The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1891-05-27
EDITORIAL NOTES.

Henry Clews, the well-knOWn banker says "ihe
European money centers, such as London Paris,
Frankfort and Berlin, cannot fail to recognize
The TACT that New York is at present the strongest
financial point in the world" The Governments
fiscal policy must have had considerable influence
in attaining this result. AS Secretary Tracy
said at Boston: The policy of the last Admins
trat0n was TO hoard money and TO accumulate a
large surplus. The policy of this Administration
has been 10 use the surplus in the purchase OF
bonds, thus reducing interest and restoring
money to the channels Of trade. The difference
in these two lines of policy is shown by a state
meDt made In MIR. WINDOWS report, that from
March 4, 1885, to October /, 1886. the amount
dI>bursed in redemption of bonds was $4,000
600, while IN the corresponding period from
March (, 1889, to October l, 1890, the amount
was S239,OOo.OO0. Fifty millions has thus been
saved in aggregate interest. 4 corresponding ia.
crease mas been shown in money circulation.
During the first nineteen months of the last Ad-
miniStraIiOn there was an aggregate decrease IN
the circulation of S21, 900, or 40 cents per
head. During the corresponding period OF the
present Administration there was an aggregate
increase OF 1913, 900, or about 81 so per
head. The total increase in the amount OF money
in circulation from the lst of March, 1889. to
the st of January Of the present year was 1924
100000"
During the first four months Of the present
year is calculated that Britan's exports 10 this
country. emitting tin plates dropped over
So 0OO 900 in value. The London Stqtist in
commenting on the commercial situation, says:
" Ii has also 10 be borne in mind that the full
effect Of The Mckinley Tariff Bill has not yet
been felt and that though the exports of the ma
jOrity Of articles OF British produce 10 the United
States during the past four months have declined
heavily, the enormous exports OF tin plates have
more Than c0unterbalanced the falling of In other
directions. Toward the close OF June the export
Of tin plates TO the United States will virtually
cease for a time, the high rate upon their I'M
port imposed by the Mckinley tariff Will come
into operation on July lst" British inportations
Of certain raw materials for manufacturing pur-
poses also show remarkable reduction, par
ticularly wool, jute and fax.
The Government has contracted for a supply
OF armor- piercing prOj-ctiles manufactured un.
der the Hotter process Some of The projee Tiles
are made solid and others are charged with
powder A ten-nch she'll or prOjectEe weighs
625 pounds without powder. Either the solid
shot or loaded shell Will, it is confidently as
serted, pierce The most inVulnerable iron or steel
clad vessel Those charged with powder explode
on striking vessel, and the probabilities are
that one will be sufficient 10 destroy 1t when shot
from Que OF the new ten-inch mOrtars.
The COrean question Is still prominent one
the Chinese Government had sent dispatch 10
Corea demanding the abdication Of the King in
favor Of his son, Chlna's object being TO appoint
Regent and thus control the Kingdoms internal
affairs. The independence of Corea being essen
ta for the peace OF the East It Is not likely that
Russia and Japan would compacenlly permit
China TO carry out any aggressive designs she
may cherish.
The new Portuguese Ministerial programme
comprises liberty Of the press, Communication Of
sentences OF political offenders, a reduction OF
expenditures in the Colonial, War aud Public
Works Departments, reduction of the salaries
of public officials and the conclusion OF treaties
Of commerce. AS natural result of the last line
OF policy, the London Standard can soon reiter-
ate its declaration, "The wall Of hostile tariffs
rises ever higher around the shores and along
the frontiers OF almOsteyery nation but our own"
Krupp denies the story that some OF his cele-
braled guns have been sold TO the French Gov
ernment. The statement that he had consented
20 supply the new French Navy with heavy guns
had about IL an air of lmprObability. Krupp,
besides receiving valuable concessions from the
German Government, is familiar with Its artlI-
lery system down TO its smallest details, and IS
regarded in measure as the conhdenti al agent
of the kaiser's administration.