The Sun.
London, England, 1849-03-30 00:00:00

PrHE SUN, LONDON,

such a sum. It will go but a very short way in carry.
ing out the line either to Mirzapore or Rajmahai,

may, therefbre, be utterly impossible that a short
one that may be surveyed and constructed for one

million of pounds sterling, could prove profitable,
and the railway company may either have to continue
their line without any benefit whatsoever, or to sur-
render the " experimental section" into the hands of
the Company, and submit to a ♦ery serious deduction

from the amount of their paid-up capital. This
limitation will probably prove a very serious obstacle,
if not a complete bar to the undertaking. The East
India Company should at least have continued their
former offer of the guarantee on 3,000,0001. sterling,
although it might not have felt disposed to extend
it to a sum sufficient to execute the works to some
certain point—as Rajmahal or Mireapore.
The Indian Government is to provide the land,
which is, however, to remain its property, a lease
being granted to the railway company for a term of
ninety-nine years, after which period it will
revert to the Government. Provisions, how-
ever, are to be made by which the Govern-
ment shall have the option of purchasing the
railway at the end of twenty-five or of fifty
years. The terms of such purchase to be computed
at the mean market value of the shares during the
three years last preceding the time of purchase, and
the purchase-money to be paid either in one sum or
to be commuted into an annuity for the remainder of
the lease of ninety-nine years. Here, again, the
Government will decidedly have the best of the bar-
gain.' They may be enabled to depress the value of
the shares through their power and influence,
or supposing even that they could not be guilty of
an act so shameful, a panic or depression in the
railway market may carry down the quotations to an
extent far beneath their real value, and just as prices
were recovering, the Government nifty give their
notice, and take the line into its own hands, at little

more than half its intrinsic value. Capitalists may
reasonably object to such provision.

It is clearly and distinctly explained that no divi-
dend whatsoever is guaranteed. Interest at 5 per
cent. is to; be paid on the million paid into the
East India Company's treasury, but in no case is the
company to be called on to pay more. And if there
should happen to be any loss in the working of the
line, the railway company must bear that loss so long
as they retain the line in their own hands, and the
whole of the profits shall go to repay the 5 per cent.
thus advanced ; and if more profit than 5 per cent. be
made, one half of the surplus is to go towards
repaying the interest advanced in former years,
and the other half to the shareholders. When
the arrears of interest, with interest thereon at 5 per
cent., shall be fully repaid, then all the extra profits
to go to the shareholders. The railway company is
also to be bound to run such trains as the Govern-
ment may consider necessary for the convenience of
the public and the general traffic, and shall also be
bound to carry the mails free, and the troops, the
artizans, and the stores of the Government at the
terms chargeable for the lowest class of passengers,
and at the lowest rates for goods respectively.
We can only say that the above terms are
not such as the East India Company can
complain of, and that they will be very for-
tunate indeed if they can find persons willing to
advancetheir money on such stipulations, when nearly
6 per cent. can be obtained at present prices in the
shares of the best established dividend-paying lines,
and that for a perpetuity, and not subject to be pur-
chased at an average of three years' prices, or to carry
mails gratuitously for the Government.
We fear that the Indian Government must determine
to construct the necessary lines themselves, unless
they are prepared to offer more liberal terms, or, that
if the present offer is to be regarded as an ultimatum,
India must be contented to remain without railways
until the termination of the Charter shall restore the
powers now vested in the Company into the hands
of the British Government.

The case of the unfortunate depositors in the
Cuffe-street, Tralee, Killarney, and Auchterarder
Savings' Banks, are at length to be investigated be-
fore a Select Committee of the House of Commons.
The Hon. Members for the city of Dublin and the
county have entitled themselves to the marked
thanks of the community for the energy and deter-
mination with which they brought forward their
respective motions, and obtained majorities, not-
withstanding the dcided opposition of the Government.
The statement of Mr. REYNOLDS was indeed such as
to carry with it conviction to every unprejudiced
person. He not only succeeded in showing that the
case was one of great hardship, falling on classes
whom it was most desirable to encourage in their
laudable efforts to lay by a provision for old
age, but that the Government, through its officers,
had itself been a party to the deceit, and suffered an
establishment long known to be in a state of insolvency
to continue its operations, it being also well known
that the people generally supposed that they had the
Government guarantee for any sums they might
lodge in the bankrupt concern. We do not wonder
that the Chancellor of the Exchequer resisted the pro-
posed investigation—that be would, if practicable,
have permitted the disreputable transaction to have
remained involved in obscurity. Thanks, however,
to the sturdy, honest, and indefatigable Member

for Dublin, concealment will no longer be
practicable ; the acts of the Government officials
will be fully exposed. The unfortunate depositors,
who have already suffered very serious inconvenien
and delay from the stoppage of the banks, will be
paid the amount of their respective claims. The
Government is morally responsible. Although it
might have a legal, it has no equitable defence; and
we know not whether the refusal to make any recom •
pense to the injured parties, would be more disgraceful
or impolitic. It would be disgraceful, as showing
that the nation had abandoned the high and un-
doubted integrity which it had maintained through
seasons of unexampled difficulty—it would he impo-
litic, as practically leading to the destruction of these
valuable institutions, which have proved so beneficial
to the industrious and hard-working classes.

These evils will, however, now, we trust, be
averted. When the facts alluded to by Mr. REY.*

NOLDS in the course of his very able speech
have been fully and satisfactorily substantiated
before a Committee, and their report obtained ; the
Government cannot deny justice to the swindled
depositors. It proves how greatly the electors of
the city of Dublin may rejoice for having replaced
the hero of the quarter-acre clause by their present
intelligent and indefatigable representative.