1897-11-20 — Page 3

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THE HONGKONG TELEGRAPH, SATURDAY, NOVEMBER 20, 1897.

Importers and consumers generally have always bein in favour of fialty,

BWBAY, November`zıd,

gations, your Committee are led to believe that Lhapekar was taken before the District Mi-

depreciation of the dollar has not berefitted the glatest? Poona to-day and charged with the 4 In considering the subject of fixity of ex-producer, except temp nartly, and that 6xity of murder of Mr. Kvid and the aboment of the changeit has been cur endeavour to do so mainly be d. Har, ti at a reasonably low rate, would murder of Mr. Ayers nd Mr. Rand. The coach-in the 'ght of focal business experiance, and, | bet'er save the miners, by ensuring more stead! men and other witnesses were examined, and with this in view, we have investigated the latest neas in the price of tia, as well as in the cost of there was produced the recused's confession be published trade figures for this Colony, and now labour and food. - fore the Bombay Presidency Magistrate. To re

record the conclusions we are led to. plying to the Poona Magistratë, the accused sald ; "All I stated in my contorsina to św. I „don't want to say anything more." The caan

was adjourned ant!! to-morrow,

The accured has connected one of his bro- the win the murder, bat the latter is still onrrested,

November 4th.

A smart abock of easthquake in reported to have been lelt at Lahara and Farazapora,

FOONA, October ägib.

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The years 18go to 1896 have been selected for examination as the period

(a) shawlry ike most marked decline in the price of silver.

() including the repeat of the Sherman Act in America in 1893, and the cloring of the Indian Mints, on 26th June, 183. and

(c) affording the latest and most reliable statuatics.

6 is belleved to be prevalling idea amongst rome Chluese merchants in the Straits ibat the effect of the fall in the gold valte of the dollar has been to enbanco local pifces of pro- duce said by them, and that they, therefore, as sellers, bave benefitted by the decline; but I the course of prices from 1890-1891 (Appendix D) is studied, it will be gres that, on the whole, producers have not benefitted, hat are setaally in a worse position, with a daltar helow 2/, than they were when the value of that coln was above 3/.

-

Hongkong and China, Increase $4,867,000 at per cent.

24 These imports may, in the main, be taken at representing the requirements of our Chloess population.

25 As this population bat not grown 31 per ceri, duing the period in question; it may be assomed ibat this increase represents the en- banced cost of imports from these countries, and, this appear to be borne out by local experience. 16 The drollon of a gold standard would probably not injuriously affect this trade,

Japan, incrios# $5,056,000–$11 per cent. 27 This large incie se s das chiefly to the development of the Japanese cal trade, and, in a smaller measure, to the fasport of manufactur ed goods.

British North BornIO, BE increase $1,480,00059 ver coat.

28 due largely to the additional quantity of sago flour exparted from Borneo.

Cochin China, increate, $2,850,000–100 per cent.

20 O this $1,516,000 Is "das to rice and $998.cos to fish,

ston" thereof, is a course which certainly could not be maintained with safely or advantage,

54. A gold standard belog the only one which promises stability, we advocate the conversion of our present currency to a gold basis.

·55 Having wilved at this conclusion we now proceed to suggest, for the consideration of the Chamber of Commerce, a scheme by which this change might be brought about. Proposal for a Gold Standard for the Siralis Settlements.

•

NOTANDA.

CALENDAR.

NOVIMBER.

Meteorological means based on 'ten years'

sbservations to 1893,

Baronetes ... Thermometerő30.

Rainfall,

WEATHER "XPORT.

TO-DAY.

IQ A.,

Barometer...

30.17, Thermometer ...... 64 Humidity..... Rainfall

72

O data Outdate ng

30.05 65 75

0.13

TO-DAY.

16 It must, we think, be recognized that it will be impossible to change our currency from Silver to Gold without primary coal to the Government, although that cost, under the scheme which we are about to suggest, should be amply compensated for by subsequent advantages. As far as we are aware, in no country has the change from a stiver to gold standard (and there bave been many such changes within the past so years) been made without cost to the Government making the con version. In our view, the hurden involved by any conversion must necessarily be borne by Goretament as rep ementing the whole comma- nity, as any action towards demonetising exist-Mohammedan-24th Jomada II., 1915, ing currency, without due provision being made for withdrawing the coin so demonetized, would lead to disastrous results amongst the less co- lightened classes of the population.

Pl Excellency Led Sandhurst arrived by tralo in Paona st 4.30 this morning, accom- pruled by Mr. Heston, Priva e Secte ary, and Capt. Henergs, A.D. C. At 7 o'clock His Excel lency's carriage, with (wo sowars in attendance, drive to the Special Plague Hospital at Sangam. The member of the Plague Committee, Mr. Lamb and Surgeon-Captain Lloyd Jones, met His Excellency, who visited all the different sheds and inspected the pallerts, and spoke to many. His Excelliocy afterwards drovA 7 Those who bave followed the course of the to the Mohammedan Hospital and Segregation Singapore produce markets datlog the period Camp. The scene in the clly was a tenible one. referred to, cannot but admit that prices are, A be passed through, via Lakdipal, Into the really, only temporally affected by any factua city, a namber of corpses were being taken out tions in exchange, ta, that a rodden drop or a for burial, and troops of soldiers were searching rapid rise merely crusts temporary sise or the houses. The large number of houses closed fall in the value of any article of pro fuce, and showed the excdus geing on. Several cases that, eventually, prices do readjust themselves were found in the station and outside yesterday, acedigg to the anal laws of supply and two la a dying state.

demand

On the other hand, it has to be BOMBAY, October 29'k. admitted that the effect of the decline in ex ห A Ploxer Loaden delegram statis-The change-more rapid, as a sole, thin the par

Times diame special attention to a forcible letter responding fall in the gold value of produce in of Mr. Henry Dunnlag Macleod, the emlaent

Eurore and elsewhere-bux, undoubledly, been mathority on the Herature of Economics, review- to enormously stimula's production, and this Ing the Indian financial history of the pas has naturally been a source of "profit to the centory, and advocating a gold standard with Colony, and to the Peninsula, altheagh the In. subsidiary silver cassengy adapted to the conn-dividual producer may hava ruerest. The sab the remainder 11,010,00 being to allver stand-seade as to render such a course extremely ha

committee have therefore to take this into con alderation in their recommendations, and, la suggesting Bxly, the aim should be to give the dollar such go'd value as riled when the trade of the Colony was in the most fisarlabing condi- tion as regards volame of exporte

try. He instals thai mera gold lies boarded in India than is required for the surpare.

GREAT Eastern aND CALE. DONIAN GOLD MINING CO., LIMITED.

Mesira. La gens, Einstmann and Co, the Ge neral Agents, have received the following report from their manager at the mines:-

Great Extera Main Shaft has been rank to a depth of a feet and timber has been put in to a depth of feet. We are working now with

35 three shifts of men, but to feet will be the utmost that they will be able to sink pit week, as the ground is getting burder.

8 Appendix F gives some details regarding the movements of various article at produce during the years under review, and the total experts of ibose articles in each year, from 1820/1896. From these figures it will be seen that the year 1896 generally shows the largest exports, and the average value of the dallar for that year, was as nearly as possible {1}.

9 From the trade statistics published by Gov- ernment, and from the Slagapore and Penang Exchange Market Reports, the figures given in the various Appendices have been taken, and the following remarks are based thereon:

to Imports (specie excluded) hava lecreased as follows.

-1890 $141.435.000 1896 $186,196 000 an increase of $-410->--- of this only $ 12,614,000 wasfiam gold stand.. the remainder $ 33 564.000 belog frem sliver

ard countries,

-standard countries, $45, 188,000-34 per cent. (the

Celedodhalan Shall has been sunk now to at actual depth of 35 fool. The ground remains the same, fairly hard, and about 6 feet per week le all that two shifts will be able to do. Great things are expected by all mizezi from this line of reef. As the old main shaft and the old warkings xra fall of water we shall have to clear out one of the old shafts to drain the main shaft. Timbering will be started hero sexi week,

Zola Main Shaft has now reached total depth of 48 feet from windless, of which 47 feat bave been timbered. This sis is a splendid shaft. Soon after the despatch of my last letter, we broke through what looks like an old driv and the reef was also showing in the south endelight difference in these figures being cauio of the shat, A! depth of about 36 feet we by the omission of the Inter-Settlements trade reached the salld batiom with the reef right figura) through the Kaft from and

end. Several dish test made gave a very sich re- lora of free gold with the dish showing a great lot of mineril. The free gold in the dish went to a good deal more than 2 ex per ton, of which I informed you by tetegram. The lode f averaging 9 luches and the average value we -estima'e at z ozs., për løn,

10

Prospecting half, Gold Lesse 37, has been sunk to a depth of 10 feet. We have been

following a soft reet forma ton on the main line of reef and are adnabtedly on the right track,

THE CURRENCY REPORT-

་

Teking first the increare from gold standard centre $12,624,000.

United Kingdom, Europa, America, and Australia, increase $981,000—8 per cent.

This becomes a decrease of 34 pre cent heathedifferance in exchange between 189ɔ (ja. s1ď.) and 1896 (13. ajd) is taken lato sccount.

13 Sleca 1856, a farther fali in exchange, of about 17 per cent, has occorred, and II, following on the experience of the previous seven years,

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Slam, increast $3,711,000=35 per coat. 30 Of ibis $1.477.c o la due to sice 31 Reviewing the whole of our Import trade, as shova detailed, we have arrived at the con- clusion that fixlty of exchange would, as the whole, be decidedly advantageous to the Import trade of these Settlements.

32 Exports have increased as follows :— Total 100 $116,511,000 1896 161,777,000

an incres of $45.256,000

of this

57 The opinion of the members of the StralTR Currency Commisaton at 1893 was divided into those who wished for a dollar following the for- tunes of afives and those who advocated the Colony being included in the Indian currency system. We belleva li will þe admited from a perusal of this isport that a dollar following the fo tunes of silver is detrimental to the general Interests of this Colony; whilst as to the sugges tlon that the currency of the Colony should be joined to that of India, although that might have teen practicable in 1893, it will surely, at the present these be admitted that the difference la parity between the rupes at about 1/4 and the (countries dollar in the vicinity of 1/tež is so enormous and 33,173,500 is to gold standard | would involve such a complete dislocation of

ard countries sardoss. In this connection it should be noted slight difference in these fizures belog caused by Indian rupe, to include the currency of this $41,123,02211 per cant. (the...] that, takingg/4d as the present value of the the omission of the Inter-Settlement trade Colony under that system would be equivalent figures.)

to raising the dollar here to 3/-sadarlag the same ratio to /(the old par value of the dollar). 58 Ai the result of enquiry made by ur early to September, we have been foformed that 16,000,000 Bitish dollars had already been colned at the Bombay mint, and from the large amount of silver then and now waiting colnage at Bombay into British dollars, the amount is kely very sean to exccad $10,000. We de not suggest thatthe Government should consider any scheme which would izvalve the Colony taking over these 20 rallians on a basis of 2/ per dollar, as a large portion of the esla is not in the Colony nor in the Federated Malay States. We do act support there are more than $10-11,000,000 of all varieties of dollar coins in circulation at the present time thoughout the Colony and Federated Malay Sixfer. We recommend the adoption of the Ecglish sovereign as the basis ofour Currency with a Straite dollar,

We take first the iccrease to gold standard countries. $13.113 000 as follows:- Australia intresse $17,614,000 7 per cent.

United Kingdom. Rurope. Amijtca and

31 Toese countries are our chial customers for Stralis Produce, sa called.

34 The dollar totals ifconverted into sterling,

vi

1890 $46,450,000 at 3/5-£7.983.30

1895 61,964 000 at 2/116.961 oco shew a marked decrease whereas quantities (Appendix F) shew a very large increase in almost all the leading articles of produce.

35 Although these figures show an increas: la dollar totals, It is our opinion that more work Is being done for less profit or at all events with- out any corresponding-facrease of profit and the higher cost of living mastalso be taken lato con sideration:

37 The pardacer has much difficulty to con- tend with from the same cause, as will appear from Appendix D, which shews monthly prices from 1890 to 1896 of the leading articles of produce.

36 The constant factations in exchange-fixed at the value of a subsidiary to it. The thoroughly upset and disorganise this business present subsidiary silver colonge to réziale asli is. and, from merchant's point of view, there can 59 The procedura of the Gaverameat would' of uncertainty would be generally halled with be no doubt that the elimloation of this element be not to let its intention be known, and when a decision to unived at, to paaaa law at one sitting much sallsfiction,

of the Legislative Connell, and immediately thereafter fasue a notification to the effect that during a term sufficiently brief to prevent im. pariation, all dollar coins then legally current la the Colony would be received at certain specified places and Government currency notes glyan in exchange and that, alter the expiry of such term, the British Mix'can and other dollars in circolation would be demonetised. The Feder ated Malay Stales would bave simultaneously lo promulgate the rame, law. The recently passed Currency Note Ordinance would have to be amended in the direction of relieving tha Government, for the period of three or four months, of the obligation of paying esin in ex-

Netherlands India, increase $14,750,000–85 per cent.

38 This expansion of trade with a gold stand. aid country, to spite of the decline in the value of the dollar, is, in considerable messure, dus to Java having required to Import rice to camper- fate for short crops, and, in some forther mea sure, the increase is doubtless also due to the advantages of our natural position and shipping

the trade averturn in dollars does not increase, facilites, already mentioned in connect on with change for its noter, and during that time the

at ferther falling off in the sterling value must be expected in our impart trade with there countries.

13 The Importer of European goods bas The following is the report of the Sub-Com. | therefore on'y just maintained bis trade as mez- malttee sopotnied by the ommittee of the Sirgured eres lo dollars, whilst his margin of profit spere Camber of Commerce "to enquire into has shrunk through the consumers' Inmbliity to the local Carrercy with the view of calling pay the increased prices required by the fall in attention of Government to the questi n of con exchange. verting the Straits Currency to a Gold Standard."

Singapore, 6th November, 1897.

1 The committee of the Chamber having, at their meeting on 25th August, unsaimously ex pressed in opinion in favour of the desirability of fixity of exchange, we, the undersigned, were appolated a sub-committer, and have considered the question, wib the view of bringing before the Lamber such evidence and arguments as may appear to bear thereon, and of suggesting rome scheme which may be laid before Govern ment, by which fixily of exchange may be Alained.

The immed are occasion for the appointment ofa'sub-committee was the very sudden fall is the value of silver dailag the months of July and August, the apprehension that a further fall was, by Do means Improbable, and that the metal might become too low in price, and too anstable, lo serve any longer su the standard of value for the currency of these Settlemen'ı;

In this connection we may refer to some of the effects of the conflaueue fai to sterling exchange.

(a). It has brought about a corresponding ad vance in the doliar price of almost all imports, more particularly of those from gold standard countries. The cost of living has thus been greatly increased, and all clamar have been more or less affected. Thces who have felt it most, and they form a very insportant section of the community, are the employés European, Easton and Ashule. The former have, of course, suffered morn severely, thele wants baing mare Damercus, and suppiled largely from gold

standard connuries.

14 He has further to reckon with increased expend fare, and thus the prevent condition of affairs has become acutely serious, and points to a vill further and speedy decllas of our cace fourliking import trade with Europe, a position of matters far which in wlow of the importanc of our trade with the mother country, an early and thorough remedy should be devised.

15 It may be here mentioned that, with the view of meeting the inability of the native cin sumer to pay nofdty high prices, goods of lower quality, and of reduced weight and mea- sure, are now being mora f.eely introduced, a feature likely in the long an to prove detrimental to the trade of the Colony.

Netherlands India, increase 38,028,000-24 per cent,

16 The bulk (use Appendix G) appears as ex- porte to other gold standard countries, baring quantiles and gold prices of there Imports merely passed through our hands. Had the semilaed stationary, they would have shewn an increase of 37 per cent-the difference in ex- change between 1890 and 1806-whereas the facresse is only 34 per cent, although the quan titles in 1896 were distinctly larger than in 1890.

It may faither be remarked with reference to our import trade from Nethe lands India, that the increasing uncertainty of one exchange #ppears to be neutralising the advantage, of our natural position and shipping facilites, and tending to prevent the trade from coming past Java and Celebs ports. With fixity of exevange, this trade should be capable of enormous expan vion ₫ in 1895 lt reached $27,984,000 out of our (b) The necessity of an increase of remuOSTE. fotal fipori trade of $186,196,050. tion was recognised by Government la 1894, British India, Increase $0,188,000=84 per since when theis officers have received exchange cent compensation; the Municipality have alio 18 Showing that we remain buyers of their pro granted compensation sicce that year to some ducts in spite of falling exchange. Oplum, gun of their staff; and all the Burke, and some merenler and fadian food sinifs are absolute neces capifle firms and the Deck Companies, have files, and must be had at any cost, followed sult. In September last, ofl. 19 Fixity of exchange, especially if at a higher cars and engineers of many local sanca doabtedly beseft the trade with Bilish India

mera rate than the present dollar value, would un- secured by "atrike" a considerable fa wager an increase in lawyers' fees We now come to the increase from sliver has been approved by Government and standard countries, $32,554,070. professional men geneally are raising their

Malay Peninsula, incrat $18,711,000 77 charges Bat, for the great majmy of employés, par ciné. no compensation, in any shape or form seems so All imports from the Peninsula necessarily warranted by the pretext poikilos of business passlog through the peris of the Straits Settle. affairs in this Colony, and fixity of exchange, en mente, these figures deserve particular attention, showing as they do, with exceptional clearness,

our imont trade with Netherlands India,

British India, Increase $849 000 -11 par cont 39 merely shews that a depreciating dollar bas given us but little antistance in this direction, Countries, $11,010,000

Turring to the Increase to Silver Standard

with the excep ton of that in the case of the Malay 40 It may be remarked that the increases, Peulugula, bare been insignificant and require Hte comment.

Malay Peninsula, incrnaxe $8,019,000-78 per cent.

• 41 corresponds with the increase in Imporis (77 per cent,)

42 Tiongkong and China, increase $1,440,000 =11 per cent.

Fapan, increase $494,000=400 per cent.

||

Intimation.

ABRIDGED PROSPECTUS

407 THE

FOOCHOW. TEA IMPROVEMENT COMPANY, LT’D.

INCORPORATID UNDER TRE · COMPANIES OR- DINANCES OF THE COLONY OF HONGKONG

1865 TO 1890 BY-WHICH THE LIABILITY.

OF SHAREHOLDERS IS LIMITED TO THE AMCUNT OF THRIR. SHARES. CAPITAL:-$150,000, HONGKONG Currency, Divided lato 5000 Shares, of $50 each, of which it is proposed to istuo si present the fam at $125,000 in 2,500 Shares of $50 each, and the balance of $175 000 la 2,500 Shares, as may be herealter determined on.

Saturday, 20th November, 1897, (St. Edmund.) Chinese-26th of 10th moon of 33rd year of Shares, which will be fully paid up, will be

Kwome-sil. Tewish-26th Hesvan, 5658.

Sets

Sep-Rises... 6hr, 18min. ........ BA. 15min. High water-J^orning mumin. Skr. 1žīmin. Afternoon... Bår. 61min. Low water-Morning 1hr, 39min.

Afternoon HOME. ANNIVERSARIES.

1840--The 1.5. Curse, hearing a flag of trace,

fired upon by the Bogna Foris. 1845-Partagueso Custam.House at Macao

closed.

1863-Lord Elsta died, 1867-Gunpowder explosion at Hankow,

TO-MORROW.

Sunday, ats' November, 1897. (ivid after Trially.) Chinese-97th of 101k moon of bird year of

Iwon-si Jewish-261 Ho^uan, 5658. Mohammedia-25th Jomada II, 1318.

Sats

sims 6br. 18mlu. * sun. Skr. 15min. High water-Morning ................ Okr. Imla.

Afternoon

* Obr. 9$mslu. Low water-Morning ...

Ja okr. 27min. Afternoon ....... Okr. Išmín. ANNIVERSARIES,

1840-Empress.Frederick of Germany born. 1864–Vaj^r Baldwin and Lien), Bird, of H‚M

20lb Regiment, murdered in Japan. 1854-Poi? Arthur exptured by the Japanese,,

CHURCH SERVICES.

St. John's Cathedral:-Communios, 7 a.m.,

Matine, tru.m., Evensong, 5.45 p.m. Roman Catholic Cathedral ----Mass at 6 r.M., 7am., 8 am, and 930a.m. Benediction,

p.m.

German Bethesda Chapel, West Point - Union Church—Services, 11 am and 5 p.m.

Mornice Service. I am St. Francis' Church, Wancha! :-Mass (Chin.),

6 a.m., (Part.) 7.30 am, Benediction, 5 p. St. Joseph's Church, Garden Road-Morning

Service (English), qm,

St. Anthony's Chapel, West Polat :-Mass, 8 Waliyan Methodist Church-Services, 10.30

a.m. and 5.45 p.m. " St. Piir's Seamen's Church -11 a,m, and

6.30 p.us.

SHIPPING AND MAIL NEWS.

MAILS DUS:

Fresch (Salaste) ayrd inst, Indian (Ligktning) 24th funt. American (Eclate) agih inst, Canadian Emprets of Fapan) 29th lost. Tacoma (Olympia) ¿ia prox. American (Park) 7th prox.

THE Agents (Mers. Dodwell, Carllll & Co.) left Singapore for this post yesterday, and is due hexa on or about the 26th lust.

Inform us that the Co,'s steames Port Adelatdı

Government would have to raise a temporary sterling loan in London and Import a gold xe serve in sovereigns. The position of Bank notes THE P. M. S. S. Car steamer City of Rto da would not be affected, except that the law most Janeiro, with malis, etc,, which left hasce Octo- provide temporarily for the Banks holding ber 19th fez San Francisco via Shanghal. Government notes as a reservo against their | Nagasaki, Kobe, Inland See, Yokohama and against their own notes. No current debts own notes, and paying. Government notes Hoselale, arrived at her destination ca the

16th Inst. would be affected by the transition, they being made payable fo the new comency, at the fixed 1416 of $10 to the With the large stock of silver that would come into the Gavernment's bands, a limited number of Stafts subsidiary | Phra Nang um...stasæser, from Bangkok dollars could be coined, and this could con- Glenfallsch minu neatly be only 60 per cent, to 75 per cent. of Nanya Maru.........

the weight of the present dollars. The Govern ment would have to submit to a loss la dispos

43 is really of insignificant volume althoughing of the balance. Before making change in the percentage is large.

the currency, the Government, to protect them.

44 Brillik Norik Bormio, &c, increase sclves against possible further depreciation of $592,000=90 ter cent.

the metal, might contract to sell silver for for Stam, incrzcz0 $1,387,000—19 par cent.

ward delivery, and subsequently cover such sale

46 The same cause is probably a work bere

pay the increased prices required by the fail in as mentioned in curreference to the Import trade from Europe, vis, the laablilty of consumers to exchange. ing direct from Europe to a greater extent than 47. It may also be, that Stem is now 'Import formerly.

SHIPPING REVAMS. From ́8 B.m. yesterday to 8 pm. to-day, "

ARRIVALA,

Haflong............... Helkow NICIUNE Krim .................. Nanyang ma Cantox ............... Chłyst Hongkong wit

Astral

то

15

11 SEL

Singapore

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DEPARTURES.

H

H

Coast Forts Canton

Canton Coast Porta

Chefoo

Amor

Sembilan

"

Hataburg "Kobe

Viadirosieck

"Halphong Aggregating 13,023 tons register. Wotansteamer, for Salgon

Wally.......... Hania........................... Framnes Weosung uman Pakling ..................... Talsang muntistılı Puskampan

sang CAYM

m

1+

Yokohams Yokohama Shanghai "Shangkal

45 Ke Bulk of the expora consists of Euro.with the demonetised dollars as these are res pesu goods and ought, to have increased 37 perceived and converted tato bullion, cent to have kept pace with the depreciation of 65 Our view is, that if judiciously managed, the dollar.

the convesson to & Gold Standard, on lines as lndicated above, could be effecies without greater cost to Government than they would be compensated for within a short period of years.

As an instance of such compensation, let us Issume that there may ts a further serious | decline in the value of the dollar, asy to 1/63, In 1896 the Government remittances for this Colony for "Home Charges," at the higher riles of exchange then rulleg, amounted in round figures to £28,005; let it be taken with the dollar at a/s be about 14.000: 10 that exchange compensation for 1898 will, ibis should be added, for account of the Fede for 1898, of 50,020 for "Home Charges and Ex. Lakin rated Malay States, the farther rough estimate, Tree (H.1.G.M.S.) change Compensation These give a total (anti-tongu mated) of £152,000, which sun, ta/excha............... would loveive an expenditure by the Colony and Falburg.... If the Government had to provide the dollar Federated Malay States of $1,520,000; whereas,

West York

* Cosmopolitan DARTALECANEGARA Train sub+kubebeldean equivalent of £152,002 at exchange 1/6, the cort fal, to that rate, of 8505,560 annually. would be $3,036,656, a loss, it the dollar should

Cochin China, decrease $888 000–$9 percent, 48 This appears to be the only country with and this is due, almost entirely, to the prohibi- which the trade of this Colony shewa a decrease, tive lariff of differential daites applied since 1892. deductions therefrom bring us to the conclusion 49 Reviewing the above trade statistics, our that the best interests of trade in this Colony would tarved by fixity of exchange, provided the valus of the dollar la fixed at a suitable rate, value of af. would not handicap our export traite. 50 We hellova that a dollar fixed at a gold

would considerably asalet in maintaining, at We believe also that a dollar of this fired value somewhere near is present extent, our Import trade, with gold standard countles in particular, the consumer the advantage that cost of living whilst at the same time tūts fixlty would give to would not be farther incrassed by the deprecia tion of silver.

51 A polat which we think deserving of very Eve consideration to this matter, la the protace tion which faliy of exchanga would scsure to the large amount of European capital already employed in the trade of these Settlements and the encouragement which it would offer to the Introduction of fresh cipial to the Colony sad also to the Federated Malay States. There a

JOHN ANDERION, G. 5. MURRAY, AD. LAIFF, C. STRINGER.

Appendix A given a summary of the 5.5 fm. port and expon trade from 1890 to 1898.

Appendices B & C exclude interactilemant trade

Swałow Cantos daumt Maru

"Volcahama Sendat Marse

Vladivostock Aggregating 19 854 tons register. HonaKONG AND WHAMPOA Dock RETURNS. At Kowloon Dock.

Arrivals.

11

H

Н

H

J

13

#

19

H

SWAZOW.

from

#

Of the 3,500 Shares now to be issued, goo

ten by the vendors, in fall payment of the properiles, business, goodwill, machinery, and effects purchased from them by the Company, and the remainlog 2,000 Shares are now offeted to the Pubilo.

Issue of $100 000 in 2,000 Shares of $59 nach payable as "follows:-

$10 per Share en application.

$5 per Share on allotment.

$10 per Share 3 monthsulter allotment mid the balance thereafter required.

DIRECTORS.

GUSTAV THEODOR SIEMSSEN, Esq., of Messrs. Slemusen and Kiobs, Foochaw, Merchants. ERNEST JOWPH Moss Eiq., of Mesira. Dodwall,

Carlil & Co., Foachow, Merchants. WILLIAM GRAHAM, Esq., of Messry, Jardino, Matheson & Co., Féachow, Merchants. FICHA:D HENRY WALLACE FRASER, Erq. of Messis, Fraser, Ramisy & Co., Faschow, Merchants

MICHAEL GABarzz Kisselerr, Esq, of Mesars. Tokmakoff, Molotkoff & Co., Forchow, Merchants,

LI YUTH YIN, of Foochow, Merchant. HUANO PAI AN, ^{ Foochow, Merchant

SECRETARY.

WILLIAM PITCAIRN Galton, Esq., Foochow BANKERS, THE HONGKONG AND SHANGHAI BAYKING

CORFORATIO (.

SOLICITORS. Merin. EXACON & HASTINGS, Hongkong. PROSPECTUS,

·

THE Consaar is bolag formed to acquire as going co cern' the business of Ten Planters and Tea Merchants heretofore carried on by the Association called "The Foochow Tea Improvement Company" at Focchow and Pehbag in the Fobklen Province of China.

Recent experiments in the manufacture of tex carried out by the Asseciation at Pehilag with the aid of Machinery have been attended with much success, lassmuch as tens of greatly improved character and quality have been pro doced, and it is therefore considered that the scale can be sucessfully employed in various time has now arrived when capital on a larger

tion, it should be stated that the Chinese parts of the Fokkien Province. In this connec

favourably disposed towards the Company, and Government Officials have shown themselvest

have expressed their Intonitas to protect and assist it la avery Way.

The properly to be acquired from thể Asso. ciation la consideration of the allotment of the soo fally paid up shares comprises the good will of the business and all its Trade Marks and Chops, the Association's lande in the Fabician Province of China with a Factory, house for the Chinase Manager, office, and coolle quartSIS; zisa a new "Venetian aring machine, and three new rolling tabler, and a sildng maching, the whole being worked by a water wheel 12 feet in diame ter and a feet broad; also 1 Campbell's Off

two Blackman's Fans, and one Davidamis. Culler; also 4,400 Witbering Trays and Stands, and Scales and requisite godown appliances; also a cash, balance at the credit of the Associa» den mounting to $1,795.15. The land will be rested in two Chinese shareholders as Trasimes for the Company.

Engine, to horse-powers one Davidson's Sirocco,

The Chinese growers in the vicinity of the Factory havo alwayı hem willing sellers of grees lost, of which an ampla supply is at all umes available for manufacturo.

As regards the prospects of the financial sud- cess of the Company, the Directors would par. 'cularly draw attention in the advantage China now has over India and Ceylon in cheap silver: This folly compensates for the taxation which China tea has at present to bear. The cheap ness of land, the low scale of wages, and the excellent quality of Chiness Inbons are likewise... facts which cannot be overlooked.

The Machient English Engineer, who is -

has been erected by and to fa

charge of n

the Company's Property Manager and has for some years been incharge of a ten factory in India. The Chinnie Manager was recently sent to Ceylon by the Association, where he had prac tical experience in tea making.

It is proposed to take over the buslaosu un s going concern as from the roth July, 1897, and to enlarge the existing factory at Paling, and establish other factories in suitable districts. The Contracts affecting the Campany consist of an agreement dated the rg's day of October, 1897, made between the members of the Associa tion of the one part and Guatay Theodos Siemssen, Esq, for and on behalf of the Com- piny of the other part, being the agreement for the purchase of the preperiles, business, and premises to be taken over from the Association, A copy of this contract can be seen at any branch of the Hongkong and Shanghai Bank ing Corporation or on application to the Secra tary or the Complay's Solicitors.

There are other arrangements and contracte in existence, the benefits and obligations of which are to be taken over by the Company; such as ma agreement to pay the Chinese Manager a bonus of 5 per cent on the Company's net profits for the |frst year ; contracts engaging clmiku, servants, Agents Nov. 18 Lesyen Cloo & Nwang.C.M.S.N. Co.

and employés, and other contracts. If such arrangements and contracts coms within Section 15 H CH.Co & N'wang C.M.S.N. Co. 37 of Ordianoce No. 1 af 1897 of the Legislatura 18 Nanyang A.........). M. & Co. of Hongkour, all applicants for sharan shall be 20- 19 Tholės "sammanfatarian]: M. & Co. deemed to have waived the insertion of the datas To Haimu......Hongkong...). M. & Co. and names of the parties to say such strange. 19 Changchew......Amoy ...LY.S.&Co.ments of contracts and to accept the above 18 Klangnaw. Hongkong.....Tung Kee, Diportaret.

Agents, 'statements as a suficient compliance with that

|rection, and applications for shares will only ba.

accepted subject to this proviïton,

traced in appendix D, E giving the mounts, Nov.

The course of prices and rates 1890-96 rra and Appendix F reviewing the market for the chief articles of export.' As regards in the con- stimulated by the low dollar, and that thin clusion is come to that production was insgely brought about a le fous decline in the gold value

me distinctly higher beats then' Ike' present the development of a country cinder the Influence already much necewliy for the restoration of of lin. In the same period rice and opiam baye

has become, with them, an urgent necessity.

the

currency.

(c) From Appendix H it would sppier that of a depreciatius beis largely due to one article, that confdence which ́skovid uitsch ip-Invest Increased in price. Tẩu cœurce of gambier shows :

wages of Chinese immigrants have not sisen

17 The incrassa

In any appreciable degres during the past soven |, namely In Baton of the tin industry in the years. This coincides with what has come baxegarded as one of the most important features In our Import trade, with gold standard countries, namely, that the income of Natives generally not elastic, and has not kept pace with the rise

to 33 The candlifon

Native States being practically the measure of thele prosperity or advaralty, some enquiry lato the circumstances of that part of the population dependent on this Industry may be instructive.

43 It l'alleged that tin minors in the Native

In price caused by the depreciation of the dollar Sites were mote prosperous In 1890 than in

mesis in these parts.

52 We therefore give it as ami opinion, that's

fixed Sterling value of af for the dollar would benefit the trade suggest the commler Colony, and we suggest that the Commities of at that cate the Chamber of Commerce move to obtain fixity 53 One obiect of our investigations has beca

IN

for

19 Palinurus i.....Stralis..............B. & 8, 19 CheangchawStraits LY.S.&Co. 19 Nanyang...Hongkang.... M. & Co. PORY-HMS. Algarine, Hunan, Lasyuan, 19 HatmunÃm07.........), M. & Co.

Hola Chi, Thalië.

Applications for shares should be forwarded, together with the amount payable on applica Calporaties, Hongkong, or to either of t Hen, to the Hongkong and Shanghal Banking Brauches to the East, or to His Branchas at that the producer has not reaped any permanent

FARSED THE CAMAL,

London, Lyons, Hamburg, New York, or San OUTWARD=19th October- Príam, Forsidom, Francisco, or to its agents at Sydney or advastige by the gradual shrinking of the dollar, Dallas, Hassist, and NovaLaber-Binvi, Melbourgs, on or before the 31st day of Decem while most producers have been ruined at a 3 Kiradikth November Preussen Sagha will be returned without deduction and where the In lapfeca, a dollar at 3/3 yle'ded good profits, Maria Valaria, Malatea, Orastas, H. Steing, her, 1997. If no allotment is made the deposit dollar, the respon being that production was soles, Kakow, Messi Tabor, gth November-sumber of shares allotted is less than the number enormously stimulated as to fland the consuming Balomond, Kriemhild, Tataan, Purtiss, 1913 applied for the surplus will be credited in markets, the consumer, and not the producer, November-Glengsis, Herthaava, Radson reducilor of the amount payable on allotment being the bencfiler of the fall in exchange. Aire, Hector, Lyderkorn, 16th November dollar, but they suffer by the increased cost of Glauryls, sten, th Noversberg once, and coplas of the Memoranduma, and Coffee planters have benested by the fall in the Eargia, Nioba, Longshier, Morgan, Patreflus, tained from the Company's Secretary of Bankers. Forms of application, for Shares can be ob

Indian labour, rice, and other supplier. As 164 Ospith, Chitiline, data, Norman

It is intended to register the Company at garda sage, vilcus have been ruled by the crops of cereals in Zurope and elsewhere, and a low Outabs-Vigelow, and November&rade: be inspected an application to the Secretary of HourWand="25th. Octostem Parlad, 20th | Articles of Amocláifón "of the Company may: fixed dollar will art injury this part of our trader Dan Narembo PPW. 101% Massaberkoue this Comsay's Belleford matra, Sydney, Biopea

· Hongkong auth Onteber, 1997,

3. Fixily of exchange has of late years grown in favour with the community. In 1897, when 18:6, and that say "emporary advance in the to suggest, if possible, some means by which the Currency Commistion reported on the ques dollar price during that period as counteracted fixity of exchange can be attained. It will be tion, many business men held that a falling del by more than corresponding increase in the apparent to every one that no reliance can be far was in the interests of the producer and ex. 3. cost of labour and lood, and was lost through placed on silver as the kitila of our currency. porter 1 bat Bgures Kiven in Appendices D, E over production. En régi many, misery whe Wê nze of opinion that a Betitione value to our and 3′ show that such kau nei bom the stay, I served to suspend uporativas, und, frons invortis | silvay outerwey, brought about by the contine- 3 Bugar it much the skier aS KARTI