The Sun.
London, England, 1860-04-24 00:00:00

SWITZERLAND.

The Nord makes the following observations on
the present positionlof Switzerland :
"It is her neutrality which makes Switzerland
a great Power, but solely because that neutrality is
protected by European guarantee. Now, no at
tempt is made by France on the neutrality and in-
violability of the Helvetic territory. The interests
of Switzerland, like those of Europe, are therefore
protected, and any step inconsiderate and contrary
to that absolute neutrality, which is still more a
duty than a right for Switzerland, would expose
her to all the dangers which would infallibly result
to her from any act which, from a neutral Power,
would make her one acting out of the European
concert at her risk and peril, and violating the in-
ternational stipulations which have founded, rati•
fled, and protected her national existence. The
replies of the Powers to the note of the Swiss Fe-
deral Council prove that Europe views the question
in this light, and hence the affair can no longer give
rise to any European complications."

The Madrid journals of the 19th give no details
of the execution of Ortega, but simply publish two
brief telegraphic despatches from Tortosa announc-
ing the fact :—they state, however, that on being
told that the sentence passed on him would be car-
tied out, he displayed great resignation, wrote seve-
ral letters, and drew up his will ;—also that he was
allowed to spend 20 hours in religious preparation.
A letter says that the Government had some reason
to hope that the Emperor of Morocco would pay at
once the indemnity of 400,000,000 reels which he
has promised.

A Genoa letter says :—" Garibaldi is at present
hero. On starting from Turin his intention was to
proceed to Nice, but he changed his mind and
stopped short. A report of his departure for Sicily
had been in circulation, but was quite untrue, as he
never had apy such intention. The real object of
his journey was to visit Nice."

THE FRAUDS ON TTIE UNION BANK

The precise details of the recent frauds by the
cashier of the Union Bank of London have not yet
transpired, but a full account is expected to be com-
municated to the shareholders in the course of a
day or two. Meanwhile, the nominal price of the
shares is £25, showing a fall of L 5 from the quota-
tion previously to the discovery. No transactions,
however, of any importance have taken place, the
directors having made a communication to the
Stock Exchange, recommending that dealings
should be suspended until the exact amount of loss
shall have been made known. The number of shares
being 60,000, a decline of £5 would represent a total
of £300,000, and this it is believed is considerably
beyond the actual deficiency. The frauds were car-
ried on by means of a forged passbook representing
the account of the Union Bank with the Bank of
England. Various statements have been circulated,
to the effect that the delinquent was well known as
a speculator, not only on the Stock Exchange, but
on the turf, and, if these were true, much censure
would fall upon the directors for retaining such a
person in their service, and selecting him for a post
of special trust, since, as it is almost impossible to
devise any system of checks to obtain perfect secu-
rity against a rogue, the primary duty of managers
is to look as much as possible to steadiness of charac-
ter. It was solely from a culpable disregard of that
point that the Great Northern Railway and
Crystal Palace Companies were sufferers by Rel-
path and Robson. It does not appear, however, in
the present case that the reports are correct. The
man had been in the service of the bank from its
foundation, and was previously a clerk in the bank-
ing firm of Sir Claude Scott and Co. He is about
48 years of age, a widower, and was considered to
be one of the most regular and quiet persons in the
establishment. It seems certain, moreover, that it
is within the last five years that his misappropria-
tions have commenced. His salary during the
greater part of that time was £5OO a year, and
about 12 months back it was increased to £6OO. It
is by no means improbable that temptation came to
him through sonic unscrupulous persons on
the Stock Exchange. He is said to have had large
transactions with a firm who failed some time back,
and subsequently with three other persons. Without
such abettors no officer holding a position of trust
in a public establishment could contrive to carry on
any very dangerous speculation. On a recent occa-
sion a clerk of Messrs. Barclay and Co. proved to
be a defaulter under similar circumstances ; and, as
the Committee of the Stock Exchange then came
to a strong resolution regarding the course to be
adopted if any member should henceforth lend
himself to such transactions, they will probably in
the present case resort to the punishment of expul-
sion. Doubtless, also, the directors of the Union
Bank will deem it necessary to institute a strict
investigation as to any comrlicity that may have
existed.—Tines' City Article.

We are sorry to hear reports that the public will
be startled by the magnitude of the frauds committed by
W. G. Pullinger, late chief cashier of the Union Bank of
London. These frauds have extended, it is said, over a
series of years, and the success of the offender in so long
evading detection is said to have been accomplished by an
ingenious system of false entries. Unsuccessful specula-
tions in the Stock Exchange, carried on extensively for
years past, have been the gulf into which the proceeds have
been thrown. The shareholders, whose anxiety has been
greatly stimulated by the rumours afloat, have learnt with
satisfaction that the directors of the Union Bank are now
engaged in the pi eparation of a statement in which the facts
are duly set forth. It will be issued immediately. Mean-
while the public will feel it fair to suspend their judgment.
Exchange
appear delinquent will be brought up again before the Lord
Mayor on Friday. The members of the Stock Exchange
appear to be keenly interested in the inquiry, partly from
a Hopei- jealousy of the reputation of their body. The
Stack Exchange Committee, acting upon the high prin-
ciples which have uniformly guided them, and which have
contributed greatly to the confidence reposed in their de.
cisions by the public, are not likely to seek to evade the
duty which now seems to be imposed upon them. That duty
consists in an investigation into the agency whereby the
enormous speculations of the unhappy man whose name is
now before the public have been carried on, in violation of
the rule which prohibits brokers from ttFusacting business
en account of clerks in public companies and other este-
blishments,—.Daily Neva.