Hawke's Bay Herald. WEDNESDAY, MAY 9, 1877.

Hawke's Bay Herald, Volume XX, Issue 3901, 9 May 1877, Page 2

Hawke's Bay Herald. WEDNESDAY, MAY 9, 1877.

Tue plot is thickening in the East, and the question is becoming one of great urgency, both Avith England and Austria, Avhether they should longer maintain their neutrality. It Avould cause us no surprise to hear that England had declared Avar toniorrow. At the same time, it is difficult to understand, as yet, what has occurred to alter her attitude.. Russia, to all appearance, is not making headAvay. Very far from it. The Anglo-Turkish fleet and army — for they can hardly be othei'Avise described — seem, afc present, rather more than she ran cope Avith. Tlie struggle, it is evident, Avill be a long and sanguinary one ; any anticipations avo may have entertained of its being over by August may be given up as delusive. The intelligence that stocks are recoA -ering, is hardly consistent Avith the existence of so intense a Avar panic as Aye might reasonably haA 7 e expected Avould, in the circumstances, ensue. AAlien • AA'ar, Avith its attendant disorganization of trade, is looked upon as certain, securities of all descriptions, no matter lioav good, must be at a discount. AVhat eA-eryone then Avants, and what. l eA'eiyone must have, is cash, and cash only.