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Hawke's Bay Times, Volume II, Issue 34, 20 February 1862, Page 6 (Supplement)

Amongst the various items of intelligence by the last European mail, is the financial difficulty of France, and the nomination of M. Fould as Minister of Finance. ’ The game of “ beggar my neighbor,” so happily illustrated by Punch, has been played by the two great nations, England and France, and the result, as might have been foretold, has proved most disastrous to the latter. The financial deficit of France amounts to the enormous sum of <£40,000,000 sterling ! The excitable subjects of Fajioleon 111 might, probably, have received the knowledge of this great difficulty with more complacency if greater opportunities had been afforded them for their indulgence in the realities of “glorious war,” but finding that preparations as gigantic in undertaking have been made by perJide Albion for defence as Napoleon’s have been for aggression, his people now find that the luxury is not worth the expense. The following extract on this subject is from the Saturday Review : Ibe humiliation of disclosures even more complete Ilian those already published might perhaps bo borne, if it were not for the still greater annoyance of enforced economy for the future. In the slate in which France now is, it is impossible that the Emperor can propose an expenditure at all approaching that to which he has been accustomed. There is no very large margin for new taxes, and unless the Emperor repents of his repentance in the first year of Ins reformation he has no choice but to submit to a retrenchment which cannot spare either the army or the navy. M. Fould is -• probably quite right in saying that, for defensive purposes, Franco will be as strong as ever; but the privilege of keeping Europe in a perpetual state of alarm, and the poor invading a neighbour ataweek’snoticewith an army on its peace establishment, arc luxuries which, howexer injurious to the interests of France, will not bo very cheerfully abandoned by a ruler of the temper of the French Emperor, Doth at home and abroad he will be compelled te assume a more modest attitude, with no other alternative than (he resumption of his old policy, with all his pecuniary embarrassments aggravated by the disappointment of his people, and by the damaging admission which he has already made of his own reckless and incompetent management. In any event, it is matter for congratulation that the chief disturber of the peace of the w orld has lost a large measure of his power for evil ; and if, by a home fide reduction of his aggressive armanents, he can put himself on good terms with the tax-payers of France, no one in this country will grudge him any increase of power and influence which he may acquire bv allowin'* his Parliament to co-operate in the" financial administration of the State. The persistency with which the intention to raise a fresh loan is still disclaimed, and the nonsence which is gravely put forward about raising a revenue from lucifcr*inatchcs aud pianofortes, are the circumstances which cast the most doubt on the Emperor’s sincerity ; but this is a matter which most concerns the interests of Europe, to sec whether the promised reduction of the naval and military forces of Franco is to be a reality or a sham, and by this test we shall soon be able to judge of the true motives of the financial revolution which M. Fould has been allowed to prepare. Referring still to this matter we select the following renunciation of Mr. Fould from the Home News : M. Fould holds this renunciation also essential to remove the distrust of neighbouring nations ; “With regard to foreign relations, if the power of disposing at a given moment and without intermediary of all the resources of a great nation be a criterion of strength, it is assuredly also of danger. _ The apprehensions which it inspires in all its neighbours obliges them to keep up immense armaments. They arc only reassured by collecting forces superior to those which they fancy themselves threatened, and which their alarm exaggerates. This fear also is, perhaps, now the only bond which still unites in one common sentiment the populations of Europe, whom their institutions and their interests would tend to separate. There is no absurd calumny which will not be believed, no sinister projects which will not find credit am on'* them. ° “ Your majesty, by spontaneously relinquishing this power—more apparent than real, more threatening than effective—would therefore not only restore confidence to France, but you would allay the apprehensions of Europe, and remove all pretext for hostile intentions. When it should be seen that the expenditure of the army and the navy arc submitted to the regular vote of the legislature, it would bo impossible for any Power to fancy itself in danger of a sudden and unforeseen attack ; governments would no longer bo inclined to those ruinous struggles which impel them, in mutual rivalry, to military armaments and preparations ; the populations would no longer witness annual increase of their burdens, which excites them against France, and the odium of which it is attempted to throw on the emperor.” At one of the minor theatres at Venice, crowded houses are drawn by “ A voyage around the World,” to which the late circumnavigation of the Novara has furnished its chief materials. The drop-scene on this occasion is a large map of the world on Mercator’s projection, aud the scenery, copied from sketches taken on the spot, is justly admired. A virgin forest in New Zealand, in which one of the natives brought homo by Dr. llochstctter, is introduced, must he regarded ns a triumph of scenic painting.