10th September.
THERE are very few of our readers who will not peruse with great pleasure the correspondence published this morning by the Chamber of Commerce, which holds out a hope that we may enjoy before long the privilege of telegraphing to the outside world at reasonable rates. Chere is chance that the monopoly enjoyed so long by the "Joint Cable Comnpanies," as they call themselves, will be broken. In the speech made by President McKinley at Buffalo a few hours before the dastardly a'- tempt was made upon his life, he remarked that there were two great tasks to be ab once undertak-n by the United States, in both of which we here are very deeply interested, the laying of a Pacific Cable, and the making of an Isthmian nal qn his letter to the Chambe: merce Committees, Mr. J.
Mell choel points out that it probable, and President MeKinle speech confirms thie, that the Paci Cable Bit! will be passed by Congress in the coming session. Th" proposed route of the Cable is from San Francisco vie Hawaii to the Philippines, and Mr. McMichael proposes that the Shanghai Chamber of Commerce shoud follow the example of her sister in Hongkong, in sugyesting to Congress the advisability of extending the to th Asiatic—coa. "It is neéliess, I think," says Mr. McMichael, "to point out to you the en mous benefit trade woud derive from' reasonable telegraphic rates, and the competition brought about by the extension now submitted would quickly accomplish this desired end. I would therefore ask that the Chamber take into corsideration the advantages to the entire community, and that your body will see their way to giving official endorsement and approval of this important measure; such would have due weight and strong influence in helping the enterprise before Congress." Mr. McMichael encloses in his letter a lett-r 10 the U.S. Consul-poner here, Mr. John Goodnow, om Captain George O. Squier, Captain and Signal Officer in charge of cable operations in the Phil Islands. Captain Squier that the Pacific Cable Bill will probably be adopted by Congress in the coming winter. "This being authorised," he says, "it remains for Shanghai and Hongkong to see to it that the cable is extended to the Asiatic coast in order to immediately' give China and Japan—greatly reduced eab'e rates to the United Staves Europe by the new competitive route. The present exorbitant telegraphic rates to the Far East. Tang like a millstone about the neck of Commerce and must, be broken down in the near future." After mentioning that the suggestion had been enthusiastically received in Hongkong, Captain Squier says: "Any ac.ion of this kind by the business interests of China is sure to have a strong influence in helping the enterprise before Congress, the next session.
In an article on the subject appeared in the "China Mail" on the 18th of June last, it was pointed out "that if the U.S. cable is brought over to Hongkong, it will be possible to cable from Hongkong to New York for about a fifth of the present rate from Hongkong to London, and as the rate per word from New York to England is small, the advantages of the Pacific route' a obvious. At present it costs about four times as much to cable from Hongkong to Manila (600 wiles) as it dues to send a message from Ing land to New York (3,000 odd Wo have pointed out ay onza in th columns barges mile by the Joi Corwpai are not so much more than the actual cost as only to give their sharehold a fair profit, but are most unreasonably much more: and this has enabled the companies are and are to be bound.
ed that the contemplated is avitic Cables "combine" with the existing Joint Companies, but will maintain a wholesome competition, which in the end will be good for everybody. The Joint Cable Compan while squeezing wre was sats, have many years, and no one wants to see them the victims of a cu'-throa: competition an well. afford te lower very materially, and we earnestly hope that this concession will soon be brought about by the construction and extension t" this coast of the American and British Pacific Cable:
Text read from the printed page and cleaned; old type leaves the occasional error.