October 2. 1905.]
in the native importations. Coming to the itemised returns, we note that considerably less foreign opium was imported, a fact that will please the missionary, until he notes the increased trade in native opium which is bigger even than shown. The amount of foreign opium imported was 4,585 cwts, valued at £858,156. The year before it wns 675 owts. more, valued then at £858,891. According to Messrs. JARDINE, MATHESON & Co., the prices all round, both for old and new opium, show a decided increase over those ruling in 1908. In cotton goods, Foochow does not seem to have shared the revivel demand noticeable in so many other ports, the import falling off slightly, from £115,000 worth in 1903 to £118,650 worth last year. Almost every variety experienced a decrease, plain
#4
CHINA OVERLAND TRADE REPORT,
HONGKONG SHIPPING
COMPETITION.
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to some
returns are not only desirable bit possible, This opens up a large question with regard to British shipping and foreign competition. (Daily Press 27th September.)
Japan is Great Britain's nlly, but fa com- The capital of the Doulas Steam Ship merce it is every one for himself; and the Co., Ld., is one million dollars; but the expected revival and increase of enterprise local valuation of the company, as it appears on the part of the subsidized Japanese in the shure lists, is now only $710,000; steamers will be sure to re-open the question that is to say, the 20,000 6f y dollar shares whether it be not possible, and desirable, are now worth only $35.50 ench The bare for the Government of Hongkong to impose assertion of this very patent fact seems some port due or tax up in foreign steamers sufficient to show that there is "something that will counterbalance the advantage they rotten in the state of Denmark;' that enjoy over British in the shape of subsidies, British shipping locally is in a parlous The CHAIRMAN stated that many fruitles
ate; and that "something should be efforts had been made to come done,' Unfortunately, Mr. PERRY did not arrangement with the Japanese, the cause indicate at the shareholders' meeting what of the failure being darkly hinted in that something should be. Aparently he his phrase "but you know the Japanese." and the Chairman, Mr. H. P. WHITE, Were This may mean anything; but if it means meaning of such mutual understandings as were here indicated, it was unjust; for it is a matter of history that the first overtures were made by the Japanese themselves, and flouted in such a way as to justify the cominent, "but you know the Hongkong shipper." However, it is too late to talk of that now, and comments, polite or other. British shipping will soon have to fight wise, can be discardel. The point is that harder than ever for its existence, let alone its predominance; and that it behoves the directors of British shipping companies to leave nothing undone or untried that can possibly help towards success. In the mean- time, shareholders are turning from directors to Government and back again, well aware that "something should be done,” but feel. ing their aspirations muzzled in various ways and for various reasons:
Italians" perhaps suffering: most. Even | somewhat at oross-purposes, the one wishing that the Japanese fail to appreciate and
Japanese cotton flannel fell away to the extent of £1,400. It seems safe to pro phesy that a much heavier import will be shown for the current year. Foochow took more cotton yarn to make up for her poor appetite for cloth, the total importation beitg worth £146.607 as against 116,693. Of this increase of £29,912, Indian yarus accounted for £28,866 Woollen yarns made a still more remarkable jump into favour, the port taking £3,080 worth as against the meagre £816 worth in 1903. Some part of the increase in metal imports may be set down to the Chinese enthusiasm that year for minting copper cash. Th amount of ke osene imported was 4,506,489, or just 1,844.274 gallons more than in the previous year, American oil Lad made some little progress, but it was the product of Sumatra that chiefly accounted for the increase. Foochow also took a first con- signment of Kussian il, 400.000 gallons worth, £8 296. There was a noticable decrease (£8,000 worth less) in the quantity of Japanese matches imported; but there is nothing to show what took their place; Sugar imports showed an increase of 32,957 cwts., und £23,227. Very little rice was imported, and noe of it was foreign. In exporis, au “encouraging advance" is n td in tea, 1.016.287 worth eming out as agnin-t £788,464 in 1903. Ths represents greatly enhanced values, however; the quantity being bes by 14,752 cwts. These figures are not particulul valuable, as the Foochow estinale is not necessarily realis d in London. Foochow shipper, in fact, are described as despondent, one of them i form ing Mr. PLAYFAIR that the as i had been a most disappo.ating one. It is worth notin · that this particular shipper pointed out that the commoner tens were scarce and relatively dear, thus quashing the stat ment that London was bec mig a dump ng ground for inferior China leis. Another tea-{1}&l}, still more pessi uistic, wrote that China te 8 no longer appealed to the taste of the British consumer and added ; "How 16,000,000 lbs. of China ten, which lie totting in ware houses for want of buyers, can he a menace to the trade if the Indian tea planter is not at all apparent." With regard to shipping, there was au. all-round decrease of foreign, the chief falling off being from Japan. It is a grain of comfort at a time when such things are being said as were s id at the meeting of the Dou, las 8.8. Company the other day, to read that "British shipping maintained its prelominance both as to number and tonnage of steamers."
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THE NEW ANGLO JAPANESE
TREATY.
Daily Press, 28th September.)
to awaken his colleagues to the urgent need for some action, the other impressed by the unwisdom of open speech, yet both, we imagine, anxious for the greatest good of the shareholders. Prima facie, we would say that such caution, though well enough in its way, would tend ultimately to disfranchise the shareholders. The annual meeting is the statutory reserved for the shareholders to ask ques- opportunity tions and pass criticisms, and to make or unmake directors with a view to conserving the interests of the proprietors at large. It will be noted that Mr. PERRY desired an extraordinary meeting at which to discuss the position of affairs; but that beyond giving the CHAIRMAN some pleasurable sensation, his suggestion was wasted. There may still be two opinions as to the wisdom or otherwise of open discussion; but there can be no doubt that it is not the wise t course to ignore such an agitation. The accounts show how circumstances have changed, and indicate that the old methods that suited the old time may not by the best to-day. Mr. PERRY'S suggestion of a
If the first Anglo-Japanese Treaty was not syndicate wanting to take over the entire aimed at Rus ian amb tions, it is difficult to concern at 850 a share (or shares quoted exclude the conclusion that the new one is. at $35 50 only) was surprising, and not a Our London correspondent's summary, little alarming to those whose i terest in appearing in our telegraphin news this British shipping is more patri tie t'a morning, seems to point distinctly to commercial. If the busines is worth pr Russia, ns the only Pwer likely to force value to any other syndicate, why shoul an unprovoked war upon either Japan or it not be worth more to its present proprie- Great Britain. It is unpleasant to have to tors? The figures in licate that it is worth expose the rift in the lute, and to becloud far more. The actual cash assets on the happiness which the humane world is mortgage and deposit amount to $586,000, presumably extracting from the present and with the augmented reserve fund, peace; but it does not appear to u« unjust stan: now at $665,688. There are al-o the to suggest that this present peace between steamers and moorings, written down, since Russia and Jipin, without the Anglo- the last meeting, t $719,311. Thus the Japanese Treaty, would not have come original cap al of $1.00.).00) shown to about. The even nearest to it would have be in hun, and 8884,949 besi les. In face ben a truce of uncertain duration, The of this the shareholders could well afford temner of Russia during the nezoliɩt ons, to bave their property written down eight and her demeanour afterwards, poiit to the per cent, although, in face of the sales of sad fact that she (if we may speak of her as the other steamers, we fail to see the a cobereut entity for once) has failed to necessity. This so-called prudence results profit by her late experiences, which should in a real misrepres nation of the value of under normal conditions have had the assets, and the suspicion presents itself chastening value. What we are now that its not unwelcome effect is to suggesting, that on a suitable occasion in go ame way to disproving Mr. PKRBY'S the not distant fumre, Russia would complaint that the dividends earned are doubtedly seek to bring abut... a not commensurate with the capital at its of revenge, does not originate with us, disposal. The expected increase of com. It has been made more or less im. petition is in no way provided against by pudently in Russia and by Russians, On such a step, as it is provided against, for the other hand, we are not so blinded instance, by a reserve fund. It is, of course, to the human instincts of our allies that we recognised that the average sh reholder | would acquit them of all proneness to a shares the feeling with regard to his possible similar temptation in similar circumstances, successors that was expr ssed by the man | We have alr ady pooh-poohed the attribute who said: "Po-terity be hanged. Whint of "magnanimity" in connection with their has posterity done for me?" These writ- surprising abandonment of vita inga down, and these gilt-edged mortgage their peace proposals; and securities, are all very well for the share that eminently sane and sensible, holder of the future; but Mr. PERRY, and tions were at the base of their couce many with him, consider that better present They are a practical folk, steeped in
The Peking and Tientsin Times reports tha a scheme has been started for a "Patriotic Con. tribution" - fuud to pay off the indemnity by a popular subscription, which is to be started in Peking and cover the entire empir The money is to be raised, without coercion, wi hin a year.
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