166
THE HONGKONG WEEKLY RESS AND
THE MANILA MONEY MARKET. | last circular, we read that "it is considered | dest'ny at all costs.
mis.
J
[September 9, 1905.
This is the logical
in p rative by several business m n that a intention of it: its interpretations are as small bank, on the lines of the defunct numerous almost as are ¡artis in America; American Lank, sl.ould be started, is there and it would ill becon.e us to declare for is a crying nccd for scme institution where any one in particular when even the doctors.. A man temporarily p:cased can secure a disagree. It is c'car to us, however, not- can (it properly guaranteed) it something withstanding President ROOSEVELT'S able un der sixty per cent. per annum. We attempts to make it square with his "big are Emized to banks which deal principal y | stick idens, that the Âmerica of to-day is in exchange.
This is about the not in sympathy with the dreams of its only country in the world where there are founders. The France of yesterday would to any eple temporarily pressed for send no statue of liberty to the America of want of Lanking facilitics." Mr. FITTON to-day, which aims at being a world power, seems to have a scheme for opening ɛuch a and enhancing the glory of the flag towards bank.
which its people show an almost idolatrous devotion. We do not quarrel with their very natural desire to be in the swim; and we can even applaud their common-sense in refusing to sacrifice the Philippines, so hardly rested by them from their medieval mess, to the reckless plitics of the senti mentalists. But if we were doomed to read the American magazines (from which ncessity a kindly providence absolves (us) we should feel constrained to protest at the "little brown brother "}
style of discourse. We may discern redeeming human traits in JOB TROTTER, but nothing will reconcile us to his hymn.book.
THE MUNROE doctrine.
(Daily Frcee, 5th Septen.ber). It is ten years since Mr. OLNEY, at that time the United States &cretary of State, wrote his famous dispatch to the Am bassador in Louden re-affirming the doctr.ne
(Daily Press 4th September.). The Manila Market Report for August reacl ed us yesterday from Messis W. A. FIITON & Co.; and, as we feared would be the case, after reading the incoherent -ravings of its predecessor, it is too awkward a document for safe bandling. The writer at the cuttet rejoices that he "caused quite a senation," and apparently attaches importance to the fact that "the hongkong Daily Press Lave 03 a special leading article." Ile following specimen passages will show cur ca on for believing that these circulars are unlikely to resist s materially in understanding the Manila market: When writ ug same we bad Bolely the idea of igl ting ourse ves with a pub ie which tome in es judges too hastily, ard sometimes forgets that when judged, and no matter how grossly, sime suffer in silerce; we thought if a past clean repuation was not sufficient graantee of
of "Hands off the Amer can Contirent" cur being straight and on urable in our dealings, explanations would be useless. enunciated in 1828 by President MUNROE. Morcover having received very scurrilous Mr. OLNEY, it will be remembered, dil a treatment in January, 1:02, from n en great deal more in that despatch than who should have known teifer, we prob- merely to re-affirm the MUNROE doctrine; ably got stubborn and unduly independent.he expatiated on it as the canbodiment and
expression We are not thick skinned. We trust tenders
of an inevitable opposition here, and in Hongkong, will acquit us of between America and Europe, and we re- what we have indirectly Leen accused of: call it now because the visit which Mr. fer coalities. Such is Lot the case. Our TAFT, the Secretary of State for War, has sle object is to right ours Ives after a very just paid to the Philippine Islands, and the rough handling, suffered si'ently. We comments of the American press on the braid, and thousands of miles from here, of subject, show low con pletely his words Lings to our serious detriment, and the have been stultified and
his political moment we raised the cash, we came back. philosop by discarded by the very na ion We are tot vet in Bilibid jail, nor are we whose views be claimed to be expressing in likely to go there." Or this extravagance :---
remarkable pronouncement. As We have sufficient 1e ources to pay off our originally stated, and more recsutly trifling cutstar dings, and sl all-tili Le left e stated by President RoosIVELT, the with a margin to stand the threatened libel doctrine is one to which England at least suit. In olden days a gun would have been takes no exception, but Mr. OLNEY, when used in such people, and it is a pity we are so he declared to England at the time of the law abiding when treating with them. We Venezuelan frontier trouble that distance Lave corespondence and fius all ready.' And again :- By several proved friends
"
we have been råvised to curb ours. Ives, and arked: 'Whaced will it do'? If it relieves our techings after the treatment we received, surely we can not be blamed. We are not vi dictive, lut we are determined to place ourselves riglt with the public; only a few really understood things. Unle s our Hongkong friends take up the cudgels, we Fall ccrfine ourselves strictly to Lusitess in subsequent issues, and let things drop. We have written fcarle sly, because we are
1
positive that we ball u timately le under stocd; since 101 we have been grossly maligned and not understood." Then fullows a mass of figures and statements which will certainly rot le underst od by anyone ignorant of 1st private arrangements of Mr. FIFION and other parties. W'leu we stated that parts of the reces ding circular were distinctly libellous, we meant that they wou'd be libellous in Hongkong. In Manila, we r gret to see, it is posible to go much further in that direction than is here per- u.ited; and particularly so where the perple altacked are neither American or resident in Manila. Our earnest advice to the writer of the circular, letore we leave the subject | altogether, would be tobed the advice of the several proved friends" he speaks of alandon these vajourings which can only muke him more "misunderstood; and devote his energies to more sober efforts directed to bringing us more into to ch with cur neighbouring market.
According to other Manila papers, we note that there is a commercial anic there;
I and Mr. FITTON's statements as to the tightness of money is confirmed. In his
that
+4
K
union
18
11
"and thrie bcusand miles of interven- ing ccean make any permanent political between European and an American state unnatural and inexpe-
"} dient
was practically giving notice to the British Empire to disband, and to the Colonics of every Euro can Power to sever n other country. themselves from the It is now, since the TAFT party has paid its visit, bundantly clear that
44 three thousand miles of intervening ocean count as no obstacle to the Impe iad ambitiors of cur American cousins who have betrayed their intent on ol lolding the Philippines as an American province for some gene- rations to come; and whe, moreover, at the bidding of their strenuous PRESIDENT, are already thinking of rov.ding a navy strong enough to cope with all the ocean that intervenes Letween them at d their ambitions in the Orient. Popular opinion in the states, and e hoes of it here in the Es, indicate that the MORCE doc rine, imp sing as it was at the time, is no longer big enough for big America. The MUNRI E
PEKING STILL THE DIPLOMATIC CENTRE.
(Daily Prees 6th September) While attention has been directed very forcibly to the overthrow of the balance of power in Europe conscquent upon the with- diawal, at all events for a time, of Russian influe ce as one of the Great Nations, com peratively little has been raid upon the equally impor ant effect which has been produced by cent events up on the balance of Power in the Far East; from the same cause. The change the political position is, however, even more parked in these parts than in Europe. As long as Russia tratened the integrity of China and the safety of Japan, and it was doubt- ful whether she would be able to carry her thrcuts into execution, the possibility of this entirgery leing irulited was that to which the attention of statesmen beth in China and Jajan was mainly ciccted. It beg. however, Low own that sich apiations will have to le al andoned, the whole aspect of political matteis is changed, and the dominaut factor for consideration is no longer Russia, but (as it would appear at first sight) Japan. It is not surprising that the idle should have entered the minds
of some of her statesmen, that the interests of Russia could be best furthered by some sort of an alliance with Japan. If she could tot push her policy of advance to- wards China without the concurrence of Japan, there might still be a hpe that she night come to an understanding with that country which would have le a free hand, sons China was concerned, provided this did not form a menace to` Jupan her- self. The iden is certainly worthy of the doctrine ce..ted very much
ingenuity and persistence which have the
same sort of i mazem nt in Europe always characterised Russian diplomacy. that was caused by the entry of the The only pity is that in some modified Japanese into the comity America, in c n eivative ejes, was scarcely a nation until then. America was a politi- cal Utopia, in theory at least, although many thought of it as a Utopin that Lad fallen short of its ideals, as it undoubtedly has done. The MUKIOs doctrine cught academically to have been regarded as a de ctrine of " defence, not defiance," It st limits Leyond which the Republic would not be offensive or aggressive, but within which it would insist upon the foll: wingut of its
of nations.
form, this same idea was not neted upon
before the war, when it might lave had the effect of preventing the outbreak
of
hostilities. In effect it would have an ounted to nothing more than that` Russia would have fallen into line, not only with Japan, but also with Ear jean nations; in other words, to her agreeing formally to do what she had always | ró- mised, namely to respect the integrity of China, evacuate Manchuria, and r、st cun-
1