for a fair interest on the securities. It is well known, however, that Baron Hirsch is still able to withhold these receipts from the Turkish Administration, and is assisted in doing so by his business friend, Herr Bleichröder, who is quite indifferent as to whether the interests of others and particularly of German creditors suffer thereby. One hawk does not peck out another hawk’s eyes. Even if we can do nothing to remedy this state of affairs, we can at least help people to recognise the bird by its feathers.’ (Bucher’s letter now follows once more.) I am sufficiently acquainted with the management of this paper to know that such an article must at least have been sanctioned in a higher quarter (Bismarck).” _December 20th._--The day before yesterday I wrote to the Imperial Chancellor begging for an interview, and in case there were anything to mention in the press to supply me with the necessary information. At 1.30 P.M. to-day a Chancery attendant brought me a letter from _Hofrath_ Sachse, marked “Urgent,” in which Bismarck “requested me to be good enough to visit him this afternoon at 4 o’clock.” I went to the palace at the time appointed. Theiss showed me in to the Prince, with whom I remained for three-quarters of an hour. He had a white beard, and was sitting at his writing-table. After reaching me his hand he said: “You have doubtless come with great expectations, and think I shall have something to say to you about the article in the _Kölnische Zeitung_--the one on Russian armaments.” I asked: “Did that come from here?” He: “No, not from me; but from the military authorities.” I: “And the statements are correct?” He: “Certainly. They are constructing many more railways than they require for trade and traffic, and the garrisons in the western towns and fortresses have been placed almost upon a war footing. I should not be surprised if there were a war with them next year. The Bourse has also shown itself much concerned, but I believe that the fall in quotations arises rather from anxiety respecting France. But (he continued) you have been indiscreet in the _Grenzboten_ in your reference to the alliance with Austria. It has been very awkward for them (in Austria), for the Hungarian Diet can now come and demand information on the subject.” I replied: “I thought that the matter had gradually leaked out. Three or four months ago some one, I forget now who it was, said to me that everybody now knew that a formal alliance existed, and not a mere memorandum. Perhaps my informant had it from Vienna. I was therefore of opinion that it could do no harm, and might possibly be of use if I mentioned it incidentally, as I did in the _Grenzboten_ article, and I was quite astounded when all the newspapers wrote leading articles upon it. I must be very much mistaken if I have not seen something similar elsewhere.”