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

THE SUN,

ciples of Free Trade, and returning to those of Protec-
tion. What our sentiments are upon the latter
point scarcely require to be hinted at, much less
to be explicitly enumerated. Nevertheless, e 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 vanquish, 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. lie men-
tions as altogether beyond reproach the names
of LANSDOWNE, CLARENDON CARLISLE, and GRAN..
VILLE, and bear 3 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 the 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," es 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 oppositior, 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 satisfaction. 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
things, 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
he report of the directors of the South-Eastern
Railway Company, which appeared to us, as we be-
lieved it would to the unprejudiced shareholders, and
to the community in general, to be a very satisfactory
document, affording the most conclusive evidence of
the zeal, efficiency, 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. blacoaEooa has done
for the line—that his exceedingly valuable services
Were rendered gratuitously for five years, when the
affairs were in a much less prosperous condition than
at present, and that it is mainly through his indefati-
gable exertions that a dividend, after the rate of 3i
i
pperirece of g
than ent, per annum, or of 5f on the actual selling
stock,
thatit was w
price beingt
o y
e2a•rsst h
since—we
cannot
conceive or ftc-a3n per
o
cent, ht
conceive that the present salary is by any means ex-
trav
entitlagant or beyond that to which he is fairly
The great question
ed.
of the da
election of directors. y was, however, the
According to the usual course
three directors retired by rotation
would have been eligible for re-election.
11.
The whomboard
had, hove ver, determined in deference to a feeling
which bad believe,
arisen among many, although, we b•
e,
ns of a majority of shareholders,
by no mei
what . that there
year be
should everytermed "an infusion
of new blood" into the directory, and
that for that
of the retiring directors should purpose one
Ir. so ha
himself f fr re-election. ppened , that on the
present cccasion, three of the most efficient
members of the entire
bcdy vacated their
the Deputy-Chair-
seats, the Chairman,
man, and Captain WABEN. The last-mimed
R
although
a and Gallant Gentleman,
a most usefl 11 and valuable member of the board, one
thoroughly acquainted with the continental traffic,
fit that the re-election of his coadjutors was essen-
tial to the c ontinued welfare and prosperity of the
company ; he, therefore, most handsomely and
ccrnsidera tel y withdrew his claims. We believe that
there we] 'e few persons present who did not deeply
regret t. he stringency of the regulation which
Prevented. the company from retaining the
services o'i Captain WARREN, and there was
a general rieeling that the trust should again be con-
fided to b.' 3 hands on the first opportunity. The re-
specter* Jhairmin, Dlr. I.l.4cGagoog, was then

LONDON,

elected unanimously, and a similar compliment was
paid to Mr. RENSHAW, the Deputy-Chairman, not 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.
Tha evils of any inflexible rule on the subjeet 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
on the amount of their investments.

THE FRENCH REPUBLIC.

We have received the Paris journals of yesterday.
The Corps Legisla4f will be convoked on March
20. Its first session will terminate June 20.
Of 120 elections i❑ departments, only two, that
of BOULIIER DE L'ECLUSE, in La Vendee, and
lIENON, Socialist, at Lyons, belong to the opposition.
The Bank 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 years,
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 cf 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 he lost by accepting public functions,
cenferred by a foreign power, without the authoriza-
tion of the French Government.
We read in the Patrie—" The measure relative to
the credit fonder 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
file, 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 MOENY 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, on the demands said to have
been made on Switzerland by France and Austria,
says :
" The Times exclaims ♦ery warmly against the reso-
lution taken by Austria and France to exact from Swit-
z:?rland that satisfaction and those guarantees which they
hitherto claimed in vain from the probity and goodwill
of the Federal Government. But 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 point of perishing. This is contrary to the
reality. Switzerland has herself made an attack on
her neutrality by permitting her territory to become the
basis and the starting point for hostile and incessant
proceedings against Austria and France; she has thus
become belligerent, land is no longer a neutral state.
Has Switzerland the right to protest her independence,
when she is so visibly under the dep.,ndence of revolu-
tionists; the humble slave before them, and only wish•
ing to appear independent before conservative Europe?
The intervention of France and Austria, in whatever
way it may be made, will have for effect to replace
Switzerland under the real conditions of her neutrality
and her independence. It is completely 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 federal compact; for
this compact no longer exists in consequence of the
Radicals, and the territory is not threatened. A tem-
porary occupation by French and Austrian troops, for
an object determined on beforehand, has nothing in com-
mon with a dismemberment. Now, if the occupation
would have for effect to restore to the Swiss Conserva-
tives and to the national majority sufficient force and
courage 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 Solo❑ steamer left the Chateau d'lr, having
on board 299 of the rioters belonging to the depart-
ments of the Var, Vaucluse, and Bouches-3u-Rhone,
who have been condemned to transportation, and are to
be sent to Lambessa.

The decrees publi.led in the Moniteur of this morn-
ing deferring the payment of the debt due by the Go-
vernment to the Bank of France, and extending the
Charter of that establishment, caused an enormous rise
in price of Government securities at the Bourse.
The Five per Cents. opened at 105 f. 90c., and closed
at 106 r. 90c. for the end of the month, being a rise of two
per cent. as compared with the closing price of yester.
day; the Three per Cents. closed at 69t. 85c.; Orb ens
Railway Shares, 1,160 f.; Rouen, 695 f.; Havre, 2771.
50a. ; Great Northern, 625 f ; Avignon, 2421. 50c.;
Viernn, 550 f.; Basle, 232x'. 50c.; Bordeaux, 490 f.; Paris
end Strasburg, 508 f. 75c,; Tours and Nantes, 327 f. 50c.;
Amiens to Boulogne, 322 f. 50c.; Paris and Lyons,
602 r. 50e.

BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK EXCHANGE, MARCH 4.
Boulogne and Amiens, 12,4 Central of France ( Orleans
and Vierzon), 2.s%—East Indian, 21% Great Indian Pe-
ninsula, TA—Namur and Liege, G'4—Northern of France,
20%—Orleans and Bordeaux, WA—Paris and Lyons, 914
—Paris and Rouen, 2634 —Paris and Strasbourg, 20 ex d.—
Rouen and Havre, 107 —Sambre and Meuse, 37,—Tours
and Nantes, 934.