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December 12, 1908.]
perceive and distinguish the useful and the detrimental, and, above all, the ability and experience to bring the great national aims to a happy consummation. In mentioning these, We have only enumerated some of the difficulties which had to be sur- mounted internally, and have chosen to omit the external factors which have exercised a retarding influence. Nevertheless, it is evident from the gradual but successful results we see at this present moment, that the true course of our national progress has not been materially interrupted.
The statue which you all have enthusiastically joined to erect in Our honor is a durable proof of the feeling of patriotism which animates your hearts and a testimony of your confidence and trust in your Ruler and the Government. It will serve as an incentive to greater efforts to create more happy results to our nation in the future.
To the citzens and subjects of foreign States who have so kindly manifested their good will by participating in the creation of this beautiful monument. We offer Our very sincere thanks and to you, Princes, Nobles and Our good People. the memory of this great honor which you have done Us during Our lifetime will always remain a source of profound gratification, equalled only by Our pleasure at witnessing the united fervor and enthusiasm which you have displayed to wards Us on this auspicious occasion. The occasion appeals to Us as a happy augury for drawing closer and closer the ties of friendship between Our nation and foreign countries. which can conduce only to increased prosperity for our country and help to stir the hearts of our people to renewed effort to raise the dignity of our beloved nation and spur us all on in the path of the highest national attainment.
We gladly accept your kind invitation, and will now unveil this lasting monument of the patriotism of the Siamese Nation. Long may it stand as a great nation's testimony to future generations.
THE KING AND THE FOREIGN COMMUNITY.
A banquet was subsequently held and at the conclusion one. toast was submitted-that of the health of His Majesty, and the honour of proposing this fell upon Mr. A. H. BARLOW of the Hongkong and Shanghai Bank. Speaking on behalf of the assembled merchants of all nationalities-Siamese as well as foreign-he said :---
"Your Majesty.-We the commercial com. munity, beg to offer to Your Majesty on this auspicious occasion the expression of our great respect and sincere congratulations.
We tender to your Majesty our thanks for the encouragement which you have always been ready to give to the development of trade and commerce in Siam. We also thank Your Majesty for the honour you have done us to-night.
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Ladies and gentlemen. I propose the health of His Majesty the King."
The toast was received with the utmost en thusiasm and three hearty cheers were given. the band also playing the National Anthem.
Speaking in Siamese and in tones which could be distinctly heard all over the hall, the King replied substantially as follows:
We are pleased to see you all assembled here this evening and to hear the kind expressions offered us by the commercial community.
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The pioneers of trade in Siam have indeed been the merchants of foreign countries, from intercourse with whom there are now springing up, to Our great satisfaction, more and more Siamese traders. It is very beneficial to the commercial advancement of the country that merchants of many nationalities, should meet and trade here, it is to their mutual advantage as well as to that of Siam.
"We appreciate the advance that trade has made in the land. Successful commerce is a great factor in promoting the progress of a country, and therefore we have always had at heart the encouragement of trade within Our dominions.
"We thank all who are present here night."
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Siam has enacted a gold standard law. The coins are to be one gold coin value Tes. 10; three silver coins, one tical, two salung and one salung; two nickel coins, a ten satang pieco and a 5 satang piece; one bronze coin, the one satang piece.
CHINA OVERLAND TRADE REPORT.
THE FILIPINOS AND SELF. GOVERNMENT.
"Are the Filipinos completely fit to rule their own destinies ? asks El Renacimienta, continues:
433
THE NIPPON YUSEN KAISHA.
HALF YEARLY REPORT.
The following are the accounts for the six It mouths from April 1st to September 30th ---
Net profit
"This is the great question that has been occupation of the Philippines. By an inter- asked ever since the first days of American | Brought forward from last account
and unexpected, the destiny of this people has rupted succession of events truly extraordinary been placed under the tutelage of the United States.
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their own destinies and arbiters of their own Why are not the Filipino people masters of fortunes?
the terms of which Spain ceded to the United "A military occupation, the treaty of Paris by
islands, America paying the sum of twenty States the Archipelago known as the Philippine
facts and constitute strong arguments million dollars for them; these are cousummated
We have been ten years in preparation for experience. Ten years of bitter deceptions. our self-government. Ten years of laborions Ten years of tutelage. And still the problem is unsolved.
We are progressing very slowly in the opinion of Mr. Taft.
Filippino people "lends itse7 1. ali
This ancient question of the capacity of this hyperboles which sagacions imperialistic politi- cians exploit admirably for the purpose of American expansion
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There is good reason for u. to doubt Mr imperialism ruling in the cradle of true demo- Taft's sincerity. Among the dark, disgras, où a
door of China, the key of the Pacific, a strategic cracy is the holding of the Phillippines as the base, a naval station, an endless storehouse of, incapable of sustaining their own government coal and wood. Naturally the people must be for several generations.
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form a part of the government, the most ardent The most conservative Filipinos, those who supporters of the administration, do not hide dominating element will control the entire their fears that the day will arrive when the country and will not hesitate to stoutly oppose the idea of Taft to give the country independence after two generations.
CLOSURE OF VLADIVOSTOCK
rostock, reports that the Bill relating to the Mr. Nomura, the Japanese Consul at Vladi- discontinuance of the free port system at Vladi- vostock and ports along the Amur river was submitted to he Financial Committee early in the current session of the Duma. The fate of the Bill is somewhat dubious, but there can be no doubt as to its passage through the Duma. as the influence of the Ministers of State and Octoberists, who command a majority in the Duma, is too strong for the Opposition. even if the latter are Panteleff. chief military attach to the Tsar. backed by General Opinion differs as to the probable date of the 1st (Russian calendar) next years, while others closure of the free ports, some naming Jaunary put it at about April next. The German petition to the Russian Government soliciting traders resident in Russia recently forwarded a that the law relating to the closure should be made public at least two or three months prior to enforcement. The enforcement of the law will no doubt have a serious effect on trade. As a matter of fact there was a big importation last Spring in anticipation of the closure of the free poris. and if sufficient period betaten the promulgation of
there is
the law and the day of its enforcement, of foreign made dutiable goods as possible. On the traders will import as large a quantity the other band the Russian manufacturers desire to have the period limited to a minimum.
On well as in the Council Chambers. Although this question much will be said in the Duma as
a belief obtains that the Bill will sooner or later be passed by the Duma yet the public is in the dark as to the probable date of closure of the ports. An impression however obtains amongst the principal merchants in Vladivostock that the law will come into force after March or April next year, if the Bill passes the Duma in the curront session. The closure of the ports will prove a hindrance to Japanese merchants doing business on a small capital-Japan Herald.
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To reserva
Total
Bonuses to officials
Dividend (10 per cent. per annun Special dividend (3 per cent, per
or Y.2.50 per share)
anum er 50 sen per share). Carried to next account
Yen. 1,380,909.450 310,551.715
1,691,461.165 690,045.470 71,358.110
1,100,000.000
220,000.000 231,057.585
The following is the business report for the Company employed on both coasting and foreign term:-During the period under review the
services 76 steamers of over 266,000 tons, and also nine chartered vessels of over 35,000 tons. The quantity of cargo carried was over 1,380,000 the vessels covering over 1,670,000 miles. tons and the number of passengers over 160,000,
Coasting Service.-Owing to the depression of business at home the shipping to and from the Hokkaido decreased considerably, as did also other coasting services. Such a discourag during the summer season in past years. As a pig sue of affair has never been CX] erienced
result the Company was obliged to keep four liners idle during the term,
Far Eastern Servies. —The depreciation in tat S of silver on the Chinese market has gratly affected the export of Japanese goods also greatly decreased. Shipments to and from to China, while the imports from China have Shanghai were also smaller, while the shipments Newchwang and Dairen, however, the Com from Tientsin were equally discouraging. At
pany's liners shipped abundant cargoes of beans shipments at Korean ports and Vladivostock and beancake for the return
voyage. The showed a considerable diminution as against the previous period.
European Service.-The exports from Japan of volume. were nearly equal to these of last year in point The shipments from Shanghai and Hongkong, however showed a great falling off, while in the Straits Settlements and Colombo rather brisk business was done.
On account of the lower rates of freight; the receipts were not sufficient to cover the expenses. Since the beginning of August, commencing with the steamer Hitachi miru the cargo on the return voyage diminished considerably-so mneh so that more than half of the ships' cargo space was unused-a fact which has not been experienced since the opening of the European service.
both in the United States and Japan, coupled American Service.—The economic depression with the effect of the Chinese boycott of Japanese goods, has practically reduced the shipments both on outward and return voyages. On the return voyages the goods were so scarce that nearly half of the liners carried only 400 or 500 tons per vessel.
Australian Service. On the outgoing voyages considerable activit the economic depression at home.
was witnessed. but the return voyages saw a diminution on account of
At Hong. kong, the intermediate port, there was practi. cally no shipment owing to the Chinese apitation against Japan.
Bumbay Service. Shipments from Japan were very dull during the period under review. The shipments from Hongkong and Singapore, however, showed an increase over the previous terni. A remarkable feature was the fact that the shipments of cotton from Bombay diminished cotton yarn from Bombay to Hongkong and greatly, but there were large shipments of Shanghai. In fact, the shipments both on the outgoing and returu voyages were nearly equal
to those of an average year.
Passenger traffic. On the whol the passenger services was very dull. traffic on the coasting and the Far Eastern On the Australian and American services there was a considerable diminution in the number of third-class Japanese service was active throughout the present term. passengers, but the traffic on the European
last year, there was an increase of 50 per cent. As compared with the corresponding period of in the number of passengers, but a decrease of 20 per cent. in receiptą,
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