44
of BENNERTZ v. the Chinese Government, now proceeding at Shanghai, might also be cited in the same connection. As the Com- mittee of the Shanghai Branch of the China Association say, "The inconvenience is obvious of an authority who has been called upon, bona fide and as a duty, in one capacity, to vigorously support a conten- tion, to be called upon, in another capacity, "to sit judicially to decide whether such " contention is right."
**
SILVER AND COPPER EXCHANGE
IN CHINA.
In his address delivered at the annual meeting of the Bimetallic League Mr. Geo. JAMIESON said the adjustment of prices, consequent on the appreciation of gold, had, as a matter of fact, been effected by gold prices giving way. Speaking generally, silver prices of commodities had re- "mained steady, and gold prices had "fallen. This was strictly true up to a "comparatively recent date, and
"
even
THE HONGKONG WEEKLY PRESS AND
|
[
"whether Shanghai can compete with "Manchester depends as much on copper as on silver." In that case the advan- tage China is supposed to possess by reason of the fall in the gold value of silver may prove illusory.
CHINESE SHORTSIGHTEDNESS.
{
(July 15, 1897.
JAPAN AND THE HAWAIIAN QUESTION.
Britain or Germany, and the American residents have long clamoured for the protection of the Stars and Stripes.
The reply of the United States Govern. ment to the protest of Japan against the proposed annexation of the Hawaiian Is lands to the American Republic seems to indicate a determination to persevere with that policy. Senator SHERMAN, State Se- It is quite characteristic of the Chinese cretary, in replying to Japan, declares that officials that they should at any time sacri- American annexation of the group will in no wise prejudice the legitimate interests of fice the substance for the shadow or pay a high price for the maintenance of an idea. Japan, or of any other Power in the Pacific, The new railroad from Tientsin to Peking but that he cannot admit any suggestions scems to afford an illustration of this idiosyn- for the maintenance of the status quo. That cracy. According to a correspondent of is to say, the United States does not desire our Shanghai morning contemporary who to do anything that will be detrimental to has made the journey over this line, both any existing interests in Hawaii, but she directness and the chance of a good inter-denies the right of Japan or any other mediate traffic have been surrendered in Power to question her action there, even if order to carry the railway in a particular such action amounts to annexation of the direction, whether to avoid Imperial grounds islands. This is how we read the brief or to omit populous cities where a chance of résumé of Senator SHERMAN's reply given us through REUTER. At first it looked opposition might possibly have been expected rather as though the Senate and House of we are unable to say. The correspondent
Representatives were dubions as to the line states, however, that the road passes of action to be taken, and that President yet "four-fifths of the adjustment was "due to the fall in gold prices, and through a desolate and dreary country- MCKINLEY might have been a little too "not more than a fifth to a rise in "sandy, sparse, and stunted vegetation, "silver prices." It appears probable, how- "and the villages in sight are far away. previous. The present message evidently ever, that in China we are now on the eve "Some of the Imperial grounds are near at indicates more assurance at Washington, of a considerable rise in silver prices “hand, but there is little to be seen of them and that the President in proposing an- "from the cars. A short distance from nexation of the little Pacific ex-kingdom and that the description given by Mr. JAMIESON of the relative fall in gold "Fêngtai the road, which at that point had had felt the pulse of the country. As we prices and rise in silver prices will not much "been nearly S.W. and N. E., turned to the mentioned on a previous occasion, Am- Great of either longer pass as accurate. There has already "left almost at a right angle towards the erican interests are more considerable in
Hawaii than those been a marked rise of silver prices in "S.E., showing that the line is far from a "driect one from Tientsin to Peking." He Japan, and a movement in the same direc- tion is setting in in China. In the former goes on to remark that if a straight line had country the rise has been ascribed to com- been ruled across the map between the port mercial expansion and the developments and the capital it would not only have following upon the waging of a successful shortened the distance very considerably foreign war, while in China the scarcity of but that the road would then have passed copper cash, the real currency of the country, through a better country and nearer some. As it is, he says, the is said to be the reason, but the main factor important, towns. in both cases, we take it, is that silver is now "western half of the road is little better actually declining in purchasing power and "than a desert, and throughout the entire that its depreciation is making itself felt in “distance it appears to have been an object the Orient as well as in the Occident. The to avoid all towns and villages as much as Commissioner of Customs at Hankow, in his 'possible." It is to be hoped that the report for last year, writes:- "A few years great trunk line from Peking to Hankow, ago a dollar was worth nearly 1,200 cash. and from Wuchang to Canton, will not be "The lowest rate it touched in 1896 was constructed on the same principle, or the re- “about 840, and signs are not wanting that|sults, in a financial sense, will hardly be as "in the near future it will be worth a great satisfactory as have been predicted. It would "deal less. Europeans in receipt of salaries almost seem as though the responsible autho- paid in silver who a few years ago could rities at Peking had specially selected the save, and entertain reasonable hopes of railway route in order to convey to strangers some day retiring, now find it difficult to the most unfavourable impression possible "meet current expenditure.
The with a view to induce the conclusion that cheapness of silver with regard to gold has the country is not worth conquest. That "hitherto almost entirely affected foreign district of Chihli lying between the coast residents, but now even native servants, and Peking is undoubtedly poor and barren "who are paid in silver, find their looking, and the Imperial Government pittance rapidly dwindling, and the com- would evidently desire it to be thought that plaint is becoming frequent that after the way to the capital of the Son of Heaven of service their wages are insufficient runs through something resembling a desert. years "to buy rice." The same tale comes from If this is really the case the idea is of course all parts of China. The scarcity of copper very puerile, but the mandarins are often cash is assigned as the principle cause, but extremely childish. But whether with this it is also said that prices of commodities idea or owing to causes before suggested, the in cash are lower than they were, and that deviation from the obvious course appears if a dollar will purchase fewer cash than to have been made without any sound reason. formerly the cash will go further, and that At the same time it is some satisfaction to the increased cost of living is not in exact the friends of progress in this most backward proportion to the fluctuations in the dollar Empire to hear that it is at length possible and cash exchange. After making due allow to accomplish the journey from Tientsin to ance for the increased purchasing power Peking in some four hours and with a cer-
Some smart work in road repairing is re- of cash, however, the fact remains that tain degree of comfort instead of being even in China, which is regarded as one of penned up for a couple of days in a frowsy ported on the Tientsin-Peking Railway route. the chief strongholds of silver, a dollar does boat or shaken to pieces ou a wretched appl-There was a very severe rain and hail storm not go so far as it used to do. The fact is one ogy for a road for a whole long day. The accompanied by thunder on the afternoon of to be noted and reckoned with by every connection of the China metropolis with its the 18th June near Peking, which damaged one interested in commercial or
wore at once put to repairing the damages, so port by railway is an event of the highest portion of the railway bed. Workmen, however, trial undertakings in China. Mr. BYRON importance, and in the means of inter-com- that when a few hours later the Tientsin train BRENAN in his recently published report munication should mark the commencement arrived the bed had been filled in and the rails
laid, causing no delay to the train. says, referring to the cotton industry, that I of a new era in the Empire.
66
"
蒙蒙
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indus-
"
The reply to Japan is no doubt regarded in the United States as both full and satisfactory, and, confident in their own determination to act justly with regard to vested interests, the Washington Govern- ment consider it sufficient. The Japanese Government may, however, not be equally content. Their idea of what are Japan's "legitimate interests" in Hawaii probably is the very opposite of that entertained at Washington. The United States Govern- ment, for instance, will no doubt be of a very similar opinion to the Hawaiian Go- vernment with regard to the right of Japan to continue to send shiploads of Japanese labourers to Honolulu. The Tokyo Govern- ment, on the other hand, will contend that Japan has been invited to send emigrants to the islands, and that to suddenly refuse them admission without adequate reason is a breach of the existing treaties which cannot be disregarded even by a Power pro- posing to take over the administration of the country. Japan will not, of course, put forward any claim to the islands for herself, though there is some likelihood that she cherished an ambition to succeed the line of native rulers recently deposed. There is, however, little chance of the protest being carried much further. Japan will not venture to oppose the American Republic, if once it is apparent that it has definitely made up its mind, but she may sulk somewhat over the check given to her hoped-for expansion in the Pacific, the field of action plainly laid down by her statesmen.
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