The Sun.
London, England, 1849-02-15 00:00:00

INDIAN RAILWAYS.

Some very important points have been raised at the
annual meeting of the Manchester Chamber of Com-
merce. Amongst others, the question of Indian railways
was alluded to, but without throwing any further light
on the subject than Sir J. C. Ilobhouse did in his place
in Parliament on Tuesday night. We, however, under-
stand that the discussion of the subject has at length had
the effect of stimulating the East India Directors to
action, and that a resolution will be come to, embracing
such a guarantee to the shareholders of the line from
Bombay to Calcutta—the East Indian Railway—as will
be a sufficient inducement to them to advance the capital
for its construction. The principle, we believe, involved
is a guarantee for a dividend for a limited period, which
those professing to be competent judges consider to be
quite adequate to the purpose.
Another point adverted to at the meeting of the Man-
chester Chamber of Commerce was an effort that had
been made to reduce the time for which it has been
hitherto the practice to draw bills of exchange in India
payable in Europe. This subject had also been pressed
upon the attention of the East India Directors, who
have such a preponderating influence on the exchange
with Europe, that, had they, agreed to reduce the time,
their example would have been immeditately followed
by the mercantile community. As usual, however, the
East India Company, who appear to have been
supported in opinion by the Board of Control, have
come to the conclusion that they should rather
follow than lead the practice of the merchants.
Now, we believe there is not a single individual can
be found, conversant with the details of the trade with
Asia of late y ears, who entertains any doubt, not only of
the propriety, but of the necessity, for a reduction of the
time at which bills have been hitherto drawn, if any re-
gard is paid to safety. It was under cover of the ten
months' bills that the factitious credit was established,
by the facility it afforded for renewals, which finally
ended in the destruction of so many of our large mercan-
tile houses in 1847. It was at the same time the main
cause of reducing the prices of our manufactured pro-
ductions in the Asiatic markets, by enabling these houses
to procure goods on factitious paper, and continuing
their sales at what they would fetch over a lengthened
period of time, at the ultimate expense of their cre d. two rase;
d
There was some colour for this system
originally established—when a voyage out
to andand from
'home
from Calcutta occupied twelve months, an
Canton not less than eighteen. The introductionavntageofosftetahme
communication, combined with theth a a
return of advices
transit through Egypt,
bringing
has so completely
bring
within little more than two months,
altered the face of affairs, that not a scintilla of justifi-
cation can be adduced for the continuance of the system.
While this fact is as obvious as the light of the sun at
noon-day, it is lamentable to
.see the East India Direc •
Majesty
tors, backed by her -s uovernment, retarding
rather than accelerating an improvement the utility of
which
admits of no dispute, whilst they are so for-
ward in leading to destruction in other directions under
that guise.
We shall have occasion to return to this subject, for
it is of much more importance than has hitherto been
generally supposed, and will become more and more so,
in proportion as our trade with Asia is extended.
Herald.

DISCONTINUANCE OF INTERMENTS AT ST. BRIDES
BURIAL GROUND.—yesterday, in consequence of a re-
presentation made by Mr. Simon, the City of London
medical officer, tc the effect that the land used by the
churchwardens of St. Bride's as burial-ground for the
poor, was a nuisance preiudicial to the neighbourhood,
an order was issued by Mr. Daw, the chief clerk of the
commissioners, directing the churchwardens to abate
such nuisance, and to discontinue interments in such
burial-ground from thin time forth.