New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-10-17
THE NEWS IN LONDON.
INTERNATIONAL QUESTIONS ARE STILL
TO THE FORE

IrY IN THE FACE OF cANApAs VETO POWER
DISCUSSIONS OF BIMETALLIsM WAX
BITTER-FEw ENGLISH INVESTORS IN
AMERICAN sTocKs-AN EXHIBI-
TON OF JUBILEE GIFTS
NOTES OF SOCIETY
lsV CABLE TO THE TRIBUNE.l
London. OCT. 16.-Ponts Of dignity cannot oe
carried every time in diplomacy without the
sacrifice OF interests Lord salisbury has oo
tanned the conference which he wanted or the
sealing question without being embarrassed ny
the presence If the Russian and japanese de'e-
gates in the room. He considered II De-
meath his dignity 10 consent TO 2 conference
in which Russia Japan should have any
part He has the satisfaction OF knowing that
the American Government has finally taken MN
at his word and arranged separate conference
in accordance with his ideas; but evidence is NOT
wanting to prove that the Rus sian and japanese
Governments are not pleased by the objection"
which he has raised 10 the presence ot tneir
reprosenta.iv.s. They had accepted me- Amer'-
can invitation. and had shown thereby that they
considered they had material interests in the
seal fisheries of the North Pacific; their Am
bassadors had discussed the subject at the For
Governments would have rights In the confer
ence which Great Britain would respect lhcse
Ambassadors and the Russian and japanese
Governments behind them. can hardly d" eA-
pected to enjoy the point OF dignity which Lord
Salisbury has scored AT their expense Two con-
ferences VIII now b. hold all the s"ientihc iac's
about the seal here and fisheries VIII DC ""
yeaod. and all the maritime Powers intercs'e'
IA, do
Tho State Department has not left a stone un-
turued 10 Bring about an exhaustive discussion
of the whole subject but when the experts nave
said their last word and revised their compara-
tive a,1ti,tics os seal life Canada will continue
IA exercise the power of veto over the Foreign
of ? and b. able 70 prevent the adoption OF
eff, re me-. .u,cs for the suspension OF pelagi'
seal:rr and the preservation OF the herd unless
her fishing flee: and privileges are purchased
by thu United States. The Ottawa Government
made one sided bargain in enactng prefer
entail tariff for the benefit Of British manufact-
ur.rs but thai IS the only gratuitous eXhio',ion
or LOYALTY which it feels called upon to oiier the
mother country. If ii can be proved that tue
seal herd still has commercial value atter
long period of pelagic slaughter CANADA WI"
be in the market to sell out her rights. and VIII
depend upon receiving help from Mr. Chamber
lain in support Of her claims.
Tho Cabinet has held prolonged meeting to'
dav. and the bimetallism proposals Of France ana
the United States have been discussed. The
minors that the Ministers are divided on the
subject are true. but not important The MIN
listers have beer divided in opinion from the
outset respecting the question of monetary stand
ards they could not agree when Serator VOL
cott and his colleagues came io LONDON VII"
the French Government behind them. nor Is "
probable that they can agree to-day when ihuian
financial experts are unwilling 10 advise reopen
ing the n,ints and when the bankers ana nnat-
ciers of the city br.stling with memorials ana
remorstrances are bent upon defeating bimetai
ism
Manchester has held this week the most inf'u-
ential meeting in favor OF Senator "oico't"
mission and rational bimetallism by interna-
tional action. but Manchester lies outside the
range Of that innermost square mile Of London
which Professor Walker described as controliins
the monetary policy of a worldwide empire.
The Ministers are divided, and the Chancellor
Of the Excheauer will he left 10 find convenient
excuses for inaction
one thing at least the Ministers Will unite
upon and that is the inconvenience OF having
the present discussion prolonged. when there
is no prospect of their being able 10 agree upon
the vital issue The discussion has become bitter
az well as animated. Nearly every issue OF The
Times" contains sheaf of letters from Lord
Farrer Sir Robert Giffen, Sir William Houlds-
worth and other controversasts. The Man
chester Guardian" presents the bmetallist side
with lucidity and power, and Lancashire with
depressed cotton trade is in sympathy with 1t.
Financial London is aroused TO the necessity or
defending its creditor interests. and is either
blind or Indifferent TO the fate Of Impoverished
India with it's boards of deprecated silver.
All this discussion and agitation are unsettlins
and the Ministers, since they cannot agree upon
a Iesolute policy in support of the monetary
proposals Of the United States and France. will
be relieved to have "A troublesome matter
dropped They are willing now, they were
four months age To send broadmnded dele
gates to monetary conference without tying
their hands but they lack the courage required
for pledgng themselves in advance to measures
which would render the success Of It's delibera-
tons we'll nigh certain.
The raising of the bank rate to } per cent
was the natural effect Of last weeks export Of
gold and the increase of rate by the Imperial
Bank Of Germany earlier in the week. II Is
not effective when money is much cheaper out
side the bank, can 1t be made without
extensive borrowing in the open market on the
banks own securities Still the banks stock OF
gold is lower tnan it the same time last
year. when the rate higher. and the pros
pect that gold ship nents will continue is clear.
No expert ventures to make any forecast to
the extent of these exports This is because all
reasoning based on the balance Of Transatlantic
trade is more hazardous this year than II ordi-
nary is. II is impossible for any investigator
to assert with any approach to accuracy how
much of this balance has been settled by the
return OF American securities sold during the
last three months
The sale of American stocks for New-fork
account has been suspended and during the
last few days the movement has been In the
opnositc direction This is A. temporary effect
caused bv a speculative movement here and