140
opinion as focused by debate and vote and would in fact have been worth no more than the individual opinions of any other half- dozen men of equal competence.
DOUBLE BROKERAGES.
or
THE HONGKONG WEEKLY PRESS AND
We do not intend to comment upon the merits of the case of GORIAM versus BEN- JAMIN, KELLY, and POTTS, which has absorbed so much attention during the past fortnight and which has reached the unsatisfactory termination of a verdict by a majority of one in a jury of seven. There has, however, been brought to light a custom of the share market, namely, that of charging double brokerage, which calls for some remark. If clients are willing to pay double brokerage the broker cannot be blamed for accepting it, but looked at on broad grounds, and without reference to the broker's individual interest, the custom is a pernicious one which ought to be discouraged and if possible suppressed. The extra reinunera- tion appears to be paid where the broker has to buy from sell to another broker, and is given as compensation for the loss of brokerage from the other side. The theory seems to be that the broker should ordinarily act for both parties and that the clients should be mulcted in an extra pay- ment when two separate brokers are em- ployed. The effect of the application of this theory must be to diskoúrage business as between brokers. But from a moral a well as a business point of view it is desirable that a different broker should be employeds ou each side, by which means the true price of the shares is more likely to be arrived at than when one broker acts for both parties. No man can serve two masters, and when a broker receives an order from one client to sell certain shares at the best price obtainable and au order from another clieut to buy shares of the same concern at the lowest price at which they can be procured he must some- times be embarrassed in trying to do justice to both sides. It would be more satisfactory that each side should have his own broker. It is doubtful, also, whether it is to the brokers' own interest to discourage the cm- ployment of a broker on each side. If they dealt freely with each other there would still be the same or a greater amount of business to put through and the same num- ber of brokers to divide the brokerage amongst. The charging of double brokerage can only be regarded, therefore, as a petti- fogging squeeze calculated to discourage legitimate business.
THE DOCK COMPANY AND NAVAL
CONSTRUCTION.
naval construction, but be able to rely to some extent upon local resources, But of course a beginning must be made in a small and tentative way. The Hongkong and Whampoa Dock Company would not be prepared at short notice to undertake the construction of a Victorious or a Powerful, but it could very soon place itself in a position to turn out torpedo boats, gunboats, its works to meet the requirements of and other small craft, and gradually extend larger orders if experience showed such ex- The possession of tension to be desirable. construction stations on the outskirts of the Empire might prove when the pinch came only in degree less valuable than the posses sion of coaling stations and repairing sta-
tions. A
[4
C
A good deal has of late been said about the Dock Company and the advisability of the Admiralty making use of its resources, At the but the idea is not altogether new. farewell banquet given to Sir GEORGE BowEN twelve years ago the mantle of prophesy fell upor Mr. THOMAS JACKSON, who in responding to the toast of prosperity to Hongkong said:-
It only requires a little of the prophetic eye to look forward to the time, and only a little time-long before my young friends present have entered the ranks of old bufferdom--
shall when perhaps we
be taking up a Hongkong Daily Press some morn- ing and reading of the launch in Hongkong of the latest addition to the Navy from the shipbuilding and engineer ing works of the Hongkong and Whampoa "Dock Company, Limited, and that the "vessel as she glided down into the water was named by Miss MORANT the Dowell- (loud cheers) and after the ceremony was over Sir DIGBY MORANT and all the "assembled company repaired to the re-
|
C
"
L
[February 26, 1898. consideration as the men of the army and navy. Not much importance can be attached to the protection-from-the-şun argument, be- cause the Races take place at a season when the sun as a rule is not oppressive. What is required, therefore, if anything, seems to be simply a reserved space from which the races could be witnessed by the men with- out the discomfort of being jostled by a crowd of Chinese.
EXTRAORDINARY WEATHER.
(19th February.)
The correspondent who writes on the extra- ordinary weather we are now experiencing cannot be congratulated on his suggestion as to the cause. Unusual meteorological conditions have of late prevailed from the Philippines to Siberia, and Hongkong being embraced in that wide region has naturally shared in their influence, but to suggest that the afforestation of this dot on the ocean can possibly be the cause of those conditions is absurd. It is a fact, we believe, that weather like the present Is not previously been experienced at this season of the year But the weather is always playing strange within the memory of the oldest inhabitant.
tricks, and the corresponding seasous of any given years never present ex-
features. actly the same
In England we frequently hear the term "an old fashioned winter" used, as though there had been within recent times, some appreciable climatic change rendering winters less severe than they used to be. Yet it is only a few years since the Thames was frozen over, while on the other hand abnormally mild winters are recorded as having occurred in times of remote antiquity. No doubt pro- gressive changes of cliniate are proceeding in all quarters of the world, as must neces- sarily be the case if we accept the scientific theory that the earth was once a molteu mass and that the cooling process is still going on; but the changes are of too slow and gradual a character to be appreciable by the individual experience of human beings. An examination of the fauna and flora of China in the light of historical records shows, so authorities on the subject declare, that there has been a gradual refrigeration over China. But what is complained of in the present weather is its unusual heat and humidity. The conditions, which are abnormal over a wide area, must evidently be due to some cause influencing the monsoon, and cannot be ascribed to any local cause.
"sidence of our colonial peer, Lord CHATEL S “of Kowloon (loud cheers and laughter)
"--where success to the new vessel was
"drunk." Perhaps we may see a partial fulfilment of the prophecy before even Mr. JACKSON himself enters the ranks of "ol bufferdom.”
SOLDIERS AND SAILORS AT THE RACES.
Attention has recently been drawn in our correspondence columns to the desirability of providing special accommodation for soldiers and spilors at our annual Races, and the suggestion has been thrown out that the Navy League should take the question up and endeavour to make arrangements with the Stewards. It would be a graceful thing for the League to move in the direction in- dicated, provided they are satisfied that any We hear that before Admiral BULLER left general desire exists among the men to be for home informal representations were made specially provided for. On this point there to him with reference to the utilisation of may perhaps be room for some doubt. It the shipbuilding resources of Hongkong in is presumably not intended that a bar, of connection with the navy. It is to be hoped pari mutuel, or anything of that kind should that His Excellency may be able to press be set up for the men's refreshment or the idea successfully upon the atten- amusement, but simply that a stand should be tion of the Admiralty. In a great erected where they could find shelter from war the shipbuilding resources of the the sun and watch the races without being British Isles would be fully taxed and jostled by Chinese. But having regard to assistance from the outlying dependencies the ground already occupied such a stand of the Crown in adding to the navy or would necessarily have to be situated at a replacing losses might prove of incalculable considerable distance from the winning post, benefit, more especially if there happened and it seems not unlikely that the men to be any interruption of the line of would prefer to take their chance of getting communication preventing vessels from a better view of the finish from the inuer home reaching the parts where their rails opposite the Grand Stand. Perhaps a presence was required without loss of space might be railed off here and reserve time. Holding the position Great Bri-for Europeans, admission of course being tain does in the Pacific aud in Chinese waters it is eminently desirable that she should not be solely dependent upon the yarda in Great Britain for the work of
free. In a matter of this kind the merchant seamen and resident Earopeans who cannot afford to pay for admission to the Grand Stand and enclosure have as good a claim to
[Since the above appeared there has been a complete change in the weather, which is now bright and cold.] ·
The Lienshing on her last passage across from Nagasaki to Shanghai encountered a tre- mendous sea which the captain describes as a sort of tidal wave, and which created havoc on board the ship. After leaving Nagasaki fine weather was experienced until the night of the 9th inst., when a strong N. W. breeze, with correspon- dingly heavy sea sprang up. At 5 a.m. on the following morning she shipped a tremendous sea forward, which carried away the bridge and telegraph, stove in the fore part of the wheel- house, chartroom, and saloon, and damaged the compass and wheel. The chief officer, Mr. McClure, was on watch at the time and the sea swept him from the bridge against the funnel, seriously injuring him about the body. The quartermaster who was at the wheel was also badly hurt. The ship was stopped at once and the hand steering-gear aft shipped, and after being hove-to for some time she was put on her course again and arrived at Shanghai without further mishap. On arrival the chief officer was removed to the hospital, where his injuries, which though serious were fortunately found to be not as bad as was at first feared, were attended to.-N. C. Daily News.
No comments yet.
Private notes are available after approval.