The Express. — London, England, 1848-12-14 00:00:00

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To o•••••—kionimii..l•man. or O g Allonoom. a ou e. s. pputro b. LONDON, THURSDAY, DEC. 14. TSB Lemeastor elation has attracted its full Aare el notice from sW contemporaries. Although our wishes would have bees with the most liberal candi date, we shall not Imitate the example some of them have set in virulently abusing, or affecting malevolent contempt for, his antaggonists. Sir &BE LWEit LWOW le a distingeshed writer and a liberal politician s Mr. Peet is, we b elieve, a ver y studious, amiabe,lmi intelligent young man. But w e cannot congratulate himOn the sense or learning of his supporters. The electioneering article written in the Chronicle, the grim of tle PEEL pariy, was composed in a strain of Inicrous cavil towards one, and of useataning brute- UV towards another, of hs competition that send only provoke disgust. Mr. PUILLIMOSII is celled journal not. friendly to his claims " a uses et pushed abilities." His works have been mash ink and h i g h ly praised by very competent ritics. His on law reform and hie " History of the It lpamphlats eas Law" show that he is a W hen, of no cosonima atta i nme nts and capacity. When, therefore. the Times, the fanatical advocate of the ohn eso e& and, as far as it dares to be. the vile worshipper of rank, and the Chrunick, the flippant slanderer of CAVAIONAC, think to get rid of each a man's opinions by saying that they an of no value, or by appending to tho name of a polished and leaned writer the epithet" shal low," and ethers still coarser and more inapplicable, they rely . a g eed deal on the implicit faith and bad taste of their readers. Aftc- all, as SlotrAtiis e amused himself with the stupid malevolence of critics who attacked opinions which they supposed were his, but which were in reality those of Pt. tit) and CICERO, Mr. PHU, Lams may wile when he sees the opinions of HAYJDLM, of Ltlllll3, and of MILTON, de-cubed in a paroxysm of rage as the effusion of a " beer-house chartist." A church that appeals to that repel which in its letter as well as in its spirit inculcates disregard of wealth, and insists upon giving to its ministers pompons titles, and to several of them incomes ex ceeding ten thousand a year, may well be said to in sal t the reason of mankind in the 19th century, as MILTON thought it insulted that reason in the 17th. Bet Mr. PUIr.LIMORE has withdrawn; and as Mr. PEEL is the adverstry of the liberal candidate, we proceed to consider his address. If we were disposed to imitate the funny writer in the Chnoniefr we might find in it abundant scope for verbal criticism. The third paragraph is altogether ungrammatical Ism deeply Impressed with the serenity of a searching logniry into every branch of oar expenditure. and of every letrewehmect which may be compatible with the public misty—with the adequate protection o: our widely extended ivemeaarlitl intereste—end with the firm maiiitenaoce of the notiosal credit. But the dextrous ambiguity with which both that and the next paragraph are expressed is open to far more grave objections: The necerity of a wits economy is the more urgent in my emisioo, b,awe I feel it incumbent elm me to resist any attempt (if such be made) to reimpose taxation upon those articles of foreign import which con.utute the materials eu which our manufacturing industry is employed, m which WWI jets the sesistence, or administer to the meat, of the greet WSW Of lite community ; %taloa it should be deemed prudes*, ex mon extensive exp. r;ence of the effecle of free w a s measures, to adopt • different hue of po li cy—a result, however, which I do not anticipate. Nothing can be lees like the frankness which sits so strangers, whose confidence the writer is soliciting. lithe electors of Leominster did not know Mr. Pages opinions before, what do they know about them now ? bind the writer These passages mean nothing—they to nothing. 'they fill up a certain quantity of paper, and that is all ; and yet in no other part of his address has Mr. PEEL even alluded to any question. Waal, there ever a candidate who could not tell hisconstitu. its that he was the advocate " for any retrenchment compatible with the national safety "? Might not DODDINGTON, Of BOOBY, Or Mr. WILLIAM HOl.Milk, or Mr. CROKLR, have said the same thing ? Not a syllable does Mr. PEEL say about the Irish Endowmeut, or about Ballot—about the Francium — about Education—queetions with which every shop, and many cottages, in the empire are now ringing. Truly, if the electors of Leominster are with so vague and meagre a statement, Mr. PEEL slight have saved himself the trouble of addressing them altogether. We regret to see a young man so an nounce himself to public life. But we do not impute to him the composition of this addreaL There is a jesuitical ambiguity, a labousd mysticism about it, which long practice alone can give, which CARDWELL might envy, and in which dinntrromE would delight: --" Nihil apertum, nihil simplex." As WI te DRAM said Of PETE, "that he verily believed he could speak a king's off hand," Mr. PEEL, if he was the entitle of rehaddrees, might rival the most famous adepts in the grand art of the PEEL school — t hat of " with man y weeds making nothing understood ; " and, in a short time. might hope to repeat off hand a state paper like GM famous despatch to Sir YARDLEY WILMOT. We trust, however, that the electors of Leominster will show, in spite of Mr. AettertunnT, that this is not the way in which their favour is to be won—that they will rise as one man to vindicate the character al their borough—to prove that they are not the vas. sale of their opulent netghbonr, and secure at least cos member by whom, in the ensuing parliament, they may be manfully sad faithfully represented. Ws wonder meth that the streaming lights, expe rimentally projected from the summit of metropolitan ealamns, and exhibited at the tail of railway trains, be,. sot set the gas companies pondering upon the seeemity of meeting the multiplied complaints which seise on every side, against the price io the Bre: in dium, bat latterly against even the quality of the dement which they distribute and vend. The CRANCELLOB or TUE EXCHZQUIR, bard hearted ais be is, has been lenient apoa shop lights. The gee people are Mee inexorabk ; and in this time of the y ea r, w hoa London, or any commodity in London. is visible far a very Om hours by daylight, it ia important. that the citreous should be allowed to see cheaply. The facts adduced at elate meeting in iltshopegate ; them stated in the able report of the City Solicitor, read at a recent meeting of the commissioners of sewers, u reported in the E.epress of the 15th of November, together with the speeches delivered at the meeting of Tuesday, in Anderton's Hotel ; have placed the public in full premien of the grievances of which all have to complain. The annual rental for gas from the City of London amounts to 150,0001., for a length of main of only 60 milts, being beyond 2,0001. for each mile of main. A return, we believe, unexampled in amount, °Guider ing the limits from which it is derivable. In Liverpool, where the charge for gas—twenty five per cent. superior in illuminating power to the London gas—is 43 dd. per 1,000 feet, it appeei s, from an inquiry before the parliamentary commis sioners, that, with a length of main of 150 miles, the net rental of the Liverpool Gas-light Company was 39,614/. oe. sd. And yet this company was paying ten ver cent. to its shareholders. What then must be the profit* of the City companies at 6 e. pe r 1,000 feet —and receiving, as they are, nearly four times the annul amount of the rental of the Liverpool can- Ry, with less than half the extent o f mains extend over their districts. t may, perhaps, be urged that the difference be tween the pries of coal as charged in London and Liverpool, te a meson for the higher prices charged for gas in the former. This argument, however, in without effeet,fur the higher price of coal in London is more than compensated to the gas manufacturer here by the higher prima he receives for his residual produce—foe mattress, the price paid by the City , DECEMB,I*-1,4;.: 1848. A i h r ,s oyialpee, there yit the way of I AN rat the very j eatt-steek Inehailibie liquidation. Hence ,etr ocisdneters will wasp tUdr censerns with ad &Weal me settprwitsse; thereby giving additional weerlty e u := ft is band that **present elate of the W lat il ites a teedemey to lower the character of joint stock banks, to prevent their ezteosiott, and to deprive that part of the country in which one of those inel legiti tutions has been unsocesesfal of its proper and - mate amount of banking aeoommodsuon—when, by their restricted power toleme notes, joint4tock bezits have no longer the facilities of obtaining credit which they formerly had—and when their creditors can at ones arrest them in a career of insecurity—a strong cue has, we submit, been made out in favour of more limited responsibility on behalf of their shareholders. iFor, ands 4 its simple will se looter be any Vetting, Mum _IIS FRANCE. ponement. It cannot be said that the report of eight pages, which stands as an introduction to the evidence, is wanting in lucidity of arrangement, in acquaintance with the subject, or in a felicity of expression which very rarely relieves the tedione I debtor and the official verbosity of the records of parliament. This is a good account as far as it goes. But it is susceptible of considerable addition. We could have been content with a less artistic composi tion, if it had been more directly to the point—if it had been low eclectic and more dogmatic— if it had discussed differences with lem nicety—and by running the hazard of asserting a fact, or setting up a theory, have been less visibly impel seed with the tone and the traces of a compromise. The commit tee on the growth of cotton in India have dune nothing to redeem the reputation of the official verdicts of these select tribunals of parliament from the oblivion which is fast overtaking them. Mankind have run so many conspicuous instances of the diluting and ex punging processes to which their reports are sub jected—they understand so well how intrigue cast help up the emphasis of a poiragraph —and how in finitesimal (in many cues) is the influence of the evidence over the opinion which is to precede, and is Noe measure prejudge it—that as a matter ot fact tee committees augur oe !coeval wan we return benefit from every obligation except that of hearing answers and caking questions. In a short compass, the enterprise of cultivating cotton in India is a question of roads, taxes, and capital. We enumerate the impediments in the order of their magnitude. With even no revision of an assessment so primitively oppressive as that pre vailing in Broach, and with no advancement beyond the stage of helpless indigence, which at this moment grinds down the whole of the agricultural pusantry of Hindostan, it is certain that the introductton of a cheap, speedy, and secure mode of transit would com pletely change the posture of the whole question. of Boar, and the luxuriance of th e whole of that tract of country which, enclosed by the Nerbudda and the Godavery,conetitutes them ist northerly portion of the Deccan—would for any useful purpose of exporta tion, be almost as valuable if it existed only on the tops of the Himalaya, or if it was narrated only in fable. The first thing to be drilled into the mind of an En glishman who takes up any Indian topic involving oonsideratione of distance and facilities of locomotion is the almost incredible difference between the roads of Hindostan and the turnpikes of Great Britain. There are no roads in India. Expedition is • thing scarcely . understood in its European signification. The quickest course of poet from Delhi to Calcutta is something more than a couple of weeks. If another Narita tlau was to make his appearance I tomorrow before the gates of that greatest city I of upper India, there must elapse an interval twice as long as that consumed by the diligence* of Hamm I. between York and London before the weirs' of Fort William could be admonished by the latelligence to prepare themselves for an assault. Tne peat dak road, which unites Bombay with Agra, is a mere scratch across the country, often obliterated by um wirogo, arid impracticable for Europeans dor- In eas hartk part of the year. The fuel which supplies been the comparatively near vicinity of the Mewed* is a year upon its passage ; and, as the !=il Cal Company can very clearly explain, the which coats them almost nothing at the mouth elf the pit is gradually enhanced by . the deterioration el to all the extreme vicissitudes of a tro tlaser tae to • price which would astonish even a who smarts under the precious legislation of tie Court of Aldermen. Then are, then, no roads in India ; and it admits of no diorite that t he introduction of one of the first elements of economical production would alter the whale bearings of the project. The truth, therefore, is simply this—that the only elf ctual way of raising vitt= in India is to promote the construction of rail ways in the first instance. But while this is true on the one hand, there is every wawa ea the other to urge on, by all legitimate anne,tbeaseomplishment of other collateral reforms; sad thew Is so presumption in affirming that among theme rehme, as Improved adjustment of the land erneremeld in the first in order as well as the first in are ' We are not sure that even Exeter-hall har bours, at this time of day, any clique of incurable fanatics who cry out against the land tax of India as an enormity as unwarranted by usage as (warding to them) it is prolific of pernicious aselielPfaess. The antiquity and the necessity of Ws marked of taxation in India an now pretty well unisrstend even among the sentimentalists of religious ollitsdest In reality, the diecretion of an Indian financier is remarkably circumscribed. He has before him the land, and he has nothing else, and unless he can contrive to draw some part of the gnus prod uce from the hands of the cultivator to ex- I chequer of the prince the consequence is as plain as it is aedy—the government goes without ream anr the state is filled with confusion. The land of India, then, has always paid the taxes of 1•11 s. That, at all events, is certain. The Hindoo peewees were, by ancient law, entitled to a sixth, awl they took a fourth of the produce--the Moho 'miens took also a fourth—and there is good reason to believe that we have taken something more in stead of something lees than the Mahomedus. The angotall of the tar, however, is scarcely its most important feature. If a man knows precisely what he has to pay, it ism thing—if he is in peep& ual sespesee . whether he will find himself with mum in histh pocket or a honeeless vagabond, ejected by e c ruel myrmidons of a law PARIS, WIDIMIDAY, II A.M. The tennr o! my despatches for several weeks part will have prepared you for the event, the final an nouncement of which will be made in a few days. Indeed, no attentive observer of public opinion poeseming adequate means of information in tho capital, as well as m the departments, could have e ntertained much doubt of the result. Louis Napo leon Bonaparte will be proclaimed President of the French Republic bT an immense majority of the French people, a majority that will probably exceed that by which his illustrious uncle was declared Emperor. Of the 36 millions which constitute the population of France it is computed that there are about 9 mil lions of electors, that is to Bay 9 millions of the male sex above 21. Judging by put experience, and by the results of the present election which have become already known, it is calculated that rather more than 7 millions of there will deliver their votes, of which, judging by analogy, at least two-thirds, or nearly 5 millions, will be in favour of Prince Louis. The results already known are only partial, but they are distributed among a great number of depart ments, and their indication is so decisive that the most devoted organs of the other candidates unre servedly give the thing up. Oen. Cavaignao has taken a private residence in the Rue Ncuve Luxembourg. Up to the time I now write we have received re , turns more or less complete from Paris and the ltanlieue, and from twenty - two departments. The following exhibits in a tabular form these results : lidoosirte. Coy.. Wm. lions. lamp dl. Lanssrtine. Paris 11 naive, 49,221 16,115 2,918 2,162 697 ; Lrepartments. 211,363 64,480 8,816 60 329 We have already mentioned that government had consented to the appointment of a committee to consider the question of the limitation of responsibility in tee individual proprietors of joint stock batiks. And we are not at all surprised that the subject is creatieg considerable attention in the north of England ; for that part of the kingdom has recently suffered smartly from the present state of the law on this subject. But it does, we must cooks:, come upon u s as an agreeable surprise to find Land en practising lawyers making a move in the same direction ; for hitherto they, as a class, have not been remarkable fur aiding in law reforms. When, then, both the sufferers and the lawyers are tube seen engaged in this movement, the probability is that it may, ere long, end in some substantial improvement. The general argument in favour of limited responsi bility is the tendency of the existing plenary respon sibility to lower the character and respecta bility of the proprietaries of joint stock banks, and thereby to deprive them of equal chances of custom with private banks. Though banking, properly con ducted, is, as ADAM SMITII says, the meet mechani• cal of all trades, it is, nevertheless, a business re quiring Decreey on the part of its conductors. It is therefor.- impossible that the shareholders of joint stock banks can have that perfect knowledge of the condition of the establishments in which they are partners, that they are entitled to and may puritan in any other public partnerships. They may have general statements, but the value of such statements obviously depends on an acquaintance with the de tails on which they are made up, and such an ac quaintance is altogether inconsietest with that con fidence, on the preservation of which the custom, and, of course, the profits, of banking depend. Wanting then this knowledge, they are compelled to place an amount of authority in the hands of directors and managers which may, and frequently has, involved them all in ruin. 'the force of the Claim of all creditors on joint stack banks to be fully satisfied, is at once admitted. But the question is whether they cannot have that secu rity, even under limited responsibility ? It is quite obvious that they can. All that is needful fur that purpose is to render it absolutely necessary to wind up the affairs of any joint stock bank, when a certain amount of its subscribed capital shall have been called up by its directory ; rendering of course all the proprietary liable for the full amount of c ipital subscribed, and giving its managers amide powers to reject the admission of insufficient persons as share holders. This alteration of the law, accompanied perhaps by a penal inhibition to declare a dividend from any source except from the profits ut the ordinary business for the period in respect of which the divideud is about to be made, and prohi biting its payment until some public officer had eer -1 tified that the Bank was entitled to make such a divi dend from its profits, would, we submit, afford suffi cient security for the creditors of joint stock banks. T here was indeed formerly a reason for a larg er se curity for Bank creditors which Sir It. PEEL , last currency law has deprived them of. Under that law joint stock banks subsequently formed cannot issue notes payable on demand ; and the power to issue such notes of those previously establi-bed is not only limited in amount, but the sum total of those in the hands of the public is in each case published weekly. The demand for plenary responsibility was formerly very much founded on the necessity of protecting the poorer and ignorant portion of the public against the abuse of the power of issuing notes which banks had, if in point of fact they could exercise such power. GIEItMANY But the cogency of this reason is now , b y Peen's Act, . diminished to an extent that may fairly claim a cop- respesding reduction in the amount of proprieta r y re- PRUSSIA.—We have the Berlin j ournals of Thus, it Dec. 11. Thus, it us, that one improvement advances another. It appears by a statement made by General Again, the general argument in favour of limited re- Wrangel to Herr Schneiler, a bookseller, whose shop spansibility is not a little aided by a very useful ill, former threatened to close if any more numbers of a certain publication were sold in it, that the state statute of last session. Hitherto there has been very great difficulty in bringing joint-atock companies, of siege will not be raised until the end of January. when in difficulties, to book. Directors, unwilling One of the members of the L'-ft of the ex-National to wind up, might hold shar , holders desirous of Assembly has been ordered by the police to quit Ber knowing and guying the worst, at arms length. lin within 24 hours, after having resided there during Shareholders refusing to pay calls rendered nem- four years. The rank of this arbitrary step will be Nary to discharge liabilities fairly incurred could that he will lose his right to vote at the next election, only be got at by individual crediters, first suing for, by the new constitution, every qualified dune the company in ote capacity, and then using must have resided in his district six months before '.. attearjonlyment tinedoa against it against individual day fixed for the elections . —A few days ego a depu ders who bad means bat not the disposition to tation of citizens presented to the Board of Aldermen pay. Bills in Chancery and writs of scire Arias were an address (with 3,717 signatures), setting forth that the most facile of the legal agencies for winding up that board no longer possessed the confidence of the shattered joint stock banks. In the height of the Peoi de of Berlin, on account of its proclamation on the railway mania a clumsy act was, however, passed, to 21st alt proclamation which was warmly enlo remedy, if possible, this state of the law by bringing gieed by the King. jointstock b u t wit h within the range of the bank- Government have expressed their intention to rapt law; but with no useful result beyond the set- establish an electric telegraph between Berlin and the tlement, we believe, of the affairs of a railway cern. Austrian frontiers, rid Breslau.—Prince Charles of piny incompletely registered. To facilitate the Prussia left Brahma yesterday for Olmutz. winding up of joint stock companies in a summary The &sds Arceiyer, of the 11th inst., publishes a and comparatively inexpensive mann er, the Joint royal declaratio n, in which the King refers in terms of Stock Companies Wing-up Act of last session gratitude to the many addresses presented to him and wax enacted, and aver y useful statute it seems the Queen on the occasion of the 25th anniversary of likely to prove : m ss already (altheugh the p-esent their marriage, and thanks Divine Providence for is the first ter during which it has been giving him the opportunity to acknowledge that available), we observe several notices to arrange and recent trying events have not loosened the bonds of terminate the affairs of joint-stock companies under love and attachment which unite the Prussian people its provisions—affairs, tee, which under the old law to the reigning house, as proved by the numerous ad were to all spin seance incapable of settlement. By dresses from all quarters and from ell ranks of life. this statute any interested person, be he creditor or The mine journal publishes a royal ordonnance ,hareholder, may petition the Court of Chancery in a abolishing the stamp duty on papers published or arsl summary way to have the affairs of the company riviu in Prussia. Hitherto foreign Journals (inclad-1 ing English ones) were subjected to a stamp duty of wound up. No preliminary bill is necessary ;no ser vice of notice on all other parties interested, as in the one shilling per quarter. case of a dissolution snit is indispensable. All that AUSTRIA.—The intelligence from Vienna is of tl I is required is that the notice of application be so cir- Bth inst. It is asserted that the Magyars,who had, somT calmed and advertised as to give sufficient currency weeks ago, penetrated into a part of Croatia, have to the intended petition. On hearing the petition, the taken the capital, Agram, and defeated the imperial court may either make an order as prayed nisi, and so troops on the Styrian frontiers. It is not a little re ensure extended notice, or it may issue its fiat of markable that the imperialists, who, a short Limo ago, winding up at once. This winding up order has to had advanced as far as Wieselburg, have withdrawn be referred to a master ; and be, forthwith, has to ap- to the district this side of Bruck. point one or more official managers; and in them It is believed that the Emperor will not visit Vienna thenceforth the company becomes vested. By before the new year, and that the state of siege will the master, on the recommendation of these continue till that time. It appears that the Emperor managers, funds sufficient to liquidate all Nicholas has offered stto advance the Basserts 0 millions of demands established to t heir satisfaction are florins required for the ate. that he to be called up ; and the orders of masters for calls has made another offer to Austria ; nothing less, in and for payment of balances are to have the force of fact, than an Empress in the shape of a Russian judgments. Full powers are given to compromise princess. claims and to arrange disputes betweea different It is believed that the ex-emperor and empress will classes of shsreholders ; and all appeals are to be take up their permanent residence in Munich. No made by motion to discharge the master's order— report has appeared of the proceedings of the Diet at which is by far the cheapest a nd s p eedies t form of Krems ier, on the sth inst.,but it is positively asserted appeal known in equity procedure. In short, the that the sitting was a very stor bmy etween one, and d thathe t a statute really appears to have an economical and personal took place soof speedy settlement of the a ff airs of joint-stock core - trmin and Czech deputies. poles seriously in view and to be very likely to The town council of Vienna has presented an ad achieve success. • dress to the new Emperor, of which the following is Now, as hitherto the difficulty of creditors reaching an extract : t"che people of Vienna look up to your the shareholders of joint-stock banks has been a Majesty with the hope and the conviction that your reason for imposing such plenary responsibility on Modesty, in unison with the in o represeurFather nta tivesand the of the their proprietors, we have again in the facility that people, will shortly complete l will hereafter be afforded them by this statute, ad- work of reform so gloriously begun by your illustri ditional argument for relaxing that responsibility. ono uncle, so that prosperity may revive amongst us Toot .... 43,67.5 149,422 35,962 16,672 5,733 Thus it appears that of the total number of votes already delivered, 746,454, Bonaparte obtained 439,6;5, while all the other candidates together ob tained 396, 779. lithe same proportion were to pre vail among tegnn and a half millions of votes to be delivered, Bonaparte would obtain about four and a half millions, and the other candidates three millions. But it is calculated that the results to be reported will bl still more favourab'e to Bonaparte. A telegraphic despatch was received last evening from the Sarthe, which announced that Bonaparte had obtained RO per cent. of the votes. Another was re ceived from the Prefect of Arras, announcing that he had obtaioed a great majority in that city and all the surrounding commures. Telegraphic despatches re ceived by government last evening announce that in Angoulcme, Lyons, and Nantes, Bonaparte has ob tained 'JO per oent. of the votes. In Bordeaux the electors wile almost unanimous. The Mon actor of this morning, in its unofficial part, states that the Government having allowed greater latitude to the clubs, under the pretext of their being electoral meetings, is now resolved to proceed against such of them whose constitution or language makes L them amenable to the law. The Government also ex perms a determination to prevent all " attroupeinents." ITALY. LONIBARDY.—The Noure!liste of Marseilles, of the 10th inst., publiahee a private letter, under date ehs• onel I low . Tr4.1..1.• soy. • •• It is la.liovad that a corner of the veil which conceal. the propositions, deliberations, and determinations of the Anglo-French mediation has been raised. The fol lowing is received on good authority. The Count de Brignolles Solis, late Ambassador of Sardinia at Paris, has written to his daughter, married to M. de Melzi, that the affair of the Duke of Leuehtemberg is in good train. An indemnity of 30 millions will be accorded to Austria in part payment of the national debt on account of Italy. The Emperor Nicholas, on his eon ascending the throne at Milan, will pay to the credit of the Lombardo-Venetian kingdom 120,000,000. There will remain 180,000,000, for the yment of which the kingdom of Upp er Ital y wll be allowed 18 years, paying 10,000,000 a year, and, until complete payment, the Austrians will oecupy Mantua and Peachier... THE. ;UR R SDAY , • ea • •• " • Zl ll tax 4 .;lisitost Now; it is lido*. • * m rent dna to t o= the isosto=at u t frlnstrisaliZrihtiedit‘the pretrallinglsyterelm extsia‘s medlicatiosi. A motrdmtion of this tai na is already in progress, and has already been comp l e ted in several provinces of the north-west, and l in some few of the eollectarates of Bombay. In place of that vexatious and infinite amiss which every year summoned before its odious inquisition the petty de tails of every miserable peaent, sad held out a di rect inducement to proficiency in every art of concealment and subterfuge, the Bast India Compaq have substituted the precision and the equity of • I lease of 30 years. Under this lease the ryot u bound to pay an assess m ent founded upon an average of the ten years preceding the day on which the lease le granted. If the asse ss ment thus ascertained be only Bo equivalent of a fair and reasonable rent, the trans action scarcely admits of further simplification, and any suggestions of improvement would be directed rather to stimulate the activity of the occupant by ex tending the duration of his assured possession, than to the terms of the current contract. But beyond and above this point of comparative detail every rolicitude of the state must bo directed to such an abatement of expenditure and to such a pro motion of new species of industry and additional sources of revenue as may mitigate the exclusive de pendsuos of the country upon one form of impost; and permit the growth between the peasant and the ruler of an intermediate class of traders and wealthy per sons, without which a nation must always be help less and a government always more or lest tyran nical. tioinpaniee for coal is Ifie. 2d. per ton. Far resides' pro- I duo frees this, they naive from each ton at coal : kr 'eke, 10s. 13d. ; ammosisoal liquor, 3d. ; tar, la. gal 9,00 ; leaving the oost of a ton of coal, pro em** 9,00 0 fist of gas at 4s. 2d., or 61d. pee 1,000 hat Is Liverls ool lb° E" eaueq:l. Py for Cannel cud is.. Bid. per tnes red 9,60 0 fed of pa, the resided products from w amount roily to te. 4d., leaving the oast of opal par ton 9e. 41d., or about Is. pa 1,000 feet kr the gee predtteiii, Baiting I in fewer at the London lenoieturet a difference of about Old. rr IX , feet. These facts show that Usti price of ecel in London is no argument what ever in favour of the high p rices charged to the con sumers for gas, the vales of residual products more than counterbalancing to the London manufacturer any Ices sustained from the higher price his coal may cost him. We are not inclined to interfere with the profits or organisation of companies. But the enormity of incident to metropolitan life , a nd which have : h ai l a " the scale of income necessary for residence in it, is en evil which affects the social economy of the whole country, as the supply of light, air, and water, affects the unitary condition of the population. Nowhere are freedom of trade and com petition more respected than in of great manufacturing towas. But there it is evident the supply of these vital neceseszies will not be left to private or to commercial speculation. The corpora tion of Liverpool have lately purchased, at great cost, the interests of the two companies that hitherto sup plied the town with water, and the diecussioo there at present is, how this necessary of life can be supplied in most abundant:sand economy. In Manchester the corporation has got into its hands the supply of gas, which yields already a surplus fund of some ao,oont., thus applied to other civic and sanitary s. " ' T r Londoners must not, and will not, remain be kiedhand in these matters. Bet Londoners, a fens which cannot be exclusively confined to the UMW nuts of the City, are anomalously situated with re aped to their civic constitution. And how they can ems down to parliament to demand to have 1.11 these easher7 and other attributes made over to them with dab municipal council and authority organised es at present, we are at a loss to know. The one q uestion, very important in itself, leads inevitably to other questi o ns still more important and cue•tial to the dignity and well-being of the City of London. 'Fur labours of the Committee on the " Growth of Cotton in India" have at last been entombed in a blue book. How it hiss come to pass that one of the moat important and interesting inquiries of the session has been subjected to a delay of tire months (the re port is dated July 17, 1848) in the office of the parlia mentary printer, Mr. BRIGHT ought to make a sub ject of special inquiry. Corn, and currency, and sugar, have all been honoured with the expeditious at tention of those who preside over the incubation of state papers, and certaiely there was nothing about Mr. BRIGHT or his committee which should have con demned its labours to the disgrace of indefinite poet the es ed of true and legal freedom, peados beneficial fruit, and clause a free, united, and powerful Austria to spring up with renova ted: strength amidst the storms of the ow" present time, bearing within itaelf the retract" of stahllityfor a series of ages. Great is them - and glorious will be the renown of him who will accomplish it; indelible, moreover, will be the thanks whioh a happy people will bestow upon its FRANKFURT.—The section of the constitutes ooetelittee, to which the question respecting of the German empire was referred, has &clued in fr:our of an hereditary emperor with a civil list ; the right of succession to be determined by primo geniture. BADEN.—It appears from the Mannheim Abend Zeitung that the deficit in the treasury of the grand i duchy s 6,900,000 florins. ebt Court. Oeeonwm—Prince Albert embarked on board Me Fairy yesterday, at Osborne Pier, and proceeded on b ea d the Ajax steam guard-ship, to witnees the experiment s nub the new steam propeller, ittad in that vessel. Col. Maher.ly had an interview with the Chancc llof of the Exchequer yesterday. Mr. Bagshawe, ht P , had d o an interview yesterday with the right hon. baronet at M t *facial residence in Downiiwetreet. Despatches were received yesterday at the Colonial. office, from the Governor of Canada, and also from th e ro Tensors of the ;Asher North American admin. _ The loaTecar Committeeof the Privy Council sat yesterday. The appeal from the Prangslive c o ,, t, Browning Budd " Ives resumed and concluded. Mt Turner (Queen's Counsel) and Dr. Addams were hunt b; the respondent, and the Queen's Advocate replied l ot % I appellant. PENINSULAR AND ORIENTAL STEAM COMPANY._ _ _ The eighth annual meeting of this company v m , held yesterday at the eompany's offices ; Sir J. Pine in Ik e chair. ' The secretary r. ad the re^^rt aup,..-az.azg,:eit,ditionof t ietit i l l colcil td dy.; th ii,i:?,,„" :4 as compared with the corresponding period of the pink,ii fiaane,sl year, both sa regards Its income and its peek From the documents placed on the table it appeared: After defraying the mdinary disbursements of the year, Wiwi. the current repairs and Insurance of the company's fleet, s a d •,. tog to the insurance fund 19,00 W., so the balance of premium ea ity estimated amount of floating ptoperty not insured by underwriters, there remains to the credit of profit and loss on the p sr's op. rations rikinrecnxn rit n ips :'dinlia : ti r chm ann id Cisl 3ut'Per ;e le p gee nliat thee fol ioa camilutwlndihePappre77-- 40,000 Tiz"— ; 0 4144.531 4 1 niut paid Pp e er a r gi nt. Ourn r4g dire'tm mission, Ga or Am r aew Lrern u n nu th t iii , m ei r di.g neL p pLo w tits, for the 12 2,703 0 o Reserve to meet balance of expenses in placing four stadowbips cm the India and China station. AIOO tLe dividend paid for the eta , months ending March 31,1810, which 003 18 0 ' amountsd to 89, 1 ---• 08,!8718 e FRANKFORT, Die. 8. A rumour has been in circulation for the last two days that the young Emperor of Austria aspires to be Emperor of Germany. I cannot take upon me to say that this rumour emanates from Olmiitz ; bat there are a number of petty indications which seem to show that the Austrian party feels, at this moment, the necessity of shifting its batteries. The majority of the Austrian deputies belong to the party of the right in oar Assembly ; it is confidently affirmed that they have been instructed to conciliate the deputies of the left. The Archduke John has invited the whole of the Assembly, without any exceptions, to a soiree he gives on Tuesday next. People who are in general well informed of what is going on , say that Schmer ling will find it necessary to resign, because he has shown himself too much of an Austrian and too little of a German. In all this there may be the over refinement of seeking to explain phenomena by assuming a cause which does not exist, but the at tempt is made by partisans of Austria. Tie failure of Gagern in his mission to Berlin may have given rise to these rumours. There is no doubt that Gagern was unsuccessful, his object having been to prevent the emission of the eharte octroyee. He has most probably met with a similar reception in Berlin to that which he experienced at Cologne. It is possible that on this account a considerable party in our par liament has begun to turn its eyes from the Kicg of Prussia to the young Emperor of Austria. Their comparative merits have been warmly discussed for the last few days—their comparative eligibility to the eignity of Emperor. Before oagern's journey to Berlin, the King of Prussia was the only candidate talked of; the chances of his Prussian Majesty have been considerably lessened since that journey ; but I am by no means certain that those of the Emperor have increased in the same proportion. The young Emperor has declared, in his first mani festo, for the unity of the Austrian empire; the Frankfort Assembly, on the contrary, has decided that the organisation and administration of German Austria ought to be separated from those of the non- German provinces of that empire. It appears difficult to reconcile these two opinions, but still it is not im possible. The King of Prussia has certainly lost ground at Frankfort by the latest measures he has adopted at Berlin ; none but the exclusively Prussian party side with him. Gagern's party had made up their minds to declare for him, and if (as appears probable) they abandon him, he will unquestionably be left in a mitmity. The greater part of the members of our A ssembly, who are neither Prussians by birth nor (like Oagern hitherto) upon principle are either on prin ciple or from personal antipathy opposed to the King of Prussia. The Bavarians are averse to him because he is not a Boman catholic; the members from Wile tembere, Baden, and Hesse, because they don't want an emperor ; and least of all, that the King of Prus sia, who was an absolute king the other day, and who assumes to give and revoke constitutions at his plea sure, should be emperor. All this will not make them vote for the Emperor of Austria, but it will make them vote against William IV. Doubts were entertained for a considerable time as to whether the constituent Assembly would place an emperor at the head of affairs in Germany. But the opinion gains ground that they will. A subcom mittee has completed its projef of this part of the con stitution. It declares unreservedly in favour of an hereditary emperor ; it concedes to him all (and more I than) the rights of a constitutional monarch; it gives him a civil list for life, with the right of declaring peace or war and concluding treaties, even without the noooositT of having them imnotioncd by the Diet ; and, lastly, it gives him the initiative in matters of legislation, an unlimited power of pardon, and the executive authority in domestic affairs in the widest acceptation of the term. The three members who compose this sub-committee are the three professors, DAhlmann, Weitz, and Hessler. God be merciful to them—three vrolessors cooking a constitution for Germany ! You see these gentlemen have ransacked their books for hints how to manufacture an Emperor, scion les ri'ples, as they would have done in the days when good Queen Bertha spun. They have only overlooked the lapse of a few centuries, and the occurrence of a few revo lutions. The pr,!jet of this doctrinaire and pedagogic sub-committee will not stand the criticism of the constituent committee, still less the dissection of the National Assembly. The Emperor, fashioned by the deliberations in the church' of St. Paul, will bear little resemblance to the model of the three professors; but I begin to believe with them that after all an emperor of some kind or another will come out of the Pandora's box of the Frankfort Assembly. It is to be hoped a few more candidates for the office may present themselves, were it only that rivalry might temp: them to outbid each other in liberality. Already the Emperor of Austria tries to conciliate his subjects by promising true liberty, while the King of Prussia is more chary of his promises. It will be curious to see the face with which the King of Prussia receives the news that young Francis Joseph intends to contest the crown which he, as it were yesterday, made sure was about to fall on his head, as the apple fell on the nose Ass of year great physical philosopher. the MALTA, Dec. 2. We are not yet in pratique, that we know of, with either Sicily or Naples. The island is perfectly healthy—the disease amongst the soldiers has entirely ceased. Business is very dull : English silver extremely scarce, at a premium of 3 per cent. Government bills are at 4 per cent. premium. Many ve , aels 1-e here reeking and no freights offering. It is said that the Russian government has contracted with a merchant here for a supply of clothing for his fleet in the Black Sea, to the amount of 17,0001. I give it as a rumour. The Russian brig-of-war Elbroas will leave on the 4th for Athens. CONSTANTINOPLE, Nov. 25. The news of the death of Ibrahim Pacha reached us the day before yesterday, by the French steamer Tancanle, from Malta and Smyrna. The Egyp tian steamer came in yesterday, direct from Alexandria, giving us the full particulars of his death , hurri ed f u neral, and the appointment of Abbas Pacha u viosroy (pro tem.) of Egypt. Several cabinet councils have since been held by the di• an, and an especial one is now sitting, supposed to be connected with the affairs of Egypt. The foreign missions are all adve with messengers and despatches, otherwise Constantinople is remarkably quiet. The Sultan went on the 18th to the iron foundry at San Stefano, to see the launch of the first iron steam-boat ever built in Turkey. The vessel is of 130 horse power. The launch was excellent, and the vessel, named by the Sultan, Esseri-Hadid, in allu sion to her construction. After the launch was over, the Sultan sent for the builders awl engineers, and highly com plimented them upon the result of their laboun. There is a talk that the government intends to build quays the whole length of the banks on each side the harbour ; if so, it will be an undertaking of vast uti:ity, and one that will hand the Sultan's name down to posterity. The fires have at last ceased. The cholera no longer emits. There remeine available for the dividend now about to ------. ha declared, and to meet outstanding claims Cajal 1 2 It has peen mocrtained by the practical experience of many Deft that the cost of the ordinary minks necessary to keep an L ..__o 1 ' steam re...el in efficient worklag coodition in hull and will amount to about 1 0 per cent. per annum on bee origie=. "6„..1 the amounts to ht r credit in the depreciation Mad. Acting ea tea I experience, the directors have appropriated, out of the Ceilin g , go c a • per media, and therewith formed a fund for this purpose. it weft I however, be obviate, that the repairs of a vowel for the. tallier prod of her duration will be leee than during the latter, and none t tot of the company's ships Ming comparatively new) arms the Eines of the repair fund sow in hand, amounting, tier Crams' the ordinal working repairs of the company's stops ea .t machinery, to 60,0001. This IttlO, therefore, cahoot be cm. ordered sa a permanent reserve, but as apeecabte to Ware reptile, when (by the mese% beaming older) the recut one exceed 10 per cenL : and although, from the extrerienee labia the, have bad of :run ships, the directors entertain a hope that acre at fa repair" will fall considerably short of that of wooden vessel., they do not Mel justified, without longer experience, to tel on ,uch a expectation. The insurance fund, =minting to 128,tme1., ',gee. accumulated by pasting to it amounts equal to Went 5 per amps annum on that proportion of the company s Bowing properly Mai remained uninsured by unuerwriters. The dire coes therebal man der that the time has arrived when the proprietors may prudergy discontinue, on the termination of the existing parties, the !arils pap:nett of premiums to underwriters, and on welch peen: the aria t trs, as annonneei, intend on the present occasion to take the otage of the preprieters. Incurring to these three reservet made out duns rugs in the mode just explained, the directors decor it rain to road their conviction, that without making such provision protonlytale division of any profit., no steam navigation enterprise con h • cad b be placed in a mond financial position, and that to do otherwiremeil be tantamount to paying a dividend out of capital. The proprietors are aware that more than a twelvemonth since Os directors obtained the sanction of the Lorded the Treasury (ra re quired by the chance of incorporation) to raise SO AMY. Maisel capital, at such times as it might be required for the petrpen oit ti. tending the parent or undertaking new linet laok et gto the de premed state 01 nometary affairs which bas ante exam:, the elm tots have hitherto deemed it inexpedient to increase the capital an count by the issue of new chores ; they, however, consider that as time is not very distant when they may raise such additional aged as may be necessary, on advantageous terms for the pasta pre. prietors. The directors are enabled to report that the transit of pasernem, parcels, goodie and storm acme Egypt hese for mme time pose Ds conducted by the Egyptian Transit Administration in a smidgen I S manner, and that by advicee very re fitly received from the tan panyei resident agent there, they are informed that kir Weiss Abhors leech; who him arcanded to We vial oyalty of Egypt as la death at Ibrahim Pucka, Las intimated an iDDLDOO of malign in. portant improvements to the transit arrangements. In their last re port the directors mated that they had established a line tat tillattoll. muniration with Italy. In crasequence of the continued polittaldie turbancee in that country, and the recent Imposition of a gammas at the Italian ports on all veasels arriving tare front Englarei the directors have felt themselves compelled to discontinue that omen nication until circumstemes more favourable 1.4 the developmental commercial intercourse with Italy may warrant their rooming it. The report continues to state that the tender 'bade by roe company to government for establishing a monl4 sea. munieation between Singapore and Sydney, with full•powr paddle-wheel steamers, instead of sailing schooners with auxiliery screw-propellers, bad been declined. The directors state, in the most explicit terms, that they are in no way responsible for the discontinuance of the an veyance of the India Mail, of the 3rd of the month, Iron Southamp•on. It is true that the execution of that branch of service, by inteate to a certain degree, the company's commercial traffic, and unpin upon it the charge of providing and maintainirg an ad dieued ene vessel for the trammtieloa of the malls between Malta and Alen middle ooraeloned to the company a km of traele, and au :mom d increased expellee, somewhat exceeding the amount of rerauneratia received for the conveyance of the mails, and that, therefore, the die continuance of this service was, in a pecwslary point of view, as at vantage rather than otherwise to the company. But, notwitheindeg this circumstance, the dlremorenever had any intention of Meads. ing the arningesuent. They coneldered it as a necewary and Mara ant part of a chain of communication in which the convene wm 11. tennvely employed, and that they were, therekve, bound to facilitate this branch of it, although, in Itself. not remoneroiive. The directors Rife to rep - .7t the lan of the stessmehip Arai, a the coast of Italy. dyer original come about two years Uwe, ens $9.0001. She was insured to the extent of 15,0501., which has Ma received from the underwriters. The balance of her cost hais his written off from the Repair, the DepteCiatioll, and the batman Fun , s. The directors have to announce the death of Mr. Francis Coirca, one of the managing directors. This sudden and melancholy e'en has rimmed • vacancy in the management direction, and they propat to fill the vacancy by appointing Kr. James Allan, formerly the ea. psny's secretary. In their last half-yearly report the directors onnounoed to them. pr.etoro that they bad appointed to the money in the directin,ca maimed by the resignation of Sir J. Campbell. J. Caner, MI, s qualified proprietor, who had been tom resident in India, add held several important offices in the East media Como:aye sal en vice. A prior vacancy In the direction muted by the dendi of 3tr. P. M. Stewart, M.P., late chairman of the company, had nft bees Be up. the directors considering that It would be better for the ammo of the company to let that neat remain meant until some madman poweesing the qualifications requisite for filling the important cold chairman to the 00113pany, might offer hiniself. Recently soh a candidate did mane forw ard, and was accepted, in the perm ell. Matheson, Esq., M.P., who has been a qualified proprietors( Of company over dna its formation. In their report, dated 20th May, last year, the direstore sued tlei they bad contracted for the construction of three additiceal moth, namely two vessels of 1,2 1 5 tons, and 430 horse-power each, aid to vewel 01400 tom, and 95u horse-power. They adopted this moan under what they then considered to be a well-foundedPccito that the company's. operations, both in the Indian e on sad* Mediterriuwan, would require to be ocessiderahly extended firm stances, however, have occurred since then to pompooe for a U• l4 ,___,* contemplated extension, and the company's ships already comPw. and in operation are sufficient to meet all the merge, in whirs tls company is at present, or is likely to be, at least for the ant padre months, engaged. The agent of a foreign goverment harm is_s_. posed to purchase cm of the vesicle of 1,205 tons, named iheßM ° "' and the vessel of MO tons, named the Teens, upon advsnallo 1 terms, to the company, the directors considered it 'Misdate to eta into an agreement for the sale of More vessels. 4 diTmft 4 i 20,0001. has been lodged in the hands of the empalll 0 i security for the completion of the purchase, and the remind:l. ntdie i purchase money is puyable on the ship..being completed SP2.! 1 builders and engineers, which the directors expect mil be e• within about two months hence. In the event of this sale beiel ow pleted, the directors intend to contract for the constructiaa ed ten es°a,i first-class retools with the largest proportionate power, for speed and elticieney. The directors intimated in their last half-yearly report that it nii# be advienble to decide, at the present meeting, the panda at Or, expedience or otherwise of printing and circulating the am. mecum .of the company. In conformity with that bunnatice. tr. now submit the question to the decision of the prop,neoca in 9 vs ready to am, in reference thereto, agreeably to their wed" . , _ In conclusion, the directors Wive the satisfaction to Aloe tha us tiouncial position of the company is such as to furnish ample a nd for meeting its minting liabilities ; that its dot is inefficient war! condition, condition and that the number of chips now placed on ths it.. stations, Particularly in India and China, IA WV Intidell tO Pant tee the seeurityof the important metal commaniestions with aim the company is charged ; that the directors continue to recore,, , dent testimony of approval of their arrangement s for the pebilelft commodution, and that they have no reason to doubt the per W. of the connexion of the company with Chit branch of the pubUt...lLle vice (the convance of the maile) for which it wm dhict l' al .'''''' and In the unde ve rtaking of which , it has realised to the puha ant national edwantagee. of Th e ieee Tro t. : no for w th rr recommend tha mi t im a di3v4/ndsipt.of 1 .1 .4 per b, cetf .k„ t.,,_,Ma t and be Table on and after the 23rd inst. nnual nicetiefi portent iar. that"Dto it 6 1 and he most confidently asked their assent _ _, moving Its adoption. During the last year—a yoF,f yo w ls considered everi,een presented the pre sent a t r e port o a rt the most ire feted, but had been considerably ameliorated and Or in a better position than they had ever Ws r_ GERMANY. PROSSlA.—Amongst the marlia lore. For this result he considered it their boar! tress—their pl7cliutincialarywinnfwateresontaashawdelinasot wonlyile not !!,f7 hiylnes's hotel, was a report on the financial management of the state from the year 1840 to Nov., 1848. That report, • --- concurred in the prop :4111 that they should become their wo , montary documents illegally seized by the military at duty to atrhathnea managing incogrelidialreltothme ci()Hurturo,fhdeisrreclorsilesd. mil Wizens" instead of going to Lloyd's or elsewhere. The esii the lavish expenditure of the public funds. It may be if they laid aside 5 per cent. of that they would have shot which, notwithstanding the seizure, will be shortly pub- 46,04)01 annually, which would amp 4 suffice to meet thse mated value of thew floating capital was about 900,0 00 k, OS 'jibed. will contain some remarkable statements respectingprobable casualties. With regard to the much-moote d ter, observed hare that in the year 1820 the then monarch pro- it would be unwise and impolitic in the company to pu,lits it below that sum. So far from any economy being intro waived that the ordinary state expenditure should not exceed in detail and circulate a statement of their profit and kii• dead, the ordinsry outlay has risen to 64,000,000, and this 60,863,160 thalcis, and that steps would be taken to reduce of their on of publishing the accounts, he was still of opinion OW. They were • trading company—a large portion year it will exceed 100,000,000 tinier'. bit bedthe accounts thereof they would necessarily elldt pu s accouud 'f" , . _ th• sources from which their income was derived, an th income was derived from the carrhge of go..ds, and if 111. AUSTIIA. THE DIET. —IT may not be =ln' create competition. Let them ken Weir accounts to te e/__ teresting to state that the Diet is composed of 123 landed pro- selves, and let shareholders who wished to examine 'lf prietors, 66 functionaries (including 41 state employee), 43 call and do so at the office. Wi , h regard to the ,ale of i 0 &dont of laws and jurists, 32 manufacturers and tradesmen, two ships referred to in the report, and from whic h he und e r 28 medical men, 20 clergymen (i nc l u di ng t wo bishops and a stood there would be deri ve d apset of 1:10001, he elf rabbi), 12 manors and professors, 12 literary men, 8 citizens, voted that that should be paid form a bonas to Ild 8 counts. 8 private individuals, 3 barons, 3 members of the proprietors present ministry (Stadion, Beth, a n d hienfeld), 3of the Sir J. Ca . XtritELL, in seconding the motion, likewisews,d* n ista inin p.si istry mi ( n P . il an lend d l orf p;i Bch nce. warser, and Dobblhoff), 2 mill- postulated the company upon its present P". 1*" 1: dad in any degree affected by those great oommerein Sept., announces the entrance of General Florae into social changes which had taken place from east to_wes_ , %.., °** CUADOR.—News from Bogota of the 17th of b in e t e d n upon the remarkattle tact that its operations !, Guaysqui I a tthe head of 700 men. Cuenca and Imbura bad that, on the contrary, owing be believed to scood. , o° _l7,_ declared for him. An attempt had been wide to shoot the ment, it had gone OIL progremiog in prosperity irele . l.".!: a president Nalgoera. Nealing could be more satisfactory in a general Po''' g t WRIST 1 1,7, 160.0uu• &Wait" sarPlua , be% Isisuw" sasPl° . trams' sharo /s wot &now Aft!! maw& iisuinC of to • Ma 11•11 , Ka" da• no ova that el Widen on • a Ban That ram vim I Zn ea d t uedb Mr. *Ann Mw i -11 N . '" .