The text of the newly promulgate ed law governing the establishment of Chinese Stock Exchanges, reference to which appears in to day's Mandates, will be awaited. with interer It has been known for some time that certain prominent Chinese were interesting themselves in the matter, and the law just announced is doubtless the result of representations made to Peking from various quarters, particularly Shanghai. In the absence of definite informatita as to the scope of the law, it can only now be said that the need for a Chinese Btock Exchange in Shanghai is by no means imperative. With the exception of the China Merchants Company, and @ few other enterprises, there are no companies here the shares of which are dealt in exclu-very by Chinese, and as for the remaining companies, the existing machinery for buying and selling amply covers both Chinese and for-needs. The great majority of Chinese interested on the share market do their business dire with foreign brokers, most of the business done in this way being conducted by compradores in the leading firms and through native bank', Ib is to be noted that Chinese investment in industrial' concerns is not heavy, holders of capital preferring to bse it for pure speculation or investment in land. On the face of it, there does not appear to be much scope for a purely Chinese Btock Exchange, an institution which of course, would have to work without the support of the foreign banks. In the event of a Chinese exchange being established here, it can scarcely affect the present course of business.
Text read from the printed page and cleaned; old type leaves the occasional error.