The Sun.
London, England, 1854-12-07 00:00:00

(From the Times.)

The ratifications of the treaty signed at Vienna
on Saturday last between Austria, France, and
England will doubtless be exchanged as speedily
as possibly, and the treaty itself will then be
made known to the world. In the meantime a
variety of conjectures have been hazarded on this
important subject, some of which have been trans-
mitted to us by our own correspondents abroad ; but
we are satisfied that the real substance and purport of
the treaty has not yet transpired. Whatever may be
its provisions, we undertake to affirm, from ouraknow-
ledge of the policy of the allied Governments and of
the intentions of Austria, that it does not postpone
for a period of three months the decision of a ques-
tion of ♦ital interest to the conduct of the war and
to the future peace of Europe ; that it does not con-
tain any guarantee, either direct or indirect, of the
possessions of Austria ; that it has never been intended
to send a division of the Austrian army either to Varna
or to the Crimea ; that it does not contain any promise
of subsidy or secret article ; that the belligerent Powers
have not in any way bound themselves to make any
fresh propositions of peace to Russia, or to enter upon
negotiations on any basis proposed by the German States;
and, lastly, that, although France and England adhere
to the Four Points Contained in their Notes of tho Bth
of August, as the chief substance of their demands and
the sole basis of negotiation at the present time they
distinctly intimated what their interpretation of these
propositions is, such as to include all the great objects
of the war, and that the Cabinet of Vienna concurs in
this intepretation of those terms. The conjectures we
have mentioned having been more or less accredited and
circulated in Europe, we feel it our duty positively to
contradict them ; and we are inclined to believe that,
when the articles of the treaty are known, they will
prove much more consistent with the account we gave
on Tuesday last of the result of this negotiation. Ii our
information loe correct, although this convention is not
an actual treaty of offensive and defensive alliance be-
tween Austria and the Western Powers, inasmuch as
Austria is not at this moment at war with Russia, it is
of nearly similar significance, and the strongest engage-
ment, which, under the circumstances, Austria could
Sign. We mean by this expression that we believe the
Emperor of Austria to have contracted a positive en-
gagement to enter into an offensive and defensive
alliance with the belligerent states against Russia
unless peace upon the terms exacted by all the Powers
be concluded before the termination of this current
month of December ; or, in other words, unless, in
answer to the announcement of St. Petersburg, that
Austria is about to join the Western alliance, the Em-
peror of Russia declares at once his inability to prolong
the contest. Such an act of surrender on the part of the
Czar is at present highly improbable. He rejected these
terms in the summer, when they were presented to
him in a more conciliatory form, and when they were
not preceded by the invasion of the Crimea. Count
Nesselrode declared that such terms could only be ac-
cepted by the Russian Government if it had already
suffered the defeat and exhaustion of a protracted and
unsuccessful war ; so that the very language in which
the Emperor scornfully rejected this proposal seems to
condemn him to abide by the consequences of that re-
fusal.

The very first pledge of the sincerity of Russia, if she
professed her readiness to enter into negotiations upon
the conditions required by the rest of Europe, would
be the entire cessation of her military movements and
preparations ; these are, however, carried on with un-
abated activity. A despatch from Warsaw, dated the
4th of December, states that General Sievers is con-
centrating the First Infantry Corps of the Russian army,
with a portion of the Imperial Guard, on the left bank
the Vistula, that is, on the extreme western frontier
of the' empire, while General Paniutin is advancing with
the Secon I Infantry Corps on Podolia and Volhynia.
Movements of this magnitude and importance, under-
taken by whole armies (for each infantry corps consists,
when complete, of about 52,000 men) at this
season of the year, when the troops would otherwise be
taking up their winter quarters, indicate a conviction of
the near approach of hostilities. Prince Gortschakoff,
and the Russian agents in Germany, have been lavish
of their promises and unsparing in their exertions to
prevent the conclusion of the treaty between Austria
and the Western Powors, but there is no reason to sup-
pose that they are authorised to make larger concessions
after an act of all but direct hostilitythan they consented
to make in the whole course of the previous negotiations.
The policy of Austria, though slowly executed, has been
steadily pursued ; she has given ample and repeated
notice to Russia and to all the world that, if peace was
not restored, she would throw the weight of her armies
on the side of the Western Powers as soon as her prepa-
rations were completed and the factious opposition of
her german confederates overcome. Accordingly,
within four days after the conclusion of the additional
article of her treaty with Prussia, which removed all
uncertainty in that quarter, she entered into her present
engagements with the Western Powers, which bring her
to the verge of a declaration of war against Russia, and
of an offensive and defensive alliance with France and
England at the close of the present year.
The effect already produced upon the whole of Ger-
many by the intelligence that the treaty with the West-
ern Powers is actually signed has been great and
instantaneous. It is everywhere felt that the time is
approaching when Germany may hope to play a bolder
and a nobler part than she has hitherto borne in these
transactions. The King of Prussia boasted the other
day in the speech in which he opened the session of the
Prussian Diet, that he was acting in the closest union
with Austria, and that, whatever might be the
necessities of the time, Germany would act as one
body. We are not so sanguine as to believe that
the inertia and the divisions of the Confederation
can be so easily overcome as to make the German
States parties to the agreement now subsisting be-
tween the allies, or to engage the federal forces of Ger-
many actively in the war ; but the Prussian Assembly,
to which the words we? refer to were so recently ad-
dressed, can hardly fail to ask for proofs of that inti-
mate union with Austria, which means also union with
the west of Europe ; and among the first objects of
the alliance concluded at Vienna, we have no doubt
that one of the chief purposes of the three powers is
to apply their influence with energy to determine the
future conduct of Prussia at this crisis. It is fortunate
that at the moment when Ithe Chambers are just con-
voked at Berlin an event of this importance occurs,
not in the obscure regions of diplomacy, but in the
face ofEurope. A few days more will bring this treaty
to the knowledge of the public, and the question will
then be asked with authority whether Prussia intends
to adopt the resolutionseof the triple alliance, or to
separate herself from them by a neutrality, which is a
disguised adherence to the cause of Russia. The King
of Prussia is suspected in Germany of some secret en-
gagement or personal promise to Lis Imperial brother-
in-law, which precludes him from acting as an inde-
pendent German Sovereign on behalf of the honour
and interests of his country ; and it is remedied with
astonishment that the military forces of Prussia have
been studiously removed from the Polish frontier, so
as to leave the kingdom defenceless on the eastern
side. But these suspicions will ere long be brought to
a more decisive test ; for when Austria announces that
she shall join the Western Powers, and -place herself
at the head of the national party in Germany, unless
the peace of Europe be immediately secured, the neu•

[PRICE SD.

trality of Prussia is, in fact, the only circumstance
which encourages and enables Russia to carry on the
war. •

(Front the Morning Post.)
Prince Gortschakoff, we are informed by a telegraphic
communication, had, so lately as yesterday, a long
audience with the Emperor of Austria, at Vienna ; as
Russian Ambassador the prince can no longer stay if the
Treaty of Alliance just signed be not a mockery. But
with other credentials—as Russian Plenipotentiary for
negotiating a peace—he may remain at Vienna with as
much right as he might visit London or Paris, his object
being the same.
That the immediate result of this treaty will be nego-
tiations for peace we entertain little doubt, for Russia
will not probably accept the alternative—namely, the
warlike action of Austria on the beginning of the new
year.
The opening of negotiation will be a considerable step
gained by us—a considerable concession on the part of
Russia ; because, in order to open negotiation, the Czar
must admit the four bases laid down as starting points
in the notes exchanged on the Sth of Augest.
The negotiations, if, as we expect, they take place, will
be conducted on the part of the Allies by the Plenipo-
tentiaries of England, France, Austria, and Turkey, and
on the other part by the Russian Plenipotentiary. As
Prussia takes no side in the war, she must not be per-
mitted to co•operate in negotiations for peace. She has
taken her part. She has chosen to descend to the status
of a second or third-rate Power, and has no more just
claim to participate in a negotiation affecting the balance
of power of first-rate States than Denmark, or Hanover,
or Naples. Prussia posseiises neither the wide extent
of territory, nor the vast commercial enterprise, nor the
great manufacturing energy, that are necessary to con-
stitute a State first-rate. If she has held a proud posi-
tion in Europe, it has been due to the genius of Frederio
the Great, and to the talent of her generals and states-
men, during the commencement of the present century.
But they and their talent are gone, and folly may undo
their great work. The present rulers of Prussia have
thought fit to adopt, in the great affairs of Europe, a
timid, shifting, selfish neutrality. But, if neutral in war,
they must accept as a consequence insignificance in peace.
Those who hide in corners may well be left in their
obscurity ; and they who shrink from using such power
as they have, remain in a position of impotence. So
much, we believe, is this felt, even by the King of
Prussia, even by the Russian Camarillo. of Berlin, that
we are confident they will not be slow to obey the voice
of the country and the Parliament, and to ask, on the
part of Prussia, to be allowed to join in the negotiations
for a settlement of the great European question in dis-
pute, and therefore to solicit that alliance with Austria,
England, and France which but so recently was refused.
It is impossible to suppose that negotiations will be
opened, except upon:the concession of the four bases
by Russia as the preliminary points. Upon this condi-
tion only can any negotiation be proceeded with. With
the status quo ante Whim such a congress as we are
supposing can have nothing to do, as offering any basis
for peace. The four points as indispensable prelimi-
naries, and the further demands of Turkey and the
Allies, are the matters for the consideration of such a
congress and the Cabinets of which its members would
be representatives.

It is needless to observe how necessary it will be far
the Western Powers, if such a congress open, to be on
their guard against the insincerity of Russia, the mis-
chievous vacillation of Prussia, if admitted, and the pos-
sible urgency of Austria for that dear aim for which even
some of our own statesmen are willing to sacrifice so
much—we refer to " Peace at any price." It would be
a sad blunder to sell our costly war material in the
cheapest market, and by .our Peace in the dearest. But
in this Eastern question we have had now so much ex-
perience of the temper and conduct of all parties con-
cerned that it would be inexcusable were we in any way
to be duped. As we have already observed, the Emperor
of Russia will either give in sincerely, or make an at-
tempt to play with our patience and damage our inte-
rests. If he give in, well • but, in the other case, it will
be our own fault if we suffer a moment's trifling.
It is hardly necessary to observe that the half-a-score
of contradictory " accurate versions" of the Treaty just
concluded with Austria are absurdly and patently in-
accurate. 'We will not be at the pains of exposing them.
We shall have the text itself; no doubt, very shortly ;
and, in the meantime, we know Austria has allied her-
self with the Western Powers to obtain such a peace as
they require. If negotiations are opened, we shall see
what will come of them ; and, if they are put a stop to,
Austria, who has placed an insurmountable barrier
between Russia and herself, has but one course left—
namely, to support our cause in arms.

PENINSULAR AND ORIENTAL STEAM
COMPANY.

Yesterday the proprietors of this company held their
fourteenth annual meeting at their offices in Leadenhall-
street—Admiral Thornton in the chair.

The aceounta and (report were read by the Secretary,
from which we extract the following :
" The revenue account shows that the gross revenue or
income of the company, from freight, passage money, postal
service contracts, hire of ships in the war service, and other
sources, including the balance of undivided profits (4,4111.
7s. 11d.) brought forward from last year, amounted for the
twelve months ending 30th September last to 1,333,2681.
Es. ; that the total charges of all kinds on revenue for the
same period, including interest on debentures, and the re-
serves made for repairs, insurance, and depreciation,
amounted for the same period to 4263,918/. 17s. 3d. ;
leaving a net profit of 69,3481. 10s. 9d. ; out of which it is
proposed to pay a dividend for the year of 5 per cent. on
the share capital, estimated to amount to 66,2501. ; leaving
a balance of 3,0981. 10s. 9cl. ; of which it is proposed to
apply iu aid of a bonus, as subsequently explained, 2,2841.;
and there will remain undivided, and to be carried to next
year's account, 8141. 10x. 9d.

" The capital account shows that the company stood
possessed, on the 30th September last, of stock in ships,
hulks, barges, docks, workshops, buildings, freehold and
leasehold, in payments made on contracts for vessels in
course of construction, stook of coals on hand, and naval
and victualling stores, to the value of 2,558,7981. 3s. sd. ;
also in cash at the bankers, bills receivable, balances in the
hands of agents and debts due to the company, in the
course of liquidation, 192,0961. 15s. 9d.—total assets,
2,750,8941. 19s. 2d. The capital on shares received from
the proprietors at that date amounted to 1,447,405/. ;
raised on debentures, 500,0001.—total capital, 1,947,4051.
The liabilities of the company on bills payable and other-
wise wore 339,623/. ls. 3d. ; making the total capital and
liabilities, 2,237,0281. is. 3d. ; showing a surplus of assets
of 463,8661. 17s. 11d.
" Guarantee Insurance Fund.—Amount, Sept., 1853,
213,624/. 14s. 9d. • add 4 per cent. for sea risk on ships,
valued at 1,250,0001., for the year, 50,000/. ; total,
263,624/. 14s. 9d.; deduct damages and law expenses arising
from collision of Erin and Pacha, 46,7301. 7s. Bd. ; cost of
Doura, lest in the China Seas in June last, 31,6711.105. 2d.;
together, 78,4101. 17s. 101 ; total at the credit of this
fund, 185,2131. 168. 11d."
The report went on to state—
" That a number of now vessels, recently completed,
with others nearly finished, have been added to your fleet
—all with screw propulsion. That these vessels are
adapted, by their larger capacity and reduced cost of navi-
gation as compared with paddle-wheel steamers, to increase
the earnings and lesson the expenses of the company. And
that, although the withdrawal of so many of them for the
war service deprives the company of those anticipated ad-
vantages for the present, the postal contract gives you a
right to indemnity, should any loss be sustained on that
account. They recommend a dividend of 5 per cent., clear
of income tax, for the year ending 30th September last,
payable on and after the 28th instant."
The list of the company's fleet gives the names of 47
vessels, 40 steamers and 7 sailing ships, of an aggregate
burden of 58,525 tons; of the steamers 8 are in the war
service.

The report, on the motion of Mr. Dent, seconded by
Mr. Norton, was unanimously adopted.
In reply to questions,

Mr 4..Nbaicvs replied that only 500,000/. of the new
capital would be called up for a considerable time to
come at least. The sum that would be immediately
called up would not be more than 200,000&, which had,
in fact, been forestalled. The proprietors of this com-
pany were their own underwriters, and bore any loss
that might occur from ordinary sea risk. In the event
of any of their vessels being placed in a position of
danger by the Government, as, for instance, under a
battery, and she was sunk or injured in consequence,
the Government would be liable.
The resolution was then put and carried.
Major IllsLor moved a resolution, that a dividend of
5 per cent, clear income tax for the year ending Sept.
30, 1854, be declared, and be payable on and after the
28th instant.

Mr. MALIIOLLAND seconded the resolution, which was
carried unanimously.
Mr. RERAPATH moved a resolution empowering the
directors to distribute a bonus of 1/. per share among
the proprietors, which he was glad to say was to be free
of income tax. (Cheers.)
Mr. DEWAR seconded the resolution, which was also
carried unanimously.
A committee was afterwards appointed to consider
what would be the most appropriate testimonial to pre-
se-it to Mr. Wilcox, the Into managing director, and to
Mr. Andrews, both of whom had resigned voluntarily
their per centage to which under the deed of settlement
they were entitled upon the profits of the company.
A vote of thanks to the chairman and his colleagues
concluded the business.

MANCHESTER AND THE WAIL—The following memo-
rial to the Mayor of Manchester is now in course of
signature, and has already been signed by a number of
the most influential liberals of Manchester, supporters
of Mr. Bright :—" To the Worshipful the Mayor of
Manchester.—Sir,—We, the undersigned, having learned
that the letter of Mr. John Bright, M.P., on the war,
has been translated and circulated in Russia as embody-
ing the sentiments of the people of Manchester, respect.
fully request that you will call a public meeting, in order
to enable the citizens to declare that they do not concur
in the opinions of Mr. Bright, but are fully convinced of
the justice and necessity of the war, and earnestly hope
that it will he carried on with the utmost vigour until
the objects for which it was commenced are thoroughly
effected."

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SMITIITIP,LD CLUB CATTLE SHOW.

Yesterday the number of visitors to the show exceeded
that of almost any single day in previous years, nearly
20,000 persons having visited it during the day. In
addition to those who attended the show as a means of
pleasure, or merely for the purpose of seeing an extraor-
dinary fine collection of animals, there was a large num-
ber of persons intent on business, and considerable com-
petition existed among the purchasers of live stock.
Nearly the whole of the prize animals have already been
disposed of, at prices most satisfactory to the breeder
and feeder, and the finest of the animals not honoured
by the award of the medals have already passed into
the hands of the butchers of the metropolis and the chief
provincial towns.