Delegates from the leading French Credit Bank met on May 11 and 13 at the office of the Credit Lyonaise, Paris, to decide upon opening the French market to the Chinese loan. The Bank of Paris was placed at the head of the committee, and the manager of the bank discussed on the 16th the subject with M. Hanotaux, Minister of Foreign Affairs. The ' Politique Colonial ' asserts that the Chinese loan of £50,000,000 is to be issued from London, Paris, and Berlin. A despatch from Tientsin to the London 'Times 1 of May 23 says that an Imperial proclamation has been issued announcing the ratification of the treaty of peace between China and Japan. It is de clared that the Government deeply pon dered over the advice which has been offered to it to continue the war rather than surrender. But the crisis demanded a decision, as no victory had been obtained on land or sea owing to the incom petency of the leaders, who had only been able to recruit the rabble. The enemy, the proclamation says, were menacing Pekin, and the country was in a terrible condition. The proclamation then goes on to say : " Could we permit alarms to disturb the dwelling of Her Sacred Majesty, Heaven had not withheld its anger." It is understood that Russia will claim the fruits of Japan's victories by demanding a protectorate over Corea. Evidence has been discovered that Bokuy sicka, recently appointed Acting • Prime Minister of Corea, has formed an alliance with the Russian Minister at Seoul. Count Mouye, Japanese Minister to Corea, has returred to Japan, believing that reform in Corea is hopeless. A despatch to London of May 27 says that a fleet of Japanese warships had arrived at Tamsin on the north-west coast of Formosa, and that fighting was expected. The 'Standard' followed on the 28th with a despatch from Shanghai, stating that the Chinese officials at Tamsin had refused to allow the Japanese to land, whereupon the ships then returned to Macao for instruc tions. The Republican leader in Formosa cabled a salutation to the King of Spain on May 27, and asked for protection.
