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1172
THE FINANCIAL POSITION AND KESWICK'S SHARE BILL.
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(Daily Press, 16th August.) This time ten years ago Hongkong was on the crest of a wave of apparent prosperity, but before the end of the twelve months found itself involved in a crisis which proved more disastrous and prolonged than any that had visited the colony since its very early days. It was then that we warned of the sad fate that overtook the Island of St. Thomas, and the voice of Cassandra was heard in the land. Follow ing upon the local causes of depression came financial disturbances of almost world wide extent, culminating in the Australian banking crisis, and Hongkong's recovery was proportionately slow. During the last few years the sun of prosperity has again been shining and has reached such fervency that there are not wanting those who tell us that it has reached the zenith, that "this sort of thing cannot last," and that we must be prepared for an early renewal of hard times. It is no doubt true that periods of prosperity must be succeeded by periods of depression, which may be more or less acute, but it must be confessed that there is little present indication that we are approaching a collapse. And it is said maid by some that when the inevitable period of depression does set in, it will not be attended by such disastrous consequences on the local stock exchange as previous depressions have been, owing to the benefi- cent influence of KESWICK'S Share Bill. It was the crisis that commenced in 1889 that gave birth to that Bill, and few measures that have co
come before our local legislature have excited such strong feelings and been discussed with such acrimony as this. In- troduced in July, 1890, the Bill did not pass its third reading until July, 1891, and it was opposed to the very last. The object of the Bill, as stated in the preamble, was the prevention of contracts for the sale and purchase of shares and stock in joint stock Companies of which the sellers are not possessed or over which they have no control. The Bill has to a great extent achieved that object and stopped the rig- ging of the market by the sale of fictitious shares. It now, if we are not mistaken, commands the approval of its former ⚫pponents, and it is allowed on all hands that since it became law business on the Hongkong share market has been conducted on a sounder basis than ever before. When the next financial crisis ar- rives therefore we may expect KESWICK's Share Bill to operate as a palliative of the baneful effects of the crisis on the Hong- kong stock exchange, though it would be too much to expect it to operate as an ab- solute preventative. Happily, however, there is nothing at present visible that need give rise to apprehensions of any serious finan- cial disturbance. Previous depressions that hare visited Hongkong have been coinci- dent with and dependent upon crises in the great financial centres of the world, and such will be the case in future; any orisis Criginating from purely local causes would necessarily prove very evanescent if other parts of the world were prosperous at the same time, for in that case relief would speedily arrive. And at present all parts of the world seem to be sharing in the general prosperity. The factories of Europe and America are overloaded with orders and everywhere the hives of industry are in full work. This state of affairs may, we think, be expected to continue until the large output of gold that has been taking place during the last few years shows some signs of diminution. An increase in the supply
THE HONGKONG WEEKLY PRESS AND
THE DIAMOND JUBILEE MEMORIALS.
[August 19, 1899,
of the precious metal acts as a stimulus | unfortunately do now. No doubt in course on productive industry, and the world is of time the plague will disappear, but it is now passing through an experience similar to be feared that we must expect outbreaks to that which followed the Californian gold of the disease for some time to come, and discoveries of 1848 and the Australian dis- should this unhappy expectation be fulfilled coveries of 1851.
it follows that the road would necessarily be shunned for half the year and would not be particularly popular during the other half. On the other hand there is no doubt the road would prove valuable from an economic point of view, as it would open up the south side of the island for industrial and residential purposes, and in course of years, when the plague has finally dis appeared, the road would also be used and appreciated by the residents for purposes. of recreation and exercise.
That time, however, is not yet.
(Daily Press, 17th August.) At last one of the Diamond Jubilee memorials, namely, the Hospital for Women and Children, is to be proceeded with. A site on Barker Road has been selected, the plaus have been agreed upon, and the arrangements have received the approval of the Government. They will also no doubt receive the approval of the subscri bers and the public in general. original decision to erect the Hospital for Women and Children in the grounds of the Government Civil Hospital, where the foundation stone was laid, was generally regarded as a mistake, and the change of site is a wise one.
The
There remains the knotty question of the Jubilee Road, which is to be referred to the Secretary of State for solution. The original decision was that the funds available should
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be devoted to the construction of the seo- tion between Kennedytown and Aberdeen, the Government undertaking to continue Since then, the road round the island, however, the military authorities have objected to the construction of a sen level road beyond Kennedytown on the ground that it would weaken the defences of the city of Victoria, and the present Director of Public Works also opposes it on the grounds that the funds available would only carry the road to the plague cemetery, and that the money could be much
profitably employed in improving the road from the Shaukiwan end in the direction of Aberdeen, which in conjunction with the improvement of the gradients on the Pokfulam Road would give a good roadway round the island practicable the whole way for carriages and bicycles. The Jubilee Committee, however, as appears from the proceedings at the meeting held on Tuesday, consider themselves bound by the terms of the original resolution, which em- bodies the condition on which the subscrip- tions were collected. But the public enthus- iasm in favour of the sea-level road from Kennedytown to Aberdeen has considerably cooled since the scheme was first launched and there appears to be an inclination in favour of accepting the Hon. R. D. ORMBBY's proposal, which promises to give road within some the colony a good measurable period of time, whereas if the money were expended on the Kennedytown section it is impossible to predict when the junction with the Aberdeen Road might be completed. If the military objections were overcome at the present time they might be renewed at some future period, and after the available funds had been expended the road might remain uncompleted forever, like the Scottish National Monument on the Calton Hill at Edinburgh. Considering the occasion of the memorial that would be a lamentable fiasco. It would be im- prudent, therefore, to expend the funds on any project that cannot with certainty be car- ried to completion, and that within reasonable time, for everyone would like to see the memorial completed before the end of the present reign. Another element that no doubt influences public opinion is the establishment of the plague hospital and cemetery beyond Kennedytown. In 1897 these establishments did not possess the same prospect of permanence that they
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At the meeting of the Committee on Tuesday Mr. THURBURN referred to the Kennedytown and Aberdeen Road in terms which indicate that the project still possesses his support on its own as a body merits, but the Committee take their stand on the legal aspect of the case, holding themselves bound by the terms of the resolution upon the faith of which the money was subscribed, and we are left in doubt as to the private opinions... of the individual members. The legal difficulty in the way of a variation of the purpose to which the money is to be applied would, however, be very easily overcome. A short Ordinance might be passed, if necess ary, to sanction the variation, and, in order. that no ground of complaint should remain, subscribers might be afforded an opportunity of obtaining a refund of their subscrip- tions should they so desire. Practically, we should think, none, or very few, would clain such refund. The primary object with which the money was subscribed was to establish a memorial of Her Majesty's Diamond Jubilee; the precise shape the memorial should take was a secondary con sideration, and it must be assumed that the general body of subscribers would be will... ing to yield any private predilections they may have to the logic of facts and the will of the majority. If the matter has to be decided by the Government, the prin ciple to be applied should be that adopted by the Charity Commissioners in England, who, when they find a bequest cannot, owing to changed conditions, be applied precisely as the testator directed, "turn' to the best use the circumstances . it
In this case, however, there admit of. is the difference that the donors of the money are for the most part alive aud well and capable of expressing their wishes, and when the Secretary of State's decision as to the Kennedy town Road is made known presumably some steps will be taken to ascertain what those wishes are.
There can be little doubt, we think, that the Secretary of State will sup- port the military veto, and in that case a diversion of the money from the purpose for which it was originally subscribed will be come necessary. Whatever may be thought of the military view, the Secretary of State would not be likely to override it on his own responsibility, and very strong pressure would have to be brought to bear on the War Office to induce it to reverse the leci-- sion of the local military authorities. Forko the present, therefore, the scheme for a roads from Kennedytown to Aberdeen may be re- -* garded as dend. Sometime we hope to see, or hope that our successors may see, a road a connecting those two points with a tramway a ruuming along it, but the project is too re- a from present possibility of realisations note to render it a suitable memorial of an event ** of the present day.
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