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June 10, 1907.1
JAPAN.
(FROM OUR CORRESPONDENT.)
TOKYO, May 17th.
FINANCIAL NERVOUSNESS.
T
CHINA OVERLAND TRADE REPORT.
rivalry increase it may easily end in the com- pulsory municipalisation of both concerns, for it is apparent that both these prosperous properties are coveted by the city, which may not be deterred by its recent defeat connection with the attempt to compulsorily purchase the railway company.
THE RELIGIOUS FORCES.
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a new work!
It
For many years the genuine investor has not had such an opportunity of purchasing first class stocks at low price as are at present ruling in
General, Booth has left on the Minnesota. Tokyo. This is due to a wave of indecision and
For a very old man he has carried ou a ener- distrust that has passed over the country-foretic campaign in this country and has no substantial reason-in the past few months, promised the beginning of daring which time Japanese trade and Japanese securities abroad have enjoyed prosperity and high quotations. The phenomenon cannot be easily explained, but the man with a little confidence in the future had the opportunity a week ago of purchasing a 12 per cent. invest. ment of the best class for 50 per cent, above an investment which a few months ago was quot ed at 175 per cent, above par. It is admitted that abnormal prices ruled in those days, but the present prices are equally abnormal in the other direction. The most unsatisfying explana. tion of the situation is that the community of business men and investors have been suffer
per
Dervousness
ing from an attack of financial brought in by a fow
company promoting rogues. The situation of course to a consider- able extent affects business at the Treaty ports, for confideuce in the solvency of one's fellow business men at such a period is not very strong and few contracts can be made. This feeling, of course, is especially strong as regards transactions between foreigners and Japanese.
CAUSES OF THE SLUMP.
Among the causes of the slump iu the stock market was the suspension of payment of several insignificant banks, but of these two are now resuming business. It is characteristic of the whole movement that the large banks have been in no way hit, excepting that dividends will fall off in the present half-year as a result of the cautious policy pursued. It is curious how public opinion can be swayed by trivial events and how near panic we get because losing for the moment the courage of our convictions, But it furnishes the opportunity for the bald speculator and the inevitable rise of the market will mean
unearted increment" for the far seeing few.
TOKYO ELECTRIC RAILWAY. The downward course of the stack of this
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company which, now that the trunk railways have been nationalised, is the best investment of its kind in Japan, has been in exact proportion as the prospects of the shareholders have increased. The modern travelling facilities of Tokyo are almost solely represented by this company, whose lines are quickly dominating the priu- cipal throughfares of the city for a radius of five miles, and whose authorised capital was recently increased to sixty three million yen But despite a network of lines in the heart of the city brauching out octopus-like into th suburbs the vast waste of Tokyo is still insufficiently supplied with such means of communication and hence an enormous increase of capital. In a few years, however, Tokyo will be as well equipped in this respect as any city in the world. The Japanese metropolis has just attained its two millions of inhabitants, the great majority of whom live in one storied dwellings which stretch out over a vast area. Many yet live several miles from any electric railway, which conveys some idea of the need for the Tokyo Railway Co.'s services and the prospects of its shareholders.
ELECTRIC LIGHT COMPETITION.
Although as yet having no competitors in the field of street traction (au automobile company is in the air) the Tokyo Railway Co. is itself a competitor, with the Tokyo Electric Light Co. in supplying the city with light. It produces more electricity than the railway service requires and is about to increase its capital by three million yen to extend its light supply. This will, of course, be a blow, to what may be styled the legitmate electric light company (capital 24,00,000 yen) and the competition promises to reduce the cost to consumers vary greatly. The electric light company has long hell a monopoly in the field and made consumers pay heavily. Some time ago overtures were made for an amalgamation of the two great concerns but terms could not be agreed upon. If competition should become serious and
here in the shape of providing nurses and such like accommodation for the poor. is by such practical work that the army makes headway in its hold upon the sympathies of the
new religi us fores is at present: people. A moving in Tok o, being a conference of three American Methodist churches with the object of uuiting in their missionary work. The opponents of missionaries have long contended that the fact that the missionaries are divided into sects discredits them in the eyes of the natives. Such a union is therefore a real reform and the missionary movement will most likely be much strengthened and better able to accomplish its
work.
VICEROY SHUM'S ANTECEDENTS.
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HAKKA AND HOKLO.
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regarding the origin of the Hakkas and that of An interesting controversy has been waged
time of the Chou Dynasty the Imperial Com. their Hoklo neighbours. Away back in the missioner coming to visit the country which was then called 'East of the Passes and is now the provinces of Fukien and Canton, found the country peopled by the Eight Barbarian Tribes who claimed the snake as their totem. One of the new schoolbooks draws attention to this fact, and boldly asserts that the Fukinese, and the Cantonese, both Hakka and Hoklo, are descendants of the original barbarian stock, and not true sons of Han at all.
The Director of Studies for the Canton Province, apprehensive of the effect of such teaching upon the
young minds in the schools, has issued a refutation of the statement, and has ordered it to be inserted in all the offensive books which are sold in the province.
His
line of proof is a philological one. Examining the names Hakka and Hoklo he finds in both indications that their present possessors are immigrants from the Chinese north, and not indigenous D-spite the return to savage sim plicity of dress which one sees upon the river always, among the Hoklo only it is true, and Whoso had prophesied a week ago that His during the summer in the fields also the Com Excellency Tsea Chun-huan would receive the missioner is probably right. Here as e'sewhere the order "About turn. Quick mirch and the aborigiues have disappeared before the have be-n laughed to scorn on account of the are now to be discovered on the Hoklo plains; find himself land-d again at Cauton would not ; advance of inore civilized races. None of them
nature of his prophecy by any versed in the although there are a few place names, and a peculiarities of Peking, for those peculiarities low colloquial expressions which have no my produce anything from a coup d'état sa i equivalent in the northern dialec, which are a coup d'œ1; but the hearers of the prophary undoubtedly sur.ivals of aboriginal speech.- would probably bave been inclined to wimit, N.C.D.N. the possibility of the event by reason of its very unexpectedness. For the very unexpected! has happened, says the Shanghai Mereruy. • 'I'sen Chun-bsuan is ลบ interesting character. He
Wis born with A
silver spoon
his mouth and ä considerable element The silver spoon, which seems to have been of brutish ferocity in his heart. metamorphosed into a silver tongue, was the
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Viceroy of the Yunkwei Provinces for many gift of his father. Tseu Yn-ying, the fam us The animal ferocity is the hereditary gift of his mother, an aboriginal Lolo, two qualifies, a smooth tongue and a ruthless tenacity of purpose have raised him to the highest offices in the land, and enabled him to stir up Pking at its most placid moment. Having been recalled from the acting-vie-royalty of the Two Kusang to take up the sub tautive post of Viceroy of the Yankwei he found many reasons for delaying his journey to a post already embarrassed with heavy fiua cial
terial
power.
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ARTFUL ROGUES CAPTURED.
Hushed with success
the
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B Pore Mr. F. A. Hazeland at the Police Conre on June Sta two nativos were prosecut. led for obtaining goods to the value of $44.60
by fais protences.
For some tim past it appears that this defondants have been pros. pering in au unlawful business, and becoming played their game reck. lessly, eventually falling into the hands of the police. A few
months aga the first defendant, repressing himself as the second comprador of the Hongkong (lub, went into a shop and ordered a large quantity of goods which he told the foki to forward to the Club, where he would be paid. The goods were sent and received by the second defen- dant, who was introduced as the clerk of the first. The second defeudant pretended to enter the Club, but disappeared with the burdeus. His determined reluctance to go to goods while
first engaged the foki the South led to his appointment to Szechuan, in charge in conversation. Then the first another post which he was not keen on taking, defendant succeeded in eluding the foki. The and led ultimately, by muy and devious ways
next coutures of the rogues were on shopkeepers Communications. with almost snprems miuis. | Street. to his appointment as President of the Board of at 163, Queen's Road Central and 5. Morriso 1 When visiting the Queen's Road shop world knows; and all the world knows tat he well-known Chinaman employed in Prince's
the first defendaut represented himself as How this power was used all the
made a bad bluuder in imputing co:rupt Buildings, and obtained 2 pair of satin shoes practices to high Princes and officials.
calued at $24.50, while from the shopkeeper in played the boomerang and fallen on his own
His high hauded proces lings have however Morrison Street he obtained provisions to the value of $15.10. Fokis from both shops accom- head. What may be the motives of the Im panied the purchaser to Princa's Buildings, perial Decree issued this morning we cannot
where the goods were taken charge of by the pretend to say, but one thing is quite clear, second defendant, and he left with them to get Canton, as substautire Viceroy, to clear up that His Excellency is to be seut bick to the money. As he did not returu, however, the first d-fendant was taken in charge, and later the mess which he made of railway matters tue second defendant was arrested there. That he is anxious to go WO orunot hearing the evidence his Worship found the believe; still less can we imagine that his former defendants guilty, sentenced the first defendant friends in the southern port will welcome his to three mouths hard labour and six hours reappearance. On the other hand, nobody will stocks, and the second defendant to six weeks' be better pleased at the turn which affairs have imprisonment and six hurs' st›cks. taken than H. E. Choa Fu, for warm as was his term of office at Nauking the temperature at Canton has been appreciably higher, and a return to Peking to await further orders will be welcome relief from the cauldron left at boiling point by his predecessor. Tae reasons for His Excellency's removal as given i the native press are as numerous as the organs from which they emauate, but the form of his call to Peking leaves lit le doubt that their Imperial Majesties
It were rash to venture on are well pleased with what he has attempted. further changes, bat-we shall see what wo any prophecy of
shall see.
After
The long-talked of incorporation of madu facturers in Japan has at last been agreed upon with the help of foreign capital. The Osaka Mainichi reports that private conferences bave bou in progress between the representa. tives of English capitalists, and of Japanese match manufacturers since January last for
the formation of a match trust and a contract has ow been signed for the introduction of foreign capital nuder very advantageous terms to the Japanese match manufacturers, for the purpose of carrrying on the match industry..
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