It would be easy to fill columns with extracts from the London daily papers of the first week of the year on the Far Eastern Situation, but the suramaries pro-pared specially for Eastern readers, like the London & China Express, make so many quotations, that we are to a great extent relieved of the task. The Times devotes two leading. articles to the suggested British Government guaranteed loan to China, The first, on the bth ult., is rather tentative; as though the Times were anxious to sound public opinion on the subject. The result was evidently favourable, for on the following day the Times writes China is the greatest potential customer in the world for certain classes of Euro} goods—classes of goods in which we can hold Our own against all rivals with s fair field. But that field we must secure for ourselves, and the City, as might have been expected, sees that an advance to China in the present of self-defence i it is made conjuncture may afford us a powerful wea] dicated in our article of yesterday. It is edded, or subantuted for the terms get ible that others of a similar nature mi, forward." It is the general idea of such loan which has found favour in financial circles, where it is felt that such a trans. action' would be unobjectionable from mone! int of view and "positively desirable" on political grounds. Oar ancial ition in the world is supreme, and if mance is to be employed as an instrument in Asiatic lities we should have no reason to regret the fact. English eubsidies—as some of the Continental Powers which revile us most bitterly have good cause to know—have played no small part in moulding the dest of Europe. English loans may' yot exercise similar influence in developing the future of Asia. The purchase of the Suez Canal shares has taught the nation that operations of the kind, if prudently conducted, may be of the utmost international importance. One statesmen might do worse than reflect mature. ly upon that precedent to-day.
The Globe, which had the intelligence to accept the Cassini Convention at once as being an actual agreement, is very belli-case." It writes on the 3rd of January Week after week proofs accumulate dev monstrating the entire accuracy of those ex. cerpts from the Russo-Chinese secret treaty which we began to make public eighteen months ego. To-day, another corroboration of a very striking character is telegraphed from St. Petersburg Times correspond dent there. The railway to Port Arthur which, as ordinarily planned, was to have been merely an extension of the Tientain line, be given a wholly different connection and political status. The Peking Govern-anxious to obtain the Czar's help in ing the impending loan, has: consented to bring Port Arthur into direct railway commu nication with the Russian Manchurian railway, That, again, connects with the great, trunk line through Siberia, and thus a position is created which, unless. frustrated," will wine questionably enable Russia to dominate the whole of Northern China. Surveys for the line to Port Arthur are to be taken in hand at once by Rassian engineers, and wherever they go, the Cossack also goes, as is alread, the case in Manchuria, Indeed, the whole design of annexation has become #0 palpable that the only question, both on the Continent and beyond the Atlantic, is whether England intends to remain o passive spectator of proceedings whose fruition would be certain to injure incalculably hor naval and commercial interests. If any good is to result there must be something of a more effectual Pause to hostile design. hot blameworthy, therefore, for experiment with that expedient by way of beginning. Bat it would be very blameworthy if it permitted the display of armed force at Chemulpo to be treated contemptuously as an empty show of menace... The New Year's felicitations exchanged between the Czar and MI. Feure are something more then courloous formalities. \When re: tween the lines they signify that Russia again solicits the hel of the Baris Bourse in furnishing China wit money to pay out Japan, and judging from MIN. Faare's response, the President scents not disinclined to oblige' his august friend in the forth. 4
We take the following extract from the Globe of the 7th ult. We hope the conclusion is well-founded; but we confess to a little distrust of the silence which Lord Salisbury is keeping at present, and which he has imposed on the Hnglish Press as far ashecan. It may be that he is planning schemes of large-scope' and. importance which must not be divulged prematurely, and we hope it is not that He wishes t0 conceal the fact that ho is not planning anything, being too much otherwise occupied. The Globe says This morning's telegram from Berlin indicates very clearly the feeling of exultation among Germans over the success of their policy in the Far East, and it would be idle docy thst they have very good cause for rejoicing. Their policy of defiance an: ergotic action has taken Europe by surprise, and their prize: is big one. They have secured the most magnificent -harbour. in Ghins, and part of one of the most fertile
Text read from the printed page and cleaned; old type leaves the occasional error.