20 JANUARY 1855, Page 1

Such is the position of affairs in the Crimea, while

the results of the resumed negotiations at Vienna confessedly depend upon the taking of SebastopoL This we construe to mean, that Russia has promised to concede what she must ; for she too can have her interpretation of the "four points." Nevertheless, and notwith- standing the continued inaction and equivocation of Prussia, or the non-adhesion of the Baltic Governments, the European alliance makes way. The deliberations on ulterior measures proceed, and will probably affect the course of operations in the Crimea. The manful declaration of an active warlike policy, by M. Bruck, the Austrian Internuncio at Constantinople, is a reassuring sign ; es- pecially when it is understood that M. Bruck is about to enter the Viennese Government as Finance Minister. Sardinia follows up her adhesion to the treaty by sending, not a oontingent under our Foreigners Enlistment Bill, but a contingent of 15,000 at her own cost, to the army in the Crimea; a reiniement which will strengthen it with so .many thousands of trisoldieas from sae

of the best armies in **world. tends tictioia ea &granite:. scale.

Great efforts are evidently male abo to seppolt ease measures 'with the most essential' of all supplies—money. Although Sar- dinia does not lend her men for British pay, she accepts the aid of France and England in obtaining a loan, to ease the pressure on herself. Austria is reinforcing her finance department, with some present success to render her efforts in that direction hopefuL The success of France was known last week ; but the Napoleonic loan has attained a superabundant success truly surprising. In lieu of the 20,000,000/. asked, 87,000,000/. is offered ; of the 6,000,0001. subscribed by British capitalists, not a shilling is wanted, and the 10 per cent deposits are returned. The whole sum of the loan is taken up by applicants of 500 francs and under ! It is an advance of taxes by such of the people as can best spare fhe money, allowing the entire community time to readjust the *burden most conveniently, and leaving the Government abso- lutely independent oft capitalists, foreign or domestic. Ex- actly as the Emperor Arpaoleon has exceeded his own requirements in the success of his financial invention, so has the argument in favour of open loans been reinforced.