Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1883-04-16

The steamer Oceanic arrived at San
Francisco Saturday from China and Japan,
bringing Hongkong dates to March 9th
and Yokohama advices to March Dist:
JAPAN.
The condition of the currency continues
to occupy considerable attention. Every
known circumstance ia against any nominal
increase of the exchaBgeable value Of kin.
| satsu, but in defiance OF this the rate is
subject to violent fluctuations and sudden
upward movements, attributed with great
Justice TO the effect OF speculation of a
more or less directly official character.
There are rumors, said to be we'll founded,
| to the effect that the recent sudden arrest
of about 600 stock brokers in Osaka, upon
suspicion that they were engaged in specu-
| lation, was made with the view OF intimi-
dating operators here and clearing the way
| for the exercise Of Government influence
upon the quotable rate of paper for specie.
There is certainty that without the as
sistant of the Treasury, which doles out
small supplies of money at intervals in
order to keep up the rate, exchange would
speedily decline to at least the figure it
stood at six months ago. The artificial
rate of the present time prevents sound
business, and, until official interference
| with currency ceases, no business can be
expected on large scale.
The complete failure of the national
bank system, under which SO many OF these
institutions have been established in this
country. is now beyond question. Many
have voluntarily closed their business, and
some others have been compelled TO hqui-
date. The lesson which should have been
learned from the sudden termination of this
scheme does, not, however, seem to have
had any effect, for other banks are said to
be in contemplation by the Government.
One is to be formed, it is said, for the pur-
pose OF making loans to the industrial
classes, at low rates of interest. The story
is an old one, and not likely to ensnare so
many victims as ii might have few years
ago. The security for these loans st low
interest ie, of course, to be commodities,
and these latter will be realized by the
mortgages for upecie and thus converted
into new medium of exchange.
For some time past various native jour.
nails have endeavored to create i'll. will be-
tween Japanese and foreign merchants,
ascribing to the latter an attitude of arbi.
trarY Intolerance fatal TO the honest aspira.
lions of the former to secure complete
commercial independence. What this aspi-
ration means is not known, for, 80 far
from foreign residents in this country hav.
ing deprived the people of their CONNER
cial rights, the treaties of commerce have
been the sole means of granting to Japan
ese the only trade privileges and rights
they ever possessed. Between Japanese
and 4haro so .
ing, and, as men of education in this coun.
try are coming forward to join the ranks of
traders, that understanding is not likely to
diminish in any way. The attempt to SOW
dissension is made at the instigstion of the
rings" and combinations of traders who
desire to engross and keep in their hands
the best part of the small trade of this
country.
The iron mine at Kamaishi, the working
Of which was commenced seven years ago
and involved the expenditure of a consid-
cradle sum of public money, has been aban.
doned, the out-turn of ore being found in
sufficient to warrant the continuance of the
| works.
The Toxic Marine Insurance Company
has suffered very heavy losses. Its re-
ceipts for the half year last past were only
$3.50 yen, with losses OF l4l, 800 yen.
The statistics published seem to indicate
incompetent management as the cause of
the endorsements in which the company
is plunged.
CHINA.
The Emperor has replied to Ii Hung
changes application to attend the funeral Of
his mother to postpone his departure for a
| few weeks.
Smallpox has been bad in Shanghai of
late, and many of the Europeans have been
vaccinated.
The opium farm in the colony has passed
away for the present, and the Government
has adopted such measures as it thinks will
bring equal profits to those which have
been previously reaped from the farm. The
new step has involved many changes, and
we do not know as yet the extent to which
these will go.