The Sun.
London, England, 1866-02-05 00:00:00

DEMERARA.

The traffic receipts on this company's line for the
three weeks ending the 31st of December last
amounted to $B,BlB, against $8,434 for the corre-
sponding three weeks of 1864, showing an increase
of $385.

ELECTRIC AND INTERNATIONAL TELEGRAPH.

The half-yearly meeting of this company was held
on Friday at the office, Telegraph-street, Moorgate-
street ; the Hon. R. Grimston in the chair.

The CHAIRMAN, in moving the adoption of the re-
port, stated that the directors were gratified at being
able to recommend a dividend at the rate of 10 per
cent. per annum, which was the highest amount of
dividend they were empowered to declare. Although
the revised tariff only came into operation- on July
10, they had carried 263,447 additional messages,
and had earned £26,700 more than in the corres-
ponding period last year. At the same time a great
deal of that increased prosperity was owing to the
zealous exertions of their staff. The directors there-
fere felt it was only right they should allow those
employed to participate in the prosperity of the
company, according to the principle adopted in some '
of the large banking establishments. The sum of
£4,394 which had been distributed among the offi-
cials might appear large, but when they considered
the large number of recipients it would be found
that in many instances the amount given to indivi-
duals was small. After paying every expense and
the proposed dividend there would remain a balance
of £22,791 for the reserve fund, which had been
established for the purpose of meeting losses and
other contingencies. They had recently been gra-
tified at having such a fund, for on the 11th Jan. a
storm fell upon the southern portion of their system
such as had not been known within the 20 years'
experience of the company. The damage had been
very heavy on some of their lines ; they therefore
proposed to add the sum remaining to the reserve
fund. With respect to the capital account they had
still further reduced the debenture debt by £6,000,
and 'the amount of debt was now £66,656, which
was considerably less than the reserve fund theyhad
upon deposit.

Mr. HUISH seconded the motion for the adoption
of the report, which was carried unanimously. The
dividend at the rate of 10 per cent. per annum was
declared for the past half-year, and the retiring di-
rectors were re-elected. Certain paid-up shares
caweprietalausttohcokrisoef dthetobe
company,co and a vote of thanksnverted into the general
to the chairman concluded the proceedings.

Surplus Income and the National Debt.

(From the Bullionise.)

The certainty that the Chancellor of the Ex-
chequer will, in his estimates for the new fiscal year,
again have a surplus to distribute, has led to a re-
vival of the discussion regarding the propriety of
devoting for the future any such sums as may arise
to the reduction of the national debt. The Times,
in a recent leading article, pronounced strongly in
favour of such a process. It will not be difficult to
show that, however well-intentioned and honourable
may be the promptings to this view, it would be
highly impolitic to adopt it.
As a preliminary in the question it may be men-
tioned that already, under an existing act of Parlia-
ment, the surplus that is actually realised in each
year is applied to the Sinking Fund, the amount
available for the purpose being invested quarterly
as it accrues. It is only when, in framing the esti-
mates for the coming year, the Government find
that the revenue will exceed the expenditure, that
the point has to be discussed, so as to determine in
what manner this excess of revenue shall be appro-
priated. It may be applied to paying off a portion of
the national liabilities, it may be absorbed by a re-
solution to augment the army or navy or other pub-
lic establishments, or it may be made to disappear
altogether by a reduction of taxation.

The argument of the Times is that it is the duty of
England to take " serious steps to pay her huge
debt," and that she is at present " trifling with this
duty;" that instead of the debt being reduced at a
rate that would occupy four or five centuries it
ought all to be wiped out in at least three genera-
tions, and that as the United States talk of paying
of their debt in thirty years, the contrast between
the countries—if England, in the interval, merely
pursues her present course—will be " not only
shameful, but dangerous." Nay more, we
are warned of the disadvantage in which we should
then dispute with America, she
bein stgoalend in ca
clear
of
debt,se of a
and
ourselves still with the
burden of large liabilities. Finally, the writer puts
the whole affair as if it were a case of conscience
and honesty, and charges the public that
whereas they once wished to pay, and could not,
they now believe they can pay, but will not—a po-
sition of circumstances which is described in itself
as an " ugly symptom," and ademoralising example,
since, if the State will not pay, every Englishman
wishing to evade his pecuniary duties " can plead
the example of his Government."
Now, although arguments of this sort have a
moral and self-sacrificing sound, nothing could be
more erroneous in principle, or more unjust to the
universal feeling by which the country is distin-
guished. They are all based upon a false assump-
tion at starting. The writer first asserts that it is
our duty to take.steps promptly to pay off the debt.
Grant this, and, of course, all the rest follows, since
not
one ofuatily that is said of a
nation h can t
yatnhding declines to fulfil it.
But we deny the assumption. The first duty of
o that complain
kno s its d
the nation is, as far as it has the light to do so, to
keep its affairs in a condition that shall best pro-
mote its own happiness ; and, as a consequence, also
the happiness of the world. The English people have
never made any promise to pay off the National
Debt. Of course, had such a promise been made,
there would be no choice but to fulfil it at all costs.
But the debt was raised in the form of permanent
annuities, and so long as the annuity is punctually
paid, no holder can say there has been any default
in the fulfilment either of the letter or the spirit
of his bargain. The present appeals to con-
science and honesty, so far as the nature of the
compact is concerned, are therefore wholly out of
place, and have merely the effect of putting in a
false and injurious light the conduct of a nation that
for the rigid maintenance of public obligations stands
as the most perfect example. There is no patriotism
in concealing or softening the errors of our people,
but there is something worse than want of patriotism
in charging them with short-comings on the very
point to which, more than on any other, they are
entitled to dwell with unqualified satisfaction.
Now looking only to the happiness of the country,
and its power of influencing the happiness of others,
let us ask what would have been our position at this
moment, if the theories just put forth as to the duty
of paying off the debt, had been adopted 30 years
ago—a period when the pretences to be urged for
it, both moral and financial, were much stronger
than at present ?

Instead of reducing taxes we should have provided
that all surplus revenue should have been handed
over to the Sinking Fund Commissioners. We
should have had no repeal of the Excise Duties, or
of the Corn Laws, or of the Customs' tariff, no
penny postage and no extinction of the Window
Duties 'or removal, or mitigation of the Assessed
Taxes that worried every man in each movement of
his existence. Under such circumstances it is not
difficult to conceive where we should be at this
moment. Instead of the wealthiest and most con-
tented people on earth we should be among the
narrowest and most dissatisfied, and instead of the
national debt being really reduced, we should have
found that, owing to the absence of reforms, not
only was there no surplus revenue of any kind, but
that it had become a question not whether we should