remarks of Mr. Newmarch with regard to the United States should be accepted with a considerable degree of caution, because the United States loans, as would be found explained in the paper, were all internal loans, under the jurisdiction of the country in which they were issued, and it was as competent for the legislature of the United States to deal with the money affairs of the country, as it was for the legislature of this country to pay the interest on consols in bank notes or sovereigns. With regard to the question of Turkey, it would be found that in the beginning she met her engagements, and that a considerable part of the Turkish resources was applied, not strictly to the payment of the creditors, but to the payment of the manipulators of these loans; consequently there was a very great burden on the finances of Turkey, without advantage to the Government or its creditors. The remark made with regard to the intervention of the Government would, he thought, be found very much in accordance with what he had laid down in the paper. At the same time he had suggested a mode by which the Government might do a little more than it now did, and might be able better to accord with the professions it occasionally made to deputations. Mr. Cohen's explanation, although it touched the question to a certain extent, did not touch in another part, which was, that those persons who sold their coupons were very apt to forget to make any returns to the Government at all. These subjects had been under the consideration of the inland revenue, and it was very desirable these frauds should be checked. With regard to the fraudulent loans, he thought that if greater supervision had been exercised, more might have been done; but he might claim the merit in the case of the Honduras Loan and the Ship Railway Loan, that the action had been such that it was withdrawn in a few days, and he thought that the committee of the Stock Exchange might in several cases have exercised a judicious action. The remarks of

Mr. Newmarch were in some cases a reductio ad absurdum, and not strictly applicable. Investors were in too many cases deceived by the names of apparently respectable houses, and by the faith which was naturally given to the representations made by them.

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