The sun., 1900-08-09
SPEECH on VICTORIA.
address to Parliament on the Eve Of
s4as Its Dissolution.
IS THE WORLDS BANKER.
Designation Applied to the United
States by London Papers-Com-
ment and Criticism on Our
Taking English Loan.

London, Aug. 8. s.-Parliament adjourned
after the appropriation bill had been
passed by both houses. The queens
| speech, read at the proroguing of parlia-
lnent, after stating that the country's re-
| lations with the powers of Europe and
America continue friendly and referring
| to the establishment of the common-
wealth of Australia alludes to the war in
South Africa as one (which has placed
in the strongest light the heroism and
high military qualities of the troops
brought together under my banner from
this country, from Canada, Australia and
my South African possessions"
The speech then says:
believing the continued independence
Of the republics to be constant danger
to the peace of South Africa, author
ized the annexation of the Free State as
first step to the union of the races un-
der an institution which may in time be
developed so rs to secure equal rights and
privileges in South Africa"
AS to China the speech has this to say:
"The British and other legations at
Peking have been unexpectedly attacked
by an insurgent mob, and it is feared
many Of their inmates have been muir
dercd. How far the Chinese authorities
are accompices in this atrocious crime
and whether the British minister and his
family are among the victims are matters
still in some uncertainty. The utmost
efforts will be made by myself and my al
lies to visit with worthy punishment the
authors of this uneXampled crime"
The speech closes with the usual refer
ences to the sessions legislation.
An innovation in the queens speech
which caused some comment was the
mentioning of America specifically. The
speeches from the throne usually allude
to the powers generally or to the Euro
pean powers.
America as the Worlds Banker.
The allotment of f5,000,000 of the E10,-
00U,000 of the war loan to the United
States is received in the higher financial
world as good thing for London in the
present position of the English banks.
The brokers and small investors severely,
almost passionately, criticise the chancel-
lor of the exchequer, Sir Michael Hicks
Beach, for privately arranging for half
of the so called public loan and allowing
the investment plum to go out of the
country.
The Bank of England advised Sir
Michael TO accept the American offer,
which was made early last week through
j. S. Morgan d Co. and the Barings, the
joint takers, pointing out that this was an
easy and natural way to bring in gold and
save exports to the United States in Oc-
tOber. Otherwise, the bank said, the bank
rate might have to be raised to ) or
per cent, and extraordinary measures
would have to be taken to increase the
gold reserve.
The Barings state that, though the
loan was more than subscribed in New
York before the agreement was closed
with Sir Michael Eieks-Beach, it was not
twice covered, as it was expected it
would be, by the negotiators here. The
MOrgans said the insurance companies
We're large subscribers, and both the Nor
gans and the Barings said large por-
ton of the millions would come in gold.
Two million pounds, it is understood, is
already engaged
The Tan Mail Gazette says regarding
the loan:
"rhe loan shows that America will oc-
cupy IL new role in the future-that of
lender Ere long American operators and
investors will interest themselves in the
international group and be factor to be
reckoned with"
The Westminster Gazette, under the
heading '.The Treasury's Insult to the
City; America Financing Our War;"
says:
Attempts are being made to organize
a deputation to protest against the sud
den closing of the applications for the
latest war loan, but it is doubtful whether
it can get more than the chancelor's ex-
preston of regret if disappointment was
caused. There was little use in opening
the lists at ALL seeing that the chancellor
had arranged to borrow most of the
money in America. In any case, the
issue might have been made clear in the
prospectus, which was misleading docu-
ment.
when an issue is already half SUBJ
scribed, even by pushful American in
surance companies it is usual to state
the fact The Stock Exchange commit
tee may recall this when the quotation
comes to be considered"
The Financial News refers to the
United States as ''the worlds new
banker"