The Sun.
London, England, 1862-10-06 00:00:00

THE MANNER IN TVHICH INDIA IS

GOVERNED.

(From the 'limey Market Review.)
A few more words may be said usefully with re-
gard to Mr. Laing's speech at Manchester on the
18th of September, in reply to the address from the
Chamber of Commerce of that city on the occasion
of his return from India, Mr. Laing's speech was
a most effective and testing one, and was listened
to with deep interest by a large and influential
meeting assembled by permission of the Mayor in
the Town-hall.

Mr. Laing said, in the first instance, that he
would not on that occasion refer to the differences
between himself and Sir Charles Wood, which had
led to his resignation of the office of Financial Mem-
ber of the Council of the Government of India, be-
yond stating that the last mail had brought infor-
mation that the cash balances in the Indian Trea-
suries, at the end of the first quarter of the current
official year, amounted to nineteen millions six hun-
dred thousand pounds sterling—a larger amount
than he had anticipated at such an early date, and,
by the way, much beyond the accumulation in the
Treasuries, on the strength of which, some ten
years ago, this same Sir Charles Wood boasted, in
his place in Parliament, that he had ordered the
conversion of the Five per Cent. Government Secu-
rities into Four per Cents.
Sir Charles Wood, in that measure, struck the
first blow at the credit and good faith of the Govern-
ment of India; for when the Government was
obliged, a few months afterwards, without any war
or fresh cause of expense, to open a new loan at 5
per cent., it was felt that all those who had been
forced to exchange into the Four per Cents. had
been unfairly deprived of at least 20 per cent. of
their capital. No doubt a large balance at the
bankers does not of itself prove that a concern is
flourishing, as that balance may consist of money
borrowed; but when, as Mr. Laing broadly asserts,
all current liabilities have been cleared off, and no
new ones incurred, the balance does then prove that
there is a surplus ; and the steady increase of it
shows that, notwithstanding the remission of taxes,
the income continues to be greater than the expen-
diture.

The opinion expressed by Mr. Laing, that we are
not likely soon to receive a larger quantity of cotton
from India than in the current year, occasioned
some surprise, and we cannot help thinking that he
has understated the quantity at a million and a
quarter of bales. If the war in America continue
up to Christmas, we have little doubt that we shall
have a million and a half of bales next year, for
shipments from India to China w ill almost altogether
cease ; and if there were a reasonable contract law
in India, and the waste lands wore in the posses-
sion of Europeans in fee-simple, the supply would
be enormously increased year by year, notwith-
standing the difficulties which would be encountered
before the immense extent of land necessary to pro-
dace an extra million of bales could be appropriated
to cotton cultivation.

Mr. Laing's anticipations of the glorious future
offering for India, if well governed, appear to us
I not too sanguine. Of the enormous sums which
are now being realised by shipments of cotton to
Europe, a considerable proportion will remain in
India, where it will not be left idle. The produc-
tion of tea, of qualities superior to China tea, will
soon be reckoned by millions of lbs., and the
Neilgherry and Mysore coffees fetch the very
highest prices in this market ; whilst the first
fruits of this influx of money, and of the high price
of the raw material, will be an increasing demand
for cotton goods, salt, iron, B,:c.
Nothing can mar this brilliant prospect except
misgovernment and interference from home, such as
nearly ruined Canada, Australia, and other depen-
dencies of the British Crown. Sir Charles Wood
seems determined to follow the footsteps of the old
Colonial-office, but we trust that the spirited de-
nunciation of the system by Mr. Laing and others
will rouse public attention to the subject. Let us
hope, too, that the men of Manchester will take
kindly Mr. Laing's reproof of their apathy in re.
gard to Indian matters, and that early in next ses-
sion of Parliament they will act in such a way as to
show that Lord Palmerston's position will be ren-
dered uncomfortable and insecure by the wrong-
headedness and incapacity of his Secretary of State
for India. Should the capitalists of Lancashire not
take the question up, we believe that the working
I classes will do so, for they will certainly not sub-
mit without a murmer to see their bread in the
shape of cotton from India, when almost within
their reach, pass away from them through misgo-
vernment. Already we see working men's cotton
supply associations being established, and it will be
a sad day for all if their natural leaders, the capi-
talists and millowners, do not take charge of the
movement, but leave it to the less proved intelli-
gence of men whose feelings are sharpened and em-
bittered by the distress of their families and of
themselves, and who may be misled into antagonism
to the wealth and property of the country.