The Marietta journal. [volume] (Marietta, Ga.) 1866-1909, 1896-12-17
CHINESE STOCK EXCHANGE.
Spectators Do Lively Business In the
Cutters of Hongkong.

/ 01eNAS Va sAohSs
| The Hongkong stock exchange is
one of the financial wonders of the
world. But to bcgin with, there is
no stock exchange, roperly speak
ing, i'll Hongkong. What exchange
there is now is the gutter.
From the bar of the club to about
/, 100 yards down the Queens road is
the local rialto. But there, all day
long, a financial business is done
which I doubt if any 100 yards in
the world except the spaces includ-
ing the London and New York stock
exchanges and the Paris bourse can
equal either for volume of money, au-
dacity of speculation or sensational
ups and downs.
| Everything is done either under
the punkahs in the hall of the club
or literally in the gutter, and by
the most motley crowd of brokers
! in double decked hats that the world
can show.
There are Englishmen, Germans,
Anglo Indians, Chinese from Can
ton, Armenians from Calcutta, Par
sees from Bombay and Hebrews
from Bagdad. And from the princes
of finance who play with hundreds
of thousands are several of
them in Hongkong- down to the
humblest who buys ten shares here
and sells ten shares there, all are
making money fast The former
live in their little palaces, they en-
terrain like princes, they are as gen
erous as they are prosperous, and the
latter kick their heels all day long
in the street and the corridors of the
Hongkong hotel And although to
say that all of them make money is
not unlike saying that two men live
on what they win from each other
at cards, still the paradox is a truth.
Money in Hongkong seems to have
less value than anywhere else, like
wheat in Manitoba or petroleum in
Pennsylvania. A player at poker
the other night dropped a long chip,
value $50 under the table. Mas
kee," he said in pigeon English
mo matter"
Its e20," somebody reminded
him. eff you were at home, you'd
look for it fast enough"
by Jove, he replied, 80 I will!
| forgot how much it was" And
here is an example showing at once
all three characteristics 1 have
claimed above for Hongkong
finance.
The total capital of Hongkong To-
cal companies is not less than e10,-
600, 900. The average dividend of
| the local companies which have al
ready been in existence long enough
to pay one is fraction over 13 per
cent per annum. And their average
annual yield to investors at the SO
calledlinfiated current prices is 62
Pper cent. New companies are being
fioated almost every month in Hong
kong. AS the new lands of the far
east are gradually developed, it is
to Hongkong that they look and
must look for financial aid. And
capital there responds to the right
call, as the flash responds to the
trigger.
Financiers at home send kilograms
to their representatives here urging
caution, and merchants write long
homilies to their agents. Yet have
heard that the very merchants
and friends, both at home and else
where in China, who are so anxious
on the one hand that Hongkong
should become a model of Scotch
prudence or are SO ready on the
other to denounce it as bucket
shop are themselves applicants for
shares in new enterprises, with the
purely gambling intention of resell
ing them at the first rise.
In the past shares have been free
ly allotted with this result. In the
future, I understand, local promoters
intend to be a trifle more particular
whose fortunes they make. 1 must
not presume to decide the question
whether Hongkong is or is not rest
ing on a financial volcano, but 1 see
no reason to believe it and many
reasons to. believe the contrary.
And in defiance of this opinion I
think Hongkong financiers will ad-
nit for a long period no stranger has
given the time or attention to the
affairs of the colony that have,
for it is not until after you have
studied Hongkong that you begin to
discover, and that slowly, what a
marvellous place it is.-London Mail.
CLANS Eggs.