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

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 the 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-
Ineashartk 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 the 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 produce
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 cruel 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
entertained 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 us
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 larger 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, by Peen's Act, .
diminished to an extent that may fairly claim a cop-
respesding reduction in the amount of proprietary re- PRUSSIA.—We have the Berlin journals 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
but
with 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 manner, the Joint royal declaration, 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 avery useful statute it seems the Queen on the occasion of the 25th anniversary of
likely to prove :
mss 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 their 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 and speediest form of Kremsier, 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 affairs 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 represeurFatherntativesand 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."