Hongkong, 30th November. by the Deposit Depa: of the Finmee Ministry as temporary reward for the army and navy, for the maintenance of the war prisoners to be received from Rassia is not included in the above, and if it wore received the amount of the proposed bond issue will be proportionately reduced.
The most remarkable tenture of the next Budget is the fact that the Government has made the most elaborate arrangements for the resdjnstment of the public bonds, which are to be completely redeemed within thirty yours The wow Budget sise assigns 10 million for the establishment of four army Givisions. This is to place the 13th ith, 15th, and 16th Divisions, which have been organised during the war, on a lotted for the creation of a Resi General in Corea and 394000 yen for the establishment of Embassies.
Sequels of the New Convention.
Ming Yang-huan, ex-Premier of Corea, who has: been much aggrieved by the conclusion of the naw convention, com. Cores rt has arranged.a State lo-on- the 30th. ult. ' -The
funeral and the Japanese Legation: hall masted: Cho Phong-sik, a senior statesman of Cores, who has been also very' much aggressive against the new regime, took poison and breathed his. Inst on the evening of the Ist inst.. The tragic death of these patriots invokes much: sympathy, but does not warrant the theory that Cores should have been left alone. The "Japan Mail" asserts that if Japan had left the control of Corea's foreign affairs in Corean hands, a situation of perpetual menace would have existed and the final outcome would have been a catastrophe' involving more than one nation in disaster. Moreover, Corea's dependence is no new affair. ' Before Japan espoused her cause she was an. unequivocal tribut/ ary of China. The western Powers concerned, including the United States, have recognised in the most practical manner that there exists no hope of permanent peace in the Exst except by taking out of Corea's hands the eondnet of fancti which she has uniformly abused for the past quarter of a century. The Corean people will, assuredly enjoy under. Japan-)
Exchange fills the picture, to the total eclipse of all else, A dollar worth more than two: dnd penny-has the effect of blinding.us to other things that are perhaps worth more attention "One young man who'rojoiced in the possession of a hundred superfluous dollars bought sovereigns with them, and has tied them up in a bag, -whilo- waiting for exchange'to go down, so that he'may change back and realise his eight or nine dollars worth' of "unearned increment." He excuses necessary but economies with the explant doocid awkward having: one's capital tied up" It would be interesting: to know how many thousands of dollars have been thus locked up, earning Ji or no interest. The shore market has been so far demoralised that: itis now impossible for an investor to sell out with the idea of profiting by the high exchange.
is, of course, an excellent opportunity to bull local. stocks, "and I can'only suppose that the rare novelty of profit in exchange is accountable' forthe appl ent indifference, The prevailing idea-soams tobe that the dollar will climb to 24-34. and drop suddenly towards the beginning of February, after hina Naw Yeat. China New Year is a sort of "investor fetish; whether being' advised: to. buy'or sell, the: tyro is. always assured: that "they" are sureto'go'up' (or down) after China New Year. It seoms'to: me that anyone - buying forward: now, no mote than he can-take up: and carry: if necossary, ison to a safe thing. 'But-he should beware of being' too greedy. One' hotel here, which has been charging in sterling, and cheerfully: taking whatever—extra profit there was on exchange: while -the dollar was down, laments that it is'losing heavily, and' gives notice that if exchange up any more, it won't recognise the dollar as worth' more.than: two shillings. "This is: so' mich more reasonable than I expected thut I-haven't the heart to make the obvious cut cism, After all, they are "after divi—and they might have value.on the fickle coin, would.be 1s.:84., or any other amount they pleased: There is one man here who is not blessing the rise. He is paid in. sterling, or.rather on. that basis, and recently. he had. increment of ten. pounds: a.month.. On
Text read from the printed page and cleaned; old type leaves the occasional error.