350
as to enable us to proceed with the groundwork of the extension during the winter months, and to get on with the buildings before others take similar stops or new mills are started, which might again create the building difficulties of last spring. As to commissions, my predecessor in the chair stated the policy of our firm when he said the Company would always be treated with consideration, and the fact of passing the re- solution as to commissiou does not preclude us from continuing the same practice in case of necessity. If no
one desires to second Mr. Arnhold's amendment I will now put the resolu- tions.
THE HONGKONG WEEKLY PRESS AND
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[November 4, 1897.
medium of exchange will become very doubtful. | foreigners whose contracts have now expired are Another strong point made by our Colonial not to have them renewed. Some of these were contemporary is that China, since she has never needed, for their advice was never sought pledged her customs revenue as security for a nor taken if given, and they were chiefly employed large gold loan, will soon find herself under at the earnest solicitation of the country's repre- the imperative necessity of fixing the sterling sentative at Seoul. With Mr. Brown, however, value of that revenue. She counts upon it to the case is different. He has been enabled in pay off the interest and principal of her foreign twenty months to accumulate sufficient money debt, which it certainly will not do if she collects to pay off the three million dollar loan of Japan, it in coins that threaten to become mere tokens. and now just that he has accomplished it the The French in Indo-Chinn have just recognised finances are to be taken out of his hands. This that they are confronted by a similar source of | fact will he very much regretted, for as I said embarrassment, and have converted their cus- before, unless one of the Treaty Powers (besides toms dues into sterling by assessing them in Japan, which need not be reckoned) interferes francs. It would not be by any means so easy Mr. Alexieff will take charge of the finances al- for China to adopt a similar course with her most before this letter reaches Shanghai. Japan customs revenue. She is perfectly competent in the meanwhile is not idle and has now begun Proposed by Mr. E. F. Alford, seconded by to demonetise silver and resort to a gold car- to build barracks in Fusan. The Japanese fleet Mr. J. Prentice ---That the capital of the rency, as Japan has done, but to make such a has been surveying all the southern coast of the Company be increased to Tls. 1,750,000 by the change in the domain of her foreign trade only Peninsula and will soon pay a visit to Chemul- creation of 7,500 new shares of Tls, 100 each would be a discrimination against which the po. They have and are still using money freely and that the Memorandum and Articles of As-Treaty Powers might justly protest. Besides, in purchasing the good will of Korean officials. sociation of the Company be modified accord-it is easy to speak of collecting the duties iu ingly.
gold, but when we come to consider the details
As Mr. Arnhold was unable to find a seconder, the Chairman proceeded to put the resolutions to the meeting.
Carried, with one dissentient.
Proposed by Mr. E. F. Alford, seconded by Mr. A. McLeod :—That 5,000 of the new shares be issued subject to the following terms and conditions; and that the remaining 2,500 shares
of such a measure, grave difficulties present themselves at once
The unit would have to be a Chinese gold coin. By no possibility could all the subjects and citizens of the various Treaty Powers be required to adopt the currency of any one of their number for duty-paying purposes in China, neither is it conceivable that China should consent to collect her revenue in half a dozen
different kinds of coin. Her only course, failing a gold currency of her own, would be to fix the sterling value of the Mexican dollar once and for all, and we do not believe that she could ever induce Western countries to agree to anything of the kind. Even assuming that she could, the fact would not add materially to the embar. rassments attending the circulation of silver dollars in Hongkong. None the less it appears to us very improbable that any community of merchants should be able to work successfully with a silver currency if the demonetization of
be held in reserve for issue at such time as the Company in general meeting may approve :- (a)-One new share shall be offered at par to the holder, on a date to be fixed by the General Managers, of every two old shares. (b.)-Any shares not taken up under the preceding clauso shall be disposed of by the General Managers with the approval of the Committee, on such terms as they may think proper. (c.)Tls. 10 per share shall be paid on application and a further sum of Tls. 15 per share on allotment; and the balance due in respect of each share shall be paid in instalments of Tls. 25 each upon not less than two months' notice of call. (d)-The new shares shall rank for di vidend, after the closing of the books for the white metal by so many nations' is to remain the current year, pro rata in proportion to permanent. But will it remain permanent the amounts from time to time paid up We cannot think so. England is the chief- thereon. (e.)-Holders of new shares may pay may we not say the sole ?-obstacle to an in- them up in full in advance of calls being made.ternational agreement for the rehabilitation of (f)-The new shares shall not entitle the silver. Now if England had to consider her holders to rotes until they are fully paid-up. interests as the world's creditor only, she would
Carried, with one dissentient.
assuredly hold firmly to her gold conservatism. Proposed by Mr. E. F. Alford, seconded by But she has to consider something else. She Mr. J. Prentice: That sanction be and is has to consider the interests of a section of her hereby given to the General Managers, with subjects numbering no less than 300 millions. the approval of the Committee, borrowing for What is to be done about India the purposes of the Company money up to a now has a fictitions sterling value which has total amount of Tls. 750,000, at such rate of destroyed its use as a measure of the country's interest as the General Managers, with such hoarded wealth, and, moreover, the Govern- approval as aforesaid, may fix; the principalment stands in the 'extraordinary position of and interest to be secured by debentures, creat ing a first charge upon the present landed pro- perty and all buildings and machinery now erected and to be erected thereon.
Carried by 21 to 1.
Proposed by Mr. J. Prentice, seconded by Mr. A. McLeod:-That, with the consent of the General Managers, the commissions of 14 per cent. mentioned in clause 10 of article XV. of the Articles of Association be, in each case, reduced to 3 per cent.; and that the Articles of Association be altered accordingly. Provided that this reduction shall not tako effect until the 5,000 new shares shall have been allotted.
Carried unanimously.
This concluded the business of the meeting. -N. C‘Daily News.
HONGKONG AND GOLD.
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The rupes
offering to buy the people's gold at a price for which it declines to sell its own gold. We doubt whether the history of the world offers any precedent for the singularly anomalous financial system now existing in India, and it is impossible to conceive that a nation possessed of so much economical wisdom as the English have proved themselves to possess, should suffer such a system to remain long in force.-Japan Mail.
CHANGES IN KOREA.
MR. MCLEAVY BROWN TO BE REPLACED AS
FINANCIAL ADVISER BY A RUSSIAN,
A correspondent writing from Korea to the N. C. Daily News says:-
We are on the eve of important changes which will not only affect the Korean nation but change the whole aspect of affairs in the The Hongkong Chamber of Commerce re- Far East; and unless one or more of the Treaty cently decided that, in consideration of the Powers interfere, Korea will speedily become Colony's close commercial relations with China, Russian territory. M. de Speyer is a much abler it would not be advisable to place the currency diplomat than was M. Waeber, in fact the two on a gold basis. We observe, nevertheless, that can scarcely be mentioned in one sentence, they the Hongkong Daily Press continues to advo- are so utterly unlike, not only in manner but cate the adoption of the gold standard. The in policy. M. Waeber spent most of his time Daily Press has always been a staunch sup- in the study and left the duties of his office porter of bimetallism, and its present attitude is to others, whilst M. de Speyer has been most one of despair, not of changed conviction. It active since he landed, and although he has been thinks that if no hope of the international re- in Korea scarcely more than a month, he now habilitation of silver can be entertained, and if has the whole country in his grasp. The army country after country is resolved to turn its back is entirely under Russian instructors (and I must on the white metal, things will fare badly with add that the troops are wonderfully well in a community that refuses to follow the general structed), the Arsenal is in charge of a Russian lead. We can appreciate such an apprehension.officer, and now Mr. Alexieff has come to Korea If the demonetization of silver proceeds much to take Mr. McLeavy Brown's place as adviser farther, its fitness to discharge the duties of a to the Finance Department. A number of other
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RUSSIAN AGGRESSION IN KOREA,
It will be fresh in the minds of our readers that a few days ago we mentioned the fact that pointed to superintend the Financial Depart- a Russian gentleman, M. Alexieff, had been ap-
ment of Korea. It was not quite clear that this arrangement would end in Mr. McLeary Brown being replaced, but we now learn from a most trustworthy source that all British subjects and American citizens holding Korean Government appointments have, or are to be appointed in their stead. It is said to be receive their congé, and that Russians will
that Russia intends particularly evident bringing Korea completely and speedily under her dominition, and it is the opinion of most of the best informed foreigners in the Farther East that there is now no hope for Korea unless Great Britain joins Japan in opposing sion, and in that case it is not improbable that this latest and longest stride in Russian aggres- the United States would co-operate with them. It is also reported that the Russians in Sönl are taking active steps to suppress all foreign newspapers of any kind, published, or to be published, in Korea.-Mercury.
DESTRUCTIVE TYPHOON IN THE PHILIPPINES,
El Comercio contains a detailed account of:
the devastations wrought by the typhoon of the 12th October in the province of Leyte. The storm proved to be one of the most terrific and disastrous ever recorded. Thousands of lives were lost, whole towns and villages have disappeared, and certain portions of the coast have been completely modified. Entering Samar by the Bay of San Paulo y San Pablo the storm first devastated the southern portion of that island, and then penetrated Leyte by Sanauan, some 7 miles to the south of Taclobau. It next made it- self violently felt in the south of Masbate, then, passing around Sibuyan and Remblon, and going over Lablas, crossed Mindoro and the China Sea, and finally spent itself at Hoihow on the morning of the 18th.
No correct account of the damage done to the other islands has as yet been received, but at Tacloban, the capital of Leyte, everything has been destroyed and the whole town has been converted into one mass of ruins. It is
difficult to estimate the exact number of lives lost, but 120 corpses of Europeans were buried and as many more must have disappeared, washed away by the sea, which in some places over- flowed to a height of three metres. The number of native victims is computed at from 400 to 500. The corpses showed marks as if mortal wounds had been inflicted, and the sufferers must have died most violeut and agonizing deaths,
The survivors are now looking for money and whatever they may find among the ruins of their houses. It is a wonder to all so many have succeeded in escaping. The only dispen sary in the place has disappeared and the in- habitants are now deprived of any medicines they may need. What particularly tends to increase the painful situation is that just before the storm there was an abundance of rice in stock, the greater portion of which has been carried away by the inundation, and what remains is unfit for consumption, being com-
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