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Yesterday have acceded to the invitation ex- tended to him by the authorities to view the capabilities of the soldiers there. Be that as it may, His Royal Highness received a right cordial welcome from all concerned. At his own special request the proceedings were entirely free from officialdom. It had been given out that the Taotei of Shanghai in ad- dition to the Governor and Treasurer of the Province would attend, and that the steam launch Normand had been chartered to convey them to the mouth of the Whangpoo, but communication was conveyed to them that the Prince was only attending in his private capacity, and consequently neither the Bureau of Foreign Affairs or the German Con- sulate was represented. In this connection a somewhat curious if not laughable mistake has to be chronicled. The Normand left the Nank- ing Road jetty shortly before eight o'clock carrying a fair number of passengers to Woo- sung, and when a short distance down the river it soon became manifest that the Chinese cruisers in the stream were prepared to salute somebody. On coming to the Nanshan it was seen that the yards were manned; thero were drawn upon the poop a large number of sailors who presented arms as the launch steamed past, whilst a royal salute was also fired. The same ceremony was gone through on coming to the Nansui, the officers in ebarge eridently think- ing that the Governor of Kiangsu as intended was on board.
he
Prince Henry travelled down in the smart P. & O. tender Victoria, arriving at Woosung About ten o'clock. The vessels in the river in addition to a large number of native craft sported the German national colours whilst the entrance to the fortifications was most gaily decorated with flags and buuting. His Royal Highness was received on the pier by Baron Von Reitzenstein, major commanding the troops, and the other German officers, and at once proceeded to the drill ground. He was dressed in ordinary riding costume and was provided with a really handsome white Chinese pony by Instructor Debtlefs. Riding on to the drill ground where the troops were drawn up
received with was
a general salute. The infautry numbering close upon three thousand, with a squadron of cavalry amount- ing to eighty horsemen, looked remarkably smart, and as their subsequent movements proved have taken full advantage of the strict military tuition which has been im- parted to them. The Prince rode down the lines accompanied by Captain Müller, his aide- de-camp, Baron Von Der Goltz, Baron Von Reit- zenstein, Count Hon Nayhauss, and other officers, and minutely inspected the arms and accontre- ments. Afterwards taking up his position at the saluting base the men marched past, the Chinese band playing most creditably. The soldiers consisting of six companies of infantry, and one company of artillery, marched with the high step, and arm swinging, charac- teristic of German soldiers, and even if the lines were not particularly straight still the time was perfect."As regards the cavalry no fault could be found with the riding, whether walking or at the double, and their performances re- flected the highest credit upon Count von Nayhauss who has charge of this department. Then came a really fine exposition of manual and firing drill, the precision and smartness with which all the various commands were executed putting in the shade many of our own regiments. Whether the naturally slow, lethargic, and desultory Chinamen would be able to so acquit themselves in the hour of danger is another matter, but it is sufficient to say they performed in the most satisfactory manner. The commands were given alternately by German and Chinese officers, and the men at once seizing the word acted wonderfully in concert. Then followed artillery exercise succeeded by some rapid and excellent move- ments by the cavalry under the command of Count von Nayhauss. The Prince was eminently pleased with what he had seen and complimented the Count ou the success which I ad attended his labours in the interest of the
Chinese. He also asked him to convey to the en his sense of appreciation of their work. The review closed with a skirmish on the out- side of the parade ground two companies form ing respectively the defence and attack. The drill, which included the usual blank firing, was
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THE HONGKONG WEEKLY PRESS AND
very well gone through though at time a little lack of combination was noticeable. It was twelve o'clock before the men were dismissed, the proceedings having been attended with the utmost success. A large crowd witnessed the manoeuvres, though it is only fair to say that the Chinese element predominated.
His Royal Highness adjourned to the resi- dence of Baron von Reitzenstein for tiffin, the small but select party consisting of Baron and Baroness von Reitzenstein, Baron von der Goltz, Captain Müller, Captain Spies, Captain Bodenhausen, and Shên Tung-ho, the Chinese Civil Commander of the Forts. In addition luncheon was provided by Count and Countess von Nayhauss at their residence, by Shèn Tung- bo, and also by Lientenants Quassowski and Maschke in Shen Tung-ho's yamén, to which a large number of guests were invited. At two o'clock His Highness left for Shangbai. He was escorted by Baron von Reitzenstein from the house of the last named, to the Victoria, a guard of honour being drawn up along the pier. As the tender steamed away the band played "God Save the Queen," and a Royal salute was fired from the forts.
There will very shortly be some changes in the management of the troops at Woosung and the majority of the Germans, if not all, will be Baron Von superseded by Chinese officers. Reitzenstein practically vacates the command on the 24th instant, giving place to General Li who has been appointed to the position by Viceroy Liu. Most of the German officers' contracts expire during the year-chiefly on the 1st of October, and although some of them may be re-appointed, Chinese officers who have benefited by western instruction will take com- missions. Baron Von Reitzenstein whilst giving up the command will stay on a little longer, at the request of Shen Taotai; to advise in points of detail.-N. C. Daily News.
[SPECIAL TELEGRAM TO THE "DAILY PRESS."]
SHANGHAI, 25th April. Prince Henry left here to-day for Foochow.
YANGTSZE INSURANCE
ASSOCIATION.
The eighth ordinary general meeting was held at Shanghai on the 22nd April, when the report and accounts were passed without discussion.
[April 30, 1898.
seems to be an inclination on the part of the great home offices "to do something," I am not without hope of an improvement being effected. is with pleasure your directors point to the increase in net premia earned, namely, $515,156.74 against $426,929.36 in 1896. The losses are, however, considerably heavier, viz., $280,154.62 or 54.38 per cent. against $156,133.11 or 36.57 per cent. The working ac- count for 1897 shows a balance on 31st October of $226,512.92 against $256,431.08 in the previous year's account. But as pending claims on known casualties are estimated at $163,000 against $105,000 last year,, your directors are unable to recommend the declaration and payment of a dividend out of this account at present, and they have no doubt this will meet with your approval, as will also the strengthening of the reserve fund by the addition of the premium realised on the 1,052 shares allotted towards the end of last year, as stated in the report, the reserve fund having thereby been brought up to $516,000. The whole of the Association's 8,000 shares being now issued, with $60 each paid up, the paid-up capital now stands at $480,000. The balance of $85,567.27 at credit of exchange and investment fluctuation ac- count is, as you
& profit on paper only. The percentage of expenses to net premia is 17.83 per cent, against 18.58 per cent. last
Your directors are satisfied year. that all the assets of the Association are fully worth what they appear at in the balance sheet. Of the $123,870.96 due by agencies, premia in course of collection, etc., about $100,000 have since been received. As regards prospects of the new year, it is too soon to express an opinion, but several heavy losses having already occurred, a return to adequate rates and our former good fortune would be heartily welcome.
are aware,
THE UNITED STATES CONSULAR REPORT ON HONGKONG.
Under the heading of "Economic Conditions in Hongkong" the following interesting report by Mr. Rounsevelle Wildman, the United States Consul General, has been published in the Advance Sheets of Consular Reports" issued by the Bureau of Foreign Commerce :---
A brief review of the industrial and com- mercial situation of the colony during the past year may be of interest. Hongkong, be it understood, is and always has been a free port. It is, in fact, a vast warehouse, the port of departure for the wonderfully rich Kwantung Province, of which Canton is the capital, and, later, for the newly opened West River.
It is, moreover, the transshipping point between India, the Straits Settlements, the Philippine Islands, Japan, and America.
The island of Hongkong, 30 miles square, is not productive, but is so heavily fortified that as a warehouse it is of the greatest importance.
During the past year, trade has met with serious obstacles, the Indian famine, the short- ness of crops in other countries, and the embar- go placed on the export of rice from China causing a material increase in the cost of food stuffs-notably, the staff of life-and diminish. ing the purchasing power of the people.
The Chairman, Mr. J. M. Young, in moving the adoption of the report, said-The working account of 1896 and former years has continued to run off very satisfactorily, showing a balance at credit on the 31st of December, 1897, of $187,345.15 out of which it is proposed to pay a dividend of $6 per share, being 10 per cent. on the paid-up capital of the Association, absorb- ing $48,000, and leaving $139,345.15 to be carried forward, which is expected to prove more than sufficient to meet all known and unknown claims appertaining to those years. I may point out that the dividend proposed is 10 per cent upon the whole of the paid-up capital, although payment for 1,052 shares was only received towards the end of the year. Your directors regret that the same good fortune which attended the Association's operations during the previous five years has not been experienced in this, for although, as far as our advices went up to the date of last meeting, we seemed to have come well out of the terrible disasters of the first quarter of 1897, the remainder of the year turned ont very badly, an experience we share with many of the oldest, wealthiest, and largest Insurance Companies at home who com- mand the "pick" of business all over the world. Nearly all our losses have been by first class risks, and when I say there are very few on which loss has been sustained that we would not accept again to-day if offered, I am giving you the best proof that the poor re- sult of our underwriting last year is attribut able entirely to an exceptional number of those misfortunes our customers pay us to protect them against. Indeed, I am glad in making this statement to acknowledge the ability and caution of Mr. Jackson and the underwriters The discussion as to the advisability of adopt- and agents who act for us elsewhere, for withouting the gold standard goes on in the local press, but so far the Legislative Council has paid no that our losses might easily have been more severe. Already last year it was generally official attention to it. As it is, the commerce admitted at home that rates were too low. of the coast is gradually putting itself on a This opinion can only have been confirmed by gold basis. Even in the Chinese shops when the subsequent experience, and, as there you ask the price of an article, “Ten dollars"
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The withdrawal of the Japanese yen from circulation, owing to that country's adoption of the gold standard, caused an embarrassing scar- city of the circulating medium, thereby ham- pering commercial transactions. For the past few months, trade in imports has been almost at a standstill, and stocks have accumulated in the godowns to an inconvenient extent. In Indian yarn, especially, t'ie importers have felt the situation so keenly that they recently ad vised the adoption of short time by the Bombay mills, a recommendation which, however, was not heeded. Heavy fluctuations of exchange and uncertainty as to the future of silver have! also had a demoralizing effect. At present, how- ever, the scarcity of money is abating. Silver is firmer, although low, goods are being cleared more readily, and the prospects are not un- favourable for 1898.
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