The Sun.
London, England, 1860-09-04 00:00:00

GOVERNMENT GUARANTEES.

Among the questions left in an unsatisfactory
position at the close of the Parliamentary session
has been that of Government guarantees. Yet the
principle that must regulate it is of the simplest
kind. The failure of the Indian telegraph, and the
consequent danger of a loss of £BOO,OOO to the na-
tion, is considered by many to have extinguished
all prospect of future similar grants for undertake
ings of any description. That will be a point for
the public to determine, but it must be determined
upon grounds different from those at present recog-
nised. The legislators who condemn guarantees do
not usually do so on the conviction that the under-
takings proposed are not required, but from the
fancy that if a guarantee is refused with sufficient
pertinacity private individuals will at length un-
dertake the risk. The tone of regret on the part of
Ministers and others in their recent allusions to
the Red Sea line was indicative of this feeling.
Their grief was not so much on account of the money
having been lost as at the fact of its having been
i
lost by the Government—a view about as creditable
as if a regiment were to express. sorrow that they
had omitted to avert some common inconvenience
fibyee inducingtlse half
in ,e a
a-dozen
rnofhtohpeeir,
The number to
thing
se eiti;ig-
has always been observable. The promoters of a
e Great Eastern" or any
outlay that gratifies national vanity and, with the
exception of the contractors, rains all cone;erned,
are invariably held up by public speakers: as far-
sighted benefactors, when, in fact, they have arrested
the march of improvement by a reckless disregard of
all pecuniary interests but their own. Every engi-
neer can design things to astonish the world if he be
sufficiently unscrupulous to found his own exalta-
tion upon the impoverishment of families, a nd un-
fortunately it is this class, and not the straightfor-
ward members of the profession, who are tuo stly the
objects of platform eulogium or of official pat ronage.
When a better sense shall have become gen.et ral, and
the rules of morality and of political ecoraorny are
admitted to go hand in hand, we shall hear no
more of these congratulations at the countr.y ]laving
obtained a great gain through the practice of a suc-
cessful deception upon a certain number of ii tvestors.
Let it lie understood that the man who rt tie es the
smallest work with satisfactory commercial. rcesults
is the friend of progress, while he who sets nip non-
paying wonders is its worst enemy, and ay e shall
then advance from precedent to precedent w ithout
a check. At all events, whatever may be th e obli-
quity of sentiment or want of courage displa: red in
Parliament on these matters, it may be hop ed the
people at large will regard them in their honest
aspect. When an undertaking proposed is purely
commercial, every suggestion for a guaran to e is, of
course, to be denounced. On the other hand, when
it is national, let the nation fairly pay for what
they require, and not descend to haggling att .empts
to underrate their own interest in the matt 3r, and
exaggerate the probable results to others. When
once the habit is attained of taking this direct
course, there will be a good prospect for many en-
terprises which people at the present monient are
almost afraid to advocate. The inquiry will be
simply in each case as to the political advantages to
be gained, and the price they are worth, and this
being ascertained, there will be a readiness to pay-
the price. Under existing circumstances nothing
is done, because the public waste their time in try-
ing to cheat themselves. It is a constant struggle
on the part of the majority to get all the benefit and
avoid all the risk. Such exceptions as occur are of
the character commonly observable in affairs that
are not regulated by any admitted policy. They
merely furnish examples of Treasury caprice or
favouritism. The country will find that unless it
is disposed to retrograde it will not long be able
to refuse to accept its proper responsibilities. If a
certain railway, or canal, or telegraph is wanted
in order to effect a specific economy of troops,
stores, or shipping, or to transmit speedy notice
of danger, we have scarcely a right even to
permit private persons to incur the possibility
of loss in furnishing them. Assuming that they
will yield sufficient returns, a guarantee can, cost
nothing ; in the contrary result it must be as dis-
graceful to let individuals suffer as if we were to
entrap them to build our fortifications and dock-
yards. What would have been our hold on India
at this moment had she remained destitute of rail-
ways and telegraphs ? And what will be the posi-
tion of England if, while every other country avails
itself of the guarantee principle, we refuse to use it
because it is liable to abuse ? Some years back it:
was calculated that, reckoning the value of the time
of a London citizen at less than ls. an hour, the
loss from the absence of a rail or tramway from the
Bank to the West-end was about a million sterling.
per annum. A metropolitan guarantee would have
met the difficulty, and ahe saving in three or four
years would have reimbursed the outlay, even if
the line had never paid a farthing of net revenue.
In like manner, a railway by the Euphrates would,
shorten the route to India 1,000 miles, and possibly
in life and money, under certain political contin-
gencies, save its own cost in the first year. But it
cannot be effected. It is a national, and not sin
individual concern, and the nation will do nothing
for itself. The Government in all matters of -this
kind will be happy to afford every encouragement
to private capitalists to embark their money for the
good of the community, but it will not for a moment
entertain the idea that the community should un-
dertake any obligations in return.

A "LIMITED" SAVINGS BANK COMPANY
FINED FOR IMPROPER DESCRIPTION.

Yesterday, at the Leeds Town Hall, Mr. Joseph
Francies, the manager of the District Savings Bank
Company (Limited) at Leeds, was charged with
painting up an improper description of the said bank
outside his premises at 22, Bond-street, Leeds. The
alleged offence was, that while the company was
registered under the Joint-stock Companies Act,
1856-57, Mr. Francies had had painted on the
office window the following notice :—" Savings
Bank, Incorporated by Act of Parliament."
Mr. Bruce, who supported the information,
said that Mr. Francies was the manager of a
company which had an office in Leeds—the
proper name of the company being " The District
Savings Bank (Limited)." He believed the head
office of the company was iu London, but there
were branches in different towns. He called atten-
tion to the 31st section of 19 and 20 Vic. C. 47ci
which imposed a penalty for misdescrißtion, an._
pointed out that the intention of the Legislatureep 081-n_
framing this clause was to guard against h
r tthis act
sibility of companies constituted
unhdree reference to
sailing under false colours. Now,
ssmuucishtricats
thea name of the
wi on the
the defendant's office, the words.ll Paintedcaporated by act
window were" Savings' Bank, I
of Parliament." But this was,n°t.
defendant's Company. Its properthelat
law,
winaa
Limited.)" He should.
Savings Bank Companie(
I first place, that the
therefore argue, in t
defendant had broken . I
the name he paintedllupon it was not the name
at a 2 and secondly
of the company , that it was
a decided falsehood. Defendant might say that he
had painted up the proper
title of the company on
the coursing stone, but that was far above the
and
window,some 12ft. from the ground, and in a
place, and in letters so small, that it was scarcely
possible to see the title. At all events, he submitted
that the notice on the window was a " notice, adver-
tisement, and official publication," within the mean-
ing of the act. It was a fraud upon the public, a
sham intended to impose the 'and
upon community,
it was therefore most desirable that the court should
put down any attempt of the kind.
Thomas Greaves, a groom in the service of
Messrs. Brayshaw and Butterworth, of Cha-
peltown, deposed to having deposited ss. in
Mr. Francies 's office on the 22d ult. He saw
on the window the words, painted in large letters,
" Savings Bank, Incoporated by Act of Parliament."
He paid 2d. for a book, in which this deposit was
entered. Did not notice any other name to the
company.
Mr. Prest, for the defence, submitted that the
words painted up by order of 111 r. Francies did not
constitute a " notice, advertisement, or other official.
publication," within the meaning of the act. The
penalty of £5O applied to a very different thing
than that of lettering a window. He had no need
to call any evidence, for it had been granted that
the full title of the company, " District Savings
Bank (Limited)," was painted on the coursing stone
above the window, and he would consequently limit
his remarks on this head to informing the Court
that this title was painted above the window in
letters about six inches in length.
The court delivered the following judgment:---
..
" We are satisfied that the offence alleged in the
formation has been committed. The statuotfe
any
ex-
pressly declares that if there be an
iseublication
notice, advertisement, or other official Po
t that by
of the company in any name different,at is clearly
which the company is incorporated,
otn
f 19 and 20
an offence within the 31st section °f
1 alternative
Vict. c. 47 ; and this being so, d
ttnt of the offence
we have is to convict the defen.
is the sump
0 WhiCh
and in the penalty of .£5 ,
B.lribed by Act of Parliament'u
tion must be paid."
all the casts of the pros
case for the Cou t of
Mr. Prest applied f.(l_
magistrates
but theecluied to
Queen's Bench;
grant him one. •
The Government Savings Bank is situated in the
same street as
that in which Mr. Francies has
opened his office.

REPBESENTATION OF TRALEE.--The Kerry Post
, on the authority of Capt. O'Connell him self, that
states,
esis no foundation for the rumours that he i s OW to
rookie as appointment at tho hands of Goverztut out.