NEWS OF THE WEEK.
THE British and German Governments on the 7th inst. handed in to the Government of Venezuela ultimatums to be accepted or rejected within forty-eight hours, after which time they would be enforced by a combined fleet. The ultimatums are not identical, and their exact terms have not been revealed ; but it appears from speeches by Count von Billow and Mr. Balfour that the two Governments insist upon reparation for forced loans, breaches of contract, seizures of railway plant, and non-payment of debts; to all of which Venezuela replies that she is willing to discharge her obligations in Revolutionary paper, but can and will do nothing more. President Castro, it is true, goes a step further, and promises to pay everybody when peace is established ; but these are, of course, mere words. He has apparently a hope, like Mr. Kruger, that some European Power will take up his cause and insist on arbitration ; but that is evidently an illusion. It is a little difficult to look forward to an end of the quarrel, for though we can impound the duties paid at the ports, their amount is so small that the process will occupy six months, and we shall hardly remain outside Venezuela all that time. Something in the way of a loan will, we suppose, be raised, and guaranteed by the two Powers; but unless they appoint a collector, as in the Chinese precedent, they will never get the interest; while if they do appoint him, his life will always be in danger.
