A fall of a half per cent. on all the
European Bourses was produced on Thursday by the leceipt of Herr Tisza's speech to the Hungarian Parliament. For once the Bourses were pro- bably right, the speech, though cautious in form, containing an obvious menace. The Hungarian Pi emier, after stating that he had consulted the Foreign Minister of the common Monarchy, declared that Austria-Hungary desired that the States of the Balkans should be free, and " should develop themselves into independent States corresponding to their individualities." The Empire would reject all plans of aggrandisement, and "concen- trate its endeavours on preventing the establishment of a protectorate not provided by treaties, or of the permanent influence of any single Power there." No Power but Turkey, when acting single-handed, has the right to intervene by force in the Balkans, and such intervention would be met by serious resist- ance. M. Tisza refused to speak more plainly, saying he had already revealed more than was told to the "first Parliament of the world ;" but there can be no mistake as to the meaning of his utterance. If Bulgaria is invaded by any Power except Turkey, Austria will resist by diplomacy if possible, and if not, by war. The anti-Russian party in Sofia will, of course, be greatly encouraged by this declaration, which, again, will increase the Czar's difficulty in retreating from his exorbitant demands. The situation will therefore rapidly become graver still.
