New-York tribune., 1904-09-25
NEWS OF TWO CAPITALS.
AFFAIRS IN LONDON.
Rise IN Venezuelan Bonds-QuestiOn
of ContrGband of Var.
Especial TO The New-York Tribune by French CabeD
Lcnr.-a..h... aa.A.. ~. d. .-.a.l..i.-A

onst'' to the increased interest Of the United
States In the Panama Canal and the future
or tropical America. A demand has been
created for these securities both in France and
Germany. and while many absurd reports have
beensput in circulation by SPECTATORS such
the explanation that the Venezuelan government
is feeling pressure from Washington and the
wild conjecture that the various Central Amer
lean loans viii be consolidated into unified bonds
with some sort OF American guarantee. yet il is
fairly certain that the bondholders and invest
ors here are Influenced by the fact that the
spanish-American nations have received a
warning that they must pay their debts and not
expect protection in wrongdoing from the Mon
roe Doctrine. The rise of 90 per cent in Venez-
uelan bonds and the remarkable Improvement
IN Costa Rican, GuatemaIan and Colombian
honds at the Berlin, Paris and London exchanges
Indicate either pressing anxiety on the part of
the oefaClting governments to make a fair ar
rangement with the creditors or the increased
faith Of foreign investors that they can be sub
3ected TO pressure and forced 10 respect the
eighth number Of the Decalogue
The South African market has been depressed
by the Chartered Company's new capital issue
After long period OF hope deferred the sanguine
operators assert that the directors at the Oc-
tober meeting will show fun cause for the addi-
tion OF 100000 TO the share capital in great
schemes for the development of the country. DR.
Jameson, who has taken Cecil Rhodes's place as
British director OF the destines of South Africa
holds most hopeful view Of the future of
Rhodesia. He has interested himself in several
new schemes for attracting settlers and capital
The South African Association has taken up
these plans with energy. and Sir Gilbert Parker
scting upon the advice of the Duke OF West
minister and Mr.. Chamberlain. is going out TO
the Cape and Rhodesia, and VIII probably re-
turn with the various important contracts for
carrying out industrial schemes Of considerable
magnitude
Disappointment, rather than alarm has been
created in the Street by tie revival of compli-
cations with Russia over the question Of con-
traband While the announcement that Russia
had accepted the principle contended for by the
United States and England was premature. the
opinion prevails that the Ambassadors OF both
countries at st. Petersburg have been assured
that this will be done without reserve as soon
as the Russian experts on international law can
be consulted. Secretary Hays dispatach on the
rights OF neutral commerce is highly compli-
mented by the writers for the English press as
a model Of trenchant statement and vigorous
exposition.
Sir Wilfrid Laurers speech at Montreal is a
triumph OF dexterity since the preferential trad
eTs and Free Traders alike find it source of
consolation. The Liberal journals conclude that
Mr.. Chamberlain never had either offer or en-
couragement from Canada and that the prefer
ential scheme is at present impossible and the
tariff reform writer's are convinced that while
Sir Wilfrid Laurier considers a zollverein i'm
practicable for the empire, he believes that with
mutual concessions and preferences treaties OF
commerce can be arranged between the mother
country and her colonies.
The Thanet election. caused by the death Of
the strong PrOtectionist James Lowther prom
ises TO go against the tariff reform candidate
The Times has attacked him vigorously for
personal issues. and letter from the Archbishop
of Canterbury is used by the Liberals with de-
structive effect. This is the first instance in re-
cent times in which the Primate Of All England
has intervened in party politics.
The revenue returns offer slight hone of any
reductions in taxation next year. The decline
in income tax receipts means little since the
arrears are mainly collected from April 10 Oc-
tooer, ano less energy has been displayed at
Somerset House in hunting down delinquent tax
payers since Austen Chamberlain became Chan
ceilor Of the Exchecuer. The serious features
OF the revenue returns are the large shrinkage
in excise stamps and estate duties and the slight
gains from the customs when the times are hard
ana workingmen spending little The next
budget must be worse than the last one. with
taxation increased rather than reduced The
dreary prospect leads shrewd politicians to pre-
dict that the ministers will dissolve Parliament
rather than produce another bad budget They
forget that series OF bad budgets reinforces
Mr.. Chamberlain's argument for fiscal reform.
since II shows the necessity for fresh sources Of
revenue. Ministers half converted 10 protection
may welcome an opportunity of explaining TO
the country that they are confronted with a
situation. not a theory. and that the ordinary
resources Of free trade finance have been ex-
hsusted in providing for the increased expendi-
lures.
The ministers warned that the passive re-
distance movement against the Education act
steadily increases rather than declines. About
1000 summonses have been issued this week
against delinquent taxpayers for refusal to pay
school rates. making about 80 900 since DR.. Cliff
fords movement began. The Rev. Mr.. Camp
bell pastor OF the City Temple, is among the
lewbreakers for conscience sake and Noncon-
formist ministers throughout England are set
ting example OF defiance OF magistrates and
tax collectors. when the school rates are used
for the support Of religious teaching considered
by them erroneous. The dangerous movement
is serious enough in England. where the govern
nlent as Lord Rosebery says, has arrayed Nom
conformity against IT, but the situation is more
critical IN Wales. where the entire principality
is against them. and cooperating under Lloyd
Georges guidance in systematic attempt TO
render the present Law imperative by wholesale
dismissal Of the teachers employed by County
Councils. Withdrawals Of sll Nonconformist chill
oren from church schools and the opening OF new
schools in chapels which viii not be dependent
uron rates grants he Welsh counties