The Sun.
London, England, 1851-03-27 00:00:00

THE BUDGET.

In reply to Sir DE LACY EVANS,
Lord J. RUSSELL intimated that he would state to
morrow when he would bring on the Budget.

STEAM TO INDIA.

Viscount JOCELYN then rose pursuant to notice to
move for a Committee, to inquire into the question of the
existing steam communications between England and
,India; and to report whether any improvements may
be made in the conduct of those communications,
previous to the grant of a further contract to
any company proposing to carry on that line.
.Likewise to consider the subject of steam communica-
tions, having for its object a line or lines connecting
England, India, and Australia; and to report to the
House the most fitting mode in which such communica-
tion may be effected, with due care to economy, and
with advantage to the public interests. The Noble Lord
stated that he introduced a similar motion last ses-
sion, but since then the subject had become more
interesting in many points of view. The ques-
tion was one of some importance to the coun-
try, and he much regretted that it had not been taken
up by the Government. There were many consi-
derations which induced him to bring this motion
forward, but the principal one was this.
The contracts with the Peninsular and Oriental
company would expire in 1853 which would give the
Govennment an opportunity of changing or selecting
a better means of communication with our
Indian empire. He made this lotion entirely
on public grounds he had no hostility to any existing
companies ; on the contrary, he thought they were
much indebted to them for the accommodation which
their services had given to the public, and spirit and
energy with which they conducted their trade.
By the resolution of last session, it was agreed that a
route of steam communication should be established
between Singhapore and Australia and the Peninsular
and Oriental Company, had stated their readiness to ex-
pend 5,0001. in the settling of the route, but they thought
that they ought not to be tied down to any regulations
whi.ch the Indian Government might choose to lay down;
and conceived that theywere perfectly right, for,
little opinion, nothing could be more injurious to the
public interest than the vesting the mono-
poly of a great social or commercial
advantage in the hands of a great and powerful party
such as that constituted by the East India Company. It
was; well known that the Peninsnlar and Oriental Steam
Co' pauy had always been desirous of obtain-
ing the possession of the route between Suez
and Bombay. That I route would have been of the
groe.test benefit to them, but the grant of it had
ala-ays been frustrated by the necessity for the services
of the Indian navy. Far be it from him to
depreciate that navy, for he was aware how beneficial
its services had been both in India and China;
, but it should nevertheless be recollected that vessels of
that navy had not altogether superseded the necessity
for -the employment of vessels in her Majesty's service.
Tb 0 iipurpose then alleged for the exculsion of the
• vesisels of the Peninsular and Oriental Steam Com-
patay was not served, while on the other hand
it vas abundantly evident that if the Indian navy was
ex( :laded from this line, the Peninsular and Oriental
Ste aim Navigation Company would be enabled to em-
ploy larger and more powerful vessels, anti thus not only
inc tease their speed, but also render the communieatoin
wl ;.h India more regular and certain. His Lordship
tb. en read extracts from despatches from the Earl of
Ri pon, when at the head of the Board of Control,
and from those of the authorities in India, in order
to snow that this change would, if effected, accom-
plie,h the object he had in view. He was
aware that some prepositions had been made by a
cot o pany formed last year, but he could not say that they
oou.;'d be entertained, and therefore he thought that the
chief object to which the committee should direct its
attention was in the first place to the establishment of
the routes and the depks to be formed for steam cow-
mu n ication between this country and Australia.
(LEFT SPEAKING.)

SOUTH WALES AND GREAT
WESTERN RAILWAY COMPANIES.
A. large shareholder in the South Wales Companyii e
upo n data submitted by him to Mr. J. A. Fran
prof 'e ssional auditor and accountant, has obtained
the
follo'ffing computations:— a two corn'
It is understood that the directors of these
pan;.(qa have made a preliminary contract,
able by the
for • ;loe existing guarantee of 5 per cent. payable
as
Gre s.t Western Company, graduated paymentsn_et profits
fol-
low s, receiving in exchange one-third o.fv
upo rt the South Wales line, via.:-1- v-
per annum. 2. On
con o ected with Gloucester, 30,0001. _
annum. a. On
ext. e nsion to Carmarthen, 38,0001. I
rer annum. Hence
45,000 . pe
extension to Milford, 84c., the not
Swansea is
the computations given below.
3 &'stimates of profits and dividendsnotion, assutning the fol-
fro m Swansea to Gloucester J9e.
entures,
500,000/., at 5
lovrir,g date.:—Mileage, 105; d b
and contingencies, 4004
upon the. railway
per cent.; maintenance of way,
nt
and charges, 5,0001.
aueme
per m ado per annum; Ina,' 27509,00/.
saved in any of the fore-
will., increase the dividend
perE%licrllyUlDl,;2ssohla.re capiisnin,ute
one :hiding per cent.
ninth greater.
1 claiming dividend be 250,000/.
goirig items of expenditure
one
If' the share captitia
be
?tire . 'expenses Amount of Dividend per
less, the dividend w
Gross Traffic "rrcosfsecutiye two-thirdg cent.
per N Veek. Piemo. traffic. of Profit.
of slt o c koanned-
X.
:X, .58 per cent.* 11,340 .. . 4536
1'.,000 .. **** .50 ~ 17,666 ..... ... 1.1602
./,000 •-,••• '• 45 „ 19,066
:3,000 .. ..... .. 40 „ 20,800 ... . 2.7548
4,000 - ....
bed balance sheet ' .v.• '
* The published eet gives .this item 58 per
the
sorties a pfi 1,000/. er woek; estimate as-
cen t. uo
redotionrst to 50 per cepnt. on thethe second 1,000/.,
to 45 per cent. on the third 1,000/., and so on.
so ugh estimate of the comparative minima guaranteed
by th e Great Western Company, say in June, 1853:-
Ist EXISTING CONTRACT.—Upon each 501. ca-
pital (one share) from completion of the un-
dertaking, 5 per cent. in perpetuity, say par £5O
Add claims fur arrears of interest during construc-
tion:—
4 per cent. from June, 1849, to June, 1851 ...
Ditto ditto, 1851, ditto, 1853 ...
Promfaed equivalent for increase of interest
dus ing constructionto 5

2,108
4•

1'602

£sB'ol
SECOND PROPOSEDCONTRACT.-45,000/. per an-
num, instead of 200,0001. per annum in per-
pistuity,

from completion, say 45,000
----of 50/ £ 11.25
200,000
Say Ono year's proportion of 30,0001. rent, on
th.ree-tourths of 4,000,0001.
Diu 3 ditto of 38,000/. ditto 13-16ths ditto.— 0.585

X 12.335
be proposed contract represents the liability of the
Grfmt Western Company, offered in exchange for the
exi.sting liability, leaving the difference contingent upon
the success of the South Wales system when completed.

MILFORD, MARCH 2 3.—Arrd. Salacia, I)unant, Liver-
pool for Cork, with part of bulwarks carried away, etc.,
and must be put o❑ the ground to repair.
LIMERICK, MAME( 24.—Arrd. Garland, Simpson,
Ciyita Vecchia.