January 17, 1903.]
the fact that some prominent party members had already spoken against that programme.
Nevertheless the present situation is dis couraging to all friends of Japan, for there seems no way out of the difficulty which has arison between the friends of party govern- ment headed by Marquis Ito and the friends of the oligarchical system headed by Marquis Yamagata and the majority of the Peers for on this side there is no prominent personage, only an oligarchy. Japanese patriots console themselves, however, by laying to heart the words of John Stuart Mill, that the educational effect of constitutional Government ontweighs all its defects.
INDIAN NOTES.
[FROM A BOMBAY CORRESPONDENT.]
THE INDIAN CUBRENCY REFORM LKAGUE.
CHINA OVERLAND TRADE REPORT.
manufacturers, trade: s. producers and others who sympathise with the object of the league to enrol themselves, as membe s, and with their support and assistance add weig t and influence to the operations of the league."
Everywhere among mill-agents here, the chief topic is the gloomy ontlook for the ex- porters of yarn to China. The losses already suffered by some owing to heavy shipments ing forwarded with exchange unsecured is rather heavy. Mill owners are therefore turning their attention to weaving, in order to make up for the bad trade in spinning and orders for machinery have been already placed in England by the more up- o-date directorates. The in- terist of Bombay spinners is at the present moment up to high-water mark as regards the doings of mills in Chida." Mr: Jamieson, the British Commercial attaché in Chius, in his recently published report says a good deal about COTTON-SPINNING IN INDIA AND THE FAR EAST.
The labour question and the doctoring of cotton are at present the two stumblin 1-blocks to the speedy development of the spinning in- duetry in China. When these are removed, we here will have to go in for more weaving, or spin ourselves to liquidation, a by no means cheerful outlook for the already handicapped Indian 8) uner,
A GOLD STANDARD FOR THE STRAITS,
The recent slump in silver, the proposal to If he enters so heartily into the spirit of the fix a gold standard for the Siraits Cettlements thing and marshals his facts and figures, as he and the consequent dej reciation in the value of has done in the report just mentioned, in future the Mexican dollar are making matters 1ather reports, there is no doubt his efforts will en- gloomy for the Indian millowner. Hitherto courage our competitors in the Far East to one or two skilled writers have been endeavour persevera with bigh hopes as to a bright future, ing in and out of season, to din into the ears of which considering the currency problem affect local exporters to China that the protecteding Bombay, gives them a long pull over us rupte has been the cause of most of the trouble in connection with low dividends. They have also been trying to teach producers the econo- mits of an artificial currency. They say that whereas the producer who purchases rupees in England with his produce is according to the intrinsic value of the rupto, entitled to receive at present something like Rs. 20 for every sovereign realised, he now only gets Rs 15, or Rs. 11 les for each sovereign. This, of course, impoverishes the agricultural community and very one who is an exporter to gold-using countries. The mill owners' cry is loudest in reference to the depreciation of the Mexican dollar, which they say is no longer “almighty," as it brings thèm back fewer rupees. They have also serious reasons for becoming disheartened, as- and, perhaps mill-agents in China will no don't hear this with some surprise-new mills have been lately placed on the market at one. third their original cost without finding purchasers. Be this as it may, Imperial interests, looking at the currency problem from a broader piot of view and taking the British Empire as a whole into consideration, is unmoved, so far, by these cries. With the hope of obtaining u more favourable he ring by means of concerted action, some of the mill- owners of Bombay acting in sympathy with cer- tain producers determined a few weeks back to form a Currency League and the result of their deliberations was a few days ago presented to the outside world in the form of the following circular :-
"The grievous effects of the artificial currency system, adopted by the Government | of India in 1893 have beco ne a source of grave anxiety to those intimately connected with the agricultural and indust, ial development of the country. In order to give recognised shape i nd form to the efforts of these who have hitherto rvised solitary and inefficacious protests against the system, it has been thought advisable to orgauise some concerted action in this connec tion, and with this object The Indian Currency Reform League' has been started in Bombay
There is a wide consensus of opinion, among economists as well as business men, that India's economic welfare demands the reopening of the miuts and the resolution passed by the Man chester Chamber of Commerce, in June, 1898, urging the sume course, has therefore their tuil approval. If, however, the Government 'con- sider the reopening of the mints as impracticable the league, by respectfully pointing out the disastrous cons quehoes of a policy which threat ens to ́impoverish the economic resources O the coun ry, and involve agriculturists, plauters and manufacturers in serious difficulties, wil pray Government for the lowering of the rat to such a figure &; wou'd on the one hand giv eqai ibrium to the o ustry's finances and, on the other, substantial relief to producers and others,
Fully convinced that the object aimed at is to avert further mischief, and to mitigate the hardship at present complained of, the Pro- visionat Committee cordially invites all bankers,
|
|
This another subject which gives on mil-owners serious cause for uneasiness. The mere rumour of a gold standard for the Straits Settlements, has, they believe, sufficed to bring the already degraded Mexican very near to par with the rupee, and they are afraid the adoption of a gold basis will drive it out of the monetary market and cause shippers here to face some big losses. Not many seem to understa d hero why it is believed in Singapore that Hongkong is bound to object to the gold currency proposal. I hear on gool authority, however, that Sir C. P. Chater has been trying his best in London to bring about the adop ion of a gold standard for Hoag on an also the Straits Settlements. Opinions are divided here as to the great advantages of the gold standard for the Straits, and those infe ested in Chinese dollars and taels look with grave anxiety at this new dark cloud on their already gloomy horizon.
*
|
450,00,00 taels and the interest and com- pound interest are paid. The Government mean- while enjoys additional income from the Customs to pay off the indemnity. With the - other arrangem⋅ nis made by Sir James Mačkuý no one here is discontented
*
-THE CORONATION IN INDIA,Sd dil Besides the Durbar all Indis 'is to have a big holiday this Christmas. Government have paid its servants before the end of the mouth, as all its offices are to be closed till the 12th of January, 1903. The Bombay Committee hare arranged to have a People's Fair with the new Revolving Railway as a feature-illuminations, orackers and a dinner to poor Christian widows, in the Town Hall on the 1st, when the guests will be served by the aristocracy of beauty and fashion.
**
►
THE GREAT DELHI DURBAR, The sensation of the season with us is of course the Delhi Darbar. By the time this is in print it will be a thing of the past.” The English mail steamers are bringing to sur gates batches of the aristocrroy, continental and English, millionaires and pleasure-seekers from all parts of the world Some of the potentates come from places diflonlt to find. even on a big map, but the ory is “still they come. Is it not strangs that no members of the Jewish fɑaternity in the Far Fäst who hail from Hindustan have their name in the lists of registers to different camps ? Thele is going to be a gathering iu Delhi such as never took place anywhere in the world since the dawn of history and man during the time that Solomon was at the zenith of his glory and the Queen of Sheba came to pay him homage. This is uo ex- aggeration but a very modest way of stating a simple fact. There will be first and foremost the Ruling Princes of India - and they “are innumerable. Thy are to appear in their untional costume, riding on éléphantü and vámo's and in specially built state carriages. The Gaekwar of Baroda takes with him his gold cannon, and some other equally rare treasure. The American millio: sires are or the list, France and Germany and all the other European Powers will be represented. '
apan will be there bo and so will be the Siames, the Burmese, the Mogul, the Turk, tlie Arab the African, and every other people imaginable, es guests of the Government. It is stated that the cream of British Society are already in India. One of the fair visitors from the old country will wear among her o'her jewelry a dimond necklace worth a triffe liké £80,000, and some of the decis98" are to be wouders of thir kind. There is nothing strange théréfőre in the rumours that are afloat about the likely attendares of the lightfingerd geutry · from America and Loudon in the town of Delhi is looked at with much suspicion 'by the mor- during the next few weeks, 1 xpart knowledge chants who deal with the Far East. They were gravitates always to the direction where a good disponed to laugh at first at the idea of a ́lekin- demaud is indicated. But the police and sani. less mandarinate, but when it dawned on them | tary, lighting and other arraug-ments are in through the columns of the Indian Textile | alilo · hands and the.e need be no scare 1on | Journal that the Viceroys were playing a deep this account.
game and were willing truly to abolish tekin because it paid them better to do so they began to It might be news to your readers în China look de per into it. They are of opinion now that that some of the natives in this country are it would pay the Viceroys to get their squeezes trying to establish their supremacy, as nar- direct from the Imperi Customs, unreduced by comaniacs, to the opium-smokers cs the Land of filtering to them through the o'ond of hungry bebellions and Tademuition. Calcutta, where subordinates, and at the same time be free to bhang and ganja (Indian hêmŋ, Trom which is find out one tousand and one ways for contra extructed the drag Cannabis Indico)" are useil vening the spirit of the new tresty and exacting in different forms, frst bɩgan the scand 1 by new squet zes to replace lekin in the same ** olo trying the exhilarating effects of a 'drng called fashiou," for the mandarins. Thou they think cocaine officially described, as "au alkaloid they are in an pomalous position as regards obtained from the leaves of Erythroxylum the Indemnity. Fither China can or cannot Coca." It travelled down to Bombay abont pay-the mud be dealt with as France was by two years and a half ‘ago, and is sold openly Gorway. If she cannot pay it is no use giving in shops where betel nuts and b fel leaves her so many dollars through the Customs simply used by the natives can be had. The general to receive it back as an indemnity in which effects of the cocaine-eating habits to Russia's share is so enormously large. Be-produce a feeling of goodwill to all waukind sides they think that they are dragged into and to forgive your bitteres enemy. Some of taking part in the enrichment of China for the your rialto people will not appreciate the fake of paying off au indemnity in which they wisdom of this. It also gives one an over- have no o1no~rn. But this is too one: ided powering impaise to seek pleasure or coffer it is thoir (rado Þas beusfited by the quishing of on others, whịch amonnts to the same thing the Boxer's rebellion. But on the whole their Appetite and sleep vanish, and the sensation of view is a rational one, According to them, wearines nover 'overcomes one so Ch'us has coms off best all along the line craving is fed. It also kills all crari Her Vicesos got money direct, every year. solid food and the liquid antriment. the Treaty provides the Mandarinate with new palatable, milk by preference, but modes of taxation-and gives them the chance Toe, comes in the wake of all this of looting poor farmers in the name of the in-afterone, two, three or four month demnity for 39 years-till the time the whole the strength of his constitution—
|
THE MACKAY TREATY
|
|
|
COCAINE-FATIN) IN INDIA,
the
7