The Sun.
London, England, 1867-08-30 00:00:00

importanc ato the Reform Bill itself. Mr. GRAVES
entered u )on several points in this measure which
he though t highly advantageous, both to the public
generally. .and to the companies themselves. The
condition of our companies just now is not very
flourishing, lat the painful experience gained by
the crednlouN and the speculative during the last
two years wit', lead, we may hope, to more care and
prudence in -the administration of their affairs for
the future. Mr. GRAVES was especially pleased
with the power conferred by the new Act on
companies tc. make their managers and direc-
tors utlliwitt d in their responsibility, since
he thought its effect could not fail to
produce great• r care and discretion in the guidance
of affairs. 1. ritbout doubt many companies are at
the present ro.sment suffering from the effects of
the panic creat by last year's misfortunes, whereas
a better and more effectual system of registration
would have enabled their shareholders to under-
stand their exact position and the extent of their
liability, and they would not then be ready, as now,
to abandon their shares at the first rumour of
alarm.

The question of Government telegraphic com-
munication was discussed by Mr. GRAVES
at some length. The Liverpool Chamber
of Commerce lately presented a petition to
Parliament, praying that Government would
assume the charge of the whole telegraphic system
of the country. Objections have been raised to this
scheme,which Mr. GRAVES answered by pointing to
the example of Belgium and Switzerland, in both
of which countries the Government plan works ex-
tremely well At the same time we must remember
that i❑ all continental countries the Governments
are in the habit of undertaking a great deal more than
our own administration ever does. Englishmen have
a wholesome horror of unnecesary official interference
with private enterprise, and the open competition
which they favour usually tends to the rapid de-
velopment and successful working of any branch of
industry. The Liverpool Chamber of Commerce,
however, who knows something of the matter,
maintains that the telegraphic system of the coun-
try is not made so publicly useful as it might be.
It is a subject that can be easily inquired into, and
since the days of monopolies are coming to an end,
the companies must. either be stirred up to more
vigorous action or compelled to abandon their
claims. It is quite evident from Mr. GRAVES'S
speech that although the great question of Parlia-
mentary Reform is settled there are plenty of
reforms on a smaller scale to be carried out, even in
the commercial world, and we hope he will find
other M.P's. as energetic as himself about them.
Since Mr. GRAVES belongs nominally to the Conser-
vative party it is encouraging to find him so liberal
in his views. In referring to the reductions which
he wished to see in the Customs duties, he quoted
statistics to show how great were the benefits which
had accrued from removing trade restrictions. It
is hardly likely, noviadays, that a retrograde policy
would be adopted, but it is always satisfactory to
get a fresh adherent from another party. Among
the necessary improvements Mr. GRAVES referred
to the Merchant Shipping Act. Something has
been done this year, but more is needed ; and this
is a subject upon which Liverpool is well qualified
to judge, and in which Liverpool men are deeply
concerned. The condition of our merchant seamen
hitherto reflects little credit on either the authorities
or the shipowners, but since it is never too late to
mend, we must hope that, after the many painful
revelations that have been made, all partie3 will
address themselvez next Session to do the work in
earnest.