19
May 6, 1905.]
M. ROUTKOWSKÝ, financial agent of the Russian Government, is a witness whose evidence tends to "make us tired," as the American would say. He a leges that there is a three-year-old English conspiracy to wreck Russian credit, "for political reasons." The immediate criticism that suggests itself is that three years is a very short time to allow the London papers to lower Russia's credit to its prezent most attenuated form. There are millions of families in Europe who have invested the savings of their whole lifetime in Russian securities, and to whom the sale in a panic would mean ruin. It criminal, says M. ROUTKOWSKY, to attempt to bring ruin to such people by mis-statements and mis- representations."
18
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CHINA OVERLAND TRADE REPORT.
admittedly scores one of her greatest vic- tories over Russia. Her books are open and aboveboard; there аге no credit balances "from the resources of the Trea- sury." We know now that Japan does not need all the money she is borrowing; but owing to the eagerness with which her securities are competed for, and the disap- pointment shown when there were not enough to go round, her astute officials considered it politic to inspire good feeling by deigning to accept the proffered gold. We read
that.
Reuter's Agency is
authoritatively informed with reference to the new loan, that it will be the policy of the Japanese Government
to
do all in their power to release the proceeds of the issue as rapidly as practic- able, and, generally, to cause as little incon- venience as possible in the money market. It is well known that the Japanese Government acted in the same manner in the case of the
last two loans.”
(Daily Press, 5th May.)
in
287
returned to the fray, perhaps instigated to do so in some degree by the certainty that giving in would be the signal for an out- break on the part of the people. All along, therefore, it was a case of going "double or quits" in this respect. Every new defeat added to the difficulties, and there can be no doubt that the fall of Port Arthur which would appeal to the popular imagination had the effect of combining all the elements of discontent, and bringing matters to a head in the so-called "strikes." If it was the idea of the Russian Government that a war would enable them to stem the tide of rebellion which their misgovernment had brought about they failed in precisely the same way as many others, who had adopted a similar policy, had failed before them. A successful war with an army returning from victory may be a valuable means of main- taining authority, but an unsuccessful war with continued demands both in money and service on a discontented people is a very
As we must admit that we, in common with a great many other journals, have published the statements and representations to which this Russian financier prefixes a "mis," it is due to our journalistic conscience to examine the precise degree of our criminality. We have done our best in the direction, and find that we have RUSSIA'S DESPERATE GAMBLE. different thing; and it is this that Russia little with which to reproach ourselves. It is true we were guilty of scepticism with regard to Russia's gold reserve; and hasten now to express our belief that it does exist. That it happens to be a borrow ed one, however, is a fact which, at the risk of further crime, we
would point out for the benefit of the "millions of families in Europe." If the resulting panic causes them to sell out at a loss, we cannot help it. Even in that case, we should regard the saying "better late as being applicable. It may be going too far to say that Russia is already insolvent; but we have noticed that in the case of individual examinations in bank. ruptcy, the evidence is wont to have a retrospective colouring. A London financier makes this handsome admission :—“ Given
than never
1
conditions of peace in the Far East, and the necessary social reforms at home, there seems no reason-even making all allowance for war expenditure-why the economic position of Russia should not shortly become such as certainly to cause no appre- hensions to holders of the securities of that country." There was always a chance for the scriptural PHARAOH, but he was, it is alleged, subsequently drowned in the Red Sea. The proper circumstances were not "given," which makes all the differeuce; and up to now,
there is a redness about Russia's sea of trouble which does not help us to a greater hope for her. M. ROUTKOWSKY invites us to consider the official figures, assuring us that we will discover in succes- sive Russian Budgets huge surpluses. In the last Russian Budget there is an item of Roubles 14,838,638 without which the expenditure would greatly overshadow the revenue. That item is entered as "From the resources of the Treasury." The Russian Treasury is undoubtedly resourceful, but our English methods of book-keeping would not permit an entry like that. How was that balance drawn; was it borrowed; or was it melted down from the gold open for public exhibition? M. ROUTKOWSKY points out
that the British National Debt is much larger, and that it involves much greater annual expenditure for interest and sinking fund. This drawing of red herrings across the trail cannot revive Russian credit much. The vital difference between the Russian and British debts it that the former is external and the lattes internal. In our case, we owe it to our selves; it is in the family; and we do nor worry over a good investment. Bussin loes not worry much either, apparently, leaving that entirely to her foreign credi- tors. But in the matter of credit, Japan
bricks now
has had to face. It may be that the Russian Government was not as well informed of the true state of things in the country as The persistent manner which the has been assumed. A system of muzzling Russian Government, during the negotiations the Press may prevent unpleasant comment which preceded the outbreak of hostilities, upon the acts of an autocratic Government, worked for a warlike in place of a peaceful but it has also the effect of preventing the solution of the questions at issue has been authorities from knowing what is really the subject of much speculation; but recent going on. Had the Russian Government events may possibly place Russia's action been fully aware of the state of feeling in in new
and more comprehensible light. the country it is quite possible that the war The general opinion has been that Russia with Japan would not have b en entered made the common mistake of underestimat-upon-tempting though such a course might ing her opponents and that she was persuaded appear to be to those in favour of an that Great Britain would not adhere to aggressive policy. It may be doubted the promised alliance with Japan, should whether from the first the mass of the hostilities actually take place. That these nation were in favour of the war. Certainly views influenced her to a con-iderable extent for a long time a large majority have been is highly probable but events which have opposed to its continuance; and it is im- since taken place suggest another solution possible to ignore that this is the state of to the problem. It is quite possible that public feeling which the Russian Govern- Russia was induced in no small degree to enter upon the war from a consideration of the internal state of the country-much iu
the same way as the Franco-German war was incurred by Napoleon III. The dis- content which culminated in the recent outbreaks had been long existent, and must have been
well-known to the Russian
ment has now to face.
HONGKONG SANITARY
BOARD.
A meeting of the Sanitary Board was held in the Board Room on the 2nd May. Hon. Dr. F. Clark (President) presided, and there were also present Hon. Mr. W. Chatham (Vico President, Mr. F. J. Badeley, Major Josling, Mr. H. W. Slade, Mr. A. Ramjahn, Dr. Pearse, Mr. Lau Chu Pak, and Mr. W. Bowen Rowlands (Secretary).
WELCOME TO NEW MEMBERS.
The PRESIDENT-Gentlemen, before pro- ceeding with the ordinary business of the meeting, I feel quite sure that you would wish me to extend to the two new members a hearty welcome: Major Josling has taken the place of Colonel Webb and Mr. Slade that of Mr. Hewett. We shall derive considerable benefit from their presence on the Board (Applause).
MODIFICATIONS AND EXEMPTIONS,
Applications for modification and exemp. tion from the requirements of the Public Health and Buildings Ordinance were dealt with.
Government. When a country is in such a state, a war is sometimes a means of consolidating it and so averting internal disturbance. It at least supplies something for the public mind to dwell upon; and if it is successful at the outset may have the effect of averting revolution. Such was the state of France before the outbreak of the war with Germany, and there is no question that the hope of avoiding internal conflict largely influenced the late Emperor Napoleon in entering upon what proved to be so dis- astrous a campaign. A resort to such heroic measures is, however, always a very venture- some step; and it demands much more than ordinary statesmanship to estimate what may be the result. If the discontent is only on the surface a war may have the effect of drawing the people together but, on the other hand, if such discontent is deep seated precisely the opposite effect will be produced, especially if the operations in the Field fail at the outset in being successful. Looked at in the light of what has since happened, it is indeed surprising that disturbances in
The mortality statistics for the week ended Russia did not arise at a much earlier the 15th April, death rate per thousand per date. There must all along have been annum, showed the following figures:-British an undercurrent of ill feeling, which cannot and foreign civil population, 39.9; previous fail to have hampered operations to a consi-week, 29.9; corresponding week last year, 15.4. derable extent, and the marvel is that with | Chinese population, 17.6; previous week, 17.5; the dissatisfaction generally existing in corresponding week last year, 24.2. Russia, there were not outbreaks at an earlier stage. From first to last the war for her was a series of disasters, but she always
A NEW CONTRACTOR.
An application on behalf of Yuen Wo (Con-- tractor) requesting that his name be placed on the list of Authorised Drainage Contractors
was granted conditionally.
MORTALITY STATISTICS.
LIMEWASHING RETUEN.
The return showed that 3,534 houses were limewashed in Central district during the fortnight ended the 25th April.
!