The French Government is very anxious, it is believed, that
Turkey should not be allowed to declare herself bank- rupt, the greater portion of the Ottoman Debt, which now amounts to 2120,000,000, being held in France, and in powerful financial hands. Although, therefore, the proposal to raise a Turkish loan of 212,000,000, the Sultan in return granting large rights of control to the representatives of the six Powers, has been vetoed by Russia, the creditors of the Porte are seeking for an alternative scheme. Their idea is that if the Sultan will grant certain illusory reforms, the small investors of Europe will subscribe, say, six millions, with which the most pressing creditors may be paid off, and the troops round Yildiz Kiosk prevented from the mutiny which of all the dangers thickening round him Abd-ul-Hamid most dreads. Russia will not, it is imagined, veto this loan,
especially as without it an explosion in Constantinople can hardly be averted for more than a few months. It is the desire for this loan which is at the bottom of all the "reforms" which the Sultan promises, and which M. Hanotaux pretends have already been carried out in conse- quence of M. Cambon's representations. Of course, no reforms will be actually carried out, and it is possible that the new idea will fail, but it may be doubted whether the explosion will be caused just yet by an avowed bankruptcy. An Asiatic State is seldom entirely ruined by want of cash. The Sultan can still pledge the remaining Customs-duties, and then break faith, he can raise a forced loan from the Mosques on the security of their Wnkf lands, or he can sell islands to different Powers in want of naval stations. The prospect of getting next year's revenue, too, is reported to be a little better owing to the rise in the prices of agricultural produce ; and the farmers of the internal revenues will, in fear of losing their contracts, bear one more squeeze. The Sultan, however, may now count among his personal enemies the great financial houses of Paris and Berlin, who see that the best security they can offer to Turkish creditors la his dethronement.
