The herald., 1898-03-14
THE KOREAN FINANCES
TURNED OVER TO THE CONTROL
OF RUSSIA
AN ISSUE OF SINCERITY BONDS
Expected to Enable China to Pay the
May Installment of the Jap
anese Indemnity
Press Special Wire

Associated Press Special Wire
SAN FRANCISCO. March 1a.--The
steamer China, which sailed from Hong
Kong on Feb. u and from Yokohama on
February "a, arrived here today bringing
the following. Oriental advices:
The Korean finances will hereafter be
managed by Russian bankers residing at
transactions of the kingdom will hence
forth be conducted by the Russo-Korean
bank which was opened at Seoul on Feb
ruary 13. with capital of $5O0,O0O. On the
first day that the bank was opened for
business the Korean treasury deposited
10000 with the Russian financiers.
The building of a first-class Japanese
cruiser is about to begin at Yosuka for the
mkado's government. The Japanese
standing squadron held naval maneuvers
off the Port of Shimidzu for fortnight
from February Is to 20. The results were
highly satisfactory to the Japanese gov
ernment.
The Japan Mali deprecates the idea Of
any disturbance of Oriental peace rela-
tions through the possible failure Of China
to pay the installment of the indemnity
due in May and amounting to 1850 900
taels. No difficulty is anticipated in
raising this amount by means Of the Chin
ese sincerity bonds,' which are virtually
compulsory to the nobility and to civil and
military officials, all being expected to
subscribe for these bonds in proportion to
their rank and income. These bonds are
to be guaranteed by the land taxes and salt
duties.
Confirmation has been received of the
great fire at Manila, from which the losses
are estimated at 81, 900 900, with 100000 in
surance.
In spite of continued complaints of tight
ness of money and high rates of interest,
the import market shows healthier tone
than for many months, SO far as cottons
are concerned. The movement in grey
shirtings and yarns has been active.
Prices both for American and Russian
kerosene have dropped to the lowest sum-
mer quotation, and there is little business,
even at these low quotations. Sales OF
brown sugar have been large.
In exports, silk Is the only staple in
which any large business has been DONE
The export of raw silk from Yokohama
from July to January 81 amounted to As
Lib bales, of which two-thirds went to Eu-
rope and one-third to America.
The city tax in Toxic has been increased
to provide funds for the repair Of the roads,
which are generally in a wretched condi-
ton.
Owing to unexpected and continuous de-
mands from Hong Kong and Shanghai for
coal for naval requirements, the price of
Japanese coal has risen enormously in
price,
Since the adoption of gold monometalism
in Japan on October /, 1897, up to and in
cluding February H. 1885, the amount of
silver and notes exchanged for gold has
aggregated 22,OOO0OO yen, of which one
seventh was silver. In order to facilitate
the adjustment of coinage. the govern
ment has resolved to shorten the period for
exchanging the yen piece, which will be
limited to June 80 next.
Owing to a rupture of the combination
between the United Steamship companies
running from Japan to European ports,
rate war has been started and freights
have already been reduced from SO shillings
to % shllings
The British battleship Victorious, which
recently left England for the China sta
and to get off had to discharge her coal
and her guns.
A dastardly attempt at train wrecking
between Asahi and Yokkaichi stations re-
suited in the derailment of a train and the
injury of five passengers. 1t was found
that the rails had been tampered with, and
the entire train was wrecked. None of
the injured was fatally hurt.
IVo1~r
houses were destroyed.
Over 100 deaths from plague occurred in
Bombay during the week ending February
10th.
1t is reported that China has granted
Great Britain the right to carry the Bur-
nah railway to Yunnan.
China has agreed to pay an indemnity
for the kidnapping of a Frenchman in
Tonking by Chinese brigand.
The Niigata prefectural assembly de-
sires to undertake harbor improvements
at cost of 100000 yen, to procure which
a foreign loan is proposed.
A glass manufacturing company has be-
gun operations in Yokohama.
The steamer Sydney carried from Kobe
for London 1000, 900 yen in gold, leaving on
February 4th.
The marriage of Prince Komatsu Yori-
hito and the Lady Kaneko took place in
Toxic on February 9th.
Snow fell in Nagask on February 10, in
tensely cold weather prevailing.
Owing to a change in their pay day, con-
trary to their wishes, 500 Japanese female
operatives are on strike in Tomioka.
The Japanese Railway company Is pre-
pairing to run sleepers on its lines.