The herald., 1895-04-04
LOCAL FIELD Of COMMERCE
The Produce Markets Generally
Without Change
EGGS THE SINGLE EXCEPTION
Another Drop of Cent Under Free
f Arrivals
EGGS THE SINGLE EXCEPTION
Quotations Seeding Oranges Suspended
.st by the Fruit Exchange-NaVels
81 Remain Unchanged

The pressure of the heavy importations
OF Messina oranges has at last had its
effect, and the Fruit Exchange has
concluded to meet the competition by
uspending the quotations on seedlings.
This action was taken by the executive
Board yesterday. While no reduction was
made in the official figures, the suspen
son of quotations leaves the matter open,
and holders of seedlings can dispose of
them at any price or any terms that they
see fit. This will give the growers an op-
portunity OF unloading their cheaper va
rieties. which are in direct competition
with the foreign product, and to that ex-
tent will relieve the pressure on the market
so much sooner. There has been no cut
on navels, and Secretary kimball is OF
the opinion that it will not be necessary.
The California navel has established itself
in the Eastern market, and it is not be-
leved that these is any danger OF over
production in this line.
Armour & Co. of Chicago have estab
Hshed a new refrigerator line for decidu-
Gus fruits known as the Fruit Growers
EXPRESS, and announce a reduction in
rates of $15, $25 and $50, respectively, ac-
cording to the points OF shipment. Thls
will be welcome news to declduOuS grow
ers, as the cut rate viii leave a margin Tor
shippers and permit them to consign GER
tain lines which the freight rates have
heretofore rendered it Improbable to
ship.
The Washington correspondent of the
New York Journal of Commerce and Com
mercial Bulletin writes as follows respect
ing the possible character OF China S n
demnity to Japan, which is reprinted in
the American Banker of New York;
''There is much skepticism among
wit he the
japanese government as to the report
that the war indemnity eyacted from
China will be collected in gold. Your cor
respondent has been granted conference
with a gentleman high IN the confidence
of the Japanese government and the FOL
lowing statements are in substantial har-
mony with his views as to the policy OF
Japan in this matter:
F'Japan is now upon a silver basis and
is likely to remain SO because of the great
addition to the burden of her bonded
debt if she were to adopt the gold stand
ard and pay in gold. 1t is obvious enough
that if China had agreed to pay a certain
sum stated, in Japanese yen and the
option were then offered Japan between
gold and silver, she would specify gold,
because that would represent twice the
value of an equal number OF ven in silver;
but this matter will not be left indefinite.
China will know when the negotiations
are made whether she is to pay in gold or
silver, if she pays any coin or bullion at
all, and if she pays in gold she will pay
only about half as much in monetary
units as if she pays in silver This point
being understood, there is no reason why
Japan should require gold unless she in
tends to go TO the gold standard, and tlhs
is not thought probable by Americans
who have been in Japan and have friends
who are prominent in official and mer
camille life there. The present finance
minister has written some articles adj
vocating the gold standard. but it is
doubtful if he would favor its adoption
without preliminary legislation and a re-
adjustment of the public debt.
TT is doubtful if any indemnity in
cash will be exacted of China by the Jap
auese government. The experience of
Germany with the French indemnity has
proved warning to enlightened Japan
ese statesmen not to flood the country
with surplus capital in such a way as.to
promote public extravaganza and private
speculation. If a cash indemnity were re-
squired, it would undoubtedly be settled
to large extent by the transfer OF ex-
change, as in the case OF the French in
demnity, rather than by the dumping of
great mass of metallic money or bullion
into the Japanese treasury. The foreign
trade of Japan showed a favorable bal
ance of exports IN 1882 of about 10, 600, 900
silver yen, which is equivalent to about
81, 500, 600 in gold. balance OF exports
has been the prevailing feature of Japan
ese foreign trade for a long series OF
wears, so that the transfer of foreign cap
ital to Japan would have to be in the form
of gold or increased importations. The
aggregate impOrtatiOnS in 1892 were TO-
952, 344 yen or about $3S, 000 900. which
would be but fraction of the indemnity
if one were exacted. 1t would not be
surprising if the indemnity exacted by
Japan were required to be paid in Chinese
bonds. This would simply require China
A. tho Ic 10 a
interest, and would impose no such hard
ship upon her at once as the necessity OF
borrowing gold and silver OF European
capitalists. The japanese government is
not anxious to see China mortgaged to
European powers. as would be the case
if she were compelled to raise a large
loan. Such an influence, the Japanese
government fears, would be detrimental
to japan as well as to China. The re-
quirement of an indemnity by means OF
bond issue would be in the nature OF
an annual tribute, but clothed in q some
what less offensive form, and would be OF
great benefit to the Japanese treasury.
''The japanese government might well
hesitate to have $780, 100000 or any
similar sum dumped at once into the
monetary system of the country. 1t is
believed that it could hardly fail to have
the effect OF greatly deranging values as
well as stimulate speculation. The pre-
sent monetary circulation of Japan con-
sists of 143. 054, 664 yen in paper issued
by the government or national banks, and
some $SS. 600, 600 OF silver coin. The paper
is for the most part secured by gold and
silver coin and bullion, so that the aggre-
gate circulation probably does not exceed
200 900, 600 yen, equivalent to 500, 600, 600
i'll gold. The intusing of two or three
times this amount into the circulation
would have an effect such as has hardly
:witnessedAin the history of any coun-
try except by the multiplied issue Of paper
money, and the Japanese cabinet do not
propose to invite any such situation.
.fhey desire pre-eminently to acquire a
territorial footing in China and to exclude
European influence and they believe
that the first act of the Chinese govern
ment If large cash indemnity were de-
n, andad would ha r., ,,,or+ro,,a n; ,,o In,