404
That's also a little hobby of yours ?—Yes. Mahomet Ali was-called for the defence. He said he had known the plaintiff about three and a half years. He left for England in August, 1902, and returned in February, 1903, with about £3. He owed nothing here then. He did not receive the $670 for which the plain tiff was suing, only the $90) which he had since repaid. He had to resort to borrowing on account of a civil action in India with which he was connected. Witness signed a promissory note for the 3500 be borrowed on July 6th. He approached plaintiff again on the 12th for another $400, which plaintiff agreed to advance for a promissory note. The note was produced and the money handed over. Some time later plaintiff approached him and asked for the repayment of $430. The amount was not paid then, but he settled in full in November. At the meeting at Mr. Joshi's house there was no mention of an amount of $670 the plaintiff now claimed.
Cross-examined--In March, 1903, he remitted $337 to India, and on his return to the Colony in March, 1904, he remitted $114. The promissory notes were mentioned in the presence of Mr. Joshi, and he told Mr. Joshi to mention the cheques in the receipt.
THE HONGKONG WEEKLY PRESS AND
an a
SHANGHAI TRADE REPORT.
The following extracts relating to Shanghai trade in 1905 are taken from the third fascicle issued by the I.M.C. (Central ports) :
From many standpoints 1905 may be regarded "record year and as far ahead of any preceding. The gross valne of the trade was Hk. Tls. 443,954,262, and the net value. Hk. Tls. 176,979,193, showing increase of 39 and 31 million, taels respectively over the 1904 totals; and this result is the more satisfactory as serious forces militated against a prosperous season, viz., the war which during the greater part of the year raged in the North, the boycott against goods of American provenance, and the dis- astrous flood of the 1st September —It was only on the 31st August that news arrived of negotia- tionshaving taken a favourable turn and that the Treaty of Peace was on the point of being signed. Unfortunately, one of the clauses inserted in the Protocol-maritime captures shall not be suspended pending the coming into force of the Treaty of Peace" (that is, for a further period of 50 days) did not allow shipments of cargo to take place until late in the season and when winter was nearly at hand. As soon as the Treaty was ratified and the coast clear, shiploads of provisions and foodstuffs of all kinds were sent from here, and it is said that On resuming after tiffin, his Lordship said very haudsome profits were realised by local be did not wish to hear further evidence, and shippers; but owing to the lateness of the season requested Mr. Helt to address him.
and the troubled state of Vladivostock, the Then, in summing up, he stated that this case normal condition of that particular trade had belonged to the unsatisfactory class which so not been properly resumed when the year often cropped up.
Whatever the state of closed.-The so-called "boycott" against goods feeling between the parties was at one of American provenance, as & retaliation time, there Was not the slightes doubt against the Immigration Prohibition Treaty that at present some friction existed | of 1894, threatened at oue time to assume between them. Apparently Mr. Joshi acted as banker on behalf of the plaintiff, and his books showed that in March, 1903, Akhbar Khan drew two sums for $500 and $170 Curiously enough the claim was for $670, but the plaintiff in his own evidence stated that he only drew $430 and that the balance of $670 came out of his own pocket. His Lordship thought it just possible that the plaintiff drew $679, but was doubtful if he ever lent that im to the defendant. On the face of the evidence he came to the conclusion that this loan of 8670 was never made. Judgment would therefore be given for the defendant with costs.
To his Lordship-Nothing was said about
interest on the 8900.
Thursday, June 14th.
IN ORIGINAL JURISDICTION.
BEFORE MR. A. G. WISE (PUISNE JUDGE).
A BANK DISPUTE.
The Fung Tak bank sued the Wai Wing Hong bank to recover the sum of $4,049.60, principal and interest due on two deposit notes or receipts made and given by the defendant bank.
Mr. M. W. Slade, instructed by Mr. H. K. Holmes, appeared for the plaintiffs, while Mr. F. P. Hett (of Messrs. Brutton and Hett) watched the case on behalf of the defendants, who were absent.
In the pleadings Lai Tim-pang, managing partner of the plaintiff bank, stated that on April 29th, 1903, the plaintiffs deposited several sums of $2,000 each with the defendant bank for a fixed period of two months at interest at the rate of $6.20 per mile per mouth. The period had expired, and demand been made for the repayment of the amount claimed, which was still due and owing. *
Kyok Yik-wan, managing partner of the defendant bank, stated that so far as he knew there was no such bank as the plaintiff bank in the Colony, There was a bank carrying on business under that name in Canton, and the deposit notes, if they were genuine, were issued to the Canton bank, and had probably been fraudulently obtained.
After bearing the evidence of Lai Tim-pang, his Lordship gave judgment for the plaintiff bank with costs.
It appears we have shortly to welcome a new English contemporary, the Canton Daily News, which is announced to start on July 1st. Herr. Malade, ́à gentleman well known to German newspaperdom in North Chins, is the founder.
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large proportions, and would have created a dangerous precedent for the future. This agitation, however, as far as Shanghai was concerned, was not of long duration, and keen traders as the Chinese are, they soon found out that it was wiser to abandon a suicidal policy, and to adopt measures of a more conciliatory character, if they wanted to obtain from the American Government any modifications of the existing immigration rules,
REVENUE. The total collection was Hk.T'ls. | 12,080,185-an increase of 1 million taels over the total in the preceding year and of 1 millions over that for 1902, the best year ou record. Nearly the whole of this gain is accounted for under "Imports."
FOREIGN TRADE-(a.) Imports.-The gross value of arrivals aggregated 59 million taels, against 196.9 million in 1904-an increase of 31 per cent.; and the net valus of Foreign Imports amounted to 92 million taels, as against 45 millions-au increase of more than 100 per cent, over the figures of the previous year. From the mere comparison of these totals, one would be inc iued to jump to the conclusion that the power of absorption of the Shanghai market has vastly increased, and that this large advance in the values of the net Imports represents a corresponding increase in the local consumption. This, however, is far from being the case, and the increase is accounted for by large stocks, especially in Cotton Goods, which bad to be carried over when the year closed, The Piece Goods trade of Shanghai during the period under review has been subject to a series of ups and downs. The capacity of traders has been severely tried in coping with the various difficulties that have presented themselves, and the success with which these obstacles have been surmounted affords strong evidence of fertility of resource. With remarkable pres. cience, which was justified in the event, some of the leading dealers conceived the iden comparatively early in 1904 that the time had come to order supplies of Cotton Goods in the Manchester market for the following season. Their example was tardily followed, as it was not at first known with any degree of certainty what the American Cotton crop would amount to; when its shortness became more apparent others followed suit, and the Foreign importing firms who had special chops on cloths that had been established for years found it necessary to cover their estimate of require. ments much further ahead than they had ever done before. Manchester thought that the demand for China was out of all reason, and India kept quietly out of the market and awaited her opportunity of obtaining supplies at
[June 16, 1906.
to
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lower rates. The consequence of this buying for China was that goods commenced arriving | here freely early in 1915 and stocks begsű
accumulate-American makes also participating, although operations, in New York did not begin until somewhat later than they did in Man. chester, Manufacturers in the States pursued a much more conservative policy, and as Cotton by this time had declined so much, owing to thể bumper crop of 1904, the heroic suggestion was made (and in one or two instances really actso on) of burning the raw staple in order to curtail the supply. The consumptive demand, however, saved the situation, and prices have, steadily risen until 6 1/10d. was reached in Liverpool at the close of the year-in advance of over 50 per cent, in the 12 months. The most prominent feature to be noted is the enormous, development in the importation of American domestic Cotton cloths, the increase being rather more than 2 0 per cent. over the total in the previous year and 160 per cant. over the average of the preceding. nine years. The heavy stocks carried over plainly show that supply has outstripped de- mand for the time being, although the high. prices now ruling in the States are likely to adjust this excess before many mouths are over. For the first six months of the year, aided somewhat in the latter part of that time by the cessation of hostilities between Russia and Japan, no fault could be found with the trade, clearances being well over the average for the same period; but, neverthless, stocks were accumulat. ing. This was not considered serious until the boycott on American goods started, on the 20th July, and then for the rest of the year the Piece Goods trade was in difficulties. The boycott movement lasted until the beginning of Sept einber, and extended to English makes almost as much as American, the market being still further depressed by an intensely hot summer and the demoralisation of the Native markets in the country owing to the promison- ous coinage of copper 10-cash pieces. Then ou the 1st September came the greatest disaster, of all, the flood, which affected millions. of taels worth of goods in Shanghai, and thus furnished enough damaged stock to supply the market for weeks. Good White Bhirilggs, White Irishes, aud Dyed and Printed goods suffered the most; and though the Native dealers, who were in the majority of cases the indentors of the parcels, should have sufferel the whole loss, they were helped out of it to considerable extent by the Foreign împorters. It is feared that a fairly large quantity is being carried over, and the loss is bound to be very beary. Fluctuations in exchange, stringency in the money market, and local disturbances marked the rest of the year. There was but little of the usual autumu demand for forward
indents.
Manufacturers are fully engaged with previous orders for months ahead-In fact, extending well into the summer months of 1906.
The operators in heavy American goods specially and most of the Plain Manches ter fabrics have undoubtedly done a satisfactory year's trading, on the whole, as would those who were interested in White Irishes and Printed
and Dyed goods, had they not sustained sucir severe losses owing to the flood. Some of those," however, who were more prominent in starting the early buying rather overreached themselves in their exchange operations, that important, factor taking exactly the opposite course at the conclusion of the war to what was almost universally expected, and this accounts in gre measure for the comparatively poor results Manchester Grey goods have in those cases brought to their indentors. The Woollen trade is scarcely holding its own, the offtake of all kinds showing a considerable reduction. The consumption of Cotton Yarn has also been smaller, judging by re-exports; but the trade has been satisfactory to those engaged in it, especially as regards Japanese spinnings. - In Metals the most remarkable feature is the and large advance under Copper Slabs
which Ingots,
was already pronounced 1904, the net import during the in year under review amounting to more than 250,000 piculs, or four times the 1904 tōtal For the first time the statistical tables récord an importation of nearly 70,000 piculs of "Copper Discs, valued at Hk.'T'ls. 3,000,000, which found their way to the various provincial Mints, whence they were issued in the shape of 10-cách pieces. In Old Metals it was thought at one
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