New-York tribune., 1900-11-15
KAIsER's SPEECH LIKED.
IT'S TONE REGARDED IN LONDON AS
CONSERVATIVE.

POWERS WILLING TO coNCEDE SOMETHING
TO PRINCE cHING-BRIT1sH FINAN-
cIAL ExPEDIENTs
FCo7y-tFat 1900 sy The New-York Tribunal
ICY CABLE TO THE TRIBUNE.l
London. Nov. Is. a. m.-The German En-
perors speech at the opening of the Reichstag
IS generally commended a moderate and tu-
dicious summary OF the China question. 1t is
not vainglorious nor sharply 1esentful. 1t
IT!n!m.zes like Lord SaIsbury's Cuildhall speech,
The force Of the Anglo-German agreement, and
emphasizes the common interests and harmo-
NOUS action Of the foreign Powers. i fore
shadows the restoration of order in China. the
punishment Of the chief murderers among the
mandarins and the prevention of Boxer out
RACES in the future. It does not explain how the
surrender and beheading OF the guilty princes
csn be sanctioned by the Empress whose orders
were obeyed a Peking, does it forecast the
amount OF the ldemnity which will be salts
factory the Powers but It leaves China free
20 work out its salvation.
The English press strenuously maintains that
the Powers by acting together and increasing
the force of diplomatic pressure can succeed in
exacting vengeance for the unparalleled out
RACES and in obtaining adequate safeguards
against the recurrence Of the massacres. II is
clear. however, that the Powers are not unpre-
Ching Probably the list OF guilty mandarins
will be curtailed and revised. Certainly some
compromise will be effected respecting the
amount Of the indemnity.
The expense Of unfluitary operations in China
IS a convenient pretext for the demand OF the
British Government for money grants in De-
oember. But this is thin disguise for the plain
truth is that the cost Of the campaign in South
Africa has been grossly underestimate The
Government acted upon the assumption that the
South African would be ended early in
October. and for electioneering purposes under
estimated the cost OF the military operations
How large the deficit will be If the warfare be
prolonged until January March cannot be ac-
curately forecast A common estimate made by
experts is that the Government, after raising by
taxation and by loan S350O00OO0 will be forced
TO provide S200000,OOO more. Sir William Har-
court viii have fine opportunity for reproach-
ing the Government for lack Of foresight when
Parliament meets.
The financial journals discussing the best
method OF meeting the emergency. It is con-
sidered probable that additional powers will be
granted for borrowing on Exchequer bonds, as
q fresh war loan would not be popular in the
City. It is clear that the Bank of England
continue TO lend money TO the Government
Indefinitely. when il already is forced to borrow
hack from the market at higher rates, and that
floating credits. which are already causing dis
turbance. must be disposed Of before the gold
reserves be called in. The feeling in the
Street is strongly against fresh issue of Ex-
chequer bonds to an American syndicate since
the resources Of the United Kingdom re-
Earded virtually inexhaustible.
Some aiarrnists contend that the real explana-
tion OF the meeting Of Parliament is the neces-
sity for strong action against Russian arnbi-
ton IN China and French hostility as evidenced
by preparations for the reception Of Kruger
This theory is not supported from any trust
worthy source. Russian ambition is apparently
under European restraint, and English people,
Ike Mr.. Punch this week. regard the demon
st-ation of sympathy for Kruger with good
natured indifference a sentimental vagary
4 painful feeling has been created by the
news Of the serious Illness OF the Gar. On ali
SIDES his great work or behalf Of European
peace is acknowledged and people in this coun-
try VIII breathe more freely when they know
that the Autocrat of An the Russias is free from
danger.
An interesting article on the subject or Arneri-
can shoes in England is published by the Editor
q The Shoe and Leather Record" This gen
rlenan endeavors TO explain The reason Of the
capture OF British and colonial trade in boots
aud shoes by America, and he arrives at the
strange conclusion that for this state Of things
the English National Union OF Boot and Shoe
Operatives is chiefly to blame, because its mem
bers are not allowed 10 do more than certain
quantity Of work.
The taste for the collection Of Americana is
oae = comparatively recent growth among
British book hunters. a quarter Of a century
ago almost the rarest work dealing with the
early history Of America could have been Sc
cured for q tciflng amount. Such is far from
being the case now. and large number Of
scarce american pieces in the Ashburton Ii
brary were disposed Of yesterday for remarkable
sums a Relation Of Maryland" for example,
which possesses the rar. distinction Of contain
ing q folding map Of The Northern Part OF
Virginia" published in 1850, changed hands at
~l'-5. altogether, two dozen lots Of Americana
realized about 800 in al.
The Yerkes syndicate. while reinforced here by
AE. Loudenback is not IN working form. II is
Hot known YET whether real estate transactions
VII accompany the construction Of the new cleo
tr-c railway 10 Hampstead. The experience Of
Inc Central London Railway already proves that
rapid transit involves a remarkable migration
q middle class Londoners westward and ex-
feEsive changes in the value Of suburban prop
srty I. n. F.
KRUGER REACHES SUEZ.