The Sun.
London, England, 1855-04-14 00:00:00

LONDON, SATURDAY, APRIL 14, 1855.

It is at last officially announced that then
is to be a loan for the service of the pre-
sent year. The Chancellor of the Exchequer
has given notice that the Premier and him-
self will be ready to " see any gentlemen
who May be desirous of contracting for the
same on Monday next, at ten o'clock, in order to
inform them of the amount which will be wanted,
and to fix the time and manner of bidding."
The imperative necessity of making some consi-
derable provision for the additional expenditure
occasioned by the War has been so long and so
universally recognised that this step has not occa-
sioned the slightest surprise. The time and man-
ner and extent of the operation alone remained
doubtful. The first point has now been decided,
and, within 48 hours, full information will be
given on the other matters. We must, then, be
contented to wait that time for authentic intelli-
gence, for it is manifest that nothing but guesses
can be put forward during the interval.
A morning contemporary declares that " We
have no longer to deal with the arguments of those
short-sighted financiers who flattered themselves that
a contest of this magnitude could be supported by a
temporary addition to the taxation of the country."
This is happily the truth. Mr. GLADSTONE no
longer presides over the financial department
The nation is no longer afflicted by the mischie-
vous crotchets of that clever but "short sighte d'
politician. We may therefore hope that the in-
terests of the present generation will no longer b.
disregarded, that the industrious population ot
the country—the creators and producers of na-
tional wealth—will no longer be ground to the
earth by being compelled at the same time to pay
off debts contracted by their forefathers, and to
meet all the enormous outlay occasioned by a
precautionary war. We use the term " precau-
tionary" in its broadest and most extensive signi-
fication. We may flatter ourselves with the
notion that we have commenced solely
on account of Turkey, and in a high-
minded and chivalrous determination to pro-
tect "right against might." But it is not so.
Let us glaze over our motives as we will, there
is no educated or intelligent person throughout
Europe who is not well aware that we unsheathed
the sword because the success of Russia was in-
consistent with the safety of England. Her pos-
session of the Bosphorus and the Dardanelles
would speedily be followed by universal ascendancy.
To use the words of NAPOLEON, Europe would be-
come 66 Cossack." England might be " the last
to he devoured," but she would eventually share
the general fate. We, therefore, acted in ac-
cordance with a strictly selfish policy when enter-
ing
on the Eastern Contest. We chose rather to
fight the battle at a distance from our own shores
—where any calamity might be remedied—than
to have it at our own threshold, with our re-
ligion, our liberties, and our domestic relations
trembling in the balance, when every man was
literally fighting, pro aris et focis, to prevent the
e°lsaPulsory conversion of himself, his wife, and
children to the " orthodox Church," and the
sacrifice of his freedom to Muscovite despotism.
The evil would
The exuatin
Th not, however, have fallen in our
away before these
g generation would have passed
plished. poster. fearful results would be =om-
it), receive the present outlay ; and, the full benefit of
were circumstances to therefore, if ever there
Justify the creation of a
national debt it Would be We urged these arguments above referred to.
we energetically and
i
in d e fatigably iii March, Iss
nergeti
STONE adopted the mischiev I°ll Mr. GLAD-
indefatigably
poliey Which the same time oppressed the ovee, tat at
burdened tax-
payers and " starved the Wake, We have
never
ceased to urge the important topic on
every
able opportunity since, altliou4ll many of our
journalists were affected by the " GLansToNta
mania," and accepted any proposition he thought
proper to bring forward without opposition or
remonstrance. Few at that period joined us in
the opinion that he was " a short-sighted finan-
aim," Even the Leviathan itself was his most
obsequious servant and earnest audulator.
It TeMpora mutantur " The Times " has, in-
deed, changed, the public sight is purified, and
the popular mind convinced of its folly.
While approving, therefore, of the course which
Sir G. C. LEWIS has adopted, we cannot give
him any extraordinary praise, inasmuch as he was
driven by imperious necessity, and there was no
remaining alternative to which lie could resort.
Bus character as a Financial Minister will depend

more on his treatment of the subject, or the mode
in which he obtains the necessary supplies, and
the extent to which he avails himself of the na-
tional enthusiasm. At present the indications are
not favourable. There is too much "red-tapism"
in the invitation to gentlemen "who may be de-
'
strous of contracting for a loan." It looks as if
he intended to go back to the old system, and that
he completely ignored the successful experiments
made by the Government of LOUIS NAPOLEON in
1854 and 1855—that there would be no appeal
to the People generally—no opportunity allowed
to the small capitalist of bringing forward his
mite, and obtaining a share in that which might
well be termed a patriotic fund. If the Right
Hon. Gentleman should thus act he may indeed
be denominated a short-sighted financier, and he
I will have afforded a very sinister augury respect-
ing his fitness for the important situation which
he now occupies.
Another important inquiry is as to the form
which the new securities may assume. Is there
to be a new creation of Consols ? of Exchequer-
bonds or bills ? or will it be by means of termin-
able annuities ? and will it be issued at or about
par, or in a form that will greatly increase the
burden to posterity by rendering the nominal
liability far greater than the amount actually paid
into the Exchequer ? These are all questions of
no ordinary interest, and we earnestly hope that
Sir G. C. LEWIS may show himself equal to the
emergency, and justify the choice by Ministers of
me respecting whose qualifications for the office
4* Financial Minister so little was previously
known. We shall not now enter on the consider-
ttion of the most suitable form, as neither time
eor space permit so close an examination of the
mxatee questiones as their vast importance so
irgently demands. We must reserve that for a
"uture opportunity.
There is one point connected with the present
Lnnouncement, cn which, however, we cane )t
Lbstain from congratulating the community. Just
Lt this moment, it seems to indicate that Minis-
ers have given up the fond delusion under which
they so long laboured, that the Conferences at
Vienna would be attended by any favourable re-
mit. A dishonourable, hollow, and transitory
peace will therefore be avoided. The deep dis-
;race attendant on such a course will happily be
J.verted, and we shall see that achieved by the
prowess of the Allies which could not be attained
by the concessions of the adversary, viz., the
complete demolition of Sebastopol, and the de-
str,ction of the naval power of Russia in the
Euxine. On this most important topic we shall
Lt present only say.—" If 'twere done well, 'twere
yell it were done quickly."

The vast importance of a system of railway corn-
mlnicltion in India cannot easily be overrated.
In this country, as we all know, railways have
ofonderfully developed our national resources, and
contributed greatly to our wealth, cprisolida',,ion,
and security, and yet in no other country in the

world were the means of internal communication

30 perfect as in our own prior to their introduction.
Our highways, with their waggons, vans, coaches,
uid other vehicles, were the admiration of
foreigners, and our numerous canals were hourly
threaded by boats laden with every description of
valuable freight. In India the case is widely dif-
ferent. There the country is broad and wild, and
~he main communications are of the rudest and
'host imperfect kind, the result of which is, fertile
Dlains that might be the source of wealth

and happiness to millions lie profitless and
incultivated, and a huge army is necessarily so
lispersed that British rule may be seriously
Jerilled, as at Moodkee and Ferozeshah, before an
adequate concentration of troops to meet the foe
an be expected. From these facts some notion
f the importance of railway communication in
India may be gathered. But to these we have to
aid other considerations of deep and growing in-
erest to this country.
We are now engaged in a mighty and possibly

>rolonged War with Russia, and no long period
tt is to be feared may elapse before we are forced
into a conflict with the United States. Under
;itch circumstances what is to become of our
extile manufactures, unless a new and sufficient
iource of supply is rendered available? At this
:foment 79 per cent. of the cot',on imported
,nto this country is supplied by America,
while of the remainder above 13 per cent.
.iomes from India. And yet with proper facilities
)f internal communication, and the flow of capital
which will follow in so splendid a field for enter-
all the flax, hemp, and cotton (the last be-
yond all dispute) we require may, with care and
perseverance, be obtained from her broad plains,
o as to render our manufacturers wholly indepen-
len tof foreign supplies. Nor is this all. The
vital impulse a system of railways must give to
India would be followed by an increased con-
Amption of English goods. To these considera-

ions must be added others of a -more exalted na-

.-I.lre. By the intersection of the country with
railways the possibility of the recurrence of those
frightful famines -with which its dia tricts were perio-
lically visited would be obviated, and ample facili-
ties would be given for the spread of the blessings
.of civilisation and religion- amourg its dusky and
hanighted tribes. It is not often that duty
tnd self-interest so closely and obviously concur.
The reader i 3 not to auppose t:hat nothing has

;seen done in,this direction. So fsx front the ad-
v.intages of railway communication being over-
looked, the subject has engaged the attention of
the East India Company far mrarty years ; and,
..-;-n-tain experimental lines having proved success-
ful, the Court of Directors referzGA the question
of the propriety of establishing a system of trunk
:ines for the whole of India to the present Go-

yen:or-General, who expressed a decided opinion
that the time had arrived for confeering on India
the benefits of railway commiudcation, and
straightway laid down a vast plan :for estabiishing
railways throughout the country. His lordship's
scheme meeting with the cordial approval of the
Court of Directors they at once adopted measures

f o r carrying it out, and entered into arrangements
with the following companies. First, the E tst
Indian Railway Company, which has already
opened the experimental line extenaing from Cal-
,:mtta to Raneegunge, a distance of 120 miles, and
has engaged to construct the trunk line to Delhi, a
distance pf 1,000 miles. The capita;) of the cont-
-Pally is 10,000,0001., and in about four years it
la expected the whole will be compiteted. The
'o.econd is the Great Indian Peninsttla Railway
°rzl
illi;i.-. '
ti,k .
PanY, which has been working a. line of 40 ,1
"' ill length for 1
many months, aura has uncter-
‘ "1 the Übe from
also projected the lice
tended Bombay-
1 to
towards Madran f Pooytab, and on
ja the Bombay Presidency.
into Candeisb, to be ex-
This company has
haps, ultimately to bedistriet3 or Be r4tr
part of the Bengal Line.
capital of the Coin-
, and, per-
wit;ll the lower
pany is at present one million •
half. The
third is the Madras Railway caorear4 4
11'111
!agaged to construct the line from 3's who haveMa 4ras to the
.t,-;outlt-
,galore, for
.which a capital of four millions will ba
r
The fourth is the Bombay, • Baroda, a nde r(1.: le
tla:l
1 India Railway Company, formed for tb to purpos

of constructing the line, included in the above-
mentioned system, extending from Bombay north,
via Surat and Baroda to Delhi and Agra. This
Company has not yet completed its arrange-
ments with the authorities. The fifth is
the Sciude Railway Company, who have en-
gaged to construct the line from Kurrachee to
the Indus, a distance of about 120 miles. The
prevent capital of the company is half a million—
a splendid programme, which it will certainly
task the attention and resources of the company
to fulfil. Nevertheless, it partakes in no degree
of the character of a wild and desperate scheme.
The position of the shareholders, owing to the ex-
traordinary but most judicious system adopted by
the company, is unusually safe and good. The
average cost of constructing the lines throughout
the whole of India it is believed will not exceed
8,0001. a mile, or 22,0001. at least a mile below
the average in this country. The Government
provides the land ; the preliminary expenses are
small ; the company is guaranteed a handsome
rate of interest, and has a fair prospect
of an increase to that rate from the
profits of the undertaking ; security is
given against loss in the event of any unfore-
seen failure; immunity is secured against compe-
-1 tition with similar projects, and a watchful guar-
dianship over the interests of the shareholders is
insured. On the other hand, the State, in addi-
tion to the benefits we have narrated as likely to
ensue from a system of railway communication,
will possess a certain control over the proceedings
of the company, will save pecuniary outlsy, and
come into possession of the respective lines in
ninety-nine years. It should not be forgotten
that during the last twenty years the territorial
extent of India has been vastly increased. The
value cf imports and exports has been more than
doubled, and the revenue has increased seven mil-
lions. Thus, there is every reason to anticipate
a vast increase of activity and productiveness
when the above arterial communications are com-
pleted. The branch lines will, of course, be a
work of time, but there cannot be a doubt, taking
further into consideration the readiness displayed
by the natives to avail themseh es of railway
facilities for travellers, that, before long, all the
populous and fertile districts, and ultimately the
entire country, will be intersected with railways.
A great future is in store for India, and this
country may profit immensely from the cultiva-
tion of so splendid a field for enterprise.

THE EARL OF DUNDONALD.