CRIPPLED. CAPITAL,
COMMENTS ON LORD MILNER'S ADDRESS.
DAILY TELEGRAPH."]
CREDIT OUR REAL CAPITAL.
THE HOEGKONG DAILY PRESS, WEDNESDAY, NOVEMBER 291, 1913.
It may be objected that these are ali individust losses which do not necessarily affect the working capital of the country. But they do most seriously. The market values of commodities, securities, and other forms of property are the bases of (FROM THE
our whole credit system. What is popu larly spoken of as capital is, to a large One night, recently Lord "Milner gave extent, credit.
The amount of actual The thy mothers of the Birmingham and money in it is a.
more bagatelle. Midland stitne adrese Jatest cutimates of the
amount of scramble for capital, which was both negotiable scurities in the world make apportune and admirable, On the same the total 10,000,000 sterling, while the day The Daily Telegraph published some total amount of currency of all kinds Tho startling figures as to the flight of is supposed to be 3,000,000,000. kapital, furnished by its City Editor.proportion of currmacy to credit instru
When we Those two instructive papers. should be ments is, therefore, I in 13. red together. They are complementary apk of capital, we really mean credit, to web other, and our City Editor and the twe are bound to move together. supplies one two important gaps in When gotiable securities are high- Lard Milner's theory. The latter is one-priced in other words, highly capitalised rided ja so far as it attributes the scarcity they represent a corresponding volume capital and the rise in its markel value of credit, So much money can he got Che entirely to new demands for it. There for them, or borrowed on them, as
Bid. when they are low bas born another and perhaps more case may bi polent, cause, acting concurrently, For priced so much less car be got for them Jack of betgór name it may be called or borrowed on them. There is a certain the scrapping of capital. Lord margin of the capital they represent that Milner does, in fact, ea that term, but is active only in good times, and is only in its narrow and technical sense, moribund in bad times. At present the as applied to industrini plant and proportion of moribund capital locked Jugchinery. Apparently he has not up in gilt-edged securities is abnormally observed that capital is such subject large. This of itself would have caused But for certain amount of stringency, and its lo sornuping as machhiery h this circunstance de new demands for effect, is all the greater when combined
Jess with so many new demands for capital. capital might have caused much strain than they have dots.
of
Nineteenth-century economists had very į academic ideas about the movements of
THE POLYNESIEN."
·SALVAGE OY THE FRENCH PASSENGER LINER.
capital They imagined that under a free regime they could flow hither and thither as easily and smoothly as Man chester goods. It seldom urred to! them that there was toy risk of damage, in the procesN. This is not surprising, In the High Court of Justice on rief-their-limited-e experience of 4tober 17th before the Right Hon Sir capital movements. The sort of capital Sarouel Evans, President. sitting with they were familiar with did uut often two of the Elder Brethren of the Trinity change from one industry to another. House, an action brought by the owners, The great bulk of it continued for years, I muster, and crew of the steamship #sare and sometimes for generations, in the to recover salvage remaneration for scr-
It was only in that same employant. latter half of the nineteenth century that vices rendered to the steamship Poly- selfie, of the Messageries Maritimes modern Гильо discovered Capital then becur much more "ner-line, ber cargo, and freight, in the eurial.
it indulged in more frequent Pacific Ocar in Utober, 1912, was heard- The e, a steamship of 7.530 tons, change, which, euurse, could not
The belonging to the Federal Steamu Naviga always be made without damage. peculiar inte of present-day capital is tion Company, was bound from Adelaide Consequently, fickleness. It is here to-day to London with a valuable cargo of frezen -und somewhere else to-marrow.
meat, wool, skins, and general produce, and 29 passengers: Sho was tamed by a crew of 8. The Polynesien, a mail steamship G8 tuns, was on a voyage from Mareilles to Australian ports with enrgo, 250 passengers, and mails. The value of the Esser, her cargo, and freight was £397,705. The value of the Poly-
TIMELE AND PEÀ PINANUR.
All through our social and commercial system capital has become mercurial, and every fresh change it undergoes is attended with a certain anund of loss. If half a million sovereigns were sout From London to Paris and brought fuck in the sahan base, without having been touched in transit, there would be, an Appreciabis diminution in their weight, change in
credit
1.
sun, together with her cargo and freight, was £59,000.
Give him
Bovril
Because the Body-Building Power of Bovril has been proved to be from 10 to 20 times the amount taken.
STURGEON BRAND -
REG TRADE MARK
JOHŃ & E. STURGE, Ld:
Birmingham (England).
PRECIPITATED
(Calc. Carb. Precip.)
CHALK
All Grades, from lightest to very dense, to suit all needs. CITRIC ACID,BICARBONATE of POTASH, ROCHELLE, SALTS, and PULV. SEIDLITZ.
MAGNESIA
DINNEFORDS
DINNEFORDS
The f'kysician's Curo for
Goat, Rheumatic Goat
and Gravel.
Safest and most fiflective"
Aperiant for Regular use.
IMPORTANT KOVICE.
VESSELS EXPECTED.
THE AMERICAN MAIL.
Par P.M. gr. Korea loft Yokohama for Hongkong, via Manila on the 18th November, at noon
THE AUSTRALIAN MAKI The I.G.ML str. Coblens left Sydney on the 15th November, at 2 p.m. and may bo expected here on or about the 8th December.
The E. & A. str. Eastern left Sydney for this port. (via Queensland Ports, Port Darwin and Manila) on the 10th November, and may be expected to arrive, here on or about. 13th December,
The N.Y.K. str. Fango Maru (Austra lien Line) left Melbourne for this port | via: ports on the 19th November, and is
expected here on the 17th December.
THE GERMAN MAIL.
116-21
The .G.M. str. Princess Alice, carry- ing the German mails, with dates from Berlin of the 29th October, left Singapore on the 22nd November, at 11 pan., and may be expected here on or about the 97th November, at 8 am.
1203
in ensoparner-ɔf- Derous jela trong purchasers mant see the name
**DIXNEFORD'S'
on every bottle
and label,
MAGNESIA
The Universal Remedy for Anidity of the Stomach, Headache, Heartburn, Indigestion, Bour Eructations, Bilious Affections.
THE AUSTRALIAN ORIENTAL
LINE.
HONGKONG TO PHILIPPINES AND AUSTRALIAN PORTS.
SAILINGS (SUBJECT To ALTERATION),
Stacier
"TAIYUAN "
CHANGSHA'
Arrives Hongkong | Leaves Hongkong from Australis. for Australin
26th November
3rd Jan, 1914.
2nd December
20th Jan, 1914.
These Steamers are fitted with Refrigerating Machinery, ensuring a plentiful supply of Ice, Fresh Provisions, etc., and have superior spongamodation with Electrio light throughout and Electric Fans in the State-Rooms. A duly qualified Doctor is carried. Reduced Fares,
Tasmanian Ports. Cargo booked through for all Australian, New Zealand
Early in the morning of October 20th, when the Polynesien was on her voyage The same may be said of i
from Fremantle to Adelaide, her inter- though money,
geing mediate crank-shaft bruke and she intangible, is bruch more difficult. to became disabled. The "not under cora- The mere cast of commision and lights were exhibited, sails were. fees, loss of interest, and other incidental. expenses is no trille when we are dealingset, and a course was steered to keep the King vergel in the track of steamships The with rillions sterling. But it is nothing. Polynesten had no wireless telegraphy compared with the enormous deprecia tions that result from changes in financial apparatus, but the next evening Morse sentiment. Finance has its fashions, and signals were exchanged with a vessel Sumne f them are as expricious as those whose offers of assistance at that time
f the nitliner. of
Every new Fashion were refused, and she proceeded on her necessarily causes a certain amount of voyage, promising to report the condition dislocation among existing investments, and position of the Polynesien, whose and that again involves serapping of engine-room staff were endeavouring, to capital. When the notar-car came into make temporary repairs. On the follow general use in nine cases out of teu the ing morning the Esra was sighted, and,
to the buyers put down their carriage
as repairs had not been done, lier services serious loss of the carriage-builders were accepted, and it was arranged she Young couples who had to choose between should tow the Polynesion to an author-
pinas and a motor bicycle preferred the bicycle, and the piano-maker suffered age in King George's Sound, Western
Australia, a distance of about 10 miles. THE Thus the pea shifted rapidly, from one Connection was established with some Ahimble to another. It could not ki, under two thimbles at the same time, so difficulty owing to the sea which was when one luxury guce up another go running, and about 1p.m. the towage
Then we see only the new wealthgan. auri ignore what has been strapped.
down
IT:
The starboard tow rope parted once, and afterwards, near King George's Sound, a wire rope and a Manila rope were carried away; but the other ropes held, and the Polynesien was brought to a safe anchorage about 4 p.m. on the Sond
MEW HARKETS DRAIN OLD ONES. On a much larger scale the scrapping of capital is to be seen in the Property Market, the Stock Market, and other fields of terprise. Every new suburb without further incident
The learned President in his judgment that springs up like Jonah's gourd on the out kits of London einpties Daenid timt he did not think there was any third, or pussibly one-h If, of the houses real risk to the Palyaessen, although no Every now doubt there was anticipation of risk on some older district. market opened on the Stock Exchange the part of both vessels, and it was not drains the older ones to a certain extent as certain that the towage would be as for it support, For a time the new simple ae in fact it proved to be Nor, suburb and the new market may
brilliant sucess that what-do-west Jurned out, was there in feet any Frisk of the Polyarsien e drifting out of generali, find ten years later! now subarb is dingy and out of date the track before the Esace came up with nomadic tenents have migrated to a still her, for she had drifted 33 hours and was 2 The still found in the trackThe weather awwer and more up-to-date camp. nos markets may not always dry up like was not had, and the service lasted 30 the new suburbs, but they often do, and hours T award his Lordship was going the the scrapping of capital may be to make was £2,900-£9,200 to the owners, disastroas. Tho Stock Exchange, at the £250 to the master, and S450 60 the crow. present Lime, is encumbered with derelicta In the wrecks of ten-year-old booms. each of them a large amount of capital hae bean serappui, and this factor in the exiding stringency which Milnor bas overlooked.
Lord
THE DUTCH EAST INDIES.
A telegram from The Hague states that in the provisional, report of the Second THE SCRAPPING UK. CONSOLK,
Chamber of the States General on the To take a still more serious example, Budget of the Dutch East Indies for 1914 what abrit the terrible depreciation that reference is made to the ministerial state- has taken place in all the higher grades mont which recently appeared in the of invazboient accurities? To the holders newspapers to the effect that the Minister of such securities, especially to those who for the Colonies saw no reason for hesten- honghi Gham when they were 40 or to perlag the anticipated resignation of the cent, higher up than they are now, it Governor-General of the Dutch East must eum a cruel, irony to harn on the Indies. The report, asks whether negotia higher yields which the reduced pries tions have been carried on with the show.
Would Buyers of Console at 115
Governor-General on the policy to be be still getting loss en 2 por cont, for followed in the future, and it suggeste their menay, cwn if their capital were
tho intact. But more than one-third of it that, if this has been the cane has been wiped out at it for the time despatch a exchanged between the Minister! Long. It lag bom scrapped like so much of the Colonies and the Governor-General old iron, with this difference, that there should be laid before the Chamber. is a sporting chance of its resurrection in supporting the proposal, which has reale fetare. The beggarly baon already announced, for the construc per cent. interest received on it barely tion of a Dreadnought battleship to be nakes good the depreciation that has paid for out of East Indian revenues, the excurred in its market value.
report dealeres that everything should be Sixteen years interest, at 2 per pont, done to resist a pus ble annexation of the frea incume-tax, comes to 36 14 8d. Dutch East Indies by a foreign Power. Por contrs, the decline in market value In this connection it is declared that the Frum 114 to 73 is 41. Every unfortunato deve coment of Japan and China abould person who has been holding Corsels for cause the anthorities to display the utmost the past sixteen years is to-day pooror than if he had kept his money in an old Vigilance, rapecially ne news comes con
stantly to hard of the presence of stocking. This has been scrapping Javance so ca in the Dutch islands The capital with a vengeance, and the same sad tale runs all through the gilt-odged report makes mention, however, of argu In home railways it has been ments that no proof exists of any inten- group, almost a bad as in Consols, except that ton on the part of Japan to arnex the the return on them was rarely quite an Dutch Bart Indien, and it dwells on the low as 20 per cent. About 3 per cent, fact that Japan has her hands full in the was the usual minimum, but that has all territorio which have recently come
under her domination, gone, too, in depreciation,
23:
**For freight or passage, apply to
:
BUTTERFIELD & SWIRE,
AGENTS. Hongkong, 19th November, 1915. TELEPHONE No. 36.
YOKOHAMA DOCK
LIMITED.
Telegraphic Address :-" DOCK." Yokohama.
11334
MERCHANT ETEAMERS.
The GM. str. Prins Wulfenar, left Kuchinotzu on the 22nd November, p.m., and may be expected hero on or about the 26th November, it noon.
The H.A. str. Sitkomin loft Manila on the 23rd November, path., and may be expected here on or about the 20th Nóvember, a.m
The N.Y. K. str. Sunuki Mura (Calcutta Line) left Kobe for this port vin Bhang hai on the 20th November, and is expected here on the 27th November,
WEATHER REPORT.
is now sentral to the north of Keres
On the ith at 11.00 .m.-The anti-sychome
Premare Ins increased consideratly over N Japan, and has decreased nightly over NE China. It is usarly stationary along the sast cent of China and over southern districts.
Fresh to moderate monsoon is indicated along the east coast of China and over the N. Ching
Soo.
Hongkong rainfall for the 24 hours ending at 10 am, to-day, 0.03 inches.
The forgeant for the 24 hours ending at noon to-day is as follows ----
FORECAST
DISTRICT
101
N.E. gale.
* Hongkong & Neighbourhood Formoon Channel
South court of China betweenThe same Hongkong and Lamooks į No. 1. South coast of China between The ema at
No. 1. Hongkong and Hainan... 1 *N.E. winds, fresh to moderate; fine.
CHINA COAST METEOROLOGICAL
REGISTEE
25TH NOVEMBя, 1913, am,
Station.
The A. str. M. R. Ferdinand left Singapore for this port on the 21st Novem-
Vladivostook ber, and will arrive here on the 27th:
Nomaro November.
Hakodate The NY. K. str. Hombay Mar (Bom Tokio bay Line) left Kobe for this port via HoliKoshi on the 21st November, and is expected Nagasaki here on the 28th November.
Kagoshima The P. & O. str. Candiy left Singaporo Oshima.... for this port on the 22nd November, at Naba
arjoradie L
Humidity.
Wind
7.30 53
6 s.30.22
30.38
30.42
30.39
WBW
30.37
*
B*
·30.33
M
ANE
** 30.28
ཐ
30.95 30.25
NE
NNE
Boam Is
30.16-
30.48 40 74
ΝΕ
30.35 52
30.41;
30.33
7 a... and is due here on the 28th Novem- lebi'ima ber, al about Gam
The str. Dunera, from Calcutta, loft Chefco Singapore on the 22nd November, and Weihaiwel ....... may be expected here on or about the 28th Hankow ...... November, a.mn.
Ichang
The str. Glenstrae left Singapore on Kinking...... the 22nd November, and is due here ou Changsha the 28th November.
Shanghai The P&O. str. Simla left Singapore Gutzlaff for this port on the 23rd November, at Sharp Peak... 7. 30.35 1.30 p.m., and is due here on the 9th Amoy November, at about 5 am.
The American and Manchurian Line
str. Kafue left Colombo on the 18th ·Trinan
November, and is due here on the 30th November
✓
5 30.27 04 30.29 58
A
Swatow Taihoka,....... 5 s. 30.29 Taichu
30.21
.11
30.21
ค
Koshan...! Pescadores.. Canton
30.31
H
30.19 61.30.25
The N.Y. A str. Tattori Meru (Euro-| poen Line) left London for this port via Hongkong ... 6 p. 30.26 ports on the 18th October, and is expected Gap Book...... 130,8
hore on the 30th November: * Масао
The N.Y.K. str. Rangoon Maru (Bom Wachow....... bay Line) left Bombay for this port via Hoihow Singapore on the 13th November, and is Fakhsi expected here on the 1st December.
Ptalien..........
7)
9%
30.20 68
ENE
30.12 73
WNW
09.99 72
INNE
30.12.72
130,04, 63 29.989
NND
9, 30.03.79
"Iloilo
Coba
29.93
Labuan
29.96 83
The NY.K str. Mishima Mury (Euro Tourne..... pean Line) left Yokohama for this port | 0. St. James.. via ports on the 19th November, and is' Aparri dun expected here on the 1st December.
Manila The Swedish East Asintic Co. str. Legaspi Conlon left Subang on the 22nd of Noven Bacolod
here on the her, and is expected to arrive 2nd December.
The N.Y.K. str. Il Machi Maru (Euro- peau Line) left Colombo for this port via Singapore on the 20th November, and is expected hero on the 3rd December.
=*|| NEOCHNEN
T. F. CLAXTON, Director,
b
1 HALOARTER, reduced to 3 degrees Fahrenheit, on the level of the ass in inches, tenths and
The. N.Y.K, sir. Karachi Maru, (Boni- | hundredtha. bay Line) left Bombay for this port vin TEMPERATURE, in the shade, in degroom Singapore on the 18th November, and is Fahrenheit.
3 in of maturation, the
here the 6th December
CO., expected vert on osa Meru (Calcutta sur idity of air maturated wità molature is to.
Codes used :-A.B.C. 4th and 5th Editions Lieber's, Sectt's, Al and Watkin's. DRY DOCK DEPARTMENT:-Telephone Nos. 376, 506, or 681.
NO. 1 DOCK.
NO. 3 DOCK. Docking Docking Length 515 ft.
NO. 2 DOCK.
Every description of repair work is undertakon. A large assortment of matorial including tail shafts are kept in stock. Two powerful tow boats, floating derrick to lift 45 tons, pusnmatic, electric, hydraulic planta, eta. Manufacturers of engines, boilere, tugs, lighters, constructional steel work, eto. Tenders on short notice by letter or cable.
WAREHOUSE DEPARTMENT :-
92 buildings, principally of brick and steel, 310 entrances. 37 buildings are private. bonded warehenses. Floor area 68,268 square yards, 14.1 acres.
Custom-house brokerage and insurance undertaken. Hates moderate. Mooring Basin, 600 foot by 100 foot by 25 feet deep, sdjoining the doors and warehouses
THOS. COOK & SON.
(712
TOURIST, STEAMSHIP AND FORWARDING AGENTS,
BANKERS, &c.
Head Oca for the Far East 16, DES VEUX BOAD, HONGKONG,
SHANGHAT: 25, FoocHow ROAD. TOKOHAMA: 32. WATER STEKET
MANILA-MANILA HOTEL,
TICKETS SUPPLIED to EUROPE by the principal STEAMSHIP LINES and
TRANS-SIBERIAN RAILWAY,
TOURS arranged to ALL PARTS of the WORLD.
BAGGAGS collected, forwarded and insured et toreat retex LETTERS of CREDIT, and CIRCULAR NOTES ISSUED and CASHED, FOREIGN MONIES Exchanged.
(694
ON SALE.
CHP OFFICE:-LUDGATE CIRCUS, LONDON, RC Hongkong, 21st May, 1913.
FOR EUROPE AND AMERICA, INDIA, ACTRALIA, &C., and for PRIVATE RESIDENTS AT THE OUTPORTS, A Comprehensive and Complete Record-
of the NEWS OF THE FAR EAST is given in the ONGELAG
Ho
PRESS,
BEKLY
with which is incorporated
THE CHINA OVERLAND TE DE ALFORT. Bubscription, paid in advance,
$12 per auduma Postage
to any part of
the World.
A TABLE OF TAN
RATES OF EXCHANGE AT BOMBAY
For Demand Drafts on London on the day of or preceding the departure of the English Mails; also Table of the Yearly Approximate Averages for 36 years, FROM 1874 TO 1909.
Prion $2 Chan.
Line) left Calcutta for this port via ports on the 18th November, and is expected here on the 7th December.
4. DIETETION OF WIND, ta two points,
3 FORCE OF WIND, according to Beaufort Bealo. 8 BTATS OF WEATHER, b blue sky, o detached The American and Manchurian Line cloud, d driesling rain, f ́Fog, g gloomy, h baill, str. Kondakar left New York on the 26thghtning, o overcast, p passing showere, a aquall, train, a now, t thuadée, v visibility, wdew (noti・・ October, and is due here on or about the
7 Ram in inches, t tenths and hundredthe 15th December.
HONGKONG
The N.V.K. str. Miyasaki Maru (Euró- pean Line) left London for this port via ports on the 8th November, and peated here on the 17th December
ex-
The Swedish East Asiatic Co.'s atr Ceylon left Port Said on the 21st Novem- ber. and is expected to arrive here on or about the 17th December.
METEOROLOGICAL
REGISTER.
Hongkong Observatory, November 25th
Provious On Date On Date
Day
at
INDO-CHINA STEAM NAVIGATION CO., LTD. Chunsing, from Bourabaya, is due in Barometer....
Hongkong 5th November
SHIRE LINE, LIMITED.
Temperature
Humidity
Force
Den of Crembic, from Vancouver, is due Wind Direction....
in Hongkong 27th November, Merionethshire, from London, is due in Weather
Hongkong 18th December.
LATEST STEAMER MOVEMENTS.
The HAL. r. Uckermark left Shaug- hai on the 24th November, p.m., and. may be exported here on or about the 28th November; 2.m.
The C.P.B. str. Empress of India left Nagasaki on the 25th November, and is due to arrive at Kobe on the 26th Novem ber, at p...
SHIPPING REPORT.
Rela....
at
at 2 p.m. 6 kille
2 pm.
30.22 30.25
30,20
67
57
74 .53
East
East
East 5
D
0.00
Highest open air Temperature on 24th... 72 Lowest open air Temperature où 24th... 67
BONGKONG TIDE TABLE,
From 26th November to End Décember, 1913.
HIGH WATER
The British er. Fuensang reports: Thurs. 27 Fresh descon and fine clear weather throughout.
་ཐ".
LOW WATER
1333 4 3.0
T6
24236
Im 3 44
233 5 8
·B'kong.
H'kong
The C.P.R. str. Dupress of Russia arrived at Vancouver between 2 and 4
A p.m.. on the 23rd Noveraber.
Stean
Time.
Time.
hm.
It in
Wed.
25m 6 16
58
2 12
22
7.45 j
9 50
23 m 10 23 Fri.
52a8 Satur. 29m 1 23
Suo. 3025
Doc Alon,.. 1.m
11.08. 2
9 27
10 2 6 4
1 th 10 39 น 3
ม.6 g
4 1
1 0
235 4 4. 11 16.
53 a 45.
·18 a 4·
SALE
PASSED THE CANAL
October 17th-Benvenue, E. F. Ferdin and, Furst Bulom,
Ort. 24th Culchas, Silónia, Annam, Yorck, Braduale.
October 28th-Candia, Genstrae, l'ore. October 21st-Agamemnon, Ambrin, Perseus, Simia.
November 4th Bencleuch, Canton, China, Princess Alice, Africa, Golden- fels.
November 7th-Ping Suey, Polynesien, Satsuma, Senicgambia, Baron Balfour,
Novomber 11th-Hitachi Maru, Keemun, Kintuck, Demodocus."
November 14th-Glcalogén, Indien, Nile, Afghan Prince.
November 18th-Benlaters, Borneo,
•hina, Eumacus, Ghazee, Liberia, Bach sen, Merionethshire
November 21st-Butow, Ceylon, Der On-Sale at the Dan Press Off c2 finger, Silesia, raut Lecal... Local Booksellers.
AT THE
**LONGEONG DALLY PRESS" OFFICE,
"WITH DOG AND GUN IN THE NEW TERRITORY."
EING the Series E Article contributed - to the "Hongkong DailX PRESS" by "Sportsman, reprounced in book form.
PRICE
Hongkong, 6th October, 1913-
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