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June 11, 1898.]
CHINA OVERLAND TRADE REPORT.
designs were really entertained. All that we want is facility for legitimate trade and industrial expansion.
THE POSITION AT MANILA.
alleged that His Lordship has been unable to divest himself of the Yellow Terror, and that "in his absence Mr. BALFOUR, under "the pressure of national opinion, ventured to demand the lease of Weihaiwei, and, no "doubt to his uncle's immeasurable astonish- ment, promptly obtained it." This is all contrary to fact. The demand for the lease of the Philippines personally favours the If it be true that the Governor-General of Weihaiwei was not made under the capitulation of Manila it is to be regretted pressure of public opinion; the announce that he has allowed himself to be dissuaded ment of the concession came as a complete from giving prompt effect to his views, for national surprise. Nor was the demand there is nothing to be gained by prolonging made in Lord SALISBURY's absence, for the the hopeless struggle. There is not the affair was all settled before he left for the remotest prospect of reinforcements being Riviera and all the Foreign Office des- received from Spain, and while the strength patches were signed by him. On the 25th of the Manila garrison is daily diminishing, February Sir CLAUDE MACDONALD tele- that of the insurgent besiegers is increasing. graphed :—“I have heard from a Chinese The United States troops are due in ten Minister, who is probably well in- days from the present time, but judging from formed, that Chinese Government would offer lease of Weihaiwei to British 28th May and 3rd June there would seem to the fighting that took place between the "Government if they thought
request would meet with a favourable before that time, or at least that the out- their be a possibility that Manila may be reduced response."
To this the Marquess of posts will be driven in and the city closely SALISBURY replied, also by telegram, on invested. The insurgents in their previous the same day: The policy which is at campaigns have shown that they lack present being pursued by Her Majesty's neither courage nor intelligence, and now "Government aims at discouraging any that they have arms equal to or superior to alienation of Chinese territory. The dis- those of their former masters, while their cussion of any proposal for the lease of numbers are practically unlimited, the re- Weihaiwei would accordingly be pre-duction of Manila would be only a question mature, provided the existing position is of time, even if no American troops ap- "not materially altered by the action of peared on the scene. "other Powers."
"On the 25th March Lord SALISBURY again telegraph 1 to Sir CLAUDE MACDONALD :-" Balance of power in Gulf "of Peebili is materially altered by surrender of Port Arthur by Yamen to Russia. It "is therefore necessary to obtain, in the manner you think most efficacious and 'speedy, the refusal of Weihaiwei on the departure of the Japanese. The terms should be similar to those granted to Russia for Port Arthur. British fleet is on "its way from Hongkong to Gulf of Pechili." The affair was accordingly put through. The Marquess of SALISBURY was
at the time confined to his room. by indisposition, but he continued to nominal. give attention to pressing business and must have been aware of the tenour of the telegrams despatched in his name; he certainly could not have been taken by surprise in the matter.
K
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There is one other point touched upon by our correspondent that calls for mention, namely, the rumgar tliat "the Chinese desire to retain the collection of the "Customs revenue in this small district ie. the district which it was sought to have included in our boundaries "will be regarded as an insurmountable obstacle "in the way of the needed expansion of Hongkong." Can it be that the Navy League's suggestion that the extension of British territory would break down the Chinese arrangements for the prevention of smuggling has caused the Chinese Government to take fright? Certainly no suggestion could have been more ill advised or more calculated to defeat the real object aimed at. If the League thought the fiscal side of the question came within its scope at all it should have been its policy to show how the concession could be granted without detriment to Chinese interests, but instead of that it advanced injury to those interests as one of the reasons why the concession should be demanded. If A asks B in a friendly way for the loan of a knife his request is likely enough to be granted, but it will be refused if he adds that he wants the knife for the purpose of destroying B's property. The Navy League's declaration of designs upon the Chinese revenue was the more absurd inasmuch as no such
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siders the Filipinos possess sufficient civilisa tion and aptitude to govern their oppressed country themselves; and on his seal he uses the words "Gobierno Dictatorial Filipinos,' from which it would appear that he expects when the Spaniards are dispossessed "that the government of the country will remain in the hands of himself and his followers. The future of the Philippines is a fruitful subject of speculation at present and has heen discussed by the press of Europe, America, Asia, and Australia. Many interests are involved in the final disposition of the islands, appears to
be a tendency to overlook one of the principal interests, namely, that of the inhabitants. The Filipinos will claim a voice in the future government of their country, and they will be found strong enough to make their voice heard. If they do not achieve absolute independence they will at least have to be granted a large measure of autonomy.
but there
THE VALUE OF PROPERTY IN QUEEN'S ROAD.
In a recent issue an article appeared on the state of the property market, in which the last few years been a decline in selling it was represented that there had during values, and particular reference was made to property in the section of Queen's Road our requires them to hold out until the House Street. Since writing that article Should the Spaniards consider that hon-extending from Pottinger Street to Ice bombardment actually commences, the we have had au opportunity of inspecting regret will be rather for the loss of life and the comparative assessments of the district suffering preceding that event thau for the in question for the years 1887-8 and 1898-9, horrors of the bombardment itself. Ad- from which it appears that so far from there miral DEWEY, as is well known, intends to having been a decline in the assessed value avoid injury to private property as far as
there has been a large appreciation. And it possible and will direct his fire only upon
must be admitted that the official assess- the military positions, and it may be hoped ment forms the best measure available of that one or two shots will be sufficient to the true value of property, though it may satisfy the Spanish on the point of honour happen that in times of feverish speculation, and induce them to surrender. We do not commonly called booms," prices may be anticipate that the bombardment, if it takes paid when property changes hands that the place at all, will be much more than income does not justify. A bona fide in- In the meantime foreigners vestor, for instance, ordinarily looks for are under a debt of obligation both seven per cent, or better from an investment to Admiral DEWEY and to Governor- in house property, but when a boom is on General AUGUSTIN for the facilities prices are sometimes paid that would re- afforded for their safety should matters duce the return to very much below that come to the worst. A number of vessels figure. The sale of a portion of Messrs. that were in the Pasig river have been al-A. S WATSON & Co's property the other lowed to be brought out, placed under day showed a heavy decline from a valua- foreign flags, and ranged alongside the tion made in 1889, but on the other foreign, men-of-war for the accommodation hand other properties have changed of the foreign residents when they deem it hands at an advance on the prices they prudent to leave the shore. As these realised iu previous transactions of some vessels will naturally fall as prizes to the years ago. A case in point is the old Club American squadron Admiral DEWEY's per- building, now the property of Messrs. A. S. mission to place them temporarily under WATSON & Co. This property was sold to the protection of foreign flags displays a
the French Mission in 1894 for $105,000 ; confidence and courtesy that will command in 1897 the Mission sold it to Messrs. A. S. warm appreciation,
WATSON & Co. for $127,000, and Messrs. A. S. WATSON & Co. have since refused $150,000 for it.
The insurgent leader has issued an order to his followers to the effect that the lives and property of foreigners as well as of The assessment for the district in question non-combatant Spaniards are to be respected auiounted in 1887-8 to $115,860, and for and judging from the former attitude of 1898-9 it is $145,345, showing an increase the insurgents the foreigners would pro- iu round figures of 25 per cent. The Hong- bably not have much to fear from that kong Hotel and Connaught House are not quarter; but as the chartered vessels now included in these figures, as the former has lying off Manila in any case afford a safe in the interval been extended to the Praya refuge the question of the feeling of the and the latter was in 1888 being rebuilt, insurgents towards the foreign community so that in these cases no exact comparison hardly arises. What is of more interest in can be given, and for similar reasons AGUINALDO's proclamation is the claim put the old Victoria Hotel is also omitted. forward that the United States have re- A 25 per cent, increase in the assessment coguised the right of the Filipinos to
must represent a proportionate increase self-government. Of the nature of the in the true value of the property, whatever agreement between Admiral DEWEY and temporary fluctuations may take place in AGUINALDO nothing is publicly-known, but the market. In the previous article it was AGUINALDO in his proclamation says that | said that the district specially referred to the great North American nation" con- was in a transition state, that the European
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