You have already heard from other sources, doubtless, of the French loan of half-million pounds sterling to Coren, so that I shall not enter in the present article into the infinitesimal and not always trustworthy details in connection therewith that have appeared in the vernacular Press here.
need hardly state at the outset that, so far as Japan is concerned, there is nothing in the world to prevent France or any other country save Ttussia from lending money to Corea, which is certainly in want of that commodity. But according to an arrangement; between them, neither Russia nor con-At first sight, therefore, Japan would seem to have no case whatever in the present instance, even though she were perfectly convinced that France was only acting as acat's-paw of Russia. But though itis unlikely that Japan will go to extrem mities in this matter, a little consideration will show that she had good reason to protest. The purposes for which the loan is made are mining development, currency reform, and the establishment of a bank, and Japan is deeply interested in the currency question as well as in the coal mines at ang, where her subjects have sunk considerable sums. She is also interested in the repayment to her by Corea of a debt of a million yen, which is being gradually paid, by means of the Customs revenue which is now to be drawn on in the event of the Minister of Finance being unable to provide other resources for the service of the French debt; but it is reported that this difficulty is to be got over by the payment to Japan of the balance of her debt (£25,000) out of the proceeds of the loan.
For these reasons alone Japan seems to be justified in protesting against the loan; and when the circumstances attendant, on its conclusion are taken into consideration, it will be seen that it was not only her right but her duty to display her dis. satisfaction. To mention s few of these suspicious circumstances, the negotiations in connection with this loan were opened on the 17th instant, on which date the Foreign Minister was, it is said, called in, informed for the first time of what was afoot, and ordered to affix his signature to the document before him. When to this extraordinary—procedure—extraordinary, that is, supposing that the loan were advanced by private individuals—is added the fact that very singular secrecy was observed, and the allegation that 300,000 yen were spent in promoting the scheme, it cannot be denied that Russia must have a hand in the business and that her object is not simply the drawing of interest at the rate of 53 percent per annum. Moved by these and other considerations, the Japanese representative at Seoul protested against the conclusion of the loan aten audience which he bad with the Corean Emperor on the 22ad instant, and the Japanese Press worked itself up at the same tine to n state of excit toment scarcely inferior to that which it displayed at the time of the Manchurian affair.
T imagine, however, from sundry indications that the Japanese protest has failed, Nevertheless, it is extremely unlikely that Japan will go further on the matter. In the first place, the loan is too insignificant in amount to trouble about; in the second place, Japan cannot prove: that Russia has and in the matter; in the third place, it would not do for Japan to force—or seem, to force a quarrel on Russia on account of France lending Corea what is absolutely necessary for her and what Japan cannot end, especially as she would have to fight not only Russia but probably France and Corea, as well besides losing the good will of most other nations which, inclined as the majority of them are to regard Japan as an upstart and an intruder, would consider her faction as umply case of jingoism and "swelled head." Japan will not therefore go further in the matter, but she by no means relishes the trick that has been played on her.
Text read from the printed page and cleaned; old type leaves the occasional error.