236
him some time to acquire, and, of course, he had to come to us for it.
914. Do you remember who was Under- Secretary then P-No, I could not tell you.
915. (Chairman.) Had the Crown Agents anything to do with it ?--Yes.
916. They sent him out?-I do not know whether it was the Crown Agents or the con- sulting engineers who sent him out, but what they wrote was that the Crown Agents had suddenly asked the consulting engineers for a Report on the Malay States Railways, and in order to obtain that the consulting engineers appointed this man and sent him out. He only stayed in the place about six weeks; of course, he had to go to everybody for all the information he got, and then he wrote a Report, and we were told to pay for it. That is all that happened.
917. It has not happened again so far as you know-No, we said something about it at the
time.
JAPAN.
[FROM OUR CORRESPONDENT.]
Tokyo, March 20th. THE SHIPPING INDUSTRY.
THE HONGKONG WEEKLY PRESS AND
owner here is that he is not alone in experi- encing the effects of widespread business depression, but that the energetic Germans, for whom the Japanese have much admiration, are in the same boat, as well as the unenterprising and unconcerned Briton, It has been apparent in the present session of the Diet that the Government intends in its methods of granting subsidies to obtain closer control over the way in which the money is used, but the Dist, by the amendment above noticed, has also shown its determination to exercise some little control. The Toyo Kisen Kaisha will resume its South American Service under the new auspices. Its line will start at Hongkong and part at Hawaii one ship going to the States and the other to the South. This raises the question whether it is not yet premature to start such a line, even with a good subsidy. In the matter of the advis- ability of shipping emigrants to South America opinion widely differs in the Diet and the Government's policy does not find whole-hearted support. But this is the Government's policy and it is only because of this policy that the T. K. K. will resume an enterprise which has already once failed. If with further experience the enterprise again fails the question arises if the Government will be prepared to make good any loss incurred by the shareholders. One of the evils Japanese companies, not only shipping, who accept Government help suffer under is that they not only lose independence of action bat must become factors in the carrying out of Government policy which may be politically wise but commercially unsound.
In a few days the Diet will be closed. Its chief work this session has been the passage with amendments of the Government Bills amending the existing laws for the encouragement of shipbuilding and navigation. The object of these measures is to abolish the fixed rate of subsidy paid hitherto and to empower the Government to give financial aid necessary to the development of marine enterprise and according to tradal necessities. The principles of the old and new laws are therefore widely different. Under the old laws the tendency was for shipping to expand apart from the need for it, and the present depression may be attri- buted in no small degree to this fact. Ships were built above a certain tonnage not so much because they were required but because they became entitled to the Government bounty in consequence, and so with the great liners. The Pacific is navigated by vessels of nearly as great capacity as those of the Atlantic, but what comparison is there between the trade of the two oceans, either passenger or freight? Experience has shown that vessels of moderate type are best adapted for the Pacific trade, but competition and government bounties have produced vessels of enormous capacity which can only pay in seasons of good trade. With the lean years they become veritable white elephants, an enormous expense to their owners, who must run them, nevertheless if they are to maintain the credit of their country and earn their subsidy. The Diet has amended these Government Bills making it necessary that the consent of the Diet be given to each separate amount of subsidy granted each company. This takes the responsibility of fixing the amount out of the Government's hands and is designed to prevent collusion between government and shipping company officials. The new grants in aid to be given to the European, and North and South American lines have been published accordingly, the Government submitting to the Diet, the figures which provide for the fiv years 1910-14, after which the subsidies will come up for further consideration. Spread over the five years the European (N. Y. K.) line will
SHIPPING DIVIDENDS.
A large meeting of shareholders of the Toyo report on the last half-year's working which Kisen Kaisha has decided to accept the directors shows a loss of 800,000 yen. The last but one dividend paid by the T. K K. was at the rate of 12 per cent. per annum, the last 5 per cent. and from 5 per cent. to zero is the result of six months' bad trade. The 50 yen paid-up shares of the company now stand at 18 yen or at a lower figure even than those of the discredited almost bankrupt, Dai Nippon Sugar Co. (whose failure, by the way, has caused the suspension of the biggest bill broker in Osaka, the Fujimoto firm). That tho scrip of a first-class company, working such vessels as the Tenyo and Chiyo, should fall in this fashion, is a striking indication of the sense of insecurity felt by the public in even sound investments or such that ought to be considered sound. No one ever knows what hare-brained proposal may be simmering in the official mind with some quixotic moral or other improving object or when it may be launched forth to the infinite injury of any concern in which money is invested. The absurd pari-mutuel abolition has struck deeply into the investors' mind and he realises that the Government may do almost what it likes with his money. Allowing even for a temporary period of bad business the shares of such a com- pany as the T. K. K. would never have fallen Government has created for shareholders by so low as 18 yen but for the bogey the grandmotherly interference in business. While the directors of the T. K. K. are confident of the future, their confidence does not extend to company's shares are much less desirable than the share market. Judged by this criterion the those of the Osaka Shosen Kaisha which, while of half the value, are quoted at only a yen lower. This company has been paying a six per cont. dividend for the past three years
[ April 3, 1909.
proached nearest to what an opposition party ought to be lost its former strength with its great leader, who retired a couple of years ago, probably disgusted with his following. Since then it has been rent in twain and now there“ are reformists and non-reformists of the Shimpoto. But despite petty intrigue among all sections and in every party the conviction is growing that Japan must have an effective opposition if it is to be governed on constitu- tional lines. Sporadic efforts in this direc- tion culminated yesterday in an organised attempt
of the Yushinkai to enlist the members of other clubs under one common opposition banner. A manifesto and platform were issued and these were submitted to the Boshin Club, Daido Club, and Shimpoto mem- bers. The reception of the movement was not at all disheartening, but what seems to be sadly wanting is a leader. There is no lack of able men and there is no lack of high ideals. But the higher the ideals the lower the parties seem capable of descending in the political mire. It would be a good thing for Japanese politics if Count Okuma could be induced to once more try the experiment of heading an opposition party.
THE PARI-MUTUEL.
In expressing opposition to Government pro- ceedings the Japanese are capable of some extraordinary feats, which would be laughable if the consequences were not often enough very serious. To-day, for example, what is described. as a very gallant cavalcade rode rapidly along Hibiya Park in the direction of the Diet. This
building is surrounded by police during the
the way of the horsemen. The latter tamely session, and a score of the worthy preservers of the peace very quickly mobilised and barred explained that they were jockies, and hearing that the House of Peers was likely to deal harshly with the pari-mutuel bill, which has already passed the Diet, they intended to go and remonstrate ! The news is to hand that a hundred similar horsemen are riding from Yoko- hama with a similar object in view. Mounted police and a squadron of the Bodyguard have been dispatched to reason with them. The fate of the measure for the revival of the pari-mutuel under severe restrictions is probably sealed, for the Upper House is known to be against it, but it looks as if it will be the last measure legislated upon by the Peers before the prorogation.
THE TRIPLE BILL AT
THE THEATRE.
given in the Theatre on Saturday night in aid The ladies who organised the performance of the funds of the Eyre Refuge have good reason to be pleased with the success of their The Triple Bill attracted a crowded house, undertaking from every point of view.
and the interest of the audience was well
sustained from beginning to end. Owing to the length of the programme it was intimated that 110 encores could be given, but
unstinted applause was
and 8 number of floral tributes were handed to the ladies on Excellencies the Governor, the Admiral and the the stage in appreciation of their efforts. Their General were occupying seats in the dress circle. The first piece given was "Papa's Wife" a musical comedietta by Mr. Seymour Hicks,
receive a grand total of 16.133,971 yen or about partly, out of reserves, and is fighting against | The scene is set in the drawing room of Sir
33 millions each year, the North American lines a little in excess of this sum, 16,559,595 yen; and the South American line (T. K. K.) 3,364,023 yen in almost equal proportions yearly. Yester. day, in the Diet, a Government delegate replying to questions, declared the separate lines to ports so closely situated as Seattle (N. Y. K.) and Tacoma (0. S. K.) were necessitated by the connection of the lines with the Great Northern and Milwaukee Railways.
PRESENT POSITION AND THE FUTURE.
very
position is much the same as that of the T.K.K., hard competition in the China trade. Its
their shares. It is probable also that the Nippon but there is a wide diversity in the quotation of Yusen Kaisha will have a very indifferent report to present to shareholders for the present half-year, one statement reducing the prospective dividend from 12 to 8 per cent. The premier line is also suffering from the common de- pression.
THE POLITICAL FIRMAMENT,
Not many years ago the Japanese shipping Is it possible that there is to be a real, sound industry, favoured by good trade the world over opposition party in Japan? All through the and by generous subsidies at home, enjoyed present session there has been much muttering enviable prosperity. To-day extreme slackness in the various camps, the Yushin, Boshin, in shipping comes concurrently with the Daido and other factions or clubs. The Government's disturbance of the subsidising Seiyukai, so-called government party, of course system both to ocean steamers and to shipbuild-stands aloof, but the Shimpoto. Count Okuma's ing yards. The only consolation for the ship- creation and which under his leadership ap-
John Singleton, a widower who has recently
to announce that he will pay them a visit married a widow, and while they are away on the honeymoon Sir John's grown-up son writes at their home. Kate, the widow's grown-up daughter, who has been left in charge of the house opens the letter and learns from it that Gerald is unaware of her existence.
While she is still undecided as to how to act Gerald arrives, and as he assumes the attractive young lady who receives him to be his step- mother, she keeps up the delusion. So facinating does Gerald find his step-mother that he laments exceedingly that the good-fortune of marrying her had been his father's and not his. Disillusion comes on the receipt of a telegram from Sir John announcing that he and his wife are on their way home. It does not take Gerald long to recover from the shock of surprise, and he and
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