1914-03-17 — Page 5

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THERAPION

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B 1024 15:10, IKERMAN:STO

FÓL

THY TAM-DRE (TANTELESS) POENDE TALEN

THE HONGKONG DAILY PRESS, TUESDAY, MARCH 17TH, 1914

THE HANYEHPING DEAL.

HOW THE CHINESE INVOLVED THEMSELVES.

The Peking correspondent of the C Daily News gives the following interest ing account of this altair

The Hanychping deal has aroused a good deal of interest in circles which con cern themselves with the affair of China, Those who make it their business to vaino what they auppose to be the Chinese side. of things express deep indignation at the manner in which the Japanese have, imposed upon their gentle and unsc- phisticated cousins, forgetfal that when China is imposed upon it is. because individual Chinese lavo sacrificed national interests for personal gain. In financial and commercial dealings sympathy is et a discount, but it is seldom totally absent. The personal equation always counts, especially in the Orient. The foreigner is not without sympathy for the Chinese us a people, for bo recognizes that they hire engaging qualities and that they are not quite fair game in politics or commerce. But his sympathy for the mass declines in prò- portion as he discovers that inordinato vanity and ruthless greed animate many of the Chinese with whom he comes into business contact, to the exclusion of put-iotic motives.

________ HOW THE TROUBLE BEGAN,

It is because of Chines

vanity and greed that the Hanychping Company has found itself in deep water. The Japanese side of the question is easily explained. Japan must buy iron from abroad, and China is the nearest point of production. The Japanese got into the Hanychping concern over the heads of the Germans, though it is obvious that it was better for Chinese interests, if foreigners were to be let in that the foreigners should be Germans rather than Japanese. The Germans were keen to get a finger in the pic, as other foreigners have been also so it must be presumed that tho Chinese who let the Japanese gradually. obtain command of the situation were either fools or rogues.

a period of

When the Japanese first camo in they contracted to receive payment in ore and pig-jran so teen years they have cop- tons per annum. Over:

tinuously been lending money, and have been paid back in kind only a fraction of the amount lent

In the meantime the Hanyabping Com pany had been borrowing elsewhere. It owed about half a million sterling mainly to Chinese and partly to foreigners, at rates of interest between 9 and 13 per cont. The position of the Japanese, therefore, at the end of 1913 was that they were owed nearly £2,000,000 by a company which could not pay the debt, or supply by anything like the quantity of iron or are contracted for. Moreover, that company was getting deeper in the mire every day oving to gross misicanagement, and heavy charges on borrowed money. The Han yelping Company in short, was hope lessly bankrupt and the Japanese had to face the prospect of the business stopping, of losing their money, and of being deprived of the supplies of iron vital to their prosperity. The company has for long been in such a bad way that the Japanese have had to pay the monthly | wages, bill in order to keep the business

gding.

THERAPION 175

ZOR SHAFIDZANS Kanked woKY OTTERARION AREA DOVE,SHAMPAYPIRED TO ALL GENUINE PAKYT

SHIPPING REPORTE.

The British str. Cyclops, reports: Btrong N.E monsoon.

Tho Norwegian str. Anno reports: Last two days heavy N.L. wind.

The British str. St. Albane reports Heavy seas NIN.E down to N.N.W. swell, from Goto to Hieshin, northerly gales force 7.8 with high seas; from Turnabout to High Lamock north-easterly north winds, force 78, sky leavily over casts from Lamock to Hongkong E. by NE winds force 4

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36 inch $28.50

40 inol $32.50

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A COMPREITENSIVE ARRANGEMENT. Plainly, comprehensive" measures were necessary Hitherto the Yokohama Specie Bank had always lent the money to the Hanychping Company The ore and pig-fron given in payment were delivered to the Japanese Government concern known as the Japanese Ironworks, and the Ironworks paid the Bank for the material ne received. As the Ironworks have never got the quantity stipulated, the payments have been at a rate which has left the iron has been Y.27 per ton fo.b. Hanyang, China, nevertheless, has practically Yokohama Specte Bank enormously out which compares favourably with present given away an asset that properly handled of porket. To rectify the situation, that London prices. Thus, if the Japanese would be extremely valuable. Further is, to secure their debt and ensure supplies could have got ore at a quarter of its development of the Hanychping proper- of iron in the future, the Japanese in value, it is obvious they would have taken ties will be directed along lines that will December last amplified an arrangement, all they could get and taken less pig-iron benefit the Japanese and not the Chinese. first made in 2011, in the following at the market rate. But in fact the For this result the Chinese have solely The Yokohama Specie Bank agreed to Japanese are so keen to get more pig iron themselves to thank They themselves let lend the Hanychping Company lending the company 86,000,000 to increaselessly mismanaged the business, refusing at the regular value that they are actually the Japanese in to begin with. They hope Y.15,000,000, nine millions of which is to be devoted in paying off the aforesaid its facilities for manufacturing pig iron Japanese and other foreign advice as to As a matter of fact the recently signed its proper conduct. Their vanity pre- Chinese and other debts at high interest and to square up some of their own old grement does not fix rates either for vented them from letting foreigners debts, while six millions is to be spent or or pig-iron, but leaves them to be manage the business, and reckless horrow in building new furnaces, etc. This settled on the basis of current marketing, combined with corrupt methods, has transaction when completed will bring the Pricos total indebtedness to the Bank to about Y.S0,000,000. The arrangement provides

In answer to the public agitation for 7 per cent, interest for a period of five years, after which the rate will be against the arrangement, the Chinese reconsidered, always subject to Government has notified the Banyehping minimum of 6 per cent. By it the loans Company that the loan agreement is null at high interost disappear and the producand, void because the necessary oficial tive capacity of the works largely approval was not obtained. increased by the establishment of new

શ

AURELESS EVASION,

But to this the Japanese with whom A no objection has been lodged either by the CATHA plant.

To ensure the liquidation of the Chinese Company or the Government-answer that debts, and the proper handling of the for all these years they have been making Finances in the future, the loan agreement similar transactions, and that they have stipulates for a Japanese accountant the right to continue according to usage adviser, as well as for an engineering in order to put their old debt on a sound adviser to watch the technical side of the footing. They deny the right of the business. These appointments involve no Government to impose the regulation, executive powers and are only to run for promulgated last year, forbidding the five years, although the debt to the Bank alienation of mining rights without will have a currency of forty years. The Government permission in the case of a Japanese record the supervision and concern whose property was already mort control provided by this arrangement as gaged to them. Further the arrangement far from satisfactory, but apparently it was made over two months ago and was the best they could make.

By CHAS, J. HALCOMBE, Formerly of the Imperial Chinese Customs

Service, Anthor of “The Mystip

Flowery Land,” ate.

THE VOLUME, which consists or 481

Pagar, and includes a 8ketch Plan of histerical interest showing the disposi tion of the Forces at the battle of Kweilit is dedicated to Sir ROBERT HART G.O.3.0., and Dr. A. RESIL

Its description of Chinese Social Customs and Superstitions, combined with the tusipis ir gives into politics conditions in China, makes CHILOR er FAE OATHAY an excellent volume for presentation to friends at Home,

PRICE

***** $3.50

To be obtained from Messrs. Kerry & WALAH, LTD Messrs. BREWER & Co., or trote the Prictors and Publishers, the

HONGKONG DATEY PRESS" Onico.

- THE TRUTH ABOUT ORE.

$4,500,000 has actually been advanced, and disbursed under the supervision of the Japanese accountant adviser.

to.

Some loose statements have been made In the circumstances the Japanese as to the price which the Hanychping intend to insist on the validity of tho Works hero been receiving for the ore transaction. Moreover, they do not intend Ore from Bilbao, it has been argued, sells to allow the Hanychping property to pass in Middlesbro for 18/- per ton, and into the hands of other foreigners, for because the Chinese have hitherto received while the agreement gives the Chinese the only 6/- per ton it is assumed that they right to pay off the debt out of their own have been defrauded of the difference. resources, under it the Japancso refuse The price of the Bilba ore includes accept liquidation by funds borrowed freight to Europe, while the Tavch ere is from any foreign source. fub, only in the Yangtre Froight from Tayeb to Wakamatze is something like 9/- per ton, As a matter of fact the Chinese do very well at the rate of 8 for mining and transport to the barve on the Yangtze only cost a little over per ton leaving the substantial prou of nearly 4/- per ton

CHINA'S OWN FULLY AT FAULT The agreement provides indeed that the Japanese shall have prior opportunity to land in case the Hanyelping Company in the future shall desire to borrow from abroad. The Japanese in fact have obtain. ed a firm hold upon something of parti Further to confute the statement that cular value to them, and they have no the Japanese are cheating the Chinese in intention of letting it go. That they have the price of the oro, it may be mentioned made pretty good terms for themselves that the Japanese have been taking about 300,000 tons of ore annually from the gocs without saying. But to say that they Hanychping Company and t0,000 tons off haver defrauded the Chinese is quite pig-iron. The price allowed for the pig.

another matter

ended in practically irretrievable mort- gage of property that ought for years past, to have been pouring revenue into the public treasury, and which in the a mine of future would have proved o wealth,

LATEST STEAMER MOVEMENTS,

The IGM str. Klezst left Shanghai or the 15th March, at 8 a.m., and may be expected here on or about the 17th March, at 4 p.m.

The Cen

The str Glenturret passed the Sucz Canal on the 18th March, for Hongkong via Straits.

The GPR str. Montenyle leaves Bhang her on the 17th March, at 2 pm., and is due to arrive here on the 20th March, at

p.m.

The CFR, str. Empress of Jepun left Yokohama between 2 and 4 pm, on the 16th March

THE RIVALS.

Threa small clothier's shops stood in a line together by the market. The man on the right side decorated his window with a huge bill :-

GREAT SALE OF FIRE SALVAGE ANICE

PRICES

FROM

$35

TO

$225.

VICTOR-VICTROLA

EXCLUSIVE DISTRIBUTERS

MOUTRIE'S

WESTMINSTER TURKISH " SPECIALS?

$1.25 per tin of 50.

TRADE

∙PRICES.

FROM

$35

TO

$225.

AIDE-DE-CAMP

VIRGINIA

[51-5.

70 Couts per tin of 50 Cigarettes.

Tobacco Co Ltd

Westminster London

Manufacturers of Cigarettes & Smoking Tobaccos of the Highest Quality only

Obtainable of all High Class Tobacconists

GOLF

BALLS

FREE.

GOLF

BALLS

FREE.

In order to introduce our Brands of Caparottes quickly to the Notice of Smokers who appreciate something out of the Ordinary we have decided to present GOLF BALLS to Smokora of our Brande.

__________ HOW TO OBTAIN A BALL.

In return for 5 of the tin ash trays that are packed in euch 50's round tin of Cigarettes or for 5 of the gold paper seals that join the cardboard together in each 50's flat tin, we will give--

FOR A LIMITED TIME ONLY, ONE GOLF BALL that is guaranteed by the manufacturers to be of the very highest grade all produced, or if you prefer it we will give you a rant leather wallet-in exchange for the same number of ash trays or seals-that contains a golf scorer and we will also give you rofille

Keturn ash trays and labels to

WESTMINSTER TOBACCO COMPANY, LIMITED, 18, BANK BUILDINGS, HONGKONG,

Hongkong, 11th March, 1014.

APPLICATIONS FOR AGENCIES IN

CHINA AND JAPAN. Should be sent to our Agent:-

MR. TA

[398

RIDDIMAN JOHNSTON,

13, Mikawedai-machi, Azaba-ko, Torro, JAPAN.

SHACKELL, EDWARDS & CO., LTD.

MAKERS OF

PRINTING INKS

FOR OVER 120 YEARS.

RED LION PASSAGE, FLEET STREET, LONDON EC

MOGUL" LINE OF STEANERS

NOTICE TO CONSIGNEES

The Steamship. "BATHAN-

FROM GLASGOW, LIVERPOOL 70

STRAITS,

BEN LINE OF STEAMERS.

NOTICE TO CONSIGNEES.

8.SHENARTY"

FROM LEITH, MIDDLESBRO",

LONDON AND STRAITS.

ONSIGNEES of Cargo are hereby informed CONSIGNEES«f Cargo are hereby informed that all Goods are being landed at their that all Goods are being landed of their risk to the hazardous and/or extra bezszións cisk into the Godowns of Helt's Wharf at Godowns of the Hongkong and Kowloon Wharf from The Kowloon, whence onder from the wharvis and Godown Co, Lid, whench Jelivery may be oblataed, Erbarres delivery may be obt * No Clairas will be admitted after the Goods No Claims will be admitted efter the Goods- have left the Godowns, and all Cook | have left the Gotoway, and all Goods rotasining

Thoone on the left si le put out a counter maining undelivered after the 20things, srill andligared for the 20th inst, will be placarde

GREAT SALE OF BANKRUPTCY STOCK. /

The man with the middle shop wondered what he could do, as fire and bankruptcy had been annexed by his rivals to let und right of him. After much thought, says the Manchester Guardian, he put up a hand pointing to his doorway and a huge placard inscribed

MAIN ENTRANCE.

to reuter

All Claizas aquinst the Steamer must be pre All Chims against the Steamer must be -gated to the Uzdersigned on or before the 10 resented to the Undersigned on or befize the April, or they will not be recognised2th inst or they will not heregatet,

All broken, chafed, and damaged Goods are to be left in the Godowns, where they will be

zamined on the 20th Inst, st 11-1.6.

No Fire Insuranca bas been effected. Bills of Lading will be countersigned by

DODWELL & Co., LTD., Agents, Hongkong, 13th March, 1914. 1415

All brokna, chsted and damaged. Goods are fo be left in the Godowns, where they will bo

atured on the 20th izst., at 11 ASI. "No Fire Insurance has been effected.

Bills of Lading will be acnuteraigued by

GIBB LIVINGSTON & Co., Agents. Hongkong 13th March, 1914, 7426