RASHKB Journal 皇家亞洲學會香港分會學刊 | RAS-1974 https://digitalrepository.lib.hku.hk/catalog/x633mp077 LIST OF MEMBERS ORDINARY MEMBERS: HOYNINGEN-HUENE, Baron Ture von + 9A, Stanley Beach Road, H.K. HUMPLE, Mr. & Mrs. George D. 17, Conduit Road, Apt. 2A, H.K. HUTSON, Peter 257 HUYSMAN, Mrs, J. c/o The Hongkong & Shanghai Banking Corp., P.O. Box 64, H.K. HUYSMAN, J. 21, Broadwood Road, H.K. G INGLES, Miss J. M. c/o Banque Belge pour l'Etranger S.A., 81, Sai Yeung Choi Street, Mongkok Branch, Kowloon, JEN, Prof. Yu-Wen + Government House Lodge, Garden Road, H.K. JIN, Mrs. Jane Dong-Fang 2, Stafford Road, Kowloon. JONES, G. W. E. 3, Yun Ping Road, 4th floor, H.K. Govt. Language School, Lee Gardens, Hysan Avenue, H.K. JONES-PARRY, R. Longman Group (Far East) Ltd., P.O. Box 223, H.K. KESWICK, Simon L. - c/o Jardine Matheson & Co. Ltd., Jardine House, H.K. KEYES, Michael P. · c/o Jardine Matheson & Co. Ltd., Jardine House, H.K. KINGWELL, Mr. & Mrs. A. J.. Flat C/4, Cavendish Heights, 27, Perkins Road, H.K. KINOSHITA, James H. · + c/o Palmer & Turner, Room 1906, Prince's Building, H.K. KINSEY, Miss Margaret J. Department of Social Work, University of Hong Kong, Pokfulam, H.K. KIRKBRIDE, K. M. G. + c/o The Building Authority, Murray Building, 8th floor, Garden Road, H.K. KIRKWOOD, Mrs. Jean K. Mackenny Court, 1st floor, 65, MacDonnell Road, H.K. KNEEBONE, Mrs. Susan Y. 50, Leighton Hill Flats, 16, Link Road, H.K. KNISELY, Mr. & Mrs. Jay G. 68, Chung Hom Kok Road, Flat A-3, H.K. KNOWLES, Miss Moira G. c/o Public Services Examination Unit, Colonial Secretariat, Lower Albert Road, H.K. KWOK, Robert Chin-kung + c/o Jardine Matheson & Co. Ltd., Jardine House, H.K. LACK, Alan J. 1, Peak Pavilions, 12, Mt. Kellet Road, The Peak, H.K. LAM, Yung-Fai - c/o Ye Olde Printerie Ltd., 6, Duddell St., H.K. LAMBE, Miss Margaret - 21F, Felix Villa, 10 Happy View Terrace, Broadwood Road, Happy Valley, H.K. ================================================================================ RASHKB Journal 皇家亞洲學會香港分會學刊 | RAS-1976 https://digitalrepository.lib.hku.hk/catalog/hq382988q 22 RICHARD J. SMITH 11 Comparative studies on selected aspects of modernizing change in these two time periods would be illuminating. One might compare, for example, the aims and accomplishments of the Peking Tung-wen kuan (established in 1862) and the Bansho Shirabesho (established in 1858). On the former, see Wright, The Last Stand of Chinese Conservatism: The T'ung-chih Restoration, 1862-1874 (New York, 1967), 241-248; on the latter, consult Marius Jansen, "New Materials for the Intellectual History of Nineteenth-Century Japan," Harvard Journal of Asiatic Studies, 20 (1957), 569-582. On the use of Westerners in military affairs in Japan from 1853-1868, see Presseisen, 1-23; H. J. Jones, "Bakumatsu Foreign Employees," Monumenta Serica, 29.3 (Autumn, 1974). 12 Presseisen, chapter 1; Smith, , chapter 4. 13 Albert Craig, Chôshu in the Meiji Restoration (Cambridge, Mass., 1961), 131-136, 201-203, etc.; Richard J. Smith, "Foreign-Training and China's Self-Strengthening: The Case of Fenghuang-shan, 1864-1873,” Modern Asian Studies, 10.2 (1976). 14 Presseisen, 22-23. 15 See notes 7 and 8; also Hyman Kublin, "The 'Modern' Army of Early Meiji Japan," Far Eastern Quarterly, 9.1 (November, 1949), 24-26; Meron Medzini, French Policy in Japan during the Closing Years of the Tokugawa Regime (Cambridge, Mass., 1971), 125-133. 16 For a discussion of Li's modernizing efforts, his extensive use of foreign assistance, and the obstacles he encountered, see S. Y. Teng and John K. Fairbank, China's Response to the West (New York, 1966), 111-112; K. C. Liu, “The Confucian as Patriot and Pragmatist: Li Hung-chang's Formative Years, 1823-1866,” Harvard Journal of Asiatic Studies, 30 (1970); Kenneth Folsom, Friends, Guests and Colleagues (Berkeley and Los Angeles, 1968), 152-157; and K. C. Liu, “Li Hung-chang in Chihli,” in Albert Feuerwerker, et al., eds. Approaches to Modern Chinese History (Berkeley and Los Angeles, 1967). 17 See, for example, Lord Charles Beresford, The Break-up of China (New York and London, 1899), 267-289, esp. 270-280; Major A. E. J. Cavendish, "The Armed Strength (?) of China," Journal of the Royal United Service Institution, 42 (June, 1898), 709-710, 713-714, 717; Richard J. Smith, "Chinese Military Institutions in the Mid-Nineteenth Century, 1850-1860," Journal of Asian History, 8.2 (1974), 127. 18 See Smith, "Foreign-Training," 212; Cavendish, 709-710, 713-714. 19 See, for example, Cavendish, esp. 720-723; Captain W. R. E. Gill, "The Chinese Army," Journal of the Royal United Service Institution, 24 (1881), 371-377; Chester Holcombe, China's Past and Future (London, 1904), 81-88; "The Chinese and Japanese Armies," reprinted from the Army and Navy Gazette in the Journal of the Military Service Institution of the United States, 15 (1894), 1258; James Scott, "The Chinese Brave," Asiatic Quarterly Review, 1 (1886), esp. 240; etc. 20 See Smith, , Chapters 8 and 9. 21 See Yang-wu yün-tung cited in Smith, "Foreign-Training," 218. On Chinese resistance to foreign instructors and officers, see ibid.; also Cavendish, 720-721. 22 See, for example, L. C. Arlington, Through the Dragon's Eyes (London, 1931), 18; Stanley Wright, Hart and the Chinese Customs (Belfast, 1950), 478-481; John Rawlinson, China's Struggle for Naval Development, 1839-1895 (Cambridge, Mass., 1967), 65-78, 93-94, 163; Holcombe, 80-85, esp. 83. ================================================================================ RASHKB Journal 皇家亞洲學會香港分會學刊 | RAS-1976 https://digitalrepository.lib.hku.hk/catalog/hq382988q 24 RICHARD J. SMITH 43 See Ono Giichi, War and Armament Expenditures of Japan (New York, 1922), 57-58, 70-71, 140-144, 273-277, and Ono's Expenditures of the Sino-Japanese War (New York, 1922), 120-126; also Oshima, 372-375, 376, note 18. 44 Smith, "Foreign-Training," 219-220; Yamagata, "The Army,” 107-108; British Public Record Office, W.O. 33/34, Captain Trotter, "Some Remarks on the Army of Li Hung-Chang;" Rawlinson, 190. 45 Smith, "Foreign-Training," 219, 221; see also Rawlinson, 202-203; Thomas William Ayers, Chang Chih-tung and Educational Reform in China (Cambridge, Mass., 1971), 164-189, 204-215. 46 Smith, "Foreign-Training," 218-219; Cavendish, 721. 47 Cavendish, 711, 713-715, 719-723. 48 Smith, "Chinese Military Institutions," 157, note 135. 49 See Fairbank, et. al., “Economic Change," 20-21; Hsü, The Rise of Modern China, 527-534. On the more positive side of the ledger, consult Ernest Young, "Nationalism, Reform and Republican Revolution: East Asia: Essays in Interpretation, 160-162; Hsü, The Rise of Modern China, 535. 50 See, for example, Hatano Yoshihiro, "The New Armies,” in Mary Wright, ed., China in Revolution: The First Phase, 1900-1913 (New Haven and London, 1968). 51 Paul Cohen, Between Tradition and Modernity: Wang T'ao and Reform in Late Ch'ing China (Cambridge, Mass., 1974), 4, 148-149. 52 See Kublin. 53 Smith, "Foreign-Training:" Ralph Powell, The Rise of Chinese Military Power, 1895-1912 (Princeton, 1955), 245-246, 262. An interesting question is whether the Manchus could have preserved their power, and even enhanced it, by undertaking meaningful military reform at the central government level. Although vested interests in the army were pervasive and solidly entrenched, one cannot assume that what happened to the dynasty in 1911 would necessarily have happened in the same way had the Ch'ing government initiated reforms in the 1860's and 1870's comparable to those undertaken by the dynasty in the early 1890's. By the beginning of the twentieth century, anti-Manchu sentiment was a powerful ideological weapon, at least in part because the Manchus had proven so totally incapable of protecting Chinese interests against foreign encroachments. But during the Tung-chih period, anti-Manchuism was no real issue at all. 54 Dwight Perkins, "Government as an Obstacle to Industrialization: The Case of Nineteenth-Century China,” Journal of Economic History (1967), esp. 486, 492. ================================================================================ RASHKB Journal 皇家亞洲學會香港分會學刊 | RAS-1978 https://digitalrepository.lib.hku.hk/catalog/8g84t8593 20 RICHARD J. SMITH tingents such as the Ever-Victorious Army (Ch'ang-sheng chün) brought Western drill and tactics to literally thousands of Chinese soldiers. Officers from these forces not only instructed their own men, but also trained large numbers of troops for Chinese officials, most notably Li Hung-chang.23 At about the same time, foreign-training programs arose in several port areas, including Tientsin, Shanghai, Ningpo, Foochow and Canton. A number of Green Standard forces at the capital (and eventually elsewhere) were transformed into Western-armed "retrained armies" (lien-chün) on the yung-ying model, and several thousand Bannermen were molded into the famous Peking Field Force (Shen-chi ying), established by Wen-hsiang and others.24 The Peking Field Force was an especially interesting experiment. Until the late 1860's, selected members of the force were drilled by foreign instructors using English words of command but thereafter, Western-trained Bannermen carried on instruction independently in Manchu. Nominally 20,000 strong throughout most of the late nineteenth century, the Peking Field Force usually numbered closer to half that amount. According to Major A. E. J. Cavendish, a British military attaché in China, the force as late as 1894 was considered to be an elite organization with "higher pay and quicker promotion" than in any other Banner units at the capital. Officers in the force were described as "the pick of the Banners," and posts in it were "eagerly sought after." Yet Cavendish formed a decidedly negative opinion of the force, which he described as poorly armed and superficially trained, with emphasis on form rather than content. One can imagine the shape of the rest of the traditional Ch'ing military establishment.25 A major deficiency in all of the early foreign-training efforts was lack of centralized direction and support. In the absence of adequate central government guidelines, drill procedures, arms, and even the language of instruction varied widely from force to force and area to area. There was virtually no effort on the part of the Ch'ing government to co-ordinate its military programs, or to expand foreign-training in a systematic way.26 In fact, the Manchus seem to have been intent on compartmentalizing Western military knowledge as much as possible—presumably for reasons of internal control. In 1863, for example, the Tsungli Yamen stated explicitly that in the provinces only Bannermen should learn to make ================================================================================ RASHKB Journal 皇家亞洲學會香港分會學刊 | RAS-1978 https://digitalrepository.lib.hku.hk/catalog/8g84t8593 34 RICHARD J. SMITH 1 Throughout the latter half of the nineteenth century, informed Western observers repeatedly pointed to the lack of a modern, Western-trained officer corps as the key deficiency of the Chinese army. See, for example, Mary Wright, The Last Stand of Chinese Conservatism (New York, 1967), 201; Major A. E. J. Cavendish, "The Armed Strength of China,” Journal of the Royal United Service Institution, 42.244 (June, 1898), 720-722; NCH, July 6, 1880; Chinese Times, December 3, 1887; etc. For an interesting and informative discussion of officer education in the West, consult Correlli Barnett, "The Education of Military Elites," Journal of Contemporary History, 2.3 (July, 1967). 2 Cited in Chang Chung-li, The Chinese Gentry (Seattle, 1955), 174. 3 Helmutt Wilhelm, "Chinese Confucianism on the Eve of the Great Encounter," in Marius Jansen, ed., Changing Japanese Attitudes Toward Modernization (Princeton, 1965), 288-289. 4 Etienne Zi, Pratique des examens militaires en Chine (Shanghai, 1896), 111-112. For other critiques of the traditional military examinations, see Chang Chung-li, 181, 187-190; William Ayers, Chang Chih-tung and Educational Reform in China (Cambridge, Mass., 1971), 178-182; Ichisada Miyazaki, China's Examination Hell (New York and Tokyo, 1976), chapter 8. 5 Richard J. Smith, "Chinese Military Institutions in the Mid-Nineteenth Century, 1850-1860," Journal of Asian History, 8.2 (1974), 128. 6 Hsieh Pao Chao, The Government of China, 1644-1911 (Baltimore, 1925), 311-312; Chang Chung-li, 187. 7 Cited in Chang Chung-li, 181. 8 Miyazaki, 106. See also Robert Marsh, The Mandarins, (New York, 1961), 149-151. 9 Smith, "Chinese Military Institutions," 135. 10 Wu Wei-p'ing, "The Development and Decline of the Eight Banners" (Ph.D. dissertation, University of Pennsylvania), 1969), 84-88. 11 Lo Erh-kang, Li-ying ping-chih (Chungking, 1945), 199-200. 12 Cited in ibid., 53. 13 Lei Hai-tsung, Chung-kuo wen-hua yi Chung-kuo ti ping (Changsha, 1940). 14 W. T. deBary, et. al., eds., Sources of Chinese Tradition (New York and London, 1960), 2: 9-10. 15 IWSM, Hsien-feng, 28: 46b-47. 16 Ibid., 28: 47a-b. 17 Ibid., 28: 47b-49. 18 Zi, 112. 19 Chang Chung-li, 181 and note 69. See also Chang Pe'i-lun's reform proposals in 1889, YWYT, 3: 527-530, and Chang Chih-tung's in 1898, Ayers, 178-182. 20 Ralph Powell, The Rise of Chinese Military Power 1895-1912 (Princeton, 1955), 93. 21 Smith, "Chinese Military Institutions," 150-156; see also Wang Erh-min, Huai-chün chik (Taipei, 1967) 191-193, 207-208. ================================================================================ RASHKB Journal 皇家亞洲學會香港分會學刊 | RAS-1978 https://digitalrepository.lib.hku.hk/catalog/8g84t8593 MILITARY EDUCATION IN CHINA, 1842-1895 35 22 See Jonathon Porter, Tseng Kuo-fan's Private Bureaucracy (Berkeley, 1972), 74-76, 127. 23 Consult Richard J. Smith, Mercenaries and Mandarins: The Ever-Victorious Army in Nineteenth Century China (Millwood, New York, 1978). 24 Richard J. Smith, "Foreign-Training and China's Self-Strengthening: The Case of Feng-huang-shan, 1864-1873," Modern Asian Studies, 10.2 (1976), 196-197; also Kwang-ching Liu and Richard J. Smith, "The Military Challenge: The Northwest and the Coast," in The Cambridge History of China, Vol. 11, Late Ch'ing, Part Two, Chapter 4, forthcoming. 25 Cavendish, 709-710. See also the sources cited above, note 24. 26 Smith, "Foreign-Training,” 196, 220-223. 27 IWSM, Tung-chih, 25: 3. 28 Smith, “Foreign-Training,” 220-223; also Richard J. Smith, “Reflections on the Comparative Study of Modernization in China and Japan; Military Aspects,” Journal of the Hong Kong Branch of the Royal Asiatic Society, 16 (1976). 29 Ibid., (both sources); Smith, Mercenaries and Mandarins, chapters 8 and 9. 30 Smith, "Foreign-Training," 215-223. See also Mark Bell, China (Simla, 1884), 2: 58; William Bales, Tso Tsung-tang Soldier and Statesman of Old China (Shanghai, 1937), 339; K. C. Liu, "Nineteenth-Century China," in Tang Tsou and P. T. Ho, eds., China in Crisis (Chicago, 1966), 120. 31 On the relationship between modern weapons and tactics and officer-training in the West, see Emory Upton, The Armies of Asia and Europe (New York, 1878), 270-271, 318-319, 324, 328-330 and passim. See also NCH, July 28, 1866, cited in Wright, The Last Stand, 201. For Upton's critique of Chinese tactics and training in the mid-1870's consult The Armies, 20-23. For the use of lien-chün in suppressing internal rebels, see Kung-chung tang Kuang-hsi ch'ao tsou-che, 2: 302, 664, 667; 3: 172, 318, 323, 399, 445, 518, 753, etc. I am indebted to Professor K. C. Liu for supplying this reference. For a critique of yung-ying and lien-chin forces in the 1890's, consult Cavendish, 712-714. 32 Smith, "Foreign-Training," 216 and notes. 33 Bell, 2: 4. The standard works on Li's army are: Stanley Spector, Li Hung-chang and the Huai Army (Seattle, 1964); Wang, Huai-chün chih (Hong Kong, 1973). 34 See Chang Chih-tung's somewhat comparable effort in the 1880's and 1890's, discussed in Ayers, chapter 5. For a brief overview of the problems connected with officer education in late Ch'ing China, consult Powell, 40-45. 35 Smith, Mercenaries and Mandarins, chapter 9. 36 Wang, Huai-chün, 203; LWCK, Letters to the Tsungli Yamen, 4: 39-41, 41-43; LWCK, Memorials, 27: 4-5. 37 On the West Point inquiry, see Chester Holcombe, China's Past and Future (London, 1904), 82-83; FRUS, 1875, part 1, 227-228. On Li's negotiations with Upton, consult LWCK, Letters to the Tsungli Yamen, 4: 39a-41a; YWYT, 3: 592; Peter Michie, The Life and Letters of Emory Upton (New York, 1885), 29-298, 309-310. ================================================================================ RASHKB Journal 皇家亞洲學會香港分會學刊 | RAS-1978 https://digitalrepository.lib.hku.hk/catalog/8g84t8593 36 RICHARD J. SMITH 38 Holcombe, 82-83; LWCK. Memorials, 27: 405. See also Wang Chia-chien, "Pei-yang wu-pei hsüeh-t'ang ti chuang-she chi ch'i yin-hsiang," Kuo-li T'ai-wan shih-fan ta-hsüeh li-shih hsüeh-pao (April, 1976), 3. 39 LWCK, Letters to the Tsungli Yamen, 4: 39-41. 40 Wang, Huai-chün, 203 and passim; LWCK Memorials, 35; 33b-34, 34b-35. On Wang, see also Bell, 2: 49. 41 On Chou's army, see Japan, Ministry of War, comp. Rimpō heibi ryaku (1882), 3: 45b-46b; Bell, 2: 4, 57-59; Great Britain, War Office, 33/34 (1880), 128-130; FRUS, 1873, part 1, 182-188; CWCK, 1.4: 36b-32; etc. Chou's nien-p'u is included in CWCK. His writings and nien-p'u indicate a rather progressive outlook, including an appreciation not only of Western weapons and military methods, but also of certain aspects of Western science and medicine. 42 CWCK, 2.2: 13a-b; also 1.4; 2b-3, 32-33. 43 Ibid., see also 2.2: 1-8. On the attractiveness of Green Standard rank, consult K. C. Liu, “The Limits of Regional Power in the Late Ch'ing Period: A Reappraisal," Tsing Hua Journal of Chinese Studies, n.s. 10.2 (July, 1974), 210, and esp. 218. 44 See, for example, CWCK 1.1.2: 24b; 1.4: 2-3, 5-13b, 19-24, 26b-27, 32-33b; 2.2: 1-2b; "supplement," 1: 11-23, 44; etc. 45 See, for example, CWCK, 1.1.2: 16b-17, 23-24, 27-28; 1.4: 3b-4, 10a-b, 27, 30-32; "supplement,” 1: 7-24. 46 CWCK, 1.1.2: 17b-18; 1.4: 30-41; etc. 47 Ibid., 1.4: 33b. 48 Bell, 2: 57; see also Cavendish, 721. 49 Bell, 2: 57, 197; Great Britain, War Office, 33/34 (1880), 129, "The Army of Li Hung-chang"; CWCK, “supplement," 1: 14b, 20, 23b, 35b-37b; see also CWCK, 1.4: 36b-37. 50 CWCK, 1.1: 19b; 1.1.2: 41b-42; 2.2: 22b. 51 Wang, "Pei-yang wu-pei hsüeh-tang," 3-4, 23-24, note 18. 52 CWCK, 1.4: 34. 53 CWCK, 1.4: 33b-34; also 1.1.2: 41b-42. 54 See note 40. 55 Knight Biggerstaff, The Earliest Modern Government Schools in China (Ithaca, 1961), 61-62; Cyrus Peake, Nationalism and Education in Modern China (New York, 1932), 10-12; Wang, "Pei-yang wu-pei hsüeh-t'ang," 7-8. 56 Ibid. (Wang), 7-8. 57 Chinese Times, April 30, 1887. The entrance examination consisted of three parts. The theme for the essay was: "(When the people have been taught patriotism and loyalty) they may easily overcome their enemies." The theme for the discourse was: "Much planning brings success." And the subject for the poetry exercise was: "Though summer has come, nature is still mild and pleasant." Ibid. 58 Biggerstaff, 63; NCH, April 13, 1887; Chinese Times, April 23, 1887, "The Tientsin Military School"; etc. The most complete discussion of the establishment, rise, structure, administration and influence of the Tientsin Military Academy is Wang Chia-chien's, "Pei-yang wu-pei hsüeh-t'ang." ================================================================================ RASHKB Journal 皇家亞洲學會香港分會學刊 | RAS-1978 https://digitalrepository.lib.hku.hk/catalog/8g84t8593 38 RICHARD J. SMITH 1: 15-24; Japanese Imperial General Staff, History of the War between Japan and China, 1: 26-29; Vladimir, 255; Wallach, 718. 74 CJCC, 1: 63; Japanese Imperial General Staff, History of the War between Japan and China, 1: 30-32; Rawlinson, 174-177, 180. 75 See, for example, Presseisen, 140-141; Vladimir, 112, 118, 164, 242-243, 260; Wallach, 718-719. 76 Wang Chia-chien, "Ch'ing-chi ti Hai-chün ya-men (1885-1895)," Chung-kuo li-shih hsüen-hui shih-hsien chi-k'an, no. 5; Rawlinson, 186; Vladimir, 281. 77 See, for example, Chang Yin-lin, "Chia-wu Chung-kuo hai-chün chan-chi k'ao," Ch'ing-hua hsüeh-pao, 10.1 (January, 1935); also CJCC, 4: 72-82, 166-244, 245-271, etc. 78 See Dorwart, 112-113; Cavendish, 717. 79 NCH, January 14, 1898; Vladimir, 267-268, 80 NCH, January 14, 1898; Vladimir, 243. 81 For the participation of Tientsin Military Academy graduates in the early stages of the war, consult CJCC, 1: 18. 82 Vladimir, 126, 193, 248. 83 For criticisms of China's officer corps by foreign contemporaries, consult Du Boulay, 8, 11, 160; Bujac, 217; Brassey, 128-129, 139, 143; NCH, October 19, 1894; etc. 84 Cavendish, 722. 85 Vladimir, 124, 153-154, 192, 198-199, 208, 217, 277; also Wallach, 695, 719; CJCC, 1: 236, 256, 276, etc. 86 Wallach, 709, 712-713; Vladimir, 109, 150, 231, 256; Sauvage, 221. 87 Brassey, 139, 88 Cavendish, 721. 89 Brassey, 127. 90 Vladimir, 251-252; Du Boulay, 73. 91 See Rawlinson, 174-185; CJCC, 1: 34, 63-69, 239-245. 92 Rawlinson, 188-190. 93 See ibid., 175-187; Brassey, 90, 92, 99-101, 110, 115, 120, 124, 127; NCH, February 1, February 8, and March 22, 1895. 94 NCH, January 25 and February 1, 1895. 95 See Powell, 71-72; WCSL, 101: 6b-10; Liu Feng-han, Hsin-chien fu-chün (Taipei, 1967), 45-46. 96 Paul Cohen, Between Tradition and Modernity (Cambridge, Mass., 1974), 108, 232. 97 Roswell Britton, The Chinese Periodical Press 1800-1972 (Shanghai, 1933), esp. chapter, 8. 98 Cited in NCH, October 2, 1896. See also Wang Erh-min, Chung-kuo chin-tai ssu-hsiang shih (Taipei, 1977), 122-123, 124. 99 Ayers, 130-136. ================================================================================ RASHKB Journal 皇家亞洲學會香港分會學刊 | RAS-1987 https://digitalrepository.lib.hku.hk/catalog/rx919b522 xiv 1986 LIABILITIES Accumulated Fund H.K. Currency ROYAL ASIATIC SOCIETY HONG KONG BRANCH BALANCE SHEET AT 31ST DECEMBER 1987 1986 ASSETS $ 87,358 Listed Investments, at cost H.K. Currency $ 90,913.60 $158,173 34,247 $123,926 Balance as at 1st January, 1987 Less: Excess of Expenditure over Income in 1987 Balance as at 31st December 1987 $123,926.21 36,403.59 Accounts Receivable 87,522.62 Balance at Bank 75,000 Sundry Creditor - Printing Charges for Journal 90,000.00 100,000 Fixed Deposits Subscriptions (1988) received 7,810 Current Account 60,868.36 54,990.66 115,859.02 in advance $198,926 29,250.00 $206,772.62 $198,926 $206,772.62 Notes: (1) Listed investments at 31st December 1987: 1,140 shares Hang Seng Bank Limited 4,620 shares Hong Kong Electric (Holdings) Company Limited 5,081 shares Hongkong & Shanghai Banking Corporation Add: Cost of Rights issued.. 4,620 shares Cavendish International Holdings Ltd.. (2) Subscription and interest incomes are accounted for on cash basis. Dated: February 1988 D.A. Gilkes Honorary Treasurer Cost Market Value $34,272.00 $31,350.00 24,192.00 34,881.00 28,893.60 32,449.60 3,556.00 13,629.00 $90,913.60 $116,697.25 ================================================================================ RASHKB Journal 皇家亞洲學會香港分會學刊 | RAS-1988 https://digitalrepository.lib.hku.hk/catalog/ft84gb83q 2. LISTED INVESTMENTS The Society's listed investments are stated at cost and comprise the following: 1988 1987 HK$ HK$ 4,620 shares in Cavendish International Holdings Ltd 9,365 9,365 1,425 shares in Hang Seng Bank Ltd 34,272 34,272 5,589 shares in Hongkong & Shanghai Banking Corporation Ltd 32,450 32,450 4,620 shares in Hong Kong Electric (Holdings) Co Ltd 14,827 14,827 90,914 90,914 The market value at the balance sheet date was HK$124,050 (1987: HK$116,697). xxii ================================================================================ RASHKB Journal 皇家亞洲學會香港分會學刊 | RAS-1991 https://digitalrepository.lib.hku.hk/catalog/k356gt84j # ROYAL ASIATIC SOCIETY HONG KONG — # NOTES TO THE ACCOUNTS YEAR ENDED 31ST DECEMBER 1991 ## 2. LISTED INVESTMENTS The Society's listed investments are stated at cost and comprise the following: 1991 1990 HK$ HK$ 4,620 shares in Cavendish International Holdings Ltd. 9,365 9,365 2,462 shares in Hang Seng Bank Ltd. 34,272 34,272 1,690 shares in HSBC Holdings PLC. 32,450 32,450 5,082 shares in Hong Kong Electric (Holdings) Co Ltd. 14,827 14,827 90,914 90,914 The market value at the balance sheet date was HK$241,229 (1990: HK$145,649). xviii ================================================================================