16 MAY 1874, Page 3

Marshal Serrano, after a week's reflection, has turned out his

Ministry and appointed another, much more Conservative, indeed almost Monarchist. He has sent for 12,000 men to Madrid, and has induced or compelled General Pavia to retain his command. It is supposed, therefore, that he means to strike some coup ditat, which, as the Army of- the North is evidently Alfonsist, will, it is believed, be in that direction. It, is, however, extremely improbable that he would give such needless provocation to the cities while the C arlists are still in the field, and it is more probable that he means to go on without any coup eritat at all, until he feels the way a little more open to him. Meanwhile, he will govern as well as he can, maintain order, crush the CarEsts, and leave the road open to a Monarch or a Republic. That seems to be his idea, but the Army may compel him to act on other plans.