Morning journal and courier., 1880-02-16
FEBRUARY I6. 1880.

allegations were denied by the plaintiffs, who
 testified that the understanding was that the
 actual title to the corn should pass l; in other
 words, that there should be bona fde pur
 chase. The court did not deny that an agree mens would be unlawful if it was clearly un- derstood by both parties to be, not for actual purchases or bona tide transactions, but simply speculation or wager as to future prices, and contemplating merely the payment of differ enees. But there was no legal objection to a contract for future delivery. It is as legii- mate to buy grain to be delivered in the fu- ture, hoping thereby to profit by a rise in the market, as it is to buy lands on specula- tion. In the present case the court held that on the face of the transaction the contract was good. It could not be gambling contract unless both parties participated in the illegal ity by uniting in the intent. If either party meant it as lawful transaction, it must be held to be such. ''It is not enough to defeat it," said the court 'that it is susceptible of an illegal use, or that one of the parties to it contemplated or designed such illegal use, if the other had right to suppose, under the circumstances, that the contract was to have effect according to it's apparent and lawful con- struction."
 The Frankfurtsr Zeitung publishes an inter- esting comparison of the budgets, national debts and military expenditures of European States in 1865 and 1879. First of all, as re- gards Germany, her financial requirements in that interval have more than doubled. In 1865 she made the two ends meet with budget of e31, ,OOO, 900; but she now finds it no easy task to satisfy the public needs with e66, ,OoO, ,oOo. The heaviest budgets in Europe are at the present moment those of France and Russia France with an expenditure of some s119, ,000,- 900, and Russia with one of e107, ,00O, GOO, the latter now ranking before England by some 922, COG, 900. In 1865 Russia, like Germany, required an income of less than half as much. Her budget then amounted to 951, ,000, 900. There is nota European State but has increased it's expenditure since 1865, the total for all Europe having risen from s39s, 900, 900 to s585, ,Oo0, 900. As regards the national debts of the different European States, the same may be said of all except England and Holland, which alone show certain diminution of their debts. Russia especially has managed to bring up hers from modest e20s, ,oO0, ,OOO to the re- spectabls figure of s60O, GOO, 900, and she has been closely followed by Spain and Italy. France now ranking first of all; while in 1865 England was far the most heavily burdened, standing before France to the extent of f250,- GOO, 900. The total debts of the States of Europe have risen from @, ,626, ,OoO, ,OOO to s4, 324, 100000. But the most interesting fig ures of all are those of the military expendit- ure. Of 8 total expenditure for Europe of s5s5, ,ooo, 900, e16o, 100000 are devoted to maintaining armies. In 1865, of s398, COG, ,o0o, s117, ,00O, GOO were devoted to this department. Here, too, nearly every State has increased it's expenditure, Germany, France and Russia heading the list. Both in 1865 and 1879, how ever, Russia and England stand first. Russia spent last year es6, 900, 900, England s4, ,Ooo,- 900 less, France s27, ,0oo, ,OOO, and Germany s21, 1000, 900. In 1865 the German sxpend- iture on war was estimated at e1O, 900, 900 the Austro-Hungarian at s11, 500, 900; the French at f17, 1000, 900; the British at e27,- OOO, ,0OO, and the Russian at s22. .OOO,O 900. Only Italy and Austria Hungary have since then re- ducsd their army expenditure.