'Till hardly a shackle remains
In Black Sea or Bosphorus. This may mean loss for us,
Bruin cares not whilst he gains.

Treaties and protocols irk,
Russian Bear;
And therefore are matters to shirk.
Berlin and Paris, No longer must harass
This true friend of France--and the Turk.
Hrumph! hrumph!
Well, well, we shall see how 'twill work!

* * * * *

"HANGING THEOLOGY."--Readers of the _Times_ have been for some time
in a state of suspense--most appropriately--as to the result of the
correspondence carried on by Lord GRIMTHORPE & Co. under the above
heading. At all events the Editor of the _Times_ has been giving his
correspondents quite enough rope to ensure the proverbial termination
of their epistolary existence.

* * * * *

[Illustration: "TURNING THE TABLES."

("The success of a Russian Loan is not dearly purchased by a little
effusion, which, after all, commits Russia to nothing. French
sentiment is always worth cultivating in that way, because, unlike
the British variety, it has a distinct influence upon investments."
--_Daily Paper_.)]