Feb. 18. xchange stood at for £10, the par 1.6 roubles, and for The high tone adopted by Mr. Winston Churchill in dealing with the position of the British years it had fuct fed between x, is not, we venture to think, ud 96. The exchange was so one whit foo high.—Repugnant disturbed, however, by the war it is to speak of one's achieve-that it' rose at one p int even iments—and let us never—forget high as 135 roubles no ally. Tu that without the splendid codev fo counteract this state operation of the French fleet in nth or so ago the Rus-the Mediterranean, and the work ermment obtained an ad-done by Japan at Tsingtao, the ditional credit of—£40.000,000 effectiveness of the British Navy London, by depositing could not have been what it is—£8,000,000 in gold with the Bank no other kind of speech would of Engl: ing 000,000 i have been—possible on such through occasion for the—First the Britis ernment. But Tord of the—Admit though the effect of this operation Tu time of war concentment is wranly to reduce the favin other of sneenss, All Which has since the more. therefore, when plain speaking is possible, and when asently to have stuck obsertion can be verified by experly at about 116-118; and lence, if is not only the privilege the result is that British and Rus-Int the duty of those in authority merchants are finding that to spark out. The First Tord business between them was addressing an audience far siralyzed, And this has taken wider than his fellow-countrymen, atime when more than Tad he pretended to deprecate in amount of business any way what the Navy has done, we, When more than he would assily have given:|impression of something to cover who is making up. Donbts might have arisen is not to lifey and questionings just at the time when it is of the greatest imextent. She portance that the—Admiralty vert corn to Sweden lest Gore should enjoy the eanfidenee that wild get the benefit of it deserves to enjoy.—Arends trade possible with serie rather ill-judged criticisms while three-quarters of the Navy have been heard the merino wool required by They arose chiefly from impati-Original from
Text read from the printed page and cleaned; old type leaves the occasional error.