doubt may have existed on the point, how- ever, has been swept away by the judgment of the Privy Council, and it is made clear that, except in cases of special contract, officers hold their appointments, whether permanent or acting, only during Her Majesty's pleasure, which means the pleasure Of the local Government, subject to the approval of the Secre tary of State. From the latter, however, speaking generally, they are likely to receive greater indulgence than they would from a court of law, for conduct which the latter would hold to warrant dismissal, even in case of a contract, the Secretary of State would probably hold to be sufficiently punished by a reprimand or suspension of promotion. It is perhaps on the whole well that it should be so, for it is due largely to the security of appointments that the service is able to attract men of high character.
THE HONGKONG WEEKLY PRESS AND
¡
[July 18, 1895.
TRADE IN FORMOSA.
general, it has appreicated. Silver on displaced in the Indian market, but, what- the other hand has remained fairly steady ever individual interests may suffer, the in relation to almost every article except balance of trade must in the long run adjust gold. It is true that the production of itself. silver has advanced more rapidly than that of gold, but that alone would not afford a sufficient explanation of the great change in their relative values. The real cause is to in his report for last year refers to the Mr. R. W. HURST, the Consul at Tainan, be found in the demonetisation of silver, as compared with which the improvement in metallurgical processes is of small account.
SIR THOMAS SUTHERLAND ON JAPANESE INDUSTRIAL
COMPETITION.
something interesting to say at the meetings Sir THOMAS SUTHERLAND generally bas of the P. and O. Company, and the speech he made on the 12th ult. is no exception to the rule. We refer more particularly to THE PRODUCTION OF SILVER AND his remarks on the trade of the Far East
GOLD.
•
was #
|
the for-
stagnation of trade in South Formosa. His remarks under this head possess an especial interest at the present time, when the island is changing owners. One era has closed and another and brighter one is open- ing. After the Japanese have established their rule in the south it is not likely that the progress of trade will continue to be disappointing, as Mr. HURST Says natural advantages of the island, both it has been for the last few years. The mineral and agricultural, will be developed, trade will be encouraged by an able system of taxation, and, incidentally equit. the foreign carrying trade will be relieved and its prospects. Most people will agree of the grievance under which it at present. with Sir THOMAS in the opinion that the labours owing to the differential duties The figures of last year's silver production Chinaman is just as slow in peace as he is charged in favour of cargo shipped in native come rather as a surprise. After the in war and that no revolutionary develop junks. Imports in native bottoms have lat- closing of the Indian Mints and the great ment is likely to take place all at once interly escaped customs dues altogether, and fall in the value of silver that followed it was the trade of the country as a result of the exports in the same paid only one-third believed that many mines would no longer recent conflict with Japan. His remark the duties levied pay their working expenses and that there that Japan, on the other hand, is likely by foreign steamer.
on produce exported would consequently be a fulling off in the during the next few years to show a very cluded between Great Britain and Japan last In the treaty con- production. Later on statements were made great and marked progress will also com- That mines were actually shutting down, but mand assent.
year it is provided that the subjects of each there was a want of definiteness about thein, to suggest that the progress of Japan will dominions of the other the same treatment, When, however, he goes on of the contracting powers shall enjoy in the inasmuch as there was never anything like a be of no benefit to British manufacturers in matters of commerce and navigation, as respectable list of the mines alleged to have or to British shipowners he enters on ceased operations. Still, there
native subjects, and shall pay no taxes of debatable ground. While it is undeniable any kind other or greater than those paid by general feeling that with silver at the that Japan will become a keen competitor with native subjects; also, in another article, that low level at which it has ruled for the Great Britain in certain lines of industry it the same import and export duties shall be last two years the tendency would be towards is equally undeniable that as her export paid whether the goods be carried in native lessened production and a consequent hard-trade and the wealth and purchasing power bottoms or in the vessels of the other con- ening of prices. Well, prices have hardened of her people increase the bulk of her im-tracting power. somewhat, but it is clear that this is in no ports will also increase. Mr. HAYASHI, the made that however much Formosa may The remark has been degree due to lessened production, if the Japanese Consul in London, in a paper on estimates of the Director of the Washington the trade of Japan which he read recently will only be for the benefit of the Ja- be developed under the new regime it. Mint is to be relied upon. According to before a special meeting of the London panese and not for that of Mr. PRESTON, the production of silver in Chamber of Commerce, said that the idea of eiguer. If that should turn out to be 1894 exceeded that of any year in the Japan driving Western producers from the the case it will be the foreigner's own fault, world's history, the exact figure being field was only a dream, and that what Great for the country will be freely thrown open 165,918,838 fine ounces, of a coinage value Britain, who supplies a third of Japan's im- to his energy and enterprise. There is one according to the United States standard of ports, will lose in cotton goods she will point, however, to which attention may be $214,381,000, or a bullion value according more than make up in the export of railway called. In the Anglo-Japanese treaty it is to the average prices of the year of material, telegraph lines, and submarine provided that the coasting trade of both the $105,348,135. In an article which ap- cables (especially for Formosa and the Loo-high contracting parties is excepted from peared in the Shanghai Mercury recently choos), machinery for mines and engineer- it was argued that the decline in the value ing works, ships, both mercantile and men- of silver was due, not to the appreciation of of-war, and other mechanical appliances and gold or the demonetisation of silver, but to necessities for development and improve the advance made in metallurgy. The writer ment of innumerable industries. It may be referred to the cheapening of steel, irou, urged that in time Japan will make her copper, lead, and zinc as a result of own machinery, build her own ships, and the improvement of metallurgical processes. produce the other mechanical appliances When, therefore," he continued, "we find and necessities to which Mr. HAYASHI refers, "silver, which, twenty-five years ago, in Still, the fact remains that Japan is a large comparatively small quantities, met aexporting country and for her exports she “market at 58, an ounce, now at 2s. 6d., must take payment in imports. She will "in enormously greater quantities, going send tea and silk in increasing quantities to "intó consumption, we sce but another foreign countries and must take articles of "example of the great progress made in me- foreign production in return for these. tallurgy, and the concomitant decline in the Great changes there will undoubtedly be, cost of production." The argument would and to these changes the foreign merchant be correct if the value of silver were measured and manufacturer must adapt himself. Sir by a standard itself free from the influence THOMAS SUTHERLAND in his speech referred of metallurgical progress, but when the to the growth of the match trade in Japan. standard is gold the argument losses most Two years ago, he said, an enormous trade was of its force, for the advance in metallurgy done between the north of Europe and India has affected the production of gold as well as in that homely but useful article known as that of other metals. Last year's production | lucifer matches; within the last twelve of gold, like that of silver, exceeded that of months the whole of that trade has been any previous year in the world's history, swept away and has been absorbed by Japan, being 8,870,518 fine ounces, of the value of which has taken the place of the supplier of $181,510,100, against $158,836,000 for 1893, that particular article in that great country. showing an increase of $22,674,000. Gold, But Japan must take payment for her therefore, ought to be cheaper as well as matches in imports of some kind. That silver, but instead of that being the case, we may be little consolation to the European find that, measured by commodities in manufacturers whose matches have been
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56
the provisions of the treaty, but the Japanese Government agrees to allow British vessels to continue as heretofore to carry cargo between the existing open ports of the Empire. The trade between Japan and Formosa may be held to come within the definition of coast- ing trade, but in that case no doubt a similar provision would be made with regard to the open ports of Formosa as has been made with regard to the open ports of Japan. No existing interest, therefore, can suffer by the Japanese occupation of the island, but, on the other hand, the opportunities for successful trade will be vastly augmented, As Mr. HURST says in his report, the pre- sent siagnation of commerce ascribed to any deficiency of natural wealth, but to lack of energy in developing the natural resources of the island and the heavy taxation under which the trade languishes. That will now be altered.
cannot he
Shanghai on the 1st inst. with reference to the A meeting of American citizens was held at
Szecbuen outrages. The following resolution was passed: That a commit ee of five be appointed to ascertain all the facts pertaining to and set of resolutions, and that the same be sub- the recent Szechuan outrages, draft a preamble mitted to a future meeting." Jernigan was present and expressed himself as be- accordingly appointed.
ing in sympathy with the object of the meeting.
Mr.
A committee was Cousul-Genera!
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