(Per Alameda at Auckland.)

Otago Witness, Issue 2425, 5 September 1900, Page 9

(Per Alameda at Auckland.)

NEW YORK, August 6. The Times London financial correspondent cables that the English money market is getting into an interesting condition. The ! Chancellor of "the Exchequer's demand for another £13,000,000 is to be added to his already excessive borrowings. £10,000,000 of ! it, now in three-year 3 per cent, bonds, offered at 98, has caused it to become nervous and anxious. By an increase in discount the outflow of gold has >been stopped, but our market remains the dearest in Western Europe, and, save St. Petersburg, in Northern Europe — dearer even than BerUn and Hamburg. Four per cent.', however, has not attracted gold in any quantity, although it is said N that considerable amounts -are on the water from Australia, and even from the Far East; therefore it is probable that we shall see "a -5 per cent, bank rate established — perhaps before this month is put, because at all oosts gold must be attracted. Our stock is still £2,000,000 less than it was a year ago, having run down during the last two months, and we want at least £10,000,000 to make us safe. This will explain why the credit institutions are perturbed and disposed to work with extreme caution when they work at all. It also explains why the price of all our first-class securities has tieadily dwindled until our best railway preferred stocks and debentures are from 10 to 25 per 2«nt. lower than they were 12 months ago. The shrink- i age must go on paralysing ail disposition to specula.c. Once more Dr Charles Tanner, the Nationalist member for the Middle Division of Cork, has been suspended from the Hoiise of Commons, and, although in rhis instance the suspension was only for one night, it was accompanied by scenes that would have done credit to the most disorderly Legislature in the ■world. After opposing a vote in supply, Dr Tanner was appointed a teller. Subsequent Jo the division the Chairman announced that Dr Tanner had grossly insulted him on account of the appointment, and that in consequence he would suspend him for the rest of the session. Dr Tanner, gesticulating \ ■wildly, defied the Chairman, the House, and the whole English nation. Amid deafening uproar, he declared that the Chairman was " merely one of the Premier's minions," and then he exclaimed: " I defy the whole lot of jrou. I throw that in yotu teeth as an Irish,man. I leave the House with greater pleawire than I ever entered it." Then, while <staid members rose in their seats and tried -to drown his utterances, Dr Tanner, still yelling defiance, went out. - In the House of Commons on August &• 'Mr Chambe-rlain made a statement with reference to the letters sympathising with the "Boers, and purporting tc have been written "fay members of the. House of Commons. He said the "Boer Government, in fleeing irom Bloemfontein 'and Pretoria, left mnses t>f official correspondence among the archives (Which the authorities on the fcpol were examining. He had received instalments of this .correspondence by the last two mails, and he ihad been informed that more is to conic. JCbe pj»feip»# he had seen jy.ers written pre-

vious to the war, and were chiefly letters of British subjects of the Cape, and of the two Republics. There were, however, copies of two letters that purported to have beea written by an English member of the HoiT.se of Commons, and these letters and arf extract from a letter, written by two other members of the House of Commons two days before the outbreak of the Avar were couched in the form of open criticism, asking for inj formation regarding martial law, and suggesting that President Kruger make temporary concessions and avert a reaction in , England. In his opinion the letters were not treasonable, though certainly improper while her Majesty was engaged in difficult negotiations. It was proposed to send the letters to the writers, und usk them if they desire to explain, and he would await a reply before deciding whether to publish them or not. The two assaults upon Royal personages has aroused much concern all over the world, as the Anarchists are greatly elated, and new outbreaks are iiourly expected. The New j York detectives have found the room in which the plot to kill King Humbert was laid. It is in Hoboken, N.J., in the heart of the Italian settlement. The police have also learned that prior to Bressi leaving this country he was tendered a banquet by a group of Anarchists in *his city. It is. learned that the Italian 'Government has asked the Becretaiy of State (Mr Hay) to secure the passage by the American Congress of laws for the punishment of persons found plotting against the lives of European rulers or others, and ■Mr Hay has communicated with the Governor of the State of New Jersey to got the Legislature in that State to pass laws on the subject. Wars and rumours of war have so claimed the public attention during the past month that even interest in v,he Presidential campaign in America languishes, but the Na 5 tional Committee are hard at work. Although Mr Bryan and Mr Stevenson were nominated by the Democrats on a platform declaring foi free silver, that party give no sign of making that a prominent issue. The Republicans, however, will not let them escape the subject, and their orators will i 1 harp upon this question, which lost the Democracy the election four years ago. Throughout the country there is a general disposition to endorse President M'Kinley's ' policy and conduct of the Philippine and Spanish wars by re-electing him to the Presidency. Hk> party represent the money power of thd country, and even the- Democrats : admit that the outlook is for his re-election. On August 1 the Navy department issued a circular asking for bids for the largest number of naval craft ever ordered at one 1 time in the history of ihe world. The circular asks shipbuilders to submit bids for six great armoured cruisers — battleships in nearly all respects, but moro costly and '■" faster, with a 22-' knot rpeed. They are ■ expected to be the most superb specimens pf > naval architecture ever turned out by this L country. Of the protected class six are being built, with a speed of 17 knots, and these are ■ to be built of the Olympia type, with 22-knot i speed. They will -be superior to Admiral ' Dewoy's flagship in many respects. Four • ' monitors are next in importance, and then s como 16 torpedo destroyers. Six submarine '■ boats of the Holland type are authorised. This 'great programme iepresenl c j over half a ■ hundred million, of dollars.

Little is heard now of the war in the Philippines. It • has dwindled to a guerilla affair of somewhat insignificant proportions, though occasionally small bodies of American troops are ambushed, and there is some los* of life. It is reported that the Revolutionists, as they are called, have been more active of late, but it is no part of the policy of the Administration to dilate on these difficulties on the eve of a Presidential election. The despatches recounting events are therefore meagre and unsatisfactory. It is, however, certain that the ' war is no longer a matter of special magnitude.

The Administration has decided to push arrangements for the war ir China with the utmost vigour. Preparations for the shipping of troops are now actively in progress, and regiments are rendezvousing m San Francisco for early deportation to the scene of conflict. .