26 DECEMBER 1863, Page 3

An abstract of the financial report of the Smith has

reached London, but it is not very intelligible. Mr. Memminger says the South owes 292,915,620 dols. of loans, and 701,447,519 dols. of unfunded debt, or say, 200,000,0001. altogether. He thinks he has too much paper out, and recommends his Government to issue bonds at 6 per cent. for 20,000,0001., and so reduce the excess. There "would then be left 500,000,000 dols. of bonds, which could be converted as the necessities of the Government require"— a statement which, after much pondering, we give up as hopeless. The only thing certain seems to be that the Confederate loan is a terribly speculative security.