Lord Stanley's Indian loan has been voted unanimously. We have
yet to see what the money market will say to it. So unim- peachable, however, is the credit of our Government, so advanta- geous to the commercial public every measure which calls forth the industrial action and native resources of India, that no serious doubt can attach to the project. At the same time, tiiere is so 'vast an accumulation of money seeking outlet, that an investment like a guaranteed loan offers an actual convenience to a large portion of the public.
Many borrowers of royal and imperial dignity are competing for the favour of the money-lending public, which is neither stingy in its spirit nor entirely devoid of political sympathies. The Austrian loan has we believe, proved a total failure. It is by no means impossible that the high credit of Sardinia, but still more political sympathy with that country, will secure to the de- mands of her Government at least a favourable attention. The Emperor of Russia, struggling with his nobles for the emancipa- tion of the serfs, is also expected to be a borrower ; and there is a tendency just now to patronize him for his good intentions. But the Indian Secretary will undoubtedly take the first certificate in this kind of competitive examination.
