During the past week the newspapers have been full of
sensational accounts of Mr. Rhodes's negotiations at Berlin, of his interviews with the Emperor, and of his visits to the Reichstag. The residuum of fact in this telegraphic hubbub seems to be (1) that the Emperor gave Mr. Rhodes his photo- graph, (2) that an agreement has been signed under which Mr. Rhodes will be able to pass the Cape to Cairo telegraph through German East African territory, (3) that some pro- gress was made in regard to an arrangement for building the railway in the German section of the Cape to Cairo route. Apparently, Mr. Rhodes would like the German Government to guarantee interest on the German section, and in order to get this guarantee he would plan his railway so as to help the proposed German railway from the coast to the Lakes. It is supposed, however, that the German Government will not give the guarantee unless they hear that our Treasury has also given a guarantee. Mr. Rhodes will then return with an extra argument for Sir Michael Hicks-Beach. "If you will only give me £1 I can get 15s. from the gentleman next door" is often a very taking argument. We trust that the emptiness of the Treasury will put the Chan- cellor of the Exchequer on his guard. In any case, he ought to refuse a guarantee for lines laid in the Chartered Com- pany's territory. If not, we shall have an amalgamation of Chartered and Imperial finance which would be in the highest degree undesirable.
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