19 DECEMBER 1874, Page 2

Marshal Serrano started on the 12th inst. for the North,

taking with him forces which bring the Republican Army on paper up to 50,000 men and 100 guns. He has raised £500,000 too, and expects to obtain more. It was believed in Madrid that he would not have started unless he had made victory secure, and in Paris that a fusion had been arranged among the Spanish Bourbons ; but nothing expected ever happens in Spain. Serrano must win, if he can, or his seat will be insecure, but that he can is not yet proved. Half his men are recruits, he himself is no great soldier, and General Loma is sick with a wound. The Carlists, however, are said to be divided, and the Generals discontented.