28 OCTOBER 1871, Page 3

A telegram was received in London on Thursday announcing that

the Spanish Finance Minister intended to propose a tax of 18 per cent. on the coupons of both the external and internal debt, —an act as regards the former of confiscation. There was conse- quently great speculation in Spanish stocks, and this was pro- bably the object of the report. How could the " intentions " of the Minister be made known, or whence could the Spanish Treasury, if banned from the Exchanges, obtain supplies from day to day ? 'There is no equilibrium in Spanish finance yet.