New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-11

AFFAIRS IN LONDON.
Interest in american altitude to
Peace of Justice-Budget Deficit.
,s,.,.., to The New-York Tribune by French cableo

LET feet is awaiting orders either Tor VIadl-
s+o, or the Dogger Bank. Ihe-Weeay re-
isv,s to-day take up President RooseVel' Nes
.ge svnpathetically, except Inc Sdlulu"S
r,o,,ievv" which always sees American STATES
IN as trees walking. The Spectator rehec''
r-i,ish opinion more faithfully when IL inter
- the Message as an assurance that while
.rnerica is armed for bearing the white man
traen and Fastening the peace Of justice she
-. intervene in an aggressive spirit either
q, the Eastern or the Western hemisphere
-, ;s expected is that the President at the
-. ,,,oy,,ent will convoke the peace congress
- eeta bIisbing new international regulations
a, wartime for neutrals and belllgerehts' ia
.r,s rerly TO the invitation of the State Depart
-,snt is regarded as logical, since the decisions
,tbe neace congress cannot be brought to bear
N the present war, but the diplomatlsts are
frank enough TO add that the conditions OF
rrodern warfare have not been altered illole
radically by the existing conflict than the con-
ditons Of neutral practice and belhgereliI Ils nus
The supreme prize court at st. Petersburg mas
virtually upset the Admiralty regulations anu
adopted Secretary Hays views OF condi'iona.
contra band Another Hague Congress would
have little difficulty in disposing or mat SUD-
iect but the cruise Of the Baltic ARMADA ana
The escape of the Caroline have brought up ne"
Questions The coaIing of the RUSSIAN meet from
Cardiff by German golfers is now rendered more
di5fcult and the British government Is striving
IN enforce the rusty old foreign enlistment act
arainsr Nessrs. Sinnett and Roche, but the
broad questions underlying these belated meas
ures must ultimately come before the peace
congress The uncertainties Of American finance
enable interested morasts 10 warn investors
here against charging their holdings in that
ouarter vet the operators admit that the big
capitalists and bankers promptly sprang 10 the
rescue when Thomas w. Lawson made raid
upon the market. and the dangerous situation
was saved Mr.. Lawson's advertisements abroad
are considered a new feature of American specu-
lative energy. a more satisfactory moral IS
drawn in Lancashire. that the bounty Of prodi-
gal nature in America cannot be safely under
estimated The largest cotton crop ever known
means end to the depression in the Man
chester district and the full employment of the
operators. The systematic reduction in produc-
ton when material WAS scarce and high
has involved a short supply of manufactured
goods. and Lancashire is now humming with
industry.
Neither politics nor economics can obscure the
pathos OF the heroic defence of Port Arthur or
the anomalous position of the Baltic fleet. The
Russian and japanese embassies were besieged
BY inquirers to-day. but. like the Foreign OF
fee. they keep their own secrets, and informa-
ton Of an authentic nature is meagre. The air
lie filed with premature rumors and guesses,
bat the impending doom of the garrison whose
ammunition has run short is generally assumed
ss Gn inevitable sequel to the destruction of the
feet and final desperate sortie. The opinion
Of the press is divided respecting the orders
which the Baltic fleet will receive from the de-
ncralzed Admiralty, but the Cars action ia
promoting Admiral Ayellan seems tc indicate
the return Of the f1a 10 E,lJrODea0
All the writers agree that the end of the is
not IN sight that the Russian calamities in
wee she necessity of prolonging the conflict
and ra caring out of the resources Of vic
torous but exhausted Japan.
The Budget prospects are most gloomy. def
CIT Of between f5. 100000 and 100000 being
expected, Without a Panama purchase TO explain
H. Pessimism is natural when the Admiralty
and War services find 1t impossible TO retrench
expenses and the Chancellor of the Exchequer,
~ the sake Of his fathers fiscal policy, well
&1es chance of increasing the income tax
ane proving that tariff is necessary for the
purposes Of revenue.
The loss Of the Russian feet at Port Arthur
reduces the two nation standard of sea power
long accepted by the British naval experts, and
President RooseveIt's proposals for a powerful
feet, with the present conditions of Anglo
Tor Increased outlay here; but the Admiralty
wants more ships and dockyards, and economy Is
lost art. Taxpayers are plunging into what
LORD Welby calls the Bad Budget Circle of the
Inferno, where there viii be new torments.
Nr. Chamberlain has -har 'sed free traders by q
clear and forcible letter on The sugar question
based on sound principles Of demand and supply
and increased production. without the artificial
stimulus Of bounties.
The main political event of the week has been
a hard-hitting speech by Sir Henry Ca,npbelI
Bannerman in which Mr. Chamberlain and
Prime Minister Balfour were scourged without
mercy and bold policy OF retrenchment and
reform outlined for the Liberal party The
speech contained an uncompromising appeal for
labor support in the declaration that the law Of
conspiracy should not he used as a battering
ram against healthy organizations Il work1nen.
Ihis ought to make him the candidate Of the
trades unions for leader in the next government.
Inc speech confirms the impression that he has
40 intention Of retiring to the House of Lords.
III VIII remain. like Sir William Harcourt
candidate for the Prime Ministry by virtue of
party Services and leadership in the House of
Commons
Inc debate at Cambridge over making Greek
oPuona4 has been followed by a fresh shower of
'eG-e1s and pamphlets. The reformers seem
OOi'noent that they will have majority when
uie vote is taken next term. No changes are
-Hei' az oxford at least for ten years The
t1Noaes trust is bringing students from America,
germany and the colonies. and supplying an r
suhent that pre-eminence as a centre of clas-
S4oaI learning must be maintained. The American
STUDENTS are popular and doing good work. The
majority have entered for the courses in law
history and classical study-barely third for