The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-10-10
International Finance aud Inter
national Politics.

Tnaknltnue OF IOlltlChl tNtnl Ol Noh-
siderable importance and illustrate more
than any recent incident in Europe the
influence OF international finance on
international politics.
The presence of the Turkish Prime
Minister, HAKKI Pasha, in Paris upon
his mission was almost Coincident with
the statement that an alliance offensive
and defensive had been formed between
the Ottoman Empire and Rumania.
This understanding between theee two
States might not have been in itself
matter Of much moment. for IL might
have foreshadowed the development OF
Turkey and the Balkan States through
their own efforts even with Turkey
the chief Of a Balkan hegemony. But
France and England, that had always
insisted upon a programme ~ peace
for the Ottoman Empire, saw in such an
alliance a confirmation OF the r,Imor Of
! Turkeys connection with tho Triple
Alliance said 10 have been entered
into early in the summer at the meet
ing Of Ottoman and Austrian Ministers
at Marienbad Rumania was consid-
cred a secret member Of the Triple Alli-
ance, and tho Rumanian King. CHARLES
l., q Hohenzollern prince. an active SYM
pathizer with GermanIc policies
France, thus finding herself in the
position Of furnishing money 20 the
upbuilding Of an ally u Germany and
Austria-Hungary. asked for a guarantee
that French funds should not be used
in promoti ing a policy hostile 10 that If
| France and her ally Russia. The Turk
iah Government was apparently unable
10 furnish this pledge. and France de-
Clned to make the loan II was under
these circumstances that Sir ERNEST
CAssEI, according Ia report, undertook
to float the loan in Great Britain. The
storm Of protest thar arose brought
forth denal- not only from Sir ERN PSI
but from all who had b,en named m
the scheme, and also a strong demand
from the English press for support of
France in her contention.
While the British Government has no
control over financial ventures. Il has
been a generally accepted fact that the
knowledge that the Government OPP
poses a foreign loan has ALWAYS had
considerable weight with investors, The
French Government. however. in refIs-
ing To permit the quotation 81 foreign
securities which u does not favor on
| the Bourse Possesses a most formidable
power. The attitude Of France on the
question thus seriously Complicates the
situation should Turkey succeed IN new
loan: the wealth ~ the banking houses
and the savings Of the thrifty rcopl"
that have been in the past 40 frequently
used in floating the securities Of the lesser
continental States would be pract lCallv
unavailable
The facts regarding the understand
inR or alliance between Rumania and
Turkey. the important point in these
negotia,, IONS. are almost as obscure to-
day a. when they were first discussed
The Rumanian Foreign Minister, VI.
BRATIANo, has mad" a statement
that amounts 10 an admission 81 the
substantial truth ~ "A military conven-
tfou. DAVID Bey. the Turkish Finance
Minister. represents all the r7Tmors of
~ NlTAftN
the work ~ mischief maken- In
statement he recalled the reasons that
Turkey has for gratitude 90 Russia.
France and England. and said that
Turkeys entrance into the Triple
Alliance IL not only -uncallcd for by
any urgent Ottoman interests. but
would h. rightly considered by the
I - i
and ineXplcable decision In spite
Of this rrassuring statement the Triple
Entente IL inclined TO suspect that
contingent Understandings have bN"n
reached which enable both tho alliance
and Turkey TO count upon each other n
necessary And this, il il held, would
have an unfortunate influence upon the
Turkish policy toward Greece.
The French po-Itlon, in which Eng
land agrees Is that n common interest
in Turkeys future. for her own sake
and that II the Balkans ~ a whole,
jlstifes the special care on the part Of
! France ~ To the fate 81 her money in
Turkeys hand France has a financial
! interest in the stability II the Ottoman
Empire. in the peaceful development ~
her resources, and in the working out nv
! herself ~ her position as y nation. and
shares with the Triple Entente dIsin-
! ClinRtion "a see her drawn through the
aggrc@sIons 81 the military party into
war that would imperil the peace II
Europe II IL we'll known that there are
among the Young Turks number of the
! chief men who would welcome war a. "A
means IT gratifying natinnn! sentiment
and consolidating tli" new order They
form a powerful military element that
has ALWAYS -tp"d behind the present
Government and constitute u factor thnI
cannot we'll b" ignored even by the most
conservative 81 IN" Ministry.
That tins element might find m fact
~ seeking Ia find. IN some act ~ folly 1T
the Gr"cian Government or the Gr,.ek
National Assembly reason for conflict
IN which Gree" would figure ~ the