14 DECEMBER 1861, Page 3

grkaii.—A sudden and tremendous fall has occurred in the value

of paper money in Constantinople. This event is said, officially, to have been caused by certain speculators whose machinations have been defeatedby the Government. The financial position is, how- ever, undoubtedly bad, and the Government await with anxiety the arrival of Fuad Pasha, the new Grand Vizier, who is supposed to be a good financier.