The Daily Mail of Friday contains a telegram from Berlin
which, if confirmed, is of no small moment. It is to the effect that the new Imperial and Prussian loans, amounting to eleven and a quarter millions, have proved a disastrous failure. It is expected that the total subscription will not exceed much more than half of the amount required. In a special article the City Editor of the Daily Mail remarks that " Germany's recent policy of annual loans renders the blow administered by the present financial rebuff all the more serious. Without money her great schemes cannot be carried out. No country is committed to such huge schemes, and no other European Power is in such need of money." In this context we may mention the great tension and great fall of Stock Exchange values in this country during the week. As we write on Friday, however, there seems reason to believe that the worst has been passed, and that though the settlement will not be an easy one, we may now look to a recovery.
