290
WALL STREET.
vortex.
These
THE HONGKONG WEEKLY PRESS AND
(Daily Press, October 28th). We have lately read that the American have been a comparative crops this year failure, and we have also seen it stated that the same crops were excellent, both in quality and quantity. The mischief of it is that one never knows what to believe of the great variety of statements coming from the | United States. The American Press, where it is not downright venal, appears to think nothing of publishing every story that its light-hearted and enthusiastic contributors bring in.
The contradicting of the story next day does not seem to reflect unfavour. ably upon anyone concerned, provided the original lie was interesting or sufficiently sensational. With this in mind, we have very little confidence in approaching the subject of the present financial crisis, figuring so prominently in the telegraphic news of the Inst few days, and which has a good deal of interest for all of us, even if we do not all stand to win or lose greatly by the extraordinary disturbance of the money market which the New York crisis probably involves everywhere. At a loss as we are, by the reasous stated, we yet have small hesitation in assuming that it is no shortage of natural products that has led to this upheaval of Wall Street, and if the assumption be warranted, then it follows that the news is less permanently important than it looks; that there was no real neces- sity for the panic; and that it may be resolved into a inere struggle of those arch- gamblers against whom President Roose- VELT has declared war. In that case, we would fain hope that only the financial Titans concerned may be wounded, but of course it always happens that the smaller fry are drawn into the colossal gamblers prefer an end like SAMSON'S and will not die alone. The meution of President ROOSEVELT's attitude of declared hostility towards the Trusts suggests the cynical possibility that this financial crisis may perhaps have been engineered for political purposes. The big operators could probably in some such way not only aim a blow at the present and future policy of the President and his successor but make a profit out of the business at the same time. It is not wildly uncharitable to suggest that the monied interests would go ruthlessly to work to see such a policy nipped in the bud. These rings and combines are not accustomed to consider the fate of the small investor when they are out after a haul, and when, as now, it looks like a stand-up fight in a corner, de- fending their very existence, they are less likely than ever to be squeamish. If ROCKEFELLER and MORGAN jumped into the stock market to avert a panic, as our London correspondent informs us they did, we are not obliged to believe that their motive was as altruistic and public-spirited as that which prompted the Treasury Department to come to the rescue of the banks. The fact that President ROOSEVELT has felt obliged to deny that he or his policy was responsible for the crisis serves to confirm the suspicion we have ventured to outline. Whether designed or not, it is evident that with the unthinking masses, distrust of such policy must already have been engendered, and we cannot help thinking this a serious pity, and hoping that notwithstanding these and all such difficulties, a firm stand will still be made against the devouring Molochs of finance, who have thriven as ill-weeds always do thrive, until now they are unmitigated nuisance, & constant menace to the prosperity and well being of the indivi- dual, and a danger to the state and its laws.
an
and
44
THE C.I.P.O.
[November 2, 1907.
to desire? According as we are optimistic or pessimistic vis-à-vis that outlook, we will view the latest development, which, we have no doubt, will already have engaged the earnest attention of the China Association.
CHINESE INTEGRITY.
(Daily Press, October 30th.)
The agreements which have been arrived at between the different Powers with respect to their action in the Far East amount in effect to a policy of "hands off" with regard to China. The chief feature is that Chinese integrity is to be respected-and this, in other words, is equivalent to a declaration that none of the Powers concerned-Great Britain, France, Russia and Japan-will adopt any aggressive policy towards China, but will remain conteut with the positions which they respectively occupy at the present time.
(Daily Press, October 29th.) The Tientsin post office question is not settled yet, although there has been an announcement of some arrangement between the Tientsin Chamber of Commerce and the Hongkong Government. The question whether the British Post Office at Tientsin is to be continued is now, however, only a part of a much larger question. Apparently it has now to be decided whether all the foreign post offices in the treaty ports are to go or stay. The Yuchwanpu, or Ministry of Posts and Communications, seems to be going to work with considerable energy to demonstrate that the Chinese Imperial Post Office is capable and anxious to cope with all the mail matter within the Empire. From Tientsin comes a report that orders have been issued to forhid Chinese railways
Such an agreement is the conveying any mails that have not been sent through the Chinese Imperial Post Office, natural outcome of the policy which has with the one exception of foreign naval and been for so many years persistently pursued military mails. This is a drastic step, by China of working upon the jealousies of indeed," will probably appear too foreign nations and pitting them the one abrupt and unceremonious to obtain the against the other. That some such under- approval of the Powers. We have no standing might be arrived at by foreign doubt that it will be strongly denounced as nations was long ago perceived a blow deliberately aimed at foreign prestige. possiblity by those who had watched the It has alrea ly been labelled by one contem. progress of events in China, but, as is so porary as
an unfriendly act." This view often the case, this result has been brought is, or was, not shared by the foreign official about in a very different manner to any that of the Customs who prepared an excellent
was anticipated. The establishment of review of the amazing progress of the postal Japan as a first class Power in the East, has department, which reviev was copiously completely altered the aspect of matters in quoted in our columns. Unable to lay that direction. The acquisition of territorial our hands on the document at the moment, possessions in China now no longer a we distinctly remember that the view was
maller that can be pursued without the therein expressed that the foreign post danger of complications in other directions. offices were no longer necessary, and might Any step of the kind which would be likely now be abandoned as a useless anomaly. to interfere with the rights of Japan would That was a departmental view, inspired be liable to be questioned at once, and doubtless by a natural pride in the success certainly would lead to opposition, if parsist- ful evolution of the C. I. P. O., and it would ed in. Under the circumstances, it is not not be difficult to find arguments in support likely that any foreign nation would wish of it. The point at present is, however, lu to push its away by conquest in China, and what extent has the foreign control (which incur risks similar to those which were has made it what it is) been submerged by formerly accepted by Russia and with such the chauvinistic chiefs of the Yuchwaopu? disastrous results. Lookelat in this light, We expressed considerable nervousuess a the game may well appear not worth the year ago at the detachment of the service candle. Apart however, from these more from the control of the Customs, especially obvious considerations, there bas of late been as there were plain signs then that the less desire the part of any foreign Chinese considered they were already in a nation to push its way in the direction of position to dispense with foreign supervision territorial acquisition in China, for the and advice in this connection. Are we to reason that the seriousness of the respons- take it that those fears were well grounded,ibilities, which would so be undertaken, is aud that this extraordinary prohibition ad now far more generally understood than it dressed to the railways is the cloven hoof? was formerly. It may be doubted whether As we said before, the Chinese ambition to any European nation could govern any manage their own aff irs is too natural to large portion of China effectively. The condemn offhand; but if their “ vaulting Russians with their great linguistic powers ambition overlaps itself." to the extant of and a certain easy adaptability to the ways plainly transgressing treaties and promises, of other people, might be considered more its manifestations will have to be closely likely to succeed than any other European scrutinized and sternly repressed where nation; but unfortunately Russian admini- necessary. It cannot be denied that the stration is tainted with many of the defects Chinese Imperial Post has reached a state of of that in China; and unless a marked efficiency, such as to inake the forei±n offices reform were made in respect to official in- prima facie unnecessary; and there would corruptibility, it would probably soon siak be nothing more objectionable in having to to much the established level of China, and put a tea-cent stamp on a London letter by degrees slip back largely into Chinese forwarded to Shangbai than there is in bav- hands. Unless it were possible absolutely ing to put two-pence-half-penny 00 a to do away with the corruption which Hongkong letter re posted in London for attaches to Chinese government, any nation Paris. That however, is not the immediate would find the Chinese a very troublesome concern. What is feared is that, as we people to satisfy and it would also have to suggested over three years ago, a policy of face the possibility of constant distub sức › let-alone now may permit as a sequel a and outbreaks worked up by secret societies This has become rapid reversion to the old system of corrup- and the like agencies. tion, sloth and procrastination, and, of more and more known o late years, and has course, inefficiency. At present, as both made most foreign nations justly chary of are conducted, the Chine-e Post Office has incurring such responsibilities. Thus, upon nothing to learn from (say) the Hongkong both the grounds indicated, there has been Post Office, but would it not deteriorate if less desire to acquire territorial possessions given the free hand its Chinese heads seem'in China; and the embodiment in the recent
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