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stantinople is mos* vital to the peac2 ne- gotiations. London, F¢b. 23rd—A number of men, who, during the past two years have been appointed to official duties in Rus- sia have sent a memorial to Mr. Lloyd George, advocating the recognition of the Soviet Government of Russia. The signatories include Lieuter ant-General Sir Hubert Gough, who headed. the British military misson in the Baltic, Colonel March, Military Agent in tne Cauecasus in 1915-1916, and Lieatenant Commander of a brigade at Mur- mansk when chief of staff to Gener- al yough, and several financial advisers and expertson vari ws military missions. They eontend that simply trading with cooperative unior.s is not sufficient, with- out the assistance of the Russian Govern- mert, while it is becoming clearer daily- that the stability of Europe depends up- on rescoring the European states which can >nly be alequately provisioned from Russia, and that without a generii peace Russia’s resources cannot be made available. Coperihagen, Feb. 23rd.—The “'Ber- lingske Tidende’s’’ Fleasburg correspon- dent states that the International “om- mission has discovered rorty-two Ger- man eannon and ten machine guns in working ordar on Sylt Island, Schieswig Holstein. The officers ommanding the batteries, the correspondent says, were drassed in civilian clothes and had torbid- den the international police to enter their ritory a‘ter ten o’clock at night. It is said that British troops will replace the Germans. London, Feb. 23rd.—The ‘‘Times’’ says that white to expel all the Turkish race hzs never been dreamed of, the Turkish flag, the Turkish ruler, and the Turkish Government have no longer a placein Europe. Dublin, Feb. 23rd.——Mr. Robert Bar- ton, Sinn Fein member of Parlia- ment for the cast Wicklow, who was eon- victed on February 12th. on a charge tha- at Shilizlagh last year he made threats a rainst Viscount French and Mr. frank Rrooke, a member of the Lord Lieuten- ants advisory council, has been sentenced to thregyears’ penal servitude. : Paris, Feb. 23rd.—The final documents annexed to tae Hungarian reply to the Alijed Peac: Terms were presented to the Seeratary of the Peace Conference on Sarurday last. The reply says that Hungary is willing that the porulations of all the contested regions should de- cide by 4 plebiscite, whether they were to be dominatad by troops of occupation or whetner they wish to remain Hunga- rian. It is contenaed by the Hunga- rizns in their answer that the bounda- ries pronposed by the treaty ave strategi- ca.ly and ecoromically favourable to the adjoining countries, but are unjust to Hungary and not defensibie nn either ethinological or historical grounds, and it is pointed out that, in addition to = B X &L ' Transylvania, the boundries proposed ~ leave outside of Hungary a strip of ter- ritory, .rom 35 to 40 miles wide, and en- tirely- surrounding Hungary, in which . the Hungarian population isin an over- | - whelming majority. It is also alleg%d that the treaty ecuts off a large | ' popoulation in the Carpat ians which - in the past depended for its existence upon the wprk given the peogle during the Summer on the Hungarian plains. The:e plains remain Hungarian and the mountaineers, it is alleged, will thus be deprived of their means of existence. The proposad frontier line, it is pointed out, likewise break up inportant public wo.Kks erecied at the cost of many mil- lions of ecrowns to fight the floods i along the Theiss and Danube Rivers, some of Dykes and pum ing stations be- . ing allotted to one country. ‘vhile others . whieh are connecred with such works and operated in connection with them, are left to another country. Another | ' Os the points made is that %the railways ! winding through the contested territory are repeatedly cut by the peace treaty | . line, so that 1t will be impossible, it is deciared to operate them successfully. T'ne point on whieh the Hungarians ap- pear to be the most sensitive is the de- tachment of territory in Western Hun- gary for annexation to Anstria. Baltimore, Feb. 23rd.-——Mr. Robert | . Hoover delivered an address today ! | at tie Johns Poptkins Ulniversity, . With referer.ce to his Bpposition to mak- | ing th2 ratification of the Treaty with | Germany an issue in the presidential cam- ° paign, he insisted that theinjection of ar- guments for and against the reservation would obscure our pressing democratic | issues by conflicts over which the coun- | try had already made up its mind, and | added: '‘'llt is my impression that there | 1s not a particle of credit in this posi- tion’’. The present Jdanger that Europe is facing, he said, is not so much a re- volutionary cataclysm as a steady de- oeneratien of the standard of living and a slow decay of the forces of stability. Restored productivity, he insisted, was essential if the Allies are to receive the maximum reparation. Unti! then, we shall not have real peace, he said, and it will be delayed as long s we hang the treaty in the air or we are a part of it. I believe that the majority of our peo- ple are convicied oi the necessity of re- . ~ sorvations with ihe League.”’ Londen, Feb. 24th. —The estimates - which the Secretary for War defended in the House of Commons yesterday against severe attacks from the Liberal ~ and Labour benches, provide for the . complete year ¥25,000,000 pounds, in- | . cluding ‘“Terminal charges of the war’® ~ and garrisons in occupied territories, . leaving 55,000,000 pounds for the reg- ular estimaie compared with a pre-war - cost for a year of 29,000,000 pounds. - This would not include the cost of the Air Services which he estimated at 25,000,000 pounds. Mr. Churehill ask- . ed for 75,000,000 pounds on account -for the coming four or five months of . heaviest expenditure. 5 London, Feby. 24th.—The Allies will ~ decline to deal with Soviet Russia until ' they have arrived at the conviction that the Bolshevist horrors have come to an . end, it was announced after the meeting . of the Surreme Council today. New York, Feby. 24th.-——The rate on . demand bills for the English pound ster- - ling dropped 5% cents here today, the opening prices being quoted st three thirty five and a quarter. The discount on Canadian money was quoted at thirteen and 2 half per cent at the open- ing, at the end of the first hour demand sterling rallied to three thirty and a half. Cables were at three thirty nine and a qaarter and the discount on ( anadian money was quoted at fourteen to four- teen and a haif at noon. . | NEW YORK. Feb. 28th 1920. . ~ Flour Rlendad Clear St. Lawrence [ rand | pr. brl. $11.75 - Meal, Kilndried per 100 s $3.65 New Secason’s Pork per brl. $46.00 Heavy Mess Pork per bbl. $41.00 Sugar---Crystals maximum per 100 lbs $10.54. Sugar---Crystals minimum $10.24 Molasses Sugar 89° test, no quotation. Cotton, Middling Upiand, at [.iverpool per Ib. 30 44--1004. tixchange, New York and London, 60 » days’ sight $3.34 Exchange New York and London, sight $3.39 LoNDON, F2b. 28th 1919. ~ Sugar-Demerara Crystals duty paid price. | fixed by the Royal Commission per ewts ‘ 100s. od. -105 s. sd. . Muscovado, 89°/“ basis, floating terms in . bond, Ditto duty free. 90s. od.—9ss. Od. (German Beet 88°/¢ f.o.b. no further sales during the war White Java sugar cif U. Kingdom ecif without engagement. 88.0 White Java Sugar, cif Uunited King- dom 1f arrives before 27th December 85/ | THE MONEY MARKET. Efforts to strength2n reserves, espe- . cially those left with the Federal Re- | serve Bank of New York, have featured | the zetivities of the Federa! Reserve Board and individuai bankers during the past {fortnight, Heavy purchases of - gold in London have gcne hand in hand +—with a contraction of loans, and t ere is evident likewise a disposition to go . more carefullv in the matter of finane- | ing foreign shipments. Exchange rates i declined generally during the last week. ' Call money has ranged from a low of | 6% on January 15 and 16 to a high of | 18% on Janusry 12. Renewals during ~ the last week ranged from 7 to 9%. - Time money for all dates has loaned . at’ T 4 and 8%. American Financial Paper, 23 Jany. 1920.