We have dealt with the Baghdad Railway elsewhere, but must
note here the opinion of German action contained in the Novoe .Vremya, telegraphed to Friday's Daily Mail by its correspondent at St. Petersburg. The Novae Vremya states that Germany possesses two-thirds of the shares in the con- cern, so that she will always have a majority of votes on the board of control. Thus the Baghdad Railway has become purely a German enterprise, to carry out which, however, both England and France have supplied money, and thus served German policy and commercial interests. In time, it urges, the shares of the railway will yield an enormous profit to the owners, yet both the English and French will be obliged to. be content: with 4 to 5 per cent, on their bond, capital. "Assuredly," adds the paper, "Germany understands how to
carry out business transactions." The opinion is significant, though we very much doubt the enormous profits for any one, except possibly for those who own land which the railway and irrigation will make cultivable. In this connection we may also mention a statement made in the Times of Friday by its Paris correspondent, which shows that there is a very serious hitch in the negotiations with the French capitalists. It would not be surprising if, after they had served the purpose of decoy ducks, the French capitalists were to drop out altogether.
