The strictly non-political visit of the German Emperor to the Emperor Francis Joseph has had, after all, a political sequel As the "Politische Correspondedenz" puts it, no doubt with perfect correctness, bat with a certain naivete, "a political effect has come, so to say, by itself." This effect is the joint telegram despatched in the name of the two Emperors to their "third true ally" the King of Italy.

We have never been among those who believed that the Triple Alliance had ceased to count seriously as a factor in European politics. We have recognized that its significance has been altered by fresh groupings and development among the Powers ; but that must be the fate of every single compact. Nothing—not even a diplomatic instrument — can remain unaffected by the movement of the world. But that is far from saying that time has gravely impaired its value. There is significance, in such a case, in the mere survival of the written letter ; it is a memorial of obligations contracted and of the mutual interests that led the allies to contract them. Yet mach more, of course, must depend on the spirit in which they regard those obligations.

It says not a little for the Triple Alliance that it has succeeded in proving its utility in a very changed diplomatic world. ("Times.")

The German Emperor has often visited Vienna without opening the wire to Rome ; two members of the Triple Affiance have often entertained one another without public offioial mention of the third. So that there is an obvious significance intended to attach to the "sincere, united expression of unalterable friendship" telegraphed by the two Kaisers to King Victor, and to the King of Italy's assurance of his "faithful and inviolable amity." Here is a formal proclamation to all whom it may concern that the Triple Alliance still stands as one of the great dominating factors of the European situation. ("Telegraph.")

"Thus the phantom of the isolation of the German people fades into nothingness. After such manifestations, after these assurances of inviolable loyalty, faith in the firm cohesion of the Triple Alliance must revive. The meeting at Vienna has given the world a new pledge of peace " ("None Freie Presse," Vienne.)

"It remains certain that there was nothing in the situation to furnish a political reason for the Emperor William's visit; but a political effect has come, so to say, by itself—the much desired enlightenment of the world concerning the present ard the future of the Triple Alliance." ("Politische Corresponderz," Vienna.)

British officials are set a task in the Persian Gulf as impossible of accomplishment as that of the Israelites of old; for they are expected to farther the interests of their compatriots, maintain the prestige of their country, and right the wrong, with insufficient authority upon the spot and but little help from home. ("Blackwood's.")

The Anarchist has a feud with society for the wrongs which it does, and he throws bombs at the representatives of society without caring whom he kills. It is a mad method, but it has its root in the sufferings of multitudes ; and as the remarkably frank artiole in the "Messagero," which we reprint to-day, points ont, it is in countries like SpaiD, where social conditions are worst, that Anarchism most flourishes. This root of Anarchism Governments can cut off not merely by good police administration, but even more effectually by measures of social amelioration. ("Tribune.")

Mr. Baring-Ginld is to be congratulated in being alive to tell (let us hope) a good many more tales before it is no longer possible for him to read his own obituary notices. The error which led to the report of his death was not inexcusable, and incidentally it has provided him with a good deal of frank criticism which he will hardly fail to enjoy. We should not think of prophesying that he is likely to profit by it. After half a centary of writing it is not easy to go to tchool again, nor are we sure that it would be desirable. (' Westminster Gazette.")

All our time honoured sports team doomed. Within the past fortnight agitations have been started against otter hunting and bus-racing. ("Punch.")

The manoeuvres will be invaluable if they prove, so far as it is possible in peace-time, bow little this country has to fear from actual capture. The danger lies in panic, which may tend to raise the prices of necessaries—food and raw material-and excite a popular clamour which may divert the Fleet from its proper function of seeking out the main force of the enemy, to burn, sink, or destroy it whenever it may be found. ("Standard. )

The fact is that this experiment (Chinese la hour) has not fulfilled the promises of its sponsors, and that the Rand, instead of rejoicing on a crest of prosperity, is labouring in the trough of depression. The causes of this are many. Over population, artificial iinflation, extravagant expectations, are among thorn. Another set of causes is to be found in the high cost of living, which is itself the result, in part, of unsound finance and, in part of government policy. What the Transvaal wants is a good dose of Free Trade. ("Daily Chronicle')

The outlook is still improving, but the feeling of uncertainty which has pervaded this market for such a lengthened period has not yet passed away. This is evidenced by the different status of the short and long oredits, and by the steadiness of the D'scount Market. Call money for several days past hss been easily obtainable at about 2 to 2 1/2%, but weekly loans have generally stood at nearly 1 % dearer. The reason is not far to seek : dealers stand in constant fear lest the Bank of England should step in at any moment and absorb all surplus supplies in order to protect the present weak reserve. It is not, however, unreasonable to look forward to a better complexion ere long. The Continental exchanges are in a quite heal'hy position, and the American fxohange need caaee no uneasiness, being about one per cent, above danger point, with a steady ten- denoy.Then, again,the price of bar gold remains 778. 9d , so that the Bank should be able to secure nearly all the raw metal which is arriving daily, and a fair amount of coins should now be returning from the provinces.

To-day's quotations are as follows : Call money 2%, weekly loans 2$ % discounts 3 | % for three months' bills. It is felt that there is an under-current of ease, for the Joint Stock Bank? are willing takers of bills at 3|%, and the discount houses have reduoed their allowance on money at oall and on deposit to 2 and 3% respectively.

Tim Bank return was somewhat disappointing, for although "Other Deposits" have gone up to 44£ millions, the reserve is lower by over £100,000, notwithstanding the influx of over £700,000 in gold from abroad. This is, of course,due to the flew of coin to the provinces. As mentioned above, this should return very shortly.

The ideal weather, which commenced with the Whitsun holiday, and has continued to favour us throughout the week, presented to many members of the Stock Exchange a strong temptation to extend their period of absence from town, and as there was little prespeot a serioqs commencement of business being made for some days, they fell easy victims to the temptation. The result has been a half empty ' House," and a prevailing spirit of idleness—for the holiday feeling has been predominant among those who have pat in an appearance. The obvions result is therefore that dealings have been at a minimum. The tone of the markets has been good, however, and this is very satisfactory as giving promise of better things to come.

The feature of the week has beei the splendid holiday traffic returns of the railways. The London and North Western leads with a magnificent increase of £48.000, while the Great Western follows this up with £40.800. the Midland with £85,355, and the North Eastern £21,447, while there are several other gains of over £10,00 \ These results have exceeded all expectations, bat, remarkable to relate, the effect on the market for home railway shares has been almost nil. We are being told that this indifference is largely the result of fears of labour troubles, and interfering legislation. Whilst the unfortunate tendency of the Government to-day to the democratic vote doubtless gives oaase for some uneasiness, the danger from this quarter appears to be over-estimated. It is not conceivaVe that the rank and file of the Liberal party, which probably numbers as many capitalist? interested in the railways does the party now in opposition, is likely to allow itself to be intimidated by extre mists of the type of Mr. Keir Ha^die and his friends.

Satisfaction is expressed here at the an noancement that a Committee of the Honse of Representatives at Washington has ordered a favourable report to be made on the Fowler Bill. The Biff, which provides for a system of credit currency, adjustable tq varying busiDes? demands, is oalonlated to obviate the money panics which have been so frequent in the States during the autumn in past years, authorises National Bauks to is ue bank-notes for a sum not exceeding 50 per cent, ot their paid-up and unimpaired capital without depo siting Government bond? as security fir them, the amount not to exceed each bank's secured notes, and the tatal of both issues not to exceed the unimpaired paid-up capital. The Committee's favourable attitade is considered a good guarantee that the Bill will now be passed into law. This is a consummation devoutly to be wished, from the point of view not only of Wall Street but also of the Stock Exchange here and the Continental bourses, as its operation would inevitably exeroise a very beneficial effect upon money conditions, and simultaneously upon share market business.

The rumours of an early announcement res pcct:ng the Irish Land issue, which has been so long expected, is jast now acting as a bogey in the gilt-edged market. The sooner this is ont of the way ihe bet'er will it be for this section.

Americans h we been moderately aotive hroughout the w.ek, but the foreign markets dull.

A fairly large influx of bullion early in the week gave a tone of baoyancy to the gilt-edged market, ard Consols benefited accordingly. Yesterday, however, there was a revival of fears of the Irnh Land issue being placed shortly, and this caused a great deal of depression, Consols, under this gloomy influence, falling to 89 A for cash. The olosing quotations to night are 89 A for oash, and 89* for the account.

The International market is quiet, and there is no feature. Russians have been again neglected, and the Fours have fallen to 81 £, the new loan being now only * premium. Japanese are generally steady, with no change worthy of note. The price for the Four-per-cents is dow 92J, and the seoond series of sixes 101*.

No better indication of the indifference of the investing public is to be fouu(| than in their supreme negleot of home railway stocks, in spite of the remarkab'e traffic returns presented- this week. It is quite true that there was a momentary improvement in business on the publication of the stat'stics, but this soon disappeared, and the market is now in the same state of idleness as before.

In several cases, in faot, declines have been recorded. The "heavies" generally dose without change, but Metropolitans, districts, and Tabes" have had decreases of from * to a fall point.

Considering the quietness prevailing in the other markets, American rails have been a fairly s&tisfaotory section. Most of the shares show increases on last week's c*03ing levels, the improvement having been gradual daring the week. Chicago-Milwankee have been well supported, and the price has gone up about 3 up to 182 f. Baltimore are 1* better at 113$, Southern Pacifies are J higher at 69$, but Canadian Pacifica are unchanged.

The Egyptian section is again dosing flat, with no business to report, except in the case of the se who are trying to sell s ock in a market which does not want it. National Banks are offered at 25 j, and Agricultural Banks at 9 ¾. Land Bank of Egypt have been flat and offered down to 8 without any response. Daira Sanieh Ordinary are only 16 and the Deferred ICO. Delta Preference Bearer are supposed to be about 12, and the last issue, which has just had a special settlement, is quoted at 2 discount on the issue price of 12}..

Delta Land and Investment, after being 4$/ dose flat at 3$ sellers. Union Fonoi&re at 6$, Estates at lf-$, Daira Sugar at 4$, and Corporation of Western Egypt at $ premium remain steady and unchanged, whilst Land and General Trust at 3/32 premium and Egyptian Trust and Investment at $ premium are slightly harder. Egyptian Markets and Salt and Soda have Dot been mentioned since our last, and close at 1 A and 1 A respectively. Bank of Roumania have changed hands at 10

Referring 16 the rumours we mentioned last week concerning the Urn Ras Company, we understand^ it is the intention of the present company to reconstruct with the same capital as at present, and to issae a new share for every old one, the new shares to be oredited with 15/- paid, and to have a farther liability of 5/- per share. The present market price ot the old shares is 1/-, and at this price the new shares, when folly paid, will have co9t 6/-, and considering the actual results that have already aoorued from the mine, and the prospects of its future, makes the price appear alow one for the new £1 share. There are some of the other mining companie3 in Egypt with holdings in Urn Ras, and it will be interesting to know how they intend to deal with the situation.

The Mysore Reefs and Exploration have a holding of about 50,000 shares in Um Ras, and as they have ample fands, they will most certainly pay the oall when dae, which would amount to say £12,500. It is difficult indeed to understand why the Mysore Reefs shares keep at suoh a low level, as their position would appear to be a strong one, and more se than some other shares standing at a much higher proportionate level.

As regards the Egyptian Mines Exploration Co. generally known as "Mammies," these are also largely interested in Um Ras ; it is diffi cult at the moment to say whether they are in a position to follow the lines mentioned above as likely to be adopted by the Mysore Reefs, and although it has been rumoured here that "Mummies" might also reconstruct, we are given to understand that this is not likely .Their U in Ras holding is somewhere aboo t 30,000 shares, and it is possible they may offer them to their existing shareholders gratis, the latter paying the oall, and they would therefore get a £1 new Um Ras ehaie for the amoant of the proposed oall, or say for 5/-. This ought to have a good effeot on Mummies," as the share iu that case would obviously oarry an advantage of a shilling or two over their present price.

The South African market is all "nerves," and just as individuals suffering from a disordered nervous system are the victims of all sorts of gl'.omy f rebodirg", bo is this market overcome by a variety of "rumours," which tend to keep it flat. There have been no end of stupid alarms during the past few weeks, and yosterday a report was oiroulated to the effect that one important firm had decided to 'get ont" by disposing if its Rhodesian holdings. Until the maiket is more settled and consistent, furious business is not to be ex pec ted. Meanwhile prices continue to droop.