Portadown almost the same prices are charged-namely, 4s 7d, 3s 4d, and 2s 14d respectively. From Belfast to Omagh is sixtysix miles, not so far as from Brussels to Namur. The fares are considerably more than double-viz., 11s 8d, 88 8d, and 5s 6d respectively. Throughout Belgium, in fact, it may be taken as a fact that the passengers fares are considerably less than half the fares in Ireland. But this is not all. There are trains running more frequently, and the second-class carriages are at the least as good as the very best first-class carriages in Ireland. In the third-class there is more room, better seats, and, as a rule, a shelf or rest of some kind for parcels. The speed is not so good as in England, but it is at least as good as in Ireland; and, as a rule, the utmost punctuality is observed. It is true the English Parliament rejected a proposition for the purchase of the English railways, but this arose from the enormous amount required and the complexity of the machinery required for such a net work. It would require from five to six hundred millions of pounds sterling, to purchase the English Railways-while about twentyfive million pounds would purchase all the Irish Railways - which being only a few great lines, could be operated in connexion to a much greater advantage than separately. With regard to our Canada Pacific, the expense has to be borne by the Government and the country, and there appears to be no good reason why it should not be constructed by those who are to pay for it, and reap the benefit of it. It would indeed increase the work devolving upon the government, but this difficulty could be obviated by an additional bureau. One advantage to be derived would be (passing by the monetary), that at any time the ministry could be called to account for the mode of management, while a company would be entirely irresponsible.

The affairs of Spain assume an aspect more favourable to the Central Government at Madrid. The Carlist rebellion seems drawing to an end. The insurgent vessels have been beaten, and the leaders of the intransigentes are seeking for some asylum to which they may retire. So far, success seems to be on the side of republicans in Spain. We hope soon to see that country taking a high place among the nations, and that the orator Castelar will not be found a mere phrasemonger, but a man of action, and origi

nation.

What a few weeks or months may unfold in France, no one can tell-a monarchy or a revolution. It is useless to speculate.

The failure of Jay Cooke & Company to implement their engagements in connection with the Northern Pacific, has had widely extended effects, raising for a time the price of gold, making greenbacks scarce and dear, bringing down the price of stocks, and entailing ruin on larger speculators. Even Jay Gould and Vanderbilt, have been brought low, if not entirely ruined. It is satisfactory to know that large numbers of the citizens of the

United States have, taking advantage of the low figure of good stocks, added considerably to their fortunes. Generally those of large means who operate by margins are able so to control the prices of stocks that they come out winners, but Nemesis sometimes cuts the thread which they are spinning, and their vast wealth collapses in the fall. It is also satisfactory to see that the trade of the country is sound and that all things are now proceeding as usual. A large number, indeed, of those who, allured by the high rate of interest paid by the Northern Pacific, invested their savings in that concern will be great losers, even though it should ultimately recover from the shock which it has received. What amount, from the operations of this railway, and the granted lands, may in the end be realized, it is impossible to say, though it is clear that, for many years there will be no interest paid on the bonds. Those who had invested with the hope of getting large annual interest will be greatly disappointed.

We cannot but congratulate ourselves, that the firm of Jay Cooke were prevented from having anything to do with the Dominion Pacific. Bad as the Pacific Scandal is, we have the satisfaction of knowing that it might have been worse.

We are sorry to see that our anticipation, regarding the effect of the Northern Pacific collapse and the ensuing panic, are too sanguine many large milling establishments being already closed, and others being likely to follow the example. Many thousands will thus be thrown out of employment, and great distress will be entailed. How far manufacturers may be affected by the panic, no one can tell. The consequences of such stringency in the money market as has prevailed, may be very serious to many men who have to pay large per centages for accommodation. The natural result of every panic is to make all, who can, reduce their expenditures. With reduced consumption manufacturers must reduce production. We hope, however, soon to see trade resume its regular course. With an abundant harvest, the financial trouble will soon abate and prosperity return.