482
ENCOURAGING COMMERCE IN THE PHILIPPINES.
Since the civil government took the place the military regime four and a half years Lago, the Manila Bulletin says, it has been the intention of that government, representing the American people, to foster the trade of the Islands and develop Philippine production. Much has been planned and written and said, and a few things have been done, but so far Faith, Hope and (harity "have been our only receipts.
In order to get definite results, we need to take definite measures and actually do some- thing besides talk. So long as Government officials indulge in dreams of future greatness rather than foster the trade that now exists we will have hard times.
What we mean is this. The present tariff regulations are probably fairly satisfactory. At least the officials in charge of their administra- tion can not make or change the law in the case. They do, however, in some c.ses have a considerable leeway in interpretation and fre quently the personal disposition of the official determines the rate imposed.
In many cases it is not highly, important which way an article is classified. The luxuries and refinements of life may be charged at a little higher rate without serious injury. It is the custom of all civilized countries to place a large internal revenue upon liquor and tobacco, and the tariff on importations is correspondingly high. It may be inconvenient, but it does not cripple the country, if the rate on clothing and some food stuffs is increased.
The development of production in the islands is the beginning of prosperity and progress. If we can not get new ways of ploughing and thresh- ing and stripping and marketing all the ban- quets and junkets and wine dinners in the next century will not rescue the archipelago from bankruptcy.
machinery of
Agricultural
sorts should be admitted free of all duty. This means an act of congress and our hopes are not high for immediate relief. There is, however. room for a certain discretion in the classification of such machinery, and the importers ought to have the benefit of every doubt. There is little use of learned talk so long as the men in charge of this thing continue to fix the rate at the highest possible notch and then insist on the case being referred to a court of arbitration. Meantime, the im. porters' good money is tied up without interest, and he has no redress.
To an importer who has sold a lot of machinery expecting to get it through at 15 per cent. it makes a difference if, by some juggling of the rules, the rate increased to 25 per cent. after the gcods arrive in port. This is K no importa" to the official; the world over it is recognized that customs officia's are the narrow- est and most technical set of men to be found.
The situation is serious, and demands immediate relief. If there is authority anywhere to compel a more liberal construction of the regulations, it should be invoked and relief afforded. If we are going to develop the islands, we had better begin with some of the big fundamental leaks in the system, and let the lesser matters stand over for a time if need be.
PROTECTORATE OR COLONY.
A question, says L'Avenir du Tonkin, has arisen among Europeans in Hanoi and Haiphong. It is-Are we in a protectorate or in French Some say "yes" and some say "no." territory? The treaty of June 6th, 1884, concluded between France and Annam, recognises and establishes the régime of the protectorate over Aunam and Tonkin. On the October 3rd, 1888, a royal ordinance made the territories of Hanoi, Haiphong, and Tourane French Concessions, which were ceded in all propriety to the French Government. The de'imitation of the new territories was carefully carried out by the delegates of the Governor-General of Indo China and of His Excellency Kinh-Luve, and it is exactly set forth in the documents deposited in the archives of the kingdom of Annam and of the Governor-General. If the letter and the spirit of these documents were followed some singular things would happen,
·
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THE HONGKONG WEEKLY PRESS AND
NEW BANKING LAW IN THE
PHILIPPINES.
<
1
March 10, 1906, ~||
COMPANY REPORTS
CO.,
LTD.
The report for presentation to the share holders at the twenty-third ordiniry, "general meeting to be held at the office of the general managers on Wednesday, 14th March, states
Annexed we beg to submit to shareholders the usual annual statement of accounts for the year ending 31st December, 1905.
The net profit is $46,563.45, which it is pro- posed to appropriate as follows, vix.:- To pace to reserve fund
$ 1,001,00 To pay a dividend of $1.50 per share 39,000.00 To carry forward to next year's
ir.
The Corporation Bill bec me law yesterday CHINA AND MANILA STEAMSHIP morning, says the Cablenews of the 2nd inst., but will not go into full effect till April 1 nex'. In the reconsideratio of the bill the Com- mission has been actuated by a desire to remove from it everything that would tend to prevent American or foreign capital from coming to the islands. Many clauses in the original law were therefore cut out or materially changed. The boad of $50,000 foreign corporations were called upon to put up before they could enter the local field has been dropped. The $500,000 called for in the old law as capital stock for insurance companies has been reduced tɔ 3250, 00.
Section 103 relative to savings and mortgage banks is made to read :--Any banking corpora- tion, the principal business of which is the receiving of funds on time deposits, and their investment, together with that of its capital, in bonds, or in lbaus scured by bonds, balliou, or real estate mortgages, as hereafter provided, or in any combination of the aforementioned forms of investment; shall be known as a savings and mortgag bank for the purposes of this act.
Such corporations shall not be permitted. to file their articles of incorporation with the Chief
of the Bureau of Archives or shall not receive
his ce tificate of incorporation unless such articles show, under oath of the incorporators, that such corporation has a capital stock of not less than two hundred thousand pesos, that the same has been fully subscribed and actually paid into the treasury of the corporation.
Every such bank shall at all times have on hand, iu lawful money of the Philippine Islands or of the United States, an amount equal to at least twenty per centum of the aggregate amount of its deposits in a'l respects. The term " lawful money of the Philippine Isl nds" shall include silver certificates issued under authority of Act numbered 'ne hundred and thirty-eight of the Philippine Commission, ordinarily called the Gold Standard Act," and goll certificates hould the issue thereof be authorized for the Philippine Islands by the Congress of the United States, and the term "lawful money of the United States shall include gold and silver certificates of the United States and bank notes issued by national banks in the United States: provided, however, That in case of a bank baving branches as provided in section one hundred and twenty-eight of this Act the provision for a twenty per centum reserve shall be deemed to be complied with if the principal bank and its branches in the aggregate have on hand twenty per centum in lawful money of the aggregate amount of the deposits in the principal bank and all of its branches.
THE SINGAPORE HARBOUR SCHEME.
The Legislative Council of Singapore on the 23rd ult. discussed the important motion by the Colonial Secretary, notice of which was given at the last meetin, that the tender of Sir John Jackson, Ltd., be accepted for the constinction of harbour improvement works, excluding the South and East moles, for a sum amounting to £1,030,693.
An amendment was submitted by the Hon. J. Anderson after a lengthy speech that the consideration of the matter bi postponed. The Hon. Tan Jiak Kim seconded and it was carried.
Daring a brief explanation of the motion before Council, the Colonial Secretary sail the schemes before them might be considered expen. sive, but Government was determined to go on with them, notwithstanding the expense:
It has been decided that service with the Tibet mission escort is to be considered as war service, and recorded in the Army List and els where accordingly. The record will be as follows:-"Tibet, 1903-04, for all who served with the escort between December 13, 1903, and September 23, 1901, followed, when necessary, by a reference to any of the particular opera- tions specified in the case of those who actually took part in them-(1) action at Niani, June 26, 1904; (2) operations at and around Gyantse between May 5 and July 6, 1904; (3) march to Lhassa, July 14 to August 3, 1994.
account...
6,563.45 The two steamers Rubi and Zafiro ran regularly during the year. Cargo was scarce and freights ruled low, but expenses were reduced in every way possible, with the result that the profit on working account is a few thousand dollars better than that of last year.
Consul'ing Committee.—In accordance with the articles of association, Messrs. N. A. Siebs, D. E. Brown, H. P. White and A. V. Apcar retire, but offer themselves for re-election.
Auditors.-The accounts have been audited hy Messrs. T. Arnold and W. H. Potts, who are
recommended for re-election.
SHEWAN TOMES & Co. General Managers.
PROFIT AND LOSS ACCOUNT,
Consulting committep's fees Auditors' fees Interest Charges
Amount written off as Depreciation
for 1905
Balance
**
Balance brought forward from 1904 Exchange Profit on Working Account 88.
Rubi & Zafiro...
Authorised capital
Liabilities.
30,000 shares at $25 each.$750,000 Issued and fully paid
+
26,000 shares at $25 each Calls on shares forfeited now belong-
ing to the company Reserva fund Underwriting account Sundry creditors Company's bankers
$4,000.00 400.00
13 189.71. : 2,350,13
41,476.97 46,563.45
$110,980 26 $8,832 70
89.61
102,057.95
$110,980.26
...$650,000.00
*160.00
5,000.00
21.827.15
28,884.56
19,818.71
46,563,45
$943,253 87
Assets.
$833,000.00 43,000.00
-$790,000.00
Balance of profit and loss account
Value of steamers Rubi
and Zafiro Less depreciation Value of Hongkong buoys
and moorings as per last statement... Since expendel
Less depreciation
..$ 3,400.00 494,48
Value of Manila þunys and moorings as per last statement..Į Since expended
Less depreciation
$ 3,894.48 594.48
...$ 4,900,00 412.96
$ 5,312.96 312.96.
Value of stores on hand. $ 6,069.53 569,53 Less depreciation
Value of coal on hand Proportion of premium on current-
policies...
***
...
Sundry debtors Outstanding freights 1905
Cash
3,300.00
5,000.00
5,500.00 8,922.20
28,661,78
59,840.19
38,756.93
3,272.77
$043,253.87
7Page 11
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