New-York tribune., 1901-01-06
NEWS OF TWO CAPITALS.
LONDON.
CHINA COMPLICATIONS OVERSHAD-
OWED BY SOUTH AFRT-
CAN RAIDS
SOME HOPE FOR THE HAY-PAUNCEFoTE
TREATY-A SLIGHTLY EASIER MONEY
MARRET-LoRD DUFFERINs
FAILURE

MARKET-LoRD DUFFERINs
FAILURE
Copyright; 1901: BY The New-Tork Tribune,
rPr CABLE THE rRrBuSEl
London Jan. 5.-The China question is with
cut doubt the most serious complication of the
new year, but the gravity Of the situation makes
little impression upon English opinion The
raids OF few hundreds guerillas are considered
strangely enough, Of more consequence than the
virtual annexation Of Manchuria by Russia and
the disturbance OF the balance Of power in the
Far East. 1t is a curious illustration of the i'm
parrnent Of national judgment through preoc-
cupation with a single subject England, by
making too much of what is happening in South
Africa, has a false measure for estimating VAL
ues everywhere else. While the Chinese Gov
eminent has accepted the proposals OF the
Powers In principle, but reserved the right Of
discussing the details, il has sanctioned an
agreement by which it retains the nominal ad-
n,nistration Of Moukden and the southern prov
ince OF Manchuria under Russian military oc-
cupaaon. This disguise is transparent, and does
not deceive any one. Manchuria has become
Russian, and the seizure OF Port Arthur has led
TO this inevitable sequence Of events. The pres
ence OF a Russian Resident in Moukden will be
q plain indication that Manchuria, with Chi
a
protected State. but IN reality province of the
Cars douainions. The diplomatic bypIay over
the proposals of the Powers and the amount
Of indemnity will go on, but there has been an
entire change in the situation, and Il is impos-
sibe for either England or Germany to go back
TO the status quo Of January Of last year. The
relations OF the Powers have been thrown out
OF balance by the extension OF the Russian sys-
tern. Questions relating to spheres OF interest
will certainly be raised, and there will probably
be fresh series of territorial seizures. The
hopelessness Of the situation tends to make Eng
lsh leader writers pessimistic. The crisis has
arisen which was contemplated IN the third ar
tele OF the Anglo-German agreement, but no
practical results are. expected from the con-
ference OF the two Powers
South Africa meanwhile continues to hold the
field Lord Kitchener, who was credited by his
admirers with being an iron handed soldier, with
out sentiment or softness, has astonished his
critics by timely display of concilation and
craftsmanship His temperate language at the
burghers' conference in Pretoria has been fol-
lowed by q suspension Of the order for burning
farms, and the way is opening for negotiations
for peace Lord Kitchener happily has disap-
pointed expectations. based upon his conduct In
the1 khartourn campaign and is carrying out
LORD Roberts's policy Of patient leniency with
remarkable discretion. The military adviser
who often aids me in forming correct judg-
ment OF what is happening In South Africa Of
fers this explanation Of the calmness and in
difference with which Lord Kitchener has re-
garded< the recent raids:
Lord Kitchener knows that he has three points
In the campaign, namely, to capture Generals
De Wet Delarey and Botha. He is concentra-
ting his energies upon hunting down De Wet
sno Gshen that result is accomplished he will
r2N s,,Sr
bosr leaders. He has not allowed himself to be
diverted from the pursuit Of De Wet. When the
raloers crossed the Orange River into the Dutch
olstr1cts OF Cape Colony, he probably smiled
grimly, for he knew that they were not in suf-
hcient force TO do much harm, yet would be
certain 10 harass the seditious population which
has been thorn in the British side throughout
the war. The Cape Colony Dutch are now get
ing practical experience in damage caused by
pathy and their views Of the Justice Of the
Boer cause viii undergo a radical change. Cape
Colony has also been put on its defence. Mean
While the hunt after De Wet goes on and Lord
Kitchener tells the burghers they are not beaten
or disgraced, but oyerpowered, and ought TO
ABANDON a hopeless struggle.
The press discussion of the Hay-Pauncefote
Treaty has ended with generalizations like that
OF to-day's Spectator" that the Foreign Office
will not consider the peculiar attitude Of the
Senate, but the text Of the amendments; and
the sustained argument of 1.-The Economist"
that IL is difficult to negotiate with America be-
cause she wobbles and does not know her mind.
and not because she is grasping or because she
is tricky. There is much Misrepresentation here
which might be removed tf the daily journals
would print the full text of the Hay-Pauncefote
Treaty as amended. The Foreign Office will pass
judgment in due course upon the amendments,
but not without deliberation. The most hopeful
forecast which have received from any
thor1tative source is that IL is unsafe to assume
that the amendments will be rejected and the
treaty be thrown out.
The money market has partly responded TO
the advance OF the Bank rate, but several days
viii be required before il can be made effective.
II is idle conjecture whether the rate will be
raised again for the prevention OF gold ship
nents, when the Bank has not secured control
q the market That question will be more
timely late in March.
The proceedings for winding UP or re-es-
tablishing the credit of the London and
Globe Company attracting much atten-
Ton, owing TO the association Of the Mar
quis OF Duferin with the rnismanaged group
ot speculative shares. His diplomatic
oesses cid not fit him for directing the financial
fortunes Of group Of oyercapitalized under
takings under the pressure Of a tremendous bear
squeeze, and he has felt keenly his own re-
spohsibties when a large proportion Of the
shareholders were drawn into the dangerous
speculation by the Of his name. Next weeks
meeting for the purpose OF determining the
fnture Of the company viii be most exciting
uhiess proxy form in his favor be generally
ADOPTED and he commits himself TO searching
public investigation OF the causes Of the dis
asier
Wov<1