September 27, 1909.]
PROFIT AND LOSS ACCOUNT, Dr.
To remuneration to general mana- gers, 10 per cent. on balance of working account To remuneration to consulting
committee
...
To andit
itor's
's fee
To balance
Cr.
By balance from last year By gain in working
By transfer fees
$2,573.46
3,000.00
275
HONESTY AND NATIONALITY.
CHINA OVERLAND TRADE REPORT.
there is an increase of Y.13,980,000 in exports, the net result is a decrease of about Y.24,500,000, including both exports and imports. Of these
Our Peking contemporary writes:- figures the decrease in imports chiefly relate to
Readers of the Peking Daily News will iron material and machinery, and this we must endorse the statement that in dealing with the attribute to the fact that the business men of all question of honesty, it has been our constant classes are maintaining a cautious and guarded contention that no race or no nation has a 250.00 policy; while the increase in exports is due, on monopoly of that article. In discussing this the one hand, to an improvement in some degree question our position has always been that while $5,823.46 of our trade with China, caused by the compara- China does not claim a monopoly of honesty, 29,506.51 tive recovery of the silver, and, on the other, to neither does China nor China's officials deserve the increased export of raw silk, tea and other the wholesale charge of dishonesty so often $35,329.97 articles, consequent upon the improved general made by certain foreigners.
COMPANY MEETING,
THE YOKOHAMA SPECIE BANK. The semi-annual general meeting of the shareholders of the Yokohama Specie Rank was held on September 9 in the Bank's hall, Faron K. Takahashi occupying the chair. The follow- ing accounts for the first half of this year were presented and passed
Total receipts
Brought forward from last account...
نمیمه
Total expenditure Net profit,
To reserve
Total
Dividend (12 per cent, per annum)., Carried, to next account: ·
1
economic conditions in Europe and the United It is not our purpose to go over the ground $9,553.35 States. In short, although there is a decrease again. There is another phase of this honesty 25,734.62 in the foreign trade generally, when compared question which interests us at this particular
42.00 with the corresponding period of last year, time.
the general tendency of the trade may be It is of common knowledge that when, $35,329.97 favourable to our country, and we see nothing recently, certain Chinese officials were punished
special to cause any anxiety.
in connection with disclosures concerning the Although, as already mentioned, the internal Tientsin-Pukow railway, this action was seized money, market has been very dull, and while upon by a section of the British Press as an excuse our external commerce has exhibited a falling for a savage attack upon the Tientsin-Pukow off, yet the actual conditions of our banking loan terms which, by inference, at least, were operations has differed from the prevailing pictured as responsible for the malpractices conditions of things in general, and we have charged against these officials. These attacks, seen a general briskness, due to such special as has been shown, were aimed also against circumstances as the very large sales of Govern- certain unnamed Germans. ment Stocks abroad, in addition to a marked
It is a favourite theme of some English writers increase in the export of silk. During the first that the commercial success of the Germans in half of this year the amount of exchange sold China has been due to resort to " devious and bought in Japun on foreign countries practices" which no Englishman would resort Yen,
totalled roughly Y.30,600,000' and "Y.91,570,000 to. 10,848,173
These charges are as a rule not accom- respectively. If we compare these figures with panied by specifications, but no matter. Whether: 1,141,676
those of the corresponding period of the preced-the English are more honest than the Germans ing year we find the increase amounting to we have no means of knowing. That all Eng 11,989,849
Y.5,490,000 in the case of exchange sold and lishmen are honest we have no more believed 8,994,008 Y 9,850,000 in the case of exchange bought; than that all Chinese are honest. Whether all 2,995,841 while the exchange bought and sold in Englishmen engaged in commercial life are so
400,000 foreign countries. on
Japan amounted to high-minded that they would not stoop to the 1,440.000 Y.79,610.000 and Y.29,390,000 respectively. A · devious practices" charged against the Ger- 1,155.841 comparison of these figures with those of the mans-if there are any such practices-is à
corresponding period of last year shows that subject too large for our limited knowledge. although there was a decrease of Y.2,410,000 in
The effort to, in any way, hold the Tientsin- the exchange bought, yet as there was an increase Pukow loan terms responsible for the malprac in that sold amounting to Y.4,190, 00 the net tices disclosed in the Throne's punishment of result was an actual increase of Y.17,120,000 in Chinese officials has, as we have heretofore the totals of all the exchange operations in pointed out, no warrant. Certainly there was Japan on foreign countries, and vice versa by all nothing in the report of His Excellency Na the offices of this Bank.
Tung to indicate that the acts charged were in any way due to any laxity of financial regula- tion, or that the finances of the railway were in any way involved.
The CHAIRMAN, addressing the shareholders
said :-
Gentlemen,-In opening the fifty-ninth semi- annual general meeting of our shareholders, and presenting to you a report covering the first half of the current year and asking for your adoption of the same, as well as inviting your consent to the appropriation of profits, I propose to refer briefly to the economic con- ditions of the country generally, as well as to the general state of our banking operations.
Our economic conditions, during the first half of the current year, appeared ut first glance to be in a very inactive state, differ- ing little from the conditions ruling last year; but after a closer survey of the situation, it is noticeable that matters ap pear to have altered in a marked degree. The large stocks of merchandise seem to have nearly all been disposed of during the period between the latter part of last year and the spring of this year, while the bulk of the various enterprises, which suffered from the effect of the depression during the period under review, steadily recovered, enabling things to be placed once more on a sound and firin footing. "How- ever, having once experienced adverse conditions, the market is still exercising caution, although it is progressing towards a fair recovery, sidering the way in which prosperity is returning in Europe and the United States of America, we can hardly hope for any immediate activity in Japan; consequently we have not yet ex- perienced any marked demand for money in various grades of enterprise.
('on-
In addition to the above state of things the successful floating of loans abroad for various municipalities and companies, coupled with the sale of the various Government Stocks abroad haying facilitated the influx of capital from foreign countries, our internal money market has become more and more slack, and the inter- est on money has gradually declined; and although banks in all parts of the country have gone so far as to lower the rate of interest, yet they continually found themselves in difficulty to find proper outlets for their money.
Now, looking at the state of our foreign trade during the first half-year, we find that the exports and imports amount roughly to 187,000,000 and Y.214.510,000 respectivly, making a total of Y.401,510(00. These figures, when compared with those for the corresponding period of the previous year, show a falling off amounting to Y.38,480,000 in imports but as
to
We have, however, to express great regret that as an outcome of the economic disturbances of recent years, the collection of some of the bills discounted and foreign exchange in Kobe, The underlying purpose of this attack upon Osaku and Ryojun could not be effected as it the Tientsin-Pukow terms was, of course, really should have been, and the amounts had to impress the financial world to believe in the be adjusted in the present financial year by either superiority of the Kowloon terms, for which writing off as a loss or by providing funds for the British and Chinese Corporation has so bad or doubtful debts. In spite of these un-strongly contended. The Kowloon terms were fortunate transactions, our business has been described as the only ones absolutely and active and extensive. Both the Head as well as completely insuring honesty of administration Branch Offices and Agencies were all able to of railway funds in China.. make fair profits, with the result that they differ little from that of the preceding period. These profits amount to Y.1,854,164,38, the appropriation of which we have drafted, and submit for your consideration and adoption,
Before concluding these remarks, I have one other matter to refer to. Our Chefoogency, which was opened in June of 1905 for the purpose chiefly of adjusting the withdrawal of the War Notes, will be closed on September 30, as there being no further business of this kind to transact, the maintenance of the said Agency has become unnecessary.
THE OPIUM COMEDY.
CHINESE EYE-WASH.
This may be ancient history to our readers, but it is made rather live by a highly interest- ing police court proceeding at Shanghai, news of which has just been received by way of the latest Shanghai newspapers.
This tells of the arrest and remanding into custody of Mr. Butler Wright, chief account- ant of the Canton-Kowloon railway, upon a charge of embezzlement !
THE BRITISH CHIEF ACCOUNTANT OF THE
CANTON-K WLOON RAILWAY ACCUSED
OF EMBEZZLEMENT IN CONNECTION
WITH THE FUNDS OF THAT
RAILWAY.
We have, of course, no intention of charging that this well-known Englishman is guilty of the charge made against him. The charge is made by the British authorities, he was arrested The evidence placed before the Shanghai on a steamer at Shanghai upon the British Opium Commission as to the attitude of China Consul General's warrant, it being believed, towards the closing of the opium dens seems to apparently, that his reported sudden disappear-ƒ justify those who doubted the ability, if not auce from Canton was for the purpose of escap the desire, of China to change the habits of ing arrest there. He may be entirely innocent the people, as there are many who do not--but the British authorities seem to think believe that she can abolish the opium habit otherwise. Anyway, the latest advices found in a century. There have been floods of talk Mr. Wright "remanded in custody for seven About the Chinese Government's stringent days!' orders, and Provincial Governor's energetic The moral of this tale would seem to be in action in closing opium dens and restricting the immense superiority of the "Kowloon poppy cultivation. But, as most people who Terms as insurance against dishonesty! know anything of the Chinese suspected, it seems to have been mainly talk. Statistics could not be obtained, and positive evidence that China is carrying out her part of the bargain appeared to be practically nil.-Calcutta Eng-
lishman.
This, at least, is the Chinese view. If the Germans profess to see in this case no evidence of that superior honesty of the English about which the English papers have so much to say -well, we cannot find it in our heart to criti- cize them for their blindness.
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