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New Zealand Times, Volume XXXIII, Issue 5502, 14 November 1878, Page 2

It is with soma sense of relief that we draw attention to the fact that the special telegram to the Press Agency which affirmed that the Russians were fortifying themselves in certain fortresses in the old dominion of Turkey has not been confirmed. The information was published by us on Saturday ns an extra, but the whole tenor of the news since received appears to show that it was only a political cauard. It is impossible to say what the outcome of the dispute with the Ameer of Afghanistan may bo if the Russians should persist in giving active assistance under a thin veil of neutrality. But in tbo meantime it is satisfactory to note that the money market in London was, by thellatest reports, recovering its tone. On October 21th consols wore quoted at 01 ; on November 2nd they were said to be down to BO}, and on the 9 th they were stated to have been up to 95J. The last quotations showing such a great rise seemed at the time almost incredible, but inasmuch as our late telegrams bear dates tip to the 11th, and are all of a reassuring character, it may now bo considered probable that any immediate danger of a European war has passed away. The commercial and finaucial interests of those connected with tho London market arc so enormous that many well-informed persona believe that very reliable •indications of tho state of tho political atmoa-, phero are to be gathered from a careful study of tho fluctuations reported in the price of money. Every alteration,; however slight, in the phases of tho ' political world of any general import, may be found registered at once in the quotations on ’Change. Those whose fortunes depend in a

great measure, if not entirely, upon the state of trade throughout the globe, have strong personal inducements to procure the surest intelligence from all the great capitals of Europe with despatch. Cypher telegrams betray nothing to the department, or to the public, but if such secret information bo acted upon, tho effect of any extensive transactions on ’Change is quickly noted. It is well known that there are plenty of quick-witted observers who are prompt to give significance to any financial action taken by the leading operators. The fluctuations of the money market are at tho time of a crisis apt to be of a feverish and excited character, and must then be ‘‘discounted” a little, and the readings of this political barometer be checked by the common sense of the calm observer, In this respect, like the weather-glass of meteorologists, sudden and ■violent changes are rather to be regarded as a sign of unsettled weather than as a warning of hurricanes. A continuous period of depression, with a constant downward tendency, gives-the most alarming indications in either case. In the present instance we may hope that trouble in Afghanistan is tho only event that is at all likely to impart an | extra interest to our telegraphic communications. That our forces will have to encounter the Afghans plus a large amount of secret Russian support, may be looked upon as probable, and this alone lends importance to the little war.