New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-06

'e hrst information of his elevation 70 the throne
OF Greece. 1t is probably the only instance on
record Of a royal prince receiving the news that
he had become King while mastheaded
In those days King George known as Prince
William OF Denmark. He took the name Of George
owing to it's being more agreeable to Grecian ears
and better adapted to the Hellenic language than
William. King George is already an admiral of
the Danish Navy, while his consort. Queen Olga,
VINO holds masters sailing certificate. and can
handle boat with great skill and daring, enjoys
the distinction OF being the only woman admiral.
that rank having been conferred on her in the
Russian Navy by the late Gar in recognition OF
her kindness to Russian sailors and naval oncers'
for whom she has estab shed a special ward in the
great hospital which she has founded at Athens.
Queen Olga. it may be remembered. is princess
OF the imperial house OF Romanof. being 4 daugh-
ter of the late Grand Duke Constantine and a
granddaughter. therefore, OF Car Nlcholas l.
There no shrewder business people IN the
world than the Italians, the Lombards. indeed,
being the orignators of the modern system Of
banking. Ne surprise Will therefore be caused by
the fact that the Italians about to take re-
markedly clever advantage of the excellent I'M
preston created throughout France by the recent
visit to Paris Of King Victor Emmanuel ana his
beautiful consort. impression which is likely TO
be rendered stiil more agreeable by the cordial
welcome which the excellent Papa Loubet," as
the French President is now known everywhere. Is
certain to receive a few weeks hence at Rome. Inc
advantage in question nothing nor less than
the conversion of the Italian debt from . to per
cent interest Nearly s9oVcoOo0 of the Italian debt
is held in France and the result Of this conversion
of Italian bonds from to per cent will constitute
a severe blow to the incomes of the petty bour-
geos of France, by whom Italian government
stocks largely held. The preparations for this
conversion are already under way.
OF course the Italian treasury authorities do not
cream of admitting that there is any connection
between the transaction and the visit to Paris of
the King and Queen of Italy But the popularity
which the latter have acquired in France. more
especially in the gay metropolis has been turned TO
good account by those who are arranging Tor the
conversion of the debt. They have managed 10
create such a boom in Italian government stocks
as bring their price up to 1o. and 1t is on this
ground-that is 10 say, the increased value OF the
bonds-that they are to be converted INTO per
cents.
French neopIe after a time will begin to dread.
rather than to welcome the visit of foreign mon
archs, for the long visit which King Charies OF
Portugal paid to Paris year or so ago was toi-
lowed by a reduction In the interest OF that por-
ton of the national debt of Portugal which is heid
abroad chiefly by small French investors, thus d.
minishing their incomes, while each OF ire Two
visits of the Emperor and Empress of Russia to
France has been followed either by the issue at
Paris of a new Russian government loan or oy
conversion OF some existing Franco-Russian loan
to a lower rate of interest than that agreed on
when it was contracted.
do not for one moment wish to imply that
these foreign monarchs are any party TO these
schemes of their Ministers of Finance that they
VISIT France and endeavor to make themselves
agreeable their hosts with any interested OBJECT
in view But the French warm hearted peo-
pie easily aroused to enthusiasm, and when the
latter is burning brightly the treasury officials OF
the sovereigns who have aroused II manlfesty
think IT a pity not to take advantage of it
While on the subject of Italy, let me mention
that there is I'm the Mediterranean tiny repub-
lie which I have vet seen mentioned In any
of the descriptions and lists of the smallest States
of Europe. True il has been I'm existence for only
twenty-one years II is the Republic OF Tavolara'
which occupies an island to the north of the big
island of Sardinia, and has population OF ABOUT
three hundred inhabitants. Until 1888 it was ruieG
by an absolute monarch, the last sovereign oeins
Paolo l. of the old dynasty of the Barthoioal Who'
on his accession to the throne in 1888, was CON
frrned in his rights by King Charles Albert OF
Sardinia by the then King of Naples and the
Pope His son. however, was a prohigate, ana
when Paoo died the population declined to permit
him to succeed to the throne. and proclaimed them
selves republic, securing recognition as such IN
1889 by the Italian government. The President ls
elected for a term of ten years. the women nave
the right of vote and there is standing army or
national debt.
MAROUISE DE FONTENOY.