The Times correspondent at St. Petersburg says that the Czar's
Rescript was not prompted entirely by his own mind. He had, no doubt, been greatly struck by a book published by M. Blokh, a wealthy banker of St. Petersburg, intended to prove that Russia is a great land Power, and only wastes her resources in trying to be a great naval Power as well; but the Czar had also been shocked by new financial demands. The military and naval Budgets increase beyond all endurance, and it is absolutely necessary to spend a great sum— £12,000,000 is the estimate, but that must be an exaggeration —upon quick-firing guns. It may, therefore, follow that, as the Army is much stronger than the Navy, the naval expenditure recently sanctioned will be given up, and the Powers invited to remain, say for five years, in their present relative position. That would be a practical measure of reduction, but it would, we fear, be at once rejected by the German Emperor, whose idea is that more warships will bring more commerce.
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