New-York tribune., 1901-05-05
NEWS OF TWO CAPITALS.
LONDON.
THE LATEST MISTAKES OF PARIIA.
MENTARY LEADERS
HOW THE FINANCIAL JOURNALS REGARD
MR.. MORGAN'S NEW ENTERPRISE
THE CITY'S GROWTH-PICTURE
SHOWS AND SALES

SHOWS AND SALES.
CCopyrisht: 1901: BY The Sew-York Tribune,
IBY TRIBUNE.I
London. May 4-Lord Salisbury's health is re.
ported TO be slowly mending The members OF
his family In office striving 70 create the i'm
preston that his courage and interest in public
HE have revived. and that he has no intention
OF retiring He will not lack their encourage
ment. for their Importance as ministerial
figures depends upon his retention in office. The
word has been passed around the government
Denches that the Prime Minister will remain In
public life until the coronation. and that Mr..
Chamberlain will not leave the Colonial Office
until the South African question is settled Old
Tories are greatly relieved. and are grateful to
Slr Michael Hicks-Beach for holding his ground
and resisting Mr.. Chamberlain's influence They
assert that Mr.. Chamberlain could not keep the
majority together if he We're in command in the
commons, and that Mr.. Balfour could not be
spared from the leadership. Political experts
agree that "suaviter in modo' is more important
than "fortiter in re" when a large body Of fol-
lowers needs to be kept under discipline and a
faction-rent opposition TO be coaxed into good
nehavior Mr. Chamberlain is a hard fighter but
is not taetful. Mr.. BaIfours amiabiIity oils the
wheels Of legislation; he can pay great conpIf-
ment TO Mr.. John Redmond for the sake of beine,
hurts friend or foe without privately expressing
MS regret The Liberal leadership in the Com
mons has been deficient in sagacity. Sir William
vernon Harcourt's assault upon the coal tax has
not been we'll supported. and Sir Henry Camp
bell-Bannerman has made tactical mistake in
proposing a vote of censure respecting the
scheme Of army reform and In converting the
military reorganization into party question
1t would have been better If he had allowed Mr..
Winston Spencer Churchill to move an amend
ment, and had lent his aid. Mr.. Churchill will
now be compelled TO drop his amendment and
all independent critics of the War Office on the
government side will walk out Of the House
when the party motion of censure is voted upon.
Sir Henry Campbell -Bannerman lacks political
instinct
Foreign affairs remain stagnant There ara
rumors from Rome OF the impending resigna-
tions OF Cardinals RampolIa and LedochowsHi.
but these are probably whiffs Of idle gossip. The
German Emperor is not finding it easy to direct
either domestic foreign policies. His canal
projects are obstructed. and the Agrarian fac
tions are well organized and bent upon raising
duties all imported food articles He will
have difficulty in preventing the abolition OF
the sugar bounties by the International confer
ence. for which negotiations in progress.
His China policy, also. has created a difficulty
man troops The reduction of the indemnity In
accordance with the American proposal would
dispense with the necessity for international
guarantees. but the Emperor is holding out for
the maximum figures. NJ. de Giers. perceIving
that it would be ruineus for China to attempt
to borrow f65. 100000 at 6 or per cent favors
O con1Oint guarantee by the powers. by which
the interest may be reduced to per cent. This
is the policy which the bankers of European
capitals have advocated from the outset but
they have not considered 1t practicable to throw
the entire burden of the interest the service
loan upon the import trade. Americans may
not like international guarantee. but an In
crease in the taxation of imports will be safe
guard for the maintenance of the open door.
The principal Industrial questions hold the
field at home and abroad. The ministers here
were menaced with a formidable labor war in
consequence of the Budget proposals; but coal
strike. while favored by the agitators. has met
with serious opposition from the labor unions.
In Yorkshire and elsewhere the situation re-
mains critical. but there hopeful signs that
a strike may be averted. The resources OF
American competition in the coal and iron
trades are not underrated here. The momentary
setback Of stock speculation In New-York and
Chicago is attributed by the financial journals
TO determination on the part Of the large capt.
talists TO squeeze out the weak operators and
the opinion is expressed that American railway
securities will command a higher price. because
the corporations are relieved from rate wars and
excessive competition. The halfpenny press has
dealt with the purchase of the Leyland Line In
a sensational way as a preliminary measure for
the adoption Of policy of shipping subsidies
by the United States and the opening OF a de-
structive campaign upon British commercial In
terests The financial journals. while under no
delusions respecting the payment of subsidies to
lines not entitled to American registry, i'm
pressed by the fact that the railway consolida-
tions the steel combinations and the increased
facilities for ocean freightage reducing the
cost of transport and enabling American farm
ers and manufacturers 10 place their products
on the foreign market at the lowest possible
cost. Panicky articles in the cheap daily press
may be ridiculous alike for credulity and igno-
rance but the financial journals are taking Mr..
Morgan's operations most seriously. and are
forecasting that trade will be revolutionized and
the United States converted into the richest and
most powerful nation in the world il the same
group of capitalists controls the great Industrial
corporations. the transcOHtinentaI railways and
immense fleets on both oceans The point which
they cannot decide is whether plans so vast can
be carried out by Mr.. Morgan and his col
leagues.
The census estimates are still too vague IN
enable any expert TO calculate the percentages
of urban increase and Of dimtnution in the rural
population. This will be the most important
revelation of the census. since the displacement
of agricultural industry and the overcrowdins
OF the factory towns the chief factors in
the great social problems. The figures given for
the population of London in the metropolitan
district embraced by the County Council show
an increase Of only per cent during the dec