The record-union., 1894-08-18

strong barricade across il at point
where it passes between two hills. The
Government is reinforcing its troops as
rapidly as possible, and it Is expected an
advance in force will be made upon the
Kaffirs to-day or tomorrow.
PROPOSED CHINESE LOAN.
Financiers of European Capitals Ea-
gerly Discussing the Matter.
LONDON, Aug. 1.-THE financiers of this
city, Berlin and other capitals of Europe
are eagerly discussing the proposed Chi
nese loan.
Inquiries made by reporter of the As
sociated Press at the office of Jardine,
Matheson dG Co., London and Chinese
merchants, and at the offices OF the Hong
kong and Sanghai Banking Company
show that the loan which the great bank
ing institutions of Berlin are said to be
floating for China amounts to 10000 900
taels, and not to el0, 100000, as previously
announced here and in Berlin. A tael is
estimated to be worth about one ounce
and one third Of silver. or. roughly speak
ing, six shillings sterling, or 81 40, sup
posing these amounts represent the value
Of silver OF the weight of one tael.
ItappearS that about month ago China
inquired, through the Hongkong and
Shanghai bank, the rate at which loan,
TO be made in silver, could be effected.
The bank Immediately offered TO loan the
Chinese Government one million pounds
sterling.
Jardine, Matheson 81 Co., who also had
been consulted in regard to the proposed
Chinese loan, offered. to lend China an
other million pounds, or as much money
as the Government should require But
Viceroy Chang declined both offers at
thet time, saying there was no immediate
necessity for the loan, as China had
plenty to go on with. Later, however, it
became known that in view of the repay
ment of the last portions of the present
and per cent. gold bonds due at the
Hongkong and Shanghai Banking Com
pany, in January, 1895. and in view also
of the war needs, China desired to in
crease the amount of her available cash.
A syndicate of German bankers was at
once formed in Berlin, and their agents
at Tien-Tsin were instructed to ask Vice
roy Lii Hung Chang for any option of the
loan.
Dozens of London and other promoters
followed the example OF the German
bankers, and Lii Hung Chang and the
Chinese Minister were besieged with Of
fers from responsible and irresponsible
parties anxious to have share OF som o
AS result, it is probable that over six
million pounds was offered TO Chiua.
and this produced the result that China
was not inclined to pay over 4 per cent.
for her loan. There is no doubt that
IL 800, 900 gold will be issued here early
in September. The loan will probably
consist of per cent. thirty year bonds,
will be payable to China. For this loan
there is no special security like the Gus
toms receipts, but only general faith in
China.
1t is not believed Berlin will have any
contracting hand in the issue of the loan,
although probably Berlin will be COM
PEELED to take a portion of the loan on
the ground-fioor terms. There is great
scram BILE among tinanciers, including
London brokers of all ranks, to get on
the inside of the operation. and there is
no doubt that the loan is obtainable
in London twenty times over.
The negotiations for the loan have al
ready affected the price OF silver, and
there is no question that silver will go
higher. Some tinanciers predict that it
will go as high as 30 pence per ounce.
The hardness of the silver market is
most pronounced, and it has sympathet-
ically hardened the price of silver.
LATEST NEWS BY STEAMER.
VICTORIA (B. c., Aug. 1.-THE steamer
Empress of Japan arrived this morning
from the Orient, having left Y okohama
August 9Th. War was formally declared
August Sd, the proclamation being re-
ceived with every token of rejoicing
throughout Japan, offers of men and
means coming from all corners of the
empire. Owing to the enactment of new
press regulations on August 1st, the
Japanese papers give only ineager details,
strongly colored for Japanese readers of
war happenings, the new laws decreeing
that editors publishing anything regard
ing the war without its first being for
mally corrected and approved by Govern
ment officers appointed for the purpose
are liable TO Imprisonment with hard la
Dor for term of six months and a fine as
well.
Details of the engagement which re-
suited in the sinking OF the British
steamer kow Shung furnished by the
Japanese substantiate the contention that
the owners of the vessel should look to
China for reparation, asserting that the
catastrophe was brought about solely by
reason of the Chinese troops aboard re-
fuslng to allow Captain Galworthy to
carry out instructions given him by the
Japanese, he and his officers being forced
to jump into the sea to escape being shot
by Chinese who were his passengers.
Japan insists that the Kow Shung was
sunk on account of the piratical conduct
of Chinese troops on board toward the
British Captain.
News is also given in the English
papers OF Yokohama OF numerous en-
gagements in which Japanese ships were
are for the most part left in blank, which