Mr. W. Laing has effected an arrangement with the Govern-
ment of Turkey which Turkish creditors are informed is greatly to their advantage. All the debts of the empire are consolidated into one big one, amounting to about sixty-six millions sterling, and the Sultan promises not to increase it except by a public law. The new system is simpler than the old one, but simplicity does not produce revenue, and we entirely fail to see what the creditors have obtained. In a country where one man bred in a seraglio is at once autocrat and supreme pontiff, laws and "Great Books" are equally without value. Suppose Abdul Aziz next week orders his Divan to borrow five millions more privately to buy iron-clads, and give any interest necessary, what is to stop him?