THE HONGKONG WEEKLY PRESS AND
Will you allow me through the medium of your valuable pap to contradict that state- ment in toto. Pang On never held a warrant From the Government as an excise oficer, nor did he ever act as such.-Yonrs, &c.,
J. J. SPOONER, Chief Excise Officer.
Opium Farm Hongkong, 27th November, 1896.
THE INDO-CHINA STEAM NAVI- GATION CO., LIMITED.
J
TO THE EDITOR OF THE "DAILY PRESS.
SIE, Another latest addition to the fleet of the above Company of the name of Sui Wo Additions after additions of the latest style and most approved pattern have been of late made to the fleet of the above Company, but it is to be regretted, from a shareholder's point of view, that the market. quotation is far from satisfac tory, I should say absolutely discouraging, for after having written off £345,492 1s: 1Ïd. as shown below
Year
Depreciation Account.
£ 8. d. 12,000
1882
1883
13.370
1884
19,923
11
1885
21,873
1886
24,281
1887
25,363
1888...
33,456
1889
25,489
1890
23,817
1891
25,772
1892
20,000
1893
20,000
1894 1895
35,831 44,317
having built up an underwriting account of of £84,295 16s. Ed., and having carried forward to new account £6,066 13s. 7d. the shares of the Company, which are fully paid-up £10, are now quoted merely $41, i.e., they are quoted lower than £5, in fact they have experienced a drop of about $21 in the interval of the last five months, after an excellent report having been presented on the 28th May, 1896. This sharp and heavy decline is rather inexplicable, in face of the statement made by the chairman at the meeting held in London on Thursday, 28th May, 1896:-"Freights have not opened very well this year. The effect of the war is beginning to be felt more, now than when hostilities were in progress, especially in the Northern provinces. However, the trade our vessels have been doing has been fairly good." I lay particular stress on the words "The trade our vessels have been doing is fairly good." The explanation of the smart downward process is difficult to conceive. Is it ascribable to the eccentricities of the market, or to overladen shareholders, or to other considerations which not infrequently over- shadow intrinsic value, which the above figures conclusively prove to be not anything under £7 or £8, making due allowance for the, dul- ness of the freight market?
pur.
THE TAXATION OF SILK FILATURES AND COTTON MANUFACTURES.
Body
The following despatch from the Taungli Yamen to the Doyen of the Diplon with reference to the proposed taxatio filatures and cotton manufactures is published with the minutes of the last meeting Committee of the Shanghai General Chamber of Commerce -
the
THE TSUNGLI YAMEN TO MR. DENBY. September 16th, 1896. Your Excellency On the 4th September instant, the Prince and Ministers had the honour to receive a communication from the Minister of the United States, stating that he had received a protest from the Shanghai General Chamber of Commerce against the proposal contained in the Yamên's memorial to the Throne to tax cotton manufactures and silk filatures ten per cent. The Minister of the United States requested the Tamen to postpone all action on the matter until a meeting of the Foreign Representatives can be bad. This would be early in October next; that a delay in the consideration of this matter will do no harm; that the tax would not be made applica ble to this season's business; that the flature merchants bought their cocoons in May and June at prices which obviously would never have been paid had such a tax been appre- hended; and that it would be the height of in- justice to impose the tax, etc.
The Princes and Ministers have the honour to state that the Yamên, some time ago, memo- rialised the Throne in regard to imposing a tax on the manufactures named and received His Majesty's sanction to the proposal made. The time, however, has not as yet been fixed when the new tax is to be enforced. To the officials who receive instructions to act in this matter, it may be stated that they must first consider the circumstances before putting the tax in force. The object is, by this plan, that due consideration shall be shown to all merchants concerned and that no one in particular shall suffer injury thereby.
As to the remark that" the filature merchants
bought their cocoons in May and June last at prices which obviously would never have been paid had such tax been apprehended," it is a fact perfectly true. From this, the Princes and Ministers can well perceive that the Minis- ter of the United States had fixed his attention on looking after the interests at stake and en- tertains the same view held by the Yamên to arrange matters affecting commercial interests, so that Chinese and foreign merchants may be treated on an equal footing, for which they feel the greatest of respect.
In accordance with the request of the Minis. ter of the United States the Yamen have in. structed the office in charge of collecting the duty on cocoons to defer for the present taking any action in the premises.
HANG CHOW AND SOOCHÓW,
ehow or Soochow.
Decembe 3. 1996
then
exed if
Since the Patent treaty 28
applications from
*CATIS exceed
applications
have no authority yet
́LEKIN AND THE INCREASE IN THE CUSTOMS TARIFR
- RE
Outport" writes to the N your paper upon the In view of the recer
Customs duty I venture
ここぎ
which I think should not 1 any final settlement is agreed I see it said that Sir Rob of opinion that this is the the abolition of likin and so
should be yielded permission duties.
the Chinese raise the ex
But I am curious to know how system now adopted of esta the Imperial Maritime Customs at ever opened port, so-called, in the interior of native trade is to go on without the sid much-abused likin ?
Brdly
Your readers in Shanghai probabl appreciate the fact that all goods one "treaty" port on the Yangtze have to pay full export and an additional half duty.
not
der
There are now seven Maritime Custom houses established on the Yangtze River alone,
and Chinking Shanghai, Wuhu, and apart; while, if Nanking and oth open under the "Yangtze Regulation they soon must be, formally have new Custom houses all along the river within 50 miles of each other.
river is carried on by junk payin
So far, the bulk of the interport trade on the
which, for short distances, is often not on of the foreign Customs tariff, and so, al shipments between adjacent river steam are rendered practically with native junks, not foreign-ch can still be carried on......
But if likin is abolished and all shipping has to go through the Imperial C there will be an embargo place trade, which will be practically only alternative is to let entirely free. This, of steamers into carrying nothing destined for export foreign countries.
OF
If we had wished ill to the Chines fbeen determined to aid them in
revenue from trade in the most
possible, our Ministers would not out their assumed object more
There is one point which I strongly protest against as a shareholder, especially as the
Shanghai, 27th November. The British Government has not asked or ar- majority of the shares are held in the Far East, which is the registration of the Company in ranged for British Concessions at either Hang London, which without serving any useful
The Chinese authorities pose takes away from the pockets of the Eastern have marked off Japanese Concessions, and pieces shareholders 8d. in the pound as income-tax, in of ground for foreigners generally on which lots these days of subsidies, bounties, of the decline may be bought. Two British Consular officials, of Cobdenism, and when the foreign powers are
Messrs. Fulford and Sundius, are to be attached the full flood tide of protectionist reaction. to this Consulate General to watch the trade at Also as the distributions are declared in sterling Hangchow and Soocbow. The former promises · the Eastern shareholders are unnecessarily sub-
to develop into a commercial centre; the latter jected to the tender mercies of Bryan and is commercially only a suburb of Shanghai, and McKinley variety.
is not likely to attract foreign merchants.- A SHAREHOLDER
C. Daily News. Hongkong, 28th November 1896.
» At Shanghai on the night of the 18th No vember twenty-six prisoners-sixteen women and - ten-men-made their escape from the Japanese: Consular gaol. The prisoners had arrived by the steamer Sakio Maru without ports, and were also unable to furnish cer- information which is required by Japanese d the absence of which was considered reason for their detention by the latest advices none
them had been capture
FOREIGN PATENTS IN JAPAN.
The new German Treaty with the Consular Convention and Protocol was published in the Japanese Official Gazette on the 20th November. The Department of Agriculture and Com- merce has issued an order requiring living abroad and app of his patent, design, presented by one reside produce a power of making such applications are required to
trad
than they have done by one establishment
trafi
even more, branched o
Customs.
so-called "Marii
As ita name implies, the Imperial Maritim Customs was originally tended duties alone pon goods passing th into foreign lands. It would have suf have set up the "new barrier trade at ports frequented by
стоп road.
duty
Baddled
Consequently
duties
nture to liking be given up, then the sion of foreign Castor up too, and China anspices, to en that has been
ran
iniquity
No comments yet.
Private notes are available after approval.