1915-10-26 — Page 3

Page

THE FOURTH YEAR INTERNAL

CHINESE LOAN,

While recognising' the value of the unifi- sation and adjustamont of old and now taxes በዚ the fundamental process for securing such

revenues 15 shall be

adequate to carry on efficiently the administrative work of the Chiness nation, the Peking authorities have not over. booked the fact that the flotation of domestic loans furnishes a ready meanz of providing funds for urgent uses. The issuing of the Fourth Year Internal Loan immedutely after the Third Year Loan shows the earnest wish and deliberate effort of the Government to educate the masses and make them inmillay with such national uncial transactions. The seru pulous care with which the Government prepare and makes payments of coupons and redemption of bonds tests to the desice of winning the people's confidence The best pronouncement of the tivernent's succes in achieving both these objects is the fact that the Fourth Year Internal Lian jjes been fully and over-subscribed.

and triet.

These newspapers persist misrepresenting the "true "state of affairs and attributing maworthy motives to the Chinese Govern ment in every step it takes. For instance, the Government appoint the provincial finance bureaux to act as agencies for the Fourth Year Loan, simply because most of the Chinese cities and towns do not possess modern banking institutions, and under the circumstance, the finance bureaux. are the roost convenient organs to under- take such transactions, and to offer facili ties to all the bond-purchasers, But certain foreign papers say that the finance bureaux are appointed as agents, because the Government wish to apply, pressure on the people and foren them to buy the hands. This is far from the truth. These papers should recollect that Japan adopted exactly the same procedure when they first floated domestic loans. In the 0th Year of Meij, the Japanese "rnment appointed local official organs to caivass Inan subscriptions. With the development and extension of the banking business, lows and less reliante is laid on official organs, and at last in the 30th year of Meiji the flotation of loans was entirely placed in the hands of the banks. Thus it can be seen that the methods at present adopted by the Chinese Government is the only measure possible in a period of transition, and it would be unjust to say that the Government wanted to fored the people to huy the bonds.

THE HONGKOMI DAILY HRESS, TUESDAY, OCTOBER 26TH, 101K.

FORESTRY IN ANHUI PROVINCE.

WHAT CAN BE DONE IN CHINA.

A correspondent writes to the N.-O. Daily News on this subject as follows:

DURATION OF WAR.

AMERICAN VIEWS.

VALUE OF RESERVE POWER.

The New York correspondent of the London Daily Telegraph cabled as follows on the 21st ult. —

INTIMATIONS

LANE

ORAWFORD & Co.

SOLE AGENTS FOR

competent SPALDING'S

Earl Kitchener's assertion last week: The forestry work is Anhui started with H.E. Han Kuc-kyiun when he was Civil that the Germans had almost shot their Governor of the province, H.E. Han bolt" seems to be forming the text for is a member of the Colonization Associa- many interesting articles by Americas tion and his interest in forestry matters strategists who have followed the war is well-known to all. No sooner had he closely from the first. The conclusion at become Governor of Anhui than he scus which these independent - neutral, and,

very for Professor Joseph Bailie and Mr. D. for the most part, Y. Lin and conferred with them about the observers arrive is, on the whole, most possibility of getting forestry work start-encouraging to the Allies, but they all ed in Auhni and, as a result of the con- insist that much depends upon preventing. ference, Mr. P. C. King, a Master of Germany Forestry of Cornell University, was re- commended and made Chief Forester for the whole province.

foe within ging a decision over some next ten months. One notes that the statistical situation apon which the American experts- base their It is must gratifying to note what Mr. argument is very much the same as that King has done since he began the work accepted in England-it is by no means early this spring. More than 45,000 frees accepted as quite accurate in detail, but It is conceded the Austro-tiermans are have been planted on the hills outside the is regarded as a basis for calcultions. West gate of Anking, and it is Mr. King's idea that, wher, these trees grow up, they possibly, nay, probably, as large to-day shall serve to demonstrate to the people as they were in the opening months of of Anking the advisability and practi- the war, when their field forces were com- The deciding factor To provide pletely organised. cability of reforestation. The Fourth Year Internal Loan was flated under circumstances vastly more

seedling stock for further reforestation, of the situation providing Gormany, as difficult them those attending the Third

a good-sized nursery has been established. we expect, fails to get a décision over

sune fois a question of reserve power, and this nursery has already got more Your Rian, A few of the causey may be enumerated. Firstly, the continuance

goon be Finance and The Ministry of

the than 374,000 seedlings, which will of the European War makes more National Loan Burgau in writing to the ready for distribution, 1 stringerer of the money market in

provincial Finance Buretut reposterily the Far Bust. Svcondly, in the lust eum

aduenished them that in encouraging the mer, loads broke mot almit quarter of the country and the famine people to bay bands, they should refrein from taking any aesion that night he conditions the very serious in such pro

construed as making compulsory levies, vinees as Kwantung, Fakin, Steel. Fenglion, Asher And Chekiang. Thirdly, the Financial Burraux exutually the flotmia of the Fourth Year Lon

n every

foll-wed to cowly in the heels of the Third Year Loan and the people were not given a hypathing space within, which to accumulate Qwipe Syings. In the face of such dieulties, the Government on issuing the ion in Aprit last did not expect that the lom would be entirely tuken up within a brief pecivil.,

proved themselves that they were quite able to appreciate the wishes of the Government in this respect. Over-zealous | oss.

is not allowed of and a few

e

A

WINTER, 1916, OR SPRING. 1917. And bere American observers comend, with much emphasis, that reserve power This is not all that has been done.

is altogether in Your favour. The Forestry Department has been added to the formation of a Forest Bureau, with 1917 1918 classes for their requires the Provincial Agricultural School, and Austro-Germans, after drawing upon the we are convinced, only forest stations established all over thements, have, province, is under way, which we hope 1,200,000 in the field and 5,000,000 i will materializ. But Ma, King realized reserve, Making all allowances it is the difficulty of getting such a Bureau argued that in the winter of 1916 ur the properly started. He knows that, unless spring of 1017 the Germans will be unable he has the co-operation of the people, he to hold their present lines, and will have cannot hope to push the matter through, to narrow their fronts both East and and co-operation cannot be had until a West. If Germany should get a decision, public sentimens for it has been created and eliminate Russin this winter, then So Mr. King has asked Civil Governor she would be able to meet her other focs Li's permission to invite Mr. Liu to go up about on an equality-certainly n to Anking to conduct a forestry lecture better ratic.

All things considered, the best informed campaign, and it is their hope that such

campaign will create a public interest and most reliable of our American experts in forestry matters and that the people seem agreed that Lord Kitchener may will more readily co-operate in the carry-have a little anticipated German distress, "but not much." In this estimate they ing ont of Mr. King's plans.

have accepted the best figures available, and subjected them to rigid scrutiny, and, to some extent, vision, and speak- ing generally, have accepted the view All ein- most favourable to Germany. phasise the vital importance of the pre scut and next few succeeding months,

Magistrates of distant inland districts who to easily and tactlessly have boa punished

The success of the present loan may be ascribed to several choses, In the first. Howevee the provinces respended warm place, it is due to the efforts of the authori- Domestic I to the call of the Government, and pro-ties in educating the masses.

It is mises and assurances were followed by ans are yet new to the people,

that the people should regular remittances of loan proceeds to realized Peking with the result that the subscrip enlightened and made to appreciate the

Mr. Lin is already stirring up a good tions have greatly exceeded the authorised advantages and purposes of domestic loans.

deal of interest in Anking. It is reported amount. The speed with which success is This campaign of education was assisted

that as many as 3,050 people have stead achieved enne sa surprise to the finan by the Society for the Promotion of

ed his lectures in three days, and the cial anthities. That the peoples are Domestic Loans, which prepared nuner-

Governor is so impressed with these lec being educated, and made familiar with ous pamphlets explaining in plain langues that he has asked Mr. Lin to go with the purpose and benefits of domestic longe the principles and purposes of loans Chief Forester King to tour the south of is a good sign for the future. We give and distributed them all over the country. Anhui, with a view to stirring up more below a statement showing the Agencies In this way the elementary truths were interest among the people there.

impressed upon the minds of the people. and Amounts of Subscriptions; --

Agencies

Amonnits of

Secondly, the success is due to confid- Subscriptions.ence of the people in the good credit of $ 2,180,650 | the Government. It is evident that mere 3, 137.685 literature will not suffice to induce the people to buy the bonds and that some- 1,170,085 thing more substantial is required. For- 340,200 merly, the people did not like to buy 200,000 bonds, because they were not sure whe 725.300 ther they coulit get interest or even recover the late principal. The punctuat 1,000,000

030,000 and prompt. manner in which the Gor- erne meets its obligations, such as the 900,000 1,350,000 redemption of bonds and payment of 610,000 coupons of the Nanking 8 per cent, Lean, the Patriotic Loan, and the Third Year 1,200,000 Loan, removed the last vestige of prejudice

800,000

Their con and doubt of the people. 1,000,000

fidence in the Government was aroused, 1,630,000

and they showed enthusiasm in buying 200,000 the Fourth Year Bonds. 1,507,250 900,000 1,746,915 400,000

Bouk of China!

Bank of Cenmaniortions. Hongkong and Shanghai Bank-

ing Corporation

Wei Toh Tang

Kung Chi Tang

Salt Administration

Chilli

Shangtung

Shashi

Honan

Hunan

Hupeh

Chokinng

Kiangai

Kwangtung

Kwangs

Shensi

Kiangsu

Fukien

Kansu

Szechuan

Yunnan Kweichow Fengtien

Kirin

Heilongkiang

Jehol

TH

Melbourne

Cuba

Vancouver Chinese Consuš

New Zealand Peru

Paili Chinese Chamber of Com-

morce

Yu Tang Bing, Vancouver

Li Yuu Yuch

Tsen Hung Pen

Li Sum Ling

Lu Hsing Chi

Sretu-yin and Kiang Ya Toung

Kobe .... Yokohama

Korea

Panama

Total

300,000

ner

W рто-

LONDON IN WAR TIME.

"CRAMMED WITH GOLD AND NOTES."

A FRENCHMAN'S VIEW.

A special correspondent of the Figure confesses himself stupefied by the aspect of Loudon in war time.

He even admits that he cannot under stand how London can eat, drink, and be merry when so many of England's best and bravest are fighting in Flanders or the Dardanelles.

ENLARGING

GERMANY'S

HOSTS.

No

A NEW USE FOR GERMAN TOYS.

The following gem is translated from the Mainzer Zeitung:-

It is a fact well-known to many per- sons that, viewed from a great distance, the individual figures of men forming part of large troop formations present the appearance to the eye of an observer us though they were only a few inches in height.

Why should not advantage be taken of this circumstance? The warehouses of our manufacturers are just now over- stocked with leaden and tis toy soldiers. These could be placed in very consider- able numbers and in suitable groupings inclines well in view of the enemy, on hill-tops and on summits of sharp

viewed

These toy soldiers when through the field glasses of enemy officers will be mistaken for real combatants, and

the consequence will he that they will In this way the enemy's munitions draw the fire of the enemy's artillery.

game will be exhausted in vain, and at the time our valiant soldiers will be enabled to advance without any danger."

PHANTASMAGORIA.

What appears more extraordinary still to the correspondent is that there is no Thirdly, it is due to the dexterous man-

in which the Peking authorities nake-believe about it all; money pours out

At the outset on all sides like water from a tap. handled the proposition. they realised that money was tight, and "People who are making big proäts out 1,000,000 although the people appreciated the of the war make no attempt to bide the manifold advantages offered by the fact; on the contrary, they do their best 200,000 Fourth Loan, yet they would not be able to spend it as fast as it comes in. 523,000 to comply with the requirements of the

It is easy to see and to feel that the 270,000 loan if they be framed in too rigid big city is crammed with banknotes and

modificarions sovereigns. 200,000 20 manner. Therefore,

18,000 to suit the circumstances were made. The multitude of luxurious motor 70,000 The period of subscription 113,760 longed. As an inducement, the first halfcars, the crowds of fashionably dressed 40,000 yearly coupon was paid in advance, people, the whole aspect of the streets and 29,115 Thus the people were encouraged in parks cry proudly aloud that the wealth and prosperity of England have kept 7,500 soaking the bind purchase..

•Intact for all the Germans may do. As an 20,435

It may be of interest to know how Englishman remarked, You see for your the loan proceeds are spent. The pre-self how things are, and that we can hold 0,795 ceeds of the Fourth Year Loan, as well

oni ten years if necessary!?? 300,000 ns that of the Third Year Loan, are

"Ile was right," concludes the corres- 514,620 devoted to the purpose of repaying the. 600,000 Government's debts to Chinese and for-pondent; to see London would convince 300,000 sign firms. Generally such obligations anybody that British might is indestruct introduce into a certain number of 23.535 are described as short term debts, ad tible and will prevail against everyone and 134,280 most of them bear very high rates of everything. To see London is to feel what -62,000 interes. Sines the Revolution, the debts a mistake the Germans have made,

Fools as they are, they imagined they have accumulated to an immense amount, and if they are not repaid or adjusted could overcome England; they are being the Government would killed off by millions to bring England to in some way, .16,205 suffer very great losses. With the money her knees, and have not even succeeded in

raised from the Third Year and Fourth making a London confectioner sell 825,093,485 Year Loans, the Government is enabled penny worth of sweets the less!"

to make redemptions, and

19,200 51,965

numerous

An analysis of the above statement items of short term debts are paid off. shows that the Agencies may be resolved It can be seen, therefore, that in floating into three classes: (1) The financial the two domestic loss, the Government short term bureaux of the provinces (9) The Chinese has only transformed the and foreign banks: (3) Various public debts into long term loans, with the ad- organs and persons entrusted with the vantage of a lower rate of interest. This receiving of subscriptions. It is further is sound finance. seen that the agency bringing in the largest amounts belongs to the second class, the Chinese and foreign banks, which fact justifies the trust placed in them by the authorities.

THE MYSTERY OF "U27.”

fL

The following is from the Hamburg Nachrichten-*-*

Why is the British Admiralty silent about the U21 This question we, and with us the entire German nation, put to the English.

not have

"This from the Abendblalt, of Jenu, the town which (before the war) supplied a large proportion of the world's optical and photographie lenses:

"To encourage our invincible soldiers who are fighting so heroically, and to give them the impression that they were Supported by troops innumerable, why

prismatic field-glasses a series of delicate outlines in cnt aluminium representing troops in various formations}

When looking through such glasses a soldier will see his profile many times repeated thrown on the line of the hori- zon. He will thus have the illusion of seeing himself surrounded, by a numerous effective, and the spectacle will redouble his courage.

"At the same time, thanks to our excel- Bently organised espionage gustein, wo could smaggle some of these glasses into the French and English headquarters. The enemy officers employing them would be so confused on seeing the endless lines of troops defiling before them that they on an engage. would scarcely venture ment."

STONEHENGE SOLD.

Strict procedure is being observed in In making the disposal f loan. funds

payment out of the loan funds, the Ministry of Finance and the National

Had Ver gone to destruction in an hon Loan Bureau must first apply to the. For the first time a foreign bank, the President for permission, Loan accounts ourable combat with enemy warships, the

Admiralty would Hongkong und Shanghai Banking Cor are to be frequently examined and audited British poration, is invited by the Government by the Chinese and Foreign Directors hidden their triumph from the light HISTORIC RELIC FETCHES £8,COU.

Bureau, the of day.

The Admiralty still owes us an explana- actively to take part in the flotation of of the National Loan

This action drew Auditor of the Board of Audit and the tion as to the manner in which our Otto the domestic loan.

It cannot be adverse comments from certain foreign Censors of the Censorate.

We know that it was a deed of shame papers, which said that it was taken denied that the Government, in taking Weddigen with his 29 was destroyed... such special care in the handling of loan because the Government's credit was very suis sondily building itp and such as will defile the English name for weak. This view is quite mistaken. In taking this step, the Government has two strengthening its credit-Pekin Daily all time, like the bloodstain on the hand of Lady Macinth which no arts could wash away, that robbed us of our naval hero and his brave erew.

objects:-(1) To induce foreigners to sub- scribe to the loan: (2) To enable the Chinese residents in the Philippine Telands, Singapore, Strait Settlements, and elsewhere to buy bonds through the branches of the Hongkong and Shanghai

News

DECLINED WITH THANKS.

A piece of German bluff which signally

The sale of the Amesbury Abbey estate, which includes Stonehenge, at Salisbury last month, aroused widespread interest. Several hundred persons attended, including representatives of archeologi- eal societies,

Sir Howard Frank offered the pro-

perty, with its estimated net rent roll of over £4,000, as a whole, but there was seventy lote. There was no offer for the mansion, but four of the principal farms changed hands. The bidding for Stone

Now a fresh shame cleaves glue-like to the once fair fame of England. Ihat has bidding, and it was divided into become of U27, with her commander and erew!

We know not; but the silence of the

Banking Corporation, because at these failed of its purpose last month came to English Admiralty tells us enough. The henge opened at £3,000, and quickly ad- places the principal Chinese banks have light in a telegram received from Newgrim fact is, English crime and English vanced to £6,000.

not yet opened their branch offices. There York by the Fournier Agency It ap

is no doubt that the Chinese residents pears that the New York papers had de hypocrites, not England's Fleet, rule the old to a local landowner, Mr. C. H. E.

seas.

ago

The ancient monument was eventually Chubb, of Bemerton Lodge, Salisbury, for Welcome these bonds, for they bought large clined to publish the following modest

£6.600.

some years Stonehenge was amounts of Nanking 8 per cent. bonds in announcement, which was transmitted to 1912 In criticising the Government for them for insertion at the tempting price inviting the co-operation of the Hongkong of 2,500 francs a line: A financial trust

More than twenty million pamphlets scheduled to the Ancient Monuments Pro- under certain stipulations, which include and Shanghai Bank, these papers forget is at present plotting to make an advance dwelling on the political and economic tection Act of 1899, and was therefore sold that the Japanese Government also of a billion dollars to Russia, which has reasons for Bulgarian intervention on the free public access on payment of a sum The net entrusted Messrs. Rothschilds of Paris and gone bankrupt to France; which is math side of the Central Powers have been not exceeding. Is. per head. the Deutsche Asiatische Bank in Berlin as ed, and to England, which is on the es despatched from Berlin for distribution receipts have averaged about £300 per egents in the flotation of domestic loans. of insolvency!

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