New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-09-16

tion of Parliament is expected early next week.
when the Queens decision can he learned at the
Privy Council She Will follow Lord Salisbury's
advice without doubt but will have a decisive
voice on one question of the first Importance
This viii relate to Lord SaHsbury's own position
in the Cabinet If he he weary of public life and
anxious TO spend the remainder of his days In
well earned retirement there viii never be a
better opportunity for rounding out his career.
The Queen will be able to retain his services by
expressing her unwilingness to have him retire.
She also tighten his official burdens by sug-
costing his retirement from the Foreign Ofics
and his retention in the great position Of Prime
Minister. The question of the dissolution OF
Parliament cannot be separa ted from the policy
of reconstruction Of the Cabinet One is a. sim
pie matter for which Sir William Walrond and
other Unionist managers are fully prepared: the
other is a complex and harassng question which
Lord Salisbury, with his Characteristic caution
and sluggishness, may be inclined to put OF to
a more convenient season Dissolution for this
reason may not come so quickly as working poll
ttcians affect to believe. although Lord Roberts's
proclamation and the collapse OF the Boer mill
tary operations have opened the way for It
The reconstruction Of the Cabinet IS necessary
and inevitable. and cannot be deferred many
weeks. a successor for Lord Lansdowne will
have 70 be found for the War Office. since the re-
| organization of the military system IS accepted.
Parliament. The Spectator remarks with en-
phasis that the War Office must be placed in tho
hands of the ablest and most vigilant adn1inis-
traitor in the kingdom This is a distinct rec
ommendation of Mr.. Chamberlain but no other
public would encounter more resistance
from the Aldershot gang" which has not yet
forgiven him for allowing the war IN South
Africa TO come on a year ago. when 1t
prepared for fl. The influence Of Mr.. Chamber
lain has been steadily increasing over the pres
ent Cabinet. and there has been only one man in
it with force of character sufficient TO resist that
influence This man is Sir Michael Hicks
Beach He has neither originality nor breadth
OF mind. but he is a true British bulldog. hold
ing fast and fighting strenUously. If he were
not in the Cabinet the natural course OF events
would be Mr. BaIfours transfer to the Foreign
Office. with or without elevation TO the peerage.
and Mr. Chamberlain's promotion 10 the leader
ship of the House of Commons with the office
of Chancellor of the Exchequer. where he could
do great work as q fnancier. AS matters stand.
Mr.. Chamberlain seems destined for the War
ONCE and Lord Salisbury is likely to remain in
the Foreign Office unless he call in some
trained diplomatist. like Lord Cromer. to take
his place.
All these matters lie under the surface Of
strong political current which is rushing with
Irresistible force toward dissolution. Probably
elections are held. Lord Salisbury viii appeal
to the country on the general record OF the Cab
met and the issues Of paramount Importance
for the Empire. When the elections are over
the Cabinet will be reorganized, Mr.. Chamber
lain will be transferred to the War Office. half
a dozen men will be turned down, and many
promising young men. such as Mr. Wyndham
and Mr.. Rrodrick viii be promoted
The attention Of business men here is pre-
occupied with a series of important monetary
and industrial questions The conversion of
New-Yorl and Chicago into an international In
vestment market where Germany. England and
Russia can negotiate loans is the chief topic in
Lombard Street. The placing OF portion OF the
German loan with American insurance COM
panies and other investors not only emphasizes
a new fact-that the United States has become
a creditor nation-but illustrates the facility
with which the chief money markets can assist
another. The strinEency in Berlin. while
not so great as it was year ago. has involved
a depression of German securities OF all kinds
and something like general liquidation during
recent months. when trade has been declining.
Th> situation has been Immediately eased by
these insurance negotiations. just as it was here
when portion OF the British loan was sub
scribed by an American syndicate. Bankers
here are convinced that European borrowing
powers cannot be maintained permanently in
New-York and Chicago. since the effect OF these
loans must be tightening OF the money mar
ket there and a large increase in the volume OF
gold exports.
Now that the end of the war in South Africa
is at hand spectators and economists are be
ginning talk about the effect OF the vast in
crease in gold production which will follow Brit
ish occupation OF the TransvdaL Whatever may
be the burdens of taxation imposed upon mine
owners owing to the necessity for providing for
the payment of various indemnity funds there
is likely to be a great reduction in the cost OF
living. marked increase in the supply OF native
labor and economical working Of all the mines
with enormous enlargement OF overturn-
While the money markets OF Europe will be re-
lieved by this increase in gold production il is
clear that the disturbance caused by a years
suspension of mining operations in South Africa
has been less serious than was apprehended.
by optimists last October. The effect OF
the scarcity OF gold in India has been less no
ticeable than anywhere else Silver has risen
there it IS true TO the highest price OF the year.
and the Government. finding that the natives
would not take gold. has recently been purchas-
ing the white metal freely and coming il; but
the policy Of establishing single gold standard
has hot been abandoned. Although all the
monetary conditions during the last year bore
heavily against it, the chief causes Of disturb
ance in English business have not been none
tary.
The scarcity of American cotton and the high
price OF British coal have been more detrimental
to industrial interests than the suspension OF
gold production in South Africa The Lancs-
shire cotton industry has been utterly paralyzed,