The Sun.
London, England, 1858-08-02 00:00:00

-LONDON, MONDAY_

hoped, would have restored the namitle of power
with double strength to the former Premier.
That effort fell, however, stillborn to the L-,,rouncl,

and Mr. CARDWELL'S motion, which it was

hoped, would have completely upset the Govern-
ment, was withdrawn, and materially served the
party it was intended to injure.
. .

From that time forth the business of legislation
proceeded with comparative smoothness. The
Government won golden opinions from men of all

parties, and those " who came to curse re-

mained to bless." In everything it succeeded—
carried a good India Bill—settled the Jew diffi-

culty—gave an admirable budget—abolished the
property qualification, the first instalment of

Reform—obtained the release, not only of the

English engineers (with 3,0001. compensation for
their sufferings), but also of the crew of the Cag-
liari, and the restitution of the ship itself to its
owners—and smoothed down the American " dan-
der" that was rather unduly elevated for certain acts
of unquestionable illegality on our part. There are
other social, legal, and commercial reforms to which
we have at present neither time nor space to allude,
which received the Legislative sanction ; and we

have an admirable bankruptcy bill, and an as yet
unknown Reform Bill looming in the future.
Even the Times has come round, as the following

extract from its columns will show. It says—

" The next Session will probably be taken up with
a new class of questions, and it is possible that the
threatened Reform Bill may, after repeated post-
ponements, be ultimately introduced ay the party
which is supposed to be united in resistance to
organic change. It is at least certain that Lord
DERBY'S Government excites alarm only in the
minds of those who bold that innovation as well
as Conservative tenacity ought to be governed by
the principles of its professed adherents. The
good understanding between Mr. BRIGHT and
the section of the Ministry which is repre-
sented by Lord STANLEY and Mr. DISRAELI is
regarded with little complacency by the country
gentlemen on the right of the SPEAKER'S chair,
and some of the more timid members of the party
already whisper their hopes of finding a future
leader in the austereat utilitarian among the here-
ditary Whigs. If, however, recent experience is to
influence the anticipations of the future, it may be
conjectured that the Government, after outliving
all obvious perils, will fall under some unexpected
blow, through the coincidence of temporary causes
of unpopularity with an accident as unforeseen as
the seizure of the lorcha at Canton or as the abor-
tive conspiracy at Paris. If the catastrophe were
to occur at present Lord DERBY might fairly claim
the credit of having formed a Ministry which
conducted affairs for several months with tolerable
credit and success, notwithstanding the diadvan-
tage of a nominally hostile majority in the House

of Commons."
Under such circumstances, we may cordially
congratulate the country, not only on what has
already been accomplished, but on the fair pro-
mise for the future held forth by Lord DERBY'S
Government, who have continued to gain golden
opinions from all manner of men, in every dis-
trict and locality in the United Kingdom.
The expression in the Speech from the Royal
Commissioners, respecting the future of India, is
so apposite, that we cannot refrain from noticing
it. They say that her MAJESTY "hopes to be en..
abled so to discharge the high functions which she
has assumed, as, by a just and impartial adminis-
tration of the law, to secure its advantages alike
to her subjects of every race and creed ; and, by
promoting their welfare, to establish and
strengthen her empire in India."
This is fairly carrying out the truly liberal
views expressed by Lord STANLEY, which gave
universal satisfaction to all parties in the repre-
sentative branch of the Legislature.

We are happy to find that the much-needed tele-
graphic communication between England and India
is at length to become an established fact. A com-
pany—the directorship of which comprises names
of the highest weight and respectability—has been
formed for the purpose of carrying out that most
desirable object in a manner which affords the
fullest warrant of success. The present Govern-
ment speedily appreciated the importance of tele-
graphic intercourse with our Eastern empire
by the route of the Red Sea, and have guaranteed
interest at the rate of 4i per cent. per annum
on the capital, payable half-yearly, for the
term of fifty years certain. The capital
to be raised is not to exceed 800,0001., and
if the surplus receipts should exceed the guarantee,
one-third is to go to repay any advance of interest
made by Government, one-third to be applied
towards forming a reserve fund (not exceeding
30,0001.), and the remainder to increase the
dividend of the shareholders up to 10 per cent.
per annum. If there should be no debt for Go-
vernment advances, and no deficiency in the re-
serve fund of 80,0001., the whole profits are to
be applied to make up a dividend at the rate of
10 per cent. per annum. All surplus profits be-
yond 10 per cent. per annum are to be applied
either in reduction of the tariff, the creation of a
fund to redeem the guarantee, or otherwise, at the
discretion of the Government. The reserve fund
and unemployed capital are to be applicable to
the maintenance or restoration of the cable, and
to make good any deficiency in the receipts to
cover the working expenses, should such a con-
tingency arise, so that
.the Treasury guarantee of
4 per cent. shall be the minimum rate of divi-
dend, 5 per cent, of the whole amount of capital
raised to be paid forthwith. In default by the
company in completing or reinstating the line, or
working it efficiently, the Treasury is to take pos—
session of the line on paying to the company the
capital paid up, with interest at 4i per cent. per
annum from the date of the last dividend. It is,
moreover, to be observed than an arrangement
has been made with Messrs. NE.WALL, the eminent
contractors, for submarine telegraphic cables to
be immediately laid by them at their own
risk, and at a fixed cost, on such terms as will
leave a surplus capital of about 300,0001. Such
are the most important heads of the arrangement
entered into between Government and the Com-
pany, the full details of which may be gathered
by reference to our advertising columns. The
line will extend from Alexandria to Kurrachee,
near the mouths of the Indus, the portion between
the former place and Aden being first to be con-
structed ; and all doubts hitherto entertained of
the feasibility of laying along the bottom of the
Red Sea have been completely set at rest by the
favourable report of the most competent au-
thority.
The establishment of this valuable national
undertaking, whereby we are put in full and secure
possession of a telegraphic line of our own, inde-
pendent of the control of any foreign Government,
is a measure which highly redounds to the credit
of the present Ministry, so far as they have come
for ward cheerfully in its support. Its incalculable
importance to our relations with India will be de-
veloped and appreciated before many months
elapse,
and it is only to be regretted that the late
unprogressive holders of the reins of power suf-
fered so much preoious time to be lost in hesi-
tating on the promotion of a plan so undeniably
essential to our imperial interests as the telegraphic
intercommunication between the shores of England
and liindotan,