The San Francisco call., 1898-01-02
Brown, will remain there for the pres.


 Brown, will remain there for the pres ent.
 At present there is keen interest in commercial circles over the outcome ot the efforts of Russia 10. secure Chi nese loan on the onerous terms at tempted by the Peking correspondent of the Times, who said the Chinese Government refused to place the Likin Gnternal reyenuel under foreign con- trol as security for the loan proposed by the HongKong and Shanghai Bank, and asserted that unless the loan was procurable without this condition ar rangenlents would forthwith be made for a Russian guaranteed 4 per cent loan of 100 000, GOO taels; to, be issued at 93 net The security for. this loan would be the land tax. which would re- main under Chinese administration and China, in return, would give Rus sia the monopoly of the railroads and lines north of the Great Wall open a port as d terminus, of the Siberian Railroad and would agree that a Rus sian should succeed Sir Robert Hart |. as director of the Chinese Imperial Maritime Customs. The interest is in creased by the equally strenuous en- deavors of the British in China to keep Russia from obtaining the loan and the rich concessions which it seems go with it. It is improbable that the British Government will see reason to racede from its previous refusal to guarantee China financial support al-. though offered territorial concessions, apparently showing that Great Brit aims policy is not territorial aggran dizement,- but distinctly commercial.--
 A diplomat, talking over the alleged desire of Germany to arrive at an un- derstanding. with Great Britain on the far Eastern. question, explains that the change might be due to Germany's dissatisfaction with her allies. Her faith in the Italian army has been shaken by. the defeats in Erythrea, and the collapse of the constitutional gov ernment of Austria has made the eff ficiency of. that empire in case of war doubtful:
 Tn the meanwhile" the diplomat continued, Russia and France are al- lied, and Emperor William is anxious to secure new friends. Therefore, fore seeing the probability of an under standing between Great Britain and Japan, Emperor William is determined to array himself on their side. Hence his seizures of a port already hypothe- cated to Russia, thereby proclaiming rivalry with Russia and friendship with Great Britain"
 It is by no means clear that British interests are seriously threatened at the present moment, and she can prob ably well afford to await until spring, when, unless the normal conditions are resumed, Great. Britain will undoubt- edly take the" steps necessary to pro- tect her interests and re-establish the balance of power.
 The Spectator. publishes an interest ing article on Japan,s policy, in which the writer regards. the Marquis Ito's return to power and Japan's offer to assist the officers at Picking in drilling the Chinese army and her proposal to consent to a postponement of the pay ment of the war indemnity as possibly foreshadowing a .China-Japan alliance.
 The financial barometer does not show any trepidation. :consols even inn proving. There is not the slightest sign of the selling which always marks real clouds on the political horizon and there are signs of reaction in the long continued depreciation in land. Farms are selling and renting more freely and at higher prices. The improvement is attributed partly to the rise in the price Of wheat and partly to the cheap ness of money. Capitalists. are glad even of the beggarly interest yielded by land investments.