New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-16
THE NEWS OF TWO CAPITALS.
LONDON.
MAJOR MARCHAND EXPECTED TO
WITHDRAW FROM FASHODA.
TIVE sOI-DAN A JOINT CONQUEST OF ENG
LAND AND EGYPT-EXPLANATION OF
THE RlsE1N THE BANK RATE-LORD
ROsEBERY'S FASHODA SPEECH.
TBY CABLE ~ THE rWBuNE.l

lBY CABLE ~ THE TRIBUNE.l
1ondon. OCT. 15-The London press is filed
aav after day with portentous articles on the
Fashoda affair but the monetary exchanges Of
Europe are rot disturbed by the breath of sus-
n,cion that war is possible between England
s,d France II is an obvious outburst of stage
thunder Of an unusually hollow sound The
main point In the diplomatic correspondence has
sscaped observation. II it is a fact that Lord
Salisbury has changed his ground. neither Lord
Rosehery mr. NJ Asquith referred to 1t in dis
cussing the subject publicly. and the London
Underwriters fail TO emphasize It, Lord Sails
bprv's protest against the French occupation
~ Fashoda is now based on the fact that Eng
land and Egypt have conquered the khalifa
and succeeded to the rights of the dominion
enjoyed by him. This is different plea from
that advanced by the Rosebery Government
three years ago 10 the effect that the Soudan
was an Egyptian empire. Lord Salisbury pre-
ters to regard 1t the joint conquest of Eng
land and Egypt by virtue of the flnal defeat OF
the Dervishes before Khartoum
He must have some ulterior purpose IN
shifting his ground from the rights acquired un-
der the former Egyptian conquest 10 the rights
secured by the joint reconquesI by England ana
Eevpt Probably he forecasts the expansion of
British East africa IN lnS ulItC' S'u"''''"'
,royinces. and the restriction of the Khedive's
African empire by some scheme of PARTITION
Whatever may he the purpose of this altera-
ton Of phrasing. on which all the diplomats are
commenting it is evident that no change In
Encand's attitude is possible The presence
Of Major Marchand at Fashoda is regarded as
an unfriendly act that is cause enough for war
and the French expedition will have to retire.
MI he eli n manic STOCK
exchange If the conviction were not general that
Major Marchand will withdraw his force in
the course Of few weeks; otherwise the Car
would not be proceeding quietly with his plans
FOR the disarmament conference. nor would the
German Emperor b.. on his way to Palestine
as a new Crusader, With his eyes wide open Tor
every chance for ep!arging German trade in the
East
The air this morning is murky with rumors
of Anarchists plots and the military conspiracy
on the Continent. The arrest Of nine Italian
Anarchists at Alexandria is prima facie evidence
that there was plot against the Emperor, ana
that Il was timed for his visit 10 Cairo The
accounts published here Of the military intrigues
in Paris are clearly premature, and largely
based on "reminiscences Of revolutionary CHAP
ters in French history. The Republic has two
safeguards one the positive patriotism OF Presl-
dent Faure. the other the lack Of any royal or
imperial pretender competent to establish new
political order
The,nNvpectod rise In the Bank rate has been
explained by the nervous operators as due 10
the strained relations between England and
France, and the directors have been credited
with patriotism in an accentuation Of Rose
bery's warning This is purely fancful. The
real causes for the advance In the rate were the
financial pressure from Berlin and dread Of
the renewal of gold exports to America. The
Berlin market is stringent, and there is great
demand for money. The reserve of the Bank
Of England is low, and the directors have given
warning that they cannot lend large sums to
Berlin, especially when America holds large
balance against England and may call for it at
any moment. The directors have taken meas
ures tc prevent thc withdrawal Of gold from the
Barh for Germany on paper placed here, and
temporarily have made the export Of gold to
america Improbable. What practical inan-
cers perceive Is the significance Of the steady
Increase in the English debt to America and
the resources Of power with which it arms
Secretary Gage In dealing with the currency
question. The conditions. they assert are now
most favorable for accommodating a great gold
reserve In Washington, since NewYOrk only
needs the present bills against England and the
Continent 10 get H. There will never be, in the
opinion Of the experts here better opportunity
.or establishing single gold standard in Amer
lea. This result may be retarded. they admit,
BY Republican defeat in November
One thing is fairly certain--a gold standard
will be introduced in India within a few years.
Lord BalfOur and other
bimetallists here are convinced that there is
now no alternative course, and that the Indian
mints cannot be reopened TO silver The rational
inference is that the American currency reform
can be brought about more easily before than
after the gold standard is established in India
complete Republican triumph, with the CON
troll Of both houses of Congress. will enable the
Treasury to take advantage Of the unusually
favorable conditions for currency reform.
Some Of Lord Rosebery's least judicious
friends assert that by virtue OF his Fashoda
speech he has regained the Liberal leadership
at a single stroke. They overlook the fact that
he has nothing 70 gain and much to lose by re-
Nming the Leadership Of a divided party. In
the Opposition the only hint Respecting the
business Of the next session or Parliament Is
the animation that there will be no London Dill
FOR the conversion Of yestries into cities Loru
saisburys campaign against the County Coun-
eli has been postponed for three years uh'i
new elections can he held and the ProgrcssiVes
Defeated Meanwhile the County Counci II
not standing still. 1t has decided to purchase
and operate the London tramway system
portion Of which has already been taken over
The Council by the opening Of the new Seai
will be in full possession Of the South Lonloh
ramways. and expects TO make an ahnnHI
profit Of 100000 after providing for the inter
est and sinking fund This margin OF proh'
may not be secured. since the working hours OF
'he tramway operatives Will be reduced uhder
The municipal management. The County Couh-
eli has also asked the PostOfiice Department
whether it intends to act upon the recent re-
port OF the Hanbu,y committee and cstaDllsh