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August 7, 1895.]
CHINA OVERLAND TRADE REPORT,
95
true with reference to the cost of defence, is quite opposed to fact in so far as concerns the proportion the contribution bears to the revenue. Writing in the early part of this year we said:-"In the Straits the estimated revenue for 1895, enhanced by increased taxation, is $3,973,521, and the contribution "of £90,000, taken at the exchange of the day, comes to about 22 per cent, of that amount. But if to the above revenue be "added that of the various municipalities, "which was in 1893 $1,162,862, we arrive at a total of $5,596,383, on which sum the "contibution amounts to about 16 per cent. only, instead of 223 per cent. Hongkong's "estimated revenue for 1895 is $2,079,526, "and the military contribution of £40,000, "taken at the exchange of 2s., amounts to 19 44 per cent. of that sum. As a matter of fact, "therefore, we are worse off than our neigh "bours in the south by some three per "cent." In Hongkong there is no distinction The French Government on their part, between municipal and general revenue,
we may depend, did not join the new triple the whole being merged in one common alliance in the East for the single purpose treasury. This poiut, as bearing on the com- of benefiting China. No doubt as a matter parison between taxation in the Straits and of choice they would have preferred to help England and the proportion military expendi- the Japanese; but the voice of their only ture bears thereto, is dwelt on at some length and most puissant ally in Europe called to by Sir CHARLES MITCHELL in his despatch. them for assistance, and the interests of There is local taxation in the Straits, but Japan were no more considered from that not to the same extent as at home, and moment, Had the Muscovite proposition many great public works which in England been one for the dismemberment of the are paid for by local taxation in Singapore Chinese Empire it would have been as have to be paid for out of the general re-readily received as that for preventing the venue. This argument applies much more forcibly to Hongkong, where we have no municipal taxation as distinct from general revenue. To place us in the same position as the Straits, therefore, a rebate should be of Heaven among Powers capable of govern-States, or Germany to co-operate with her, allowed in respect of so much of the revenueing them would have commanded unquali- as may be required for purely municipal pur-fied approval in Paris. When they joined poses. If we take this rebate at one-fifth, which is rather less than the proportion the municipal revenues of the Straits bear to the sum of the municipal and general revenues combined, we have the sum of $1,663,000 left as that proportion of the estimated revenue of the present year avail. able for taxation for the purposes of the military contribution, and 17 per cent. upon that amount would yield $291,000, whereas £40,000, the present amount of the contri- bution, at 2s. to the dollar comes to $400,000, or $109,000 more than we ought to pay if we were taxed only in the same proportion as Singapore. This is a point that ought to be insisted on when the new arrangement is made, for it would be unfair to levy- the military contribution on that portion of the revenue which may be classed as purely municipal.
them from Tonkin they lived in hopes of | further developments later on. The same doing so one day or of rendering the country may be said of the concession of mining not worth holding. Ever since the inglorions rights in the three southern provinces. The Franco-China War of 1884-85 the Chi mineral resources of Yunnan are very great, nese through their Viceroys in Yunnau and the copper mines there of unusual rich- and the Two Kwang appear to have la-ness. Indeed, Yunnan has for centuries boured steadily to render Tonkin an un-supplied China with copper, and, if this can desirable possession by maintaining or be done with the primitive-mining appliances encouraging the operations of native banditti used by Chinese miners, how much more and recruiting their ranks from China. The profitable might the output be rendered by Chinese, as we said before, have no affection the use of modern scientific mining appli for the French, and their new found gratiances! The Chinese Government did not tide was hardly likely to take the form of make this concession to France either freely voluntary concession in the shape of terri- or lightly we may be sure. At any other tory, mining rights in Yunnan, and the time it would have been resisted even under opening of new ports or cities to French threat of war. The statement that several. trade. Rather have they, we imagine, southern ports are to be opened to French yielded to pressure they felt unable to resist, commerce is probably a mistake. What is and reluctantly granted to the French meant is, we imagine, that several Chiuese Government ample compensation for a series cities or towns in the three southern pro of injuries and rebuffs.
vinces accessible from the French frontier are to be opened to French commerce in addition to Lungchow and Mengtzu. There are no ports of special commercial value on the coast of Kwangtung that France wishes to have opened, and as she plays solely for her own hand she does not want to see the river ports above Canton opened, since, by virtue of the favoured-nation clause of the Treaties, they would then become necessible to other nations. It must not be forgotten that France, in her relations with China, pursues a purely selfish policy; she not only does not desire other Powers to participate in any advantages she may obtain, but she schemes to secure a monopoly of any market she is able to reach. For this reason it is difficult for either Great Britain, the United
THE NEW FRANCO CHINESE CONVENTION.
partition of Manchuria by Japan. Indeed, with the ravenous earth hunger France has latterly suffered from, it is probable that a general division of the dominions of the Son
indeed all
or with Russia, in a common policy vis-à-vis China. It only therefore remains for the three great Powers before named to decide upon what they want, and then insist upon their demands with at least as much deter- mination as was shown by France before securing the valuable privileges just conceded by the new Convention.
THE REDUCTION IN THE BANK RATE.
was
hands with Russia in the effort to deprive Japan of a part of the fruits of victory, therefore, it was with no thought of bene- fiting China. The last passage at arms with that huge but unwieldy Power left anything but a pleasant taste in the French mouth. The French Government of the day were not sufficiently boll to carry the hostilities to a successful issue, and made peace on terms which certainly damaged French and
foreign prestige in For some time past there have been com- China, besides having an injurious effect on plaints that money a drug in the foreign interests generally in the Far East. London market. Though not yet a drug in The prospect of restoring in some degree the Far East the tendency is towards lower that lost prestige on the present occasion rates, and the Banks now pay only four per must have been very grateful to the feelings cent. instead of five per cent. in twelve of M. GERARD, the French Minister at Pe- months deposits. No reduction in the rates king. To successfully impose conditions charged for advances has yet been announced, upon the Chinese Government without but that is a natural sequel that cannot long Most of our readers have no resorting to hostilities was indeed a trmmph be delayed. of diplomacy. It may be urged that doubt seen a paragraph that has been going such a policy does not seem altogether the round of the papers to the effect that generous or magnanimous, but as mag-on 24th June the Chancellor of the Exche nanimity and forbearance are lost on the quer had to renew £1,300,000 of Treasury Chinese, that suggestion need not, disturb bills maturing soon, which were placed in Although it is even yet somewhat doubt the equanimity of French diplomats. Were June last year at an average discount rate of ful what are the exact provisions of the new the Chinese like civilised people and their£1 1s. 10d. per cent. These bills have been Convention between Frauce and China, it is Government pervious to reason it might be tolerably obvious that our Gallic friends different, but nothing can be gained from have succeeded in securing something sub the Chinese Government without a threat stantial as the price of their assistance in and the means to enforce it if necessary, checkmating Japan in Manchuria. How
Turning to the results of these negotia- far the concessions were granted by Chinations-or we should perhaps more correctly-viz., £99 5s. 7d.-gives a yield of only in gratitude for the intervention that saved term them demands-so far as they have 14s. 5d. for the twelve months, whilst the to her the Liaotung Peninsula or how far been made known they should prove highly average price paid by the Government is they were due to the joint pressure of advantageous to the French, if they know equal to a discount rate of only 13. 8d., say Russia and France we perhaps may never how to make use of them. In the rectifica-ld. under 11-16 per cent. The London learn officially; it is quite possible that both tion of their Iudo-Chinese frontier they have market influences the markets of the world, causes influenced the Chinese decision, the not only got it defined, but they have gained and the competition for the employment latter probably much more potentially. The a considerable concession of territory. This of money is likely to make itself felt Chinese Government do not love the French, may not prove of any great benefit imme- soou in Hongkong and the Far East nor are they ordinarily disposed to pay much diately, but should do so if the means of in other directions than the mere reduc- attention to threats from Paris. The Chi- communication be properly developed. The tion of the rate on bank deposits. Some nese rather plume themselves upon having right to extend the Tonkin railways into the of the figures given in the last report come out best in one encounter with France. Chinese Empire is also an important one, as of the Hongkong and Shanghai Bank are They believe that they kept the French out it will give the French an opportunity of rather significant in this connection. Taking of Formosa, and though they did not drive acquiring rights in China which may lead to the last six half-yearly reports and the
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renewed for another twelve months at the phenomenal rate of 13s. 8d. per cent. The plethora of money is so great that the com- petition for the bills brought forth tenders for £12,246,000. The lowest price accepted:
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