The Sun.
London, England, 1852-03-05 00:00:00

THE SUN,

ciples of Free Trade, and returning to Ouse of Protec-
tion. What our sentiments are upon the latter
point scarcely require to be hinted at, much less
to be explicitly enumerated. Nevertheless, Ve im-
portance of the crisis upon which the country seems
just now to be entering would justify us in proclaim-
ing truths, however obvious, in the hope of reminding
the forgetful and of kindling the enthusiasm of the
indifferent. It is therefore, allowable at the present
moment, we conceive, to proclaim our conviction in
so many words, that the interests of the old agricul-
tural monopoly could not be revived without blood-
shed, that the free-trade policy could not be in any
way reversed without the liability of REVOLUTION. We
say this distinctly because such is our deliberate con-
viction. Under every circumstance, therefore, re-
membering the antecedents of the present Ministry,
bearing in mind the views which they are pledged to
advance, seeing the financial difficulties they will
have to vanquhh, and that, moreover, with almost
unexampled promptitude, it becomes matter for
serious anxiety to observe the course pursued by the
new Administration.

Precisely at such a juncture it is that the nation is
disposed to welcome with more than usual satisfaction
a comprehensive survey of the crisis by an intellect
as intelligent and a judgment as impartial as the in-
tellect and judgment of Mr. MACGREGOR. Address-
ing himself to his constituents at Glasgow, the Hon.
Gentleman has, within the last few days, passed the
position of parties under examination, in a letter emi-
nently entitled to the scrutiny of the' general multi-
tude. Since the period of his last communication, the'
Cabinet, based upon promises of reform and upon
the maintenance of free-trade principles, has
crumbled away and disappeared. "It died," says
the Member for Glasgow in bitter but deserved deri-
sion, " it died of the senility of an unprecedented
official exclusiveness, of the obsolete folly of not re-
novating with health, vigour, and efficiency the de-
crepitude of its wasted body by the admission of
popular strength." Yet, after an exordium in which
the Ministry is thus designated in language of
scorn as, at once, imbecile and dangerous, the
writer pronounces a panegyric upon the majo-
rity of its members as individuals. He men-
tions as altogether beyond reproach the names
of LANSDOWNE, CLARENDON CARLISLE, and GRAN..
VILLE, and bears in grateful remembrance the
abolition of the Test and Corporation Acts, as well
as the forwarding of the Parliamentary Reform Bill
by Lord JOHN RUSSELL. His complimentary allu-
sions to Sir CHARLES WOOD it is impossible to regard
as otherwise than most generous, coming as those al-
lusions do from the very man who has long been
regarded by a large section of the community as
himself perhaps the fittest Chancellor of tbe Exchequer
that could be appointed under a Liberal Government.
Later on, Mr. MACGREGOR reminds his constituents
that when a year ago the Whig Cabinet sent in its
resignation, it survived for twelve months longer only
by means of engrossing the Parliamentary session by
the Ecclesiastical Titles Bill ; and that it ultimately
fell, not merely because of its utter incapacity—" its
senility," as he calls it—but for reason of a crime of
ingratitude, fur which it suffered the severest retribu-
tive punishment. Nothing, indeed, can be more ad-
mirable than the eulogium passed by the Representa-
tive of Glasgow upon the genius, the patriotism, and the
experience of Lord PALMERSTON as the Foreign
Secretary of England. The late disruption of the
Ministry he, naturally enough, regards as the ven-
geance wreaked for his dismissal. Cordially and
earnestly do we coincide with the opinion subse-
quently expressed by Mr. MACGREGOR, to the effect
that, as large an amount of sufferance should be ex-
tended to the existing Cabinet as could by possibility
have been displayed towards the Whig Government.
We ourselves have already deprecated anything
like factious opposition, and consequently the
reference made by the Member for Glasgow to that
particular point of the argument is to us subject for
sincere sympathy and saisfaction. As willingly as
Mr. MACGREGOR, we would do our uttermost to pre-
vent the possibility of unnecessary impediments being
prematurely placed in the way of the Cabinet, al-
though we are compelled, unfortunately, to coincide in
the justice of his opinion, that the nation must
this session forego all expectation of Parliamentary
reform, of legal reform, of financial reform, of sani-
tary laws, and of laws on education, relying for these
thing., however, firmly and confidently upon the Libe-
ral majority, to which we look forward as firmly and
as confidently in the subsequently elected Par-
liament.

We have already directed the public attention to
the report of the directors of the South Eastern
lt wey Company, which appeared to us, as we be-
lieved it would to the unprejudiced shareholders, and
to the community in general, to be every satisfactory
document, affording the most conclusive evidence of
lee z-al, effieiency„'and integrity of the Board of Ma-
nagement, and of the true economy practised on the
line under their auspices. That we were not mistaken
in our opinion will be ascertained from the account of
the proceedings of the half-yearly general meeting
of proprietors, which took place yesterday at
the Bridge' House Hotel, London-bridge , It
is true that questions were raised, and complaints
preferred on various matters by captious or interested
individuals, but there was no response from the ge-
neral body. The shareholders were too well satisfied
with the progress they were making, and the gradual
and steady improvement exhibited in their affairs, to
take part with the opposition. Vain, then, was the
proposition that the remuneration to the chairman
and directors should be reduced to one-half of what
it had previously been. The suggestion (for it was
only a suggestion) was made without notice, and might
therefore, fairly have been objected to. The party
against whom it was directed, however, magnanimously
refused to avail himself of the obstacle, and declared
that the Honourable Proprietor should not be bound
by any formal objection, but that he might bring
the matter forward if he thought proper, although it
should be at a later period of the proceedings. The
tone and manner of its reception was sufficient,
however, to satisfy the propounder as to what would
be its ultimate fate if brought forward in due course,
by way of motion. When the fitting time arrived he
was non est inventus, and there was no other person
willing to come forward as the advocate of the
" penny wise and pound foolish policy" of not fairly
and adequately remunerating those on whose
exertions the prosperity of the company
must ultimately depend. If you desire to
obtain good and efficient servants, you must
pay them not merely reasonably, but handsomely.
When we consider what Mr. MaCGRFGOR bas dune
for the lint—that his exceedingly valuable services
acre rendered for five years, when the
qt.ir, were in a much pro-porous condi i.,t, then
at present, and that it is main!) through his indi fdti-
gaMe exertions that a dividend, after the rate of 3i
per cert. per annum, or of 513- on the actual selling
price of
stock, that price being 2 s'.hs, or 66 2-3 per
cent. higher than it was two years since—we cannot
conceive that the present salary is by any means ex-
travagantor beyond
that to which he is fairly en-
titled to.
The great question of the day was, however, the
election of directors. According to the usual course
be' rotation, all of whom
three direc tors retired
would have been eligible for rin deference to a feeling
reelection. The board
although, we b
oyfe aar be what is termed
many,hwandi,chbobwadevaerri,sednetmearmamiouinnriegtdyoahareho
a e ieve,
"an infusion
of new blood" into the
that for that
lders th t there
, that 00 the
eandmost efficient
by
should
meevaenrsy
purpose one of the retiring directorsdiroecf directory,
should not offer
himself for re-election.
It so happened
present occasion, three
members of the entire body vacated their
seats, viz., the Chairman, the Deputy•Chair-
man'
and Captain WARBE Tne last-named
tionourable and Gallant Gentleman,although
a most useful and valuable member of the board, one
thorcughly acquainted with the continental traffic,
felt that the re-election of his coadjutors was essen-
tial to the continued welfare and prosperity of the
company; he, therefore, most handsomely and
considerately withdrew his claims. We believe that
there were few persons present who did not deeply
regret the stringency of the
regulation which
prevented the company from retaining the
services of Captain W4BREN, and there was
a general feeling that the trust should again be con-
fided
to his hands on the first opportunity. The re-
spectekChaiXlDAD, Uri I.I4CGAIc4OR, was then I

LONDON,

elected unanimously, c,d a similar conplitneut was
paid to Mr. RCNSUAW, the Deputy-Chiirman,nat a
single voice being uplifted against either of these
gentlemen. Mr. RICH, M.P. for Richmond, the
candidate recommended by the board, was
then elected, although many proprietors exhibited
an anxiety that Captain WARREN should,
if possible, be continued on the direction.
The evils of any infirxible rule on the subject of re-
election of retiring directors thus received a partial
illustration. It is a subject that should be calmly
and maturely considered before the proprie-
tors of any important company consent to
yield to the clamour of those who are only
influenced by selfish motives, seeing no other mode
of getting themselves into office than obtaining com-
pulsory resignations periodically. We trust, then,
that the directors and shareholders will, on the
first opportunity, reconsider the regulation, and see
whether its reversal would not be exceedingly
beneficial to themselves. On all other points the
meeting went off in a very satisfactory manner. We
once more heartily congratulate the directors and
shareholders on the favourable prospects now opened
of a gradually increasing dividend and a fair return
un the amount of their invesqu,nts.

THE FRENCH REPUBLIC.

'We have received the Paris journals of yesterday.
The Corps Legislatif will be convoked on March
20. Its first session will terminate June 20.

Of 120 elections in departments, only two, that
Of BOU HIER DE L'EcLusn, in La Vendee, and
iIENoN, Socialist. at Lyons, belong to the opposition.
The Baok of France has reduced the rate of in
terest three per cent.
By treaty concluded on Wednesday with Govern-
ment, the Bank will lend money on railway shares.
The loan of 75 millions francs contracted by Go-
vernment in 1848 is to be paid off in fifteen yegri,
instead of this year. The Bank's existence is pro-
longed to December 31, 1867.
`,-A decree reorganizes and centralizes the naval de-
partment, with a view to the greater efficiency of the
fleet.

The decree of the PRESIDENT of the Republic, put-
ting an end to the system of election established in
1848 for the tribunals of commerce, is by the Consti-
tutionnel noticed with satisfaction. It would, indeed,
be difficult to offer a good defence for the system that
has been abolished. If all the electors had exercised
their rights, the plan would have worked well ; but,
so far from this having been the case, we have seen
throughout the departments elections of judges for
the tribunals of commerce, at which only a sixth—
and sometimes even only a twentieth—part of the
electors voted, the friends of order thus leaving to a
handful of Socialists or demagogues the fate of one of
the most important institutions of the country.
The last number of the Bulletin des Lois publishes
a decree re-establishing Prince JULES LUCIEN Bo-
NAPARTE in his quality and rights of a French
citizen, which be lost by accepting public functions,
cenferred by a foreign power, without the authoriza-
tion of the French G kvernment. _ .

We read in the ratrie—" The measure relative to
the credit fowler is beginning to produce good re-
sults. We are assured that several societies are form-
ing on bases laid down by the decree."
Extensive preparations are now being made at the
hotel of the Minister of Foreign Affairs for a grand
fele, to be given to the diplomatic and political
world. Tents are being erected in the garden of the
hotel.
' 'We read in the Constitutionnel :—" It has been
announced that M. DE MORNY would be appointed
President of the Legislative Body by the PRINCE-
PRESIDENT of the Republic. This news does not
appear to be confirmed."
The Assemblee, in giving some extracts from the
last article of the Times, ou the demands said to have
been made on Switzerland by France and Austria,
says :
" The Times exclaims very warmly against the reso-
lution taken by Austria and France to exact from Swit-
zrland that satisfaction and those guarantees which they
hitherto claimed in vain from the probity and goodwill
of the Federal Government. Bat all the reasonings of
the Times are founded on a confusion in words and
things. It points out the independence and neutrality
of Switzerland as threatened by the two Powers, and
on the print of perishing. This is contrary to the
reality. Switzerland has herself made en attack on
her neutrality by Frmitting her territory to become the
basis and the carting point for hostile and incessant
proceedings against Austria and France; she has thus
become belligerent, !.and is no longer a neutral state.
mix Swiz,,rtand the rigor to protest her independence,
when she is so visibly under the dep ,ndence of revolu-
tionists; the humble slave to fore them, and only wish,
leg to appear independent before c.inservative Europe?
The intervention of France and Austria. in whatever
way it mi:y be made, will have for effect to replace
Switzerland under the real conditioTA of her neutrality
and her independence. It is completrly superfluous to
reply to the Times, on the question of knowing whether
the Act of guarantee 'of 1815 bears exclusively on
the territory and not on the ted.ral compact; for
this compact no longer exists in cons. quence of the
Radicals, and the territory is not threatened. A tem-
porary occupation by French and Austrian troops, for
obi€ct determined on beforehand, has nothing in com-
mon with a dismemberment. Now, if the occupation
would have for effect to re,tore to the Swiss Conserva-
tives and to the national majority sufficient fore.- and
e ,urage to overthrow the domination of that Radical
minority which the complicity of Lord Palmerston
caused to triumph in 1847, Europe and Switzerland her-
self would eagerly call for it."
The Courrier de Marseille states that on the Ist
inst. the Solon steamer left the Chateau d'lf, having
on board 299 of the rioters belonging to the depart-
ments of the Var, Vaucluse, and Bouches-du-Rhone,
who have been condemned to transportation, and are to
be sent to Lambeisa.
The decrees published in the Moniteur of this morn-
ing deferring the payment of the dent due by the Go-
vernment to the Bank of France, and extending the
Charter of that establishment, caused an enormous rise
in the price of Government securities at the Bourse.
The Five per Cents. opened at 105 f. 90c., and closed
at 106''. 90e, for the end of the month, being a rise of two
per cent, as compared with the clos,rig price of yester-
day; the Three per Cents. closed at 69f. 85c.; Orleans
Railway Shares, 1,1601.; Rouen, 695 f ; Havre, 2771.
50c. ; Great Northern, 625 f ; Avignon, 242 t. 50c.;
Vi..rz -in, 550 f.; Basle, 232 t. 50c.; Bordeaux, 490 f.; Paris
and Strasburg, 508 f. 75c.; Tours and N4ntet., 327 f, 50c.;
Amiens to Boulogne, 322 f. 50e.; Paris and Lyons,
602 t. 50c.

BUSIN ESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK EXCHANGE, MARCH 4.

Boulogne and Amiens, —Central of France (Orleans
and Vierzon), 2,%—East Indian, 211(3 Great Indian Pe-
ninsula, s%—Namur and Liege, 614 —Northeru of France,
20k—Orleans and Bordeaux, lOys—Paris and Lyons, 9%
—Paris and Rouen, 2634 —Paris and Strasbourg, 20 ex d.—
Rouen and Havre, 103,8—Sambre and Meuse, 3k—Tours
and Nantes, 9%.

SPAIN. •
Our accounts from Madrid are of the 28th ult.
The journals do not contain any political news of
interest.

Tne Heraldo mentions a report that the Queen of
SPAIN will, after Passion Wer k, go to Aranjuez fur
a few days, and from thence to the baths of Carrat-
raca in Andalusia. The Novedades states that the
police of Madrid had seized the Illustrated London
News on account of its et gravings representing the
attempt to assassinate the Q ieeo.