CHINA.

Globe, Volume XX, Issue 1565, 24 February 1879, Page 3

CHINA.

[By Telegraph.] fCORRESPONDENT OF PHKSB AGENCY.] Hong Kong, January 8. Commercially, the past year has not been altogether an unprofitable one for Hong Kong. The revenue has shown steady development, so much so, indeed, that the house tax for the present year is to be reduced about ten per cent. This increase of revenue is not due to any exceptional or temporary cause, but lo a steady development of the trade of the colony. It is true that much of this falls to the share of the Chinese, whose competition with foreigners is daily becoming more keen. While suffering from this competition on one hand, on the other the world wide depression in trade has not been without its effect on the foreign houses here, to whom the large profits of former years are now only things of the past. Two of the oldest and best known firms have failed within the last tew weeks. Paston and Co., a Q-erman firm, and Olyphant and Co., an American house; but the failures are due to transactions by the home houses, and not to disasters. In the Eastern trade it is expected that in both cases the assets will nearly, if not quite, cover liabilities. All the other houses are believed to be in a sound condition, and doing a healthy trade, although at diminished profits. All our public companies are also in good condition, and the stock of most of them appears at fair quotations. Chinese thieves are proverbial for their audacity. Within the last few days both the Viceroy and Treasurer of Canton have been relieved of property, the former to the extent of 500 dollars, and the latter of 5000 dollars. In such cases the authorities are accustomed to command their underlings to catch the robbers and recover the boo'y, and to hold them responsible for the literal fulfilment of such orders.

The rebel general Hi Keong Choi is stated to be making progress in Tonquin. The King of Annam has appealed to the Chinese Q-overn-ment. Explanations have been demanded from the Viceroy of Kwang and the Q-overnment of Kwangisi, and the former has applied for leave of absence to visit Pekin.

The walls of Nanking have been made available for the use of cannon in case of the rebels attacking that city, A fleet of junks, with convicts and troops, has been sent to Tonquin, to operate against Ly Lung Choi. The Chinese gun-boat, Aulan, left here on the 23rd ult,, with the Chinese General, several Mandarins, and a supply of arms and ammunition. An expectant prefect was publicly strangled on the Bth ult., outside the west gate of Tien Tsin, for preferring a charge of malfeasance in office against the Viceroy, Li Hung Ohuang. It is stated that eleven other officials have been executed for making similar charges. A project to place China and the United States in communication by means of a trans-Paciflo cable, is being placed before the Pekin Government by an agent of the projectors from America. It is said that the Japanese Government has promised to render assistance if the project is adopted at Pekin. The Chinese Government is about to start a woollen manufactory at San Chow Fu, the capital of Kansuh. Two German gentlemen have been chosen to conduct the enterprise. The requisite machinery has been shipped from Europe, and the building will shortly be commenced.

The China Merchants’ Steam Navigation Co. has transferred its tug and lightering equipment at Tien Tsin to a tug boat company, the reason, it is stated, being that the C.M.9.N. Co, cannot make them pay. The dock and foundry at Shanghai are advertised for sale or to be let, and speculation is rife as to the future of the company. The British barque Ada went ashore on the 13th ult., when about ten miles from Ohee Foo, and became a total wreck. All on board were saved. At the Court of Inquiry held to investigate the (ircumstances the captain’s ceit finite was suspended for nine months. News has been received of the loss of the Portuguese barque Venus, while on the way from Madras to Timor with a body of troops,

to assist in quelling an insurrection in .the latter colony. The vessel was ifrCokea on the coast of Annam, but the crew and passenger* were all saved. The Q-erman steamer Madagascar, Captain Turner, left Bangkok on the I9th of November for Hong Kong, and has not been since heard of. Charles Newman, sentenced to death for the murder of one Servando Oesiar Q-uttierz on the Bth of August, suffered the extreme penalty of the law on the 19bh ult.