London, Jan. ).- [Copyrighted 1S96, b the Associated Press.]- The gravity of th politica! crisis here is increasing instea of diminishing. Tho attitude of Empero William toward Great Britain in th matter of Dr. Jameson's freebooting ex pedition into the Transvaal npon close atudy set-ms to havo boon delibérate anc long and oarefully planned. The Trans r:ial incident, it would appear, was only tho pretext seized upon by the empero? in order to enter the field as an active oppo none of Great Britain's policy of aggrand lzenient in África, and hor little uiisun derstanding with King Prompeh o Ashanri, tostether with her support o Italy's warfare against Abysinnia are be lieved to have been the irritating feat ures which flnally inducud his majesty t ■bow his hand. Will li. mimi Indemnlty. Of course this is only i sample of th rumors in circulution hore, but it show? the drift of the wind and has served to incensethe British to a degree not witnessed since war with Russla was threatened some years ago. To make matters worse, it is now repor_ted that the Transvaal repub.'ic will demand an indomnity of $á,- ÖOO.OÜO from Great Britain as one of the r 'snlts of Dr. Jameson's invasión of the little Dutch republic. If this turns out to be the case, no doubt will be entertained that Emperor William in his recent interviews with Dr. J. W. Loyds, the secretary of state of the TransvaaJ, prompted this demand, and may also have announced his intentïon of supporting it. Under those circuinstances, and in view of the war preparations by land and sea bow being vigorously pushed by Great Britain, it is not astonishing that there was an ominous drop in consols. Not Newspaper Exaggeration. This drop as much as anything, is a olear indication that the gravity of the political situation is not newspaper exaggeraijion. Dispatcbes from Berlín annouuce that. Emperor William had an important conference Wednesday morning with Dr. Kayser, chief of the Germán colonial office, and that further dispatches have been exchanged between Berlín and Pretoria. Great Britain is evidently determined not to be eaught unprepared for war. Tho report that orders havo been sent to Portsmouth, Devonport, and Chathom for the humediate commissioning of a flying squadron of warships is conflrmed and has causad a profound inipression in ali circles. The flying squadron is ordered to be ready for sea by Jan. 14, Tuesday next.