The Sun.
London, England, 1867-09-12 00:00:00

THE ALABAMA CLAIMS.

The publication of the further correspondence on
the Alabama claims, which followed on the advent
to power of the Tory Government, will clear away
some misapprehensions both in England and the
United States. Her MAJESTY'S present Ministers are
prepared to submit the claims to arbitration ; and
in the event of the decision being against them to
adjudicate those claims by a mixed commission. The
readiness of Lord STANLEY thus to meet the points
in dispute appears to have been unexpected by Mr.
SEWARD, who had evidently no intention of drop-
ping a weapon he was so well qualified to handle,
and which at any moment he could use to embarrass
and annoy the British Government. He, th=refore,
skilfully introduced another question which he
knew would for the moment settle the controversy.
He insisted on the whole correspondence being sub-
mitted to the umpire, which brings in the question
of the conduct of the British Government in so early
recognising the Confederacy as belligerents. The
despatches show to the American people that Great
Britain is prepared fairly and honourably to meet
any reasonable claims they can advance to compen-
sate for injuries sustained, if, in the opinion of an
arbiter, remissness could be proved in allowing
the escape of cruisers from British ports. The
case has been f ully stated on both sides, Mr. SEWARD
handling his arguments with the most consummate
tact and ability, while allowing himself the fullest
latitude. Whatever may be the intention of the

Washington Secretary of State, he will be upheld
only by the American people in demands they consider
truthful and fair. It may suit politicians to keep up
this grievance as an aid in their canvassing schemes,
but those do but scant justice to the mass of the
nation who attribute to them complicity in any
such intention. Americans wish to settle and have
done with this dispute, as they have no desire to
imperil the growing kindliness of their relations
with their kinsmen to satisfy the crotchets of Mr.
SEWARD, or to enable that statesman to make a
grand display of his argumentative powers. The
world is responsible for the injury inflicted by the
premature recognition of the Confederacy as a bel-

ligerent. Every maritime nation was equally culp-
able, and this part of the controversy therefore
should be conducted with Christendom, unless
➢lr. SEWARD elevates England into the champion
of the world, or intends her to answer for what was
certainly the sin of all nations. It is probable
that Mr. SEWARD'S career in office is drawing to
its close, and it would well become him before
retiring from power to settle a question the details
of which he so fully understands, and which
in the hands of a bungler might hereafter
be productive of serious evil. We trust that the
reply of the PRESIDENT to the address of BLACQUE
BET, the Turkish Minister, when presented to him
on the 23d August, is not significant of a hostile
feeling on Mr. JOHNSON'S part towards Great
Britain. If it be, his enmity will be the fitting
reward of the support extended to him by English
writers, who have overlooked all his shortcomings,
and put the most charitable construction upon his
acts. He said :—" The American people appreciate
and are happy in all cases to acknowledge acts and
demonstrations of amity and friendship. Our
traditional sentiments towards France, Russia,
Holland, and Switzerland are proofs." Why
should Great Britain be omitted ? As usual in
such cases, the controversy has drifted into all
manner of irrelevant channels, and the further it
proceeds the wider becomes the scope. The ad-
vantage that England would derive from a successor
to Mr. SEWARD would be that the controversy might
be commenced between two men who had no part
in the original dispute. Both nations are getting
heartily tired of the interminable subject, and it
cannot beprofitable even for filling up the voluminous
pages of our daily contemporaries during the present
dull season of the year.—Anglo- American 7 bites.

The Management of Public Companies.

A board of directors is chosen, or, in the first in-
stance at leist, usually chooses itself. A board, the
well-known action of which form of association is
to bring into prominence the worst features of each
individual member and to cast his better qualities
into the shade, is usually a compound, inconsistent,
and irresponsible artificial personage that under-
takes the management of a large business, with the
principles and details of which he is necessarily un-
acquainted, and deals with a large capital of which
it owns an almost infinitesimal share. The real in-
terest of the proprietors, and the " polity" of the
directors, are thus materially dissociated, and very
frequently opposed. It will ,be remembered that
the men most anxious for the dignity or for the re-
muneration of directors are for the most part those
who desire thus to fill up the time because it is
not better employed. The anatomy of one
board might throw light on the structure of
scores. Here you have the respectable country
gentleman, engaged for his name and for the weight
that he may add to his less known colleagues,----
anxious to keep name and weight, but seeing little
further over the green cloth spread before him than
it is convenient for the secretary to allow. Then
comes the active, shrewd, director on, or some how
or other closely connected with, the Stock Ex-
change. His influence goes to decide measures that
may be expected to affect the price of shares, to
tide matters over a crisis, or even to bring on that
shock which " must come" before affairs can mend.
Then follow two or three gentlemen, whose names
are down on many lists, and who are continually
consulting their watches and their pocket-books in
order to be in time to earn the next guinea at some
other board. You may sometimes add to these the
obstinate and stupid director, who may in other re-
spects be a most estimable man, but who is accustomed
to make a great hole in the available working time of
the Board by insisting on an explanation of what is
patent to everyone else, though sometimes he is not
without value. Among these, or besides these, as
secretary, director, manager, or what not, may be
found the real wire puller, the man who, unseen
and irresponsible, moves the whole ; and who, if
he were the known and responsible manager,
avowedly and equitably paid for his services, and
responsible, at least in character, for the con..
duct of the undertaking, would give it the best
chance of success. With a machinery such as
this how can we be surprised to be told 'one
day of a company which, " having taken legal
advice," has "suspended the proceedings" to
which they led their shareholders to look for sol-
vency; another, of one which, having paid a dividend
of sfr per cent. upon eight millions of capital in
1854, has since that time spent another eight mil-
lions without producing a shilling of additional
profit in the shape of returns ; in short, from day to
day, of the scandalous,zesults of the most imbecile or
most wanton mismanagement. A famous French
financier is said to have gained the first
capital of which he made such active use
by the simple expedient of annexing to the list
of deaths which were chronicled in a local
newspaper with which he was connected the
name of the medical attendant on the defunct.
So intolerable, after a time, did the attention
thus excited to the results of the practice of his prey
become, that a large purse was made up to buy off
the nconvenient chronicle. A•shareholders' manual,
giving in a legible print the names of directors of