1913-02-03 — Page 2

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RANDOM REFLECTIONS;

Now is the time to begin practising Kung-he-fat-choy." There may be some difference in the spelling, but there should We can all be none in the sentiment. wish our Chinese friends A Happy New Year,"

THE HISTORY OF QUEEN'S

COLLEGE, HONGKONG.

THE

The following historical sketch of Queen's College was given in the Report of the Headmaster (Mr. T., K. Dealy) at the annual prize giving last week:---

HONGKONG DAILY PREW, MONDAY, FEBRUARY 3RD 1913.

CHINA LOAN

POSITION.

BY SIN ROBERT BREDON.

DAILY [REPRINTED FROM THE LONDON

TELEGRAPH, JANUARY 8TH, 1013.) I.

INTIMATIONS

taken as true But all such anticipations hand, really not paid solely from it, and, VERWORK,

other

resources of China are enormous, that been till now tacitly accepted. It is well- "Custome so-called potentialitics of profitable investment are known that even promising and that rich results are in loans" nominally charged on the Mari- many instances to be expected, may to time Customs revenue, were, on the one

on the other, that on must be taken as so far based on general and much of it on old time information accounts were net from that revenue, of a very vague kind. How deceptive Any supplement required by the loan generalities can be when details are gone service in addition to the quota specially into and the previous experience of appropriated to it from the Customs was others considered in such light on the always forthcoming from somewhere and subjects as is available, one knows only so long as it came no one cared wheuce. too well in China. The Peking Syndicate, Of course it was taken as implied that the Anglo-French Yunnan Company, the in case of the emergency of default in any Anhui Mining Co, the Eastern Pioneer funds pledged by agreement (although Co., various private prospector especial not directly by Edict), the security ly Japanese and others would no doubt pledged could be embargoed assuming confirm this view. In any case resource that an embargo was practicable. At the development must be gradual. However same time there has always been a feeling considerable and profitable it may uiti- that any attempt at actually laying hands will come to the official pocket during the Maritime revenue would be much lik next few years, will go but a short way chasing a Will of the Wisp. towards converting the Chinese Govern- ment from a poor into a rich one.

Despite the troubles and unrest which have prevailed during the past year the pod of settlement now at hand is likely to show much better results than most prople anticipated, and the fact that there have been very few failures indicate the success whith most Chinese businesses have enjoyed during the year. That authorised the purchase and enlargement there was much admiration--and what he mately be, the share of the profits which upon any but the Inspectorate Supervised

being so, the celebration of the new year should be particularis hearty this week, the prospects for especially also the next year are regarded as being very bright indre. Probably, too, the fact that it is the beginning of the end of China New Years ought to have some influence in making the most of the celebration while it lasts:

con-

children on subjects selected by the educa tional authorities. If parents are sured for taking their children to see exhibitions which are not 'elevating, the censure in deserved so far as the parents are, concerned, but when a good clean show" is given by the picture houses the value of the cinematograph as educational agency should be recognised its full value, and appreciated Besides, as an entertainment for the young it may be made quite as healthy and as amusing as pantomime or usa circus performance.

were

necessary.

It may be taken as axiomatie that China wants and mist have funds from some foreign source. Also, as things pear at the moment, one may assuine that not much more, if anything, can be expected from Mr. Crisp's party and that the Sextuples, for the time being, hold

оть

the

FATIGUE,

EXPOSURE.

The Food Question

The writer would summarise the security of Chinese loans as being the capacity of As to the sum likely to be required, the-.., any existing-Chinese Govern- twenty, twenty-five and thirty millions of produce a revenue on which the first and it has been stated at various figures, ment to enforce taxation sufficient to pounds sterling. Sixty millions has also primarily essential charge would be the been mentioned as the sum which may be cost of an administrative system capable wanted. When that figure was named it of maintaining order, giving due protec was merely in a casual ww bu atletion to property and person and pro- man who is considered somewhat a vision-viding the necessary facility for business; ary financier, but, seeing the slow pace at and, beyond this, to enable it to provide

surplus balanch I sufficient

All disappear or are alleviated which things are moving, one would be a bold man who asserted that the estimato Aggregated revenue account to meet any

foreign loan service. is altogether impossibly correct.

From the above it follows that the by the gentle stimulus of a glass of One must begin by taking note that China has liabilities maturing during the waiter can only consider it an absurdity PEMRTIN'S CLUB SHERRY. next six months, &, to be mot before the to speak of a surplus in one item of a

revenue account so long as there is a The delicious aroma, together with total proceeds of any loan can reach the Chinese national pocket. These were put deficit in its general total; and there down some months ago at from ten to always of late years have been deficits, its inviting comfort, drives away twelve million pounds. They are probably either admitted or shown, in all China's

weariness and cheers on to further no less now, for it is not believed that any estimates or so-called Budgets. portion of Mr. Crisp's four and a half millions was devoted to wiping out

efforts. liabilities. Theno outstanding millions on the debit side of the Chinese account are made up of bank advances against loan

To show why it is so, let us see what coupons due and unpaid and short time One may begin by putting two main treasury bills issued; of the necessary the Salt Gabelle is. It is in fact a great questions from which of course many provision for repayment of the Belgian national business corporation dealing in income comes from profits of sales and subsidiary ones will follow:-1st: How loan of a million odd contracted last year salt either as a producer or a seller. Its from royalitics (taxes, likin, etc.). Like much money does China waut-which it and due in March; of what will be due on

any other business company, the charges may be observed does not necessarily account of the Boxer indemnity which by mean the same thing as how much will the end of June, 1913, will probably be China ask for or get! 2nd: Can the five million in arrear; and of sundry on its income may be classified into Debenture Stock, Cumulative Preferred Group reach a position from which it small loan and advances chiefly from will be justified in endeavouring, with German houses. Some of trees abilities Stock and Ordinary Stock. The first what appears to it

a good chance of can no doubt be met by refunding, de-charge on its profits is its quota of the the Japanese Weihaiwoi payment arrangement and so interost

This being success, to float a loan of an arranged ferred amount on terms acceptable by the orta, but stil: people do assume that Redemption loan of 1893.

fair first fixed in amount at a definite rate of interest and being a first periodically Chinese Government and satisfying to they are debts which are a anticipated investors?

paid charge, is something in the nature of a debenture debt. Then come a num ber of other loans which have liens on it, some as security secondary to some other pledge.

the field.

It is well-known that of late years ell

mouth. To speak therefore of a surplus China's finance policy has been hand to in the Salt Gabelle seems at least a misapplication of terms.

SOLE AGENTS:

H. RUTTONJEE

& SON,

Wine and Spirit Merchants.

+31

There seems to be an opening at the On February 1st of the year covered by

moment for some one who occupies an this report, the school completed its

absolutely independent and financially Golden Jubilee. It seems accordingly ap

uninterested position to endeavour to describe to the man-in-the-street-or propriate to give a brief account of our existence during that. period. The con ception of the old Central School, from perhaps to his financially better placed which Queen's College arose, took place neighbour who seems to be represented by when the Government Gazete of Janu- the bald-headed man in the omnibus" ary 21st, of 1860, announced the formation what is the real position of Chinese of a new Board of Education for the finance, at least as far as it may interest

the British lander of money! thanagement of Government schools. On

Thesaudacity of Mr. Crisp for which March 21st, 1861, the Legislative Council ot premises in Gough Street, which, up accomplished, in one or two directions, to that time, had en utilised as an in- justifics one in saying he deserved it has dustrial school by an American Baptist not done much towards affecting definitely Mission

ion Society. The site referred or permanently the situation as regards is that now occupied by the Belilies Public Girls School. Some ten months China from the purely Chinese financial would have perferred that so many later, in February, 1862, the amalgamation point of view. On the other hand one of three existing Government schools in despatches as have appeared in the White augurated the new Central School under Book, China No. 2, 1912, with all the the Headmastership of Mr-subsequently Dr. Frederick Stewart. From the out-speeches at meetings, advertisements in set the school was well attended, I have the Times and questions evasively answer- it from one of the original scholars, Mr.ed in Parliament had not been made As far as China is concerned, Lai-un, who is still hale and with us His Lordship Bishop Pozzoni - made a here to-day, that in the course of the first, the outcome of it all only means that her more pressing financial needs have been year song 200 boys were in attendance speech the other day at the French organisation and hours in those early met to the extent of £4,400,000 (less certain commissions and indemnifications) Convent School prize distribution in

ffered considerably from our pre- days

Vernacular and and that she is driven to falling back ou which he tunde reference to the taste for sent arrangements.

studies

both much

the older, and possibly by this time wiser, cinematograph exhibitions. There can be English

although the curriculam then was

consortium from whose grasp she has been little doubt that the pictures shown are less ambitions than now. Work through trying to free herself for both financial

and political reasons. not altogether suitable for children, but out the your hegan at 6.30 in the morning, the educational value of the cinematograph and continued, with brief intermission for breakfast and tifin, until 4 in the is recognised in innay countries, includ-afternoon; the old school was a bunming ing his Lordship's native land of Italy, hive of scholastic industry. This stren

ous régime continued until the later and exhibitions are given to schools. In the old Central School there was no play ground. The building occu- pied the entire site, not a foot of space being available for recreative purposes. When we came into our present commodi. ous quarters-I am here speaking from personal observation-our boys had to be taught, gradually, how to make use of the play grounds; and for same length of time boys might be seen making, one might almost say, furtive and surrepti- Now, tious use of our playing areas. however, all this is altered, and our boys behave and seed I say misthave-like the ordinary Western schoolboy. But this In 1860, the Central. is digressing. School, which so far had received only Chinese students, was thrown open to all

-charge on any loan made. comers. The very great majority of our

The first of these two questions the It will have been seen from the above scholars at all times, naturally, have been Chinese; but, we have had boys of prac-writer proposes to consider as a text for that China bas to make provision not only uad European his following remarks. He will begin to meet financial liabilities but to provide

These loans I have called tically every Asiatic nationality on aur rolls. Of our non-answering in general terms the first her Administration's daily bread for the Chino students, British. Portuguese, question and then discussing seriat in the period which will elapse between now and Hebrew, Mohammedan, Parsi and Japan- subsidiary ones which the answer will the time when her temporarily paralysed Cumulative" because the Diplomatic financial lubs can have become strong Body has ruled that the Boxer Indemnity ese have predominated. A word here con- suggest. crrning the recipients of scholarship may What China's actual necessities now are enough to make her to walk without the item is a cumulative charge. Presumably not be out of place.

It will give some may be summarised as being such total aid of a foreign-borrowed crutch. How other charges junior to it are also we have several series of idea of the substantial help that these som as will be necessary, in addition to long will that take? It is just one of cumulative. Thus besides Salt Gabelle

A Chinese boy, the the unpublished but apparently fairly those case where & cautious medical Debentures benefactions imply. you of parents in very humble circum- considerable amount which is being adviser should be timid about hazarding cumulative Preference Stocks, beginning CHRONOMETER-MAKERS, stances, in Alarch, 1910, was admitted as

as such in series from the 1st to the 10th. Government free scholar from one of obtained from Provincial contributors, to prognosis. There were till recently with the Boxer charge and to be reckoned the district schools. He got his class meet the Central Government's expend those who thought it would suffice to

ture in bringing the Republic--or perhaps provide for current expenses up to June, As much of this stock only draws interest, prize in 1910, the Blake scholarship in

one may say the Nation-to a position 1913. Considering the political situation when called upon secondarily, it at all, 1911, und the Wright scholarship in 1912. At the last Oxford local examination he where its own legs will be strong enough (and more especially the delay which it the total of its interest charges may vary seems must now occur owing to the break-in each year according as the items of Now arises promptly subsidiary ques- down of congressional election arrange-priority charges and accumulations of passed as a senior, getting distinction into bear its financial burden. classical Chinese, and an extra certificate exempting hira from responsions at Ox tion No. 1-when will that time be?ments) the writer thinks few can believe deficiencies vary. Debentures and cumu- The latter document would have There is no authority whose knowledge reorganisation by the end of June, 1912, lative interest being paid, any balance, ford. given him entrance, without examination, is sufficient, nor anyore even of her possible. He does not himself venture to if there is one-and admittedly under BO much as Tla. Before the re- Advisors whose prophetic instinct could hope that it ray be earlier than the end ordinary circumstances there is a good to our local University. the

sults had been received from Oxford, the be considered adequate to answer that of that year and there are many who deal perhaps, even Re-boy, eager to enter the Hongkong Univer- question. There is no definite report of beliere that even that date is early. 36,000,000-go for transfer to credit of

sify sit to He is most member of the what the daily, monthly or yearly out- Everything depends on political develop proft and load

passed. is now a goings of the Government now are likely ment. Regarding the prospects of that transferrable balance, whatever it may be.

He is bright, in- engineering section.

to be, nor of how the expenditure is the writer may have something to say that the interest on the Crisp loan was later. In the meantime he cannot believe made first charge. It may of course dustrious, and ambitious-bis future itemised. There is no authoritative means should be assured. This is but a solitary of knowing what the actual position at that a government frn, stable and happen that owing to accumulated deficits example of many such that have passed the moment politically is; nor of how far capable can be considered na having been this balance may become a debit one-and

such promise of a United Nation as it

been realised: 1.The election and Indemnity cumulative charges that is this Distinctions recently gained by past gives can be depended upon for realin established until the following events have the Powers say that owing to defaults in assembling of a National Congress in year the case. Put in this light one can (1) Dr. Sun Yat-sen. ist-President of tion; nor the Republic of China, and recipient of Pessimists and Fencesitters all have which the Provinces will be represented so hardly say that the Crisp loan is pledged ENGLISH MOUNTED CHINESE JADE nothing but imagination to serve as the far as to make apparent the consumma on a sure surplus of anything. for the eredit balance. Any further the 1st grade of the Ka-Wo Order:

(2) Sir Kai Ho Kai, C.M.G., Kuight.sis of guesses: Solid facts on which to tion of a certain national unification; surplus is only a certainty to the extent

found deductions are notably deficient as 2. The election of a President with of the hood;

(8.) Dr. Chau Kam-to,

far as the knowledge available to Euro-defined powers and for a fixed period; charges on the Salt Gabelle for interest peans is concerned.

The passing of a National Budget; on succeeding loans can have a claim on (4.) Mr. Wen Chung-yao, and (5.) Dr. Wong Chung-wai, all three What is wanted, we are told, is a and, 3-Its acceptance as a whole by the the Gabelle income, not before, possibly MAPPIN & WEBB'S

That the writer Provincial Assemblies and People at least on a par with the Crisp Loan Which it recipients of the 2nd grade of the Ka-Wo Reorganisation Loan.

understands to be a lean sufficient to to such an extent that the textation it will be will depend on whether the Crisp Order;

(6.) Dr. Wong Chung-wai, appointed meet national early maturing liabilities, anti-Chinese sentiment in view of what Minister for. Justice to the Republic of not otherwise provided for up to date, poses will not meet with organized Loan is absorbed in or simply succeeded

China;

at

y

European school teachers in China raust have been used or perhaps shocked when they first had applications from their pupils to leave school for n But: few weeks in order to he married. as we know, old custom dies hard among the Chiness, and though the land has had the benelt of Western tenching and Western advice for so many years now there does not seem, even among the most enlightened merabers of the race, any pronounced inclination to make changes in this respect. There has been, I believe, a desire shown by some of the Hongkong Chinese to be consulted with reference to the selection of a wife for them, and I have heard of one or two weddings conducted according to European ikas. Possibly. the publican flovernment, which is inclined to be somewhat paternal, may consider the subject one of these days after the new parliament bas struggled with the financial problem, and a high sounding proclaiantion issued on the subject.

I find I have been taken to task by the rabid Chinese republican organ in Shang. hai for my recent remarks on the display of the Chinese flag during the holidays and for the suggestion that it indicated an organisation which should not be over- Rooked. This has been interpreted as anti-Chinese sentiment," but at the time that was written Hongkong may very well have been excused for cherishing an

was happening in the Colony, The sub- ject, however, cannot be dismissed in that way. When other nationalities hoist their national flag on their own holidays they usually accompany it with the British flag, Inc not so the people who striped banner alone. To say the least, such a display is not in good taste.

through our

pupils:

نابلة

what date.

Optimists,

opposition.

cn

account. It is on this

b the later one.

Now Chinese security having been ex- As to terms of loans, the value of security and such like they must ke left plained generally the lender of money, for Comideration in another paper or his loan promoting agent, is in a intended to follow this one on Monday position to consider his answer to the and of which the second leading question important question, to what extent does

live in Chinatown. They display the five- Engineer Decks, Structures and Muní! Chinese borrower who alone has exclusive with which these remarks opened will be Chna's gross taxable capacity give a

a

the text.

S

prospect that the interest accruing on a loan of such and such amount is secure as investment? Beyond that, the loan would be almust as speculative as a Honduran or Costa Rican one.

Chs. J. Gaupp & Co.,

ALEXANDRA BUILDINGS,

CHATER ROAD,

WATCHMAKERS.

JEWELLERS AND OPTICIANS

FINE

DIAMOND

JEWELLERY

.

A SPECIALITY,

AND SWISS

ENGLISH, AMERICAN

GOLD AND SILVER WATCHES.

GOLD AND SILVER BRACELET

WATCHES.

OUR

JEWELLERY.

SILVERWARE,

CUTLERY and

PRINCES PLATE.

and to provide such funds as will be (7.) Dr. Lo Ting-u, a Hanlin graduate necessary as supplenients to provincial of the 3rd degree;"

(S.) Mr. Albert Ahwee, B.Sc., in the contributions until that date when China Faculty of Engineering, London. In his can stand alone is fairly certain to have finals obtaining 1st Class in Civil arrived. The sum and the date must Hydraulics, cat Engines, primarily be estimated and stated by the

II. Railways. cipal Work. He at once proceeded to information. The criticism of both and post-graduate studies on which he is now of the arguments put forward in sub-

Mr. Crisp's Loan prospectus may be engaged, with the possible idea of special-stantiation of each statement will be an

The view that one can borrow from one more pleasant topic ising in the economics of railway object for the lenders, Now for

to what was really The writer is of opinion that the expected to have raised a certain amount

of discussion Perhaps for the first time since the engineering before he returns to China,

(4) Mr. U Hang-kaw, Honours LL.B., Manila Carnival was inaugurated no

Government should estimate an ask for ledyrdassecurity for the loan he foated, item of a creditor's assets by compelling Luropean sportsmen or athletes have London, admitted a solicitor in England what appears enough for all reasonable and it seems desirable that some one him to make it good to the sanie extent visited the Queen of the Orient from on 1st April, 1912, and two days ago ad foreseen requirements up to a certain should endeavour to remove at least part elsewhere, without any regard to what is time; and it should fix that time so that the for Hongkong

1013 Carnival, mitted to practice locally; and only two have gone to repre- (10.) Dr. Wong Chung-yik, elected to when it comes there will be no need to of the misunderstanding which apparently his capacity for doing it is, seems simply say, "We did not ask for enough, now we is assocated with the two italicised words cold-blooded bad business. It is not only abuve and especially as they are supplied robbing Peter to pay Paul, but it is

coercing Peter into indemnifying himself STUDY want more." Such a demand for more sent the northern ports. On the other a research fellowship in Public Health at hand the Chinese themselves have the Manchester University;

Some little time ago in a conversation--perhaps by robbing his own people-for

OF come forward in a manner which is (H.) Dr. Lo Pun-fai, appointed Com will be sure to be received with a certain in their Chinese connection. decidedly pleasing and have sent repre-missioner for Foreign Affairs in Canton suspicion by lenders and money will only with the head of a big London bank, that a loss he cannot afford to cut. This is

(12.) Mr. Kwan King-san, appointed be forthcoming

on increasingly less

gentlenen asked the writer his opinion of hardly good commercial morals. Fixing sentatives not only from the North but

Commissioner of Industry in Canton.

is has been suggested, an estimate of the

THE EYE from Hongkong. They hope to give a

Hongkong, on more than one occasion, favourable terus as cach new demand is

posed to be pledged for the service of a good account of themselves in the Eastern has been not unfittingly described as one made, if forthcoming at all. The writer the valud of such and auch security sup-the limit of safe lending to China involves, Olympiad competitions, but even their friends cannot be too sanguine of their of the brightest jewels in the British had recently the opportunity of laying Chinese loan. He replied, "Sir Robert limit of her national taxing capacity. Crown; that quaint conceit being allowed, his views in this sense before the Vice: Hart considers that the security of any According as that promises a wide or a saccess in competitions which are com- Queen's College may not unreasonably President of the Republic, who seemed to Chinese loan may be taken as the credit, narrow margin will the terms as to issue paratively new to thero. Mach practice claim to be one, and that not the least think them worthy of note.

He is entirely against any Govern- character and income of the Chinese price, interest and amortisation naturally Government pledged by the issue of an

From above can be deduced the tines is needed before they can excel in some brilliant, of its many sparkling facets. of the old classic contests, but in the After an intimate acquaintance of over mental loans for industrial mining or running competitions they should do 28 years, in various capacities, with its railway enterprises in official hands. The Imperial Edict sanctioning the loan; the fairly well I notice that the Carnival many workings, and despite the obvious money required for these should be assignment to its service of a particular on which the second question in the In a former paper published in the consideration." The writer said that Sir authorities themselves regard the Chinese disadvantages under which we labour as advanced to individuals or companies revers is a detail the vahie of which writer's preceding article published may horses who may upset the reckoning of ineradicable and unquenchable belief that which there is legel machinery existent to Rokeris opinion, as so expressed, precisel Daily Telegraph in April last the writer competitors in the running events as dark a day school, I have come to hold an capable by law of making contracts a secondary, and, in a sense, immaterial be answered, can be deduced.

enforce. Such contracts, being private

represented his own, and the ankert with the Chinese Financial Outlook. months have elapsed since then the fleet runners from Japan and the this College will continue its successful

events have moved forward career into the far future. And, as to business, can be made on any terms Philippines.

as he had been able to obtain elsewhere

perhaps describable as "slow day we have in our midst one who fifty

hut sufficiently to shed a little A good child story comes to me this years ago saw the small beginnings of grecable to the parties and such super.remarked in reply that such information

Till to-day it may be assumed that marca,' wenk. A little girl was rather indifferent this school, so it may happily to that, fifty vision as may be specially required in med to confirm the view

11 a matter of about her food, and her mother remarked years hence, some of our present younger connection with them if any such is

celebrating its een required-can be made as

business in which the bogey of Chiness whatever under the new régime can be additional light on the Government's

held as the equivalent of an Imperial financial ideas.

The writer therefore is inclined to to her that she ought to be glad that she pupils will assist

tenary anniversary. had any food at all, as there were many "Why?"

We again wish to offer our warmest national "face" will not appear.

The writer thinks the time for haste in Edict, is the real security of all Chiness little girls who had none.

thanks to all those subscribers nearly all

of China-the National subject of that article, but there 19 the rovenue asked the little one. "Because they are

China has always nothing is it which it seems necessary to old hoys-who, from year to year, con-finding funds for what may be called loans. It in general terms pledges all somewhat enlarge in a later one on the too poor," was the answer. The mite tinue to give so liberally to our prize development schemes is still some way thought for a minute or so, and then fund. As in years gone by, a.full list of off. There is as yet only very inaccurate Consolidated Fund.

rather wisely. "I know been said-as if she retract, least of all his expressed belief any lunds available, and always has met her way is an existent quantity only what God can be thinking about. Why announcement board within the entrance, worth developing, that is to say, how had the right to meet loan charges from that in China the ability of easily paying

and will to properly develop it. doesn't Be give them a compradoro ?". and subsequently will be published in the much is likely to be developed as

RODERICK RANDOM. pages of the Yellow Dragon.

dividend paying proposition. That the them in that way. That arrangement has dependent for its utility on her power

H

be fixable,

and its anatomy and our long experience in correcting defective vision enable us to tell hayond doubt if your eyes will be benefited by wearing glasses.

Our method of testing is scientific and accurate. If you do not need glasses we will tell you so. If you do need glassss we can supply and fit them at extremely moderate prices.

MAKE CERTAIN.

WE WILL TELL YOU.

@LARK & CO.

FORE BLOGS,

CHATER

RA

HONGKONGA