December 2, 1897.}
may be estimated from the fact that over four millions of taels in sycee have been remitted to Newchwang alone to meet the demands of ex- ports within the past few weeks. At the present moment so bare are the Shanghai bank trea- suries of silver-dollars, of course, do not very largely enter into the settlement of these operations, that if there were a sudden demand for silver for any considerable quantity of tael notes, we doubt very much that the call could be met, without a breaking strain. This seems to us a parlous state of affairs in a great -commercial community like Shanghai, but see- ing that the fault lies with the foreign mer- chants and the native banks we do not see very well how a remedy can be suggested by the foreign banks. On Monday the Chamber of Commerce and some of the leading foreign merchanis met to discuss the situation and see if any practical means could be devised for relieving the present stringency, but without effect. Failing to even suggest the doing of anything practical these gentlemen moved the foreign banks in turn to hold conferences to see if they could not suggest some steps to produce the desired effect. The bank managers met yesterday and fully discussed the situation which was admitted to be critical but seeing that Chinese bankers and the export merchants were deriving the benefit from the situation they have brought about, the European and the Japanese banks decided that they could do nothing to relieve the tightness of money.
The only hope at the moment seems to be that an early winter, which seems immin- ent, will prevent the exportation of any more silver to the northern ports, but in the mean- while enormous stocks of all kinds of imports. which usually go north at this season of the year, are accumulating in the local godowns and unless something unforeseen at the present moment occurs to relieve the painful pressure, the coming China New Year is likely to see a period of extreme distress and great disaster amongst both native and foreign merchants, and the difficulty of the latter taking up their contracts for import cargo, at present great, will be immeasurably increased. The depres- sion at present hanging over Shanghai seems likely to develop into a financial typhoon which may exercise most devastating effects far and
Dear.-China Gazette,
SHANGHAI GENERAL CHAMBER OF COMMERCE.
Minutes of a meeting of the Chamber of Cominerce held at the offices of the Chamber, No. 1, Kiukiang Road, on Monday, the 15th of November, at 4 p.m.
Present:-Messrs. E. F. Alford (in the chair), C. J. Dudgeon, J. C. Bois, F. W. Koch, W. D. Little, J. H. McMichael, E. Shellim, A. Worth, and the Secretary.
The minutes of last meeting were read and
confirmed.
Fire Insurance Rates.-A letter from Messrs. Dyce & Co., agents for the Sin Chong Filature Co., was laid before the meeting, calling the attention of the Chamber to a dispute that firm was engaged in with the Fire Insurance Asso- ciation of Shanghai as to the rate for insurance charged on the Filature, and the Secretary was directed to reply that if appealed to by both parties to the dispute, the Chamber was open to arbitrate in the case. The correspondence was ordered for publication,
Typhoon Signals at Woosung.-A reply having been received from the Commissioner of Customs to the letter of the 5th of October sent by the Chamber on this subject, both were ordered for publication.
Delay in Transmission of Telegrams by the Chinese Line. The attention of the Committee was called to the great delay that exists in transmission of messages by the Chinese Tele- graph line, which made "urgent" messages a necessity but by no means a remedy, and the Secretary was directed to address the Manager of the Chinese Telegraphs at Shanghai calling his attention to the complaints made.
FIRE INSURANCE· RATES,
Shanghai, 3rd November, 1897. Dear Sir,--Enclosed we beg to hand you a copy of some correspondence which has recently passed between us and the Committee of the Fire Insurance Association of Shanghai, as we
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CHINA OVERLAND TRADE REPORT.
think it raises questions which should be brought to the notice of your Committee.
Apart from the unfairness with which we have been treated, and the fact that such action upon the part of the Committee of the Fire Insurance Association of Shanghai must remove for the future all confidence in the general fairness of their rates, the question which naturally rises to our mind is why should the trade of Soochow be fostered to the detriment of the trade of Shanghai?" and this question is one which, we think, comes within the province of your Com- mittee.
The facts briefly are these:-The Filature at Jessfeld, now called the Sin Chong Filature, was established in 1894 by Chinese, and was rated for fire insurance at 1 per cent, net, as it was under Chinese-management, and was out- side the settlement of Shanghai. In 1895 we took over the management, and though we made several attempts to get the rate reduced, it was not till July 1896 (after we had paid, at 1 per cent. net, nearly all the premia coming due that year) that a reduction to 1 per cent, minus 10 per cent. was granted to us. As the bulk of our insurances are taken out in June the reduction practically only came in force this year.
A few weeks ago we learnt that a member of the Committee of the Fire Insurance As- sociation of Shangbai has been insuring a Filature at Soochow for some time past at per cent. net, though he, as part of the Com- mittee, was, during the same time, refusing to grant us, at Jessfield, a better rate than 1 per cont. minus 10 per cent.
This appears to us as bearing unfavourably on the trade of Shanghai, and we would thank you to bring the matter to the notice of your Committee.-We are, dear sir, yours faithfully,
DYCE & Co. To the Chairman of the Shanghai General
Chamber of Commerce.
Shanghai General Chamber of Commerce,
Shanghai, 15th November, 1897.
3rd instant, which has had the consideration of Dear Sir,-In further reply to your letter of the Committee, I am directed to say that having only your side of the dispute before them they obviously can express no opinion on its merits. This Chamber has no judiciary powers, though the sub-Committee on Arbitration is always open to reference if appealed to by both disput- ants. Yours faithfully,
DRUMMOND HAY, Secretary,
TYPHOON SIGNALS AT WOOSUNG.
Shanghai General Chamber of Commerce,
5th October, 1897.
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As, however, the benefits to be derived by the shipping are real and in keeping with the pro- gress of meteorology, and as, further. H.E. Sheng, Director-General of the Telegraph Ad.. ministration, has generously agreed to transmit such weather telegrams to Woosung free of charge, I am now referring the question to Peking for the consideration and approval of the Inspector General of Customs, feeling sure of his sanction if official funds are available for this purpose.-I have the honour to be, Sir, Your obedient servant,
L. ROCHER, Commissioner of Customs. To E. F. Alford, Esq., Chairman of the Shanghai General Chamber of Commerce,
MR. MCLEAVY BROWN'} POSI- TION IN KOREA.
Seoul, 13th November. Mr. Brown, the Financial Adviser and Col- lector-General of Customs of Kores, was dis- missed yesterday by a Royal Edict.
Toyko, 14th November.
A Seoul dispatch of the 12th inst, announces that Mr. Brown has again returned the notice of dismissal served upon him. Mr. Jordan, the British Consul-General, is awaiting the instruc tions of his Government, maintaining, however, a strong attitude. Mr. Cho, the Korean Foreign Minister, is utterly dismayed and un- able to decide anything.
In consequence of the strong pressure brought to bear by Mr. Speyer, the Korean Government induced the Emperor of Korea last night to issue a Royal Edict dismissing Mr. Brown. Kobe Chronicle.
REVISION OF THE SHANGHAI LAND REGULATIONS.
The following correspondence is published with the last minutes of the Shanghai Municipal Council:-
Shanghai. 3rd October, 1897. SIR,---I have the honour to inform you that your letter of July 7th last relating to the revision of the Shanghai Land Regulations was, in due time, considered by the Consular Body and hereafter as requested forwarded to the Doyen of the Diplomatic Body at Peking for further consideration.
I am now in receipt of the reply sent me by the present Doyen of the Diplomatic Body, Sir Claude Macdonald, of which I beg herewith to enclose copy for the information of the Municipal Council.-I have the honour to be, Sir, your obedient servant,
Council.
0. STUEBEL, Consul-General for Germany
and Senior Consul.
Sir, The attention of the Committee of this Chamber has been called to the fact that it would be a great convenience to masters of steamers compelled to anchor at Woosung, if the typhoon signals displayed at Shanghai were also exhibited at the Harbour Master's station A. R. Burkill, Esq., Chairman Municipal at Woosung, as at present it is impossible for them to fully participate in the benefit of the information given from Sicawei. Any assist- direction will, I am sure, be very much appre- ance which you may be able to render in this ciated by the mercantile marine of this port. I have the honour to be, sir, your obedient servant,
E. F. ALFORD, Chairman.
L. Rocher, Esq., Commissioner of Customs,
Shanghai.
Custom Honse,
Shanghai, 27th October, 1897. Sir, I beg to own receipt of your letter No. 1147 of the 5th instant, stating that it would be a great convenience to masters of steamers compelled to anchor at Woosung if the typhoon signals displayed at Shanghai were also exhibited at Woosung, and that any assist- ance this office could render in this direction would be much appreciated by the mercantile marine of this port.
While in full accord with your Committee as to advantage of such meteorological signals at Woosung, I must point out that the matter is one that will necessitate an increased staff and the erection of an additional flag-staff at Woosung, involving an initial outlay of over Tls. 2,000 and an annual expenditure of about Tls, 600.
(Enclosure.)
Peking, 21st September, 1897. SIR, I am desired by my colleagues of the Diplomatic Body in Peking to acknowledge your letter of July 23rd, 1897, in which you ask on behalf of the Municipal Council of Shanghai
whether if an amended code of the Shanghai Land Regulations were framed and forwarded to Peking it might be expected to receive the sup- port of the Diplomatic Body."
In reply I am requested to state that if such an amended code is sent here my colleagues will take the matter up. They cannot, of course, promise their support until they have seen and considered the amended code.
With regard to the request of the Municipal Council that the Tsungli Yamên should be asked now to give formal recognition to the present code of Regulations, I am desired by my collea gues to say that these Regulations having been in force for so many years their validity is un- questioned. There is, therefore, no necessity to approach the Tsungli Yamên on the subject.
I avail myself of this opportunity, sir, to re- new to yon the assurance of my high consider
ation.
(Signed) CLAUDE MACDONALD, Dr. Q. Stuebel, Consul-General for Germany and
Senior-Consul, Shanghai.
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