NEW LOAN TO TURKEY.

Colonist, Volume IV, Issue 315, 26 October 1860, Page 4

NEW LOAN TO TURKEY.

According to the accounts from Oonstan" tinople it is said that some of the European Powers are not indisposed to guarantee a new Turkish loan, and it is added that, if the empire is really to be upheld, some such measure is a matter of necessity. There can be no doubt that up to the present time too,;much has been done or too little. If the loans granted had just been extended to the point that would have enabled the Government to complete their currency reform, all pretext to further uncertainties or irregularities of account would have been at an end, but until that consummation shall have been effected there can be no real confidence in financial transactions of any kind, and fiscal improvements must likewise be hopeless. _ Under existing circumstances the difficulties are such as must cause any fresh palliatives to be worse than useless, and the English public will look with great dissatisfaction on further commitments being entered into by this country. The only course would be for the Turkish Government to grant authority to a commission composed of Europeans thoroughly versed in all the broad principles of finance and commerce, who should report on the organic reforms necessary to develope and secure the extraordinary resources of the empire, and to consent to have these carried out under guarantees which could not be evaded.

None of the people mixed up with the various.exchange and bank factions at Constantinople would be fie agents for such a a task, and there is little prospect that the Turkish ministers will be able to emancipate themselves from these imiuences. All that can be said is that the time is gone by for half measures, that, if anything is to be done, it must be of a wide, solid, and statesmanlike character, and that otherwise English capitalists cannot too soon make up their minds to let that crash come which will alone bring about a state of things to admit of growth to something better*