New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-11-15
ARBITRATION IS POPULAR,
ENGLAND WELCOMES SALISBURY'S CON-
CESSION TO OLNEY.

vIvAL IN THE ENGLISH BOOK TRADE
GREAT INTEREST IN HoRsELEss
cARRIAGEs-PARADE OF THE
MOTOR CAR CLUB.
[BY CABLE TO THE rRrBUNE1
London, Nov 1.-THE era OF good feeline IN
the relations between the United states ana tne
United Kingdom continues but there are
searchings Of heart on this side or the Atantlc'
While the settlement of the Venezuela question
is regarded with satisfaction by all Enghsh
journals there Is general recognition OF 'hs
fact that the State Department has carried us
main point in forcing England TO take up the
boundary dispute and submit 1t to arpitration'
This Is shown even by the English version or
the agreement published in to-days enron
ica" The Temps and other French Journals
hav. laid stress upon the significance Of the set
Element as an English Endorsement not only OF
the original text of the Monroe message. but
also of the greatly expanded doctrine involving
an American protectorate in the western
Hemisphere The accuracy of this view Is ad-
mitted by many influential provincial journals.
some of which out-Jingo those terrible American
LIMOGES The Western News" of Plymouth re-
marks:
Great Britain has now unreservedly accepted
the Monroe Doctrine. We have admitted that
the United States is the paramount power In the
Western Hemisphere; that the Washington Gov
ernment may not only interfere IN disputes
affecting a South American republic but may
put aside the original disputant and take abso-
Lutte control Of the negotiations That Is sue
cess for American diplomacy of a signal kind.
THE Manchester Guardian contends that
Lord Salisbury has admitted this November
what he denied last November, namely, that the
United States was concerned in the venezuela
boundary dispute and was fully justified in pro-
posing arbitration. This admission, according
to The Guardian" implies that Mr. CIevelands
new version of the Monroe Doctrine which was
heartily repudiated by The Nation - and by
many American historians and lawyers iast WIN
ter is sound in the main, after all.
Naturally the advantage Of having an Ameri-
can guarantee that the award of the arbtrators
shall be respected is recognized by the English
press and doubt is expressed whether the
United States vii. find it easy or advantageous
in the long run to play the part OF suzerain 10
eighteen Spansh-American States but those
who have interested themselves since December
in the polemics Of this diplomatic controversy
are frank and emphatic in declaring that Secre-
tarv OInev has more than held his ground
against Lord Salisbury. The English people.
however, care much less for scoring points IN
ar;;ument than for the restoration OF friendly re-
lations with America. Blue Books are not popu-
lar literature and Lord Salisbury Will never %
subjected to the perils of the deadly paranei
from having his former language about the
Monroe Doctrine contrasted with his Guildhall
spcoch The Schomburgk line may be cut up
into small pieces and distributed by Mr.. Henry
Norman among his friends as souvenirs OF his
last American journey, but there will be neitner
,;op England.
What is wanted here Is peace and good will
with America and whatever may be the points
made by either side in general argument. arbi-
tration is a popular policy, which has strength
ened the Salisbury Governments hold upon the
country
While the London market for American Sc
curities has kept abreast of New-York quota
tIons there has not been strong buying move
ment on the part of investors, nor Is there
likely to be on so long the money market
is tight With the bank rate at per cent. there
Is no money for foreign investment. and dealings
in American shares are mainly confined TO spec
uators Experts do not look for any large Eu-
ropean investment in American stocks pefore
January when gold is expected to return and the
money market to be easier No change In the
bank rate is probable this year unless the British
Government finds II necessary TO send large
amount of gold to lndia as Is now coIsluereu
prohable rather than possible The price of sill
yer has fallen this week To Isia cents. the low
est point ever reached in India. and the mar
kats there are threatened with a downpour OF
silver from distressed provinces on the verge
Of starvation The steady rise OF exchange now
at the highest point in many years. and the quo
tations of the rupee seem to imply the necessity
for the export of gold to India as the most re-
munerative method of making remittances.
great shrnkage in the buying power in India and
a curtailment Of the import trade are inevitable.
and large expenditure for Government works
in the famne-stricken districts cannot be
avoided II gold be exported to India largely
during the next four months. owing to the con-
ditions of exchange the bank rate may be raised
again.
Rumors of the impending outbreak of another
so-called Jingo campaign in America over the
Cuban question have produced little impression
here A we,l-known city tinancier remarked to
me Yesterday: cleveland having carried his
point on the Venezuela question. energies in
blaze Of glory far as foreign diplomacy Is con-
cerncd He is not likely to risk his reputation
bv bringing forward the Cuban question prema-
turely when he cannot remain In office to settle
IL before his retirement. He will discuss the
question judicously in his annual message, and
hand it over to his successor for final dispose
ton"
The Spanish debt is not held in England to
any large extent, and there is little trade with
Cuba England Is not interested in the Cuban
question and will be an idle spectator OF Ameri-
can nolicy toward Spain. French investments In
Spanish securities are large. and the prospect
of American intervention near or remote, in the
Cuban crisis explains the asperity with which
Paris Journals taunt England with sanctioning
in Venezuela the Monroe Doctrine in its extreme
form. The success of the new Spanish internal
loan is extremely doubtful