New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-06
NEWS OF TWO CAPITALS
AFFAIRS IN LONDON.
Money MCrie: DiSorganized-King
and Macedonia.

fsp~cssi &c The New-Tork Tr1buu. by French csslel
sooryTsshs: Tri5un. AssocistionD
London. Sept 5.-The money market remains
6isorganszed by the unexpected advance OF the
hank rate. This was not caused by the ext
sencies OF the American market nor by ap-
r-ehensions OF an impending crisis In South
eastern European affairs but by the financial
shlfts OF the German Government. The new
customs schedules have not yet repenished
che revenues and the German Government.
beine reluctant 10 ask the separate States
70 Increase their contributions. is forced to
borrow on a large scale. The Imperial Bank OF
Germany has been calling in gold from England
N anticipation OF forthcoming loans. and the
increased rate Of discount here is a necessary
,recsution. although IL can only be enforced by
an artificial reduction in the market supplies Of
money The Bank Of England viii he compelled
- borrow heavily in order to render the rate
effective.
The German treasury dislikes TO solicit fresh
loans when Imperials are already 2L per cent
below the issue price. High rates for money
and depression OF consols must prevail here for
o long period when the Irish Land Act and
municipal works throughout the United King
dom involve an immense volume Of borrowing.
The monetary conditions Of both England and
the Continent are favorable for war loans. The
q strong line OF action in Macedonia. and while
the Sultan is at the end Of his resources and can
neither increase his army in the field nor borrow
money for feeding and paying Il. he is not likely
70 be interfered with since intervention is in
convenient Even the Creeks. who claim Crete
as q heritage. are disposed to make a defen- I've
alliance with the Turks in preference to aiding
the work Of Hberaung Southeastern Europe.
,-., ,-,,oso,s. fs Dasss,~ .hrouph
various stages of rapine. massacre. insurrec-
ton. anarchy and destruction and the Euro
nAsn movers are listless spectators. ignorant OF
what is going on behind the fog and Indifferent
20 the Immediate or the ultimate results. Either
M Canning or Lord Beaconshelo would
have taken advantage OF the existing situation
and have increased British prestige. Mr.. Can
ming would have favored the creation Of another
State in the Balkan with Christian governor
and international police force Lord Beacons-
field who preferred TO give back Macedonia to
the Sultan rather than to allow Russia TO
create too big Bulgaria, might have perceived
the advantage OF uniting the vilayets Of sa-
lonioa. Bitolia. Kossovo. Adrianople. Scutari
and Jannina under conditions OF administrative
autonomy as a buffer State for blocking the ad-
vance OF the Russians TO Constantinople.
Lord Lansdowne has an opportunity for plac-
ing himself at the head Of European concert
and forcing Russia and Austria to unite In the
demand for the appointment OF a Christian gov
ernor OF Macedonia and the creation of au-
tonornous State in which the racial forces Of the
Bulgarians seryians Greeks and Albanisns will
be balanced. but he is not likely 20 take de-
cisfve action unless the King supplies the militia
tive The King is a natural peRcemaker. and has
been Influenced in the past by Mr.. Ola dstone s
hopes IN the development OF the resources OF the
Balkan nationalities His visit st Vienna. which
has been a natural sequel TO his previous tour
10 foreign courts may have Guickened his inter-
es, IN the fate q Macedonia. which has become
bortomless pit OF insurrection, massacre and
dynamite outrage An exchange OF views with
the Emperor Of Austria may have armed him
with resources for giving a new direction to
British diplomacy and counteracting the infu-
ence OF the German Emperor In preventing an
effective European Intervention
No new departure o. this kind can be ordered
until the fate OF Mr.. Chamberlain's fiscal pro-
posals is known The air is full Of rumors OF
compromises and the Unionist Journalists have
apparently received cues from influential quar-
tiers and are seeking TO make peace when there
is no peace The Standard" and The Tele-
graph" are each taking a hand in these proc
esses OF Cancellation. but ''The Times" which
ordinarily reflects GIr. Chamberlain's mind, per
severes In advocating his cause. and The Ma
uonal Review" has long and extremely able
exposition Of the trend OF imperial economies.
There is a persistent report from the public
Offices in Whitehall that the Cabinets fiscal n
curry VIII eliminate IN the appointment OF a
royal commission. This would be feeble make
shift FOR holding the Cabinet together another
year and enabling the Prime Minister 20 walt
Ike Mcawber for something 70 turn up. Anoth-
well a.
the Determination not 70 break with MI Cham
beriain but makes the concessions which he is
willing 10 grant 50 Insignificant that their ac-
ceptance is almost Incredible. Even most trust
worthy rurnors hardly deserve serious discus
son, as Nj. Bslfour and M Chamberlain will
take The country into their confidence the first
week In October. Meanwhile the drift Of public
opinion is setting heavily against taxation Of
food sne the working classes are everywhere
erayed against IL while Mr. Chamberlain's per
sonal appeal to them may be made too late TO
influence them
The report Of the War Commission is made
party issue By Sir Harry Johnston, who has
started a vigorous canvass for capturing the
Tory seat OF Rochester for the Liberals Lord
hosebery's followers favor these tactics and
aie supported by the weak kneed Unionists
Who consider Il necessary to defend the War
Sl"oe against the findings OF the commission
and & plain reading OF the evidence. The LIB
erals would be more patriotic and the Tories
mere ast1te they would accept 3oint re-
spoAsi5ihty for the conditions arising from the
system OF military administration which both
political parties have maintained for a long
period and which cannot be reformed without
The consent and cooperation OF the government
and The Opposition
What is needed in Pail Mall is a reform
measure similar 10 ne one carried out by Sec
retarE Roof he Mashir-tn.. W. .nalr. ara