The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1899-01-06
is FIRST Time
New York Dictates the Foreign
Money Rate.
ALARMED AT AMERICAN ADVANCE
Foremost Topic of Europe-Ag-
greSsive Commercial Policy,
Jas. Bryce Speaks.
ALARMED AT AMERICAN ADVANCE

LONDON, Dec. 24.-It is no exagger-
alton to assert that the foremost topic
compelling attention in Europe in gen
eral and in Great Britain in particular.
oVershadowing the dreary broils of do
mestic politics, is the remarkable. ag-
gressive commercial prosperity which
the United States is manifeSting. Hard
ly a newspaper review or public
speaker during the past month has
failed to notice with what giant strides
America is coming into the first place
in the alignment of powers. 1t is GER
tainly the chief subject of conversa-
ton on Lombard street and ON the con-
tinental bourSes.
The manager of one of the greatest
London banks recently drew an Amer
lean business man into his private of
fee, and said, in awe-struck tones:
This is the first time in the history of
finance that New York has been in a
position to dictate money rates to Lon
don, Berlin and Paris The bank
manager added that Londons pur-
cbasers of American securities were a
feathers weight compared with the
balance of trade in New York's favor
James Bryce, in speech before the
Leicester Chamber of Commerce.
sounded a warning to British manufac-
turers. He emphasized the fact that
the exports of the United States and
Germany had increased $50 100000 and
.21, 100000 respectively between 1891
and 1897, while Great Gritain's had de-
creased s. 15,0O0,000. He further point
ed out that the business of the United
States was developing along many i'm
portant lines which Great Britain, he
added, should have held against all
competitors. Mr.. Bryce unhesitating-
ly asserted that the United States could
produce rails cheaper than Great Brit
ain, and said he saw no possibility of
opening new markets except in China.
Great Britain seems to have become
reconciled to the capture of the iron
markets by the United States. Ameri-
can firms are uniformly successful in
bidding against the British firms. The
Carnegie Company and the Illinois
Steel Company have opened extensive
offices in London and are making in
roads upon the British reserve. Col.
the Carnegie representative,
has contracted for 10000 tons of plates
for the Coolgardie road, Australia, and
the company was unable to undertake
the contract for 80, 900 tons more.
A dispatch from Berlin says it is a
fact that the Russian Government has
ordered $4,000 tons of American rails,
and the prospect of American competi-
ton for the contracts in connection
with Russia's extensive railroads
alarms manufacturers here and else
where. Consuls assert that all Europe
is swarming as never before with the
agents of American manufacturers of
steel, street railways, electrical appar-
atus and all kinds of machinery, who
are leading the commercial invasion.
The reports of attempts to float a
Russian loan in New York have been
received specifically here. Several
inanciers have told representatives of
the Associated Press that Russia tried
TO raise money in London, Paris, Ber-
lin and amsterdam, and that she seems
to have turned to the United States as
a forlorn hope, possibly with the view
Of reaping incidental political advant
ages. But it is admitted that it is a !
question of a short time when capital
lists will have to reckon with New York
as a competitor in high finance.
The Daily Chronicle comments upon
the fact that American capitalists
have the courage of their financial
opinions if they think they know the
European situation better than the
capitalists of the Old World