New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-24
NEWS OF TWO CAPITALS
AFFAIRS IN LONDON.
U1n Question One Of Finance
Chamberlain Progress Impeded.
,..tsI to The New-Tork Tribune by French cable)


maintenance Of peace has increased. not be-
cause there is positive information Of a favor
able nature from Japan, but for the negative
reason namely, that war has not been declared
when tho circumstances required a quick de-
cison and consequently that it is not likely to
occur Special dispatches from Japan and
Corea supply the halfpenny press with scare
headlines, but do not help enlighten the public.
The japanese government demands concessions
which seem TO compel Russia either to retreat
or TO fight The decision still rests with Mich
olas the pacific sovereign with a mind of his
own and obstinate enough to resist all advice
when counsellors do not agree
The influence OF the British and French Foreign
Offices continues to be strongly exerted in favor
Of peace. It is strongly reinforced by the un-
willingness Of European fnanciers to have war
come on when every money market is tight and
small investors are easily frightened. Money is
the uncrowned king. and every great European
capital and the Ministers OF Foreign Affairs
ambassadors and gosspng news gatherers are
its vassals The most remarkable features Of
the anomalous situation are the revival OF
Chinese Independence and the unexpected inter
Vention Of the United States. The Empress
Regent has discerned an opportunity for empha-
sizing the fact that China is still governed for
the benefit Of the Chinese. not for the Russians
or for the japanese, and is making formidable
Washington government has profoundly i'm
pressed the English and the European press
The Tribune's articles have been extensively
quoted and interpreted the official opinion Of
the Roosevelt administration. The Spectator
to-day refers significantly to The Tribune's
warning TO the Russians that there will be un-
pleasant complications if they impede the opera
tion Of the recent agreement with China for
throwing open Moukden and An-Tung 1t per-
IaH,fr
more serious than disapproval Of Russian faith
lessness. It reads between the lines the Ameri-
can conviction that free trade with the Far East
is essential to the welfare of the Pacific States
Of the Union, and that the door must be kept
open with infexible determination
The warning Of the Chancellor of the Ex-
ohequer that there can be remissions Of tax
alton in the next financial year has been fol-
lowed abruptly by the government decision to
postpone the issue of the first instalment of the
Transvaal loan. He has been Influenced by the
advice of city financiers, who consider the con-
ditions Of the money market unfavorable for
placing another batch of gilt-edged securities
Apart from the feeling of uncertainty respect
ing peace and war in the Far East. there is
serious embarrassment in money centres here
from the plethora Of investments Of a trust
worthy nature. Muniolpalities borrowing
on an unprecedented scale, and depressing their
own credit we'll as the value of consols The
government is also a heavy borrower in conse-
quence OF the Transvaal settlement and the
Irish Land act, and the market Is overloaded
with undigested securities of the highest quality
The embarrassments Of the Lancashire and
Yorkshire cotton trade are also felt with cumu-
lative effect The continued advance Of cotton
in America has been followed by short time ar
rangements at many factories but there is
diminished confidence in the efficacy Of sucn
measures for protecting the interests Of the
great trade which supplies the life blood Of the
industrial North. The purchases Of cotton and
yarns are not yet large at the extreme prices
now prevailing, but there is a growing feeling Of
distrust Of NeilTs and other elastic estimates Of
the American crop now in course Of distribution
and held back from shipment at United States
ports. Lancashire is threatened with a cotton
famine and this means a shortage of work and
starvation.
Apart from Colonel Younghusband's arduous
advance from India into Tibet, hampered by the
Gripping Of the transport service in extreme
attitudes and Dr. Jameson's triumphant cleo
ton in South Africa, where he is Cecil Rhodes's
successor there are few picturesque incidents
overseas. The only fresh political topic outside
the everlasting fiscal controversy is Arnold
Forsters speech on army reform. The new War
Minister is less boastful and more practical
than the unfortunate and vaingIorious Mr.. Brod-
rick.
The King is reported 10 be greatly irritated
over the insidious attempts to drag him into the
fiscal struggle. He is in diplomacy. but entirely
out OF politics. and is preoccupied for the mo-
ment with preparations for the wedding at
Windsor Of the Prince Alexander of Teck to the
Princess Alice. which he IS personally directing.
The Chamberlain coach has been numbering
heavily this week. Arthur Pearson, who snens
the whip and tries to drive, complains that Mr.
Balfour is a drag upon the wheels He urges
the Prime Minister think imperially and an
peal with a clear. decided voice to the natrtot-
ism Of the English people. Mr. Balfours slug
Elshness and vacillation have been obstacles
"ithouI ooupt TO the progress OF the tariff re-
form cause but his talents as a tacticiap will
be useful as soon as Parliament meets The
government must be kept in office another wear
the Chamberlain fugIenen themselves .5,,tt
and Mr.. Balfour has apparently succeeded in
arranging q job. With the helm of c,.oo
YTyndham, he has made deal with the No
tionalists by which their support is secured
Throughout the session. The Roman Catholic
University bin foT Ireland win offer annie
compensation for Nationalist assistance in conn
ieracting the detection OF Unonist Free Trad
ers There Will be a sop for the publicans IN
the measure for restricting the powers OF rnaeis-
trates IN suspendng licenses and few minor
legislative projects
Mr. Balfour Is not a great Prime Minister
but he succeeds by dexterous trimming in keep
ing the government together while Mr. Cham
berlain is campaigning outside. What the fuRle-
men Of the Chamberlain host are constrained
to admit is that the inertia of the British Con-
servatives has not yet been overcome. The lead
ers speech at the GudhaH was the poorest
which ne has made since the opening of the