The Sun.
London, England, 1867-01-17 00:00:00

THE SUN, LONDON, THURSDAY EVENING, JANUARY 17, 1867

-co ted for it without committing themselves to an
of pinion that this money was due from revenue.
The report was adopted, the dividends were de-
-1 ,dared, and the usual routine business concluded the
l proceedings,

I...NDIAN CARRYING (LIMITED).
The -report of the directors of this company states
that tat instructions for closing the Bombay agency
Were carried into effect in September last. The
losses there had arisen not so much from individual
ad s of mismanagement as from inadequate amount
of business to bear the heavy standing charges,
an d to compensate for the high prices
wl tich the company were compelled to pay during
th 3 cotton mania, as well as from causes connected
w ith the condition and administration of the rail-
ays at that Presidency during the period in ques-
tion. A portion of the rolling stock had been trans-
ferred direct to the Bengal agency, whose line of
road from Agra joined that of Bombay at Indore.
A considerable number of the waggons had also been
sent to Madras, where they were much wanted for
the increasing business. The progress at Madras
had been, on the whole, satisfactory. While the loss
by the business in this Presidency in the year end-
jug the 30th of June, 1865, was nearly £2,500, the
:LOSS during the first six months of the present ac-
I, count did not exceed £4OO, and in the second six
months was about £lOO only: But for the greatly
increased cost of cattle food, wages, and cart and
bullock hire (amounting to £4,800 over the rate for
the preceding year), caused by the famine and cho-
lera, and the impossibility of increasing the com-
pany's charges in proportion, there was no reason
to doubt that the Madras accounts would have
shown a fair profit. The gross receiptshad increased
100 per cent. during the 12 months, and amounted
to nearly £50,000; on the whole working at Madras
from the commencement there had been a profit. In
the Calcutta agency the business had been much re-
stricted by the inability of the East India Railway
Company to accommodate the great amount of
traffic brought to it, and by the systematic prefe-
rence for some time given by its servants in the
allotment of the available waggons to another and
rival carrying establishment, to the great detri-
ment of this company and others. Since the Govern-
ment inquiry an end had been put to this practice,
and the rival establishment had ceased to exist. At
the same time the increase of rolling-stock on the
railways and its completion by the opening of
the Jumna-bridge had relieved the previous block
of the traffic, and would enable this company, it was
hoped, to undertake much profitable business as
through carriers, which they were before obliged
to decline from the difficulty and uncertainty of se-
curing a ready and punctual conveyance of their
goods by the railway. Upon the whole operations
of the company at Calcutta and Madras a balance
of profit was shown of £24,522. From this £16,788
had been, from time to time, written off for losses
at Bombay, the greater portion during the two
latter years of the account. In consequence of the
losses at Bombay no further dividend for the year,
beyond the 3 per cent. already paid, could be de-
clared. The directors had no reason to doubt that
the business in Calcutta and Madras, which had
now been established for three years, would go on
improving, and they expected that measures of
economy could be carried out which would lead to
the profits hearing an increased ratio to the gross
receipts.

absurd vanity which made them feel it a point of
honour to put a finger in other people's pies, so as
to show their own power. Nay, there are many, even
now, who loudly lament the neutral course which
England has resolved to adopt, and prate a great
deal about the loss of dignity and influence that we
have thereby incurred. I do not believe a word of
all this. We may have been abused and ridiculed
for a little while, and we have changed our policy in
a clumsy way ; but in the long run our resolution to
hold ourselves aloof from quarrels that do not con-
cern us, and to let other nations manage or mis-
manage their own affairs, without meddling at any
rate with the sword, will greatly contribute, not only
to our peacefulness and prosperity, but to our
real dignity in the eyes of the world. What, on the
whole, is the result to Europe of the great changes
she has witnessed during the past year? Those
changes can scarcely fail to bring with them, on the
one hand, peace, and on the other hand freedom.
The creation of a powerful empire in North Ger-
many is likely to be a wholesome check upon the
aggressive tendencies which might have been fostered
in Russia and in France by the weakness of the
kingdom that lay between them. But still more will
the completion of the kingdom of Italy help in all
likelihood to preserve the peace of Europe. So long
as aught of their soil was held by aliens, the Italians
could not but live in a perpetual state of irritation,
and there was always the fear that they might quar-
rel with Austria on the one hand or with France on
the other, and thus light the flame of European war.
It is difficult to conceive what motive the King of
Italy could now have for fighting with any of his
neighbours. Nations are, however, so unutterably
foolish about war that he would be a sanguine man
who looked forward with any certainty to a long
period of peace, and the weakness and disorganisa-
tion of the Austrian empire may be fraught with
danger ; but, except for this, there is now a real
balance of power among the nations of the Continent,
and this equilibrium must greatly lessen the chance
of war. Then as to liberty, these events must surely
favour it. The new North German empire can only
be held together by giving all the people of the vari-
ous kingdoms, free cities, and duchies which it con-
tains a direct interest and a direct influence iu its
government. The machinery for the constitutional
self- government of that empire has been set up, and
the German people are so thoughtful, so prudent,
and so manly that although they do not always move

as quickly as bystanders might like, we may well
trust them not to let political liberty slip out of their
hands when they have once grasped it. In Italy
we already see the magnificent and cheering spec-
tacle of a nation newly combined into one, and
labouring under enormous difficulties, yet showing
a rare aptitude for self-government. From Jutland
to Sicily the whole centre of Europe is now in pos-
session of political freedom ; and may we not be
lieve tliat such an example must surely ere long
render impossible the despotism under which France,
Spain, and Russia still laboue ? Upon the whole,
1866, although in itself a year of calamity and gloom,
a year of tempests and shipwreck, a year of grievous
disasters in the commercial world, a year of tremen-
dous strife in Europe and of changes unprecedented
since Waterloo, yet may probably be looked back
upon in days to come as a year beyond all others
pregnant with the blessings of peace, prosperity, and
freedom not only to Europe, but to mankind.
The hon. gentleman, who was frequently ap-
plauded during his address, received a cordial vote
of thanks from his audience.

purposes of war, would be found to be something
more substantial than a mere matter of sentiment.
What we maintain is—that the Government
should not permit the national flag to disappear
from this traffic so long as citizens are ready to
organise American lines. They are ready on con-
dition that they are placed on an equal footing with
foreign competitors; that is, permitted to procure
the vessels they employ where they can be built
most cheaply. Let the American ship-builders take
care of their own interest, but do not let that in-
terest drive the American flag from the Ocean
Carrying Trade. No doubt when circumstances be-
come more favourable theshipbuilders will be able to
compete with those of Europe, but till then it is ad-
visable that American capitalists should be able to
avail themselves of the yards on this side to
secure the vessels they wish to employ in the
carriage of their fellow-countrymen and of their own
produce. The American shipbuilders will sustain
no loss, for they get no orders as the case now
stands. There will be no increase in the trade, for
what Americans do not do Europeans will, and the
only change would be that American capital would
be more freely employed in this direction, that a por-
tion of the profits would go into American pockets

—that American interests in the American carrying
trade would be greater, the Government have a
control over fleets of powerful steamer-3, and the
citizens not learn to regard the fact as a matter of
course that to their country not a single vessel of the
splendid fleets plying to Europe should belong.—
Anglo-American Times.