466
HE KNIGHTING OF MR.
THOMAS JAČKSON.
(Daily Press, 5th June.)
THE HONGKONG WEEKLY PRESS AND
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[June 10, 1899.
Birmingham should have taught him how usefully and profitably borrowed capital can be employed in municipal improvements, and who, moreover, not long ago apoke of certain of our colonies as " undeveleped es- tates and of the necessity of employ ng capital to improve them. The New Terri- tory is emphatically an undeveloped estate, which will prove very valuable when deve- lopment has been effected, and there ought to be no hesitation in bo rowing the neces sary capital. The attitude of the Colonial Office towards. Hongkong in
this mat ler may also be contrasted with that of the Government towards municipal bor- rowing in England, where municipalities are not only allowed to borrow largely but to borrow from the Imperial funds.
"looked upon as the safest possible invest- ment both for business people and widows "and orphans. Now, owing to the recent losses, many of the latter were in the Universal satisfaction was experienced in
greatest distress and many more were put to the colony when it became known that
“the greatest inconvenience. He did the Queen's Birthday honours included the
not desire to say one word offensive or name of Mr. THOMAS JACKSON, the Chief."
personal, but it was impossible for him to Manager of the Hongkong and Shanghai
convey an idea of the suffering entailed Bank, who has received a knighthood. on many families by the present state of This is the first time that a Hongkong man "affairs without using the language he did." outside official life has been knighted while At the meeting held in March, 1876, it was working in the colony, and well has the announced that the Chief Manager had been exceptional honour been meritted. For
granted a year's furlough and that Mr.THOMAS many years past the new knight has been a
JACKSON had been appointed to act in that potent force in the commercial world ofthe Far office, and in August of the same year, the East, and in the field of politics he has also then Chief Manager having resigned, Mr. exercised a weighty influence, which has been JACKSON was confirmed in the appoint- none the less effective because exercised ment. From that year the Bank began quietly and unostentatiously. As the head to regain its former prosperity and under be paid off on the 15th April, 1943, and Hongkong's present loan is £341,799, to of the great financial institution which has Sir THOMAS. JACKSON's able management the sinking fund at the end of last year taken the foremost part in negotiating the has been steadily built up until it now amounted to $8,854. The annual con- China loans he has necessarily had a voice stauds in the front rank of the financial tribution to the sinking fund is one per in suggesting the course of British policy in institutions of the world. It has, however, cent. on the total amount of inscribed stock, that country, and his advice has always had some vicissitudes in the meantime, and and the total expenditure on account of the commanded confidence. In Hongkong, in twice Sir THOMAS after leaving for home public debt last year was $163,805. That troublous times, while doing his duty by not intending to return, has been recalled sum comes to between five and six per cent. the important and prosperous institution to the helm of affairs. Ile bid farewell of the total revenue of the colony, and may over whose fortunes he presides, he has
to the colony in 1889, but at the be considered a small burden, especially see- always been ready to give his friendly special request of the directors returned ing that much of the loan has been expended advice and assistance to those in difficulty in 1890. He bid us an ither adieu in upou remunerative works. The total revenue and has verified the saying that a friend in 1891, but the disturbance in the financial of the colony last year was $2,918,159, in- need is a friend indeed. Occupying a pro-world caused by the Australian banking|cluding land sales and water account, while minent position in the social life of the crisis and the heavy fall in silver, once more the total expenditure, including $234,381 colony he has also been a warm supporter brought him back in 1893. Shareholders spent on extraordinary public works, amount- of all movements for the public benefit, in- of the present day derive much comforted to $2,841,805, leavinga balance of revenue cluding the raising of charitable or com- from the assurance that Sir Thomas is likely over ex: enditure of $76,354. The growth memoration funds. In connection with
to retain his present position for some years of the colony's revenue is shown in the fol the Chamber of Commerce and the China
to come, a fact which affords equal pleasure lowing table, giving the figures for the Association Sir THOMAS's assistance is, need-
to the public at large.
last twenty years:- less to say, highly valued by his colleagues on the committees of those institutions. For a time he also rendered valuable ser- vice to the public in the Legislative Council. to which body he was appointed as the first representative of the Chamber of Commerce when the right of election was conferred. He resigned his seat when he went home on leave in 1886, and much regret was felt that after his return he declined to allow himself to be again nominated In the Bank he is no less popular than outside of it, all the staff, from the junior to the senior ranks, 1egard- ing him with admiration and affectionate regard.
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THE CULONY'S FINANCES.
(Daily Press, 9th June.) '
1889 $ 1,823,549. 1890 1891
1879 $ 964,094 1880 1,069,947
2,011,859
1881
1,324,455
2,025,302
1882
1,209,517 1892
**,236,933
1883
1,289,448 1693
2,078,135
1884
1,173.071
1894
2,287,203
1885
1,251,889 1895
2,486,228
1896
2,609,878
2,686,914
1886
1887 1888
1,367 977 1,427,485 1897 1,557,300 | 1898 ,918,159
It will be seen therefore that the revenue
The Budget for next year is looked for- ward to with more than usual interest on account of the extraordinary reports in circulation with respect to increased taxa- tion and the postponement of needed public yorks already decided upon. We are, so it is said, not to have a new Supreme Court or a new Post Office, nor even the latrines su necessary on sanitary grounds, for many years to come, in fact not until balances It was in 1864 that Mr. (now Sir) THOMA have been accumulated to pay for them; JACKSON came to Hongkong, as an assistant and in the meantime the municipal rates in the Agia Bank. When that institution are to be increased to sixteen or seventeen came to grief in the crisis of 1866 and had per cent. to meet the cost of administering to reconstitute and to curtail its operations, the New Territory. We give these reports Sir THOMAS left it and joined the Hong. simply for what they may be worth, and kong and Shanghai Bank, then in the second without in any way guaranteeing their year of its age, so that he has been associated authenticity, but it appears to be certain with it from its early infancy. In 1867 he that the financial position is greatly exercis- was appointed accountant at Shanghai, in ing the minds of the responsible authorities. 1868 Agent at Hankow, in 1869 Acting What occasion there is for anxiety does not Manager at Yokohama, in 1870 Sub.-Mana-appear, for the recently published financial ger at Hongkong, and in 1871 Manager at Yokohama. The promotion, it will be seen, was rapid, but it was well deserved, the young assistant having early given evi ence of his ability. In 1874 and 1875 the Bankary, but these are not of such an onerous | however, it is to be hoped that it will be in
less management at the London branch and to be made in the New Territory and the experience of the previous gold unfortunate advances made in Hongkong other necessary public works to be carried having been disastrous, owing to
now three times what it was twenty years ago, and it is as certain as anything in the future can be that twenty years hence the revenue will show an equal increment on what it is at present. There need be no hesitation, therefore, in contracting such further indebtedness as may be required. to provide for the public works which the growth of the colony renders necessary. Had the New territory not been added to the colony it might have been considered prudent to defer the raising of a new loan for some years, as the excess of revenue over the ordinary expenditure would have left an annual balance of several hundred thousand per annum to be devoted to extraordinary statement for last year exhibits an ex-public works; but it would be preposterous tremely satisfactory position. New respon- to suppose that the colony can pay for the sibilities have been created, it is true, by proper development of the New Territory the recent extension of the colony's bound-out of current revenue. If a loan is raised,
#172502Ća series at disasters, due to réck- † nature as to cause uneasiness. Ronds have the currency of the colony and
do-
on securities that were found to have little out. To provide for these and for the public} preciation of silver, We beliesova
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realisable value, and no dividends were paid for a As an illustration of the difference between the position of the Bank then and what it had been previously and is now, it may be noted that at the half-yearly meeting in March, 1875, one of the speakers said: “In the old days, when everything was flourishing, in investment in the shares of the Hongkong and Shanghai Bank was
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works required in the city of Victoria, in- ments could be mule locally for mi cluding the new Supreme Court and new draft on current account on reasonable Port Office, a loan seems necessary, and the terms, which would seem to be the most present revenue, which is steadily increas-satisfactory arrangement for the time being, ing, is sufficient to amply justify such a in view of the possibility of the colony lon. But it is over this point that the at sonie future time adopting_the_gold difficulty is said to arise, the Colonial Office standard, in which case it might be as in- being reluctant to sanction further borrow convenient to have a silver loan as it has ing. This attitude is surprising on the part nitherto been found inconvenient to have a to Mr. CHAMBERLAIN, whose experience at gold loan with a silver standard.
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