1915-09-24 — Page 7

THE NAVAL BATTLE OF RIGA.

EFFECTS OF GERMANY'S HEAVY DEFEAT.

[BY THE DAILY GRAÉLIO"

CORRESPONDENT]

ཏ

NAVAL

GERMAN WAR FINANCE.

"THE HONGKONG DAILY PREES, FRIDAY, SEPTEMBER 24TH, 1915.

SHIPPING IN PORT.

STEAMERS.

ARTEMIS, Dutch str., 2,311, F. Reedeker, September 15th-Balik Papan Sep- tember 7th, General-Asiatic Potro- lewn Co. CHINGCHOW,

་

British str., 1,195, Jas. Doyle, 22nd Sept.-Port Parsoval 19th September, General.-Showan, Tomes & Co.

debt out of capital. We can quite reclise The French people did not desire wair and the reluctance of the Government to im they have been obliged to make great pose fresh taxation at this juncture.sacrifices; they have sacrificed thousands In his speech in the Reichstag on the Those in authority know well enough that, of their sons; and they demand comper second rondling of the new War Loan Bill were they in inflict on the public the crush sation. The prosecution of the war is Indead, when the German Minister of Finance made ing burden of taxation which the situation this opinion everywhere. some important disclosures, says the demands, the war would no longer be

one sees in the streets of Paris the many Financier.

women dressed in black who bear their One was that the official popular, and advocates of peace would estimate of war needs is still exceeded by soon obtain a sympathetic and even enthu

sorrow patiently, one feels it is they in real war expenditure. In other words, siastic hearing. For the present the real the first place who impose on every the struggle on which the war lords cost of the war is artfully concealed, and

French Government the duty to prosoca The Germans have sufiored a porious entered so light-heartedly continues to cost the people are soothed into acquiescence the war to victory. revered in their attempt on the Gulf of much more than had been reckoned upon by the fairy tale that their enemies will Riga. For months past they have boon In the domain of finance, then, as in that bo made to pay the bill. Ultimately they menabing the Russian shores. In March of diplomacy, Germany has been indulg. will discover their mistake, and the posi

squadron of soven battleships, accoming in unfortunate miscalculations, Hadtion of their present rulers when the day panied by large flotillas, bombarded the she realised the enormous outlays which of disillusionment comes is not to be envied. Courland const On July 2nd there was her attack upon the liberties of Europe Moanwhile the German Finance Minister, the battle near Gothland in which the involved, would she bave acted otherwise while announcing that a great propaganda Albatross was driven ashore. Since that we doubt it. Her conduct of the cam-in support of the new War Loan is to he time the Pommern has been torpedoed.paign throughout suggests an absolutely conducted, cannot refrain from a sneer at In their latest attempt the Germans rao rieks which the experience of history reckless disregard of the consequences of the arch-enemy England, whose success in would not justify, and which the condi- her folly. Even now she is not appalled Gnancing her war expenditure is well tions of modern wurfar should by the prospect of an expenditure of life calculated to excite his envy. There is to forbid. Admiral Konin, is in com-

and treasure which must exhaust sooner ho, he tells us, a great propaganda, "but mand of the Russian Baltic Fleet.

or later her national resources. The cost no censational advertising, ne in England. The gulf 18 onclosed by the of the precont war for one month, we are The German Empire," he adds, " does not islands of Wormso, Dago, and Cesel, told, is higher by one-third than the total heg," and "the German does not giv The mine sweeping of the Germans cou- cost of the war of 1870. The Finance nime to the Fatherland, but does his duty." pied several days, and was probably not Minister, however, finds consolation in the But if the Germun, us alleged, is such a very effective. The Russians had ap fact that Germany's burdens, though willing subscriber to war foang why should parently only turpedo craft and gunboats heavy, ars surpassed by those of her it be deemed necessary to have recourse in the gulf, and the main Russian fleet enemies. Hitherto, o declares, Germany's to a great propaganda and to advertising, has not been engaged.

expenditure was the highest of any of the even if it is of the dull and unsensational To attempt to land troops in such cir- belligerents, but now it is exceeded by that variety o characteristic of the Teutonic oumstances was an operation full of peril of England, and of the total cost of was spirit? Apparently the Minister's cno- and that was almost foolhardy.

The the Allies, he alleges, are hearing almost fidence in the public's willingness and penalty has been paid. The Germans after two-thirds. Even assuming the figures to ability to take up War stock is entirely their mine-sweeping entered the gulf aided by fog, and there was fighting, in the correct, there is no reason why the aug sinulated, and in his heart of hearts he course of which they claim to have sunkgested distribution of the burden should feels that the war is costing not only two gunboate and ́s destroyer and to

create satisfaction in Germany or anxiety good deal more than he expected but a have damaged a new flotilla leader, the among her enemies. The Alling, if their good deal more than the country is capable.

of paying. Novik, and some other boats. The Rus burdens are heavy, are possessed of enot sinns, admit the gallant end of the mously greater resources than those of Sivoutch. There were rumours that the which Germany can boast, while they are German losses were severe, and if is now in a position to dmw an almost unlimited known that they have lost two cruises, quantity of supplies from neutral nations eight destroyers, and four transports sim&nt a time when Germany is in a state of or put out of action, and, most serious for them, the battle-oruiser Moltke, tor- pedoed by a Tritish submarire.

RIVAL BALTIC DREADNOUGHTS,

The object was to occupy the gulf, both as a supply base for the armies operating to the south, through which troops and stores might be drafted rapidly, and as an advamood base for the operations of the German fleet. this little risk of error that the Germans

One may surrais have a Dreadnought squadron in the Baltic, possibly the same battle cruiser squadron, reconstituted, which attempted to raid Yarmouth and Lowestoft on November 3rd and was severely dealt with by Admiral Beatty in the Dogger Bank action. Three battle-crnisers appetir to have been-lost to the Germans, the Goeben transferred to the Turks, the Moltke now destroyed, and the Von der Tann, which there is good reason to believe no longer exists; but the Louetrow should by this time he joined the Seydlitz and Der.

Minger.

The

BRA INFLUENCE ON LAND main forces not

|

FRANCE RESOLUTE,

DUTCH TRIBUTE TO ALLIES.

FUTILITY OF PEACE TALK.

[FROM THE TIMES.

CORRESPONDENT.)

economia isolation. The suggestion that "the heary burden of thousands of millions must be borne through decades by the instigators of the war, but put by us," in amusing. We do not dispute that "the instigators of the war will have tei shoulder the permanent financial burden imposed by the struggle, but we deny that the Allies can be so described. And if

AMSTERDAM, August 17th The Amsterdam Telegraaf published ever be encluded a peace under which Mr. H. M. C. Holdert, who he just to Germany seriously thinks that there will

to-day an interview with its ex-director, she would be granted substantial indem nities she is living in a fool's paradise. turned to Amsterdam after a journey of Much more likely is it that she herself several months through England and France. Mr. Holdert, who expressed his will be compelled to provide adequate.com- persation for the grievous wrongs het re partiality for France, and indeed policy has inflicted upon Europe and the emphasized the fact that his sympathies were more French than English, was world.

nevertheless full of admiration for what England has accomplished in the last six

He said: months.

We observe that Dr. Helfferich indig. mantly denies the assertion of Germany s enemies that her previous War Lonog were All England begins slowly to resemble I was raised by means of credit loan institutions. an extensive military camp. But it the assistance of such institutions struck with the great difference between was not needed why were they over

the situation there half a year ago and created? Were the War Loan banks at of its ordinary aspect; now one cannot now. Then the country had lost nothing which advances were made upon the having been engaged, there are possibilities, security of investments and property of go a step out of doors without noticing that the whole English people has only even probabilities. of further all kinds established simply for the fun

one end in view to make as sure as fighting. The Germans appear to have of the thing? Everyone knows, on the possible of bringing the war to a satis retired from the gulf after their discontrary, that they supplied a public need, factory conclusion. The people's enthu trous attempts, but may yet restime the and that but for the advances they were siasm for the war is general, and one some attack.

able to make subscriptions to the War times hears striking examples of this. Loans would have been exceedingly I know a village near Bristol where there. meagre. As we have said before, Germany had been about 650 youths suitable for after the war became a vast pawnshop, military service; 040 of these have volun- and it was only by pledging their possesteered. England, indeed, at this moment sions and accepting paper money in ex- is doing all she can. change that the people were enabled to When asked whether the long duration take up the loans floated by the Govern of the war had had a demoralizing effect on the spirit of the troops, Mr. Holdert replied:

WHAT GERMANY WANTED.

So far from there being any question of demoralization, the spirit among the troops is rather better than worse. One good reason for this is the improvement of the situation behind the front, which has steadily become more tolerable. The Army Service Corps and medical services soldiers whom I questioned were invari- are now entirely equal to their task, and bably completely satisfied with their food.

CHEIAN MARU, Japanese str., 1,764, Maka, 10th September-Kishon Bay, Salt.- Order. DERWENT, British str., 1,860, Midgely,

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It is obvious that the influence of the usa may yet exercise a paramount in fluence on the land campaigns. It has already done so in the Western theatre, Our submarine officers have also impeded the passage of Turkish troops in the Seo of Marmora, and the Germans after the torpedoing of the Pommern and Moltke can no longer feel secure to the Baltic.ment. And the system of piling credit At least it is clear that they cannot afford upon credit is being maintained, for, according to Dr. Helfferich, Imperial to leave the Bussian squadron without a counterpoiss in those waters. Their bat Treasury bonds are to be accepted as pay. ment for the now loan about to be issued. tle-squadrons cannot be reserved for

No doubt, in order to provide funds for operations in the North Sea, their Batillas must be having an arduous time, subscriptions to the new emission advances and the activity of which we have tidings will be made on the stocks of the old loans, on the Belgian coast is an intimation that and in this way an artificial appearance abundance of loanable capital the British Fleet is active and aggres of an

few will sive. Therefore, depressing as have been will be created, but the reports from the Eastern theatre of impressed and none deceived by their

Mr. Holdert apoke of the damage done war there is every encouragement in the devices. The arrangement is unsatis- to Arras, where about a thousand in- operations at seal. The Russian drairal, factory both from the standpoint of the babitants remain. They have to live in who snoceeded Admiral von Essen, has a Government and from that of the invest cellars connected by subterranean high repute as a strategist and tactician.

ing public, for the former gets no new passages, to provide means of escape in He is also an organiser.

money, while the latter have generally to case one cellar is demolished by shell fire. sacrifice interest, the not return they Leaving the town Mr. Holdert came upon There is significance, no doubt, in the receive tending to decline as the result of a post of threo mem-of whom one was

a multitude of pledging operations. It is ordinarily a barrister, the second. attempted landing of the Garmate at Pernau, on the eastern coast of the Gulf not to be denied that the system may work plumber, and the third a tailor-and he of Riga That place lies about seventy well for a time, and that no inconvenience asked if they did not think is time to miles south of Reval, which is a great will be suffered so long as the German make an end of the war's senseless Russian naval port on the Gulf of Fin-people are content to accept in payment Land.

Reval is now strongly defended for their goods or services paper money, and difficult to approach from the sea. the value of which must heavily depreciate We may conceive therefore that one object when their country, sooner or later, is de- must conclude peace with the Boche because he has destroyed Arras! Let of the Germans is to gather military fasted. But eventual collapse is inevit Jofire take his time. We would rather forces in the rear of Reval, probably with able, if only because of the exhaustion of sacrifice all the cities of France than not the purpose of attacking that place from the nation's wealth through the war. Her prosecuto this war to an end. France

They may have a plan of natural the south.

resources, though large, are has only one choice-conquer or herself conquered, annihilated. In your compelling the evacuation of the port by limited, and they are not being reinforced be the Russian naval forces. Undoubtedly to any appreciable extent from outside. country they talk much about peace, but the Germalus, established both at Riga When the war is over she will be percep- we know better; we know very well that. Formerly of the Imperial Chinese Customa Mr C. D, Fos er and Reval, would be in a position of great advantage, being able to operate on the flank of forces moving out of the Gulf of Finland, and if German flotillas could one or other of those places secure bones at the organs we are the Russians at Gronstadt. Moreover, Reval is a port not subject to being closed by ice in ordinary winters, and the Ger- inans would like to deprive the Russians of possession of it.

destruction.

What do you mean?" replied the advocate. You will not suggest that

Mr. Holdert confessed that neither in

tibly poorer than before in the possession it is no time just now to think about of nearly all kinds of commodities, while, | peaon, Have you met any advocates of on the other hand, her public debt and her speedy peace in Franco 1 77 - obligation to her creditors will have vast ly increased. Meanwhile war borrowing operations and public expenditure will have resulted in a greatly inflated paper currency. There will be more money and less economic wealth. Prohibitive prices and national distress will follow, and only

CHILDREN OF FAR CATHAY

**OCIAL END POLITICAL MOVES OF By CHAN... HALOOMBY. Bervios, Author of "The Mystie Flowery Land," eta 1HE VOLUME, which consista of 48%

Mis Choy Leung Shi Mr & Mrs Churchward Mr J. Cogon

nison Mr & Mrs Dodds Mr W. A. Dowlay Miss M. E. Dufty

Mr H. E. Earle Dr Fitzwilliama Capt & Mrs. M.

French and child Lieut. Coxdr. & Mrs

V.N. Gascoine Mis M. Gearing

Mr. Ghatge Mr.J. Goald Mr V. Gandbourn Mr. C. L. Goodrich Mr & Mrs W. Hannibal

Paris nor at the front had he spoken T Pages, and includes a Sketch Flas with a single person who thought this of historical interest showing the dispost war could end otherwise than in cosion of the Forces at the battle of Kweilla,

Everywhere dedicated to Bir BonaRT plete victory for France.

G.O.M.G., and Dr. A. Ba

Ite description of Chiness Onstons and Euperstitions, combined Capt T. P. Hall

HANT,

Bosia!

We are thus able to discern the signi- when industrial production reaches dimen-French would prosecute the war whatever with the insight it gives into politiss! | Mr C. A. Henderson

Their ficance of the German attack. armies would gam immensely by their left flank resting on the seal. It would be a capital advantage to possess the ports and conste on the approach to Petrograd. Such, however, has been the success and adroit handling by the Russians of a diffi- cult position, that there is the best augary for a defeat of German projects in the Baltic.

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was the same resolution, the same con- fidence in the future.

When asked whether he believed that the sions sufficient to enable the country to pay by her exports for the imports she happens, Mr. Holdert replied: will urgently require will something like about that. I cannot imagine any French

"Jusqu'au haut. There is no question wonditions in China, make "OBILDAW | Mr W. J. Hodge

OF FAR CATHAY" su excellent volume for Mr& Mas E. F. Hoopes Hon Mr E. &; Howett

CMG.. normal and healthy conditions be restored. Government which would not be immedi presentation to friends at Home.

Meanwhile, recklessness is the order of ately swept away if it entered into

82.80. the day in financial, as in military, negotiation with an unconquered Ger- matters. Another £500,000,000 has been many. The spirit of the French troops voted by the Reichstag. bringing up to is such that any Government which would WALSH, LTD., Messrs. Brawns & Co., *! £1,500,000,000 the total credits granted by dare to begin conversations with the Parliament since the war started. The enemy would, if necessary, be expelled from the Printers and Publishers, the rate of interest being 5 per cent,, war by the bayonet. But I assure you the borrowings have already involved an French Government would not think of anual addition of £75,000,000 to the Em-it. Anyone who just now engages in hire's interest charges. But, according to peace propaganda is thereby rendered the Minister of Finance, there is to be no suspect. I wish peace apostles under- A certain rich German-American nineroase in taxation during thestood that better. Anti-war councils and

and America who is the possessor of a com War,

obvious that associations of that tendency compromise! plete and powerful wireless apparatus under present conditions public revenne our country in an undesirable way, and the efforts of these organizations is not rather picked up messages which were intended must

expand than for the Navy station at Arlington, and |~a very large part of Germany's only useless but ever injurious to the It could he transmitted them immediately to Count revenue being derived from taxes on im interests of our country.

wished that all neutral peace propaganda von Bernstorff.

ports, which are no longer received,

was stopped. I assure you Dutch peace from The messages, it is stated, contained and

'railways,

ате which

propaganda only awakens vexation even

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