268
RUSSIA AS FINANCIAL FACTOR.
April.)
April 21, 1900,
THE HONGKONG WEEKLY PRESS AND
armaments, naval and military but her an enormous advantage in the game, for main weapon of offence is now the purse there is nothing that would give her greater
Coren sword. Notoriously this satisfaction than
When Daily Prest, 18th purchased on rather than the two where arouely is soie
enfation Three millions of You would be
well expended in reducing Corea to the position of an humble dépendent on her generošity.
THE OPENING OF YOCHOW.
behalf of Great Britain the Khedive's shares Chinese bank she has established a formid in the Suez Canal, and made the State a able agency. Although the Bank is nomiu- partner in an industrial enterprise, he little ally a private concern, it is well known it reckoned that he was inaugurating a new is in a position to avail itself of all the credit phase in history, that before twenty years of the state, and is thus able to outbid its were over the state whose progress he had rivals wherever Russia is interested in the in his mind's eye would faithfully, follow result. One of the first efforts of the new his example, and that Russin, whose ai organisation, it may be remembered, was bition it was one of the great objects of immediately on the conclusion of the Japan his life to frustrate, would be attempting to war, when Russia had certain little matters carry into finance those principles of ani- to arrange with regard to Shingking, to versal aggressiveness which had made her offer a loan to China on terms which the a formidable competitor in the arts of war. other Powers could not touch; and this, it Time, however, gives birth to strange tra 8-may be remembered, not only gave Russia formations; and certainly the strangest of the desired opening in Shingking, but also these is to be found in the new policy of provided her with a weapon which she found Russia in Asia. Short, however, as is the it possible to use in controlling the issue period during which she has essayed this of the remainder of the loau. Since that new departure, she has already become a her financial operations have grown in num factor which we cannot afford to despise; ber and importance, and always with the and it is doubtful in which capacity, mili- one object; that of hindering the countries tary or commercial, Russia is now the more which have once accepted accommodation formidable. This latest development is of from her in their dealings in the open in accord with the correspo
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(Daily Press. 16th April.) In our issue of the 5th inst, we gave a sum- mary of a leading article taken from the North China Daily News on the opening of Yochow. Yochow, our readers will remem- ber, is the port opened by the British Minis- ter in Hunan. As we said at the time, there is much that is interesting in this article, but there are at the same time certain views expressed from which we are compelled to dissent. The Daily News quotes its cor- respondent's opinion that the opening of Yochow, or what passes for Yochów, ran ouly be regarded as a magnificent practical joke, but goes on to say that it is pleased to find that this is not the case. We are quite opinions and are quite at variance the views expressed in the latter part of the lender where we are informed that "what in many
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but a few years' standing, and may be said market, and more especially with England. to have owed its possibility to the good Russia has long had her eye on Persia, whose offices of France. When after the war with exploitation would afford her an important Germany France found herself isolated in means of approach to the sea, and besides respects is the finest province in China is western Europe, she instinctively turned to would enable her at her will to annoy the now practically thrown open, and it re- Russia. That Power, herself not overpleased British Government in India. Ever s nice "mains for foreign merchants to take every with the progress that Germany was mar the beginning of the century both nations" advantage they can of the opportunity.' ing, extended her sympathy, which finally have struggled with varying effect to hold We, of course, have no objection to the led up to an understanding between the the supreme influence in Per-in. On the foreign merchant taking every advantage two countries. As the Triple Alliance whole England has well preserved her posi- he can of the opportunity thus presented to between Germany, Italy and Austria grow tion, and hitherto has prevented he absorb him, but the only thing is that there is not, stronger, the entente between Russia and tion of any territory which would afford her nor will there be, under existing circum- France also grew in cordiality. But Russia rival her long-coveted access to the Persian stances, any opportunity for him to take had other aims in view besides helping Gulf. Of late, however, Russia has been be- advant ge of. The opening of Yochow prac- France in her crusade against Germany; ginning to vary her tactics; and the latest tically means this. A small area of unpo- and this she soon showed in a way not al- move has been to negotiate a loan on such pulated land, just within the border of Hu- together unheard of in private circles. As apparently favourable terms that Eng-nan, is set apart as a place where foreign a Power, Russia is not addicted to giving lish financier has been in a position to com- imports can be landed on payment of a tariff her friendship for nothing, and the present pete. Here again the Russian has enjoyed duty, a d native produce destined for export case was no exception to her rule. Russia's an advantage denied to the other; the Rus- abroad can be shipped also on payment of financial position was none of the best, so sian Government formally guarantees the one duty. Outside this particular area both she made use of her newly found friend to loan, which thus becomes a matter of Im will be subject to the same duties as if the assist her in putting things in order. In-perial Finance. Meanwhile the game is port had never been opened, ie, either lekin
dividually the French were rich, and in
or transit ues at the merchants' option. As return for Russia's good offices, a loan
no imports will be consumed within that was easily raised sufficient to enable
area (there being no population to buy Russia to begin to set her house in
then), and as no exports produced within order. Russia made good use of the
it, and as consequently sooner or later both opportunity; she reformed her currency,
imports and exports will be called upon to consolidated her loan, and set herself to
pay the duty and a half, it somewhat encourage industrial enterprise of every
difficult to see what benefit i be derived description. The result may be described
from paying duties at Yochow which could as marvellou¬; under the fostering hand of
as well and even better be paid at
at Han the Government manufactures began to
kow-for at least in the latter place the spring up on all sides, and the country
actual owners of the goods.
which which had previously been entirely de- partition of China. Of less importance, but is not the case with the former with
pendent on foreign nations began to dis- cover that it could not only manufacture for itself, but was in a position to compete for the trade of the world. Russia set her- celf more particularly to develop her newly acquired territories in Asia, and, surround- ing them
m with an impenetrable cordon of customs dues, succeeded in shutting out all This policy was materially advanced by the construction of trunk-lines of railway, with the result that over and
being merrily carried ou iu China, where the Bank is ready to support every scheme tending to the advantage of Russia. The appearance of the Russo-Chinese Bank in the pretended Belgian Syndicate is a case in point; there is no doubt that the scheme was entirely Russian, but Russia, for reasons of her own, preferred to adopt the pseu- donym of a Belgian association; at all events the scheme has given her a practical means of access to the valley of the Yangtsze, and thus strengthened her hand in any future
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still not to be passed over without suspicion, regard to the carriage by steam of the in- is the last move of Russin in offering a loan ternal trade of China, which is really what to Corea. The financial position of the penis required to develop the buying capacity. insula is of the worst, and the opportunity of the nation, the opening of the port is a of effecting a loan on apparently easy terms distinct disadvantage! Thien was very is undoubtedly a great temptation. Corea ably pointed out by Mr. Byron Brenan in has been in the market, it may be said, his trade report for Canton, 1897, and we sempiternally, but with little success; she is commend this to our readers” „notice. It not so foolish as not to understand the ob- appears that at Yochow a lekin station has ject of her big neighbour in inviting her been established within a hundred yards of into his little parlour; but three millions the Customs
above merely paying her way, Russia found are three millions, and Corea is very much be cleared use and goods have only to
herself growing in wealth. The use she has made of this wealth is peculiar to her self. There is no indication that she has abated one jot her old ambition of becoming the mistress of a Russian Asia; but her methods have undergone a change, as re- markable as unexpected. She has found it simpler and more profitable to exchange the empire of thi
sword for that of the purse not that she has at all omitted to keep up, on a perhaps vaster scale than ever, her
u want of the money. That Japan should teel much exercised over the matter is but natural, but the difficulty of this new method of invasion is that, while it is equally effective with the ancient method of employing brute force, it leaves no door for remonstrance open Japan is equally at liberty to make Core her debtor, but Japan has had some little experiences of Corea's monetary w
ways, aud does not like to become involved a second time, Here Russia hus
at
station to be free from
any stoppage or exaction of any kind to beyond Siangtan, This, says the Daily News, is a very notable concession and shows the liberal spirit in which the Hunan Authorities have met the establishment of an open port at Chenglin (Yochów). Concession it is not, but a right already granted and provided for when the inland waters of China were declared to be open some two years ago. That declaration pro- vided that Chinese and Foreign steamers
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