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are his. The missionaries, however, instruct | them that they cannot conscientiously bow to the tablets representing royalty. It is too late in the day to advocate reverence for royalty, or regard for the " divine right of kings," but the missionaries ought to be the last to discredit it A student with an intellect capable of attaching conscien- tions importance to such formalities is little likely to benefit by instruction in any university; there would seem to be a crack in his head to begin with; and that there are missionarice who can fuss about such unimportant trifles only shows how unfitted they are to teach. The mere proposal to found a University, from which non- Christian students are to he excluded, is sufficient proof for us that the educational zeal of missionaries is a pretence; it is the wolf of propagandism in an educational sheepskin; and it débars them, we maintain, from the honour they claim for work done, and from sympathy for work projected.
BRITISH FUNDS AND CREDIT.
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THE HONGKONG WEEKLY PRESS AND
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[May 13, 1907. half of office with less accomplished. Yet | cry of conscription has a false ring about it. there are few things in futurity more Neither Lord ROBERTS nor any of those certain than that the last session of who with him think it the duty of every Parliament will leave a very permanent inhabit in: of England to bear arms in its mark on British constitutional history, defence has ever spoken a wor 1 which can be for if the Government have done little, tortured into conscription. That every able it has suggested much. The effect will subject should be compelled to go through seemingly be hoth financial and social. such a course of military training as would Coming into office as a protest against fit him to take his place in the ranks at a that Financial Reform which a large and moment's notice, is a very different thing influential section of the Unionist party from filling the ranks of our army with saw was essential to the permanent well unwilling men. Still it is well that the being of the Empire, it has already done country should remember that it is the far more to render that reform practicable first duty of every min to defend his home than its predecessors did during their and family, and only by persistent and whole time of office. In the teeth of the organise effort in thegy days of highly Cobden Club self-styled freetraders it has trainel armies can such be accomplished. It found itself bound to protect home shipping | is a thing that cannot be too often impresas i by laying equal burdens on foreign in home | on the minds of the would-be peace makers ports: it is now engaged in righting in that the present era of militariness was the interests of British manufacturers ushered in by the Peace Party itself, who in certain defects in the patent laws which 1854 paid their ill omene1 visit to the Taar have been made use of by cortinental NICOLAS L, to seek to persuade him, as Sir rivals to injure the home trade. These H. CAMPrell-Bannerman is doing just now with the armed nations of the Continent, to measures are, of course, absolutely at variance with the professions under which dismiss his army. The TSAR, convinced (Daily Press, 11th May.)
the leaders went to the polls, but neverthe- from the representations of the deputation His Majesty's present Advisers take credit less they have been gratefully accepted by that England was safe, and would never to themselves, and generally the country the Unionists as the strongest proof of the fight agaiu, hurried on his preparations and feels satisfaction with the announcement, correctness with which they ganged the autacked Turkey; and from that day tra that within the last twelve months the needs of the nation. Something simular as tis Europy has been au armed camp. National Debt has been reduced by the very seen in the difference which time and the Looking the presont position straight considerable amount of sixty eight millious responsibility of office has made in the in the face, however Mr. HALDANE MY sterling. That the country should be in so Government purview of the labour question seek to disguise it from his weak-kneed prosperous a condition that without any in South Africa. It is, however, in its colleagues, the practical extinction of the special exercise ol economy it should be able action with regard to the Army that the Militia, and the substitution of a line of must in- within one year to reduce the national friends of the old régime have perhaps the half-trained civilian soldiers,
to be thankful. Whether variably leal indebtedness by nine per cent., is a plain greatest cause
nud·r Mr. HALDANE'S indication of its capacity to hold its own in we look at the control of our army from successors to its logical consequence - the the councils of the world; and such being an economical or military point of view it compulsory sulanission of every subject to the condition of affairs it might naturally cannot be considered as in any sense drill and military training. It is difficult be expected that the Funds, as an indication satisfactory; and statesmen of all schools | to find any effective argument against such of public confidence, should stand at a high and parties have in vain tried to introduce a rule; even from the lower standpoint i figure. Curiously they do not, but are some practical reform. The present of pe:sonal convenience the step would actually quoted lower than they have been Government, coming into office in pursuance imuien eely improve the physique of the any time within the last quarter of a of a thoughtless cry of peace and retrench-nation at large, and would substitute for century. His Majesty's Ministers are care- inent at any price, has found itself compelled, the temptations of dram-drinking, at ful to inform us that the fault is not theirs, whether it liked the job or not, to take a present the great danger in the way of but proceeds from a world-wide feeling of hand in Army reform: here again a very young men just abont to enter on maulood, distrust which for some years has been similar Nemesis has pursued it. Although | à much more healthy an improving occu- abroad, and which within the last month or possibly the majority of its members, having pation. From such a source volunteers could so has been especially manifest in every no personal responsibility in the affair to at all times in proportion to the necessities department of fiuance; and that foreign steady them, look upon the aring merely of the caso be relied on for the efficient Governments, even the best, find the as a cause of useless expense, the goutleman | upkeep of the regular army, with the depression in their securities even more on whose shoulders it has fallen to carry enormous advantage that every man join- embarrassing than at home. To a out these economic views has evidentlying would be accustomed to the organisa considerable extent this is true; but it is found that as an Englishman there were only logical to turn to the converse of the wider issues thau buttons to be considered. picture, aud to find ourselves justified in | Mr. Haldang's position vis-à-vis with the the conclusion that if the Government are nation may be described as unique. Com- to be acquitted of the fault of reduction in pelled by his colleagues to set a store on the selling value of our securities, so neither écononiy, the feeling of the nation at large are they to be permitted to take to them- has been unmistakeably pronounced for selves the entire credit for the reduction of officiency; and the Secretary of State has the debt. Even more than this there found himself called on ta reconcile these seems to be a growing conviction that apparently contrary requirements. It is that part of economy for which the premature to express a judgmout on his Government is itself responsible is not action, but it is noteworthy that the stimulus altogether according to wisdom; and that, of what seemed the impossible has
a stimulant, and the though no barm has yet been felt, stilltainly acted as that a continuance in the same save-all majority, friends or foes, have expressed ad- policy may be accompanied by peculiar miration of the methods proposed by Mr. dangers, or at the least disadvantages of HALDANE. Probably no higher compli- its own.
In other words, if chance or some wents were ever paid to a statesman than world-wide influence were instrumental have been payed the Secretary for War; in bringing about the fall in securities and the House of Commous with only thirty generally, so likewise was it influential in dissentients, nearly all of the ultra peace inducing in England a brisker flow of faction, expressed its general approval. It currency and momentarily inflating the is not of course, likely that Mr." HALDANE'S scheme will be finally adopted as proposed; national income,
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non robis will not unlikely, and it is likely that he will find its greatest according to present indications, be the opponents amongst his own party; and of motto which posterity will affix to the this we begin to see an inkling by the state- Government of Sir HENRY CAMPBELL - ment that it is intended as a defence against BANNERMAN. No Government in England conscription." As in the case of the cry ever cathe into office with larger pretensions; of slavery' which counted largely in fow Governments have passed a year and a l bringing the administration into office, this ❘
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tion of a regular force, and would not need to be, instructed in the preliminaries of drill and the use of his riffe.
CHARTERED BANK OF INDIA AUSTRALIA & CHINA.
CAPITAL TO BE INCREASED.
The Hongkong branch of this Bank was ou May both advised by wire from the Head Offo, in London that at a meeting of the shareholders it was unanimously decided to increase the ospital of the Bank to 69,000 shares by the issue of 2,000 new shares of £2) each," and that such shares be offered to the existing share- holders in the proportion of one new share for every two shares already held, at a premium of £20 per share; paymat to be made in the follownig instalments:-
1st June, 1st Angust, 1st October, 2nd December,
£10 од £10 £10 £10
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1917.
1907.
1907.
1907.
Interest on these instalments will be paid at the rate of 5 per cent. per sanam qatil the 31st December, 1957, after which date the now shares will rank in all respects pari pasu with the existing shares.
The tourist travel to America is very heavy! On some lines every cabin is engaged into July. The Oriental trip is inoressingly a favorite one with Americans.
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