New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-08-01

trnder in the world than the Chinese
merchant. 1t is the lament of the
members Of the foreign import and ex-
port firms in China that the Chinese
are too clever at business. The Chinese
merchant has an irritating way Of
knowing what he wants, when he wants
it and where no can get it a little
cheaper. This knowledge annoys the
foreigners, who still believe that ex-
ploitation should rule this nation.
Blessed with patience that after OK
tended use ceases to be virtue, the
Chinese will try fifty firms for an
article before buying.
A prominent British trader remarked
concerning the Chinese in business.
"The Chinese merchant sometimes
looks to US like a damned fool, acts like
a damned fool, but he is not damned
fool. have seen merchants in the
middle Of an important business dis
cussion rise and gaze raptly at a dainty
picture on the wall. They will roll
their eyes jocularly while settling an
important matter of exchange, but
thew are not fooled or he exchange"
Chinese Is No Fool
That the Chinese is not fool" in
business is owcc more demonstrated
by the establishment of this new
produce exchange, where business will
be conducted along the best, modern
Western methods With out the interfer-
ence of the West. The new organiza-
ton is governed by board of seven
teen directors, Of which seven are Sc
lccted as managing directors.
The chairman Of the present board
Of managing directors. Mr.. Yu Yah
Il Of
The exchange has a capital of 5000, 900
tacls, which ct the present rate of ex-
change on July 1 amounts to some
what more tn n 100000 gold. There
are four departments on change 10
begin with, and other departments will
be established soon.
At present the exchange deals in
shares, cotton and cotton yarn, provi-
sons and oil, but it is planned to in
clude dyes, chemicals, piece goods,
grain and other commodities. There
are 1903 brokerage firms listed at the
opening of the exchange. To-day all
Of them were entertaining their Chi
ncsc and foreign guests with food OF
which is absolutely unknown in China.
whisky in assorted colors and the in
cvitablc tea.
The cigar is also beginning to play
a part in Chinese business transac-
TONS. The flags of every nation ex
ccpt the German were strung along the
sides of the building, and in spite Of
the rain at least five hundred private
ricl,shas were parked in the street near
the building. These made way for
others all during the day until late at
night, when it was estimated that 5000
Chinese merchants had come to take a
"look-sce" at the new enterprise.
Mr. Yu Watching made the follow
ing speech in Chinese:
Eve have been carrying on business
under difficulties for the last ten years
and now the opportunity has come 70
inaugurate the exchange. Thus can
the business Of exchange be done in
the proper manner. Commercial busi
ness fell through at times and at other
times it rose and there were failures
Some attributed these to the trade
That was not at all considerate. w
arc about to commence to-day trade o
an international character at the ex
change. for the first time in the his
tory Of China, ard we hope that sue
transactions as VIII be made will cor
duce 10 the prosperity and the happi
ness Of the whole world as we'll as T.
this country. We place our trust il
The merchants, for upon those gentle
men depends everything and we hop.
that they will always remember the
60 'o'-.'-,o,.eisl in rrourso. 81
A message was read from Chi Vac
liz. w 1ANIi Governor of the Province