Levels. Plane Tables, Prismatio ana

Sight Compasses, Hand Levels, &o, Ac)

ourselves to be so carried away by the nation, another conflict between Russia flattering speeches made by Europeans as inevitable.

and

Jupan is, humanly speaking, to lose our power of discerning what is good and what is bad. As for Japan, nancially capable of carrying out the DRAWING

The paper doubts whether Japan is to-day, she has a name but no reality.Hubjugation of Manchuria, and advocates Look where you may, you will find the that Japan shail assist her kindred outward form only, and the absence of

reality cannot but cause you grief and nation, as the Muscovite is a common shame. There is nothing more to be danger which demands an understanding, feared than this. In Europe they are

possibly even an alliance, between China

also

INSTRUMENTS

AND MATERIAL

Sontes, Inke, &o, &o.)

Present general trade prospects ined by Mr. W. M. Miing, was ready to China, therefore,

the third indiente increased make another start to-day, Chinese imports and decreased Chinese time being considered lucky. On her two exports. This has already been exempli- previous attempts the junk, which was fed somewhat in trade for the first half, rigged in purely Chinese style, was in of 1912, although local and temporary charge of Captain Scurr. On both neea- conditions have led to some modificationsins the vessel, which was inanned en- of the general movement. For example, back to Shanghai in a disabled condition tirely by a European crew, had to put interference with trade during the first and her crew paid off.

Since her last months of this year, caused by lack of protection for valuable cargo passing into from San Francisco and after due con. return to port, her owner came back the interior and restriction of geroral aideration altered the rig of the junk, su predits following the disorders, caused that now she is rigged as a fore and aft less import trade than would have schooner. A new Captain has been en- developed otherwise. Great quantities of gaged in the person of Captain Tuft, foreign goods, American cottons among late Chief Officer of the German steamer them, were ordered and brought into Quarta, and for many years in command Chinese ports and Hongkong, but have of mailing vessels out of German and been kept warehoused somewhere ever Danish ports, and who is confident that he since because of the impossibility of sell will be able to navigate the junk safely ing them.

under her new rig to her destination. been on the junk since the first attempt There will be one to cross the Pacific. other European member of the crew amed Nicolson, who has shipped in the hand in the handling of the vessel. The capacity of cook but will also lend a remainder of the crew are experienced Chinese coasting sailors and consist of a boatswain, carpenter, foar quarter- masters, six sailora and a Chinese cook, the total number of persons on board being sixteen. The vessel has been com- pletely overhauled and all weak places strengthened and with her schooner rig looks quite capable of accomplishing the the customs men, but yesterday was the Pang has long been under suspicion by voyage. A fresh supply of provisions has been put on board to last six months. rst time he was caught with the goods. The junk was medically impected yester-

According to District Attorney McNab, day, by Dr. 8. A. Ransom, U.S.

the Government has evidence to prove Health Officer and fumigated, after that Pang conducted negotiations for which the hatches were put and smuggling activities in the past, and only battened down and will not be removed his apparent belief in his immunity from until the vessel is well out to sea. There suspicion resulted in the boldness that

ducts throughout Chine. On the other AGENTE FOE- 8 2 rumour that a couple of men had led to his arrest. Special Agent Tidwell,

hand, a policy of aggression in Manchuria intended to stow away with the con- who, with his forca of inspectors, has

might mean that the Chinese would ivance of the Chinese crew, but a search been keeping nightly vigils at the Ven-

boycott every article of Japanese manu failed to bring any one to light of the junk before the fumigation process churia to prevent big quantities of opiumi

facture. This, says the Peking Daily The from being smuggled ashore, was with

News, is not a threat but a simple state- bold is full of boles, where a couple of Inspector Head at the time the lean

ment of fact. The article concludes:~ The matter of exchange has a direct men could easily be concealed, but should Chince went aboard and returned a

Japanese aggression in Manchuria will This protest, which we then ventured at bearing upon the nature of trade, parti- a bad time with the fumigation going in his bieuse, in his pockets and even

this have happened they would be in for much fleshier man. He had opium tibs the time to characterize as "A Japanese lead to the creation of a Far Eastero Lest we Forget, is said to have Revanche," not merely in words or by Alsace-Lorraine, which will cry cularly in imports. There are many classes of goods known considerably, in reach her destination safely the three

on. It is estimated that should the junk fustened to his trousers legs.

created a powerful impression, and con- China, but which cannot be imported and attempts will have cost her owner about Manchuria's side will not be relaxed till some of his more optimistic and specula Christian moralista yet, but will be of the sold to the Chinese generally because they gold $30,000. The vessel was towed out she leaves part.

The Government's vigilance at the ceivably differentiated General Negi from laying wreaths in the Place la Concorde, but by acts which may be condemned by Government officials tive confrères. Branding over these particularly the better grade of foreign Shun-jung, but owing to the weather it eotton goods, and many novelties.

of a patriot like General Nogi. Ches poning of such goods in terms of this side of Woosung, until the present smuggled ashore at the first opportunity but have conceived that this duty ter- was decided to anchor at Black Point, there are large quantities of the for-yet have been induced by the late bidden drug aboard waiting to be Emperor to continue bis great services, silver in China, which is the actual typhoon passes, result of high exchange value of silver.

minated with the Emperor's translation enables க vastly widening circle of

and that he was then free to emphasize Chinese consumers to afford such goods.

big long-cherished- personal protest] Perhaps the more important result is an

JAPANESE SHIPPING SUBSIDIES.against a state of things which he deemed

The Chinese Consul at Vladivostock immediate improvement in quality of

Lareatened to ruin his country.. His telegraphed to Peking on the 16th inet. foreign goods purchased. High exchange

Mr. E. W. Clement, who has made a

living voice had failed; perhaps his voice complaining that the Russians have in Chiria generally works especially to canvase of U.S. citizens at Karuizawa, Crowe,

In his report for 1911, Mr. E. F.

from the grave might succeed in impress-issued an order that all Chinese must Commercial Attaché to the the benefit of American cotton goods. Gotemba, and Sendai on the question of British Erobasay at Tokyo, says that in his beloved country. Such, at any leave Vladivostock. The Chinese Consul The Chinese consumer generally can their preference for President of the some alterations and reductions have would be in complete accord with Chinese subjects in Vladivostock and rate, as Professor Chamberlain remarks, pointed out that there are ten thousand afford to buy the higher grade American United Staten, makes the following re- been made with regard to shipping sub- Japanese ways of thinking. And his their forced departure within a week will goods and to an unusual extent does so. port:- There is also an increase in use of

Countess, a lady of noble birth and cause them considerable inconvenience luxuries. High exchange notably increases imports of jewellery, watches, and clocks,

strong will, would from her Japanese and much inas. Ha states that he has traditions rejoice in increasing the visited the Russian authorities with a foreign toilet articles, foreign clothing, foreign foodstuffe like flour, foreign hardware like enamelled ware, tools, and the like, in short, most foreign goods

On the other hand, the necessity in READY Chinese producing centres of realising money for present needs without regard to ultimate profit, or often of actual cost, has led to somewhat greater volume of exports than might have been expected, Nevertheless, the present general movement is in the direction of restricted exports and expanded imports.

HIGH EXCHANGE OREATES' DEMAND FOR LUXURIES THE BEACTION,

מס

good at learning and good at work. But and Japan which would dicit China's (T Squares, Sat Square, Straight Edge, in Japan this is not the case. Nothing recognition of Japan's naval supremacy could be worse than our getting puffed and open to Japan a magnificent held up with ideas of our own importance for her commerce and, perhaps, result in because of the praise heaped on us. How a permanent boom for her Japanese pro much of all that has been said by Euro- peans about Japanese expresses their reai opinions it is hard to know. But 1 for one do net concern myself about what they really think; all I am anrious about is that nothing but what is real and solid should satisfy us."

are too expensive. Such goods embrace this morning by the Kochien Co.'s tug claim to have secret information that personal and national misgivings he may type of greatness which hallows the death

U.S. PRESIDENTIAL CAMPAIGN

IN JAPAN.

Wilson and Marshall

122

Roosevelt and Johnson Chapin and Watkins. Taft and Sherman

35

10

4

Total Almost half of the votes for Wilson

171

which often are too expensive for the were cast by Republicans. Chinese consumer.

Goods of standard

that is offered...

sidies with the result that there has bears a net decrease of 23,927, from £1,110,932 in 1010 to £1,113,005 in 1911. The most important change is the new grant 'of 1,75,000 (£7,658) to the South Seas ser- vice, which is to be doabled in 1913 and

1014.

CHINESE ORDERED TO LEAVE VLADIVOSTOCK.

weight of her husband's protest by retir- view to securing a modification of the ing from life in a classic Japanese way, rigorous order which has been issued, but more especially perhaps though she Two ships of over 2,000 tons with a

would never have admitted the fact that they have paid no attention to his

request, speed of more than 10 knots will main- because her beloved sons and husband had tain a monthly service on this line, gons before, and this was assuredly the

THE IMPORTANCE OF A COMMA, which is to be opened with a view to line of least resistance and of family and helping the export of Japanese goods to national honor.

To many Java, Manila, etc. It has not yet been Western minds the method of such a A charitable gentleman placed up over decided to what company this subsidy protest will appear barbaric, but that is his door these words: Be open thou my The Centru China Post correspondent will be given, nor have any definito plans a matter of custom; and immoral, door, to none be shut, to rich as well as foreign imports, however, the country, at Tayeh reports that the Tanshanwan been arranged, but it is thought that a because it is calculated to encourage poor." After his death a miser took pos- as a whole, goes into debt for the goods, goal-mine, which was recently purchased company promoted by Megre, Oaki and suicide, but that appears a matter more session, and by moving the commas the

Chinese production and consumption, but often imported from abroad, such as

sugar, rice, leather, and the like, are greatly affected,

While high exchange thus stimulates

in

COAL MINE MIS-MANAGED.

read thus: Bo open thou imports in China generally is followed is at the present time being is managed

Tla. 800,000 by the Hupe Governannt, next.

experience has demonstrated that a leader my door to none, be shut to rich as well by a marked and even disastrous:

as poor." On the China couté a reduction in the is more valuable to his country alive than a ruinous fashion. Three out of four

Some verses were published lately in reaction. The immense imports of foreign engineers have been dismissed,

has been made of Y.40,000 dead, and if it be otherwise in Japan it

an English provincial paper to which the American cotton goods into China during and the pumping machinery is out of (44,063), while a similar reduction has would appear that the national history following note was prefixed: "These the high exchange period of 1905-1907 order so that the colliers are working the Shanghai service subsidy has been ence. Lord Roberta, whoa domestic by one who has for several years lain in also been made in the Tairen line, and has not yet developed the same experi- tines were written, nearly fifty years ago, were followed by the collapse of 1909, waist-deep in water in some cuttings decreased by Y.75,000 (£7,658). In the long run it is doubtful whether while others have been abandoned.

The Formosau

The bereavement resembled Count Nogi's, who periods of high exchange are not un- writer states that the place is over-run General give subsidies to the extent of strongly impressed with the need of the property of a gentleman with & move-

and Korean Government was devoted to his King, and who is the grave for his amusement.

"To be disposed of mail phaston, fortunate in their effects upon Chinese with hangers-on,

£103,000 and £23,000, respectively. more active national patriotism, never able head-piece as good as new,"

W. F. STANLEY & Co., LTD,

LONDON.

E. R. WATTS & SON, LTD.,

LONDON.

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