13 JUNE 1874, Page 1

The week has been marked by a ltepy fall on

most of the Bourses of Europe, caused, it is believd mainly by the position of Turkish finance. The financiers of the Porte, who already owe /120,000,000, at various rates of interest, which swallow up 29,000,000 annually out of £17,000,000, now,propose to swell this amount to nearly £200,000,000, by issuing sortie £80,000,000, in 3 per cent. bonds, at 25 or 26. This course, which increases immensely the capital of the Debt, and almost precludes repayment, is of course intended to tempt investors, who gain by any rise, instead of the Government ; but it 'means that the Turkish Treasury is very nearly desperate. No further loans can be raised unless further resources are obtained, taxation in its present form has reached its limit, and the next step must be the sale of State property, concessions, and so on, to be followed by taxation of dividends. If investors like that prospect, let them invest ; but let them also remember that their, money will be expended at the pleasure of the Sultan,—that is, uselessly.