The Telegraph publishes a report as to the course to
be adopted about Turkish Bonds, which may have been invented for Stock Exchange purposes, but which in itself looks probable. Bosnia, Thessaly, Epirus, and the two Bulgarias are, it is said, to con- tribute £2,500,000 a year, and the remainder of Turkey £3,500,000 towards a creditors' fund. This £6,000,000 will then be applied, half of it to pay off the Russian indemnity, and half to provide for the guaranteed loans and interest, at about 1i per cent. for the general Debt. As the financiers are powerful, the arrangement is possible, but a main detail is wanting. What is to be the guarantee that the Pashas will pay the £3,500,000 a year reserved to Infidel bondholders? They may want it
themselves. It is clear, however, that the arrangement is approved on the Bourses, where " Turks " have been going up in a way which has enabled speculators with early intelligence to clear fortunes.
