1903-06-04 — Page 5

TELEGRAMS.

** HONGKONG TELEGRAPЛ"

SERVICE.

Opium for China.

(From our own Correspondeni.)

BOMBAY, 4th June.

The P. & O. 8. N. Co.'s mail steamer left only on Wednesday afternoon with about 380 chests of Malwa opium. The prices of superior drug are :--

Malwa New...... Rs. 1,160

OLA

1,260 1360

Oldust..

(Reuter's.)

France and Morocco. M. Journant in a speech declared that France would have preferred to leave the punishment of the raiders to the Moorish

THE HONGKONG TELEGRAPH, THURSDAY, JUNE 4,

were in the interes of the community and not of inthe duals. For this reason it may be that the proposals may not find favour with some individuals but I claim, that they have found the favour of the general community,

DESTRUCTIVE CRITICISM IS CHEAP

(hear lear), but I can clans for the framers of the scheme before this Council, that a reference to the evidence will refute every and any ob jection which I have heard. It is evident that the Comm tice car fally considered all the points aganes, as well as in the case, and that they were convinced that before they framed their report, of the soundness of the conclusions at which they arrived. In paragraphs 57-61 the committee go on to sketch the steps that would take to inaugurate xity of ex- They change on a gold standard. They would begin by bringing in the special straits dollar (the speaker here outlined the scheme as previous ly published and continued), then they suggest we should adapt the same procedure as was

ADOPTED IN INDIA,

That is that there should be a contraction of the currency until the dollar reaches the point in relation to its value to the sovereign, which is desirable to atiam. At that pont they hold we shall be in a position to issue the new satio. A reference to paragraph or will explain this more fully. The repon recognizes the Sheme may be slow in operation (see para fiz), All througle the Commision contemplates that PARITY OF EXCHANGE

A DECIDING VOICE,

very fieavy one, they would not try to thrust and he had the greatest confidence in leaving consider the report so absolutely perfect that portion of it on the public...... He did not that role to be played by Government. He felthey ought to accept it as perfectly absolute. It certain Government would avail itself of all the dit not appeal to him in that way. With the useful advice it could get. It had been sug

nformation now in possession of the Govern. gesed by one of the newspapers that the, atitude of the general public is one of interest tent, they could well consider whether there were not other means to bring about the dying out. If that was the view of the color he could contradict him and tell him that he changes desired.

id not know his public well. The public were in a slate of quiet arising from the can- viction that there was not only now the scheme but the man. He invited the Co ncil to come to the conclusion that the convictions and desires of a large body of the public were embodied in the resolution before the Council, and he looked to Government to give effect to the resolution (hear, hear).

CINESE SUPPORT.

The Honourable Tan flak Kim remarked that when the currency question was before the public, it was well known, that a counter- petition was got up by the Chinese, with the set purpose of letting the Home people know the position of the Chinese community here, The Committee had met and had considered the petition amongst other matters and as the Chinese member of the Board he did not think there was any more for him to say. He was sure he was expressing the feeling of the Chinese when he said they had the greatest confidence in the Committee and Government, and they would do all they could to support the carrying out of the scheme thear, hear). le must, however, say that he was sorry to see there was apparently no provision nade 131 the report for getting rid of the Mexican and British Trade dollars, when the time came for

the Committee had made no suggestion with regard to this He hoped something would be done with regard to this, because if not it would cause some excitement amongst the

prepared to receive Government was not these dollars in exchange for the new Straits. He maintained the Chinese community had done their duty in forwarding the petition, the less and they would now be none loyal supporters of the Government in the adoption of the measures necessary (hear, hear).

1903.

ACCEPTING THE ADVICE

They gave as to which it was most advisable to adopt. He heartily concurred that it was most undesirable to reopen the discussion in any way. The discussion in this case had lasted for ten years, and they were asked to begin the discussion de novo. They were asked 10 refer the matter back, but he certainly should not have the courage to ask the Secretary of State to kindly refer the report back again,

His Hon urable

To-day's Advertisements.

AMERICAN AND ORIENTAL TRANS- PORT LINE,

STEAM FOR NEW YORK VIA SUEZ CANAL.

because some people locally thought sune of THE Company's Steamship the details were not correct. Friend had put him several questions, to which the Colonial Treasurer had given some tenta- tive answers. One thing he said was that someone would suffer by this conversion, and that it would be the poor and ignorant native. His own acquaintance with the poor and igno- ant native was, that here, at any rate, he was extremely well able to look after himself, and that when it comes to a question of money or trade dealings between the native and Euro. pean, it was generally found that the native could more than hold his own. Another point was whether Government intended to go to

"HEATHFORD," will be despatched on or about TUESDAY, the 9th instant.

For Freight, apply to

THREE SHILLINGS POR FIXITY,

ARNHOLD, KARBERG & CO, General Eastern Agents

for China. Hongkong, 4th June, 1903.

[$340

EASTERN AND AUSTRALIAN STEAM- SHIP COMPANY, LIMITED.

FOR KOBE.

Mr. Murray: Lasked the Government to state THE Steamship its aspirations.

The Governor: 1 (ook down the hon, mem.

"EASTERN,"

Government; but in the circumstance France dollars in exchange for gold, and at a fixed pronouncement of the method they were 998 lemonetisation. He was surprised to see that her's words, are we going to a 34. dollar' ! Captain Ellis, will be despatched for the above

was perfectly justified in making reptisals.

Australia and Mr. Chamberlain's

Fiscal Policy.

MR. MURRAY CRITICISES. Mr. G. S. Murray, after some remarks un what has been said about destructive criti- ism," said he had been a consistent supporter of a gold standard for ten years, and any re- marks he might now inake were not to be taken as indicating that he had moved from isis conviction. He was not against the schense, but he would like from the Government a

to adopt in carrying out the recommendations of the Committee. We were all indebted to the Committee, and to the Governor, for aving taken up the question. We were grateful that the Commitice had tasen evidence, and come with those conclusions we did not always agree. When we got expert opinion II. . said the best course was to follow advice ba ed upon it But when the expert himself acknowledges, and states in the opinion that he gives, a basis which we all recognise in be a false basis when he puts forward an assumption as the basis of his conclusions-we shoula lail in our duty if we did not fully point out that that The Comitee assumption is a wrong one. says, had it not been for that one misgiving they had, on the quali of whether the native population of this Colony and the Native States would not look njun Government Note Issue with suspicion, that they consider the scheme put forward by the Chamber of Commerce in 187 would have been the speediest and least costly method As one of introducing the gold standard

Sir Edmund Barton, the Australian Pre-shall be kept up at the expense of the Governo conclusions on the question, although perhaps coolics and lower classes if they knew that mier, strongly favours Mr. Chamberlain's Fiscal Policy aml, provided cach self-govern ing Colony has freedom in its van fiscal affairs, believes it will prove an enormous imperiai ulvantagú.

LATER.

Austria and Italy. Some disquietude is beginning to be felt at continuous anti-Austrian demonstrations in many Italian towns. The demonstrations which niginated in resentment at an in- important manifestation of students, bare now become a political movement which the Government fods it difficul to control,

The Fire at Eton. The fire at Eton was in the Rev. Kinders ley's house; both the victims were 14 years old and one of them the grandson of Sir Edward Lawson, the proptietor of the Daily Telegraph.

((Wobe Herald) South China.

THE YONMAN INSURG1X? »

PERING, May 6th. A telegram to the Wai Wu-pa from Viceroy Ting of Yang Kwei says that after the half of Linan-fu, the French Consul concerned has no tified that should. Chia Esdl to subdue the re- bels within ten days, France will undertake to pacify them, on behalf of China On the outer hand, a wire recrived by the Wai Wu-pu at 11.30 on the 24th inst. from the Russian Govern- ment states that as regards the fall of Lin-an-fu France appears to have communicated in you that should you fail to pacify the insurgents within ten days, she will undertale the work herself and that should Ching fail to do n within fifteen days, Russia will send woops and subdue the rebels on behalf of your country.--- Kekumin,

Manchurian Question. ALLEGED INSECURITY OF LIFE.

London, May 26th. The Nowe Fremy, in an article on affairs in Manchuria, lays great stress on the in- security of life and property in Manchuria, owing to the increasing depredations of the Churchus (mounted bandits).

|

ment. They also deal with the question which was very much referred to in the discussion by them, namely, the continued presence of the Butish trade and Mexican duilars in the Colony. They would advise us to allow the importation of these as a commodity, in order that trade with neighboring countries may not be disturbed. In this respect I understand that those whose memories can go back to long ago, can recall when the Carolus dollar was in a somewhat similar position. It would sem from the evidence the witnesses EX

ased by the commuter tha. experienced mari men hold that there would be no disner,

NOR ANY CAUSE FOR APPREHENSION In the adoptin o that course. I have aliciy lamed that the scheme has met with the approval of the general community, (hear hear, my remarks in that respect will be in complete I do not soforms the Cooned that a communication has been received by Guvern rent from the Chamber of Commerce, intimat ng their approval of the principles of the sheme, and that they have appointed a sub- Committee to watch over the change, and to give any advice in then power which may be al use to Government. I need not say thit

ASSISTANCE OF THE COMMITTEE

11

Messrs. Frizell, IN composed as

urray, Nicholson and Anderson will be gladly and readily availed of by Govern ment. I regret the absence from our tineeling today of the curable members from Pe nang. ut feel that the motion would receive the warmest support of those members.

as favour from one have written testimony in

I

|

of them, he says. The proposal will recom mend itself to all business people and the jubire, speaking tur Penang." The motion as it stands

of a somewhat open character,

THE TREASURY VIEW. The Honourable the Colonial Treasurer said that so far as he had gathered the feeling was almost unanimous in favour of the measure, the only opposition came from his honourable friend diagonally opposite. Any one who read the report would see that the process of conversion was a gradual one, and that the steps to be taken could and must be graduated, in such manner as to incur the least possible risk or disturbance to the community. It was very likely that the success of the measure would be of the sponsors of the 7 scheme he was in direct proportion to its imperceptibility. De thankful to the Committee for its note of liberation was especially necessary in the traits, where the trade conditions were so appreciation of that scheme, but at the same ime he had to bring forward some criticisLII different to those of other places, and it was in connection with their proposals---ne of a

nwise to expect that what had happened else very destructive nature, but pointing out where would necessarily happen here. He where certain dangers lie and asamg from the thought the community would be quite safe if they trusted the steps in the Government Government assurances on one or two points, if me out of ten men were asked whether a

would take, they would he advised by their ex- perts and by eminent men here whose experi- Government Note Issue, even if forced, would be received with suspicion they would empha ence would be very valuable. They had The responsible advisers of another great element of success in the ex- tically say no. Government would also be consulted on this ceptional intelligence of the small class of

they had declared their trust in the Govern point and if they agreed with the majority of traders, particularly the Chinese, and sew that

umption that the public would look upon a

ment, the success of the measure was mure people that there was no ground far the as- Government Note issue, even when forced for assured than ever. Ile was glad to see thit a short tute during the currency transition the seconder of the motion had spoken in favour period, with suspicion, they would fad in their of flowing Government to settle the details, duty if they did not bring it before the Secre- and referring, to what the Honourable mem tary of State, in connection with the recomber, Mr. G. S. Murray, had said about the size mendations made by the lome Committee. Mr. Earle lind mentioned a communication received from the Singapore Chamber of Com merce, approving of the general principles of He could not himself actly grasp what was meant by the gene ral principles." If it meant that they ac- cepted a gold standard nd fixity of change as desirable for the place, he was quite with them, but if the Chamber intended to express that they, accepted the report, leaving the details to be worked out by Government here, h: would hesitate in com

the recommendations.

ベン・

of the new coin, he would draw his attention to a statement made by him in 1893, when he said that it a new coin were to be introduced into the Colony, it should certainly be of the same weight and size, or if there was any change, it should be in the direction of in- creased size and weight rather than decreased.

answer "no."

Continuing: He understood his friend to say that be bad made no suggestion that the jeonit should be referred back to the London Committee, but he confessed that was the im pression he gained of what was said. He quite accepted what his friend said, but he could see no finality in referring the matter again to the Chambers of Commerce, and he was sure there was a certain amount of impro.

priety about such a step. Having seen that

there were several schemes and that many of them were equally mederately good, they had in recognition of the importance of the question asked hat a special Committee should he appointed to decide what it was best for them to do. That Committee had

DECIDED ON ONE SCI) ME

and recommended its adoption, and he coulil not see how they could usefully refuse to accept

it.

The scheme was supported by general opinion in the Colony and the Federated Malay States, it had received the recognition of the Chunbers of Commerce, it was favoured by the Colonial Secretary, which they must admit was a great point, and it was to be supported by the Chinese. He thought under all those circum- stances the Council, would do well to approve it. The motion was then pot and carried, the Honourable G. S. Murray alone dissenting.

COMMERCIAL.

TODAY'S INTELLIGENCE,

As foreshadowed in yesterday's intelligence a better feeling prevails for the better class stocks. There are inquirers for the following shares at the prices quoted:-

HONGKONG BANKS Kowloon WHARVES............... DOUGLAS S.S.

ELECTRICS

MACAO STEAMBOATS

CHINA SUGARS

$672.50 8.

44.

13.

37.25 107.

There are buying orders from Shanghai for

INDOS... i

at Tls. 76. LANGRATS..

FARNHAMS

305.

11

195.

The Honourable G. S. Murray requested the | PUNJOM MINING COMPANY, LD. Colonial Treasurer to finish the sentence which

is designedy framed in this way in order that t may obuia the un imous support of the Council. There is nothing in it I think to which any member of the Council could take vareption. Su, 1 beg to propose the motion which stands at my name. (Hear, hear.)

The ibmbás T. E Eule sant that he had much pleasure in seconding the motion. When the Committee of the Chamber of Commerce invited him to me as the Chamber's represent ative during the absence of M. Stringer, they took the precaution of extracting the promise that he would support any measure for estab. ing to that decision, and he thought the proper prove a success (hear, hear). fishing a guid standard. He had had no diff-

REDEEMING A TROMISE.

course would be to adjourn the debate, send the Report to the Chambers of Commerce, and

ussian on the Yalu. TIMBER COMPANY COMMENCES OPERATIONS | Cnity in giving that promise and in seconding ask for a detailed criticistu clause by clause as

IN EARNEST.

that resalu ion he felt he was

to the practicability of the steps required to London, May 26th.

change from the existing currency to the gold The Note Fr mya announces the formation.

He might, he hoped, be permitted as an Is andard. The Members from Pening were in Coren of a Russian Tumber Company, with

unofficial" member to congratulate and thank, nt present; the Colonial Secretary recognised a capital of three million aubles, to work the concessions on the Yalu River granted by then behalf of the general community, the Govern the very great importance of the question, and Corean Government in 1846. Several thousandment and the Commitce on the prompt action be (Mr. Murray) thought that that importance should have been shown by taking means to workmen have already been despatched token by them, and in express their indebted

have both the Members from l'enang present, Cores, and thousar ds are following from head-

The Colonial Secretary had said one of them quarters in the Company's own steamships.

entirely approved of the scheme; that, he did not think sufficient, the member himself should have been in his place and personally expressed an epinion. He repudiated the suggestion that his criticisms were of a "dog in the manger! kind, because his (Mr. Murray's) scheme had been thrown over. He was asking for additional information as to how Government proposed to carry out the committee's scheme.

ness for the sympathetic attitude of Mr. Cham- berlan in the case. He shou'd also like to congratulate his honourable friend, air. Murray, at being present at the taking at a step the THE STRAITS CURRENCY. | desirability of which he had been urging for the last ten years, and he was sure Government would find in very carnest and true in support of the principles of the scheme. His own stand was taken on the following words of the Committee of the Chamber. The Committee of this Chamber is strongly of opinion that it is imperative for Government now to decide on SOME MEASURES FOR FRINGING ABOUT

FINITY."

And in the absence of the Penang members he would take the libery of stating that in the opinion of the Penang Chamber the conversion of the Straits currency on a gold basis had became a necessity. As far as concerned the commercial community of the Settlements, the Committee had evidently come to the conviction that the balance of opinion was in The favour of the expediency of the change. paint was what had Government decided. Government had also decided in favour of the expediency. That was therefore a settled 'nual-

APPROVED BY LEGISLATIVE CINCH.. At a meeting of the Straits Legislative Coun cil, on May 29th, the Colonial Secretary (Hen. W. T. Taylor, C.M.G) in moving. “That this Council favours the adoption of the recomm- mendations of the Committee on Stmits Car rency," said: -Sir, te importance of the question which is the subject of the motion that stands in my name canom be overrated, and if I had now, Sir, to justify the adoption of the motion I will nt ence declare my inability and would ask that the ask might be entrusted to more able hands. But the subject has been discussed so widely, and the discussion has been extended over so long a period, that I may safely say that every one in the colony and the Native Sudes knows much of the subject not to speak of this Council. The report of the committee which recently sat in Londen sinnotes the way out of the diffiter. He hoped the Government would not culties for me, and makes my task an easy one. allow this poist to le reopened. There was In the very clear and concise report of the nothing sivire easy than criticism, but it was in Committee there is st fnth in the earlier paragraphs the recent histry of the currency. and in paragraphs 23 to 31 are set out the varinus steps that have been taken the his tury I might say of the agitation which has gone on for a change of currency beginning with the appointment of the local Committee in 1393, and terminating with your Excellency's despatch of July 16 last, recommending to the consideration of the Secretary of tate the consideration of the subject by an expert at Home, preferably one with Indian experience. The expediency of the change is dealt with in the subsequent paragraphs of the report, and in the minutes of the evidence taken by the Com-

SOME ASPECTS MISCHIEVOUS

The Colo.

Well the question of the expediency having been sealed, they found that their expert advisers told them the change was practicable, in other words they had got a site and a four dation, and they were supplied with a skrich by which to put up the structure. nial Secretary in moving the motion had saidh that it was in a very open form, but he pt. sonly committed himself to it ang servedly and if Government elected to foil w the scheme to the letter he was content. If the decided to make modifications in the scheme he was also content, for lic felt that

ran "but in no case let Governinent make that a token coin.❞

Resuming, the Colonial Treasurer said that he hoped and expected that the measure would

SIK FRANK SWET ENHAM, His Excellency the Governor sad that he should like to join in the expressions of thanks of the Government and the community, to the Committee for having given them such an intelligent and valuable report which the or- his fortune to bring before the Council dinary lay man could appreciate. It had beco

TWO MOST IMPORTANT MEASURES Which had ever been presented to it, the Harbour-cheme and this Currency Scheme, and there was a somewhat remarkable similarity in the circumstances connected with both of those schemes. They would no doubt reine-

MAY CRUSHING.

The Secretary of the, above Company in- forms us that the result of the crushing for May, 1903, is as follows:

1u6 tons of Swah ore for a yield of 63 ounces of sinclted gold, equivalent of 11.886 dwts. per ton.

1,800 tons of Kalampung ore yielding 8 ounces of smelted gold, equivalent of 0.50

dwts, per ton.

1,500 tons in all, for a yield of 144 ounces of smelted gold. Valued at $6,000.

RAUBS.

The Singapore secretary of the Raub Austra- lian Gold Mining Company has received the fol lowing telegram from Raub:-Crushing results for four weeks ending 23rd May are: stone Crushed 3,000 tons, sineled gold obained 750 ounces, average per ton 5 dwts.

TODAY'S EXCHANGE. ON LONDON, Telegraphic Transfer........,8

Bank Bills, on demand...1/8 316 Credits, 4 months' sight D'ments 4 months' sight.

.A.1.72

2.11

ON BERLIN, (demand) ON PARIS, Bank Bills, on deinand,

Credits, 4 months' sight .................z.: 5i ON NEW YORK, Bank Bills, on demand

Credits, 30 days' sight ON BOMBAY, Telegraphic Transfer.1251

On demand..

...

Ports, on WEDNESDAY, the 10th instani, at Daylight.

This well-known Steamer is specially fitted for Passengers, and has a Refrigerating Chamber, which ensures the supply of Frosh Provisions, Ice, &c, throughout the voyage.

This Steamer is installed throughout with the Electric-light.

A Stewardess and a duly qualified Surgeon we carried.

NB-To assure the additional comfort of passengers the steamers of the Company have electric fans fitted in staterooms.

For Freight or Passage, apply to

GIBB, LIVINGSTON & Co.,

Agents.

[оббе Hongkong, 4th June, 1903.

INDO-CHINA STEAM NAVIGATION

COMPANY. LIMITED.

FOR SINGAPORE, PENANG AND CALCUTTA. HE Company's Steamship

THE

"NAMSANG,"

Captain Payne, will be despatched as above on THURSDAY, the 11th instant, at Noon.

For Freight or Passage, apply to

JÄRDINE, MATHESON & Co., General Managers. Hongkong, 4th June, 1903.

NOTICE TO CONSIGNEES.

"HE P. & O. S. N. Co.'s Steamship

THE

"MASSILIA,"

[6676

FROM BOMBAY, COLOMBO AND

STRAITS.

Consignees of Cargo by the above-named vessel are hereby informed that their Goods are being landed and placed at their risk in the Hongkong and Kowloon Wharf and Godown Company's Godowns at Kowloon, where each consignment will be sorted out Mark by Mark, and delivery can be obtained as soon as the Goods are larded.

This vessel brings on Cargo:- From London, &c, ex S.S. Oceana. From Persian Gulf, er B.I.S.N. and B. & P.

S. N. Co.'s Steainers.

Optional Goods will be landed here unless instructions are given to the contrary before + P.M., TO-DAY.

Goods not cleared by the 11th instant, at 4 P.M. will be subject to rent

No Fire Insurance will be effected by me in any case whatever.

Damaged Packages must be left in the Godowns for examination by the Consignee's and the Company's representative at an ap、 pointed hour.

All claims must be presented within ten days of the steamer's arrival here after which date they cannot be recognised.

No claims will be admitted after the Goods have left the Godowns.

E. A. HEWETT,

Superintendent. Hongkong, 4th June, 1903.

40

23

THE POPULAR

Or SHANGHAI, Telegraphic Transfer ......71

Private 30 days' sight . ១៦៧. ON YOKOHAMA, T.T.

5t1 35 Sovereigns, Bank's Buying Rate Gold Leaf 100 touch, per tal

......61. Bar Silver...

OPIUM QUOTATIONS.

To lay's quotations are as follows:-

MALWA NEW

*

LAST YEAR.

11

OLDEST

17

PATHA NEW OLD BENARES NEW

OLD ........ PERSIAN (PAPER)...

}

....24

Per chest

o Sales

a gda

1,060/1,080 1,0371

@ 1,015 .@ 1,037) @ 1,025

No Sales

her that in both cases there had been a con. siderable amount of incal discussion, in both cases the Chamber of Commerce had made re commendations, in both cases they had expert They had again appealed to expert advice he tiflimpinion and so they had got it. It must have tuit stage would be reached when the Govern struck everybody, as it had, struck him, that ment considered it has imported sufficient of the this Colony was full of expert opinion. It was new urrency and had issued an order demon-full of experts not only on harbour schemes etising British and Mexican dollars. At what but on the questions of waterworks and cur- point this would come it isvery hard to say. They rency. Everybody had had something to say might import 15 or 20 millions-a large portion on it, the newspapers had been full of it, and of the new co n would undoubtedly be absorbed in one case at least there had been a more am. and be held by treasuries and financial houses bitinus publication. He did not say that all whose duty it was to protect themselves by the critics took the same view, but with regard to the destructive criticism they all had an having in their pussession, when demonetisa tion of the currency took place, the roin which equal amount of destruction in them. He had would be the legal currency. If after import-

told them in speaking of the harbour scheme ing 15, 20 or 30 millions of the new coin there

that he did not pretend to be a harbour expert, were till 30 or 40 per cent. of the old in cir and it was almost unnecessary that he should culation, would the Government demo etise tell them that he did not pose as an authority all these He would like an assurance that

currency. But it was possible to have an before taking that step, Government would opinion on the report which had been put take care that the balance of British and Mexi-forward, and he thought he could claim at cs would not be more than ten per cent. any mute that, at least, he was as usblassed as would not he big finns or financial houses anybody else in the Colony was likely to be that would suffer but the poor and ignorant He had heard it said, or he had read it, that the who would be demonetised to-morrow. Then evidence which was given to the Committee in the Committee recommended that the Straits London, was not the evidence of prople who dollars should be the same weight and fianness were competent to speak on the question, be- as the Brit sh. He failed to see any reason cause they had nearly all of them left the for doing that. It seemed to him an absolute Colony for a long period. He did not think waste of the Governments resources, to have that could apply at any rate in the case of Mr. in circulation a token coin with a larger Craig. There had been a form of criticism amount of silver in it than was absolutely which had made very

•ecessary. They would be told that native

MANY EXTREMELY PESSIMISTIC PROPILES:25. sentiment was a point the Government had

He had had some experience of his own in to consider that native sentiment would not like a dollar of smaller size or less fineness the Colony and the Native States, which of course he would not dream of putting and that for tradal perp ses it must be kept mittee, there will be found overwhelming were ab olutely certain. He hoped the public up to full weight and fineness. He had found against the other prophet's experience, but from that experience he did not think any from lang experience that native sentiment is evidence of the desirability and expediency of would see the advisability of taking the course fixity of exchange by removing as far as possible of letting the details be supplied by those most easily converted into loyalty by giving of the dreadful things predicted were in That was only the element of speculation in exchange from undertaking the scheme. It was this discussion good value and if a small coin was of good the least likely to occur. the colony. Fluctuation in exchange is admit and disagreement over details which wrecked value va could be justas coin was a good putting his own opinion against another's THE Steamship ted by the Committee in their own words to he

the scheme of 189. He had himself made a a bigger coin. As witness the java guilder, opinion, but he thought that his own opinion There had been an a disability to the community, and it intradaces mistake then ant he did not wish to repeat which had perhaps only one-half or one-third would turn out correct an element of speculation which constantly. There had been much said and written the silver in the British dollar and exchanged agitation in the Colony for the last twenty moths in favour of fixity of exchange, they interferes with legitimate business, The Con about the scheme, and Mr. Huttenbach, 102 to 10s. What necessity was there for a

had referred the question for the best opinion mittee noting these views, and being

speaking froin 32 years' experience of the coin of such a weight when it would still be a CONVINCED AS TO THE EXPEDIENCY Straits, had prophesied the most terrible pos-

token. Ano her point he would like some they could find and that opinion was that they

should secure fixity and a gold standard. of the change, proceed in paragraph 3 and sibilities. Well he, the speaker, with 25 years' idea what aspiration the Government had as to onwards, to deal with the question of the experience was disposed to look en Mr. Hut the ultimate ratio of the dollar. When the did not suppose there were two opinions in the practicability of the change. They appear to be tentach as the victim of a too generous inagi. Indian Government decided to make the room as regarded that part of, the question but unanimous in their opinion, and they recom-ation, and the disappointed father of another change they had a 2. rupee in their minds, there were differences as to details. Now there were bound to be such differences. Mr. Murmay mend the establishment, as I understand from scheme. People might look at the scheme of Are we to go a 2/ dollar or 3/-? He did not

was in the peculiar position of being the filber the report, not only in the Colony but in the his pupil and-junior partner, Mr. Heim, which exchange on the goki standard. Un reading not ask the Council to decide which was the he was taking the points that appealed to him which had received the greatest commendation

from the Commission, but which they consider will be despatched on THURSDAY, the 18th the evidence I have been struck by the fact, best scheme, but he wished to point out that strongly. If the Government were willing to

instant. had better he put aside in favour of another. that all the witnesses who appeared before the there were three, for instance, Mr. Huttenbach, de so they could carry out the recommenda-

For Freight, apply to Committee, whether they come there to a Mr. Heim and himself who all advocated a gold tions, with great cost to themselves and veryThere were at least half a dozen if not more

SHEWAN, TOMES & Co., schemes which were all remarkably good but That was little' financial disturbance to the Colony, but standard but differed in details.

J General Agents. vocate fixity or as wishing things to remain as

[482c they were, admitted that the proposals of the characteristic of the whole question. There for that very reason he asked for sopic assur- having referred to the Commissioners he was

Hongkong, 4th June, 1903, Committee as put to them, were fea ible, and must be

ance that if Goverment found the burden a in favour of

DIFFERENCES OF DETAN.

Co-day's Advertisements.

"GLEN" LINE OF STEAMSHIPS. FOR NAGASAKI, KOBE AND YOKOHAMA.

"GLENGARRY," Captain Willy, will be despatched as above on TUESDAY, the 9th instant.

For Freight or Passage, apply to

MCGREGOR BROS. & GOW. Hongkong, 4th June, 1903,

[60ge

STEAMSHIP SERVICE TO NEW YORK VIA SUEZ CANAL.

Federated Malay States and Johore, of fixity of was that adopted by the Committee. He did want it to be thought he was absolutely con- or mother, or some other relation of the scheme T

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