New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-01
BANKING IN THE FAR EAST.

With the advent in the Far East of the American
War came a broadening out of trade relations be-
tween the Occident and the Orient. Close upon the
heels of the soldiers came the merchants and
rs agents anxious to gather in Gnh 61
their industry than was possible in their home
country.
neers a lack of banking institutions conducted
on American lines The desIrab ility Of chain OF
10 COMMERCIAL interests in the Orient, but not
the United States did the national government
realize its dependence for banking facilities on two
transact with them its business including the
handling of the large funds REQUIRED by the army
the application by these banks of rates of ex-
change that we thought exorbitant, and many OPP
the fiscal operations of the government.
Peking for the distribution of the Chinese Indemnity
amounting to s3$5 Geo@e Of which S5GGG9 was
ing to 1910 made it desirable for the government to
share, and the only alternative to dealing with
foreign banks was to encourage the establishment
The opposition which American banks would have
to meet in the Orient is shown by report made
in 1901 by Charles Arthur Conant, special commits
sioner of the War Department and now treasurer
spent several months in Manila, China, Japan and
India. studying the situation. He said:
will be confronted by foreign competitors long es
tablished of unqHestii!oned credit and possessing
dominated the colonial and foreign banking field,
especially in the East but has recently encountered
powerful competition in French. German Belgian
and Russian Institutions in banks deriving their
capital from these sources. No fewer than nine
large banks do business in Hong Kong, and other
powerful institutions are scattered over Japan and
the Russian and French establishments il Eastern
Asia
Several abOrtve attempts to establish an inter
national bank along the lines of the Hong Kong
and Shanghai Bank were made by different groups
international Banking Corporation organized
and established its branches in London, Yokohama,
Manila Shanghai and Hong Kong. and the
years succeeding In number of other Far Eastern
cities.
The termination of the Russo-Japanese struggle
for supremacy in the Far East affords American
industry the long coveted opportunity TO gain a
foothold in the Orient. which has long been denied.
made the United States the logical candidate for
the business in the East this country has seen the
current of trade turn from the natural channels
ana has allowed the nations of Europe receive
The great West is no longer an undeveoped land
American industries have already outgrOwn dOmeS-
tic demands, and the need for increased fields for
investment and a broader market for American
manufacturers is fast being realized.
Eastern Asa is awakening from her long letlargy
and recent events show that she will soon hold a
prominent place in the trade of nations Here lies
Americas opportunity. Unaware of this new and
greater era of world commerce, the United States
has unconSciously prepared for it. and by the ac-
point which will now give it better chance in
competing with European nations in the East.
SHIPPING IN THE ORIENT
As the American exporters and importers have
steadily gained on all competitors in the Orient
The demand for freight carriers. More especially is
tlHS true on the Western coast where trans
continental railroad companies. eager TO obtain a
ialr part OF the Eastern trade, have built fleet of