The Sun.
London, England, 1848-10-26 00:00:00

such an amount should be taken out of income.
Annuitants, and all those having life interests only in
the stock, would have indeed great cause for com-
plaint if such a course were adopted. The accounts
of the solicitors are, it appears, undergoing a close
examination, and will be discharged so soon as the
parties are willing to accept the sums to which the
directors think they are fairly entitled. The
great saving effected in the bills of the con-
tractors, which were finally liquidated for about
20 per cent. of what was originally demanded, should
induce parties to leave the matter in the hands of the
directors. As to the question of Parliamentary ex•
penses, none of any importance can be undertaken
without the previous sanction of the shareholders.
The other points are met in an equally satisfactory
manner. That relating to the depreciation in the
value of shares cannot affect the directors, " their
duty is to obtain the highest amount of traffic and
pay the best dividend possible."
The concluding part of the letter cannot be
passed over without notice. " The regular com-
bination to depress railway property," to which
we have repeatedly alluded, is boldly referred
to. And the circumstance we mentioned last
week, that the amount of stock actually transferred
has been less than usual, showing that the quotations
are merely nominal, is corroborated by Mr. HUDSON,
so far as the important companies over which he
presides are concerned. This statement, now resting
on the highest authority, clearly and unequivocally
explains the conduct of the "Bears," and shows why it
is that a purchaser for ready money is unable to
obtain stock for immediate transfer even at a pike
much higher than the nominal one.

There is also a cheering assurance of the sound-
ness and stability of the different companies
with which the Hon. Gentleman is connected
which coming from so influential and well-informed
a quarter, must completely re-assure the shareholders
and banish every doubt and difficulty from their
minds. He also states another 51. call on their 501.
shares, with the arrears now due and owing, will
complete all the works now in course of construction,
and that the remaining 251. per share will be appli-
cable to the liquidation of the debt due by the com-
pany. This fully proves how greatly the parties have
erred in their calculations who have assumed that the
entire amount of the stock authorised to be issued,
and the full amount of the loans that may be borrowed
under the powers conferred by the Legislature, will
be required.

A statement of the liabilities of the company will,
it appears, be speedily laid before the shareholders,
so that the fullest information will be afforded to all
parties interested.

These are consolatory facts, and will be peculiarly
valuable at the present crisis, as they must com-
pletely remove the doubts by which timid men hive
been disturbed, and dissipate the panic that has
already occasioned such mischievous results, but
which an exhibition of confidence on the part of the
shareholders will speedily set aside.

The second number of the " Financial Reform
Tracts" has just been published by the Association,
to whose laudable exertions for the promotion of
economy and retrenchment in every department
of the national expenditure we have already re-
peatedly directed the public attention. The object
of the Association, in the series of publications
which they have undertaken, is, to place before
the people a variety of existing abuses —to
show how the money wrung from an impoverished
nation is squandered away, in too many instances,
in a reckless and improvident manner, and to sug-
gest alterations by which considerable savings may
be effected, without impairing the efficiency of any
department of the public service, arid without any
unfair or improper interference with those who have
a just claim upon their country's gratitude or
bounty for the devotion of their best years to her
service, or for brilliant achievements performed therein,
Although we may not in every respect agree with
the arguments adduced, or the conclusions arrived at,
we can yet recognise the vast benefits that may result
from thorougly informing the nation as to the manner
in which the income derived from the various branches
of revenue is expended, and we may judge how urgent
are the claims to be provided for, which render ne-
cessary the impo4ition of taxes unduly :pressing upon
the industry of the people, or materially interfering
with their health, morality, or comfort. Any just
and proper demand can never be prejudiced by the
fullest and most unreserved publicity and information ;
but there are, unfortunately, but too many cases that
will not bear the light, in which the sums lavished
upon unworthy recipients have been the rewards of
political dishonesty and turpitude, and should have
been long since discontinued, if the guardians of the
public purse had honestly discharged the duty they
owed to their country.
The parties receiving public salaries or pensions
may be divided into three classes—via., those who
have a just claim to the compensation a warded for
services now:performing or already rendered, either by
themselves personally or by their immediate relatives,
upon whom they were dependent for support and
maintenance, or whose untimely deaths, perhaps at
the very moment of their greatest achievements, pre•
vented a grateful country from offering to themselves
personally the rewards that would otherwise have
been tendered, and which therefore were bestowed
upon their representatives. With those parties it is
not desired in any manner to interfere, and they
cannot be prejudiced, or their feelings shocked, by
the disclosures that may be made. On the contrary,
the just appreciation of the services for which a fitting
compensation has been accorded should be a source

of honourable pride to all parties—to the recipients

as well as to the donors. The second class consists
of those who have some claims, but which are more
than adequately compensated, and in which all the
circumstances of the parties themselves aad of the
country having been taken into consideration, abate-
ments should be made that would satisfy the public
mind, and induce the people willingly to submit to
the payment of the residue. All others, however,
should be promptly and unhesitatingly struck off the
list of pensioners. Hordes of State paupers should
no longer burden the national finances, and fatten
upon the resources of the country. It is against such
persons that the exertions of the association will
be chiefly directed, against whom war to the knife
will be proclaimed, with whom there will be no cessa•
tion of hostilities until the grievance has been
remedied, the nuisance abated. They, indeed, may well
shrink from the light that will be cast upon their
proceedings and the inquiries that must put an end
to any further payments from the national Ex-
chequer. At present, all classes of pensioners are,
more or less, objects of suspici 3n. Where there are
so many unworthy recipients, a certain disgrace is
attached to all, unless their services are of such a cha-

ratter, and so well and universally known, as to

make the origin of their pension a matter of public
notoriety. Many persons who should receive the

public sympathy are unjustly censured, from being
confounded with others who have no such claims.

The numerous black sheep taint and infect the whole

flock. When, however, they shall be ignominously

expelled there will be such disgrace attached to the

circumstance of being a pensioner; on the contrary, it
will be a mark of distinction that should be highly

prized, when it is known that none are inserted in the
list but those who have deserved well of their country.
The former classess hould, therefore, be most anxious to

court the investigation that must terminate favourably
for themselves, and place them in their true position
before the public. They are, perhaps, more

interested than the rest of the community in having
the matter placed in a proper point of view, in being
purified from the contamination of their unworthy

associates.

In their first tract the Association explained the
present position of the national finances, and pointed
out the imperative necessity for the immediate adop-
tion of large and comprehensive measures of economy
and retrenchment. They then entered upon the con-
sideration of different branches of the civil expendi-
ture. The first section explained the different items
appropriated to the support of the Royal Household,
and the propriety of sundry reductions therein were
most respectfully suggeated. We are convinced that
no Englishman would desire any change that could in
the slightest degree interfere with the comforts or the
happiness of our Most Gracious SOVEREIGN, or place
her in a position unbecoming the dignity of the
Monarch of the British Empire. Any undue pani-
mony, any paltry saving in that quarter, would degrade
the entire nation. But there are expenses ascribed