New-York tribune., 1900-11-11

a clearer and broader outlook this morning from
their narrow windows. The American election
Is regarded as cause of rejoicing for the whole
world. The English people are nothing II not
critical. and consequently it is not surprising
that so loyal friend If America as The Spec
tator'' finds it necessary close an article brrn-
ming with good feeling over the triumph OF hen
est finance and enlightened national politics
with a sarcastic reference to Mr. Mckinley as a
genuinely conscientious man who. seated in
Pilates Judgment chair. would have reverentIy
awaited the verdict of the people and then have
decided for Barabbas. This sarcasm is based
upon the Illusion that it is the first duty OF an
American President to meet public opinion with
frank defiance. Englshmen slow to under
stand that by the genius OF republican institu-
tions the President Is the first citizen. who owes
all his authority to a direct personal mandate
from millions Of electors The tone OF the Eng
lish press has been. however. most friendly and
appreciative. and except in few isolated in
stances the estimates OF President McKinIeySs
services to America and TO the world are alto
gether Just
The financial journals are specially interested
in the immediate results of the triumph OF the
sound money cause in America The effect OF
bull markets in New-York has been the transfer
OF over 175,0O0 shares. aggregating over $4,000
600, from English to American holders This large
sale OF American securities checks the outflow
OF gold to New-YOrk. but English investors
cannot be depended upon to sell out their hold
ings indefinitely and settle the balance Of trade
by returning stocks heavily in demand on the
other side As European purchases Of American
produce an immense scale the ultimate
outflow OF gold is a foregone conclusion particu-
larly If large number Of new enterprises are
undertaken in the United States in consequences
or Mchinleys election, and American capitalists
call oack the millions which they have left tenn
porarily in Europe at low rates Of interest The
financial journals find comfort for English in
dustries in the decided decline in the price Of
coal and in the fall of American cotton But the
shrewdest observers forecast the temporary nat
ure Of these fluctuations and consider IT prob-
lematical whether there will be enough cotton
to answer requirements next year A rise in
wheat is predicted by some experts and the
best compensation for a remarkable decline in
the consumption of wool is found in McKinley's
reelection. since it implies continuance of
prosperity and increased purchases of foreign
imports.
Lord Salisbury's tiuiIdhaH speech has not
cleared the situation in China but it has min
imized dipiomatically the force of the Anglo
German agreement and conciliated Russia
whose assent is required to the policies Of the
Powers. The alarming reports Of aggressive
4
where not confirmed, and may have been
exaggerated by Chinese intriguers always on the
alert keep the Powers divided. The chief
danger in the situation is the reluctance of
Russia have the imperial Court return
Peking unless II can he kept securely within the
grip Of the Car. The main moral of Lord Sails
bury's speech the necessity for strengthen
ing the defeuces OF the Empire against emer-
gencies likely TO arise unexpectedly There Is
now no cloud in the sky except haze hanging
Picking
The French preparations for the reception OF
Mr.. KRUGER are not liked in England. but Lord
Salisbury wisely refrains from taking action
that would Immediately upset the Ministry.
The American Ambassador astonished the
Guildhau audience by the frankness with which
he congra tulated Lord Salisbury upon deferring
his incursiOn into American politics until the
election was over. and fairly put Cog and
Magog out of couutenance by the audacity with
which he compared the retiring Foreign Min
lister to a talIow chandler on melting days. Mr..
Choate's speech was received however. with
peaIs of laughter. and his reference TO Down
ing Street as an American precinct caused great
amusement while his fnal tribute 10 Lord Sails
bury was heartily appIauded- Mr. Choate's
toucnes Of satire in his earlier speeches were
not always understood here. but he has now
acquired the Of playful badtnage in which
English speakers themselves excel
Cabinet changes have excited heartburnings
among the Conservatives. who complain that
the Liberal Unonists have a larger share OF
promotions There has been general shaking
up OF the old clique but il is doubtful IL the
new Cabinet is stronger than the old one Only
one man of original force Mr.. Arnold Forster,
is brought into the Ministry, and one debater OF
real genius among the young men is banished
EaIiS SHvrrr- has md ard
to go outside of his own circle. and is criticised
sharply by his opponents for favoring too many
of his own relatives Mr.. Chamberlain has
wisely kept of sight. although the Contt-
mental critics are imagining vain things The
latest Canard is that he is going to Rome to
exchange views vita the Italian Foreign Min
lister. and to widen the circle of English in
trigue in the Mediterranean Apparently the
only foundation for the story is the presence OF
Mrs Chamberlain in Naples. where Mr. Cham
berIain will join her and return with her 10
England, after a short stay in Rome
General RuIIer received to-day civic honors Al
and splendid welcome at Alder
shot where all the troops were drawn up and
an address of Congratulation was read in the
presence of the Duke of Cambridge Lord Wolss-
lev. Mr. Brodrick Sir William Butler and other
associates The spirit of the occasion was we'll
summed up by the motto displayed the sta
tiou, Duty Done is Honor Won General Bull
ler's friends have stood by him as Loyalty as
the Natal army supported him through good
and evil report and his DevOnshire neighbors
will follow their example Critical estimates Of
the value of General Buffers services in the
field are reserved for a future period when all
the secrets are told and the precise truth about
the relief of Ladysmth is known.