102
JAPAN.
[: OM OUR CORRESPONDENT.]
Tokyo, 23rd Jandary: TOKYO STREET RAILWAY AND FOREIGN
CAPITAL.
fir Malcolm aacEacharn, of Messrs. Me 1lwraith, MacEacharn & Co. of Londou and Melbourne, Las, Leting on behalf of a British syndicate, almost concluded an arrangement with the electric street railway of Tokyo in virtue of which the British syndicate will supply the Japanese company with the capital it badly needs. This company was originally floated with a capital of 800,00) yen, but on account of a great extension in its scheme of operations a capital of six million yen became necessary; and, as this sum could not lo ra sed in Japan despite the undeniably bright pro- spects of the railway, it became necessary to introduce foreign capital. Mr. Kondo. President of the Nippon Yuson Kaisla, interested himself very inuch in this matter during his recent trip to Europe and the result is that Sir Malcolm MacEacharn is here to-day negotiating. He has already drawn up the proposals which he wishes the Japanese com- pany to sign, and thougir they may emerge in a slightly modified form from the disenssion which is now carried on about them, I think I may briefly give them here. In the first place I should state that the London syndicate which Sir Malcolm represents is to be made into a com- pany in accordance with the English law, that its shares are to be taken up by the shareholders of the Tokyo company, and that it wil be nuder the same directorate and work with the same
capital as the Tokyo company. One-quarter the share capital is to be subscribed by Japanese, the other quarter by foreigners, while the remainder¦ is to be raised by issuing debcutares. These debentures will be floated by the London com- pany, which is also to have the privilege of sup- plying the company with the material it wants. Important couditious are that the staff of directors and auditors shall consist of an equal pumber of Britishers and Japanese; and that the chief engineer on the work of construction is to lea Britisher and to remain in the employ- ment of the company for two years after the conclusion of the work of construction,
It will be seen that the dual arrangement nader which the two companies work together is a very ingenious one. The London company's shares are to be taken up by the shareholders of the Tokyo company and payment for these shares is to be made, not in cash, but with the shares of the latter company.
THE IFFICULTY.
THE HONGKONG WEEKLY PRESS AND
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conservatire section of the Japanese is that 1 the foreigners will acquire too much power in the ca ital of Japan; but they say that they are only afraid that wealthy foreign capitalists will, if they are allowed to have anything to do with the control of the electric railway, act in such a manner as will prejudice the interes's of their poorer Japanese fellow-shareholders, as for instauce by setting apart large sums for reserves and thus diminish ing the rate of dividends. The very idea of such a thing happening, tarus the blood of a Japanese shareholder cold, for he is accustomed to put hardly anything at all in his reserve account, with the result that the railways and other public works in which he is cancerned suffer cors derably. The Japanese of whom I speak are also afraid that, with unlimited capital to buck them, the foreign shareholders may ultimately succeed in getting the whole control of the electric railway.
[Februa y 9, 1933.
TIENTSIN.
Tientsin, 20th January.
SHANSI NEWS.
From reliable information to hand it is learned that the Acting Governor Chao of Shansi, who holds a Hauliu rank, is apparently giving good satisfaction. He is encouraging the students in the New Uni.arsity to apply themselves to the study of Westeru learning. prououncing the Chiues classical education of little ass in the now conditions and require- ments of Chin. The Nishtai (also Hanlio) and Ta ta are anti-foreign in sentiment, but it is said that the firmness of Sir E. Enlow in connection with the trouble in the sonth had a very salutary effect in chansi. Not long since Taiyuanfu was visited by two German officers, oue of them travelling (stevsibly for pleasnie, and with no retinne. No hing transpir、d to iudicate what their object was in running about over the country at this inclement season aud in the conditions in which one has to travel in North-China in the winter time. Humour has
To do them justice, most Japaneso see clearly, however, that there is no ground for these apprehensions in the present instance as even foreign shareholders will hardly be so dis it that some Russians bere also leeu going about that part of the cousay of late, but of interested us to propose setting apart as a
this nothing reliable is to ban. hausi local reserve fund more than the six per cent, of
And magistrates have been notified,'that railway net profit required by the Home Office. oren if the whole control of the concern
construction will commence in the spring; and that they will be expec. b maintain order, passed into the hands of foreign shareholders, there would be nothing to be frightened at, as supply all needed material, and ruder other the whole plant, etc, is to revert to the Munici-assistance to the foreigners in charge as may be needed. Tins they have time to make pality after the Ang! -Japanese Company has ruu the busine & (
years. I
In other words preparatious for coming even e. the corporation is to get grut's from forcizu capitalists a valusble an I profitables roct traffic
t
business.
I. Puk
I have judged it with while to write at this length on the electric railway question, for th• introduction of British capital to Japon is a very important uefei; and besides. that the many Settish caders of the Hongkong
· Daily I'ress will be interested in this important scheme in which a man with & name like Malcolm Mackacharn plays the leading part and in which, if all goes well, engineers with names quite as Scottish may have a good deal
to do.
COREA.
[FROM OUR CORRESPONDENT.}
Mokpo. 17th January.
THE JAPANESE MINISTER REMONSTRATE
The Japanese Minister at Seoul has sent a communication to the (orean Foreign Offico with reference to the separate items : ~ (1) The excesssive lekin dues vied at Mi-yang on the Mak-tong River, which are a serious obstacle to Japanese trade, (2) The hesitation to use the Daiichi Ginko 5-yen bills evine d by the Corvaus on account of the Government opposition to these bills (3) The necessity of s'uding a Coreau Minister to Tokyo to take up that important post, at presert in the hands of an Acting Minister only.
COREA'S POPULATION.
The one difficulty in Fir alcolm Mac Eacharn's way is the suspicion with which the ci nservative section of the Japanese regard any association of their countrym n with foreigners for business purposes. Gu the 16th inst, for example, the Hochi Shimbun of T kyo published an article on the negotiations above relirred to, in the course of which it alluded 10 foreign possession of shares in Japanese enterprises as an event of the most omincus description, and tried to make out that Baron Sone, the Minister of Finance, wrs guilty of “an atrocious attempt to sell the the country" beca se ho favoured the negotiations. Barou Utsumi, the Minis er of Home Affairs, Mr. Okada, the President of the Electric Tramway Company, and ofbers also came in for some hard knocks. Even the Tokyo Asahi, which is fairly impartial in this matter, remarks that while, in iu- troducing foreign capital, it would be pre- ferable to arrange
matters so that it In 1883 the gradual abolition of slavery in would be entirely in the control of Japanese. British North Borned was provided for by pro- uch a course is at present impossible. In clamation. That enactment having done its short, the publication of Sir Malcolin work, auother proclamation was notified in the Mac acharn's proposals have raised a storm in 31st December last, declaring that no form of the vernacular Press which evidently wants domestic slavery will in future be recognised in foreign capital but not the foreign capitalist, that Territory; all attempts to revive any form Even so enlightened a man as Barou Iwasaki, of slavery being dealt with under the Penal Code the lead of the Mitsu Bishi firm, objected to Sir Malcolm's proposals on the ground that Singapore hotels have some excitements which be thought such undertakings as gas-works, cannot be paralleled in our local hotels. A few water-works, tramways, &o, wers of the nature months ago a tiger want to sleep in the billiard. of national undertakings and should be kept room at the Raffles Hotel, Singapore, and now strictly in Japanese Linds. The matter is
a boa-constrictor, 14 fret in length, has been now becoming a political question, for the discovered in a palm-fnl on the verandah. The Progressives have commenced to insreligate it, | snake was shot at unsuccessfully by a visitor, and other parties are doing the same.
but its reality was proved when it was noo.el The principal fear of what I nay che and sent to the Botanical Gardens.
An investigation in the nature of a census at the end of 19 showed that there are in Corea
2,405,176 houses with a population of 5,782,86 the latter an increase of 67,562 since the last enquiry.
N IMPERIAL FINANCIER.
It is said that, there being no proper successor to the post of Finance Minister, His Majesty, the Emperor will himself directly control the Department.
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S.GXS OF MOVEMENT.
A uniqund the old city of Tientsin and sulucbs cannot fall to impress one with the many changes that ale taking place, the im provements that are in progres, the ing, cused basiness activity, and the enlarging if its borders. Many two-story buildings are boiug erected, generally in Chinese style, but hero and there, and not a few in the aggregate, modelled after the foreign pattoru. Where new roads or streets are being laid out, some order and regularity are being maintained, and These are some of they are of god width. the ways in which the b nefits of the foreign occupation and the rule of the T.P.G., are being shown. With a good fairway to the sea, there seems no reason to doubt the future prosperity of the place,
A THAW.
Passing along the river bank to-day, it was noticeable that the p'uitze or sledges had all- disappeared since yesterday when they were in fall swing, and the ice in many places is siuking and breaking up. Tuis is very early for the hence we will have some severe weather. For ice to disappear, and it may be that af w days
one thing the water in the river is very low, aid so is more easily affected by any chauge of temperature thau if there was a greater volume of water.-N.-C. Daily News.
NORTHERN NOTES.
The following itous are from the P. & 7. Times of the 17th ult.:--
Many poor were frozen to death during the extrem cold in Peking about ten days before.
News keeps dribbling in that Kussin will completely evacuate Manchuria by the 1st of the 3rd Moon. It must be understood this evacuation will be on the lines so graphically laid down by Dr. Morrison.
Viceroy Yuan is reported to be sending the cap round among the Viceroys and Governors to raise funds for the rebuilding of the Peking gates. Chibli has contributed Tls. 50,0 0.
One of the Princes recommends the Emp ess Dowager to cancel the order for the special ex- amination next year, as so many useless m'n have been recommended for it, and the special object for it was to obtain good officials with- out is of time. The Prince suggests that men berre mneaded by the universities instead, and ir introducers be held strictly respon- sible for their efficiency.
Viceroy Yunan and Chang Chi-tung, says L'Impatrial, are said to have jointly memoralised against the Minister of Education, Chang, for He accepting pupils of Kang Yu-wei. volunteered to give up the post, and invited them to take all responsibi ities.
Two cases have recently occurred in Peking of a ma dered body being packed in a trunk and left in some lonely place. This is, we believe,
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