22 JULY 1876, Page 1

The Viennese correspondent of the Telegraph, who is some- times

well informed, states positively that the Emperors of Russia and Austria agreed at Reichstadt not to allow Servia or Monte- negro to be turned ii") Turkish Pashalics. This is probably true, as neither Sovere=zn wishes to incur the enmity of the South Slavonians, or of their sympathisers in South Russia and Hun- gary, but the further reports that Austria and Russia are arming do not appear to be borne out. Both must be suffering great inconvenience from the fall in the value of silver, and from the present low price of their securities, though Lord Derby's remark yesterday week about the position of Russian finance conveys an exaggerated impression. Nations fight, as Spain did, even when their finances are disorganised. Should the war, however, go against the Servians, there will be no need of armies, as none of the Christian Powers wish Servia to be destroyed. The most probable ending, in that event, would be a Conference, to decide on some policy which would prevent these frequent explosions in South-Eastern Europe.