The record-union., 1894-06-08
TRADE IN THE FAR EAST.

Business Depression Throughout India
and the Straits Settlements.
SAN FRANCISCO, June S.-Ex-Secretary
of State John W. Foster, who arrived
yesterday from India and China, speak
of trade conditions in the far East, said to
an Associated Press reporter: II found
a general and widespread business de-
preston prevailing throughout India.
the straits settlements, and wherever
British merchants and commerce ex-
tended in the East. The cause of it is at
tributed to the heavy decline in silver,
which is the single currency of the coun-
tries of Asia, and this decline it is be-
lieved has been brought about by the
closing OF the India mines and the repeal
of the Sherman Act. l have fre iuently
been called upon in those countries to de-
fend the staleSmanlike action of Presi-
dent Cleveland In convening Congress
and bringing about the repeal OF the
sherman law, which action has been re-
garded i'll the East as step toward plac-
ing the United States on a single gold
basis.
II have had occasion to recall the fact
that both the political parties in our
country are strongly committed to the
bimetallic standard, and that for fifteen
years our Government has been max
ing strenuous efforts to bring about an
International agreement to that end, hav-
ing in that period originated three con-
ferences with European nations without
success. l have taken particular pains
TO point out that the action OF the British
Government and London bankers was
the chief cause of the failure to establish
a bimetallic currency throughout the
world, ,.and that the main reason for the
repeal of the Sherman Act was to pre-
vent Great Britain from forcing the
United States on a silver basis, with
widespread disaster TO American in
dustries, and that if the British colonies
and British commerce in the East were
suffering from the decline in silver, they
had only their own Government and
London bankers TO blame. ON the other
hand, the decline in silver has not re-
suited i'll serious detriment to China and
Japan. Their export products are sold
for gold, and when converted into the
national currency yield much greater
return than formerly"
REPORTED LOSS OF THE BEAR.
No Advices Confirming the Rumors OF
the Vessels Wreck.
SAN FRANCISCO, June NO advices
have been received to-day confirming the
report of the stranding of the revenue
cutter Bear at the entrance Of the harbor
of Sitka, and persons who know Captain
Healy well discredit the report. Captain
Niebaum of the Alaska Commercial
Company declared that he had failed to
find anything 10 confirm the report OF
the disaster. He thought that possibly
the mishap of the Patterson had been
confounded with the Bear. and believed
that Captain Healy was too good navi-
gator to lose his vessel at the entrance of
such a harbor as that of Sitka. At the
naval headquarters no dispatches had
been received confirming or denying the
report, and Collector Wise could throw
no light on the situation.
One of the officers of the revenue cut
ter Rush says that private advices con-
firm the report, but he stated that it is
impossible to tell the extent OF the dam
age.
Captain Healv's son, who is in the city.
says that no mention is made of the acci-
dent in letter received by him from his
mother, who is on the Bear with Captain
HeaIy. He is of the opinion that the re-
port originated from the fact that the
coast survey steamer Patterson went
ashore about three weeks ago. about 400
miles south OF Sitka, but was pulled of
safely.