The Raymer enterprise., 1911-12-14

form to which China was pledged by
treaties with the United States. Great
Britain. and japan, Of which men
tion was made in my last annual mes
sage.
Knowing the interest of the United
States in the reform of Chinese cur
rency. the Chinese government, in
the autumn Of 1910. sought the assist
ance Of the American government to
procure funds with which to accom-
plish that all-important reform. In
the course Of the subsequent negotia-
tons there was combined with the
proposed currency loan one for cer-
tain industrial developments in Man
churia, the two loans aggregating the
sum OF $50,000.000. While this was
originally to be solely an American
enterprise. the American government
consistently with its desire to secure
sympathetic and practical co-opera-
ton OF the great powers toward main.
tanning the principle OF equality Of
opportunity and the administrative In.
tegrity Of China, urged the Chinese
government to admit to participation
IN the currency loan the associates
OF the American group in the Hu.
kuang loan. While of immense i'm.
portance in itself. the reform con.
templated in making this loan is but
preliminary to other and more com.
prehensive fiscal reforms which will
be OF incalculable benefit to China and
foreign interests alike. since they will
strengthen the Chinese empire and
promote the rapid development Of In
ternational trade.
When these negotiations were be.
gun, 1t was understood that financial
adviser was to be employed by China
IN connection with the reform, and In
order that absolute equality In all
respects among the lending nations
might be scrupulously observed. the
american government proposed the
nomination Of neutral adviser. which
was agreed to by China and the other
governments concerned. On Septem
Der ~. 1911. Doctor Visserlng. presi
dent Of the Dutch Java bank and a
financier of wide experience in the
orient, was recommended to the Chi
nese government for the post OF none
tary adviser.
Especially important at the present
when the ancient Chinese empire is
shaken by civil war incidental to Its
awakening to the many influences and
activity of modernization. are the co
operative policy of good understanding
which has been fostered by the inter
national projects referred to above
and the general sympathy OF view
among all the powers interested in the
far east.
New Japanese Treaty.
The treaty Of commerce and naviga
tion between the United States ant
Japan, signed in 1894. would by ,
strict Interpretation OF Its provisions
have terminated on July II. 1912. Jap
ans general treaties with the othe
powers. however. terminated In 1911
and the Japanese government ex
pressed an earnest desire to conduc
the negotiations for a new treaty Will
the United States simultaneously witt
its negotiations with the other pow
ers. There were number OF impor
tant questions involved In tn
treaty. including the immigration o
laborers, revision Of the customs tar
III and the right Of Americans to holt
real estate In Japan. The Unitet
States consented to waive all technl
calities and to enter at once upon ne
gotiattons for new treaty on the I'm
derstanding that there should be
continuance throughout the life OF tn
treaty Of the same effective measures
for the restriction OF immigration o
laborers to American territory whicl
had been in operation with entire sat
isfaction to both governments sine
1905. The japanese government &C
cepted this basis Of negotiation. ant
new treaty was quickly concluded
resulting In a highly satisfactory set
tlement OF the other questions re
ferred to.
A satisfactory adjustment has als'
ben effected Of the question growinl
out OF the annexation OF Korea b.
Japan.
Europe and the Near East.
In Europe and the near east. durinl
the past twelve-month. there has bee,
at times considerable political unrest
The Moroccan question. which 70
some months was the cause OF grea
anxiety. happily appears to hav,
reached stage at which It need n,
longer be regarded with concern. Tn,
Ottoman empire was occupied for
period by strife In Albania and Is nov
at war with Italy. In Greece and thu
Balkan countries the disquieting pc
tentialIties Of this situation have beel
more or less felt. Persia has been tn
scene Of long internal struggle
These conditions have been the caus,
OF uneasiness In European diplomacy
but thus far without direct politica
concern to the United States.