1904-01-15 — Page 5

-TELEGRAMS.

(Reuter's.)

Russia and Japan.

LONDON, 13th January.

The Japanese reply is expected at SL Petersburg in two or three days.,

German Government circles, which bare

THE HONGKONG TELEGRAPH FRIDAY, JANUARY 15,

(Echo di Chini.} } The Situation in Seoul,

IN KOREA.

¦ Das un nimous agreement that such a system to be some legislation enact d if the present The Conants from Ewould ) a desirable and advantageous bath to Ancluations go on to keep

China and to the gold standard countries which | bolng ketully discountenanced by the other.

CHURRUCA'S FLAN.

· Foreign.'sailors" are guarding the Staulave large commercial dealings with her,

Señor Chumacs, manager of the Compania legations fearing disorders. The situation is The British resulutions declared that the

General de Tabacos de Filipinas, when seen very strained.

by a reporter yesterday at his office, said that he bel eved the situation so serious that instant Señor, ChurruČA relief should be afforded has a plan which he believes will at once modify conditions and be productive of good results. in a shorter time than anything else conld.

C The Crisis. British despatches state that ja anesa public hitherto been optimistic, now regard war. as opinion demands the cessation of negotiation

and declaration of hostilities. proximate contingency.

Treaties with China. A Japanese treaty for the opening of marts in Manchuria has been exchanged at Peking. China has asserted to Mr. Conger's. (United States Minister to China) request for the immediate signature of a protocol - at Washington, to be an equivalent of an ex- change of ratifications.

L

The Russian Squadron. The Russian squadron has lef Port Arthur to watch the movements of the Japanese flect

THE CHINEsh curkency.

(Concluded from Wednesday) The plan proposed for China is based upon what is chinmonly called the gold exchange standard, similar to the plan recently adopted by the Congress of the United States for the

national currency of Chiny shoud consist of silver coins made full legal tender throughout the Empire, and that "as soon as practicable steps should be taken for the establishment in China of a fixed relation between the silver, unit and gold." The Russian resolutions recited some of the difficulties of beginning upon a gold basis, and declared that the American plan "would have our approval if it were so amended as to mean a national silver

currency issued on Government acconut which should be given as soon as practicable a fixed parity with gold." Thus, upon the part of five Fowers-Germany, France, the Netherlands. Mexico and the United States- there was agreement that the best method was to begin the issue of the new currency at a fixed gold Anglo-American Arbitration

par, while upon' the part of Great Britain and An influential conference of representa Philippines and to the Dutch plan which has Russia there was a disposition to favour been in operation in the Netherlands and the beginning on a silver basis with a view of first tives from all parts of the country has been Dutch-East Indies for 28 years. The success-supplying the country with a uniform currency held at Washington to promote the conclu-ful maintenance of this plan in the Netherlands and then giving it within a short interval a fixed sion of an Anglo-American Arbitration treaty.

gold value.

Treaty,

The China-American Treaty. The ratifications of the Chinese-American Treaty opening Mukden and Antung have been exchanged at Washington.

The Russian Mediterranean Squadron.

The Russian battleship (7 protected crui- ser) Aurbra, the cruiser Dimitri Dauskai and seven destroyers have arrived at Port Said. The Dimitri Donskoi entered the Canal, and the others will follow, on the arrival of the rest of Admiral Wirennius's squadron.

(N. C. D. News.)

The Crisis.

MR. GRISCOM'S INSTRUCTIONS.

for so long a period, covering fluctuations of more than 50 per cent, in the gold value of Upon the subject of adopting the relatively silver; and the more recent success of a similar uniform ratio of about 32 to 1 in the currency plan in British India, in the face also of great system to be established in the Orient by those fluctuations in silver, dispel many of the doubts countries and dependencies which are consid- which might arise, in the absence of such his-ering a change in their existing systems there torical evidence of the practicability of the plan was agreement in all countries except Russia. recommended for China. For the mainten When Chiza succeeds in carrying out her plans the English colony of Hongkong and the German colony of Kiao-chow will doubtless adopt either the system adopted by China or one closely related to it. With the new system successfully inaugurated in the near future in Mexico and in preparation by China, the path will be opened for the presentation of the project by the American Commission to the friendly republics of Latin America and for widening the opportunities there for the extension of American trade,—Shanghai Mercury.

ance of the coins at their full legal value the Government relies upon the three principles which have been applied to successfully in Holland and india and are here recoinmended for China:

1. Government control of the amount of the

issues, so as to keep them within the demands of trade for legal tender money.

2. Acceptance of the coins at their legal value for public dues and private debis.

3. The sale of draft at or near par upon gold Tokio, 9th January.exchange funds kept at the financial centres of The United States Minister here has received | the world, instructions to observe a benevolent neutrality. The Government should probably from the As regards vessels'in harbours liberal treatment will be accorded.

Legation Guards in Corea. The British detachment of marines arrived at Se ul yesterday. The Corean Court is pertarbed.

Another Russian detachment, comprising 37 marines, entered Seoul yesterday; 100 more are expected to follow.

beginning provide a gold réserve so as to medi any demand for gold which would be necessary in order to maintain sebstantially the parity of the coins with the gold. This demand, how- ever, need not be large. There would be a proper demand for gold except for meeting foreign obligations. For that purpose gold exchange on Europe or America would be even more advantageous than a gold reserve held in China itsell In consequence, the

Twenty-one Italian marines with one officer Government should keep a gold credit in arrived yesterday for the Legation.

When Diplomacy Fails.

Tokio, 10th January. The diplomatic ropes are parted, and every thing now is considered by the Government to be of the most serious character,

Activity at Tokio.

Kobe, 10th January, An extraordinary Cabinet meeting was held yesterday.

Count Oyama, Baron Kodama, and Baron

Terauchi were received in audience this morn- ing, and Baron Komura this afternoon.

Europe. It would not, however, be necessary for the purpose of maintaining the parity of the silver coins with gold that the Government should oblige itself to meet all demands for the payment of all foreign obligations.

It should also be kept in mind that in beginning the system on a gold basis there would come to the Chinese treasury in the form of seigaiorage, from the beginning, a profit at the recent price of silver of 15 to 20 per cent. un the face value of all the silver units coined,

and a still greater percentage on the minor coins, all of which profit might readily be urned into the accumulation of a gold reserve.

COMMERCIAL

Quotations to-day close as follows:- Banks Nationals Hongkong Fire... Steamboats... Indos

China Manilas Shells Sugars... Docks... Wharves Farnhams Hongkong Lants Hongkong Hotels

Humphreys Estates... Collons

Cements Fenwicks

Ices Providents Powells

$35 b $100. $315.

... $72. S'hai Tiso

$ 16 s. £ 15. 5.

*Throw thirty-five ar forty, million Copant pesos into circulation at once said Señor Chur.

Uch, "and you will have enough money to meet all the reeds of the people for the pre- sent. There will be sufficient, money for the daily uses of business, and commerce, and the stringency which is contracting the money market and causing these sudden and wild fluctuations w il cease.

How will the government do this? I do

1904.

OPIUM QUOTATIONS.

To-day's quotations are as follows com's

Halwa Naw

Per chest

.6

900/930

Last Year............ Oldest

.

950/1,000

..69 1,040/1,100

1,2;2

1,252 830037

atila New Benares New.. Persian (Paper

Co-day's Advertisements.

TO LET

FROM 1ST MARCH NEXT.

HOLLYWOOD ROAD, suitable for A ROUND and FIRST FLOORS on No. 60, Store and Office or Rei dence, Gas and Water laid on.

Apply af

1122

SECOND FLOOR

on the Prenrises. Hongkong, 15th January, 1904.

PUBLIC AUCTION.

not know. That is for the officials to figure THE Undersigned have received instructions cut. They bave financial experts attached to this government. It is the business of such

men to know how these things may be done, but one way and a very simple one, ap- parently, would be to retire all the old coins by law and issus in their stead the new as fast as possible, thus putting the new into circulation very rapidly. The government now holds a pejos in reserve, matter of eleven millions of instead of the five held by Spain. That money is out of circulation and does no good to anyone; if all of this were to be put into immediate circulation there, would be a no- ticeable difference in conditions."

As has been already stated, the only trouble with this is the unwillingness of the tao io lake the Conants at anything but the Mex rate peso for peso; a condition fatal to the satisfactory exchange of the Conant pesos between employer and employed or between buyer and seller an it would raise prices considerably, as was predicted before the new medium was circulated at all.

TO STAY UNLESS LEGISLATED OUT.

Mex, in spite of the fact that it is officially in disrepute, will hold its owo as the popular medium of barter for some time to come unless $6411 £63.10 b. something is done by the Commission like the passing of an export tax on gold and an import tax of prohibitive weight on the Mex. to keep it from coming back here, once it is ex- ported. One of the best known bankers in town said to the (Vanila) Cablenews that the most probable course of the market, in his opinion, is that the Mex. will work up to an even two for one basis, hold there for a brief 'moment and then the bottom will drop out of it with a smash, and it will go back clear to the figures reached only once before-2.60! Alter that happens he is not prepared to say what may happen; as a matter of fact do one can tell.

... $103 s.

$200

$ or sa.* $122 b. $157 b. ... $147 5. $ ib.

$ 24 b.

$ sa b.

$21715

$9.80 58, and b. $9.10 b

TO-DAY'S INTELLIGENCE.

SHANGHAI FREIGHT.

Writing from Shanghai on the 7th inst. Messrs. Wheelock and Co. state--Since last writing our Homeward Freight market has re- Shanghai advices (dated 11th inst.), reportmained very dull and cargo fur any direction is business don:--Indo-Chinas at Tis. 51) for quite unusually scarce even for this season of March. Farnham. Boyds at Ts. 123 cash, and the year and we are afraid there is not much 126/1261/177 for March. Lands, at Tis. 107 chance of any improvement until after Chinese Maatschappijs at Tis. 3171/315 for March. Gas New Year which takes place about the middle at Tis. 167. Weeks at $20. Ices at Tis. 15 Telephones at Tls. 67.

of February. Kobe, 10th January.

A Japanese View. The Japan Times says in an editorial article that Japan cannot possibly recede from her present position without a criminal betrayal of the vital interests of the nation.

(Der Ustasiatische Llaydi)

German Denials...

Berlin, yth January,

It should also not be forgotten that the main tenance of the parity is chiefly only a question for the seaboard provinces and only for the standard coins. Se far as minor coins are con- corned their parity would normally be main- tained, as in all gold countries, by putting a proper limit on the amount issued in. the interior of China. Where forward traders are not regularly at work the entire business demands for many years to come will be only The English conclusion. according to which for silver, and copper coins. The exchanges Japan could do nothing but reply to the Rus-will be only of silver and the question of the sian note with a declaration of war, is not parity with gold will rarely be raised. shared here. The German Goverment pro tests against the press telegrams, sent from Tokio to Europe, that Japan's free action was limited by Germany's attitude. Germany has, so far, not taken the part of Russia, to say no thing of rendering any active assistance to Russia, which by the way has never been asked for by the latter. Germany has less interests in Korea than England and the United States of America, and would consent in Japan acquiring territory there. The Daily Telegraph declares Great Britain, must rer der Japan only moral assistance, unless Japan's territorial independ ence is threatened. Such a-tatement is rather objectless, as Russia does under no circum stances intend to curtail Japan's territory, but on the contrary will let her have a free hand in a large part of Korea.

THE MEXICAN DOLLAR.

Coastwise-Rumours of war during the past fortnight have given quite an unexpected im- petus to Coal freights and rates jumped from go cents to $.5 and $1,20 per ton from Japan to this, at which rate the market closes firin.

COAL.

A year ago New Year's day Mex was fluct ating between 2.41 and 2.45, and it was then thought that the matter had practically got down the steady footing of approximately two

Japan:-Owing to the disquieting news of and a half for one. That sech was not the case

rumours of war our market has remained almost has been conclusively shown by the recent wild variations of the currency, which has be- at a standstill. The native are chary of operat haved in a most remarkable manner and caused for fear of the possibility of Japan prevent the banks and commercial houses some alarm.ing the export of coal. Few lots of spot cargo When the new incal currency was introduced it have changed hands but curiously enough at was believed the key to the situation and that lower figures than ruled when last writing. as soon as the first flurries of excitement had Freight rates on the other hand have improved passed the money conditions would settle and settlements have been made at $1.20 per down to stability. But since the Conant pesos ton, but there is little demand at present, have been on the market, money has jumped from nearly two and a half to almost two for one, with chances fw further vagaries.

RELATION OF BANKS TO THE REFORMS The introduction of a new currency system into China and its successful operation, at least during the period of transition from the old system to the new, would almost inevitably de- end in a large degree upon the co-operation of the banks doing business in the country It might appear at first blush that they would op- pose a measure which tended to reduce the ductuations of exchange, because it might reduce the profits which they now derive from REASONS FOR PRESENT CONDITIONS, these fluctuations. There were indications in

Different merchants and bankers advance the opposition made to the Philippine Currency different reasons for the present anomalous con- Lill at the first session of Congress at which it dition of the innuey market but all seein unit- was presenied that this view was more or lessed on the one point that there is not enough of influential, but the serious factuations in the currency in circulation. At the present exchange caused by the changes in the price time the harvests are being reaped in the pro- of silver during the past two years bave vinces. This year, for the first time since 1896, apparently led to the adoption of a broader when the insurrection broke out, the crops of view Members of the governing board of the rice and other cereals in the northern pro- H. M. the Emperor will personally open the barks doing business in the Orient sat upon viners have been plenty and of the best quality Prussian Diet on the 16th inst.

the commissions appointed in London, Paris, The farmers are busy and prop rous again for Berlin, and St. Petersburg. While their the time being, and they are putting into active practical experience-derived in many cases

circulation practically a the Mex. they can from protanged banking service.in the Orient-get their hands on and demand more than

em 19 lay stress upon the obstacles to be overcome in persuading the Chinese people to accept a new monetary system, thay all ultimately concurred in the conclusions reached at these capitals.

The Prussian Dist.

Archbishop Resigns. Archbishop Kohn of Oimutz against whom disciplinary action has been taken for dis. honest administration of office, has resigned alle his dignities.

•

Praise for Krupps. Lieutenant General Bergansius, the Dutch Minister of War, has declared in the Chamber of the States General rf Holland that Krupp guns are experior to those manufactured by Ehrhardt.

The Russian Budget.

Berlin, 9th January,

The Russian Commercial Telegraph Bureau in Berlin learns from St. Petersburg, that the ordinary income of the Russian Budget for 1904 is estimated to be 1,9850-4,493 roubles (against 1,807,037.678 for 1903) and the ordinary expenses 1,966,458,251 roubles (against 1 880, 405.229). The surplus of 13,636.243 roubles (against 16,627,449) will be increased by an extraordinary, income of 2,750,000 roubles (sgainst 2,500,000), and ready cash, undisposed of in treasury, amounting to 195,297,561 roubles (against 172,135 794). These 212, 78,804 roubles (against 191,262.243) will be used for the extraordinary expenses, all of which, with the ception of two millions, will be for building sillways, The Budget balances with 3,175,637,-

↑ (against 2,071,567,473 in 1993).

Cardiff. There have been repeated inquiries from japan but as yet we have not heard of any business.

Sydney Wollongong:-In this, business generally has been very quiet, holders still demanding for high prices, the consequence is that deliveries continue very small.

KEROSENE OIL.

Since last writing there has been a fair amount of business passed both by the Natives and Importers, evoes having been sold by first hands at Tis: 2.85 per case while it is being reiziled at the Tea shops at Tls 2.73 percase, In Anchor chop there has also been a good transaction, as importers have parted with about 50 000 cases at Tis. 243 per case and amongst the natives the prices vary from Tis they can obtain to keep things going. Mex. is 2.33 @ Tis. 2.35 per case. In Buik oil there relatively scarce in the provinces, and the is still a strong tendency to higher prices and country tao has shown his dislike for the new. 11. 1.871 net is being asked by the natives and currency by refusing to have anything to do Tls, 1 971 from Importers. In Dragon chop with it except as the equal of Mex. The new very little has been dour though prices remain.. peso is the sarre general size and weight as the firm. old dubie dollar, and therefore, a gnes the tar, it is worth no more, and he gives no more for it than for the other,"

Selling London-Bank T.Të monum

Do. densand Do. 4 months' sight ............. France-Bank T.T....*. America-Bank T.T. Germany-Bank TT...

TO-DAY'S EXCHANGE. ·'

1/10/ to 5/16 1/10 9/16

.2.33

45

1.891

1371

..4372

...711

Nominal

India T.T

Do. demand

Fortunately for the soccessful inauguration of a new monetary system in China, the leading foreign bankers seem to have come to the conclusion that what they may suffer by the loss of profits on exchange operations will ultimate-

CHINA USES UP THE MEX. * ly be compensated by the increased volume of The fact of the matter is, according to the business which will grow out of the improved hest authorities in Manila, the Mex. pesos are economic conditions of the co ntry. One of being so, drawn, out of Manila by the demand the most important practical considerations in in China, that there are not enough of them to this contention is the fact that the introduction supply the demand for both city and country of the new system must, in the nature of the currency and hence the city has to use the case, be gradual. If the gold standard could be Conants while the country farmers still have made universal throughout China within a few, some of the old coins left. While this appears months, losses would probably fall upon the to be in some measure true, the banks, never- banks which they would find it difficult to re-theless, are taking in tremendous deposits daily coup; but the gradual extension of the field of of the old coins. Much of this no doubt finds more stable exchange from city to city and pro- its way speedily-to-Hongkong and is carried vince to province would permit a gradual re-into the interior from that distributing centra. adjustment of banking business to the new Thus, between the good chops and bealthy 30 days' sight Sydrey and Melbourne/1015/16 conditions.

general agricultural conditions in the island of 4 months' sight Francs..............37

6 months' sight Luzon at least, the Mex. is making a stiff 4 months' aight Germany....................... fight against the local currency for the upper. Ear Silver mano........27 5:16 hand, and "It looks now as if there might bavo | Bank of England r19 mind

SUMMARY OF RESULTS OBTAINED.

:.

Upon the subject of the introduction of umform gold standard system into Chins there

Shanghai-Bank T.T. Japan-Bank T.T. Singapore-Bank T.T... Java-Bank T.T.

Buying

.5/10 11/16 1/10 13/16 30 days' sight San Francisco & New-York-451 4 months' sight

4 months' sight L/C...... 6 months' sight L/C/

do

468

1.931

оп

to Sell by PUBLIC AUCTION, FOR ACCOUNT OF THE CONCERNED,

TUESDAY, the 19th January, 1904, at 11.30 A.M., at their SALES ROOMS, No. 8, Des Vœux Road, (Corner of Ice House Street), SUNDRY HOUSEHOLD FURNITURE, Comprising -

WARDROBES, DINING TABLE, IRON BEDSTEADS, One SILK TAPESTRY COVERED DRAWING POOM SUITE, GLASSWARE, GUTERY and CROCKERY,

and One CARIET, &c, &.

TERMS-As usual.

HUGHES & HOUGH,

Auctioneers,

Hongkong, 15 h January 1904.

[121

PUBLIC AUCTION: THE Undersigned have received instructions THEU

to Sell by PUBLIC AUCTION,

on

WEDNESDAY, the zoth January, 1904,

at 11 A.M., at the ORDNANCE DEPOT, QUEEN'S ROAD EAST, THE FOLLOWING NAVAL ORDNANCE STORES,

At the ARSENAL YARD

Co-day's Advertisements.

HONGKONG HOTEL.

* DINNER.

TO-MORROW (SATURDAY), 16th January.

MENU.

HORS D'ORUVRES,

* Anchovy Canapes.

SOUP.

Bird's Nest,

Fisil

Boiled Garoupa a la Matelote.

ENTREES.

Braised Chicken a la Fermioré. Lamb Cutlets a l'Italienne. Cauliflower au gratin.

JOINTS.

Roast Sirloin of Beef and Horseradish. 'Roast Pheasant and Bread Sauce.

Boiled Corned Leg of Pork and 'Pease PuddingTM

COLD. Roast Wild Goose.

SALAD.

Exg

SWEETS

Cream Pie. Strawberry Ice Cream.

Tipsy Cake, Cherry Tartlettes. DESSERT. COFFEE.

(124

HONGKONG RIFLE ASSOCIATION.

"THE SPOONS.

HERE will be a COMPETITION for the above TO-MORROW, the 16th instant, cummencing at 3 30 P.M.

RANGES. 200, 500 and 600 yards. Seven Shots and a Sighter at each Range.

MOWBRAY S. NORTHCOTE, Hon. Secretary.

Hongkong, rith January, 1904.

Entertainment.

HONGKONG VOLUNTEER CORPS.

CONCERT followed by a Laughable

Farce

"TICKLISH TIMES" will be given at the THEATRE ROYAL, CITY HALL, TO-MORROW

(SATURDAY), JANUARY 16th, 1904, Commencing at 9 P.M.

Dress Circle Stalls... PR

PRICES -

...

***

$2

... $1

OLD BRASS, GUNMETAL, COPPER, LEAU, ZINC, STEEL, CAST, WROUGHT and GALVANIZED IRON, LEATHER, GROUND SHEETS, FELT, CANVAS, ROPE, INTRENCHING TOOLS, OLD

Reserved Seats may be booked at ROBIN. WOOD, PACKING CASES, BOARDING PIKES and AXES STRAPS, TARGET | SON PIANO CO., on and after JANUARY 11th, GEAR, EMPTY BOXES, CHESTS and CRATES, &c, &c.

Catalogues can be had at the Ordnance Office or from the Auctioneers.

„A MION POOLAJK

TERMS OF SALE:-Cash on delivery. All faults and errors of descriptions at Purchasers' risk on the fall of the hammer, All Lots to be cleared within 48 hours.

HUGHES & HOUGH,

Auctioneers, Hongkong, 15th January, 1904. DOUGLAS STEAMSHIP COMPANY, LIMITED.

[125

FOR SWATOW; AMOY AND FOOCHOW, THE

"HE Company's Steamship

"HAITAN," Captain Roach, will be despatchel for the above Ports, on SUNDAY, the 17th instant, at Daylight.

For Freight or Passage apply to

DOUGLAS, LAPRAIK & CO.,

General Managers.

[123 Hongkong, 15th January, 1904. RECULAR STEAMSHIP SERVICE TO NEW YORK,

VIA PORTS AND SUEZ CANAL (With Liberty to call at Pu1115PINE PORTS).

PROPOSED SAILINGS FROM HONGKONG.

1904.

"SIKH " "SAGAMI "AFRIDI"

to

About 23rd Jan.

6th Feb. To follow.

For Freight and further 15'ormation, apply

DODWELL & Co.. LIMITED, Agents.

Hongkong, 15th January, 1904.

NOTICE TO CONSIGNEES.

"GLEN" LINE OF STEAMERS,

FROM ANTWERP, LONDON AND STRAITS,

HE Steamship

THE

" GLENGYLE," having arrived from the above l'orts, Consignees of Cargo by her are hereby informed that their Goods are being landed at their risk into the Godowns of the Hongkong and Kowloon Wharf and Godown Co., Limited, at Kowloon, where each consignment will be sorted out mark by mark, and delivery can be obtained as soon as the Goods are landed.

Goods not cleared by the zand instant will be subject to rent.

*

No Fire Insurance will be effected All damaged packages must be left in the Godewas, and a certificate of the damage obtained from the Godowa Company within ten days after the steamer's arrival, after which "no claims will be recognised.

1904.

Under the Patronage of H.E." Mr. 'MAY, c..., H. E. Major-General V. HATTON, DÉ and Rear-Admiral ROBINSON,

Hongkong, 6th January, 1904.

[87

Intimations.

THE POPULAR

SCOTCH

IS

"BLACK & WHITE"

JAMES BUCHANAN & CO.

SCOTCH WHISKY DISTILLERS,

* By Appointmunt to BM. THE KING

and **

HRH the PRINCE WALES

Supplied at All the LEADING CLUBS and HOTELS, the obtained from LANE, CRAWFORD,S. CU, Queen's Road [126] Central

MCGREGOR BROS. & GOW. 'Hongkong, 15th January, 1904.

EYE SIGHT

MR. N. LAZARUS...

May be personally consulted for SPECTACLES

No charge for testing the eyes. Glasses and frames of all kinds and qualities. Prices from $2 upwards.

16, QUEEN'S ROAD, CENTRAL,

Hongkong, 6th November, 1993.

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