1891-06-25 — Page 5

MAIL SUPPLEMENT,

The Hongkong Telegrapy.

N°. 2877..

The Honghong Telegraph.

HONGKONG, THURSDAY, JUNE 25, 1891,

MEETING OF THE LEGISLATIVE

COUNCIL.

A meeting of the Legislative Council was held on the 19th Inst. There were present -H. E. Major-General Digby Barker, Officer Admini. stedag the Government, Mr. W. M. Goodman (Acting Colonial Secretary); Mr. A. J. Leach (Acting Attorney-General); Mr. W. M. Deane Mr. S. Brown (Surveyor-General); Mr. J. H. Stewart-Lockhart (Registrar-General); Mr.N, G. Mitchell-Innes (Colonial Treasurer); Mesars. J. J. Keswick, T. H. Whitehead, P. Ryrie, and Ho Kai,

KINUTES.

The minutes of the last meeting were_rend and confirmed.

REPORTS.

The Educational Report for 1890 from the Inspector of Schools, and the Report on the Blue Book and Departmental Reports Los 1890 were laid on the table.

a

The Colonial Secretary said he also laid on the table by direction of his Excellency a copy of Telegram dated April 15th from the Governor to the Secretary of State; telegram dated May 2nd from the Secretary of State to the Governor telegram dated May 6th from the Governor to the Secretary of State, Also copy of despatch No. 71 dated April 3rd, 1891 from the Secretary of State to the Govenor, and despatch No. 91, dated May 7th, from the Secretary of State to the Governor. The telegrams and one of the one bon meinber had wished to ask, but they did not appear on the agenda to-day because the usual three clear days notice had not been given. That, however, was immaterial as these documents gave all the desired, and

a

might make for the sale of shares and stocks, the numbers and other marks by which these shares were identified in the registers of the res pective companies; In default, the Bill made null and void all contracts not bearing such numbers and marks. Secondly, the Bill Imposed penalty and rendered it a criminal offence for any person to wilfully insert false numbers or marks; and thirdly, the Bill rendered null and vold any contract which failed to comply with every requirement of the law. Now, it was an old rule and a sound one that when a legislature was considering the passing of any new law, It should take into considera- tion-first, the state of the law which it which, existed under it, and which it was was proposed to amend; secondly, the evil proposed to remedy by any alteration in the law and thirdly, to consider the means by which li Was supposed or proposed that the evil might be remedied. In the first place, the state of the law at the present moment in this colony rendered it or rather left it perfectly lawful and perfectly legitimate for any man to enter into any contract for the sale of any pro- perty, whether he possessed it or not, even whether it was in existence or not, and the only restriction or penalty imposed on him by the present law was this--that when the time came for the contract to fail due, and he failed to carry out his contract because of not having been able to procure the property, which he has agreed to sell, he was subject to an action at law and could be made to pay whatever damages bad been suffered by the other party-through his fallure to

THURSDAY, JUNE 25, 1891.

The Acting Colonial Secretary intimated that Dr. Ho Kal's amendment would be better intro duced at the next meeting, as it was at present out of order, and, the motion for adjournment being agreed to, the Cennell rose.

CORRESPONDENCE.

to step in and stop the effect of it because matters he not turned out favourably to one of the parties ?. Again, will, this Ordinanco, have the effect of stopping such business? If this measure is contrary to public opinion or in advance of public opinion, we may see the spectacle of the legislature having passed a law which is being openly violated every day, and I think that that I am inclined to agree with the learned would have a very demoralising effect. Attorney General's remarks and with the views of many others I have consulted who think this Bill ́is in advance of public opinion and that if pissed as it now stands it will not have the effect of stopping such business, but that it will have

'deeldedly demoralizing effect.

unnecessary.*

one) in which rersons had been ruined by sell to the Bill being parsed if the unofficial But members agreed there was no stipulation Ing short, but it was very uncommon.

that they should be unanimous or that it must hundreds had been ruined by buying for a rise, and by the consequent debts incurred to the banks not he discussed with a'view to bringing their or the sellers. Alter entarging on the difference views to the same point. between speculation and gambling, he continued that the men who had suffered during the past three years would have suffered in just the same way if this Bull had been law. Bearing the market, be submitted, was not playing with loaded dice, as had been alleged; It was per fecily legitimate, and would not be stopped by the Bill. No doubt there had been grave faults In the past, through the spirit of ash specula-

[We do not necessarily endoria the epialnia azpesssed by Interest that share gambling should be put an

Corpondents in tali colum tion, and it was most desirable in the public end to, but that Bill would not be the least

Some years ago I was of opinion that time "TIME BARGAINS IN SHARES.bargains were pereicious in many instances, and TO THE EDITOR OF THE "HONGKONG TELEGRAPH." I then recommended the propriety of introducing Interfere with it. The Bill only struck at short-selling-a ibing that, practically, did not

SIR-The proposed ordinance to amend the the Leaman's Act Into local legislation. It was exist. But it would do great mischief to many honest and respectable men, which surely was lew in respect of the sale of shares to Companies however not Introduced as the other Bank not the abject of the Council. The brokers registered under the Companies Ordinance managers were opposed to it, and the public would have an immense amount of trouble 65 to 1886 and in other folht Stock Companies were not consulted, evidently as it was deemed and extra expense thrown, ou, their shoulders; was introduced Into Council on zrit July 890 other On 2nd September the Officer Administering transactions between purchasers in places, and sellers here, would be impossible, and the Government reported the matter to the legitimate business would be greatly Impeded. Secretary of State, and on 9th October last Lord There were two classes of share operators-the-Knutsford telegraphed to the Governor of "bulls" and the "bears." The Bill proposed Hongkong: to make bearing impossible, but what safe-guard did its supporters propose to introduce against bulling, which was just as mischievous? It was the undue appreciation of shares that was injurious, through the Inducementa held out to buy for a rise. He was instructed by the Sharebrokora Association to make one suggestion. Prob. ably one of the chief causes of the gambling spirit was the want of a law regulating share-broking. One of the greatest evils to-day was that many men' whe: called themselves brokers were not only brokers but jobbers, who gambled at the expense of their principals. The Brokers' Association were most anxious to and the most feasible plan was the licensing of brokers by Government, each broker paying a fer, and the Government refusing licenses to all but sworn members of some Association which forbade them from dealing on their own account. The Brokers' Association offered the suggestion, belleving it to be the true semedy for the existing evil, and he hoped the Government would intro duce some measure embodying It

די

In reply to your despatch No. 317 of and September, if Unofficial Members of Council agree I have no objection.*

The said Act is daily and habitually,violated in London, and the Stock Exchange there ignore 11, absolutely and entirely, nevertheless it may be, under ordinary and normal, circumstances, that Leeman's-Act. If passed here, might possibly brave a beneficial effect in so far as it should act as deterrent. Other Bank Managers however of longer experience of the colony than Do the Unofficial Members of Council agree?

maintain that the proposed bill, or have not been consulted and do not see myself are of totally different opinion, and way to agree. Yet the Government allowed.the...Leeman's Act-is-not-only-unadvisable but would measure to be reintroduced into the Council for the second reading on sth instant.

I

A general Meeting of the Chamber of Com merce is to be held to exorrow to consider the matter, and I venture to offer the following remarki In' anticipation and with a view to hearing the argument of the other side in reply and on the merits of the question generally.

I have endeavored to study this deeply

and truthful solution of the several difficulties by which it is surrounded,

despatches formed the subject of questions which for the purchase, the vendor took it into the bave the profession parified as far as possible, Interesting question, and to arrive at a correct

much additional information.

•

י

OVER

bo prejudicial, They say it would be a dead letter except when dishonest speculation came to grief, that then Its action would protect and favor the rogues: that it would not stop time bargains, that it would encourage, dishonest speculators, and possibly also Induce men who were not actually dishonest to begin with, but whose sense of honor is not of the highest class, to speculate wildly in time bargains knowing | that if their speculations turn out well it will be a good thing, if badly they can repudiate their contracts. successfully under the provisions of the proposed act.

"

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12

SIX DOLLARS:12 PER QUARTERS GUIDE

promiscuously when rain is wanted, huts peculiar method has recently been used in two of the ad scent counties, which does not appear to be as well known 'as other devices. In the famous but now decayed city of Hantanhsien, in south. wastern Chill, there is an old nonastery, which contains a well pregnant with interest to the p:ople of the adjacent country for hundred mer around. Within this well are numbers of iron tablets about the size of a shovel blade, and, these tableis, if properly worshipped, have the property of causing a fall of rain wherever her may be, When It Is 'desired to scure one of them, it is done by an official, quisition of the magistrate of the county, which wn rain, directed to the Hantan magistrate, The latter then authorises the issue of the tablets, which is done by the pries's of the temple, who” receive several strings of cash, ostensibly to buy, a new tablet wherewithal: The yamfa-runners, who are sent on this errand are required to travel day and night on their return, so as to avoid having the tablet taken from them by the people through whose regions It Is necessity to pass, who also need rain, and are not willing to let it go by. Cases are related, in which such robbery took place, and the persons who, stole the tablet enjoyed the rain, while those who had gone to so much trouble to pro cure it, got no moistare at all 1, When the tablet arrives, it is worshipped with great ceremony, and It must be afterwards returned with another

and record of the event. It is evident to the similar one, cast for the purpote, bearing the date inprefidiced observer, that this is a manifest Improvement on the ordinary methods of praying for rain, because the proceedings which it involves would naturally consume half a month, during which it is not unlikely to rain, and any such accurrence would go to the credit of the tablet. The wheat harvest is now well under way, and the crop is everywhere light and dis appointing. The outlook for the rest of the year is not at all promising.-W. C. Daily News.

LOCAL AND GENERAL

Farther they consider that the passing of the Tax Jubilee Committee decided, on the 17th proposed Ordidance, which directly interferes instant, to divide the $3,600 left over from with the freedom of contract, would have the the subscriptions among the local charities. Next effect of tending to create a de1d market and of century something will be done in the matter of permanently depressing the value of local stocks, the Stewart Memoris, and the Connaught They are alarmed at the sweeping and revoluar to the Masonic Hall, and a lot of other Honary step contemplated, inasmuch as if passed petrified movements,

fulfil the contract. In most cases, of course, the remedy was very simple and the smount eaally determined. If the vendor falled to fulfil the contract, the purchaser went into the market, bought the property or shares, and at the market price, and claimed from the vendor the difference in the two prices. If It was the purchaser who failed to take delivery and pay market, sold it for what it would fetch, and if that was less than the contract he made a claim accordingly. Of course there were some cases, extraordinary cases, where that rule was not found to work, and could not be made to apply. There was a case recently of Mr. Whitehead's question was→→

that sort, and it was then left for the jury to say Will the Government lay upon the table a what wers the damages. This, then, was the copy of the Secretary of State's telegram of and state of the law at present. It was the same in "May Inst and a copy of Lord Katttsford's England, and had been so for some time past. Despatch No. 71 of 3rd idem in connection with There was formerly an Act of George II, called the Salaries Question, also a copy of his Leeman's or the Stockjobbing Act, from which Mr.sily for some alteralios of the present system of become poorer, or less populated, or are the into law it may be attended with serious const THERE were no more disturbances reported in

Francis quoted " wicked and pernicious ..... to the utter practice of stock jobbing

..great rula of themselves and their familles discouragement of industry..... In the 23rd year of ber present Majesty it was found that this Act worked so inconveniently and hampered so extensively legitimate dealings on the Stock Exchange and all dealings in shares that it was. repealed-13 Vic. Cap 28. After quoting from that Act of repeal, the speaker submitted that it was a very, sing argument in itself to present before this Council, that legislation bad existed In England many years

Intended

Excellency Governor des Vocax's telegrams of asth April and 6th May to the Secretary of State on the same subject.

The vote of $3,000 for the Magarine Gap water supply recommended by the Governor was referred to the finance committee.

MOTIONS.

Mr. Whitehead gave notice of his intention to move at the next meetlog-

(1) That the services rendered by the Chinese Admiral Fong and his officers in tracking and bringing to trial and condign punishment the

Mr. Keswick, in a speech of considerable

conditions less free or happy for all classes of the people than in the byegone days of old, when there was not a fractional part of the speculation on their respective stock Exchanges that there is now?

It seems to me as it does to the leading foancial authority to India, the Bombay Ganetti, that this measure aims at the effort to re-establish the age of Innocence in a very wicked world, and all will readily appreciate the am sure endeavours of the mover of this Bil.

Has America, Germany, France, or England length, pointed out that no-one denied the neces-grown weaker, bas any of these great countries share-dealing. The Bill was meeting with so much opposition because of the restrictive effect it would have on the sale of shares by persons who did not possess them. Mr. Francis bad denied that short selling had done any harm, alleging that it was the buying for a rise. But if a Company had 4,000 shares, and a man sold 15,000 on time-It was done every day, nearly that was short-selling. Mr. Francis assumed that the buyer was the bull." Not at all--it was the seller; be planted a few shares here and there until the time for delivery, inflating the market, immorality, and that wasnothing but commercial: was the legalised system here to-day, although,

Names pirates are descrying of every acknow- | wrecisely the same purpose as this Bill for and then suddenly brought down the rates. That

channels the

their exertions. "In Chinese Kowloon and the toleration of gambling by the authorities there, is and has been for some time past, a very serious cause of annoyance and injury to the inhabitants of this colony and tends to render Inoperative recent legislation in Hongkong against gambling

(3) That the Government be requested to move the Chlaese authorities with a view to the entire suppression of public gambling and gambling houses at Kowloon.

The common sense, the wisdom, and the experience of centuries have not ventured to devise or elaborate a law which will stop spects fait lation or gambling.

The proposed ordinance ranges orez a large and wide area, and embraces all joint stock shares.

quencer.

If legislation must be resorted to, the necessity for which has still to be proved, it is generally adnilted that there is good reason for objecting to legislating in advance of English precedents. Neither in shares nor in anything else, argues Fairplay, can a hard and fast line be drawn between sound and unsound business, or between legitimate dealing and unwholesome speculation. They cannot be separated and the good must be taken with the bad. If an attempt is made to "Reparate them, it is more likely to kill the good than to eradicate the bad. Men who want to can always find counters and the preference to introducing the Leeman's or contract, I am now distinctly of opinion, that duly brokers with a strictly regulated stock exchange Heidly excluding all lobbers would be far more likely to meet the o evlis of the unsatisfactory condition of the system complained of. It might be well to go farther and revise the stamp daly on brokers' contracts and thus help to augment our fast shrinking revenue, and aid in paying our constantly increasing official salaries.

with respect to Leeman's Act, be doubted very directed exclusively to kitlelakitime bargains o

It differs from Leeman's Act of 1867 passed after the panic.created by the collapse of Overend Gurney and Coy. In 1866 which is

this Colony, in which case it was still in force. then demanded protection, which I understand these necessity has fortunately not arisen. From the non-falfilment of contract, in respect time bargains-they were generally settled by a authority previously referred to I may be He did not consider it allowed to quote certain interesting information promissory note, desirable that the law should enable persons, pertaining to Leeman's AGLEA

During that time of excitement and disaster, whilst carrying on a business that ruined about go per cent. of the persons engaged in the prices of many classes of Bank shares were it-that was to say the whole community-to artificially kept up by "balling operations on a settle by private arrangement. With respect large scale, in which it was understood some of to Mr. Francis argument that the Bill was the Banks themselves took part. After inflation calculated to injure Comp.nies he replied that came collapse Purchases effected under these he did not wish to restrict bona fide sales, nor conditions were mainly made, not to hold, but would the Bill do so. As regarded the suggests realize an early prefit, and there was a rush to tion that the brokers be licensed he thought it sell. Then came the reaction, and a reaction in might do a very great deal of good, and Bank shares soon affects the nerves of (London) he was willing that it should be embodied depositors... Undoubtedly time-bargains were a in his Bill. There was no doubt that, a potent contributory cause of the financial serious evil existed, and he hoped the Council disasters of 1866, and Parliament recognized this would not hesitate to give effect to the remedial by passing in the following year a Bill which made them illegal when the shares, dealt in measure of which he now moved the second

were bank shares. In Hongkong they have had reading, and by so doing protect those who, ever apparently in a gambling spirit, were victimised no Black Friday," to prompt them to action by men of superior means who held them at against bargaining in differences. their mercy.

the North up to June 15th. At the German Con- sulate General, Shanghal, on the 13th, about 40 gentlemen, veteran soldiers and sailors, put down their names as a company of German Shanghal Volunteers, to be placed under the orders of Major Morrison.

AccORDING to the Hugap there were no Kolao leaders among the fifteen rioters captured in Nanking. Most of them were looters and sneak thieves. They have been more or less punished with the bamboo, the cangue, the sticking of the Arrow through the ears, and marching through" the affecté nu a warning to others.

THE Legislative' Connell chamber" on the 19th fost presented the very trawanted spectacle of a Queen's Counsel addressing them from the of ladies seated behind the Governor, and nearly adeten mentibers of the Brokers' Association seated promiscuously in the rear of the recording ungeis.

ledgment and that the Government be requested to prevent the same mischief and provide the to convey to Fong and his officers any order Act, Interfering with the freedom of *through the thanks of the stoma and of this Council repealed by the legislature of Great Britain, the reason being that they found that it unnecessarily (4.) That the existence of gambling (house impeded transactions in stocks and shares. How seldom they heard of actions for damages for they have not done bere, simply because the licensed, sworn, and substantially guaranteed 'foot of the table, a broker ́and a couple

Broadly the arguments he had to present to-day were the same. The only effect this Blil could have would be to seriously impede the free trade In stocks and shares, and so to impede and fajure the operation of the Companies Acts, which had been of the greatest advantage to the mer. cantle world, and without which many of the great local enterprises could never have been commenced, and certainly could not have been carried out. But beyond the argument of in convenience there was the ground that this Bill was mistakon. It was admitted that very great evils had existed in, the colony srising from transactions in shares and stocks, excessive speculation and gambling, and that if any effective measures could be taken to stop that gambling, it would be not only immensely to the advantage of the colony but also to the advantage of the Stockbrekers' Association which he represented. But they complained that this Bill would not in the least check, much less stop these erlin. The evil com- plained of, according to the Bill, was "short Мад went into the market selling." A and contracted at a future date to sell a certain number of shares at a certain price, 'shares he was not possessed of, and when that time came be must go again into the market and buy shares to falál his contract. That was the evil

The Acting Governor replied that the first question had been dealt with, and suitable acknowledgment made; and as to the second, the question was under the serious consideration of the Gavernment, and correspondence had passed between the Chinese authorities and the

British Consul at Canton,

Mr. Whitehead naked for the production of the papers, but his Excellency thought it Inexpedient.

MR. KESWICK'S QUESTION.N In reply to Mr. Keswick's question the Colonial Secretary said that members of the Council who were exempt from Jury service were precluded from nominating candidates or voding

In Sanitary Board elections.

•

NEW BILLS.

The present cannot but be regarded as a most inopportune time for the introduction of sweeping and revolutionary legislation. There are nume rous commercial and other fattures taking place all, over the world and in our midit, credit is greatly disturbed, mistrust generally obtains and confidence is severely shaken. There has been too much fresh and hasty legislation of late in Hongkong and the colony requires rest and time to recuperate and economise.

Yours very truly, MT. H. WHITEHEAD. Hongkong, 17th June, 1891..

THE following, telegram from Mr. Bibby was received by the local- Secretary of the Rack Australian Syndicate Singapore, on the roth inst-Crushing finished: 1,350 tons of stone have yielded 935 ounces melted:gold. The result of the last clean up (being part of the above Crashing) was 530 tons of stone giving 1,000 ounces of amalgam. vt Ox Saturday (11th inst.) the bodies of Rev, Mr. Argent and Mr. Green, the unhappy victims of the riot at Wasich, were interred at Hankow. H.E. Chang, Chib-tung made arrangements to attend the funeral personally, but did not. The German man-of-war on the station received orders from Peking on Saturday that they were "to suppress any flot with the free use of their

gues

by the Colonial Secretary the Connell, agreed to that this Bill, as it stood, wouldng to admit selling existed or not-Mr. Francis "said it of land companies and of other limited lability Train worth mentioning daring this year, and in Hongkong would be to see three of the principsi

On the motion of the Attorney Generalscoonded First reading of a Bill entitled "An Ordinace to license the present Church of the Immaculate Conception for the celebration of marriage from the time of its opening."

On the motion of the Attorney-General, seconded by the Registrar General, the Cosnel agreed to

complained of. He was quite willing

do good deal

The English Parliament, in passing Leeman's Act, drew a clear distinction in principle between WESTERN SHANTUNG, time-bargains. In bank shares, and in the stocke of other companies-a: distinction which the essen så voltsam jeg at Jeme ist. Hongkong Bill, for reasons which it is of course The present season in an excellent illustration easier to appreciate in Hongkong than it is la of the adage that "Drought breeds rumours as Bombay, does not recognize. Where the credit foods breed fish. There has not been a fall of concerns is, as much endangered by speculative the winter there was very little snow. As transactions of this kind as that of Banking result, the people who generally wait for rain companies, there may be good, reason for before planting, have had nothing to do but to legislating on broader lines than these laid down will, and to repeat Idle tales. Your Chinantu Leeman's Act. It fa dificult, however, to correspondent mentioned some time since that believe that such can be the case anywhere, for vague reports of trouble to the eastward had got there is no senso in which the credit of say, a abroad among the people, but in a large capital cotton mill, can be deemed to be as sensitive as city there is always a confiderable number of porarily depreciated by bearing transactions, and these crentually get out. But in the as well as by the reaction which follows, rush country districts it is quite, otherwise, and there to realise, profits. But this is quite diferent are probably, tens of thousands of persons in the matter from withdrawal of deposits like that rural régions who are gélte confident that troops which, in 1866, attended upon the depreciation have stopped work on the Vella River embank of certain Bank stocks that had been too freely ments, and have been Werdered to Chefoe, dealt in by speculators. In theory there may be because one, of the foreign States (probably no difference between time bargains of one kind, Russia) has "rebelled. Some suppose that the another, but there is a clear difference be direct cause of the Russian revolt was due to

Tax Stralli Timer ways that "some little sur prise has been created in legal circles. by the statements in our use of yesterday that the Attorney-General of Hongkong has filled the acting post of Colonial Secretary there. Sings poreis easily "surprised. What would astonish polamenti aut being filled by acting offi- We Manila, that the Hongkong and WE learn from Shanghal Bank's branch, had not yet re-opened on the 16th lost, as was expected. four shady friends went to the place on the order to get the money under the order from the 13th and threatened to break down the doors, in

gaol was not yet too fall made them change ther minds. The feeling among the Englina residents there rand very high, the general verdict, being that there is no such thing as Justice in the whole colony, plan Our Amey correspondent, writing on the 15th fast, says The Chinese bank Gaan Tong, belonging to the Sul family, and managed by

Mr. Ryrie seconded, saying that no doubt the Bill could be modified in Committee in respect to points under dispute, and could also have the suggestion made on behalf of the Brokers' Asso- ciation embodied in it

Mr. Ho Kai was in doubt as to whether short didn't and Mr. Keswick said it did.. If it did. not exist the Bill was useless. As it would be thoroughly ignored the dy se tie saty had thoroughly diagnosed the disease he moved that a Commission be appointed to take evidence os the point, and report to the Council.

Mr. Whitehead seconded He said that the majorly of the Chamber of Commerce, which he of the measure, and he was also of that opinion. They would be anticipating home legislation if they passed such a stringent and sweeping Bill without more proof that it was necessary. He did not agree with Mr. Keswick that more shares than existed were ever sold, and invited proof reading of the Bill entitled "As a

Most of the bank managers in Hongicong, were ance to give the same validity to Ordinances

opposed to Leeman's Act, and he himself doubted 18 and 19 of 1884 as if they had been proclaimed to come into force on the aged day who could say positively that there had been a utility, although be quite sympathised and of September, 1884.

any great amount of short selling, or that any man with. Mr. Keswick's efforts to remove the bught tween the practical results, and it was upon this the fact the Chias refused to repay some tens of the compradore of the Hongkong and Shanghai Third reading of the Bill entitled "The Forts had been selling to any very great extent that everyone Protection Ordinance, 1891,"

Third reading of the Bill entitled "An Ordi nance to provide against abuses connected with the erection of Pahlis Latrines."

Third reading of the Bill entitled "An Ordi- nance to farther amend The Fublic Health Ordinance, 1887,"

to stop men from selling shares which they had sot yet got control of, but the dealed that that was the real evil. He quoted minute of the Acting Attorney General written at the time this Bill was introduced. He admitted that the cylis which the Acting Attorney General detailed were of serious extent, and many men had been seri- the question arose andit was a question he would First reading of a Bill entitled "An Ordinance ouly injured or ruined by share speculation; but represented, had expressed their disapprobation } that of a Bank. The credit of a mili may, be fem-people who'really'de know the facts in the caCourt, but..an official intimation that Bellbet

submit for their earnest consideration-had that arison, or could it be shown in any way that all that rash speculation and gambling or any of it bad been caused by short selling, using the fere with it? There was no man who knew any. term in any sense in which this Bill would inter- fabout what went on in the share market thing

to amend the Women and Girls Protection Ordinance, 1890."

On the motion of the Attorney-General, seconded by the Colonial Secretary, the Council agreed to

Third

Nos.

3.

* THE SHARE BILL. Mr. Whitehead rose to move that counsel be beard on the second reading of the Bill, entitled "An Ordinance to amend, the Law in respect of

stock which was not in his possession or which | suggestion to existed. He thought the difference that Parliament succeeded in passing myriads of taels which' she had borrowed of' Bank at this part, has just failed for $500,000. brakers a very good one,Leeman's Act, The act against, time-bargains,culty reaffirm that the root of the It in said that the Hongkong and Shanghal Bank

he had not entered into contracts to take up at and one calculated to bring about a better state

future date, or which he had not in his control. of things than was now existing.

The Acting Colonial Secretary said that the The speaker bad known one man' in the phat history of the colony who had been ruined by measure was not a Government one, but a public short selling, and his case was now in the bank one, introduced by a private member. The ruptcy court; bat the bulk of transactions going Government had been very anxious to hear on here did not involve shert selling. It was not all that could be wald on efther side, to enable short selling that ruined people or caused rain to them to come to a proper conclusion as to the others indirectly. The cause of disaster was not position they would take up in respect to it "bearing operations, but bulling" operations They had heard the opinion of all the unofficial not persoas selling for fall, calculating that members but one, Mr. Chater, and as he had

the sale of Shares In Companies registered they could go in by and by and get the shares seconded it they could infer what his opinion: I only be acted upon by sending half of us about more than six months since we first hear cribes with much unction bow a gallant army

nder the Companies Ordinances 1855 to 1856

And

od in other Jolat Stock Companies, which was

Mr.

Francis. Q.C., then addressed the Connell He said May I please your Ecréellency and this hon, Connell, I appear instructed by the Shares brokers', Association to present to this hon. Council certain arguments", which in their opinion, as an associated body, boem to them to have vary great weight in opposing this Bill, and which they bellere if fair presented before this hot. Council will probably and the Conseil to refuse to pass the ascend reading of the Bill; have in the first place to tender their way hearty thanks to H.E.the Governor and this Son Counci Los granting permission to be h

be heard

today thair counsel a

by

done

When

WAS

that Russia tried to build a rallway | fa involved to the extent of several hundreds of lo Bank shares has not yet been applied outside the United Kingdom, and even at home li le net, to Chefox, and Chins would not content! Still dolldra, and the security deposited with it, which we belleva, by any mesas rigorously applied, another version is that severnis tens of thousand constate of title-deeds, etc., is in dispate, The though it has resulted in practically putting an of foreigners landed at Chefoo ostensibly in order compradore to the late firm of Russell & Co, to go ona a pilgrimage to Tal Shan to 'bum Incense is maid to lose several hundred thousand dollars, end to speculative dealings in Bank shares.

The first retort, with which any attempt at a

the ruse at many others are sufferers general prohibition of the practice would be met, shrewd for them, and nawrough the rust and the Chinese Orphan' Asylum, together with THE natives In Mindanao have been trying to would be that if time-bargains in shares are to once. But for this sagacity, Shantung might at: be stopped the Legislature will not be logical If this moment be a foreign province

One of the odd tales which frequently gain shake off the Spanlah yoke, and a good many it tolerates time-bargains, in exchange, and in

It In consequence. The Manlia Comercio das produce, declaration, which could of courte currency among the Chinese, is stil in circulation of them are now buried without bensit of cleary our busin

lambak called the Debste of the Five Boctrines they wanted at less rates-that was very luley Whitehead said that Mr. Chater' seconded

that there was sent to Into proper and the story for the first so share dealing Yere persons who had bought it because he was the only other snoficial time 98.91st July last the Attorney General 1 has been, a ox is to be rand daccision of lavery again, and how, on the pur no for rise. Anyone acquainted with the Colony member present when the Bill was introduced by reported than doubs that this bill will require relected copresentatives of the Taoist, Buddhist with Curious gase, when all of a sudden he In the presence of the Emperor between hordes of the natives gathered around the camp and its share business could enumerate hundreds Mr. Keswick.

Mr. Keswick He seconded it; the reason why very serious consideration, for it is well known Mohammetan, Roman Catholle and Protestant artillery opened on them, killing and wounding ing a comple of Sultaar, And of young men who had bought in this manner,

that the is in this Colony a very large business, faltar, after the pattern af medlaval times, and many, including

“not pervade the and then the price, not sising as they he did so is unknown to me.

The Acting Colonial Secretary suggested that done in the selling and purchasing of shares on whichever makes the best showing, is to be the as the spirit of tabulinton did

"most true "$

beathen ranks" as much as one would have, anticipated, had lost their money, Why Because they had entered foto contracts with the debate be adjourned for a week, in order that what is known as time bargains. Up to the beakers that in one month or two months it the arguments advanced might be thoroughly present moment these transactions have been. Most of the crops have been put fa, dry as expected after all this, on the 29th May the might be, or three months, they would buy so weighed by the Government members he looked upon as perfectly legal and have been fa) for ff is evidently vain to wait for rain. All gallant Spaniards took a couple of gunboats up. many hundred shares at such and such a price, could then decide whether to support the Ell in recognised by the Courts of Justice, the affect the neighbouring district Magistrates have been tas lices to another surging crowd of naked

entirety or with some modification,

of this Bill, would be to great, extent, to stop diligently, albelt fruitlessly, praying for, rain for trash, and turned the mitrailleuses on. Next de price varying of course is proportion to the severe malateen appeal to the order of pro- these transactions or at least to render then ver for long time, and rome of them have had day several regiments attacked the Morns' attap

Several price for the time being but generally little

uppertals indeed, as such, contracts are declared recourse to the time-honoured expedient of villages, and glorious butchery ensued

on the which over foo of the rabole were killed, Jan. bisberg any bought, not haring the means to cedure were made and withdrawn, COURS CATE

One

equitable consideration that tag

the south Gf State bad agreed to the second be asked is whether als measure is not leg pied the to be able to get money feet the Bank Secretary

!

"There is no

21

their up and pay for them; or expoofing The Registrar-General understood that are here Pro questions, which therefore may skutting up the sooth"rate of the womber wounded" and many printa After, rending the tile, VARSA or from their funds to meet their contracts," reader of the Bul anly in the event sofotke / stringent for notwithstand 45 stavek imazhishram mai disa festa liko jazyk ***** throumání.") try your hese latter were sent to Manila,

the can mas Fad bought and had found they enemaal members agreeing as to its necessly have taken place, there si, SRET VEX Bul and quoting, the stated of parts that could flock take-walishares and sorgo As they did not agree he arrested that the Bill amount of these fragsections which is perfect Francle went on to lay fake the mean by which, lato difetting there were dasen, cabs only should be postponed for six months, in order, it was proposed fa the Bill to give effect to theen" "elite" he cares, but Filimeroredju ton which, thatthey might come to an understanding,

His Excellency-The Secret sy of Ainate, pbjects were very simple first, to compel each the (atredmoer of this Bill meant to refer, Vendor to chief on the face el my veitingi ka + vatre might be a boy cases, (50 knew of only i tastinisan wars merely that he did not object

FaithThe trouble lainattiyet over, shanghai inless belt will son numbers of images of" | "Fereral thors seguents, being dispatched from Yet, war, put out in the fun to scorch, genes Manila to the soune of write on the 13th Kab. law sprigs of willow over kin) tai hel74,3 -The Spanish authorities in Madrid Won't way appreciate the day and parched condition of ask for any Else book, or tatie abour treachery his subjects," "All sorts of divinities are invoked ba their aide, à la Manipur |

legal: When wapanga. Ve Como 30-

Will agreement with respect to shares, and when be are both able to eary But their contracts, when

ature`) the time semes for the padang is the legi

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