1916-03-30 — Page 3

Page

CORRESPONDENCE.

HONGKONG CURRENCY

PROBLEM.

[TO THE EDITOR OF THE “HONGKONÜ

DAILY PRESS

requests by Britisher "

the Pross discission therean, should be re- printed in pamphlet form,

THE HONGKONG DAILY PRESS. THURSDAY, DLA USIJE ZIER, 1916.

cunt understand

R

SITUATION IN CANTON.

·REVOLUTIONARIES THROW

BOMBS, TADUA

[BY COURTESY OF THE CHUNG NGOI

BAN PO

The No. 9 Police Station, which fu in the

a revolutionary, and the building.

on

When the alarm was raised soldiers were

INTIMATIONS

LANE

CRAWFORD & Co.

ESTABLISHED 1850.

Ho resents my derision of his silly notions COMPANY MEETINGS. that he was making a profit by his ilustra- tion of the purchase of a box of Pear's CHINA SUGAR REFINING CO., LTD. soap aga Chinese store, and asks me to: teliovo that all I said on that scoro did The anginal meeting of the above Com ocaur to him, cannot for a moment, be-pany was held at the offices of the General lieve it He then immédiately complains that I did not pay any attention to his re-Agents (Moses, Jardine, Matheson & Co.) mark that if the coins and notes were at yesterday, the Chairisan (Hon. Mr. SIR-I wish 10 add my support to the par might buy the box of senp at 3.30 David Landale) presiding. There were also central portion of the city, had been bomb- instead of 8.40. Only a Philistine like Apresent-Hou, Sir C. P. Chater, C.M.G., and Small Confuoian Economist

ed by Changs" that Mr. Xavier's specob, and that if the notes, and coins were at par Hon. Mr. E, Shelim. Mears. F. Maitland; was seriously damaged. At 6 p.",

there will be an end of all discussion, J. W. C. Enunar, and H. P. White (Con Tacáday three bomb, were thrown in the which ense not even a Philistine could make any profit. What concerns on argument sulting Committee), Mr. C, W. Biswick western part of the city, one at Taiping

Lee Kwan, another Ching Yuen Street. NOTHING IS SO QUICKLY AND THOROUGELY REFRESHING AS is the Currency evil, our of which "A Con (Bceretary), Sir Robert Ho Tung Messrs. Jucian Economist "boldly asserted that he

and the third at Fung Lei Bridge. Three alono was making a profit; this I success. C, Moxon, P. C. Petts, B. D. F. Beith,men were injured at Taiping Lee Kwan.

CUP OF REALLY GOOD TEA. fully refuted, for instead of a profit, heJ. W. Stewart, J. H. Undersiel, C. Wood. but none was injured at the other places. suffered a loss because he paid for the extra head, B. F. McDougall, He Fork, Lodespatched to maintain order, charge on the real cost of the goods so as Cheung Shin, Chon Po Sten, G. M. Shaw to enable the stores to convert the sub-Manager), F. M. P. de Gracy, C. S.

CHINESE LEAVING CANTON. coins into bank-notes, the result being that Remedios, and 8. C. Ismail.

There is a noticeably larger unmber of the atores did not proft by this extra charge Tho not ce evening the meeting having the better-class Chinese coming down to but the money-changers did, while "A Conbeen read,

Hongkong, The Kinshan yesterday brought Lucian Economist was the only sufferer, The CHAIRMAN said-The report and ac between night and nine hundred, and it is Now he suddenly veers round and says: counts, with the auditors' certificate attech.ignificant that the majority of the car. prosent wate of affairs, small retail-buyers week or two, I will, with your permission,

My conviction remains firm that in the ed, having been in your hands for the pasted their household effects with them. fare profiting by the ingin evil." I wish take them ne road,

he would be more consistent with his cri ginal statement that he alone was making Agents and Consulting Commitice and It is with great pleasure that the General profit, out of the evil and not the smallthemselves in a position to present 80 retail-buyers because, being myself one of satisfactory a report and once more be in a Chem, I deny his allegation.

position to pay a reasonable dividend to Shereholders, We also feel sure that the proposal to utilize the past year's success ful working to strengthen the position of the Company will have your approval, and in this connection I will briefly enment upon the items in the proposed allocation of the profits.

Mr. Xavier's propowed ramedy for the agio ovil, by the substitution of nickel, in place of silver, for the minting of sub-coins, would appear, to the uninitiated, to be Jikoly to make matter ware instedd' of belter, and I would point out that he does mot explain on what grounds he has formed his opinions,

"Confucing Economist would appear to be correct in his statement that the recent Currency Law which excluded Chino coin from the Colony could quite well by followed up by other laws which would exclude Silver Dollars other than thoas mined by the Hongkong. Govern- ment, and which would make it illegal under heavy pénalty in offer discount or demand premium on the Coliny's currency

in notes or coins.

This would strike at the heart of the money-changer evil, which Mr. Xavier has so ably explained to us in his lecture and his letter, and which shows that in the money changers we are harbouring parasites in the guise of benefactora. In this cronco. tion it would be interesting (if figures are available), to have statistics showing what amount of currency is annually exchanged by (1) the money changers, and (2.) the

banks

I am glad however, that A Confucian Economist ngrees with my statement that the valuo of fire sno-dellår tjank-nos higher than a five dollar note. Instead of again giving a silly and erroneous craniple of how this is caused, he should stick to his original argument that the banks were to blame for the Currency evil becauso il was they who were maintaining a high value for their arse and try to break down my arguments showing the absurdi. ties of his views on this quest'on. As this is the only important question he has raise I do not want." A Confieun Economist " to run away from it, Scoing that, on his own admission, there is also a disparity in the value of exchange as between bank notes, dres he still maintain that his argu- ment holds good that it is the Banks which are maintaining a high value for their notes!

4

The setting side of the sum of $50.000 for repairs and renewals is high'y essential to enable us to discard certain old portions of our plant and replage sanie with more modern appliances,

It, as "Confución Economi" nuggets, I am come now to deal with h's last para- the banks are as much to blame as the graph, in which he says that the Govern mong should prohibit the importation of money-changers, the above steps would Merican dollars. What he said before was straighten this matter ous also,

the Government could restrict the further Before the Government can be i duoedportation of dotters, a self-evident con-machinery. Bome of the buildings at East

tradiction.

nection with the Company's business the the great inoresse in detail work in con- Committee recommend that the auditors' re muneration be increased from $375 each to 2500 each,

Mr. Lo CHUNG SHIT proposed that. Messrs. H. Percy Saith and A. R. Lowe

appointed auditors of the Company al remuneration of 2500 each. Mr. Mo- agreed to. DOUGALL seconded, and it was unanimously

The CHAIRMAN announced that dividend warrants would be ready this morning.

SHANGHAI WATERWORKS CO.

ANNUAL MEETİNG, "

The thirty-sixth jual general meeting of the shasholders in the Shanghai Water- works. Co., Ltd., was held on the 24th inst. in the office of the company,

You will notice that we propose to write. off a sum of $100,000 from the book value of the Swatow property. You are doubtless aware that it has not been posible to work | the Swatow Refinery for a good nusher of |years.and.there does not appear to be any Mr. A. Hide Presided in the absence of prospect of opening busines there Ithe chairman of directors, Mr. L. J. is very necessary, therefore, to write down fubiit, who was suffering from a cok!. this property when we find curselves in He said the total receipts for 1015 amount- position to do so,

ed to Tis, 681.181.4gainst Tls. 645.274.75.

2100,000 be written off the hook value of tota

We also propose that a similar sum ofan increas of Tha. 35.808.08; and the expenditure was Tla 213.295.07. the Hongkong property, an account which against Tls. 155,04 05 an increase of Tis. nisa covers the value of buildings and 18-249-02. has waking the nett increase in revenue Tis, 17.057.00 over that of 1914 and Paint are old and one of the machinery the balance carried to profit and low In reviewing the whole controversy has become obsolete and in our opinion the account T8.407,880.30 against Ts.450.228.70 humbly submi Sir, that "A Confucian provisions recommended are required and result which I think may be considered Economist did not stick to his own argu- trust will meet with your approval.

satisfactory,

In July the directors declared an interim We are taking advantage of the present dividend of 20/- per share, being at the In closing my letter I have to add that abnormal times to get rid of obsolete only Small-change," who is just as bad machinery ut both Bwatoy and East Point Philistine" as "A Confucian Econo-nt prices which before the war would not mist," could say that his brother's argu-have been deemed possible. ments were sound. And if ever I put în pring my speech in pamphlet, form, I regret that I shall be unable to accede to his re- quest to place side by side with my writ Sin, My ideas of controversy is of ings anything coming from the doleful land

of "! Philistin." Yours faithfully,

J. M. XAVIER.. Hongkong, March 28th, 1016.

THE STUDY OF CHINESE. TO THE EDITOR OF THE "HONGKONG

to take these steps, however, we must show, withouy any manner of doubt that they will benefit the bulk of the community, and Foots and figures that will help to establish this are badly needed.--- Yours faithfully,

Hongkong, March 29th, 1916,

PLEBIS.

[TO THE EDITOR OF THE “HONGKONG

DAILY PRESS,"]

criticism are that it is essential for the controversialists" as well as for the critics to understand the subject-matter under dis cussion. I am no bully, and I never brow- beat. I certainly do not understand what

A Confucian Economist" menng by the ** standards which rule controversy "; I paly understand and con abide by the rules of controversy as an ow doing even with a "Philistine" like himself.

ment,

a

DAILY PRESS."]

Sit. We have to congratulate Mr. W. H. Eell upon his suggestion to establish a school for the study of the Chinese language by commerotal Europeans bere in Hongkong, and the Chamber of Commerce upon adopting it. We shall await with interest the report of the Committee ap- pointed to draw up the scheme,

Chinese

The provisions above referred to will enable us to replace old machinery with new and generally do some reorganization work without increasing the capital cost of the refinery, while greatly adding to the efficiency of the works.

The proposal to place. $250,000 to the equalization of dividend fund will bring the total at credi, of tint account, up to 2300.000. This will be of great service to as in lean years, and will also be available be an asset to offset any loss in the event

of an advorso reaction in suver values which unfortunately, are incidental to the trade owing to its speculativo nature You must remember that we have been forced

war condens now prevailing, up to a very high level of price by the

W trust that the recommendation to divide $20,000 in bonuses among the finery staff will meet with your approval,

na it is some considerable time since we were last able to do this, and we think that the recognition of their capable and loyal services, often under very trying candi- tions, is well deserved.

CEYLON TEA (red label),

ORANGE PEKOE in 1 lb. tius 95 cts.

ENGLISH

TEA

BREAKFAST

(brown label),

Selected and Blended with the utmost care from the finest growths of Pure Ceylon and China Tea in 1 lb. tins 95 Cis

FOOCHOW BLACK TEA

(yellow label),

CELEBRATED CUMSHAW BLEND

in 1 lb. tine $1.

HANKOW TEA

in 1 lb, tins 95 cts.

(white label),

The above Teas represent exceptional values at our Prices. Grade for grade, will show considerable saring. You will find it a decided economy to use these High Grade Teas, as they will go further and make a better Tea than the Lower Grades

same rate as in the previous your. This HONGKONG, CANTON, MACAO

WEST RIVER

STEAMERS.

JOINT SERVICE OF THE HONGKONG, CANTON AND MACAO STEAMBOAT CO., LTD., AND CHINA NAVIGATION CO. LTD.

was paid at exchange 2/3, absorbing Tls. 145.833.33 as compared with Ta, 129,719 at 2/6 for the corresponding period of 1914. After payment of this interim dividend, providing far interest en de bentures, placing The 21.140 to deprecia tion account against Tls 15.320.65 the previous year, and writing off two amall amounts of brokerage and exchange, there Temazus a balance at credit of profis, and loss account of The 265,851.63 against Ts. Blugi Fare by Night Steamer 289.901.50 in 1915, which von directors ne stated in the enport, recommend be dealt

follows:-- with ai

.183.321.60

Pay a final dividend for the year.

of 28/- per share at 27 Pay Bonus of 2 per share. 13,094.40 Pace to Equalization of Divi-

dends accoREF.

27,

Carry forward to new account... 44:435.05

If these proposals mact with

your ennrova) the comparison of 1914 with 1815 will be as follows:

Shares

participating

in interiin and final div: Additional shares par- ticipating in Final Total dividends at 48/-, Dividend only zones

TI 1914.

-TI.

1915.

16.350

18.350

1.041

per share costing...328.582.35 325.654.9′′ Bonus at 2/- per share

cating. Totat surplus dealt with after making

13,094.40

the soal provision...418,710.56 411,164.98

The Chairman, at my keture, never in vited the public to offer remarks after the address"; ho simply invited a discus- sion. "A Confucian Economist's only knack soeras to be his propensity to dis kort overything and to indulge in abuse,

As every one knows, tho He says he does not think that he called language is one presenting many diffi- As regards the business of the Company, me anything, yet he repeats that I gave cultes. Some think that with a knowledge during the past year, the predominating very little time to the study of Political of spoken Mandarin and Cantoneo & perinfluence has, of course, been the European Economy and its bearings on Banking and son can go throughout China and be under War. Wo were fortunate in securing cam- Exchange before delivering my lecture. Istood. It is true that he will be understood,paratively cheap purchases of raw sucar this saying nothing? And what about his but it is questionable whether he will

in the early part of the year, and the course other reflection on my not having exhaust-understand the people. ed the field etc., as contained in his pre- Thero is no standard even for the Man-favar, The elimination of the best com of prices afterward went greatly in our vione attack on me and his rude reply to

darin language. If we say Pekins, we petition from Europe caused an increase in my civil request to him to disclose his name 1

are wrong, for tuost of the people talk Bonth. values in all cane sugar producing centres, Ho characterises as conventional" the

eru. Mandarin. In the South, if a man is and also opened many outlets that were new share isto having been placed to re- appreciation of my lecture by the Chair accustomed to the Szechuan language, he previously quite unassailable. For this serve, the customary appropriation from Is it conventional, also for the will find it difficult to understand funnneso. reason, also, there was los ruinous conpeti-profit, and lass account is not recommended members of the Press and the other profes sional goutleman to whom I submitted my

The language of every village differstion in China, which is of coure our prin- this year, also that it is proposed to reduce from that of noother, and this is why Euro. lecture before delivering it to receive it

peans who think that they have mastered cipal market for refined sugar. It is not, to the appropriation for equalization of divi with favour.{

the Chinese languago by being able to talk vail after the war, but in the meantine wa

be expected that these conditions will pre deuds account from Tls. 30.000 to Tis. 25.000

and to increase the oarry forward, n certain dialect find it impossible to travel are improving our organisation with a v'ew

Turning to the balance sheet you will see through one province for business purposes tanints ning the increased connection as the extensions which I mentioned Inst without an interpreter.

year as being immediately necessary urb for as possible

As I remarked a few moments ago, the represented by an outlay of Tis. 248,516.12. price of both raw and refined sugar area sum considerably in excess of that sport now upon a high level, and as the outlook the previous year under the same head- to work for the present upon a hand to exchange fluctuation account, the total

man.

It will be noted that the premium on the

In paragraph No. 2, instead of confin- ing himself to the question at issue-he corrency evil be made a wide departure hy bringing into discussion such an irre levant question, as gambling. A Govern anent that allows gambling may seemingly be benefitted by it at the expense of its if he cannot understand anything of in- is so uncertain we have deemed it advisable, but owing to the reduced amount of subjects; but, as a Government is merely the representative of the people, it neces-.

An interpreter is not a man who knows all the dialects, but he has the advantage of knowing the written language so that, portance that is said to him, he has recourse sarily follows that what cannot benefit the do away with the services of the interprofer, and the high freights now ruling are affret and extensions stands in the balance sheet to writing. The idea of Mr. Bell being to outh policy. The scarcity of tonnage value of the real estate, buildings, plant people cannot. ipso facto benefit the Govern it will be necessary for the Europeans to ing most sugar markets and business at that a lower figure than before and on the; ment. What I have consistently asserted

liability side the capital, although repre about is currency evil is this-tha, apart the written language,

ranster not only one dialect well, but also moment is quiet. Our trade with China senting an increase in sterling, also stands from the money-changers no cue can say

at a staller amount in tacks for a similar he has benefitted by the evil.

Mr Bell rightly said that it has been has also been dull for the past month or wo

Jason hard for Europeans to learn the Chiness owing to the anti-monarchical outbreak, but

By placing the premium on the now In paragraph 3 "A Confucian Econo-language owing to the impossibility of oliwe trust that this will soon subside and our mist" reposts the allegation that I refused,taining suitable books. When a Chinaan however, expect profits on the 1915 scale brought up to approximately Tls, 500,000

normal offtale be resumed. You must nớt, sharo issue to reserve this account ufter delivering my lecture, to answer, a pertinent question put to me by one of my speaks on anything serious, he generally every year,

and it should not be accessary to make any audience as to the difference between the with classical of historical allusions, and rent proclatantion by the British Auther-profits for some time. With the increase in

adopts a heavy language, interspersed In conclusion, I might, mention that the further appropriation to this account from intrinsic value of ben dimes (nothing about this ads to the difficulty of preparing atis confining the expert of sugar to Bri- the amount of plant installed it has her silver) and a silver dollars (nothing about book suitable to meet the exigencies of all. a Mexican dollar). It was a caso of mis-

fish Possessions will not affect us to any thought advisable to set aside rather more The spoken language of any nation can great legre, so long as the special licence is this year to depreciation account and the

is

nnderstanding an account of the use of the acquired by association with its people, granted to the Hongkong reliveries to ship account has been increased to Tis. 300.000,-

American colloquialism by the questioner, Both the Chairman and I were under the impression that the question had reference only to American coinage which hol, as such, no

Hongkong direct bearing on Currency."

Paragraph No. 4 contains no argument

and so with the Chinese language.

As one who has had experience in the teaching of this language to both Euro peans and Chinese, I think that the best course is to select 'n vet of suitable Chines

renders and teach the language from it

to China, their principal market. other out ets that are dosed by this measure aro fortunately not of vital importance

to us

The The total quantity of water pumped was 4.274 million gallons against 3,02 mill us the previous year, an increase of 341 mil tion gallons, giving a daily average in

The largest crease of 835.677 gallons quantity of water pumped in one day was 16.235.768 gallons, which again establishe in exces, of previous achievmenta, a record, being threa quartons of a million

The CHAIRMAN proposed that the report and accounts as presented, including the not forgeting to give daily some instruc payment of a dividend of $12 per share and tion in the spoken language, If the student the payment of a bonus of $30,000 to the

kern and keeps his eye open and is ready stuff be adopted and passed,

The Hon. Sir PAUL CHATER seconded,

to ask questions, be will in course of time

3

Fletorn

HONGKONG-CANTON LINE.

WEL

$6.00

(available also for return

by day steamer)

HT

200

to 10.00

.

*சுர

*கம்

+

4.00 8.00

gle Fare by Day Steamer Eatora

HONGKONG TO CANTON,

8. KIKBHAN,

FRIDAY, 31ST

10 pm, HEUNGSHAN,

CANTON TO HONGKONG,

MARCH, 1916,

8. HEUNGSHAN.

4 pm. HONAM,

THURSDAY, 30TH MARCH, 1916,

8 AM HRUNGSHAN, 10 p.m. HONAM,

8. am. HONAM,

6 pm. KINSHAN,

HONGKONG-MACAO LINE.

8.8. BUI TAL, Tors 1,6614- VI

on TAISHN. Teen 2006. HONGKONG TO MACÃO. Week days at 8 am and 2 p.m. from the Company's Wing Lok Street Wharf. dazdayı 41 9 8,m, and 1 p.m. from the Company's Winy" Lok Street Wharf.

MACAO TO HONGKONG

Weak-days no 1780. um. und 2 p.m. Sundays at 1,87 mm, and 3 p.m

EXCURSION TO MACAO.

SUNDAY, 2ND APRIL, 1918.

The Company's Now Bloemship

“TAISHAN”

-Will depart from the Company's WinG LOK STREET WHARE si 9 am, sad retorn from Macno si 3 p.m.

NB. The Company will also rus = Siemer from Masto on Sonday at 7,30 sm nd from Hongkong at 1 pm, from the Company's Wing Lok Stroci Wharf

FARES AS USUAL.

MACAO-CANTON LINE.

8.8. SUT AN.

Departures from Maco to Canton on Monday, Wednesday and Friday, s189 p.m. Ispartares from Canion to Macao on Tuesday, Thursday and Esturday, s1,4.50 p.m.

JOINT SERVICE OF THE HONGKONG, CANTON AND MACAO STEAMBOAT CO., LTD., THE CHINA NAVIGATION CO., LTD.

AND THE INDO-CHINA STEAM NAVIGATION CO., LTD. CANTON-WUCHOW LINE.

8.8. BAINAM, 588 tons, sod 9.8, NANNING, 569 tome, One of the above Broome leaves Canton for Washow every Monday, Wednesday and Friday, as strous m., and the other leaves Wachow for Canton on the esine daya at 8.30am. Round trips take about 5 days. Pamengers can return to Hoogkong or vice veran by the Company's direct Bleamers LINTAN and SANUI. These vessels have superior Cabin accommodation and are lighted thronghoat by electricity. Electris Pau in each Cabin

Booking Office open daily (Sanday excepted) a.m. to & pan Further particulars may be obtained at the Office of the

HONGKONG, CANTON & MACAO STEAMBOAT CO., LTD.,

Hotal Mansions (Fires Floor), apposits the Blaks Piar,

GULA-KALUMPONG RUBBER

ESTATES. LTD.

of

*[128

FOR EUROPE AND AMERICA, INDIA, AUSTRAL 16, ČIO, and for PRIVARD RESIDENCE AT THE OUTPORTS, A Comprehensive and Complete Record of the NEWS OF THE FAR EAST is given in the

H

The following telegraphic summary of the year's working has been received by Messrs. Lowe, Bingham and Matthews Tetal output of Rubber; 1,053,135 lbs.; total yield of coconuts, 1,750,580 nuts; amount placed to reserve, £30.000; --- whatsoever, only animosity on his part.

dividend. 1/9; rate of deduction in the f I am glad that in paragraph No. 5 he

for income tax, 2/8; grass price realised bay contradicted himself by admitting that

rub- The report and accounts for the year 1015.

per lb of rubbor. 2/4; all in cost the tool is the main basis of Shanghai Cur-be able to fall Chinees well. This course: There were no questions, and she motion dend for 1915 of 28/- per share and a boxu to staff and depreciation 11; profit per as presented, were adopted; a final divi-ber, including Managers' commission, boxus rency and not the Mexican dollar, as be asserted in his previous letter. His learn- time from those who wish to study the may at first appear to demand too long a

was carried unanimously.

of 2 were declared payab's to Shanghaib. of rubber, 1/43; Balance at credit of The reembers of the Con ulting Committee at exchange 2/1 per tael; Mr. L. J. profit and loss account, including brought Tan ed explanation further on of tael, etc., is Chinese language, but it is the one most

Cubitt was re-elected a director; and a cum forward from 1914, £82.917; estimad merely a petition of what I said in suro to lead to sucose, and the attainment Wero re elted, on the motion of Mr. Ho lecture.

not exceeding 10 per cent, of the annual output of rubber, 1916, 1.269.000 h.; of cocoanuts, 1916. of the end in view ie, dispousing with Fox, worded by Mr. IEEE,

The CHAIRMAN Before we proceed with salaries of the staff was placed as the destimated output Paragraphs Nos. 6 and 7 are with devout the services of the interpreter. I am, etc., the appointment of auditors of the Composal of the directors to be distributed at 2.010.000 mts. The annual meeting will be of any argument, so I will deal with para graph No. 8.

J. X. BATALHA. Frany, I should like to say that in view of their discretion.

held on April 4th.

ONGLONG

P

W

RESS.

EEKLY

with which is incorporated CHINA OVERLAND TRADE BEFORE, Subscription, paid in advance,

$12 per annum.

Postage $8 to any part of

the World.