The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1875-10-23 00:00:00

Ett ,siourbrihge bstrber.

SATURDAY, OCTOBER 23, 1875.

TURKEY AND HER CREDITORS.

Comm; in the very midst of what is not inaptly
termed the dull senson, when the doors of Par-
liament are closed, and the country is not called
upon to criticise either the policy of the Govern-
ment or the tactics of the Opposition, the de-
fault of Turkey to pay the full amount of inter-
est upon her loans, has naturally created a pro-
found sensation. A proceeding which attacks a
m an's pocket is, indeed likely to command at-
tention at any time; but there are special cir-
cumstances connected with the course of repud-
iation pursued by Turkey which combine to fix
the matter more completely rpon the public
mind. For years there has been an impression
amongst certain classes of the investing com-
munity that, come what might, the Porte wee
bound to keep faith with its creditors. People
who hive put there money into foreign stocks
have argued that, ea the preservation of the
Turkish Empire was neceseery to the mainten-
Dee° of the balance of power in Europe, and
that the Empire ertrld not hold together if once
it became bankrupt, every effort would be made
and every nerve strained, to prevent its collapse
through want of money. Hence the redinance
with which loan after loan is, or rather has been
subscribed for upon our own and other stock
exchanges. The lenders, having been garranted
10 or 12 rer cent for there money, felt as cer-
tain of that return as though they had placed
their capital in Consols. It was a condition of
the very existence of the State that it should
pay its debts, or at all events keep up the inter-
est on its de-es, for, argued the confiding inves-
tor, once let the interest fail, the supplies from
foreign exchanges will be stoped, and the crash
will be disastrous and inevitable. Well, that
which was regarded as so utterly improbable.
has really happened; one-hall of the interest
upon Turkish securities is suddenly confiscated
and the other moiety may follow at no distant
day. Of course the Sultan's Government will
after this get no more loans from other European
Powers, and how the administration of a great
empire is to be carried on without funds, it
would be difficult to say. With the nqtional
chest empty, and a formidable insurrection
raging in one of the provinces, the prospects of
the " sick man" would appear to be dark indee d
at the present juncture. It is all very well to
• say that it is the "sick man's" business, and
•
• concerns every European Power. Let Turkey
fall to peaces, and there would be such a scramble
for the eff4cts of the bankrupt State as would
7, almost certainly lead to a great European war.
That the Moslem is an anachronism in Europe
there can be no question whatever. The Turks
were originally a tribe of Tartars, but by incor-
poration with the peoples-they have conquered
they must be regarded as a mixed race. In the
year 760 they obtained possession of a 'part oi
Aamenia, called from them Turcomania. The'
afterwards gradually extended their power; but
in the thirteenth century, being harassed in
their new possessions by other Tertor tribes, tie y
returned to Asia Minor. 'The population of the
'1 urkish empire exceeds forty millions—more
than that of France. and considerably exceeding
that of the Eritish Isles. In our northern and
aial latitudes, where the sky is so often
gray, the beanie of the sun shut out by coal ant;
driving LAsz.s, and cue mi.-tura heat of the lumi-
nary of the day kJ by chilling easterly
winds, we can y militia the Magnificent
climate which. pos,lersed by a people abandoned
to indolence and fatalism, is totally thrown awa3,
so far as its utiiiz:ttion is concerned for the ben-
efit of man. An agriculturist in any part of our
islands has to contend againgt the most adverse
atmospheric influences. He is constantly fight-
ing life's battle against the elements, and not
nufrequently finds a woole tear's toil and
anxiety thrown iway, when his hay his swept
away by a Hued his wheat beaten down by a
halt-storm or hie root crops withered by drought
Again, the soil is not at all times the most gen-
ial which he would desire to cultivate. What
would he give for the luxuriant land arid the
ebuable climate of the Turk? But the follower
of Mehemet appreciates neither; and so long as
he can sit cross-legged in the warm sunlight
awoke his enormously-long chibouque, and sip
his coffee he cares nothing for either soil or wee-
then Th• sun shines brightly over his head,
ho walks upon green turf which with a little ap-
plication would bring forth thirty, sixty, and a
buudred-fold, the earth beneatn him at a little
depth contains immense stores of minend trea-
sure, the waters are teeming with good auk' re-
freshing food, but tee Alatiouietan cares for
none of these things. "I cannot dig; to beg I
am astiAined," is not his motto, fur he reverses
e. The Sultan, with ali income of .Z 1,800,000
a year, layisping tne woole ot it in voluptuous
ext,rayagance ; his chief ministers by no means
ineorruptinie and uudelLed ; the finances
disorgavized; a crushing weight of taxe
Lion pressing upon an idie and somnolent pe
pie ; the army unable to put down a local rie
and what the navy ;nay ba worth we hat__
means of ascertgiumg. after the cloee t,,
Crimean war, when England, France, and it,),
had to come to her aesati preVt2ote,
her from being swallowed al)oy Rileeia, Turkey
had a eplendia opportunity toe regeileraUo.,
Yet twenty years nave pa..e
worse position than ever. :"111 "titer. 0
these years Wu Turk has Laa ee,tetl ja tiinione‘
tnatkets a Europe A:180,o00,000 sterling, and
and had that vast saw been applied to the con-
struction of railways and to the developement
et her splendid resoutces, Turkey ri;;,
he honoured amongst tie-teem-a ilistead et heteg
a Lyt.4,lrl au ti The Moslem ie net
incapable of exertioe ; ee eau fight ve._-y well, as
he tette-eta in the Criteca. But he oitiles his
talents in a nepleie d sooner or later will be
visited with the in hie doom which overtakes
the drone and the .4. tihrift.

chec

ii.) is ia

vita

THE

TRADE.

Birmingharn. ThuvAlay.

The heavy and continnous reins of the las-
few days, with the consequent floods, have seris
Gusty affected the local iron trade in variont
ways, Ag is well known, many of the works g.t
their coal supply almost daily, and as several
important collieries have been completely
brought to a standstill, operations at the large
ironworks have of course been greatly checked.
It was stated to-day that in the South Stat Tor:.
shire district alone there was a reduction this
week of at least 100,000 tons in the get of coal,
so that the general effect upon the iron trade
may be very easily calculated. One of the firs.;
reaults was naturally to create firmness in the
prices of the last quarterly meeting in both the
coal and iron trades. There was, however
scarcely an appreciable ohanp in any el:lgs of
iron, though in a few eases a s'ight advance waa
obtained for some des,lriptions of pigs. Vary
little business was reporta, howt;ver, for thongh
hems and there inquiti,s wre active, t.:w ord-rc:
could be booked. Thete was a demand for
sheets, and some anxiety was manifested to clear
otf exiting orelie!rs bpforo the close of the ship-
p:,:g season. Inc.al there was no change of
price, enn there was lint very little encourage-
ment of any hopss of a reduclon, in view of
the still very ,Irlsetjed state of the wages ques-
tion.

in North Staffordshire, since the qii.irte:ly
or,le.es hay.) hc.!cotao more nanieroth.l.
for mo t descrip!ioes of finished iron. Common
bar 4 4re 110 W selling at £8 ss. to LB 105.,. and
tile better brands are gnete.4l at 1:13 108. ti £9.
Boiler plates are realisin,, £ll O to £ll 11. A.,
and brilge plates at £lO 15s, tn 'There
tie appreciable Improve,o,;7ll;
and ordinar7 ity is quoted
at 1;5 I. The dematia ff)z 'rx:;4lllfacAtrlne: - fuel
con mimes drill, an; pric,..4 Do-
nu • s:ie -ois more ia deaiand, cl.:ad is increas-
ing in value.

ertl:l

for