New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-06
THE NEWS OF TWO CAPITALS.
LONDON
INDIAN FINANCES AND THE RECENT
MUNICIPAL ELECTION.
THE DESPERATE SITUATION OF ENGLAND'o
EASTERN EMPIRE-LoRD ROsEBERY
AS A POPULAR HERo-sPAINs
NEW FIGHTING CRAFT.
fBY CABLE TO THE TnTeUyE.l !


tnues but is without practical result. NJ
Hanotauxs attitude on the West African ques-
ton is sufficiently enigmatical TO enable the
French press 10 make irritating comments
which resented by English journals. but
public interest in the subject Is artificial and
Admiral Maxse's contention that the French
withdrawal from Boussa should be condition
Of any further negotiation IL not supported.
The Chinese loan. which Russia would not ale
low the Salisbury Government 10 arrange at .
minimum cost has gone to English and Ger.
man bankers, who will make handsome com.
mission The British demand that the ports Of
China should be free to all nations, and that
there should be no spheres OF influence" has
disappeared in haze Russia apparently has Q
sphere Of influence in Manchura, and Germany
has sovereign rights over her new territory.
each Power promising TO keep its ports open
The British advantages from the recent game
Of Chinese diplomacy uncertain that ex-
Secretary Olney's new doctrine Of race patriot
ism as the basis Of maritime alliance IL received
here with surprise. Uganda has been debated
In the Commons with explanations which only
confuse. and with a futile demonstration By
Mr. Labouchere
One question Of momentous Importance -
capes observation while the changes rung
upon other foreign and imperial themes. This
Is the financial condition OF India. John Bright
who understood Indian finance. used TO despair
OF interesting anybody In the Commons In the
subject. The situation is now described BY
Indian fnanciers as intolerable. owing TO the
strngency OF the currency. high rates Of in
terest and uncertainty respecting the Govern
ment's policy in regard to the gold standard.
Private dispatches received in Lombard Street
from Bombay assert that the Indian Govern
ment intends 10 raise the duty on imported
silver which fixed at per cent when the
mints closed In 1893. The assumed OBJ
Ject Of this policy is to lessen the competition Of
silver with Council drafts. and to force mp tho
exchange value Of the rupee already artih-
ciay enhanced by scarcity. The effect Of clos
ing the mints and the per cent duty has been
to reduce imports Of the white metal. largely
increased duty will further diminish the imports
Of silver and cripple trade with China.
What measures the Government can adopt IN
order to introduce the gold standard obtain Q
gold reserve and protect 1t from the constant
drain caused by heavy remttances to England
nobody attempts TO forecast yet all Indian ex-
perts admit that the existing conditions are ruin
Gus and that something must be done speedily.
Parliament is silent and THE N..tiC.:a. Re-
view" is the only journal that devotes much at
tention TO the subject The practical moral for
the American Government. whose overtures for
international settlement were rejected last Octo-
ber is to watch the Indian situation closely and
let the Anglo-Indan authorities stew In their
Juice.
The last three Of six orpedo-destroyers or
dered by the Spanish Government at Clyde
hank have been completed for delivery this
week the crews having arrived for taking pos
session of them. These boats have exceeded
twenty mine knots in trials. They are equal as
destroyers to the best craft Of that class in
the British Navy; there is nothing In the Amer
lean Navy Of the same class. The Armstrong;
assert that they are doing no work for Spain.
contracts for an armored cruiser and battle
ship having fallen through for lack OF money.
The Clvde builders deny the rumors that any
fresh contracts for torpedo craft have been
made with the Madrid Government
r, "a confidently asserted in shipping circles
.,ot snan,sh agents are attempting to buy
several warshps in England. One vessel Is ad-
m,rablv adapted for their purposes; II Is twen-
tv-three-knot protected cruiser OF 4.loO TONS
built on the same lines as the japanese cruiser
Of the same tonnage, but not contracted Tor oy
orv Government 1t has powerful battery and
10 vii reaON
~. chin which Spain is likely to purchase un-
less anticipated by the United States TWO otn@
sbins which Spanish agents may be looking at
are the protected cruiser Baroso. or o.ooo tohs'
ordered at the Armstrong; for Brazil. and the
,.roa cruiser O.Higgins of $500 tons. now In
~-o,oss q, construction for Chill; but they are
-. ,Ls,v ~ obtain them. There is another
brazilian cruiser at Elswick, not yet launcheo-
,,.,,,o interest IN Cuban complications Ia sub
.,a,rg IN England since American dispatches
M ,onoer suffice 10 keep II alive Br1tisn ha'a'
o~nar+s do not conceal the fact that they arc
da.r,v concerned In the report or the boaro OK
rrou,rv since. whether the explosion was ae-
o,dantaI or otherwise, the destructive energies
s,,aaen,v let loose offer startling PROOF OF the
,.oo,,r,,v ~ modern naves The members OF
tho BOARD Of Inquiry are well known by reputa-
,,or N naval officers here. and their CONCLUSIONS
u.,u command confidence and respect The ex-
mart. Of leading journals agree that there can
he nothing but praise for the attitude OF MOD
Grafton taken by the American Government
"rhe Statist" pays high tribute to-day 70
pr..,dsrt Mckinley for mis- frmness OF charac-
,er and Independence of Judgment. The BELIEF
sxnres.ed by The Spectator" that neither the
American nor the Spanish Government wants
war but that both expect It. Is shared by many
nnanc,ers. who are impressed with the response
buities OF the monetary situation. They under
stand fully how impracticable It will be TO pre-
vent a great drain OF gold from Europe when
ever America chooses to call in the heavy out
standing balance IN It's favor. and they marvel
over the rumor that the British Government at
80 critical a period is seriously considering the
expediency OF raising big loan 10 provide
India with a gold reserve.
The London municipal elections are generally
regarded as a Government defeat which was
we'll earned The Prime Minister gave the sig
r., for q campagn against the County Coun-