す
328
[October 22, 1898.
THE HONGKONG WEEKLY PRESS AND in the rates would probably not entail any on a seventy-five years lease only, with proper amount. The silver dollar is alto- loss of revenue in
the long run. Mr. "the idea that the Crown would enforce gether too unwieldy a coin for ordinary
**
露
MURRAY in the Straits Legislative | "its right of re-entry at the end of seventy use, and its substitution
•
Council the other day remarked that the taking of the course he recommended would not be a leap in the dark, for in 1891 the postal unit for letters posted in that colony for places beyond the colony and beyond the Native States was reduced from 8 cents to 5 cents, the latter being at the présent demand rate of exchange, say 1s. 11td., equal to 1td., which was probably as near a working rate as they could get to 1d. The result of the working of the Post Office on the reduced rate of 5 cents was made known by the Postmaster General in the report on his department for 1893, which read as follows:- The past three years constitute a very interesting epoch in the history of our postal tariff and teach "an equally instructive lesson. On the "1st January, 1891, the rates of postage "were reduced by upwards of 40 ie per cent., and on the following New "Year's Day a further reduction took place. So great was the stimulus to cor respondence from cheap postage that, notwithstanding the unprecedentedly de- pressed states of trade, the receipts from stamps and post cards for 1898 fell short "of those for 1890 by only 5 per cent. "The great boon of the cheapest postage in "the world had been attained by the Straits "Settlements, and in 1892 ̊ and 1893 it did not require a tax in another form to make up for its cost." Since 1893 there has been a considerable fall in exchange and 5 cents would not now, we believe, cover the cost of carrying a letter by the overland route to the United Kingdom, and if each latter showed a loss it is needless to remark that the loss could not be wiped out increasing the quantity. But where there is no heavy charge for overland carriage to be provided for the experience of the Straits as detailed in the Postmaster-General's report for 1893 ought to encourage the Hongkong Govern- ment to reduce the postal rates and so favour the increase of correspondence,
"
88
"
SEVENTY-FIVE YEARS
LEASES.
|
"
by paper would be "five years and turn them out.
a public boon. The cnec is perhaps not The Crown in dealing with Crown lands is quite so urgent na v when the one-dollar like some private persons selfishly notes were first issued, for with the clean seeking to drive a hard bargain at the British dollars and the handy fifty-cent piece expense of an individual, but to dispose we are in a better position than when the "of its lands in the best interests of the currency consisted of badly chopped Mexi "whole community.' The owners of land cans and broken silver, with only a sprink- at the Peak and elsewhere held on seventy-ling of twenty and ten-cent pieces. But, five years leases are not seriously alarmed the British dollar, however reliable it may as to the future, and more land is freely be, is too heavy and cumbrous for daily taken up on similar tenure. But, as het use. In Japan, long before the recent Land Commission say something will have change in the standard, the yen or dollar had to be done with reference to these leases been to a large extent displaced in the cir- when the time approaches that they will culation of the country by the one-yen note, begin to fall in. No doubt there will be a and even the poorest and most unenlight readjustment of the Crown rent, but beyond ened classes preferred the notes to silver that it is not to be anticipated that there when they could get them.) At the present will be any disturbance of the occupancy. time there is practically no yen coin in The same would of course apply to seventy-existence, the silver yen having been called five years leases in the city, but it is in and the smallest gold coin minted for cir- natural that investors should desire some culation being the two-yen, so that for single thing more solid than presumption or pro- yen the public is entirely dependent upon mises as to the future before they take up paper, much to their satisfaction and con- town lots on short leases. If the intention ofvenience. In Hongkong our currency has Government is simply to secure a readjust-always been in a disgraceful condition, ment of the Crown rent when leases fall in it owing to the blind conservatism of the is desirable that the basis of the readjustment Treasury authorities at home, but gradually should be stated and that the lessee should some little improvement has been effected, have an indefeasible right to continue his and the time seems propitious for another occupancy if he chose to accept the terms. step forward. We are glad to hear whispers No doubt by the landlord class a
of the gold standard beginning to be viewed nine hundred and ninety-nine years lease more favourably in high quarters, but at a fixed and if possible a nominal rent apart from that momentous question there would be preferred to any conceivable sli- is no reason why the public convenience ding scale. In England, however, the idea should not be at once met by the issue of is gaining ground that the whole of the one-dollar notes in such quantities as the unearned increment should not go to indivi-market demands. We take it for granted duals, but should be shared in by the community.
that the Hongkong and Shanghai Bank would lend its assistance. The issue of notes against a full dollar for dollar bullion reserve cannot yield much profit to the issu ing institution, but the Bank has always shown itself so willing and even desirous to meet the public requirements in currency matters that little fear need be entertained as to its attitude in relation to the one- dollar-uote question,
OPPOSITION TO THE OCCUPATION OF THE NEW TERKITORY.
ONE-DOLLAR NOTES.
(Daily Press, 20th October). Now that the Hongkong and Shanghai Bank is authorised to issue notes in excess of the amount of its capital, on condition that, it holds in reserve an equivalent amount in silver, it might be possible to secure the assent of the Secretary of State to an increased issue of one-dollar notes, which are greatly (Daily Press, 15th October.)
in demand. The Bank commenced to issue
(Daily Press, 20th October.) Attached to the minutes of the last meet- notes of this denomination in 1872, having From our Canton Notes it will be seen ing of the Chamber of Commerce Committee obtained the Governor's permission, but the that the Magistrate of the Sunon District will be found a representation, made to the step was disapproved of at home and in- has applied to the Canton Government for Government with reference to the reduce Istructions sent to the Governor to order the troops to suppress an anticipated rising. The period for which Crown leases are now withdrawal of the notes unless serious pub-more important half of the Sunon District granted. Formerly the term in the city was lie inconvenience was likely to result. A is represented by the territory behind 999 years, but it has now been cut down to public memorial was presented against the Kowloon shortly to be added to the colony seventy-five years, or ninety-nine years at execution of this order, and the final result of "Hongkong. The question is therefore,
!
the most, Against this the Committee pro- test, on the ground that the term is not suf- ficient to encourage the erection of substan- tial buildings and the investment of capital in landed property. The reply of the Secretary of State may possibly go to show that the intention in altering the duration of the lease was not that the Government should resume possession at the end of the term, but that there should be a readjustment of the Crown rent payable. No one who enters upon the occupation of Crown land on any better tenure than a squatter's licence ever im- agines that he or his assigns will have to give it up, unless it should be required for public purposes, in which case it would be paid for on resumption at a fair market rate.
was that the Bank was allowed to maintain the circulation of one-dollar notes at the figure at which it then stood, but not to in- crease it, the amount being about $200,000. The reason advanced by the Secretary of State for his disapproval of one-dollar notes was that they would be largely held by the poorer classes, who might be subject to papic. Whatever force that reason may have had at the time it was advanced, when the Bank was only required to hold a bullion reserve of one-third the amount of its note issue, it possesses no force now that the Bank is prepared to show n.. bullion reserve of dollar for dollar against the notes issued in excess of the amount of its capital. If panic did, as anticipated by the Secre- tary of State, seize upon the holders of one
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one of some interest this colony, and from what we hear we are led to believe that. the sooner the Government takes over the new territory the less trouble is there likely to be. It is said, indeed, that the re- bellious movement projected is directed chiefly against the British occupation and that a considerable number of persons will- ing to bear arms have been enrolled. The leaders are evidently in possession of funds, if the reports in circulation are true, ns each recruit in the earlier stages of the movement was paid two dollars, but either because the funds are dwindling away or because re- cruitsare easily obtainable the bounty has now been reduced to sixty cents or thereabouts. The whole movement is of course utterly futile and absurd, but
The Land Commission of 1886-87 in their dollar notes, all that they would have to cloud over the taking would throw a
report, referring to the rural building lots, said: "Before very long it will be neces- sary that something should be done in reference to the leases for seventy-five No one has bought land,
years.
do would be
to
present their notes at the Bank and receive in exchange silver dollars, responsible Government officials periodically satisfying themselves that the stock of dollars in reserve comes up to the
of the new terri tory were it attended with bloodshed owing to the British troops having to fire on an opposing mob, and, in addition, a stock of difficulties for the civil administration of the future might be laid up. On the
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