Evening star. [volume] (Washington, D.C.) 1854-1972, 1889-08-17

capital there responds to the right call as the
fash responds to the trigger. For instance, a
month ago new issue OF shares of the Hong
Kong land investment company was made at SO
per cent premium 500 for a $50 share. The
number offered to the public was $4,000. No
fewer than 5000 were applied for Today
they are quoted at S145. or course there are
not wanting prophets of evil who foretel an
utter collapse of the Hong Kong market, as a
consequence Of what they are pleased to term
the gambling mania" prevalent In the colony.
Financiers at home send kilograms to their rep
resentatives here urging caution and merchants
write long homilies to their agents.
GAMBLING INTENTIONS.
Yet I have heard that the very merchants
and friends, both at home and elsewhere in
China, who are so anxious on the one hand that
Hong Kong should become a model of Scotch
prudence, or are so ready, on the other, to de-
nounce it as a ''bucket shop" are themselves
among the quickest and most persistent appli-
cants for shares i'll new enterprises with the
purely gambling intention of resellipg them at
the first rise. In the past shares have been
freely allotted with this result; in the future. I
understand, local promoters intend to be a
trihe more particular whose fortunes thew
make. / must not presume to decide the
question whether Hong Kong is or is not rest
ing ON financial volcano, but see no reason
to believe it and many reasons to believe the
contrary. And in defence Of this opinion 7
think Hong Kong fn3pciers will admit that for
a long period no stranger has given the time or
attention to the affairs OF the colony that /
have. For it ia not until after you have studied
Hong Kong that you begin to discover, and
that slowly, what q marvellous place 1t ia.
GROWTH OF HONG KONG.
Less than fifty years ago barren island with
few Chinese fshermen's huts; today port
with 200, 900 tons Of shipping year; a focus
Of enterprise with six and quarter miliions
sterling of locally registered capital: q coal
center where 50,UO0 tons are consumed per
month; an insurance base where in 1888 pre-
miums were paid by Chinese merchants alone
upon q capital value Of f2l, 600 900 sterling ri
have this fact upon the best authority: fiuan-
cial center for the whole far east, since Japan.
Manila, Singapore, Java, Swallow, Annoy and
Saigon all finance through Hong Kcnc. and
from which 100000 rupees ia the monthly
average remittance to India for opium and warn.
And unless all signs fail the development of
the far east il only beginning. Borneo, the
Malay peninsula, and Siam are all certain 10
become the scene Of enterprises Of all kinds
within q short time, and the Philippine Islands
are making great strides.
PROSPECTS.
Any development in any of these places
means the increased prosperity Of Hong
Kong. II the coal OF Tongking turns out - It
seems to PROMISE and can be sold in Hong
Kong as cheaply AZ is reasonably claimed by
the promoters Of the company, Hong Kong viii
become also q manufacturing center. And the
Introduction Of railways into China, which Il
on the eve of being an accomplished fact, viii
bring infinite grist to her mill. In fact there
Is only one thing that can surely bring about
the collapse OF values in this marvellous fsland