RUSSIAN FINANCE.
(TO THE EDITOR OF THE " SPECI'ATOR.I Sin,—The Spectator has at various times dealt with questions relating to Russian finance, and yet no reference appears to have been made in its columns to the fact that the issue of the recent Russian Government Loan has been effected, and most successfully effected, not in Paris, but in Berlin. Is not this an incident surpassing in significance the usual transactions of this kind, and modifying some of the views most currently held as to Russian finance and its relation to policy? Accord- ing to such views, the strength of Russian credit when thrown back upon itself has been doubted, and one of the advantages to Russia of the Franco-Russian Affiance has been held to be that of securing to itself a reservoir of French capital. Yet here a loan is taken up in a country itself emerging from a financial crisis, and which at any rate is outside the Alliance, with success such as would not have been surpassed in Paris, Stronger evidence there could hardly be of the soundness of Russian credit, as also of its non-dependence upon the Alli- ance. And is not the incident worth notice if only as showing bow Russian policy is directed for peace, and how the Alliance inspires or supports confidence in European peace ?-1 am, [In these days when one piece of news "comes huddling on the other" we were unable to find space to deal with the new Russian loan, but we agree with our correspondent as to its importance and significance.—En. Spectator.]
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