New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-29
PRICE FIVE CENTS.
THE NEWS OF LONDON.
ENGLAND AND FRANCE cRAzED OVER
SOUTH AFRICAN SPECULATION.

ANcEs OF THE cURArEs-ANorHER
SENSATIONAL RoBBERY-PLAYs
IN THE METROPOLIS.
fBY CABLE TO TRrBUNEl
ropyr,eht 1895, BY The Tribune Assoefatson
London, Sept. 2s--A sharp corner can rarely Do
turned gracefully The main contention OF the
English press after the collapse OF the Americas
Cup races was that 40 long as the Sandy Hook
course was retained. neither Lord Dunraven nor
any other English yachtsman would ever again
cross the Atlantic as challenger; but no
sooner was this settled. and international
yachting dismissed as an irritating ana
unpleasant subject than Mr.. Charles Day
Rose issued a challenge for fresh series or
races. What had been declared Impossible an
English yachtsman had undertaken. ana tue
struggle for the possession OF the cup had oeeh
renewed. 1t awkward moment for the
sporting writer's. but they pulled themselves To-
gether and declared that Mr.. Rose had done
plucky thing in continuing the contest after Lore
Dunraven's retreat, and after few moral refee-
tions on the piraticai conduct OF the excursion
steamers warmly congratulated both countries
on the prospect of good sport In future.
Then they began to ask under their breath who
was this Rose and what did he know about yacht
Ing They discovered that he was turfman who
never been on board yacht until few months
ago Then they commented on his being
Canadian rather than an Englishman. since
his father was Sir John Rose. hnancier
of the Dominion, and his mother an Amer
lean from Vermont, and some OF them intae
mated that an unknown American turfman. who
had been racing In England. was behind him IN
the challenge. Hence they asserted that the new
cup enterprise could not be regarded as entirely
of British origin.
The truth of the matter is that Mr. Rose has
been Influenced entirely by love Of sport. He has
lived in London since 1872, and has been, since the
death Of his father, the head OF the London bank
ing firm of Norton Rose Co. and the partner CT
Governor Morton. He is an active business man.
about forty-sx years old. and is true English
sportsman. He has taken great interest In the
turf and has been fairly successful In racing. He
has been at the Newmarket races this week.
where he attended a meeting OF the stewards OF
the Jockey Club. but is ordinarily to be found at
his banking Office. Concerning the cup challenge
neither he nor his friends have anything to say.
except that It was Issued in good faith and from
sheer love of sport and without reference to Lord
Dunrayen's grievances. Mr.. Rose has only re-
Gently taken to the water his yachting career hav.
ing begun within year In a six-rater. His plans
have not been worked out In detail, but Mr. Wat.
son is not likely to design his yacht The boat
will probably be designed by J. Soper and will be
built in Southampton by Fay Co. win Ms
commission as captain In the British Husears. his
houses in Piccsdiliy and Reading. and his pro-
longed business career I'm London, he ought to
pass muster an Englh,hman.
There are signs of continual increase in the
export trade OF Great Britain with the United
I'll of frOu 10
in the price Of wool at London auction sales has
been followed at once by rise in the value OF
woollen goods In Bradford. Huddersfed and
Leeds Higher prices are justified by the stocks.
both of wool and goods, which are running low.
owing to the general increase of the home ana
foreign trade. The prices OF cotton goods In
Manchester also advancing. with higher quo
tations for raw cotton. based on New-Orleans es-
Inmates of tho American crop. Nearly all the
branches of the export trade with America are
steadily increasing in volume. with tendencies
toward higher prices. The iron trade In the
North Of England is exception. but even that
is less stagnant than 1t has been. Iron and
steel masters have recently been visiting German
and other foundries on the Continent and have
been making a close study Of methods and proc
esses Another delegation will soon 90 70
America to inspect machinery, and ascertain II
1t be true that the output is so much larger
there than In England, even when the same roi'-
ing-mill engines are employed.
To the vast increase in the export trade In
every branch except iron and steel is added the
enormous sum expended in Europe and mainly
in England Ivy 100000 travellers this year A
writer in The Daily Telegraph makes the
amount spent by the average tourist from 5000
to $1,000. which does not seem too high. when
aka nj
account This runs up the total of tourists ex-
penses to sl00.OO0.00O or s2O0.ooo,00o. With the
United States buying imports heavily under the
new tariff and spending lavishly In Europe on
vacation journeys it is not strange that the ex-
change runs heavily against 1t. and that gold
has to be exported to pay debts. Now that the
syndicate has been dissolved, the ability OF the
Treasury to maintain the gold reserve without
the aid OF the bankers of New-York and London
will be thoroughly tested. Markt ting the new
Erie bonds and other railway securities in Eu-
rope may help to regulate exchange. but the
forecasts of well-inforned fnanciers point to q
further increase Of the National debt by bond
issues to cover the deficit of revenues and TO
maintain the Resumption act.
The decision OF the Paris Stock Board that ne
new mining stocks shall be introduced on the
rourse until the end OF the year has attracted
much attention here since II issthe first sign of
t.erious check TO the speculation which has al
ready gone 10 perlous lengths Whether or not
the French brokers can prevent dealings in the
new Kafiirs and Africans OF every color which are
swapping the long market. It is undeniabe that
halt ought to be called and breathing space al
lowed. Problems Of American finance and trade
pass unobserved when the South African mining
speculation Is at Ito height. and has become some
thing like a mania in both London and Paris.
Nothing like it has been known in recent times.
Companies have been multiplied week after week
for the development Of mining tracts from the
Cape to the Zambesi.
Nothing can be more certain than the failure Of
majority OF these projects yet mining shares are
constantly rising. Anything that bears a South