Northern Times.
Liverpool, Merseyside, England, 1859-01-17 00:00:00

IES, MONDAY, JANUARY 17, 1859

that every peaceful expedient will first be tried—
that every argument, and every influence, will
first be exhausted, ere they "cry havoc, and let
slip the dogs of war ;" and that they will then,
with all the solemnity which belongs to such an
admonition, on such an occasion, say to Austria,
to the effect, if not in the language, of HENRY the
FIFTH'S emphatic warning to his bellicose Coun-
cillors when, on a memorable occasion, he was
urged to take the field against France,--

"Take heed,
How you awake our sleeping sword of war ;
We charge you in the name of God take heed

AITHOUGH the immediate and ostensible object

of Austria, in the course she seems resolved to take,
in Servia, in violation of the Treaty to which she

is herself a party, must of course be unjustifiable

there are yet reasons, it would seem, why we

ought to pause ere we yield our sympathies to

free in her movements ; she is a sure friend and a
redoubtable enemy ;—allied to England, she is
irresistible ; allied with any other great power she
would be a formidable adversary." But this
coaxing and threatening in the same breath will
not, let us hope and trust, excite any other feeling
than that of a contemptuous indifference to it all,
England's true policy is to stand aloof as much as
possible. She can have
_no real sympathy with
either of the two absolute and arbitrary Powers;
and her true interest can never be served by
espousing the quarrel of either. The case is
undoubtedly one which makes it vitally important
that England's councils should be directed with
wisdom, with caution, and circumspection. Let
us hope that the present Ministry may prove equal
to the crisis.

'WE have already remarked upon the satisfactory
state of the public revenue' with which the New
Year opened ; and it is a source of still further and
greater satisfaction .to find, from the accounts;
which come to hand from all quarters, that, botfr
financially and commercially, the country io
evidently in a decidedly improving condition.
Financially,. even taking as our standard, for esti-
mating the revival of the revenue, the prosperous
year 1856, rather than the depressed' one of 1857,
we find upon a' comparison of the last quarter of
1858, with the-corresponding one of 1856; that the
amount is £16;320;000 in the former; as against
216,695,000 in the latter-year—a companion which
shows how muciithe revenue has already-recovered
itself, under the reviving commerce of the last few
months. The inarease of the revenue generally,
diving the past year, as compared with the year
immediately preceding

was very

dOcisive

although 1857 having been a year of dbpres-

siim; such a comparison. was not so siknifi-

The present atttte of the case, test it'as we
may, is one that clearly shows that we havehegun
the year with a great- deal `of• our financial embar-
rassments already worked'off; and the trade of the
country in a manifest better position.

Ofthe several branches -of 'what may be called

the staple trade of the country, the Spectator,--we

observe, has particularly specified, and ably eluci-
dated; that of iron, and.; principally in connection
with•' the Railway interest; on the continentof
Europe, and in Americo . lirfrance and Austria,
it appears, that interest promises to furnish most

important tributaries to•- the stream of English

commerce, of which the present year is likely to
witness the augmented flow. "It has been calm--
latedr it seems, " that during-the present year the
applications to the capitalists of London for loans-
on behalf of Russia, Austria; Sardinia, Australiti;
and perhaps France, with- some other States, will

not be less than £30,000,000; so that the store of
capital which has accumulated in London will not
be without employment,' —and which is wanted'
principally for Railway purposes. But a still'
more -extensive field of Railway operations is that
which is likely to be re-opened, with much more

reliable security than before, in the Great Western

Continent, " Lord BURY': has gone to Canada for
the express purpose of arranging an amalgamation
of railway lines, in order to The completion of the
Canadian system, and probably its progress even,
to the Far West of New,. Caledonia. It is possible,

therefore, that the demands of British North

AViericit will recover

from! their striking depres-

slink" Whilst, as respects the United States,
which partly originated; and largely shared:, the