Jan, 31.
We have observed with some concern the depression that is overhanging the local debenture. that have stood the test of con-turies, and that if these forces jsuceeed in their nefarious! schemes our lot will indeed be a sorry one. Not only that, but the upheaval would not be con-{fined to China but would spread lof the old treaties is past; but at the same time we are being reminded as frequefttly, and with Jas-much emphasis, that Chinese character, never changes and that the problems, together with] their solutions, that: grow out lof Chinese relations with the! alien, are the same -in all -ages. The contributor" upon "whom jwe have called was the author lof an anonymous letter to the [London "Daily News" in the year I1858, the year of the Anglo-French 'War with China, which culminated sin 860: in the ex-edition against Peking. 'It need' lon'y be explained further that the ostensible cause of the war! Iwas the seizure and detention of the crew of the lorcha Arrow at Canton when she was under British wegistor and was flying! the British flag, an ancient pro-importance to our trade; the lovett act of Chinese authorities, for which the highest in the place would neither make the required reparation, nor admit it be an offence. We might have put ep with this, as we had put lup with much before. 'That was jo matter for consideration perhaps—first with the consul, and next with his superior; but' once the struggle was entered into, there was but little choice. Or whatever option may have exist led for those on the spot; long, before action could be taken on the premises here, all retreat w cut off; and there was but on thing to be done—pick up the|¥ glove the Cantonese and their. viceroys had so often flung in Jour face; and settle, once and for all, the question of superior prowess and power. For, with some way, prospective Customs revenues 60 that he could father their fatherless bond issues. He has always been able to demonstrate hitherto that the f-ndj were not forthcoming and) the folly of mortgaging tt future. The imposition of the illegal surtaxes, recently determined upon by the Northern militarists, did, however, promise a substantial increase in revenue and therefore stimulated a fresh descent upon the Inspector-Gen~ eral as the prospective sponsor for a substantial New Year loan, will have been noted from Peking telegram published storday morning that the Wellington Koo administration had issued a most peremptory order to Sir Francis Aglen, to collect on the behalf of the Peking Government the flowly immarket, Our concern is in no' way connected with the credit] of the Municipality, which is the same to-day as it was a month ago, but rather are we anxious to reassure the small holder of municipal debentures and vent him from sacrificing _his hard-earned savings by throwing' his holdings on the market at the [throughout the whole civilized world; we frankly confess how-lever, that we are among those! Jwho' view the future with the utmost confidence, and we feel] that the possibility of any serious trouble in Shanghai exists only inthe minds of the timid' land faint-hearted, Forewarned is forearmed, and the precau-type of the Wanhsie [all due ibmission to what may, This is a very remote background! possibly, be a very general indeed but we think the reader opinion at _home—this and no twill agree that most of the re-other was the real question at) marks of the man who wrote on; issue. So long as the Cantonese Our China Policy" sixty-eight were puffed up with a vain con-lyeers ago are pertinent to the! lest of their own immeasurable immediate background to x de-superiority, and our foreed but} gree that is almost uncanny. Tt proper debasement; there was no is said that we live and learn; Jother mode of intercourse pos-but this document, like hundreds sible, than that which should be' posed surtaxes—two and half per cent. on ordinary commogities and five per. cent. luxuries. The Koo Administra; tion wanted the proceeds. fror this new source of revenue either' in cash or as security for loans. If the new taxes are collected at each individual port at barriers over which the Customs has control, the ready money will present time.
We have made tionary measures that are being] careful inquiries in certain wel ikon are more than adequate! lof others that could be reproduce marked by insult and outrage outgo directly into the pockets of informed quarters and ave now ito meet and overcome any situaled, inspires grave doubt of the the one side; and submission, the local militarists and not a
able to state that selling orders ition that may arise. The Coun-truth of the adage. Our "con-that had at least all the air of cent will ever reach desperately from London started our cil's recent proclamation ha: tributer's" comment follows: pusillanimity, on the other. Once poor Peking. For the same rea-the question of strength gon they might conceivably be-market on its downward cours stated in unequivocal terms its Needless is it to say, that settled, the Canton bully may) come security for local provin~ This is quite understandable when determination to maintain law] where there Is arrogance $0 ut: sober down into a peaceable} cial loans if mortgaged in ad-we remember the kind of utter-jand order in the territory under bounded and carefully nurtured member of the Chinese fami vance, with the barriers farmed, ances which have been credited its jurisdiction, and Great Bri-jon one sice;—humility and sub: Jand become in time, a very rea-out to the money lenders ast to such politicians as Mr. Lloyd tain has taken' the lead in the mission must be profitless on the sonable character, if only fairly' security, but they would never George and Mr. Ramsay Mat despatch of troops to protect the other. Lord Napier rightly in-and judiciously "treated, with accepted by the bankers as Donald. Recent telegram: how-Settlement against the happenvoked all past experience when some regard to his infirmities—security for a loan to Peking. ever, have placed the views of ing of any untoward incident. he observed, that, la every in-in other words, with tact and if, on the other hand, the new these gentlemen in their proper (That this lead will in due course stance, noti perspective, and we now Kno but humiliation consideration; but not the less—|t#xes were collected by the Eu: be followed by the other Great! and failure had ever -followed with judgment, and decision, toms, under Sir Francis Aglen's quite definitely that political Powers is beyond question, and attempts to obtain any just or vision, they would serve as do_not shape the jwe venture to predict that with-reasonable demand by a show of y stable security for loans, Geatinies of the Briti Empire in a month of the appearance of moderation: while vigour and when loans were wanted; or, if to the extent that they them-this article we shall all be viewidotermination had as invariably} not mortgageable for any reason, selves imagine, It is indeed, ing the future with renewed hope ed to better results. Hence our would bring a steady trickle of unfortunate that their views se-land confidence. The other day|prosent coll ion. I do not refer]
Text read from the printed page and cleaned; old type leaves the occasional error.