R
February 17, 1908.]
CHINA OVERLAND TRADE REFORT.
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lead all but the most cautions and thrifty clients by the noge. Under the Crown Agent system extensive purchases of ma terial take place on what may be dubbed the tied-house "principle; not only are large economies otherwise possible los sight of, but prices ar apt to be unreasonably inflated. It means that a demand artificially strengthened makes artificial prices. Several months ago we printed a query as to the cost of rails that has never been answered, yet it should not have been difficult to as- certain the difference between the cost of rails to this line and the quotation for the same rails to the Kwangtung coin- pany, which buys without the expensive assistance of that feudal corporation known as the Crown Agents. Unless we have been misinformed, and we do not believe we have, such a comparison would show » startling difference to the disadvantage of this line. It is interesting and instruct.tk of selection so difficult that we are glad | (n t publishe 1) as compensation. The loan
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likely to be any lack of eligible candidates to China will be £93 per £100, with to select from. We would at once explain | redemption beginning after the first ten that we have not approached, nor been ap- years. Three millions sterling have to be proached by, any one of the gentlemen whose issued in the first year and the whole deserts we intend lightly to touch upon in work of construction is to be completel passing. We have simply been absorbing within four years of the date of cutting current comments, not made for publica- the first sod. In return for the Imperial tion, and giving them what consideration Government's guarantee of the loan, with we unaided could. Among the names that certain provincial revenues have entered into the speculations of local China is permitted to retain absolute 49 security, gossips, as deserving His Excellency's control of the line, during construction and consideration, are those of Messrs. D. R. | after, subject only to the appointment of Law, R. SHEWAN, and A. G. Wood, each Buropean chief engiucers, whom, however, eminent in our commercial community. the Chinese Government must appoint, Mr. SHEWAN Would be a very popular choice and to the appointment by the German indeed, and has already enjoyed experience and British financiers of their own auditors as a doughty champion of the public weal. to keep an eye on the books in the interests Mr Woon, the Chairman of the loc1 branch of the bond-holders. The rights of the of the China. Association, is to be commend. | concessionnaires obtained nine years ngo ed no less highly, and Mr. Law as the third
were not, of course, surrendered for of a respected trm of merchants, makes the nothing, the syndicate accepting a sum it is not our duty to advise His Excellency,
to both European and Chinese There is, of course, the possibility that none of subscribers, but all applications of the the gentleman is ambitious for the distinc- latter, received before the issue of the 1100, but that we have not dared to e quire, prosp ctus, ara prinised preference. We as such enquiry would have looked to much fear this triumph of Chinese diplomacy like anticipating an invitation that must will encourage and support stronger come from elsewhere. Two other names demands in connection with the Chekiang have been mentioned in our hearing, but a railway con sasai n, so much under debate indicative of the public predilections, ather | lately. than of official sympathies, we have exhaust- ed the list.. With bureaucratic nominations we prefer not to meddle, lest we be mis- THE R CENT COTTON DISPUTE. understood. It is, however, certain, as our contemporary indicated, that the public would prefer a gentleman of ripcued experi- ence, and with assured standing in the Colony, with conspicuous ability beyond
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ive at the game time to note that the only estimates that have not had to be materially modified are those submitted by the Directir of Public Works, who, of course, possesses the indispensable local knowledge and ex- perience that no employee of the Crown Agents can claim. The valuable interven- tion of the same local official in the matter of purchasing marine lots was also grate- fully acknowledged by His Excellency, whose last estimate of the folal cost to the Colony | (exclusive of workshops) works out at nearly $450,000 per mile (8447,727.75). His Excellency's assurance that he will use bis ulmost endeavours to insure economy in every detail, without cheeseparing, is very gratifying; it would be still more so if we could feel certain that His Excellency is in mere fluency of speech, and in whom a position to make the deed as good as his and for whom it has the utmost coufidence good will; but as we have tried to show, and liking. We share our contemporary's | his protestations, in the circumstances, can-confidence that "His Excellency will use not be expected to carry very much more the power vested in him with
full weight than those of our representatives regard for public opinion," giving it, at who have voiced the public uneasiness. Inst, equal attention to that which is due
to the advice of his official staff.
LEGISLATIVE COUNCIL
VACANCY.
any
RAILWAYS IN CHINA.
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maintain a stubborn attitude in face of all argument. As a matter of fact, the case for the employers was an excellent prima facie one, and so far we have seen nothing put forward that could effectively have taken the ground from their feet. To show their position it is necessary to read a little history. Here it is, by a correspondent of the Morning Post:
(Daily Press, February 12th. Although our London telegrams told us at the time of the untoward developmenta in the Lancashire cotton trade, we are only now observing the seriousness of the late situation, the like of which does not appear to have arisen in a decade and a half. The threatened lockout, on so large a scale, irresistibly attracted sympathy to the work. people, for we know how much suffering ; chiefly on the relpless and innocent, that would entail, while its effects upon the Commercial world would have been felt, an the dispute has already been felt, even in this part of the world. Yet in this instance, (Daily Press, February 11th.) the operatives did seem to have been them. (Daily Press, 10th February.)
Now that the final contract for the Tien selves inviting the calamity. The respon- One of our evening contemporaries has sin and Yangtsz trunk liue has been sibility, of course, lay chiefly with their taken time by the forelock, and dealt with signed. for the Chinese Government of the own labour representatives, who, having the matter of the forthcoming vacancy on
one part, and the British and Chines: Cor-less at stake personally, found it easy to the Legislative Council, to be made when poration and the Deutsch-Asiatis the Bank the Hon. Mr. EDWARD ORBORNE takes of the other part, and the arrangement Home leave. We understand that this able ratified by the as-ent of the British Govero- representative and thorough business man
ment, it is being pointed out how effective is timing his departure to take place about
the Chia for the Chinese two months hence, so there is ample time threatens t become.
agitation In this instance, for His Excellency the Governor to devote Chinese diplomacy, inspired by the sentiment to his selection of a worthy successor to the of that movement, has succeeded in obtain. Hon. Mr. OSBORNE. We are anxious to be ing terms more favourable to China than no less discreet than our contemporary, and must therefore traverse some of the same
any ever before granted by foreign capi- talists. preliminary ground. It is not necessary to contract arranged nine years ago have been The conditions of the preliminary apologise for seeming to trespass on the materially altered, altogether against the Governor's prerogative, for His Excellency accepted foreign view of what is desirable is quite awake to the fact that the news and necessary in such a bargain. The loan plentifully provided for, with, in many cases, papers share in regard for the best interests is for five million sterling, at the rate of of the Colony, and has in various ways interest of five per centum per annum, and shown his intention to be of those who is granted for a term of thirty years. Ap- "take all men's counsel and reserve judg-proximately, two-thirds of the money comes ment." That is to say, His Fxcellency from German sources, and the remainder favours a policy of giving some heed to from the British capitalists. This proportion public wishes, so far as that may comport is used, of course, on the lengths of the with his own dignity and responsibility, and is willing to hear suggestions without respective sections of the line to be con structed, the German portion running from looking too closely into the question of their Tientsin via Techau (on the Grand Čanal) possible presumption." By way, then, and Tsinanfu (the capital of the Shantung merely of suggesting what the public are
province) to the boundary between that likely to feel in this connection, we attack province and northern Kiangsu. There it the delicate subject of His Excellency's im- will connect with the British line that is to minent choice of a new Legislativ Coun-be laid to Pukou, opposite Nauking on the cillor. As our contemporary has said, Yangteze, a run of nearly seven hundred without mentioning any names, there is not miles, roughly measured. The issue price
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It was in the early '90′a, and Lancashire was in a state of bitter turmoil. The very life of a great industry was slowly sbbing; the cotton operatives had been idle for twenty weeks—-on strice. Households that had previously been
Want was a daily scarecrow-all through not a little to spare, were crying for food. struggle between Capital and Labour. Is in not necessary to enter into details concerning
that awful business, The General reader
• recital of the events that brought it about, bat in view of
might be wearied st
the fact that the very Agreement which was then signed by representatives of the two contending parties and under which industrial peace has been secured for fifteen years appears now to be, as far as one can gather, the oamen through an alleged brmob, of all the hother, culd not help recalling the ineidonta of sa eventful evening. Everybode was losglar to se the mill chimuays once more belching forth would be black and parhaps not conduciry te th-ir contribution to the atmosphere. True it the health of the people, but it would not be sp black as the people's feelings, while it would
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