1908-10-10 — Page 14

Telegrams.

“HONGKONG TELEGRAPH "

SERVICE.

A FOREIGN LOẠN

FOR £5,000,000 STERLING.

[By courtesy of the "Sheung" Po."|

Pekings 9th October. The Ministry of Posts and Com- munications is in treaty for a loan of five million pounds sterling from England and France.

The money is to be repayable in thirty years.

THE HONGKONG TELEGRAPH SATURDAY OCTOBER 10 1908,

THE PATRON, CRUISERS

OFFICIAL TRIP. ON MONDAY,

The preliminary builders' trials of the two- West River patrol-cruisers for the Cantón Gov. ernment have been complated. The first of the two-the Klang Za-will, weather permitting.. proceed on her first official trip on Monday pext. The trial ron will copy the best part of the y. The yeasel will be put to severe tenis for speed, steering gear, etc. There is every reason to believe that the triat will be satisfactory in every respect.

In the meantime the wireless telegraph en- gineers are busily engaged with the installe top of complete apparatus for wireless telegra

phy on both the cruisers,

JUPIUM IN HONGKONG.

special wire to our contemporary, the Straits Times, contains the gratifying announce Negotiations for the loan are ment that the Colony of Hong kong has so far nearing completion.

HONGKONG AND SHANG- "HAI BANK.

ANOTHER CHINESE LOAN,

[By courtesy of the "Sheung Pu"]

Peking, 9th October.

The Ministry of Posts and Com munications has entered into ne- gotiations with representatives of the Hongkong and Shanghai Bank- ing Corporation and one other foreign Bank for a loan

THE TRADE DEPRESSION) 775 CADBES AND CURE.

Yeata

A JAPANESE BUSINESS MAN.

11903

CAUSES.

existing stringency in the money market are The factors which have brought about the

however, discussion is limited only to those of many and various. In the following paragraphs, great importance. These are five in number.

2. L-GREAT INCREASE IN POSTAL SAVINGS., DEPOSITS,

بار

ja'

The effect of the above upon the money market is but smill in comparison with Causes Nos. 11, and IV. However, the rapid aug. mont, os of postal deposits in recent years is in itsell a remarkable featurs presented by our money market, and “his undoubtedly contri. buted towards creating the existing depression in business circles. The rate of increase in postal anvings in the past few years may be seen from the following tablo :

No, of

Amount. Depositors.

1,883,261 Y24,015,000 ....2,271,799

27,000,000 | 28,824,000 1972 junami 2,707,118 19033,277,658 -- 31,478,000: 1904 4.583.31538,778,000 1905........ 5,685.551 51,836,000 1955 moim 7,414,430 • 84,939,000. 1937 .......... 7,629,608

91,094,000

1900 1901

1904 *1905

ikmuunt of National LoinE

421.245.928 $52,108,811

561,509,75 991,288,140 1,872,381,121

To-day's Advertisement.

PUBLIC AUCTION.

THE Undersigned have received instructions

to sell by PUBLIO AUCTION,

*FOR ACCOUNT OF THE CONCERNED,

TUESDAY,

13th October, 1908, at 11 A.M., as their. Sales Rooms, No. 8, 'Des Voeux Road, comer of Ice House Street,

SUNDRY...

HOUSEHOLD" FURNITURE,

Comprising:

with

· TEAKWOOD OVERMANTELS BEVELLED GLASS, IRON BEDSTEADS, CHEST OF DRAWERS. MARBLE TOP WASHSTANDS, VIENNA CHAIRS, EN GRAVINGS, GLASS, CROCKERY and EP. WARE, &c; ác î

3,317,723,753. me: 2,382,345,191 1908, (to July) iämie : 2,354,161,352| 1933, the year preceding the war, an increase the

Comparing the figures for 1956 with those for

ef about Y1,700,000,000′ is to be seen in the Dallonal debt. This enormous expansion in our national liabilities, without a shadow of doubt, bas seriously affected the money market. Of the total increase, about Y1,000,000,000 represents foreign loans, while the balance of YJ00,000,000 was raised at home. Home lots have robbed merchants and producers of their circulating capital and placed it in the treasury of the Government, where it is of no avail" for production, whereas on account of foreign loans specia amounting to Y45,000,000 is yearly flowing out as interest, with a rosultant;fali în our national credit and the con. sequent increasing difficulty in importing foreign Capital. Such being, the "case, it cannot be [denied that our home production bas seriously béan hampered by the increase in the national debt, which has, apparently, constituted one of the principal factors in the existing financial depression.

ין ,,

ALSO

A quantity of ANTIMONY WARE, a REMINGTON'S and ONE. BARLOCK'S TYPEWRITERS, and BICYCLES.

TERMS;—Ãs Usuall

HUGHES & HOUGH,

Auctioneers. Hongkong, tath October, 19c8

19:4

THE ANTI-OPIUM CAMPAIGN.

SUGGESTIONS RESPECTING.POPPY,

CULTIVATION.

H.E. Yoan Shu-hsun, Governor of Shaniung, bas sent the following suggestions to the Threns, viz That the cultivation of the poppy be probibited within twelve months and that the infringing of this regulation shall be punished by the confiscation of the land on which the plant is found growing. Fortber that the Goverment purchase all the opium

Entimations.

YOU MAY BUY

FROM US A

VICTOR

$2 per week.

CALL AND HEAR

OUR

LATEST

escaped the. financial spoliation of which it would have become the victim, hadthe enforce- ment of the peremptory mandate of the | Secretary of State for the Colonies; for the closing of the opium shops been 'insistéd' uppo. "Sir Frederick Logard, the Governor, in introducing the Budget of the Colony, into the | Legislative Council, said that no faal solution of, the opium question had been reached and that the estimates consequently showed no

IV.—DRAWNACKS IN FOREIGN TRADE, decrease in the anticipated epium revenue.

Trade during fast year seemed at first to be Some short while ago a reperi_gained_curu 1998 (Jane)... 8,217,112 100,163,c69 very favourable, showing as it did large.exports: reacy, that the instructions of the home govern The cause of the steady growth of postal of raw silk and other articles. The great fall ment were to be carried out forthwith despite savings shown above is the encouragement silver io September and October last, how the protests of the formers on the spot, who given by the Government in the form of re-ever, considerably impeded our trade with were to be compensated to the extent of $10,000 psated raising of interest, together with the Ching, white, on the other hand, the export a month for the closing of the opium dens be- method of postal savings remittances adopted trade in general has sustained a serious blow fore the expiry of their contract. The rumour in March 1926. When the system of postal from the prevailing business depression in on the face of it seemed highly incredible. The savings was first introduced into Japan in 1885, Europe and America. In imports, the position Colonial Office would not have gone in any

was exactly reversed, the innumerable eater case, 10 such extreme length, as to insist

prizes inaugurated after the war causing the An Imperial Decree has been upon the Colocy surrendering sach a large

import figures to swell enormously. In these imported from other countries which will issued authorising the Ministry pre-opensation to the farmer for the useariable source of revenue, in addition to paying

circumstances, last year closed with an ex-require something like twenty million taels per ces of imports amounting to Y61,000,000 annum. This can be obtained by means of a sided over by HE Chan Pik to privilege of making a huge financial sacrifice

This year, the same tendency is still apparent, loan either domestic or foreign. The opium sigh the agreement for the towns Tae fact that the Budget for the ensuing year

exports decreasing while imports are still thus purchased shall be prepared by the has been framed on the buis of the existing

forher swelling. That the excess of imports Government and sold only to such as can soon as the details of the negotiationscale of farm rentals, may be taken as an in-

amounting to 83 millions at the cuid of August produce a duly signed and stamped certificate IMPROVED. are completed.

dication that the Home authorities are disposed,

does not necessarily constitute a source of issued by the authorities concerned to opium more or less, to allow the existing opium farm

anxiety is beyond question, and we could hard-smokers. With this prepared opium shall be leasesto runout. If this course basally decided is a matter of course. However, this fact alonely escape the imputation of basy judgment if we added some other strengthening and antithetic upon, the embarasting question of paying com- would be enough to determine whether the entertained pessimistic views on the situation drug which is to be gradually added; while a pensation to the farmer, would be solved with phenomenon, is a matter of congratulation or solely becausethebalance of trade is on the side corresponding reduction of the pure opium is out any pecuniary loss. Once the lease ex- not, that the increase in postal savings has of imports.. In the present case, however, evan

also to be made, so that the smoker in due pires, the magnanimity of the farmer who had caused a decrease in banking deposits which, the intelligence of a three-year-old child-ai a

course of time will be smoking a gradually declared his intention not to claim compensa-indicates the ftw of funds from the banks into Japanese proverb has it-would be able to weaker and weaker concoction until at last be live on account of the closing of the farms be the treasury, where money is of little avail for comprehead whether the existing phenomenon fore the due date, need not be subjected the relief of strained monetary situation. is lavourable to our country or nɔl;' inasmuch to toneracial a test. In any eventuality icis

as the facts show that the excess of imports in. the present case has been brought about by the unfavourable state of our export trade,

after like causes maladministration of national financer, and An excess in imports caused a decrease in hard cash is the adopted the policy of restricting the number Consequently the Government

THE OPIUM TRADE.

NEW REGULATIONS.

[By courtesy of the "Sheung Po."],

Peking, 9th October. Commencing-from-the-first-moon-atmost stregone toniclusion that the days of of the next China New Year, the Board of Ravonise is determined to "enforce the regulations for the

stamping of every

*ball" of raw opium.

By the second moon it proposes to regulate the sale of prepared opium.

[Renter's.]

The European Situation,

LONION, 8th October." A proclamation which has been issued at Belgrade appeals to the Powers for justice and protection. It demands the restoration. of the status quo in Bosnia, otherwise com- pensation is necessary to Servia's Independ ent existence.

At Cettinge, a proclamation published by Frince Nicholas, declares the clause in the Treaty of Berlin relative to Austrian rights -in Montenegro, no longer binding,

Sir Edward Grey, speaking at Wooler, and Mr. Asquith speaking at Lever, em phasized the impossibility of Great Britain recognizing any alteration, in the Treaty of Berlin until all the Powers have been con sulted.

Sir Edward Grey did not consider it likely however, that peace-would-be-disturbed.

Later,

A great demonstration has been held at Cettiaje, Montenegro, where shouts of "War on Austria" were raised, and a resolution adopted to forget bygones and co-operate

"with their Servian brothers.

Emperor. Francis Joseph of Austria, in his address at the opening of the delegations, defended the action of Austria, and empha sized the evacuation of Novibazar, which showed that she did not desire expansion of territory. He appealed to the nation to grant the Government's demands for the Army and navy, in order that Austria might co-operate with the Powers for the mainte

nance of peace.

Greece has assured Turkey fiat she did not inspire the Cretan proclamation, and hopes that their hitherto friendly relations will not be disturbed.

MANCHURIA.

THE RAILWAY QUESTION, V,

Tokio, October 3. Ao agresment regarding the junction of the South Manchuria Railway and the Imperial Railways of North China at Mukden was con- cluded yesterday.

the interest allowed was no more than 3 per cent, which, after a gradual increase, now stands at 505 per cent. la addition to the remittance method, a gigantic Government 30- system above alluded to, the postal savings derraking for facilitating remittances without commission, bas evidently bad much to do with the great increase-That-an-increase in the amodal of postal deposits dues ant in itself can stitute any source of anxiety, and even serves to form a forecast of a nation's future development,

15—NATIONALISATION OF RAILWAYS This may be counted among other elements which have brought about the existing financial bs as great as Nos. III, and IV Railway si ustice, though its effect therson may not

nationalisation has brought about the result that the net profit of the seventeen fines, yearly amounting to tens of millions of you, is now locked up in the treasury of the Government the funde, might, otherwise, have gone to the relief of the situation if left in the hands of

the farming system in the Easter Colonies mitted to its credit that its existence has are fast ruaning out. But it must be ad-

stood as a firmidable obstacle in the way of hasty and ill considered tampering with the fiscal system by the home Government. When once the farms are abolished, as they are boued to be in the not distant future, and Im pon duties and Licensing fees take this places, the financial position of the Colonies and Pro-backers as deposits. decorate would be-rendered-extremely precari

ous, for it could then be completely altered by a stroke of the pen to their great detriment- Perak Pinger,

AMERIGÄN-JAPANESE RELATIONS.

WASHINGTON DENIES TOKIO REPORTS,

III-MISMANAGEMENT OF NATIONAL «

FINANCES.

•

country.

RECORDS,

MACHINES

AND THE

MARVELLOUS

finds himself smoking a simple preparation, AUXETOPHONE

similar to prepared opium la appearance, but without any of the drug at all. In this manner Governor Yoan thinks that the vice can be abolished within six years at the most.-N. C D. News,..

COMMERCIAL.

ke, so as to place its specie reserve on a of its convertible notes floating on the mar WEEKLY SHARE REPORT, steadiar basis, with the result that the notes in circulation, amounting to Y360,700,000 at the Messrs. E. S. Kadoorie & Co. write on gth Reviewing the share business for the week

-and-of-last—year,-have-been-diminished by "|"fast, ;-----

Y100,000,000 in valus within the lapus of a low A slight improvement in our share market months. The diminution in the pumber of har set in during the past week, and a fair Government notes has produced the following general business has been done. effect, vizi

-V,-THE FALL IN THE PRICES OF COMMODITIES.

The mismanagement of our national fionaces on the part of the Government constitutes cae of the principal causes which have created the existing #ringency in the money market.

() The great suppression of industrial and ̧1hat a fall in the prices of commodities must commercial capital at home as well as the levy- inevitably follow a decrease in the amount of Ling_of_alnios: unendurably heavy-taxes-as-con-currpacy-in-a-country-is-a-fact clearly proved 'arquences of the extraordinary augmentation by reference to any book on political economy, in national exper dature in recent years. The Adection in prices of commodities involves a following table will show the rate of increase decrease in business transactions, and this is of national ex enditure during the past filteen what has apparently caused the present depres years, which per od is, for convenience, divided sion in burface..:

three terms of five years each :—

New York, October 5th; The Washington Government has issued a statement denying the report from Tokio that a new and favourable understanding has been reached between the Governments of the United States and Japan regarding the emigra-into tion situat on. The statement declares that the situation is'unchanged.-Shanghai Times,

SIŅO-JAPANESE RELATIONS.

JAPANESE NOBLES TO TOUR CHINA, M

The Jopau Chronicle says:-A distinguished panty is abortly to visit China and Japan. It will consist of Marquis Nabeshima, President of the "oa Dobuo Kai (East Asistic Common Literature Society), with Marchioness Nabe- sbinia, Viscount Kiyours, Vice-President of the same Society, Marquis Hosokawa, President and Kashiwara, members of the Diet. The party of the Tokyo Dobus School, and Messrs. Ogawa

First term, 1891-1898.....Y773,738,743 Second 18,9-1903.1357,595.283' Third 1994-1998......2,458,445.937 (the calculation for 1907-198 represents the

Budget estimate).

Is the next article I shall present a scheme which I believe would form a cure for the pre. sest state of things.-Japan Chrontite.

·NİPPON YUSEN KAISHA.

YOKOHAMA-NEW YORK RUN,

We have received from the Nippon-Yusen Kaisha the following statement of the times occupied in transit from Yokohama to New York of silk which moved over the Great Northern Railway-

Ex fya Maru arrived Seattle July 8th, 1908: 19 days 19i bours.

On reference to the above table, it will be seen - that'though~not ä - little increase is noticeable in the expenditure for the second term as com pared with the first, yet the outlay for the whole term does not exceed ¥1,366,000,000, whereas that for the last term, since the late Russo Japanese war, exceed the considerably large sum of Y2,400,000,900,-!hree-times- greater. than that of the first term. In the Japan-China for which, in return, Y300,000,000 was received war, Y100,000,000 was expended as war funds,

will leave Takyn about the middle of this month, proceeding first to Tairen, and thence.io war, the funds expended on the war reached as indemnity. In the late Russo-Japanese Mukden, Tientsin, and Peking. After spending V4.63,003,000, for which no indemnity, and about ten days is the Chinese capital, they obtained except Y40,000,000, which our Go will travel to Paoling, Wuching, Hangchow, verament had actually spect in connection and Shanghai. The object of the tour being with the Russian prisoners. When the Y1,460,-.7

The twelfth ordinary yearly meeling of share. holders in the Dairy Farm Co., Limited, is advertised to take place on Tuesday, the ayth inst,, atmoon. The transfer books of the Com pany will be closed from the 13th to the 271b-| inst.

THE

ROBINSON

PIANO

CP LTP

Hoogkang,axud-August-svol-

KOWLOON

HOTEL

Banks-Hongkong and Shanghai, Banks hays ruled somewhat stronger during the week, and have been sold at variout rates up to £790;*| The London quotation is unchanged,

Marins Jasurances-Cartons have weaken.We Lead,

od to $200. In their repost for the year 1907, just submitted to shareholders, the General Manager's state that the amount standing at credit of 1907 account is $527,761.13,

but are not Led."

the Leader

put of which sum it is proposed to carry Hence back $382,671.13 to the credit of underwriting sug pease account, which will then stand at $111,990.07 and to pay a dividend of $14 per share, absorbing $140,000. There are buyers in the North of North Chinas at Tii. 82. Unions are fitmer' at $780. „Yangteren can ba placed at 5:07),

Fire Insurances.-Both China Fires and

Hongkong Fires have been sold at quotations. MUSICAL DINNER Rx Toss Mary arrived Seattle Aug 6th, 19:8:Shipping Douglases continue quiet at $341, 20 days 211 hours,

Ex Mimesta arrived Seattle Aug. toth, 1908:

Ex Shimano Mars arrived Seattle Aug.2th, 18 daya ict hours. 1995: 20 days 21 hours (i car), 24 days 30 hours (car)

SANITARY BOARD

and China and Manilas at 515, Hongkong, Canton and Macao Steamboats are still in de mand at $281.

Refineries-China Sugáns are weaker at $110.

-ON:

SATURDAY Next,

in the North Perak, Sugars can be sold at the 10th inst., at 8 P.M.

Tis, 581.

Mialog.Chinese Engineerings have sellers

at Tla. 161. Raubs are, tinchanged, and wilb- ost business to report,"

#

Docks, Wharves and Godowns-Sales of Kowloon Whrafs have been put through at $49,

SPECIAL MENÜ

to foster friendship between fapse and Chins,000,000 is added to the figures given above, A meeting of the Sanitary Board will be calls will be made on high officials and leading the enormous sum of Y4,000,000,000 is reached, bald on the 13th instant, at 3.45 p.m. Following will be invited to join the Society. During the third term. When the Government expenditure private individuals at the places visited, who representing the total expenditure over the are the orders of the day- party's stay in Peking, Marchioness Naheshima ranged from Y700,000,000 to Y1,300,000,000 male by His Excellency the Governor relative have sellers in the North at Tis. 26, while 1. Letter from Government forwarding 'mi and are in further demand. Shanghai Docks will be presented to the Empress Dowager of during the ten years ending 1903,-there-to-rat destruction.

-Hongkew Wharfs are wanted at the reduced. China, and on the occasion of the audience the was already an outery against heavy taxation 2. Letter from Government forwarding mules | rate of Tis, 151.

Avoid all your other Marchioness will' wear Japanese dress, which and a general airing of grievanços among the for guidance of sanitary inspectors in making Lands, Hotels and Fuildings. Central is said to be unprece'lented in such a case,

people at large. Since then, no doubt, our reports on nuisances under Part 111 of the Pab Stores are in demand at $12. Hongkong engagements and Dine national wealth has been greatly increased tic Health and Buildings Ordinance for the in- Hotels and Hongkong Lands are steady at the above Hotel on

formation of the Building Authority,

Saturdays.

SUN YAT-SEN.

Nevertheless, is it not surprising that the Dational expenditure, even with the augmenta. Sir John Jordan. has replied to the Chinese tion in wealth, should have reached the enor Noto with reference to Sun Yat-sen saying that mous sum of 44,000,000,000 during the last According to British Law political refugees quidiquennial period? The Causes which. have must be given asylum in Brilish territory if brought about this murtling condition are po they, seek it, and therefore his Government other than the late war and the extraordinary cannot see its way to drive San, out of Singa expansion in the national, budgets, which to- pore. Since receiving the above reply, Their gether have combined to create the heavy taxes Negotiations between the Japanese and Ch-Excellencies Na Tung and Yun Shibas well as the absorption of home capital and nese delegates will be continued in order to kal have called upon the British Min the consequent existing depression, while the arrange the details of through traffic, the run ister and asked that the British Govern-introduction of foreign capital necessitated the plug of a weakly express train with sleeping ment forbid Sun Yat-sen to communicate with flowing out of interest car accommodation, and other matters. de his confederates and baich rebellion against A japanses delegate will reach Peking on Chias, while under the protection of the British October 0 to negotiate, with the Wawapa the final settlement of the „joint. Chino-Japanese Kiria Kuangchangian

(5). The rapid augmentation of the national debt as a result of frequent issues of national Bag. To this Sir John has replied that it might loan bonds since the warga

be done, and he bar wired to request ite Home The rate of increase of our antional debt. Government to meet the wisher of the Chinese, during recent years may be seen from the fol- Government in this respect-China Gritio, "tit faming table

3. Bye-law for the prevention of the breeding of apopheles moiquitos,

5. Plague procedure and directions for clanusing plagos infected houses.

6. Correspondence relative to the leave of absence to Dr, Macfarlanette

>> 7. Results of the examination made under "The Sale of Food and Drugs Ordinance 1896" for the quarter ended September 30th, 1903,

B. Report of the analyses of the public water supplies for the month of September, 1908.

Mortality statistics for the week ending September 26th, 1908.

to. Bat return for the works ending October sit and roth, 1908;

- 11. Application for No. 9, Temple · Strest South to be registered as a faciboiling estab. Hekment

quotations. Shangbai Lands are in request at Tis, 11414,

Cotton Mills-Ewas can be sold in the North at Tis, 64. Hongkong Cptions are ob tainable at toj. Internationals can be placed Tis. 64, while Lau Kung Mows have sellers at Tis, 79,

Miscellaneous-Chian Borneos are a shade

easier at Sto, and Chins Light and Powers at $6. There are buyer of Dairy Farms at Sat. Hongkong Ices have risen to $235. Langkais hare strengthened to Tis, 655, but allers rule the Northern Market.

Exchange-The Badka selling rats on Lon- don is 7/03/16 on demand The TT rate on Shanghai is 751, ZAYE

Dividendi Payable Canton Insurance. Dividend of $14 per shyste for the YBLY 1907, on the 'used Emst,

DANCING

at 9.30 PM.

O. E OWEN Proprietor

Hongkong, 6th October, 1998)