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FAR EASTERN INVESTMENTS,
(Daily Press, 1st July). Mauy, or at any rate, a considerable few, of the investors of the China coast and in this Colony distrust. local companies as permanent investments, the idea being that there are " wheels within wheels in numerous cases that do not turn to the advantage of ua-tide investors. Some concerns that share in this feeling are to all appearances of a standing to offer security of the "git-e Iged "variety. Their position and prospects cannot easily be impugned, and they often pay dividends with which the returns that satisfy European investors cannot be compared. The distrust is by 10 means logically distributed. Somy businesses that would not attract a realle caßtious investor are quite popular; others, with which it is difficult to find fault, are eschewed by those with capital to employ. The popular impression seenis to be that there is far too much Stock Exchange gambling to make the local share markets a safe field for investment; and that only hose who are, as the slang expression goes, in the know," can hope to profit by ealing in these securities. The ordinary dnvestor, whose object is to retain his isapital in some safe concern while draw ing a regular and reasonable return, is told that at any moment his good dividends are liable to be set off by alarming depreciations of the value of his shares. We must certainly admit that these violent fluctuations do occur, with some frequency; and that there is often no apparent relation between the actual profits or working of a company and the rates at which its shares may be from time to time quoted. To mention, without any implication, some recent occurrences of the kind, there
what the sharebrokers described as "the awful slump' in Indo- Chinas." There was also the recent case of the High-level Tramways, for buying
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THE HONGKONG WEEKLY PRESS AND
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(July 10, 1905.
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growing prejudice against Far Eastern friendship and sympathy. Every Power industrial investments, and such disputes that has Asiatic possessions is threatened are not likely to combat that prejudice, nor with the loss of them; and particularly to establish the reputation of any of the those who have markets in China are companies so afflicted. Many ex-Colonials warned that very soou China will be and settlers who have retired to a well- " Japinned," and all foreigners warned off. earacal rest at Home have left the bult of We are told that China will re-organise aud their savings invested in the Far East, become as strong is, Japan, under Japanese attracted by the more favourable returns teaching and influence; that the whole male. Should these, and other non-trade of Chiun will fall to the enterprising gambling investors, begin to fight shy of Japanese, whose competition has already local industrial undertakings, it would begun to be more than noticeable; and that be a bad day for business enterprise.. if BRITANNIA Continues to rule the waves, | Fluctuations in values caused by rising the waves of the Pacific will not have to and falling exchange do not alarm them, be counted in. Of course Japan, when the for the two work almost automatically war is over, is bound to advance cum. together, a fall in the value of the dollar mercially; but all this talk of Japanning"
Those who usually being accompanied by a rise in the Chin is the veriest nonsense. prices of stock. The latter adjust them accept the forecast forget what China is, svud selves. But if violent Huctuations grow ever has been. Overrun time after time, more common, and it becomes known that having to submit to foreign teachers and Stock Exchange gambling is really the alien legislators again and again, China secret of it all, there will be inevitable and continued to be China, absorbing her wide-reaching results of truly deplorable conquerors and her would be improvers nature. It is much better all round to have steadier values and normal returns than the bloated and unhealthy profits that are brought about sometimes apparently without sufficient cause. One Far Eastern feature which sometimes strikes us as peculiar is that there should be such apparent unanimity and satisfaction at shareholders' meetings; and almost simultaneously such torrents of virulent and anonymous criticism in the correspondence columns of the Press. The desiderata appear to he, dir. ctors who are like CESAR's wife, above suspiciou, shareholders who, however many baskets their eggs may be in, will keep their eye on the baskets, and have the courage to sound an alarm when anything suspicious approaches; and, lastly, and by no means easy, some restraint upou the increasing number of the frequeuters of the The jest is melancholy, and the slang objectionable, but the obvious reflection is that too many brokers means too many "broke."
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shares in which a bona-fide investor would not have been considered unwise twelve months ago, but who would now be facing THE "JAPANNING" OF CHINA, a very apparent hole in his capital. There is the case of S. C. Farnham Boyd and Co.,
Daily Press, 3rd July, Ltd., perhaps more typical than those we England had but one CECIL RHODES. have mentioned. That, as a shareholder Japan has many who dream similar dreams, has recently pointed out, is Shanghai's who "think in continents;" and some of biggest industry, "the
most important them, having been telling their dreams, British interest ou the Yangtze," and have, like JOSEPH with his brethreu, made everyone will agree with him that "it themselves unpopular. Unpopular, that is ought to be a gilt-edged security yielding to say, with a section of the foreign public, regular returns to genuine investors." Yet that section which is or pretends to be no genuine investor who bought shares at alarmed at the "Yellow Penil." A good many three hundred taels can have his trust in people who knew and liked the Japanese, Far Eastern undertakings strengthened by dreaded the effect upon their behaviour and the present value of his holding. In that attitude that decided victory over Russia
• case it seems to be admitted that night bring about. Stoical, expressionless the business is in the hands of  as they seem, those who know them in- company of men with mixed motives, a timately know that they are men of like number of genuine investors, and a number passions with ourselves. To those who of what the Chairman has called "the anticipated that long training would suc- speculative element."
In trying to hold, cumb to strong feelings, and that there
Mafficking the balance even between these two oppos-, would be
in Japan, a very ing forces, the directorate. seems to have agreeable disappointment has come. Abso- fallen between two stools. At least, this is lute confidence in the Government, and one impression we derive after wading unswerving loyalty to the Throne, have through the recent maze of argument at the been their safety-valve; and the pressure northern port. Apparently genuine in gauge has not once indicated anything vestors are in the majority, as the Chair- alarming his people, admirably patient man has stated that about two-thirds of under injustice and adversity, is able to the original shareholders bare never changed contain itself when it might well be delirious their holdings, unless to increase them. If with pride and delight. It is thus eride it
110 the that there is this be the case, it may be that it is " speculative element
which is raising all the pother. To us, it looks very much like that; but so many extraordinary allegations have been made that we do not care to ex- press an opinion with any show of confidence. The broad fact remains that there is a
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the sea absorbs all the rivers and torrents of fresh water without ceasing to be salt. Japan is welcome to do all she can in China, for having cast in her lot with the nations of civilisation and progress, her successes will be their successeZ. If Japan can succeed where others have fa.led, all the better; for who wishes the China of to-day and of yesterday to be the China of to- morrow? It is at present the one wheel of the world's machinery that refuses to go round. Some of them are revolving, strongly and silently; others, like Russia, slowly and creakingly at present; but all, save China, are turning in the desired direction. The big Chinese wheel alone rusts on the axle, and threatens to throw the rest out of gear. If the cogs of Japan bite into the cogs of China, and the two turn with the rest, where is the peril to the whole ?
BRITISH SHIPPING.
(Daily Press, 4th July.)
Lord MUSKERRY has always a watchful eye for the interests of British shipping; but his recent interpellation in the House of Lords with regard to the coastal trade of the Philippine Islands did not result in much encouragement for British shippers. His Lordship himself recognize the hope- lessness of expecting any concession from
the American Government; but used the case as a warning to British legislators in dealing with other places at which British interests are supposed to be threatened. He had in mind the question of wharfage at Hankow, with which subject we have already dealt, and have no more to add than that Lord MUSKERRY, as seems clear from the reply of the Marquis of Lansdowne, was misled in supposing the cases to be on all fours, or even to possess any similarities. The wharfage reserved at Hankow for British shipping is not the whole of the accommodation. It isa particularly suit- able strip of the British bund, but can- not accommodate more than about four steamers at a time; aud the fact that the MCBAIN steamers NOW owned by the Nippon Yusen Kaisha have been registered at Hongkong does not prevent the Municipal Council from giving British owned, as well as British registered, ve sels the preference. In the case of the Philip- pines, British shipping has no such leg to stand on. When the American Legislature Yellow Peril behind
was considering its Bill to exclude all but the Japanese temperament. Is there really any more behind Japanese policy? The American and Spanish ships from the insular trade, the British Gove ament urged few newspapers in the Far East that have accepted the retainin; fee of the advocatuslause of their treaty with America, to their claim, under the most-favoured nation diaboli are making pathetic attempts on behalf of Russia to rob Japan of the world's special consideration of the needs of British
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