It is notorious that the position, both for brokers and public general: ly, has not been satisfactory for a long while. There is no use blaming the brokers alone, so long as there is a large portion of the public in tent upon speculation of the very worst kind. As the position stands at present, " seat on the Stock Exchange does not mean large capital or any corresponding res: ponsibility, as is the case in Ton don or New York. Unlike Tan-don, Paris, Bombay or New York. the exigencies of the position Shanghai and the number of nationalities represented in the Ex change, make it impossible for any Government or Court to exercise adequate authority over the operations of the Stock Exchange—al though it is registered in Hong: kong as a British Company. On several occasions the Exchange has got into trouble, and in spite of all reforms there has been very little improvement, It is to be hoped that the present opportunity will be taken to bring about an effec: tive change in the whole adminis: tration of the Shanghai Stock Ex change.
Al ier article will appear sharily dealing rth a scheme, for reopening the Stock Exchange safeguards. an the necessary
Text read from the printed page and cleaned; old type leaves the occasional error.