The Sun.
London, England, 1863-02-10 00:00:00

THE lONIAN ISLANDS.

FEB. 1.

The news that the Grand Duke Ernest has repu-
diated the crown of Greece, which has been hawked
about among the princely families of Europe for
some time past, has created considerable impression
here. No respectable Prince, it appears, will have
anything to do with it, and all seem to have too much
good feeling to ascend the still warm throne of King
Otho. The public does nothing but conjure up what
it calls "candidates," but, in fact, possible or desira-
ble princes; the last is the Duke of Nassau and
Prince Leiningen, the captain of the Magicienne,
which lately left this for Malta, but who appears to
prefer the probability of commanding the Queen's
yacht. It would appear that the Princes of Europe
are aware of what they have to expect in Greece.
It is a great thing to be a king, but it is very igno-
minious to be unkinged by a mob of idlers who
want a change for change's sake, or by a disaffected
military. Any king who did not at once proclaim
an aggressive policy towards Turkey would share
a like fate; he must ascend the throne with the
sword in one hand and the banner inscribed " In
hoc vinces" in the other, and when beaten, which
he indubitably must be, his throne would be declared
vacant. The miscarriage would be laid at his door,
and a more successful general sought.

The supposed good faith of the British Minister
as to the cession has caused a panic here among the
holders of Government securities. The lonian
Government has a loan on Exchequer Bills at
three months, renewable, to the amount of
£lOO,OOO. Notices are daily coming in to the
treasury general for their payment, which must
cause considerable embarrassment to tlip Govern-
ment. Up to this time these bills stood at par, and
bear 5 per cent. Some have been taken up by the
lonian Bank at 1 per cent. discount on speculation
that the cession cannot be effected, if at all, for three
months at least, which leaves a profit of 4 per cent.
The first to give notice was Mr. Gladstone's chief
councillor, whence it is generally supposed he has
had the best financial advice. His example is gene-
rally followed; but the probability is that he takes
the lead with a view to embarrassing the Govern-
ment. The question is serious for these States, and
up to the present time about half the debt has been
notified. Great Britain in no way guarantees this
debt, which has, moreover, been illegally contracted,
having been raised without the authority of the
Assembly ; hence, on the surrender, Greece would
not be bound to recognise it. In point of fact, it is
not a Statesecurity at all, but a loan illegally raised
by Government, which Greek acuteness would not
fail to discover and repudiate accordingly.
The tradesmen are preparing a memorial to the
British Government for indemnification on the ces-
sion being effected, on the ground that they in-
vested their capital in various " plants" under the
faith that they would live under the aegis of British
protection, and that their property would become
worthless after the surrender. Several merchants
are said to have done the same ; and those who de-
rive pensions from the fund for that purpose which
has been used by the lonian Government—that is,
put into these illegal Exchequer-bills—are applying
for a guarantee, to which they all are certainly
equitably entitled. Great Britain may therefore
add these sums to the present guaranteed Greek
Loan, on which she has so long and cheerfully paid
interest, and which may eminently be termed a bad
debt. Great Britain's faith, however, in financial
matters must be upheld ; and doubtless Mr. Glad-
stone, to whom the lonians owe so deep a debt of
gratitude, inspired by the shade of Homer and the
remembrance of Marathon and Thermopylae, will
hasten to the aid of these disconsolate classes and
take up their little bill for honour. We shall meet
it again in the budget.
While on the subject of finance, it will not be out
of place to correct a misapprehension which natu-
rally exists in England that these islands are a
source of expense. On the contrary, it is the only
British possession abroad which is not so. The
lonian state pays £25,000 a year for military pro-
tection, and £13,000 for the Queen's civil list. The
former sum fully suffices for that amount of troops
necessary for the maintenance of public order, and
if the British Government choose to make the
islands a depot for troops for the sake of conveni-
ence or health, and because Gibraltar and Malta
are full, this expense should not be charged against
the islands, nor the engineering works, which would
be utterly useless if Great Britain had not the em-
pire of the sea, and equally useless inasmuch as
she has it. In British colonies the Government and
other employes are paid by the home Government,
the colony, when flourishing, contributing what it
may please; but here the state Exchequer pays all,
and the home Government pays nothing. England
then is at no expense on account of the lonian
Islands, which, on the other hand, profit by the
naval and military expending here that which in
any case must be spent somewhere or other. Thus
England benefits the islands to an extent greater
than their own revenue, without either profit or
loss to herself, and of this the lonians are well
aware.

The public now begins seriously to doubt the
good faith of the English Ministry on the cession
question. They attribute the offer to revenge on
the part of Mr. Gladstone in consequence of his
utter failure here during his antiquarian expedition
' He threw himself into the arms of a party blindfold,
who willingly misled him, and now openly congra-
tulates themselves at the facility with which they
duped the great British Minister ; in the meantime
they have succeeded in their object—that of getting
places, and work underhand to tutelise any project
he may propose ; they have got what they want,
and intend to keep it. People think it impossible
that England should not see the importance of
the possession of the Sentinel of the JEgean,
especially since the constitution of Italy as a
power in Europe, whose natural ally is France, who
afforded her material assistance, whereas she had
from Great Britain only moral support. A mari-
time power of 22,000,000 has been formed in the
Mediterranean, which thrown into the French scale,
with whom all her sympathies lie, and under whose
influence she is, cannot be indifferent to England.
The idea of taking up Greece, as France took up
Italy, on the national principle, is simply ridiculed,
as it is notorious they are incapable of administra-
tive government ; nay, they themselves admit it.
To adopt then such an element as the basis of ope-
rations, and as a counterpoise to French influence
in the Levant, is purely an error, which must in-
evitably cause infinite trouble and national expense
to England. The public of the Levant cannot
imagine why Great Britain, and above all others
Lord Palmerston, should suddenly take such an in-

tense interest in Vreece. The cases of Greece and
Italy are not parallel. The latter consolidated under
one head many old-established and organised go-
vernments ; the former has destroyed an organised
Government, good or bad, and claims territorial ex-
tension at the ccst of her patron's ally. Recom-
mending a King under a constitutional protector
looks very like imposing a sovereign, and very un-
like a grant of free choice. Lastly, Greece believes
that when all has been tried Great Britain will give
in, if they only nail their colours to the mast, and
give them Prince Alfred!