January 18, 1898. Į
CORRESPONDENCE
[We do not hold ourselves responsible for the opinions expressed by our correspondents.]
MR. OTTOMAR HAUPT AND THE EASTERN EXCHANGES.
**
[TO THE EDITOR OF THE DAILY PRESS."] SIR,-In your issue of the 5th January you give some remarks on the Eastern Exchanges from Mr. Ottomar Haupt, published in the Financial Times from this gentleman's Paris letter dated 27th November, 1897, referring to my remarks in a letter to your paper dated 22nd Oct. last, in which I said that it is mis- leading to base the rate of sterling exchange in Hongkong on the price of Mexican dollars in the London market. Mr. Haupt wishes to say .“a word or two in self defence” and adds that
wrong to attack him on this point."
he should have In place of the word “attack used the word "correct," for I do not attack
I am
> him.
He tells ns that he prefers as a rule to work out parities on the basis of Mexican dollars, but what he prefers does not come into practice so far as Hongkong is concerned.
Mexican dallars are obsolete for the purpose of establishing correct exchange quotations for Hongkong, being quoted in the London market, as Mr. Haupt himself says, much above their intrinsic value as deduced from the price of silver, and very often bearing a considerable premium in Hongkong and Canton, they are therefore relatively dearer than bar silver, which will be readily seen from the following figures:
Date
:
Price Price Mex. $ above of Bar of intrinsic Silver. Mex. $. Silver value
Nov 11 26 d.
وو
22
Price of Mex $
in
Hongkong.
26 d. 1.07 per cent. 12 per cent prom 18 26 d. 26fd
14
8
32
"
}}
.17
14 JZ
"1
11
12
}}
"
par
25 271d 281d Dec. 2 27 d. 282d. .18 Jan. 5 26 d. 26Jd. 2.75 **On 5th January the price of Mexican dollars in London was 26 pence per ounce, and the price of bar silver "spot" was 26 pence per ounce, therefore British dollars could be minted iz India and imported by the Straits Settlements and Hongkong about 11 per cent. cheaper than Mexican dollars, allowing for the same charges as given by Mr. Haupt, and not taking into
account loss of interest.
Mexican dollars are largely imported by China and the Straits, but they are unreliable as a medium for fixing the exchange between China and England.
I make these few remarks in order to point ont to Mr. Haupt more clearly the reason for not relying on the Mexican dollar as the basis par excellence for China and Straits exchanges, and also to show that in writing as he does on the Fastern exchanges local conditions should be taken into consideration, as well as the prices ruling on the London market; he, however, entirely ignores these when he states that "the extremely slow movement of Japanese yen from the Straits and Chica has taken every. body by surprise, not least the Government of the country."
The Japanese silver yen has been bought up in large quantities in this colony as high as ten per cent. premium for shipment, to Japan.- Yours truly,
W.H.G.
Hongkong, 12th January, 1898 THE NEW RUSSIAN MINISTER TO
KULEA.
M. Matunine has been appointed Russian Minister to Korea, so M. Dimitrevsky is not to leave Shanghai, which is a matter of congratula- tion. M. Matnnine is well-known in the Far East and many English travellers, especially military sportsmen from Hongkong, who have had the pleasure of meeting him when he was Frontier Commissioner at Novo Kiefsk, on the borders of Manchuria, in the early nineties, will remem- her his genial hospitality extended to all M. Matunine is master of many `shikaris. languages and has had much experience in the handling of Oriental peoples. He is about 50 years of age, a giant in frame and endurance, and has a most charming wife and family. China Gazette.
CHINA OVERLAND TRADË REPORT.
BORNEU TROUBLES.
Singapore, 27th December, H.M.S. Plover has received orders to sail at once for the Coast of Borneo, and she goes this afternoon so soon as the mail from home is delivered. The Plover goes in connection with the Mat Salleh affair that chief having successfully beaten off a small police force recently sent to attack him. Mr. W. C. Cowie, of the British North Borneo Board, comes by to-day's mail, and may, perhaps, proceed to Borneo by the Plover. Or, he may wait to see the Acting Governor.-Straits Times.
L
Siugapere, 30th December.
By the Banjermassin fich arrived last night from Labuan and B. N. Borneo some particulars have arrived of the late unsuccessful attack of the B. N. B. Forces under Messrs. Hewett, Wise, Ormesby, and Adjutant Jones, on the stronghold of Mat Salleh, Sugnt River on Dec. 13th. The epedition, as was stated in our special telegram, attacked the rebel's strong hold and was repulsed with the loss of six Sikhs and Adjutant Jones, seven Sikhs being wounded by the heavy fire of the rebels.
27
THE SHARE MARKET IN 1897,
Mr. Joo. Sullivan, Stock and Share Broker, of Shanghai, has published a table showing the differences between the values of local and other stocks dealt in on the local market on 31st Dec., 1896, and 31st Dec., 1897, showing a gros gain by appreciation of Tls: 5,422,121 and a loss by depreciation of Tls. 2,023,600, having a net gain of Tls. 3,398,431. The following table gives the result of comparative analyses for
years :--
"
2,836,628
Loss by shrinkage. 1892 Tls. 11,144,274 1893 1894 1895 1896
J897
Tls. 13,980,902
Gain by appreciation.
Tis. 2,759,698
12,132,406
3,406,667
3,398,431
Tls. 21,697,200
Mr. Sullivan gives the following retrospect of the year:→→
Continuing my tables of previous year's statistics, it is satisfactory to note that the result of share speculation for 1897 has been in favour When the Banjermassin left Mr. Hewett bad of the port, and that we continue to forge ahead returned to Sandakan, and had apparently re- covered frout the serious illness mentioned in despite several adverse circumstances. The actual net gain is not very groat, but it is in- our telegram, for he went on with Mr. Wise and twenty men by the Banjermassin to Kudat.teresting to analyse how this total is made up.
The attack was delivered under heavy fire. The attacking party had the advanage of a 7pr. gun and opened fire at about 300 yards. The rebel fire was beavy, and, in one case at least, accurate, a Sikh deserter who has joined Mat Salleh making such good practice with a Snider that he hit the muzzle of the field gan no less than three times.
The depreciation shown on Bank stockis caused by the political atmosphere being loaded with alarming possibilities to China which may at any moment stop the tradal facilities of the whole of the treaty ports, if war be declared; and no one can dispute that complications are possible that ultimately may lead to the dismemberment of the Chinese Empire. Otherwise the position of the Bank shares is intrinsically better than The 7 pr. was used to effect a breach in the
that of last year. The Hongkong and Shang. onter work of felled trees and brushwood. So
hai Bank alone has added $1,000,000 to its well did this resist the fire that when a breach
Reserve, and the profitable character of this was made, all the ammunition for the gun was gone but three rounds, one of which was used year's working is generally known to be good. The shares are considerably lower than they as a prelude to the assault, and the other two
weald be, if Russia, Germany, and France were during the assault. The thirty three rounds
not knocking so imperatively at the doors of were evidently insufficient, and the same com-China. Insurance shares, with the exception plaint is made about the rifle ammunition, which is alleged to have also run short, on this and in previous attacks..
Adjutant Jones's wound was in the side, a bullet striking him above the right hip. He lived for eight or nine hours after receiving his wound but was quite unconscious. During the attack he took a prominent part, using a Winchester repeater, until it jammed, and he had to throw it away. His death is much regretted, as he was a general favourite. He was originally in the London police, we hear, and was formerly in Province Wellesley.
Although the force got through the outer palisade, the fire was too heavy for them to get to the inner one, and a retreat had to be called, the rebels having safely defended their fastness.
-Free Press.
Hongkong, 12th January. The gunboat Swift left lere yesterday after noon for Sandakan in order to take part in the suppression of Mat Salleh's rebellion.
THE U.S. MINISTER TO CHINA.
REPORTED CHANGE.
A telegram was received here to-day from America, stating that it was very probable that Mr. Bryan, who had been appointed U.S. Minister to Peking, would exchange posts with Mr. Angell, the Ambassador designate to Turkey. Mr. Angell is not new to China. having been in Peking in 1880 with Mr. Swift, in connection with the negociation of the Chinese Immigrant Bill.—China Guzette.
of the Union, all show a loss, but it is ac-
knowledged that last year's marine risks were unfortunate. Shipping shares show a welcome appreciation and the results of the year must have been good, because there seems to be a possibility of the Indo-China S.N. Co. (our pet local stock) paying a dividend again. Docks show up badly
because of the difficulties encountered with the river's erratic swirl and the ensuing complica- tions which prevent the additions being made to Farnham's Cosmopolitan or the positive con- struction of the Engineering Dock.
Curiously whilst Shanghai Land Investment Co. shares have appreciated, Hongkongs have done the reverse. Actuality of railways and the progress made in Hongkeware accountable for the appreciation here, but why Hongkong
Cotton
should retrogress is not quite clear. shares show what is possible if exchange would only cease its wandering course. Two Companies have published balance sheets showing 3 per cent. for 5 months' working at half power; so, when these mills with their full complement of. spindles are at work-the retardation of which is due to the engineering strike at bome-it may be as- sumed that a much better state of affairs will be shown in next accounts. In fact, so promis- ing does this cotton industry appear that, with a continuance of low exchange, it is easy to prophesy for Shanghai a big manufacturing trade in the very near future. Mining stocks show Raubs have advanced enormously in value, owing to the splendid future. This far paid for its huge Company has so intersectional developments out of working account alone and is now cultivating prospec- Au attempt to bribe a constable has got a
tive fortunes for a future generation, without Chinaman into serious trouble. P. C. Hammond much thought or care for the present share- was in a police pinnace when he saw a China holders, who would welcome bigger dividends man go from a ship into a sampan and drop a and let posterity look after itself. In the Mis- bundle. The constable investigated and found cellaneous list, Waterworks show an appreciation the bundle to contain Manila lottery tickets of value because of its steady income derived The Chinoman was alarmed and sought to send
form the ever-increasing Settlement, and it the constable away with a present of $6, but the must be placed on record that during the past constable would take nothing but the man him.
three years this Company's shares have aug. self, whom he charged with attempting to bribemented in value Tls. 1,000,000. Tobacco shares him. The defendant was brought up at the police Court and committed for trial on the
arge of attempting to bribe.
ch
have risen în proportion to the nearness of the oil consummation. During the past four years the wonderful increase in these Companies'
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