The Sun.
London, England, 1859-10-21 00:00:00

something even of chivalry in the manly resolu-
tion with which the projectors of this great scheme
determined to confront all risk and difficulty, and

to see whether they could not achieve something
not only greater but far ()Tooter than has yet been
conceived in nal al architecture, on behalf of their

country and of mankind. (Cheers.) For there can-
not be a doubt that if success is to attend their en-

terprise much will have been accomplished both for
their country and for mankind ; as, on the other
hand, there can be as little doubt that if success is
to be withheld or delayed, even failure in such an
undertai:ing can entail no discredit. (Hear, hear.)
The prosperity of the trading and manufacturing
interests of this country is indeed much too vast a

subject to ho handled in detail, even with all the
latitude that your patience and indulgence might
accord. But I feel it is a high honour to be called
upon to touch on such a theme in connection with the

stage at which the enterprise of the Great Eastern
has arrived, and the hopeful prospect; which I trust
we may say it presents, as well as in connection
with the fact that we are assembled as the guests
of the first railway company in the world, and
under the presidency of a man who enjoys the con-
fiaence of that body, and is an honour to the order
to which he belongs. (Hear.) Comment has been
made on the treatment of railway companies by the
House of Commons, and no doubt that is a subject
which the historian will hereafter have to discuss.

(A laugh.) Some people say that the House of
Commons is in fault; some that the railway com-
panies themselves are in fault. I, for my part—
especially at a a moment like this, consecrated to
festivity and good humour—should be exceedingly
sorry to imply that anybody had been in fault.
(Laughter.) But, be that as it may, there are
certain facts upon record, and among them this
one, that in this country from £300,000,000 to
£400,000,000 have been laid out in railway
enterprise ; that the outlay of this vast sum has
produced enormous benefit to every interest,
without exception, in the kingdom. That bene-
fit is not confined within the bounds of these
kingdoms, but has, on hehalf of every country in
the world, solved the whole problem of its internal
communication, and shown it the way in which it
ought to walk. (Cheers.) So that we have, in
point of fact, paid the cost oZ all the errors and
blunders which other nations must have committed
in their endeavours to gain experience for them-
selves. (Hear.) As much as that is undeniable,
and I confess I think it matter of regret that that
being the case, the average return on railway capi-
tal up to the present moment has been so low. I
lay no blame upon anybody. But lam firmly con-
vinced that in an enterprise of this kind, novel,
and therefore, in one of its aspects, necessarily
speculative, it would have been much better, not
only for the shareholders, but for the country at
large, if a more liberal profit had been realised on
the money thus invested than it had been the
good or bad fortune of their proprietors to re-
ceive. Dr. Johnson says—and I have great respect
for all that fell from that authority—that what-
ever induces a man to live more in the future and
less in the present, exalts him in the scale of crea-
tion. (A laugh.) Well, if that be so—and I am in-
clined to believe that it is—then the position of the
railway shareholder is an exalted one. (Laughter.)
The past, undoubtedly, has not smiled upon him ;
the present has no very extravagant attractions;
and if he really expects any very great things they
must lie in the future. It is an additional comfort,
therefore, to him to know that in looking forward
he is by that very fact elevated ftl the scale of being.
(Renewed laughter.) I regret, on another ground,
the comparative slenderness of the interest payable
on railway property. It is a fact of curious signi-
ficance, the like of which I believe does not stand
on record, that the great social, commercial, and
economical change brought about by railways was
introduced into the world by private enterprise, with-
out the advantage of any very great and immediate
premiums being held out to their projectors. And as
one who is not ashamed to own that he feels a strong
interest in the economical administration of the
public resources, I am sorry to say that in my offi-
cial capacity I have reason to believe that this in-
adequate return upon railway investments has had
' no small effect in producing a tendency in the
public mind which in this country is in a great
degree novel—and I am bound to add, it is also in
my opinion in a great degree mischievous—the
tendency, I mean, when a great enterprise is about
to be undertaken to effect some useful object, for its
originators immediately to resort to an assault upon
the public purse. (" Hear," and a laugh.) I know
not in what measure I am entitled to ask for your
sympathy in this matter; but I believe the prin-
ciple on which we have long acted in England, al-
though it has been greatly departed from of late
years,—viz., that the assistance of the Govern-
ment should never be extended to private
enterprise unless under circumstances of rigid
and extreme necessity was a principle
sound alike with regard to finance, with
regard to the security of your insitu-
tious, with regard to the purity of the public cha-
racter, and with regard to the maintenance of that
spirit of bold and, I will say, daring enterprise,
which at all times, whether of peace or war, has
been a leading characteristic of Englishmen.
(Cheers.) Under these circumstances Ido not feel
myself prepared to make any distinct answer what-
ever to the appeal addressed to me in so winning,
I might almost say so cajoling a manner—by my
right hon. friend the late First Lord of the Ad-
miralty—(a laugh)—on the subject of the liberality
of the House of Commons in the expenditure upon
refuge harbours. Harbours are, no doubt, most
admirable things, and serve the most useful of pur-
poses ; but as to the sources from which the funds
are to proceed whence their construction all round
your coasts is to be provided for, on that point I must
pray your permission to maintain a judicious silence
on these occasions. (" Hear," and a laugh.) No doubt
it is the effect of convivial assemblies to open the
heart and set free the tongue; and certainly at such
a board, at so interesting a gathering, and before
such incomparable company, it is to 'me painful
beyond measure to feel obliged to plead for myself
and claim the benefit of this general rule. (Laugh-
ter.) Nevertheless, I throw myself on your indul-
gence; and believing, as I do, thst a too ready re-
sort to the public purse in matters with respect to
which it is often subsequently found that the use
of that purse has been mischievous, and has ope-
rated as an absolute discouragement to enterprise,
is a great public evil, I say it is one—and a conspi-
cuous one—among .the various merits of the pro-
moters of this great undertaking, that when they
were attempting something entirely without prece-
dent and out of the common course, both as to its
extent and its cost, they nevertheless chose to
rely on their private resources. That, if
I understood my right hon. friend the
Chairman of the Great Ship Company, is the
principle to which he gives his sanction. (Hear.)
I venture, gentlemen, humbly but sincerely, to as-
sure you that I have at least this qualification for
asking you to drink to the prosperity of our trade
and manufactures, that my own life and exertions
are cordially devoted to that object; that, amid all
the difficulties of politics, amid all ,the vicissitudes
and disappointments of life, amid the uncertainty
which attends all our speculations, I find a comfort
and satisfaction in thinking that it is in our power,
if we will sedulously set ourselves about it, by a
judicious economy and an enlightened legislation,
to do something, at least towards raising the condi-
tion of the masses of our fellow•countrymen and
providing that there shall be some lightening of the
burden which human life entails on the noble-
minded artisans and peasantry of England.
(Cheers.) That, in my opinion, is a solid ground
of satisfaction ; for that I think it an honour and
a delight to labour. And, confident in your sym-
pathies, I ask you heartily to unite with me
in good wishes and earnest anxiety for that exten-
sion of enterprise and that remuneration of capital
in the trade and manufactures of this country, of
which we know that a main part of the fruit and
the profit will redound to the advantage of the
labourers whom they employ. (Loud cheers.) The
right hon. gentleman then proposed "Prosperity to
our Trading and Manufacturint, Classes."
Mr. T. Bazley, M.P. for Manchester, Mr. Bushell,
of Liverpool, Mr. Akroyd, of Yorkshire, and Mr.
Muntz, of Birmingham, severally acknowledged
the toast.
Sir J. •PAKINGTON rose to propose a toast which
at all times and under all circumstances commanded
the sympathy of Englishmen, but which was never
more appropriate than in that assembly, He
meant " Our Colonial Empire." (Hear, hear.)
He wholly dissented from the opinion en-
tertained by some that that empire was of no
value to us, but might be any day relin-
qu'shed without diminishing our prosperity. Never
was there a moment when the attachment of the
colonies to the mother country was stronger than at
present, as was evidenced by the manner is which
the former had °flared to contribute, not money
merely, but men also to meet the exigencies of the
parent State. Canada had nobly raised a regiment
for service in India. Every improvement in nautical
science tended to draw closer the bonds which united
the colonies and the mother country, and the hap-
piest results might be augured from the day when
the Great Eastern would reduce the passe e-e to Aus-
tralia from CO days—its presentclurationZto a little
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said, the magniture of the British empire was such
as almost to appal those to whom its administra-
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