1903-10-28 — Page 4

Istimations.

EIMITED.

THE HONGKONG TELEGRAPH. WEDNESDAY, OCTOB

All communications Intended for publication in The HONGKONG TELEGRAPII should be addressed to the Editor, 1 Ice Home Road, and should be acompanied by the Writer's Name and Addre Ordinary business communications should be addressed

to The Manager."

date its wealtht Industry is limited thereto grow

"

mus thy;:des

desire), "to""pri

jure and mor

to the development of le resources.

Recent examples are à sufficient warrant

for what ma be expected from the fixity of the maximum exchange, bed

WATSON & CO., The Editor will not smilertake to be responsible for any rejected Mil., nor to return any Contribution.)

"India and Japan warrant the assertions of BUBSCRIPTION RATES (IN ADVANCE). DAILY-330 per anonm.

the fourth sub-committee. India, since 1896 WEEKLY—$18 per anuumu – The maten per quarter and per mensem, proportional, three years after the monetary reform and The daily musi delivered free when the aldre i Japan since 1897 have attracted a copious Blow wrible to movenger: On coples want hy port of capital which has been invested in agricul ellitional 41.99 per quarter is charged for patiture, industry and commerce

s Flur jostage on than weekly leans to, any part of the

world 16 80 cita per quarter. Single Coples Daily, ten cents: Weekly, twenty

five Cents.

NI

MERCHANTS.

'ESTABLISHED A.D. 1841.

JULIEN

EA-ROSE

ET S

CHATEAU HAUT

8.00...$.9.00

10.00 11.00

14.50

1.3.50

26.00

BRION LAKRIVET

20.00

22.09

CHATEAL

TEAU MOUTON

D'ARMAILHACQ

24.00

CHATEAU PONTET

CANET

28.00

CHATEAU, LA TOUR

*CARNET

33.00

CHATEAU RAUZAN...... 48.00 CHATEAU LAFITE

54.00

DEATH.

On the 27thctober, at. Rostock, Germany, A. SCHORNEMAN, partner of Mess s. F. Bla khead & Co., aged 60 years. (By wire)

113020

The Hongkong Celegraph|

HONGKONG, WEDNESDAY, OCT. 28, 1903.

STABILITY OF EXCHANGE,

suns limits; has, made.

Relation betwes :-gold and silver::

Bachange

Mexico on;,

thund

115 paddy in the fields neat, Samchunariy New York ligin, and

Ady of the following tabic, which sets forth the gold value of the standard "cance of silver in the London market, the relation between allyer and gold on the basis of that price and the rate of exchange in Mexico on New York from 1893 to 1992:

Value in golls 1 Year standard outrea "The import and export trades will be benes alleer in London.

078030 fied to a greater extent than any other branches 1893. of the country's commerce. Both will secure 1894053479 fixity of prices, which will enable them to 1895...... 965406 make use of credit with greater confidence. 1896 0.07565 "The government of the republic will be 1897... 0.60483 able to estimate with complete certainty the 1898...... 635010 amount of the liabilities having to be met by 1899 60154 the treasury; it will be able to abolish the 1900 0.62007 sliding scale as no longer necessary to protect 1900-59595 its interests, as it will have the certainly of 1902. 052650. being able to meet its indebtedness out of the going table is t to 33, which corresponds to na normal yield of the taxes de ajettu

"The banks, instead of devoting their credit effective exchange relation on New York of to hazardous speculations, will empley it in the 20422 or an exchange rate of 104 a 1 for cent

* In view of the foregoing table and the prico purchase of movable property or in discounting

Hof silver the sub-committee thinks that it might commercial notes, and in both direction fecommend a ratio of 1 to 31 as a maximum

will be nble to obtain profit that will he surer and permit and a ratio of 1-to 36 as a minimum lim t."-

"Finally, the fixity of our money will afford solid foundation for the national prosperity because the moral, intellectual did material development of nations can only be achieved, through the use of n curency of which the value is subject to but few fluctuations.

. From recent American exchanges we learn that the deliberation of the subhaps more considerable than the present ones. committees empowered by the Mexican Monetary Commission with investigating the various phases of Mexico's complex silver problem have now been virtually completed, and preparations are being made for the conferences of the Commission as a whole. Perhaps the most important of the reports submitted thus far is that of the

was

made

fourth sub-committee which public August 29 and has been under discussion during September. The interest All less 10% discount on account of Cur- of the financial and commercial world

rent Exchange.

These CLARETS are specially selected and obtained from the LEADING FRENCH GROWERS; they are of exceptional value

and in fine condition..

THE CHATEAU BRANDS

centres in the reply submitted by this com- mittee to the fifth question p.opounded to it, which was as follows:

"Is it desirable to bring about the greatest fixity possible in the relative value of our money and the various monetary units of the foreign nations with which Mexico

trades?

"A. What would be the maximum and minimum limits within which said relative value ought to be fixed ? --

"In fixing the maximum and minimum

"A money of stable value instead of being. the oppressor of commerce, is the best Instru- mentality of its expansion.

33-34: 35.07 #3983 1

309.5 218.82

The average ratio resulting from the fo es

LOCAL AND GENERAL.

THE English Mail of the 26th September was delivered in London on the 24th inst

acres will be

the district snlendidi kar

to ans (value)

The defed mornir gi their pal

THE ex-magistrate: Chun King Wah left the Colony a few days ago for the Straits Settle-days' hard meats

"A money of stable value is the only one that can give steady prices, and only when prices are steady can the production of wealth attain its fullest development with the assur ance of the most equitable distribution thereof that is possible. Fixity of price provides work: for all without wronging labour; it affords If you want fresh film nad good film, you can guarantees to credit and imparts stability and get them at LeMunyon's; they are guaranteed prosperity to business it encourages inder Advt.

OUR correspondent at Santin writes that there rate, bas is very little game in the district, although Chan pigeons und foxes are numerous.

vessels can be found:

takings that require time for their developmentA TELEGRAM dated Rome 3rd instant says and assures success for plans and comblaations Fifteen silver chalices are missing from St. that have been well matured; it discourages Peter's and the officials at the Vatican are chimerical and harebrained speculations bur affords a basis for judicious transactions; it greatly concerned. No trace of the missing re-establishes a just relation between debiné and creditor; it secures credit facilities for ibose deserving them; it prevents capital from

shall give its due to capital."

locked

[he will

$300,000 more than $20

arak Hos

down Freet

Depart

The land

he pays

will not tender

[a2 certain'

that the wel. was

have

Claim

THE Japanese Admiralty is conducting an [that was experimenting eless telegraphyje are being put up on

Shidro [:of Vaitsu,

completion of the work, an experit begun between there and distance being 59 miles.

are recommended to the notice of Con- ought the interests created already in the oppressing labour and sees to it that labour was sentenced at the Magis 'racy yesterday We are still doing business at 3

naisseturs as high-class after-dinner Wines.

country by the protection consequent upon the rise in exchange. to be taken into account?"

The reply of the sub-committee is some-

A. S. WATSON & CO., what too extended for reproduction here in

LIMITED,

THE HONGKONG DISPENSARY.

A

TELEPHONE NO. 256.

CABLE ADDRESS: "ACHEE," HONGKONG. A. B. C. CODE, TH EDITION.

ESTABLISHED 1859.

CHEE &

祥

利

CO., 廣

TEMPORARY STORE:

1ST FLOOR, 12, QUEEN'S ROAD, (above Messrs. H. PRICE & Co.)

I'll

full, but the more important paragraphs are Herewith presented, and for republication of which we are indebted to Dun's Review. white furnishing ample material for strengthening the staništaken up by the advocates for reform in the local currency, are a severe commentary on the narrowness of vision on the part of those who opposed the desire for the appointment of a Commission of Inquiry for Hongkong. Unfortunately for the Colony as usually happens in cases wherein the views of the Government do not fall in'with those of the citizens, who, in such matters, are the better Judge the appeal of the larger number of the inhabitants was prejudged in its trans- mission to the Colonial Office. Suching the case, the inevitable result followed. The local Government's opinion prevailed with the Colonial Secretary, and Hongkong was

FURNITURE denied the Inquiry which its merchants and

DEALERS. ·

DRAWING-ROOM,

́DINING-ROOM,

and BED-ROOM

FURNITURE.

ELECTRO-PLATED,

GLASS, and

CHINA WARES. PASTEUR'S MICROBE-PROOF

FILTERS,

ROCHESTER LAMPS,

WHITE TURKISH TOWELS,

COUNTERPANES.

DOKING RANGES,

KITCHEN UTENSILS, and

HOUSEHOLD REQUISITES,

PHOTOGRAPHIC DEPARTMENT. DEVELOPING and PRINTING'

UNDERTAKEN for AMATEURS.

GOOD WORKIN

PROMPT RETURN. ongkong, 29th August, 1903

(728d

traders thought necessary in the immediate interest of its commerce: However, the change in our currency must come, the governmental--or otherwise the narrower-- view of the question notwithstanding. We commend, to the carnest perusal of all interested, the excellent abstract prepared by the Mexican Herald and herein reproduced. "It is unquestionably to Mexico's interest," the sub-committee begin, "to impart the great est possible stability to foreign exchange:

1. Because that stability will enable the country to profit by the benefits of the rise in exchange, without exposing the national pro- duction to the results either of a new advance in the price of silver or of a continuous and still more accentuated depreciation of that

metal.

Replying to sub-question. A of question No. 5, as to the maximum and minimuni limits within which the value of Mexico's monetary standard should be fixed, the

"IL. Because it will facilitate the investment. of foreign capital.

Committee says:

"That in fixing those limits the following three fundamental considerations should be borne in mind:

1. O unduly su cucourago inɑ prosuction of silver in gold standard countries, a

YAM CHOW, of the steam launch Wong Fuk,

morning, to pay $50, or in default, three months hard labour, for being in possession of a revol- ver and 51 rounds of ammunition”

THE trans-Pacific liner Siberia, due for the first time to arrive at Mahila in November, will,

when she leaves there, take all the people con- nected with the Saint Louis Exposition Board and all the remaining exhibits to the United States, pass

Road, LaManyon Adul

okosoka, “ the.

the point should have been

stiff Mr.

antil Friday

Des Voeux

GUT of a total of over 5,651,000 chant shipping that entered at Singapore during ICO2, over were British ships, which, ove werd ships with cargo... The Penn) was over 3,156,000,7 tonsevere

any ships hay

THE toangga Yachts;

of Singaporežin

TWENTY Corean fishermen were washed ashore on the coast of Yengul, north of 12. Not to approach too close to the presentamsu, Formosa, on the 6th ft. These men price of silver in the London markel, so as to prevent the exportation of the new coin being are being taken up to Nagasaki by the O.S. K. precipitated by a further rise in said price.steamer Tainan Maru. They are to be sent British s

"3. That the ratio shall, as far as possible, back to Corea. The unfortunate men were, be the same as has been adopted by other drifting about for fifteen daya. nations, in order that it may have greater chances of stability.

"In fixing the maximum limit care must be taken that it shall not be so high as to give a new stimulus to an increased production of silver.

"Without the least doubt, the limit that may

be fixed to the value of our money, especially if accepted by other countries, will affect the silver market, not only by reason of its senti- mental effect among buyers and sellers, an affect that always influences prices, but because it will relieve the white metal from the menace that hangs over it on account of its probable demonetization by countries which still retain it for use as a circulating medium..

"Taking into account the present production

SDURABAYA, one of the leading ports in Java, is now provided with waterworks. The want of a large supply of wholesome fresh water has long been felt there with disease more than usually rife as result. The waterworks were festively opened on the 8th inst, amid wide.

spread rejoicing wh at a given signal, the hydrants started.

Times.

THE Military Mail states that a troopship will leave Bermuda about December 4th, with the roged Company Royal Garrison Artillery for Halifax, N. S. On the arrival of the 103rd: Company, the 53rd Company will go from Halifax to Esquimalt, relieving the 83rd Com pany, which goes to Hongkong, replacing the

sian To United

entered the part

of mer port

credited with: ballast

LATE

Colonel João da week. The fune softhe 24th

the-honours due to warships, transports, and deceased. All the milit mation the

entered the port colony was drawn up;

519,518 Mignei cemetery to pay their 500 tons, Ruslate officer. A few years ago

and the Government decread in the jure, for with a guard of honour atle 1,000 tons not accompany the

1008,

warships, etc., was 41,000, weto British 8,400 Austrian, and 6,305 Siamese to the present ships/th

military change it a was

HERE Max Schiffer, the German journalist who is travelling round the world on a bicy has travelled 35,262 miles. He had used three machines and thirteen pairs of tyres

he was presented with a new bicycle by the Grand Duke of Herse. He is 29 years of age, and carries on the bicycle a small silk font and most of his personal luggage, about 240 lbs.

We hear that an imp detective service is shortly and to this end an executive

of the police department. The name

The nat

prosec

Pin the

gurated,

penence in police work, as Magi New Territory, has been mentioned in counse

tion with the office.

of silver in the world and the consumption of 39 h Company, which goes to India.bably be appointed as the head that metal, it may be affirmed that there is not unsaleable balance in the hands of producers. It is reported on good authority that Russia E. Hallifar, who has had con The growing necessities of the world have made a communication to the British authorities occasioned the absorption of all the silver pro at Shanghai to the effect that she would be duced, whether it be destined for the nations pleased to see British Consulates established at. of the Orient, or converted into coin for Eurde Harbin and Moukden. The reply of the auth-- pean countries wrought into industrial or artistic orities was that they were contemplating send- objects.

log Consuls to these towns, but that they would, structu of course, be accredited to the Chinese Gover ment.

"Now, the increased stability of our inter national exchange will tend to impart greater firmness to the silver market and the limit de cided upon will influence that markel, causing

about #ics.

Tof the

WHEN H. E. Conger, the U.S, Minister con The latter a tendency towards higher prices for the metalcluded his visit to the Viceroy Wei Kwang-tao, On the other hand, the minimum limit must with whom he had along interview the other day

able of turp not approach too close to the present price of the Viceroy ordered Tacta Wang, the Direc

"III. Because it will afford a solid founda-silver, because after our foreign exchange shall of the Bureau of Foreign Affairs at Na tion to the export trade by causing the develop have been stabilized our money would thus be a consultation which lasted from mid ing of new sources of wealth and will aid the exposed to violent and unexpected exportation. Tato next moming without intermi future expansion of the import trade.

whenever the price of silver exceeded the price "nature of the matter discussed is not known! implied by the ratio adopted,

outsidera

-" [V. Because it will furnish to the govern ment the means of estimating the national budget with probabilities of accuracy, thus assuring its equilibrium

"V. Because it will regulate the banking business and direct it into its proper channels.

"The money that may be adopted, in accord- ance with the limit fixed for exchange, would (Tux'Straits Timer says:-The small currency be subjected in its functions to the principles of China consists of copper coin governing subsidiary coinage, which in order is noticeab not to undergo frequent demonetizations, needs cash value of he

from a mint

CARMICHAEL AND VI. Because stability in the value of their to be of a value sombwhat removed from the vary slight

CLARKE,

CONSULTING ENGINEERS AND

SHIPBUILDERS,

SURVEYORS AND CONTRACTORS..

ETEY ATTENDED TO,

Hongkong.

1903,

Lasso troples in the Boer SAN MIGUEL

money is the sole basis of the prosperity of

nations.

commercial value.

aid by, witnesse

For

Straits Settlements

lieved, melted.

It is, on the other hand, important that the limit adopted should have a certain internationally, that is to say, tha been adopted by other countries be adopted by them

"The fourth sub-commitice, when analyzing the effects of the rise in foreign exchange on agriculture, industry, mining, commerce, pro- perty, and salaries and wages, has shown that, while that rise has so far been attended with |! This is perfectly clear and comprehensible- favourable results, it does not afford sufficient The greater the demand that may

BAR! Smarkets of the world to of stability assurances

The economic future of Mexico depends at, similar or identical ratio, the present more upon the precarious influence of the firmness imparted to orchange than upon the efforts of its soos, and Tending

stability of exchange will enable the country to on consolidate the advantages obtained and will for ever, ward off the dangers which threaten t

Mexico stands in need of capital to fecus- THE Beer to drink in the tropics is the Beer. made to the tropics-SAN MIGUEL

ors the

fact cheapne

thout avertin

(brick:

yourseli you

:posi

Con the

cars

AND MA

[rom