To the Editor of the "Nonta-Cmusa Dany News."
Sm,—With reference to the letter in this morning's paper signed by Municeps' the illustrations given by him to enforce his argument are n -t quite correctly worked out, as in both instane-s the capital of the Comprnies have been increased. I presume he refers, in the first example, to {he Shanghai and Hongkew Wharf Ca. andin the second to the Shanghai Land Investment Ca. Regarding the Shan and Hongkew Wharf Ca. the capital in Tanuary 1901 was 15,10) shares of Tls. 100 each, and the market then stood at Tls. 395,' representing a valuation of Tls. 4.907.500. But since then the capital of the Comyany has b-en increased to. 20,000 shares, the market value of which is nominally. Tls. 273, or say Tls. 5,409,000 showing an apr-ciation of Tls. 492,500. Regarding the Shanghai Land Investment Ca., the capital of the Company was on the date mentione represented by 26,000 shares of TIs. 50 each, and the market value was quoted at Ts. 125 or Tis.
350,000. Since then the capital has been increased to 39,000 shares, and to-day's value 's Tls. 105, or Tls. 4,095,000, showing an appreciation of Tls. 845,000. But these corrections, although material to" me asa quotist, do not affect his argument, thou: h it would be as well for ' Municeps' to revise his figures.
Tam, ete., Iso. A. Suuuivas.
Mish Ap To the Eaitor of the "Nonru-Cmxa Dalny News."
S1n,—" Municeps" has rendered valuable service to all interested in the future of China, by calling attention to the alarming situation to which the nation, including foreigners resident therein, is reduced by the rejection of silver as currency, and the urgent neces-ity there is for action.
great principle involved in the illustrations of your correspondent must not be obscured by refinements in figures. Silver has fallen 6 per cent sinto the close of 1901, and as it is now thoroughly discredited, nothing can check its downward course. What this decline means, following "Muni-ceps," is this:—Tls. 100,000 invested in Jand' 18 mouths ago represented £15,000. Unless therefore, the property is so far improved by return of ever-increasing rentals as to be now worth the equivalent of £15,000, or Tls. 125,000, there is depreciation in gold to £11,666 or, 224 per cent.! Consider how this affects our property, our business, our solvency, and say if we are (o go on ignoring the rock aherd, towards which we are drifting like a disabled ship certain of i s fare.
Tt is not for ne to propose a action; butit the important commercial and. political assveia' ions of foreigners in China will, at once, nom Committee to desi with this mome tous problem, this, community will experience a most grateful of relief. Wi hour unanimity, without verte! nection for our protection, we fare compelled to stand idly by and seo our property and our credit ruined by a fiction.
I am, ete.,
Text read from the printed page and cleaned; old type leaves the occasional error.