PLATE
2281
THE HONGKONG WEEKLY PRESS AND
A
September 24, 1896.
likely to
valuable
and, unfortunately for itself, the public has to finance the turn of the half-year with break, so far as ordinary sanitar precau a short memory. When the Pacific line out applying to the Bank of Englandtions are concerned, commences business, if it starts with low for a pennyworth of assistance, but what be lost sight of, but beyond this it seems rates the older Companies will adopt the same actually happened was that during the few to us that the Government ought to rates, and after a short period of competition days before the end of the month some take steps to obtain
of Dr the new comer, unless supported by definite £5,000,000 had to be provided by the Bank YERZIN's lymph to have it ready for use at assurances of support, may be induced to of England. In these days the money any time if required. If after all the join the ring. We do not say that this market in all parts of the world is speedily medy was found to be a fallacious one would necessarily be the case, because the affected by what takes place in London and harm would be done, while on the other Japanese line might be a Government we must as a matter of course expect that hand if the expectations concerning it are undertaking and the Government might the comparative tightness of money at home fulfilled and the use of the lymph not nly take a more far-sighted and enlightened will be felt to some extent out here in the cures the disease but also affords as effective view of the situation than the companies Far East. We may derive some consolation a protection against it as vaccination nords working solely for big dividends; it from the axiom that cheap money means against smallpox it would be criminal if might appreciate the advantages offered to depression of trade and dear money good any means were neglected to place the trade by cheap telegraphy and be willing times, but nevertheless the period of transi- colony in possession of such to work the undertaking on similar prin- tion is always a trying one, especially discovery. Is the Government, then in ciples to those followed with regard to the in the share market, which responds communication with Dr. YERZIN? Has it national land lines, being content if it most readily to changes in the money market. made arrangements with him for a supply- simply paid the expenses of working, up- Investors and speculators would therefore of the lymph on short notice? Has it offered keep, and interest on capital. If, on the do well to study closely the signs of the him any inducement to set up an institution other hand, the cable were in purely private times. So far as the Hongkong share market for the cultivation of the lymph in Hong-- hands the proprietors would almost certainly is concerned, the position could hardly be kong? The matter should not be allowed find it to their interest in the long run to sounder, if we look only to purely local con- to stand over until another outbreak of work in agreement with the existing Com-ditions, but we are liable to suffer sym- plague occurs. Now, while the colony is free panies.
pathetically from the ailments of Shanghai, from the disease, is the time to make and unfortunately the conditions there are arrangements for coping with it should it not quite so favourable. KESWICK's Act is again make its appearance. There is no not in force there and for some time past time to spare, for it appears from past speculation has been running dangerously experience that the spring is the season most high, operators have been paying for having favourable to the development of the disease, their shares carried over for them from and the time between now and February next month to month, and if a slight stringency in is none too long for making arrangements the money market really makes itself for the adoption of Dr. YERZIN's treatment felt it is to be feared there will be should occasion for its use unhappily arise. some little difficulty over settlements Considering what plague means to the and that values in Hongkong will be propor-colony, in physical suffering, loss of tionately affected. We have no wish to life, and the stoppage of trade by the pose as alarmists, nor in fact do we antici- imposition of quarantine in neighbouring pate anything very serious, but the fact that ports, no step ought to be neglected that, our local markets must be affected by the offers even a remote prospect of effective, state of the money market in England protection against it. cannot be ignored. As some indica- tion that money in the Far East is not quite so plentiful as it was it
may be noted that on the 7th inst. the Yokohama Shokin Ginko raised its rates of interest. On the whole, however, we think it may safely be predicted that the stringency, what ever it may amount to, is not likely to be of long duration, and it may perhaps be no more than sufficient to relieve the plethora of money from which the Far East has for some time been suffering.
In any case it must be a good many years before the proposed Pacific Cable can be undertaken, because Japan like China is under an agreement not to permit the landing of another cable for a specified period, and no promise of exclusive sup- port given in general terms at the present time could be held binding then, for another generation of merchants will have sprung up. For the present the com- munity so closely affected by the increase in telegraph rates can do little but grin and bear the evil that has been brought upon them by their own trustful disposition and their desire to support European rather than Chinese enterprise. The most perfect solution of the difficulty would be the nationalisation of the cables and their administration on the principles as the postal service, but that, although not an
altogether impossible solution, is not likely to be arrived at in the lifetime of the present generation. Meantime the feelings of the community towards the Joint Cable Companies is not a cordial one. It may be remembered that a few years ago Sir THOMAS MCILWRAITH, then Premier of Queensland, smarting under the exactions of the Eastern Extension, lent his support to a project for a French cable across the Pacific. His action was in some quarters adversely criticised at the time as being unpatriotic, but in view of our own experience of the tyrannical manner in which the existing monopoly is worked we may be disposed to think that possibly after all such conduct might be justified.
THE MONEY MARKET.
same
The period of abnormally cheap money in England has come to an end, for the present at all events. Consols have fallen from 113 to 110 and the Bank of England rate of discount has been raised to 24. According to Reuter's telegram of a few days ago the rise in the discount rate was designed to arrest the drain of gold from the country. Where the gold was being drained to we do not know, but evidently there is a greater demand for money than has been ex- perienced for some time past. It is also stated that the rise was quite unexpected, which would indicate that the demand was also quite unexpected, but nevertheless there had been some indication that what has oc- curred was not altogether improbable. It had been expected (we quote from the money article in the Contemporary Review) that the money market would be able
D
PLAGUE PRECAUTIONS AND DR. YERZIN'S CURE.
HOPE FOR THE CHINA TŁA TRADE.
In another column will be found a letter and an article reproduced from the Foochow Echo in which an important announcement is made, namely, that foreign machinery and foreign methods have at length been introduced in the preparation of tea in one of the districts near Foochow. The com- mencement is a small one and how the experiment will result remains to be seen. The machinery has been got up to Peeling without opposition, but whether immunity from mandarin obstruction will continue to be enjoyed is doubtful. There can be no Is anything being done by the Government doubt, however, that if the adoption of to investigate Dr. YERZIN's reported dis- foreign methods were officially approved covery of a cure for the plague? We use they would speedily become general and a the word “ reported" not in any derogatory great revival in the tea trade would result, sense, or as implying doubt of the accuracy notwithstanding the heavy taxation to of Dr. YERZIN's diagnosis and his state- which the article is subjected, amounting ments regarding the effect of his treatment, in all, it is said, to 40 per cent. If at the but simply because no discovery of the kind same time that foreign methods are intro- can be regarded as scientifically established duced the taxation were either wholly until it has been subjected to the test of in- abolished or reduced to a moderate amount dependent examination and practical appli- the China tea trade would soon regain its cation in a large number of cases. Every- ancient glory and wealth would once more one remembers the great excitement that flow into the districts that have become was caused by the announcement of Dr. impoverished by the loss of their principal Koch's alleged discovery of a cure for con- industry. If foreign capital were allowed sumption and the grievous disappointment to be freely invested in the interior we would soon have nurmerous planting that followed when it was found to be a failure. There is no reason to suppose that companies established whose prospects the same experience will be repeated in the would be even brighte· than that o case of Dr. YERZIN's plague cure, on the the Shanghai cotton companies from which contrary there is very strong evidence that so much is expected. Following its the treatment is effective. The plague has policy, however, China would probably left us for this year, but, while hoping that object to foreigners acquiring any vested we may see no return of it next year or in interest beyond the treaty ports. In the any subsequent year, we must recognise case of the Foochow enterprise Mr. FRASER that the danger of a recurrence will re- bas presumably been enabled to make some main with us. The necessity of being pre- special arrangement to permit of his pared to meet and cope with a fresh out-lishing himself at Peeling, but on thi
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