THE BALKANS.

Otago Daily Times, Issue 14439, 4 February 1909, Page 6

THE BALKANS.

Ivl'Ssiax diplomacy, which, as practised by .M. Isvolsky, has been of such a kind throughout, the whole of tlm Balkan crisis and of the negotiations that have tciiowed it. as to command the respect of the world, lias conspicuously triumphed in its intervention io effect

a settlement of the difficulty between Turkey and Bulgaria over the indemnity payable by the latter country. The arrangement suggested by Russia, though viewed with suspicion in Vienna, i,s eminently, so far as wo are able to judge, of n. ; , -on\monsenso order. The .statement that Russia l>ropu.sed to '' make gocd the difference between the indemnity offered by Bulgaria. and that demanded by Turkey," on the face of it, invites the construction that Russia, was actually prepared to take off the shoulders of Bulgaria. a portion of the indemnity for which Turkey has stipulated and herself to incur the obligation, of Bulgaria in l'fepoct of that portion. But an action of this kind would be as unusual as altruistic; and any such construction of the Russian coffer is irreconcilable with the other information that is to hand on the point. Whatever ambiguity may exist witSi regard to the terms of the settlement of course, attributable to the need compression in the transmission of news by cable from one end of the globe to the other, but in tins Cflse it is apparent that one effect of the intervention by Russia, has been to secure that the conditions of the payment by Bulgaria shall bo sufficiently easy to admit of her complying with the demand made by Turkey without- in the process incurring any exceptional financial strain or having to raise money at extortionate lates. At the same time, tho arrangement is of such a nature that Turkey wilt be enabled to borrow funds of which, it is clear, she stands in need and which, presumably, she desired BulgiirJa to provide for her. The Porte is to be relieved of so much of her indebtedness to Russia in respect of the war indemnity that was fixed by the Treaty of Berlin as will enable her to borrow five millions. This indebtedness is, in fact, ta bo transferred from Tnrtey to r.ulgaj-ia, but upon terms which extend tho poriod of the collection of the debt by Russia. The amount of the indemnity which Turkey still owed last year was £21,520,000, reducible annually by a payment of £318,181, but it is to j bo inferred that, tho proportional payment to bo made each year by Bulgaria is .this.

i>he effect of the arrangement is, we gather, that .Russia will have to wait lor tlie last instalment of the indemnity somewhat longer than she other-"i'-e would. But she dees not- sacrifice a. single kopeck over the transaction. And since tlie terms of the settlement allow of Bulgaria paying off the indemnity that. is exacted of her in such in., a menu as will, j n ordinary circumstances, involve 110 stl , lin o[l her fences, and since they represent an acquiescence Turkey's demands and sat,sh-her present needs for fnnds, they yh7 - V (I(Vcl 'ilK'd as a dis , lctl xrayr ,mwi ° 5