Washington sentinel., 1899-06-10

l - "AAANA AAAN AGBAbllN 10 passing
does not increase the affection of the
Government Of the Tsar. Moreover,
events upon which it is needless to dwell
have immensely enhanced the prestige
OF Great Britain, II is not too
much to ask that we should give the
Tsar's advisers credit for honesty and
good faith. until we are in possession of
evidence that they do not deserve to be
trusted. 1t was another Tsar Nicholas
who observed that, il Russia and Eng.
land said the same thing, there was no
one else to gainsaS it, That remark is
not inapplcabIe to the state of Euro.
pean politics today,
NEW OPENINGS FOR CAPITAL.
mining /ovyAak
Since politics lost much OF their char
acter as mere expression OF national
sentiment, and began to be regarded in
the more uulitarian light of commercial
interest, vast change has come over
our relations with foreign powers. Eng
land has shown herself not so much a
ton for the worlds TRACE as partner
who is willing to accord facilities where
they are given in exchange, and the
! immediate result OF this policy IS seen
IN the more liberal conditions under
which new markets are being opened to
European capital and enterprise. France
has been obliged to relax the restrictions
which she usually imposes upon foreign
trade IN her possessions. Germany has
entered thoroughly into the spirit Of
reciprocity by accord ng facilities for the
construction Of railways with English
and German capital In the East African
coloniesi and now Russia has, for other
reasons, adopted policy which appears
to e entirely opposed to her old
traditions. In a word. the remarkable
commercial expansion which is now
taking place has brought home to
nations on both sides OF the Atlantic the
inconvenience OF the exclusive system
OF trade they have adopted up to the
present time. UncompTomising fiscal
tariffs are found to be far from satisfac.
tory when it is necessary to develop a
foreign trading connection, and though
the protective system must necessarily
continue in force, it may yet be expected
to undergo certain very importsnt
notifications to meet the very altered
conditions Of international trade. All
these changes are, OF course, intended
principally to facilitate the development
OF the home and colonial resources.
Ann ng these the minerals slnd metals
are the most valuable, because their
recovery not only brings immediate
profit to the treasury, but It is necessary
to the carrying on OF the manufacturing
industries. 1t is not, therefore, surprising
that, in view OF the remarkable prosper.
ity OF the mining industry at the present
time, and the vast amount Of capital
there Is available for metalliierous
enterprises, Russia should have sought
to attract some OF this money into her
own inexhaustible metal bearing terri
tories. This is not merely a sound
| policy but an absolute necessity, since
the enormous expenses incurred by
Russia IN recent years in constructing
railways and carrying out public works
have placed the countrY's finances IN a
somewhat precarious situation, and this
railway extension has provoked such a
remarkable activity in industrial devel-
opment that the capital locked up in the
various manufacturing concerns is likely
to remain for the most part unproduc.
tive. until fresh money goes into the
I country for working the mines which
are to supply Il EN- with cheap raw
materl al. Russia is just now in the
| position ofall new countries which on a
sudden wake up to feverish industrial
activity. The growth is the ou come
very largely Of speculation, and the
country can only avert a catastrophe by
calling in the aid Of mole capital to tide
over the unpToductIve stage of the new
industries. The action of NJ de Witte,
ia looking to where he can obtain this
capital, is not, therefore, merely states
manlike, but il has been forced upon
him by the stress OF circumstances
The severe company laws in Russia
have already been slightly modified for
the benefit Of foreign investors, but a
great deal more willyet have to be done
before English capitalists are likely to
put their money extensively in Russian
mines No capitalist, for instance,
would interest himself in a company OF
which the directors must be OF Russian
nationality, unless, OF course, he had
| special guarantees that the property
would be properly managed, And yet,
under the existing laws, the foreign
capitalist has little voice in the manage
ment ofthe concern he finances, Again,
the Government reserves to itself the
right to suspend any enterprise without
giving warning or explanation, and may
even suppress 1t altogether. In q
country where influence in biz place:
is exerted IN so many peculiar ways thi.
reservation IS obviously dang erous on,
II is probable that IL NAV not be exer
cised except in cases where the action i
thoroughly justified, but. at the sam
time, it certainly represents a swor
. suspended over the heads OF the foreig
: shareholders, who may at any momer
: find their shares worthless. In othe
: ways, too, and notably in the tax upo
! dividends, the foreign holders are at
' J distinct disadvantage as compared wit