1
September 10, 1904.j-
Auditors.-On Mr. Guerrier's departure for home, Mr. Thomson was appointed in his place. Messrs. Leake and Thomson also retire, but offer themselves for re-election.
The accounts are as follows :-
PROFIT AND LOWS ACCOUNT For the year ending 3 th June, 1904. To directors', trustees', and alditors' feex To interests on debentures
- To Hankow loss
To balance, net profit
By balance transferred from working ac
count, Shanghai
By transfer feck
By dividend...
Hy balance brought forward from pięcious
year....
147 ་རྣ
1
BALANCE-SI EET.
To share capital-
Authorised
30th June, 1994. LIABILITIES ZTC.
$ C.
CHINA OVERLAND TRADE REPORT.
PROBABLY THE SAME PARTY.
On the night of the 29th ult. a passenger junk from Saicheong was captured by pirates within sight of this port in fact the discharge of firearms during the attack could be heard by the people in the harbour, but the numerous guard-boats scattered along the port remained 3,546.07 indifferent as if nothing wrong was happening. 53,588.80
One of the passengers was killed during the 13,060.64 75,980.01 affray and several members of the crew and a few passengers were wounded. The junk was $146, 184.52 taken to a quiet place named Sam-nin-Wau. and after being relieved of a good portion of her $ C.
cargo was released, arriving here on the morn- 120.564.62
ing of the 30th ultimo.
296.57 21.56
$146,184,52
THUNDERSTORM.
A violent thunderstorm, accompanied by very 16,301.80 heavy rain. visited us early on the morning of the 1st instant. A lightning spark caught the mast of a junk, anchored in the centre of the harbour. After reducing the mast into splinters it worked its way into the cabin, killing a man and a young girl. Another spark fell on public latrine in Sult Fish Street. I hear also that three men were killed by lightning in a
560,000,00
village named Tok-si-kun, not far from the town. The heavy rain has not failed to cause 666,666.66 | inconvenience to those whose roofs are still
leaky owing to the late typhoon.
$
$ C.
A 750,009,00
Issued and subscribed (22.10 ʼn share: of
$25 each)
To first mortgage 8 per cent. 2gbenta'ex
Tlx. 500,000
To Chartered Bank of India, Auleyalia and
China
To sundry creditors
To outstanding dividends
To outstanding debenture interest--
To profit and loss account
hanghai profit for year
ended 30th June, 19 4
Less Hankow loss $13,060.61, Directors', trustees', and au
ditors' fees...
4
7 890.9%
3,546.07 16,006.71
59.687.21
Add balance brought for-
ward from 30th June. 1903 16.301,8-T
ASSETS. ETC.
u.
64.4 7.79 36,86724 327.50
12,778 00
70.69.01
1.417,#5.91
1
$
c. i
By cash at bank, on deposit, and on hind 19,138 47 By sundry debtors.
$38.078.11
Less-reserve for bad and
doubtful delits
127181
33,867.39
By stock of winex, stores, cigars, etc.. 25,504.20 Cutlery, crockery, napory, and silverware ('9.672 63 Furniture, fixtures, and fittings..
Plant
Buildi! gs
Land
Hankow improvement
Less amount written off
Shares Mutual Telephone
China Printing Company
Unexpired insurance premiums
Goodwill
РАКНОЇ.
165,227.01 12,02 .28 37.599.26 £60,000,00
12/731,60
11.573.26 1,821,66
338.58 672.82
1,014 LC862.70
STEAM VERSUS SAIL.
I note with gratification that some of the goods from Canton, specially native cloth, are being imported by steamers instead of hy junks as formerly. This is owing, no doubt," to the insecurity of the junk trade at present, which is liable to fall prey to the sea rovers. Apparently the loss of the junk from Kongmoon, reported in my correspondence of the 6th ultimo, did not fail to he appreciated as a lesson by the nier- chants. It remains now to be seen how the silk piece goods from Canton will reach here by I steamers. The differential duty on silk texture,
is enormously heavier when carried by steamers through Hongkong.
189
ship to traders generally being caused by the forced withdrawal of the outside dollars.
Mr. J. C. Nicholson, Manager of the Hong- kong and Shanghai Bank, is also of the opinion that the time is ripe to demonetisation, as at present silver has a downward tendency, which will consequently check any false rise in the faço value of the dollar. The time given he con- siders sufficient for the business portion of the community, but he thinks that discretion must be used for outside people who will have little opportunity of knowing of the demonetisation. To avert this as much possible. he thinks that it would be advisable to give the greatest publicity to the new ordinance and thus prevent speculators from taking advantage of the ignorant, who probably, on inding that only Straits dollars were legal tender, would sell their alien dollars to 'sharpers" for a tithe of their real value. He thinks that the new order will have a beneficial effect on trade, as business people will now know how they stand. If the ordinance against the importation of alien dollars into the colony were repealed as Boon as the alien dollars cease to be legal currency. Mr. Nicholson is of the opinion that it would have a still more beneficial effect, as in the recent past-since the passing of the ordinance in question-dollars were smuggled in from qutside ports to take advantage of the premium they possessed in Singapore, thus denuding of coinage the places where they came from, and thus causing much inconvenience. If the ordinance be repealed. the alien dollar will be in exactly the same position as the guilder.
Anxious and unlearned people, says the Free Press, are asking :---What is the effect on exchange going to be? What are they going to fix the dollar at? The effect of currency changes cannot be predicted with the certainty that may be used as to the effects of prolonged visits to Monte Carlo or Johore. There the result of the system is inevitable. We can only guess at the effects of currency changes. As regards exchange, the present step ought to
THE CHANGE OF CURRENCY IN produce no result, and probably will not. We
THE STRAITS SETTLEMENTS.
A (ior rament Gazette Extraordinary. issued in the Straits Settlements on the 24th ult.. proclaims that the British. Mexican, and Hongkong dollars will cease to be legal cur- rency throughout the Straits Settlements after Wednesday, the 31st August, and similar pro- clamations have been issued by the respective Governments of the various Malay States in the Federation. The announcement reads as follows:
安备
Notice is Hereby Given that after the 26.00.00 Thirty first Day of August, 1904. British. Mexican and Hongkong Dollars will cease to $1,41.0354.91
be Legal Tender and will be no longer received by the Government or by any Public Depart-
[FROM OUR CORRESPONDENT.
3rd September
EASY WAY TO OBTAIN GUNS.
ment.
The Treasuries and Sub-Treasuries will give Straits Dollars or Notes for the old Dollars being of full weight and unchopped. so far as their balances will permit. up to the date above mentioned."
The notice is not extended, remarks the Straits Times, and will probably result in loss to various small holders of alien dollars, as well a considerable inconvenience to collectors. bankers and various other persons concerned. Why the final advice should have been so short. it is difficult to determine. Possibly, however. some reason other than a whim prompts this shortness of the period given by the authorities for the demonetisation of the various alien dollars now circulating in the Colony.
A licensed junk of about one thousand pics capacity was peacefully lying at anchor off the Custom House on the night of the 28th ultim ready to receive a cargo of foreign goods for Yamchow. Out of a crew of sight, four went ashore, and the remaining four had made up their mind to retire to their cabins soon after their evening meal, leaving nobody on the watch. The weather was all that could be desired, with a smooth sea, while the moon was just emerging from the horizon. Besides, there was a guard-boat at anchor scarcely a hundred Mr W. H. Frizell. Chairman of the Singa- vards away.
Under these circumstances no pore Chamber of Commerce, and Manager of danger of any kind was apprehended. Between the Chartered Bank, considers the immediat 8 and 9 o'clock, however, to the crew a amaze-change a very good thing, and an action com ment, they found themselves surrounded by a lot of strangers, whose demeanour convinced them at once they were a gang of oldand daring pirates. They were eagerly looking for rifles and ammunition of any kind. The crew, having been found napping, and who, owing to their reduced numbers, could not offer any resistance to the intruders, were compelled to give up the Maven rifles they had on board. together with all the ammunition, after which the marauders guiltily slipped into their sampans, but not before threatening vengeance on the junkmen if they should raise any alarm.
ducive to the good of trade generally, by tending to strengthen the stability of the Straits dollar Mr. Frizell has been urging upon Governmen the advisability of such action for some tim past. and he thinks this as good a time as any for the change. It had to come sooner or later. and as it is obviously for the benefit of the com- munity the sooner it is effected the better. He points out that no notice at all was required of Government as to the date on which the alien dollars were to be demonetised, and he consider that the week's notice now given is very fair It is a concession that will prevent any hard
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shall go on just the same, until the demand for dollars leads someone to ask the Treasury for them. Then the answer will be "We will sell you a hundred for a draft on London for £10," or Ten Guineas, or whatever sum the Treasurer of the day thinks he can get. Then exchange will rise. Where it will stop, or when it will reach 2/-, no man knows, but it may be borne in mind that to raise the rupee in India to 1/4d.
took seven years.
THE OPENING OF CHANGSHA.
Changsha, the heart of conservatism and infi-foreign envy, hatred, malice and all un- oharitablenes is to be opened to foreign trade, and Viceroy Wei Kuang-tao, as Superintendent of Southern Trade, has drawn up a certain code of rules on which international_ tråle should be conducted there.
1. This Trading centre being opened voluntarily by China will be entirely under the administration of Chinese officials specially appointed for the post.
2.-A Chinese Municipal Council will be organized after the pattern of foreign settle- ments, but entirely under Chinese control.
3.--All land purchases and othʊr business will be coudu 'ted by the President of this Council without foreign interference. The Council will draw up regulations in regard to building of houses, godowns and other premises within the selected area, and no straw huts or wooden houses must be constructed by either Chinese or foreigners, unless by special permission. No one will be allowed to store explosives on their promises ander 'penalty of fine.
4.- All persons of whatever nationality shall be under the protection and control of the Chinese Government in accordance with treaty stipulations; aud a polise foros shall be organized by the President of the Council in conjunction with the Commissioner of Customs.
5. All roads and public works will be under- taken by the Council, and to meet these expenses s duty of 2 per cent. will be levied on all import and export duties paid by both foreigners and Chinese.
6. In order to facilitate intercourse between the Chinese authorities and foreigners, the
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