The Sun.
London, England, 1858-10-05 00:00:00

deception upon the country. That must, in my
opinion, be the necessary result of any proposal
which may be made at the present time for parlia-
mentary reform, and I will add that, sit seems to
me, it is the only legitimate basis upon which such
a proposal can be made." Again, a e Radnorshire
farmers come in with their sonorous approbation-
-with cries of " hear, hear," and "cheers." Decidedly,
however, the most significant portion of this Re-
form Harangue, by the *ex-Chancellor of the Ex-
chequer, is that in -which he first descants at very
considerable length, not to say tediously, upon the
need there is, in the first instance, to be
perfectly _ certain that there is a clear ne-
cessity for taking the initiative in the way of
reform. After showing how very clear the case
was in 1832, the Right Hon. Baronet intimates, as
plainly as words can well imply anything, that the
same necessity is not 1* any means so apparent
now-a-days—or otherwise, to express it yet more
explicitly, that he can't so distinctly recognise the
Necessity which, according to him, ought to be the
incentive. Not, he admits, but that—" it is said
that the circumstances of the times demand a syste-
matic plan of parliamentary reform. I am not
disputing that proposition, but I only say that any
Government which brings or proposes to bring for-
ward a plan of parliamentary reform is bound to
state distinctly what is the evil they profess to
remedy, and what are the defects in our present
system which they intend to remove." Manifestly,
therefore, Sir GEORGE is not yet by any means
quite clear upon that head. He yet requires to be
informed as to the nature or even the existence of
the defects said to require improvement. Very
well—upon that topic we dare say the DERBY
Cabinet will contrive in due time to enlighten him
and his (upon this subject of parliamentary reform)
extremely obtuse ex-colleagues. Their obtuseness
hitherto upon that vital topic has been of the same
preternaturally dull and leaden character as that
which once upon a time extorted from Sir HUGH
EVANS the despairing ejaculation, " 0 vat de igno-
rance is !" Happily, however, the Schoolmaster is
no longer exclusively " abroad"—but politically
gives promise of being perfectly " at home" during
this next important session of Parliament.

Notwithstanding the determined opposition
offered to the Turkish Loan—an opposition that has
almost assumed a political rather than a mere
pecuniary character—the scrip is now in demand,
and t premium was paid on Saturday. There can
be no doubt there are parties who profit largely
by the disorganised state of Turkish finance,
and who would willingly make consider-
able sacrifices in order to prevent the ame-
liorations which may be anticipated from
the completion of the loan, and the subscription of
the full sum of five millions sterling, and which
would deprive them of their gains. There are
" hard calculators" concerned in the affairs of
Turkey—as well as of Great Britain—who, provided
they can make money, are little solicitous as to the
manner in which it is accomplished, or the mischief
occasioned to the best interests of the nation in the

process.

Many, too, have political animosities to gratify.
They hate the Ottoman Government with the
utmost intensity, and would fain accelerate the fate
of " the sick man," whose anticipated recovery has
occasioned great annoyance. These persons are
fully aware of the effect that must neces-
sarily be produced by the receipt of a sum
sufficient to restore a healthy state of affairs.
Three millions will, probably, five millions, certainly,
achieve the object wlich the well-wishers of the
Porte have at heart. The first sum has virtually
been obtained, but if the scrip could be kept at a
discount the remaining two millions may not be
advanced. Every nerve has therefore been
strained to depreciate the security, so as to dis-
courage the holders, and prevent them from avail-
ing themselves of the valuable option at their dis-

posal.
The same game was played before when the
Six per Cent. Loan was contracted. Although the
security was unexceptionable, the Egyptian tribute
of £250,000 per annum, guaranteed by the great
European Powers, being specially hypothecated
to provide for the interest, it was assailed in every
possible way. Every ursine device was resorted
to. The result was that it fell to a considerable
discount ; so that three millions only were raised,
the remaining two millions not being called for.
The object having thus been attained—and the
illegitimate influences removed—it made rapid pro-
gress upward, and from 86 or 87 went to above a
hundred, and it is now in round terms 98, thus
handsomely repaying the parties who came for-
ward on behalf of Turkey in the hour of need. A
similar course has been attempted, but, as we have
stated, not with the like success. The English
capitalists cannot be a second time deceived, and
seeing that the security is ample, and the interest
more than 7 per cent., while little more than 3 can
be obtained elsewhere, they will gladly avail them-
selves of such beneficial investments.

The Ottoman Bank, which is calculated
to operate so beneficially in. Turkish af-
fairs, also incurred the hostility of those
opposed to the Government of ABD-11L-MEDED and
the integrity of the Turkish Empire. Owing to
causes clearly and distinctly explained by Mr.
LAYARD at the meeting of the shareholders on the
22d ultimo, although very considerable profits had
been realised at Constantinople profits that
equalled, if they did not exceed, all previous anti-
cipations—they could not be judiciously transmitted
to this country, in consequence of the unfavourable
state of the Exchanges. The mere announcement
of the contemplated loan, however, made so great a
difference in the rate, that the Bank was enabled to
declare a dividend of 5 per cent., which is much
less than may be confidently expected for the future.
The natural result has followed—within a month
the shares on which £2O had been paid were selling
at £l6, or 4 discount, and that although the divid-
end-day was at hand, and the due proportion of
more than five months' profit was to be added to
the original capital. On Saturday it sold at 191
ex dividend, so that the recovery has been close on
£4 a share, or more than 20 per cent. within a few
weeks.

And so it ought to be, with an unexceptionable
direction, including Messrs. LAYARD, GLYN and
HANKEY. With every prospect of having a most
important and valuable field opened up for future
operations, there is every reason to suppose that
everything will henceforth be as favourable as could
be hoped for.
We have alluded to the Ottoman Bank merely
in consequence of the important position which it
occupies in reference to the future of Turkey. It
was the pioneer that cleared the path for financial
progress. It has laboured steadily and beneficially
in the arduous duty it had undertaken, and we are
rejoiced to see that it is at length in a fair way of
realising the profits to which it is fairly entitled,
for the sound calculations on which its operations
were framed, aid the judicious liberality with
which they were conducted.

Last week, in alluding to the final report of the
Encumbered Estates Court in Ireland, we explained
some of the multifarious causes that rendered the
operation of such a tribunal, not only beneficial