1907-12-31 — Page 4

Intimation.

THE HONGKONG TEL

reforming real which were

he characteristic of hli

but it may be that wher

APH TUESDA DECEMBER 31 1907.

grasped the numerous and

prol

which have arisen to harass the Gove

S. WATSON & CO., and tender night hideous for those of the

-LIMITED

THE GREAT

Watson's

E

VERY OLD LIQUEUR SCOTCH

WHISKY

HAS BEEN ATTAINED BY ITS CONSISTENT EXCELLENCE

or

QUALITY.

IT IS A

or

GENUINE AGE

AND

which

commence

sack tos

HONGKONG'S VITAL ASSETS.

off the waters specially reserved EXTRAORDINARY IMPORTANCE OF THE

OPIUM TRADE TO THE COLONY.

apanese, Tradey and the

A TURN-OVER OF THREE MILLIONS STERLING INVOLVED.

PROSPEROUS YEAR FOR THE

FLOUR TRADE.

GLOOMY PREDICTIONS PREVAIL REGARDING NEXT YEAR'S PROSPECTS.

commercial community whose standing is not broad-based on sound security, we shall have an opportunity of realising the adminis trative gifts of dur chief authority. But no how ready One envies Sir Frederick his position; it is a year SAW

the were specially directed against thankless task that has been set to his hand scheme for the extension The No. German abipping interests in Hongkong, Even if he reformed the currency which Dock at Kowloon The Law Courts and Swatów, Hangkot and Singapore. At the POPULARITY noither he nor anybody else can do ar Post Office continued to make progress and of the year the level of freight was far Aki below paying value, tlie regular liners just things stand at present, despite all the rate of sails galiop, while the work: the sophistries of the amateur financiers of building the Kowloon Railway in allegedanaging to pay working expenses, who abound in Pongkong-even if he to be proceeding space, but owing to the outsiders have been obliged to lie up regulated the exchange so that it never mystery and absence of all official reports for want of freight or because freights fell below two shillings and never threatened on the subject we must restrains four curio were below remunerative quotations. the Government with insolvency, even ifsity on the point not a difficult matter when

he share market presented a gloomy he found it possible to give effect to the it is remembered that what is known about. Lipect, due in several cases to over recommendations of all the Commissions the railway would not cover a threepenny

éspitalisation, increases of capi and' which have lately contributed to enhance bit. Coming to the crux of the situation, shrinkage in values. In Dock shares, China the gaiety of the public, so that landlord which means, of course, the trade of Ilong Sugars, Indo-Chinas, Lands, Whirl and and tenant, sanitary in pector and house kong during 1907, there are many de Godowns the a-gregate depreciation runs holder, corporation and investor should rise citedly unsatisfactory features which will into millions, he fall in exchange way up and call him blessed, even if he did persist in thrusting themselves-upon our possibly assist the industrial stocks which all these things, and more he would be attention. Not only has trade been handil have felt the pinch of Japanese competition, merely at the beginning of his herculean capped by natural drawbacke; but it har and in the case of Green Island Cements

The theoretical cycle principle in political 'ment licerces, and although labours. Sir Frederick Lugard has a long also been adversely influenced by such compeition with European manufacturers

coupmy has long since been exploded, Hading does and must continue to be seen how he and his advisers--whose silver values, the reduced purchasing power With regard to the effect of the falling ex that untenable principle, our duty to day in a very large degree, affectivel

Lanticipated Judgment has been the reverse of infal of consumers in the interior, the over change of the Government Estimates, and takin, stock of the events which have marked The foregoing factors had,

the course of trade during the year which Towards the closing weeks of the year, how: lible, and, indeed, has led the Government production of raw material in India and a the petition of the superior civil servants as PURE MALT WHISKY machine into a series of ruts and gaps. variety of otlier lesser causes. For several represented by the heads of Departmente clures within the next few hours, might have ever, an element, haly unexpected, but none and rocky paths will manage to emerge months in the earlier part of the year, silver and supported by Sir Matthew Nath in been one invested with a degree of optimism the less seva ely, adverse, has been introduced from the manifold difficulties which attend remained steady at a parity of over two backed up as usual by the hatue, which, surrounded by actual circumstances and by the unlopked for turn in the course of ext their way. In connection with the ad- shillings to the dollar, but as the year descarum Press which thought it saw a immediate future prospects, we are not justified change. The heavy slump in silver was not in entertaining Fat Le it from our purpose foreseen even by the most prescient, and the ministration of Hongkong, the changes clined the market, apparently without rhyme popular movement even although it was

to engender a feeling of pessimism in the .com consequence is that importers, who had boy that have to be noted in the Legislative or reason, collapsed until the dollar fell engineered at the expense of the ratepayers mercial circles of the Colony. But we should plum at the monibly Government Council have been of slight interest and of to 1/9 3/16 Importers had been paying much more is likely to be heard on this

nit be faithful to our mission were we to raise sairs in Calcutta, when exchange rule no immediate moment; · Captain Basil Tay: for goods on a high rate of exchange, score before the record is closed. In uctove hopes by plinting the future in lesid find themselves in the position of having to dis lor, R.N.; assumed the seat rendered vncar and in order to made good the ber, Sir Frederick Lugard introduced the colouis, or gloss over the past and present inc ver a remedy to make good the difference by the death of his predecessor in the office difference between the gold and silver Estimates, but in justice to His Excellency order to conceal the transposition of affairs au | from 15% to 70% by the drop in exchange, of Harbourmaster, Captain Bames, Law-values of their imports they had to arrive at they cannot be held to represent his views revealed by, a cl se inquiry into the trade of only way in which the disparity, can be mad rence, Mr. H. Kesivick, of Messrs. Jar- an adjustment of prices which would safe or even a chrystallised form of his personal inngkong during 19.741 is not our purpose, good is obviously by an adjustment ja

wo say, to act ii.e the proverbial bird in bury Put the market in wholly irresponsive. dine, Matheson & Co., i td., took the place guard them against loss when orders came financial genius. His advisers adjusted the ing our heads in sand and to be oblivious of preciation in values is met by dealere, apathy of Mr. W. J. Gresson; Mr. E. Osborne was to be repeated. Unfortunately, however, debit and credit side of the Budget by the unpleasant facts surgunding us. In purchase. As it happens, Chinese do not buy appointed in place of Mr. Geralioms Stewart, consumers, were unable to respond to this fixing the exchange rate for 1968 at 2, placing belote our readers a correct retrospect are then what is sabiolalely necisary to meet whin, it is reported, does not intend to return adjustment of prices, since it meant to them the rate at which the treble exchange of the trade, of Hongkong in 197, we have immediate requirements only-and those re to the Colony while General Broadwood,

an increase of between 20 and 25 per cent. compensation for the sterling paid officials bres at great pains to arrive at the true facts quirements have been expressively described as

as affecting each of the principal branches of "from hand to moulb," They hold K., followed Major-General Villiers-Hatton in the intrinsic value of the articles in ques had been arranged. The year commences at the right hand of His Excellency the tion. No one who has not given attention with the exchange at 1/98 which ade which have hither acted as the principal and their former speculative

bulwarks of the Colony's prosperity. Om have been enough to enable them, Governor. So much for the constitution of to, the importance of the opium trade in is equivalent to a ten per cent. dif- information has not been culled by bickdoo some time at least, and while they chi the Council. What shall we say, with reler Hongkong can possibly have the faintest ference on all sterling payments, while the methods. We have gose to the fountain time awaking the ence to its labours during the year? As a conception of the enormous turn-over which taxpayers who have to meet the difference sources to derive the knowledge forming the are heavy leiers by having to close their ram matter of fact there has seldom been a ser that item represents in the commercial statis between 1/98 and 2/- for the favoured public foundation upon wich his bien raised the tarees to India at the unfavourable exchange. sion so utterly devoid of practical measures tics ofthe Colony. Far from being a paltry affair servants, are in the anomalous position of superstructu & now presented to our reade ili gediş as that held in 1907. The Government of no account, it is one of the chief assets being unable to call upon them to make of the events which shaped the commerciWe made reference to the alchita Govern

clubs in 147 and which are likely to direct ment sales. La considering the opiom seemed to know its own mind about as well and most lucrative articles of manufacture good the deficit which the falling exchange is destinies in 1908 11 has been our good busining in Hongkong, it may be as the charlatan who frames a chart of one's that enter llongkong and are distributed will show as between expenditure and refundne to meet with the utmost readiness state, for the benefit of the un life from a survey of the bumps which were throughout South China. The value of the venue when the two sides of the balance acquiescesce ly the principals of leading gems there are bice kid opluy.com adventitiously acquired in childhood. If opium imported into the Colony this year, sheet cone to be Chally adjusted at the close in Hongkong to place at our disposal facts and Honglong, kraving put of account, Bill had to be amended it was subjected to aggregated the huge sum of #27,700,000, of 1908, assuming of course, that the level figures which could not otherwise be obtained, the Christne product, which, Roes throug process of chopping and changing which from which tongkong benefits in respect of of exchange is kept below the 2/rate. In Aid the special interviews accorded our reminger from Yunnan. They are 1 altered it out of all recognition, and then it freight charges, insurance premia, bank cor- view of all these somewhat unsatisfactory presentative by the senior partners of the fitate. Paina and Kenarca, the bad imports wails and strays of departmental wisdom. charges, etc. From this source alone the cription of what is termed the sociale summary of the year's trade we now es- 38000 chests: 20,000 during the first half ye

of the utmost assistance in the presentation of Bengal opium into Chins in 1907 amounted The Stocks Bill, for example, paised through Colony benefits to an enormous extent, and life of the Colony. Our only hope is that deavour to place before our readers in a form and the balance during the the Council quite harmoniously and, 09 that is without considering the question of the depression which hangs over the Colony that might be acceptable not only to those semester. It will be remembered doubt, would have become law in due course profit derived from the operations of the may be swept away in the carly days of next whose daily routine duties bring them into touch the Indian Government sales in

abortive.

and lonely furrow to plough, and it remains fortuitous developments ar the reaction in is at present in favour of the local company, we been one of the faw surviving adberents in reuriction upon consumption cantol

FINE MELLOW FLAVOUR.

$15.00

Per Case

AS. WATSON & 00.,

CIMMLER,

WINE AND SPIRIT MERCHANTS. ESTABLISHED A.D. 1847. ALEXANDRA BUILDINGS, Hongkong, 30th November. 1907.

f

Che Hongbang Celegraph

Hongkong, Juesday, DecEMBER 31, 1967

LOOKING BACKWARDS,

Now that the gathering mists are hovering. over the remains of a year which has almost

a

passed into the regim of historical record, moment may be devoted to the consideration was hung up 10, dry, in company with other missions, "godowa expenses, fira insurance conditions; we need nöt enter intades. business houses of the Colony have been l'ersian In round figures the clotal impo

of those events and circumstances which may be deemed of sufficient importance to keep green the memory of 1997. In com parison with rood the year which is fading away has no theme of dramatic interest to had it not been for the adverse criticism Opium Farm. In other words, the extinction") year and that all the evil portents may prove with pages and pages of tabulated statistics, but the undertaking to China comm

enthrall and disturb the student of its annals, nor has it been marked by any violent eruptions in commercial or social life to set a scal upon its character or a handle to its game. Yet 1907, without having any great distinctive features, has had its full quota of noteworthy, if not notable, events, and in trade circles in particular it will be willingly hurried to oblivion if only that the memory of defeated projects and disastrous trans actions may be buried with its ashes. Short ly after the year had opened we announced that Sir Matthew Mathan, who was then Governor of the Colony, was about to be appointed to another sphere of labour, and although our information was scouted and derided by the self-constituted know-alls of Hongkong the statement was corroborated almost immediately after His Excellency's return from Java, whither he had gone

to

"HONGKONG TELEGRAPH"

SERVICE:

CHINESE EMPEROR'S

GRATITUDE.

the volume of the trade of the Colony Telegram. of something like three millions sterling But we would direct the attention of readers to the special article in another position of affairs. The feeling year has column which luminously explains the

been a deplorable one from the point of view of the yath importers and misfortune has been aggravated by the heavy slump in silver. Dealers have not suffered to the same extent as importers, because as the result of their experience in 1906 and the numerous bank- ruptcies which were brought about by ranh speculation, they showed greater calition in their operations and bought only for imose-

THE NORTH CHIA, FAMINE.

THANKS FOR THE KELIEF COM

[From Our. Owe Correspondant,]

Shanghai, 31st December,

12.20 p.m.

THE OPIUM, TRADE,

sformit") with

to those also who take a more or less intelligant of this year. Besides the, 38,000 chests, Singe•~~ interest in the progress and development of the pose takes about 1,000 chests a month for the Colony.

Straits including the Federated Malay States. Of Malwa opium Chios took between 14,000 and 1500 cheats. In addition there is i trade is the Persian article to be conside Conficing the imports to Hongkong: arrive at the following round §gure

Bengal....

Malwa ¿Persiaú

Tol

fn the order of importance the Opium Trade takes the foremost rank in our con sideration. Not alone because the monopoly for the sale of the prepared drug contric butes twenty-five per cent of the folal revenue of the Colony, but by reason of the fact that in bulk the raw article figures as one of the most valuable if not actually the most valuable item of import into the Colony., How many are there who have the averaging, in valu faintest ide of the value of opium catering the surrounding districts the Cu'any each yea? When we mention that | kong's best constituorf for a bid twelvemonth the aggregato value less quantity for "Malwa totalled no less that $17,705,000, as it did in, Amor, and Foochów

directed against it by the outside public. It of what is but a portion of the opium still remains a dead letter. The Seditious trade would mean an annual loss to Publications Bill was ushered in like a roar ing lion, but before it left the Council it had been thora of its mane and its claws and now a meeker-looking she pit would be difficult discover. The Public Companies Amend- ment Bill was passed in accordance with the terms suggested by the local Chamber of Commerce, while all the amendments sub mitted by the representatives of Shanghai companies registered under the Hongkong Ordinance were duly incorporated in the measure. Of the two or three private Billa which were guided through the Council by unofficial members, the most important was that introduced by Mr. Keswick, in the capacity of vice chairman of the Hongkong and Shanghal Banking Corporation, The diate requirements. The result was that Bill was promoted to empower the Corpora-eace of the mainland, and farmine was to recuperate his health. No doubt tion to increate the capital of the Bank from pescatened, to be followed by destructive in the eyes of his superiors, and certain ten million dollars to twenty, millions, al-goods, the dealers had no mote stock ly according to the view of lione officially though it was stated that it was only intend-in-hand than what they actually re subordinate to his rule, Sir Matthew was aed to call for an additional five millions at builder, but from the point of view of the Corporation, to increase its bank-note ir stances they have escaped the slings and arrows of outrageous fortune and left he general body of ratepayers Government culation, and, incidentally, granted a renewal House might have been a closed sesame, of the deed of settlement for a further period importers to bear the brunt of the battle, in- and their particular interests left to take of 25 years. There was no opposition, and asmuch as they had to bring out the yarn a care of themselves. It was not wonderful, the Bill passed through Council and became

a high dollar with the prospect of having 10 in these circumstances, that the departure of law. With regard to the other matters which replace it with a dollar representing a quarter Sir Matthew was productive of no great feel engaged the attention of te Legislative less than its rupee value iwo months ago ing of emotion, the uppermost thoughts Council, most of them were of a trivial and From the shipping reparts which have being directed to speculations as to the inconsequent character and roay be com appeared from time to time during the year character of his successor. When it was mitted to oblivion without vain regrets. No it must have been made abundantly clear learned that Sir Frederick Lugard had been public works of any importance were inítfat; } eren to the general: reider that the freight speciation are: reminded that-invitations for trade in this commodity been a good one? For it -

when political disturbances menaced the

1907, we convey an inkling into the monu customers for Malwa, the

comme cial statistics were the port to be con- | sjan nitiç'e. Of shis

Imperor, Kwang Su, through them pal importance, the stade must bulk in our absorbing also a small Viceroy, has tendered His Majesty's trolled by a Custom Houad with all fie elabo- said pracipally thanks to the members of the North rate machinery for trcording the quantity and Government accoun China Famine Felief Committen for value of each individual article of import appreciabin quantil their excellent services.

just Governor and a laborious Empire the present time. It also permitted the quired. Of course, in these circulifla

LOCAL AND GENERAL.

SPECIAL service will be held in St. Joseph's

Circumcision!

Church to-morrow at 9am, being the feast of

THE distribution of prizes at St. Joseph's Collegs will take place an 3rd proximo, at p.m. Sir Frederick, and Lady Lugard will

attend.

MEMBERS of the Scottish Masonic Qindrille

ints and export from Hangkur. For the Hongkong mercha moment it suffices our purpose to mention that their 4,202, chests. the value of raw opium imports was po lesa agens of the Japane than $17,700,200, made of

Benga „Milwa

l'ersimit

Taul

13,400,000)

1,800,000 2,500,000

$17,700,000

Formoss. By reason of the poly in opium, li held Formossy Hongkong firai ship so much as a account to Japan's color sell for deliverYJAK STI

We are thus With such big figures before us, the sufficiently com

The value is arrived at by the year's average behalf of the Gorerom price per chest obtaining in the Colony,

question naturally suggests itself, has the 2007 oplum tad the reply We rely on the statement of a gentle, appointed to Hongkong, there was a certain ed during the year, for the simple reason

market was in a woe-begone condition. At the next Friday's dance should be sent to the Secreman whose firm controls by far the largest

tary immed stelyo ni de

end of the Imports. The year has been mosi amount of satisfaction expressed in the non-that the Colony had not 'the wherewithal to close of the Russo-Japanese war, most of the nation, particularly when it was discovered proceed even with what are deemed neces Norwegian vessels which had adventurously To pars advertisement, Reuter's tele disappointing ons. And this assention

promulgati that the special intents of the new Governor sary and essential reproductive works. Many arrived in tite Fer Last, with the Bram, items of local interest, and exchange based upon the fact that tho bad been developed in the work of admin-berth and wholly unjust criticisms were object of picking up any unconsidered trifler quotati ine will be found on page 7 to day, the Chinese Anti-Opium Edict of 1906 restr

Day by Day" is unavoidably held opi m smoking within the Empire, istrative reforms, and that his reputation | levelled at the Director of f'ublic Works in that might be lying around, returned to the

lant of the Edict provincial regul concómijaBL did not rest solely upon his military abilities | respect of liis alleged failure to carry out colder reg ons ofthelt nativity, but even their

have been framed and enforced whereby 69RS, E S. Kadoorie & Co Inform, us, that or he capacity to discover the weak points | works which had been sanctioned by the departure failed materially to relieve the

ara la receipt of telegraphic Advises from diyans have been closed in the provinc

discou ed and cu in defensive, operations. Another point Council in the previous year, but Mr. situation.711 the Japanese fleet of "sub" | Singapore Informing them that the crushing of of Chi which tended to popularise the advent of Chatham,, who it may be recorded, was ; sidised auxiliary cruisers, which had been the Raob Austra Sir Frederick Lugard was the fact that he

the fact that h

decorated with the Order of the Companion taken over

was accompanied by chatelaine whose ship of St. Michiel and St. George, made ed to their own sunces of mind and personality were unl triumphant reply that in every case where them on legt

lly known and app ited. Stoce hisha Department had failed to take advantage, and

the Colony some five months ago, of the

his taken biit

that have

laced at its

directio

187 Ma

ine:

Canion

past period.

Gold Mising Co. for the and townshlas

capitais;

Canton