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Ce
November 18, 1897.}
LOANS.
At the meeting of the Legislative Council on the 8th Nov. the Hon. T. H. WHITEHEAD demonstrated by irrefutable figures and logic that it was a mistake for the colony to con- tract gold loans. Unfortunately the mistake has been made and cannot now be rectified, for the loan has a currency of fifty years and cannot be paid off before its due date. The contemplation of mistakes is, however, not always profitless, and in the case of n Crown colony, where a monopoly of wisdom is claimed by Downing Street and that official cuterie, it is well that the more glaring facts demonstrating the invalidity of the claim should be duly noted. Public attention being directed to those facts may make the Go- vernment more amenable to reason in the future.
CHINA OVERLAND TRADE REPORT.
ever,
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doubt
375
13 to Russia's
but also from the international rivalries | 2s. 71d. He worked out calculations to show "whether Sir CLAUDE MACDONALD. Will that will have to be reckoned with. So the saving that would be effected in interest "offer any protest against the dismissal of a long as Sir ROBERT continues hale and by borrowing in gold, supposing the rate of "British Financial Adviser simply in order fit for service, therefore, little anxiety exchange to remain constant, and said this "that one of Russian nationality shall be need be felt as to the Customs Service, but benefit would not be converted into a put in his place; and upon the character there is good ground for anxiety as to what loss, taking the difference in the rate of of that protest Russia will be able to con- may happen upon his retirement. Many interest to be one per cent., until ex- ! chule whether she has to deal with Japan years ago Sir ROBERT himself wrote that the change had fallen by 5il, to the dollar. Well, only or Japan and England in alliance." Inspectorate will have finished its work exchange has since fallen more than Sil, ; Perhaps our contemporary attaches too "when it shall have produced a native with every prospect of a further fall. Sir muchimportance to the change in Financial Mr. McLEAVY BROWN has administration, as honest and as efficient, G. T. M. O'BRIEY urged also that the Advisers. 'to replace it.' Such a native adminis opponents of borrowing in gold left ent of rendered valuable service to the Korean tration has not yet been produced, nor is it account "the chance of a rise in exchange." Government ant was in every respect likely to be for a long time to come, and So a gambler in lotteries upon being well fitted for the post he held, but it may be China's creditors would certainly not remonstrated with for wasting his doubted whether the British Government, assent to the dismissal of the foreign staff, money might say the remonstrant left out beyond making friendly protests in M.. The Customs must remain under forcign of account the chance of winning a prize. Brows's behalf, would elevate the change of administration, but grave difficulties are To do Sir G. T. M. O'BRIEN justice, how- Financial Advisers into a question of high likely to arise when it becomes necessary to it must be noted that he regarded politics. While the independence of Korea appoint a successor to Sir ROBERT HART. the risk of loss by exchange as dis-is recognised her right to select her own The intrigue said to be now in progress may
tant and by no means certain," though Advisers must be recognised also, and very possibly have as its object not so much there was little in the circumstances of the England's acquiescence in the substitution the removal of the present Inspector- time to justify such optimism on his part. of a Russian for an Englishman as Financial General as to pave the way for claims that However, the matter is now settled and Adviser would not necessarily imply are intended to be advanced when that the colony by the risky and shortsighted acquiescence in the subversion of Korean he change is no doubt a veteran and distinguished official retires policy of the Government is committed to a independence. from the scene.
loss against which it cannot now protect diplomatic victory for Russia, and indicates itself. Fortunately the loss, though heavy, the ascendancy of her moral influence, but THE LOSS ON HONGKONG'S GOLD | is not of such magnitude as seriously to em- the British Government would not be likely barrass the finances of the colony, and it is under such circumstances to oppose moral There can, spread over a long term of years. It is well, influence by physical force. however,
matter in me however, be no to keep the mory, because with the growth of the aims in Korea. She will, if no obstruction colony and the necessity for public im- is encountered, go on strengthening her movements the desirability of borrowing position there until the time is ripe for the may in the course of years again present incorporation of the kingdom in the Russian itself. In that case, profiting by the severe dominions. But Japan is watching her lessons of the past, the community should closely. Unable herself to annex Korea, insist upon the loan being contracted only on account of the opposition that would be in the currency of the colony, whatever offered by the Powers that opposed her re- that may then be. But by that time the tention of Liaotung, Japan is bent, as the the currency will probably rest on a gold next best thing, on maintaining the indepen- basis and all will be plain sailing,
dence of the kingdom. England also would prefer to see Korea remain independent, for very good reasons, and so long as the question remains in the domain of diplomacy will throw the weight of her influence England will sooner or later be called into that scale. Whether she would go upon to make a definite declaration of her further and support Japan in in 1887 it was strongly urged by the un-policy in regard to the vexed question of fiet of arms with Russin on the matter official members of Council- including Mr. Korea, Russia and Japan are active rivals is another question, and one to which the THOMAS JACKSON, who then occupied a seat for ascendancy in the Hermit Kingdom, most probable answer is a negative. Eng- in that body--that it should be raised in and there are
not wanting indications | land is hardly so vitally interested in Korea silver. The arguments advanced were, that their rivalry is rapidly drifting that she would think the country worth however, overruled by the Secretary to a crisis. What part will England going to war about. of State. In 1893, when the second play when that crisis arrives? loan was contracted and the first one interesting article on this subject in the converted, it was again urged that it should Kobe Chronicle it is suggested that the be in the currency of the colony. The recent supersession of Mr. McLEAVY BROWN Hon. T. H. WHITEHEAD, in the course of by a Russian subject, Mr. ALEXIEF, in the the discussion on that occasion, said it was office of Financial Adviser to the Korean "most unwise for a silver using colony to Government is intended as a throwing down "contract a loan in gold at the present time, of the gauntlet, not so much, perhaps, with when the immediate gold value of silver the object that Great Britain should pick it "is shrouded in boundless uncertainty, up as to test how far the British Ministry "greater than was ever known, and when is prepared to go in defence of the in- no one begins to know what is going to dependence of Korea. If England's op- happen to the metal." He showed the position may be discounted, says our loss that had been incurred on the first loan contemporary, Russia can fairly look to by borrowing in gold, quoted a prediction having a free hand in the Peninsula, for that the dollar might fall to 1s. 6d., and no other European Power is likely to consi- entreated the Government to allow the ques-der the matter of sufficient moment even to tion of contracting another gold loan to frame a protest. It is further suggestel stand over for six months in order that an understanding has been arrived at: that the result of the Silver Conference and Indian Currency Commission (then sitting) might become known. The Government, however, declined to see the langer ahead and the then Colonial Secretary, Mr. (now Sir) G. T. M. O'BRIEN, made a long speech in defence of borrowing in gold, his arguments being in principle those of the gambler and resting on chance. Money for first-class investments was, he said, cheap in London at that time and the value of silver was exceptionally low. Exchange was then about
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When the first loan was contracted
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GREAT BRITAIN AND THE KOBEAN
QUESTION.
In an
a
con-
THE SALE OF THE TAIPINGSHAN PROPERTY.
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While we are in the midst of a cricket carnival we may perhaps be allowed to bor- row the phraseology of the game and refer to the Hon, T. H. WHITEHEAD's speech at the last meeting of the Legislative Council as an excellent innings, marred, however, by one chance. The hon. gentleman said:- "That no portion of the resumed area of Taipingshan has yet been realised reflects unfavourably on some one. If private in- dividuals looked after their investments in house property on similar lines to the man- agement of the Taipingshan resumption, "which cost about one million dollars, they "would soon find themselves involved in by the Triple Alliance which had such a bankruptcy." If any member on the powerful influence on the results of the official side of the Council had been deputed China-Japan war. In conclusion our con- to reply to this he might have done so in temporary says: "It will be with great a crushing way. It might have been interest, therefore, that events will be pointed out that it was the gross mismanage- "watched during the next few weeks. The ment of their property, by private in- "British representative at Seoul is reported dividuals that necessitated the resumption "to have already protested against the dis of Taipingshan. Further, the hon. gentle- "missal of Mr. BROWN,-but simply, it man might have been reminded that the "would seem, on the ground of injustice practice of holding property, undeveloped "done to a British subject,-not for reasons and unimproved, for a rise in its value is "of high politics. It remains to be seen by no means unknown amongst private