The Sun.
London, England, 1853-05-09 00:00:00

TURKEY.

No sensible progress has yet been made towards
a settlement of the great Holy Places question
pending between Russia, Turkey, and France. The
Porte, backed by Lord Stratford, is not indisposed
to accommodate matters as far as it can, but it is
obliged to go cautiously to work, lest the rayahs
should bring forward an accusation of breach of
protection. In this most knotty affair France can
right matters by giving up the reserved points she
has obtained, but she is not disposed to give up her
concessions, and in consequence Prince Mentschi-
koff shows a restlessness and peevishness which
cannot have good effects. The present Turkish
ministry, pressed as they are, will with difficulty
get out of the scrape, and many imagine that a
total change of the Ottoman Cabinet will be the
ultimate consequence. Lord Stratford, however,
has expressed his opinion hero openly that the
Russian storm will blow over without occasioning
a general wreck, as it is universally supposed.
ogfe dt
the
ey
Turksa ll tto li )se
manifest. too great,
Thead
The indemnity accorded to the holders of the
ud
Tt
huer ki
dissatisfactione li
whole transaction was managed very scrip
is j
secretly, or
the opposition such a solution would have met
here would, we may depend upon it, ave met
quite another turn. have given
Mr. Trouvee Chauvel, who came to this I
with country about ten months ago
out
attorney from certain banking firms Powers of
having succeeded in concluding of London,
Turkish Government for the a contract with the
bank, to be entitled the establishment of a
i
" Oriental
proceeded to London to prepare the
has just
,repare th .
diate operations. e way for imme-
The engagements of the Bank
are-
-Ist. To withdraw from
sisting of 6 and 5 piastre circulation the base coin, con-
and amounting to 497 19reces, and their sub divisions,
it with good coin of the 0,, d 0 piastres, and to replace
new currency in the course o

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two years. Ey this operation the Bank w4IS'ik*VT,ISA2
1,700,000/.

2d. To maintain at par the caim6s (Government
notes), bearing interest amounting to 132,000,000
piastres; and when holders of cairn& can exchange their
paper against specie, they will prefer keeping them, to
enjoy the interest, which is 6 per cent. at present, and
the directors of the Bank anticipate that their exchange
operations will be limited so as to entail little or no loss
to the firm.

3d. To maintain the exchange at 110 piastres per
nomid sterling ; this, in lieu ot giving a loss to the
Bank, is expected to yield large profits. The Bank bills
will always be preferred, and will fetch higher prices on
account of the bills being issued against actual funds
lodged in the hands of first-rate firms in England. If
the old Bank sapped its foundation it was because the
directors were obliged to remit to meet the payment of
their drafts, and on account of the general discredit they
sold at 110, whereas they were under the obligation ot
purchasing at 112 and 113 ; and with contingent ex-
penses it amounted to 115 and 116 —a loss by conse-
quence of five and six piastres for every pound sterling
drawn. In the present case the Bank will wait for
favourable periods when bills can be purchased at low
rates, and this occurs invariably when grain cornea down
from the interior to the shipping ports.
4th. The Government receives its 'mimes gratis at the
end of 15 years, in six yearly instalments of 22 millions
of piastres, to commence from the ninth year ; the Bank
receiving, however, the interest on the same at 3 per
cent, per annum.
On the other hand--
Ist. The Government grants to the Bank a dotation
of 30 millions of piastres without interest, and to be re-
turned at the expiration of the contract without partici-
pation in the dividends.
2d. The Government grants an annual subvention of
30 millions of piastres for 15 years, payable by the
Treasury from the tribute of Egypt or other revenues.
With such resources, the Bank will have ample
to
y2meemeni
hs
oersudt et
err tong
ee,
affreelecidit.
ne
gte
imieena
Ibvtliiert
means at hand of effecting a favourable loan for
n
eh di a
capitalsal annual
payments,
thee
base l
Pa
Bank. Now to pay off two millions sterling in 15
years will require an annual sum of 197,3331.,
whereas the subvention of the Government is
275,0001., leaving in the hands of the directors an
annual sum of 77,600/., which is more than suffi-
cient to meet the engagement to return the caimos
after 15 years, with the advantage of making use
of the money until the term of the contract expires.
There is still a balance of 300,0001. (if the loan be
two millions), after paying the loss on the Lax
coin, and the interest on this sum would be suffi-
cient to pay the expenses of the establishment,
leaving the capital of the Bank quite free for othe
legitimate purposes.
Mr. Trouvee Chauvel, who is now in London,
undoubtedly will be well received by capitalists
who have not daily opportunities of investing funds
n such advantageous terms.
The capital of the Bank is two millions sterling,
and in shares of 2,000 piastres each. The interest
guaranteed by the Sultan and his Ministers for 15
years is 6 per cent. per annum, exclusive of the
profits that the Bank will realise. The governor
of the " Oriental Bank" is Mr. Mihran Duz, an
Armenian gentleman of wealth and established
probity. The directors are mostly Armenians, but
English interests are represented by Mr. Charles
Hausan, the French by Mr. David Glavany, and
the Russian by Mr. Garifi—three merchants of
standard reputation.

ITALY.
The Sequestration Commission, which held its
sittings in the Palace Borromeo, is about to be
dissolved. The properties on which it has pro-
nounced its verdict are to be concentrated under
the office of the Intendant of Finance, but it is also
possible that a special office will .be established for
their administration. The net produce of the re-
venues of the properties thus confiscated will be
placed in the Central Treasury, under the care of
the Imperial Administration, when it will form a
fund which is to be devoted to defraying the ex-
traordinary expenses incurred by the War-office,
on the occasion of the late insurrectionary move-
ment.

Preparations are making at Turin for the cele
bration of the anniversary of the statuto.

THE QUEEN'S COLLEGES, IRELAND.

The difficulties which surround every project designed
to elevate the condition of Ireland are painfully dis-
played in the case of these Institutions. From what-
ever cause it may arise, the fact is certain, that the
expectations originally formed have not been realised—
that the value of these admirable Schools of Literature
is not justly appreciated, and their usefulness is, as yet,
but imperfectly developed. Perhaps an error was cola-
' mitted in the first instance, by establishing Seminaries
of this kind for educating the middle ranks, without
providing, at the same time, a new field for the exercise
of professional pursuits, and a suitable sphere of action for
this fresh supply of intellectual acquirements. A splendid
opportunity is now, however, fortunately presented to
remedy the defect, and to bring within the reach of humble
merit some of these prizes, hitherto only attainable
either through chance or by the channels of interest.
The renewal of the East India Company's Charter will •
shortly come under discussion in Parliament. The ques-
tion of patronage has been always found a perplexing
problem to solve, both on grounds affecting constitu-
tional principles, and with regard to devising a mode
of distribution least liable to objection in theory,
or to abuse in practice. Under such circumstances
it might be deemed an advisable measure, that a
Writership and a few Cadetships should be spe-
cially reserved by the Directors, to be placed an-
nually at the disposal of the University, on the terms
that the candidates chosen be subject to examination before
approval, as a test of proficiency, and of the qualifica-
tions required for the future scene of their labours and
employment. Also, that arrangements be completed for
introducing, on a moderate scale of charges, a branch
department, to include classes for preparing pupils in
the requisite course of training and instruction. A boon
of this nature, involving, comparatively, little sacrifice,
may be productive of incalculable benefits, when ren-
dered the instrument of promotion and the reward of
worth. The recognition of just claims, accompanied with
a generous recompence, will contribute to the efficiency
of the service, as the prospect of advancement seldom
fails to secure a body of officials, distinguished alike for
energy, zeal, and ability, as well as order and discipline.
The grand secret of success in executive government
is comprised in the simple maxim of appointing proper
men to proper places, and the most essential elements of
administrative wisdom are evinced in the judicious selec-
tion of fitted servants for the discharge of responsible
duties. This guiding rule will prove the means of elicit-
ing talent, and of opening a brilliant career to many a
noble spirit, attended with affluence and renown, but
otherwise doomed to a life of obscurity and want. On
the adoption of a liberal policy of this nature, by the
Imperial authorities, honourably and honestly carried out,
depends the welfare and prosperity of native millions,
committed to British sway. The mission is worthy of a
mighty empire, and the fruits to be gathered will imbibe
all the sweets of bloodless victory, unalloyed with any
of the bitter ingredients inseparable from military con-
quests. The sheds of moral and religious progress will
be spread widely throughout the ancient seats of oriental
learning—the arts of modern civilisation, compatible
with national habits and customs, will necessarily flourish
in these extensive regions ; while happiness and con-
tentment will be diffused among a quiet people, engaged
in the cheerful avocations of peace. The statesman who
accomplishes such objects, and achieves such results,
will rank among the great benefactors of mankind, sure
celebrity. Blessings will be
his
title to imperishable fame.
grateful tribute of an alien race will ratify
to enjoy a deserved triumph,as saoncdiatteod
and the
a his
sennvatel,e