The Chinese Government has had a fit of irresolution. It
has repaid the French Government for its recent help in in- ducing the Japanese to surrender their claim to the Liau- tung Peninsula by signing a treaty which allows France to run railways and steamers into the province of Yunnan, and by ceding to France much of the territory which was to have been formed into a "buffer-State," between French dominion and British Burmah. This latter move is a blow given to the English on French behalf. On the other hand, it is reported that the Chinese refuse to ratify the agree- ments for the loan of sixteen millions, and intend to raise the entire indemnity, which, we repeat, will exceed forty millions sterling, by a single loan raised in all the capitals of Europe, and based upon the receipts of the customs, which are managed by Sir Robert Hart. The blow is a severe one, both to Russia and to M. Hanotaux, and is said to have been dictated by fear lest the railway through Man- churia, permission to make which was the Russian considera- tion for the loan, should interfere with Chinese independence. That is sound statesmanship as well as good finance; but we confess to a certain doubt whether the Chinese intend to pay the indemnity at all. They may, because Japan could seize the Customs and collect them for itself ; but the great officials must be wild with wrath to see such a huge sum go past them into Japanese hands, and they may, in their exasperation, risk a new war. No consideration of good faith will stop them for a moment, if they think Japan unable to avenge herself.
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