The Sun.
London, England, 1861-12-20 00:00:00

S N PINA.N CE S.

We find that of all the States pretending to
power or influence in the affairs of the world Aus-
tria is the most helplessly crippled and embar-
rassed. The finances of the Nizam of the Deccan
were not more thoroughly deranged than are those
of Francis Joseph. There is no attempt at equili-
brium, and the only question is as to the magni-
tude of the deficit. That for 1861 is estimated at
£6,500,000 ; that for 1862 at £5,800,000. Such a
deficiency would astound even a British financier,
but it must be understood that in the case of Aus-

tria it occurs upon a total income of only some
£30,000,000, reckoned at its best ; so that the Go•

vernment spends a good 20 per cent. beyond its
proper means. Our first inquiry, after such intel-
ligence, is as to the methods by which the difficulty
is to be met, and here the announcements are more
extraordinary still. The deficits, we learn, are to be
covered by a variety of " credit operations," includ-
ing a loan of £8,000,000 from the National Bank-;
by the sale of lands belonging to the Crown, and,
in some proportion, by an increase of taxation. How
far these operations are likely to suffice can be
tralnhseacEtimonpsirperoefceAduins
better estimated after a brief review of certain
gtritahbemeg.an the year 1848 with
a public debt of little more than £100,000,000.
From that time, however, the decline set steadily
in, and the Imperial accounts up to the present
hour resemble nothing so much as those of the
" Bank of Deposit," now engaging attention in
Chancery-lane. The progress of the Government
along the road to ruin was marked by deficits which
never failed. Once during the period the deficiency
of the year exceeded £14,000,000, twice oaly was
it below £4,000,000, and never was it below
£3,000,000. Altogether, the aggregate deficit be-
tween 1848 and 1858 amounted to the sum of
£72,000,000 sterling. Of course the National Debt
mounted as the balance fell. Since the year 1849
Austria has contracted loan after loan with extra-
ordinary rapidity, and under every variety of form
and title. Subscription loans, foreign loans, lottery
loans, voluntary loans, war loans, and national
loans followed each other in quick succession, but
all to no purpose. The finances of the Empire were
not restored, the paper currencywas not re-estab-
lished, the Government credit was not improved.
The National Bank, always a party to these trans-
actions, was driven to a suspension of cash pay-
ments. Government transferred to it in 1855
Crown lands to the value of £15,000,000 and up-
wards, but four years afterwards, on the failure of
a "war loan," it seized the silver in the establish-
ment. There is but one end to operations like these.
The public debt of the Empire, which had been but
£100,000,000 at the close of 1846, had risen to
£240,000,000 at the close of 1857. We may be
quite sure that things have not improved since.
Steadily, therefore, and without so much as an
interval of solvency, has the Austrian Empire been
sinking into debt, and it is quite needless to
inquire whether new loans, new sales of Crown
domains, and new arrangements with the National
Bank will restore its finances. Increased taxa-
tion can do but little in a country where the
transactions of trade are so limited, and where
political disaffection impedes the collection of the
ordinary revenue. In all such cases the true
remedy lies in a reduction of expenditure, and in
the instance before us the course to be adopted is
transparently clear. Austria has suffered from a
vicious policy perversely maintained. In her Italian
dominions she opposed herself so obstinately to the
spirit of popular liberty, and allied herself so closely
with obnoxious Governments, that her subjects
were in a state of chronic insurrection against her
rule. In Hungary, again, she alienated a loyal pea-
pie by her unconstitutional attempts against their
rights, until at last she found herself compelled to
govern by the sword, and to keep on foot excessive
military establishments, to the ruin of her finances.
Ever since the revolution of 1848 surprised her the
mischief has been manifest, and, though she con-
trived to tide over that crisis, she was never so pru-
dent or so fortunate as to conciliate her angry and
suspicious subjects. Some of these she has since
lost. The rest, in great, part, she retains only by such
a display of force and at such an outlay of money as
must speedily bring her to financial ruin. A time
must come, and, indeed, can hardly be distant,
when no more money can be borrowed, when no
more Crown lands remain to be sold, and when no
more taxes can be collected, except at a cost ex-
ceeding their produce. All this while the outgoings
increase rather than diminish, as is to be seen in the
very sheet before us, and so at last there comes the
crash and atter that a chaos.

Austria, however, has this great advantage in her
embarrassments—that she could right herself by a
single resolution. There is a " Crown land" to be
sold the alienation of which would set the State
right at once. It would be a good bargain to give
away Venetia,—a better still to dispose of that
costly appurtenance for a round sum of money.
This done all the Venetian garrisons could be dis-
banded, and all their charges retrenched. If such
a measure were followed by a reconciliation with
Hungary, all the deficit would disappear from the
Austrian balance-sheet, and a surplus might be
expected the very next year. The Government
would thus gain at both ends, and every budget
would bring it nearer to a state of credit and pros-
perity. This advice, we know, is not likely to be
palatable, but we are sure it is sound. The present
policy, in fact, cannot be long maintained. Empires,
like ordinary spendthrifts, must inevitably come,
sooner or later, to the end of their tether, Austria
has already had a pretty good swing, and the
financial as well as political reckonings of the last
12 years ought to convince her that it is high time
to remodel her policy in order that she may cenQe
from her extravagance.— Tinios.

THE UNIVERSITY OF CAMBRIDGE.—The election
of a Chancellor in the place of the late universally lamented
Prince Consort is fixed for the 31st inst., the statutes of the
University requiring that the new Chancellor shall be
elected within 14 days after the vacancy has been declared.
The names of Lord Palmerston, of Lord Lansdowne, and
of the Duke of Buceleuch have been mentioned, but for the
present, of course, no means can be taken to ascertain the
sense of the University. It is not forgotten that for many
years Lord Palmerston represented the University in Par-
liament. The Duke of Buceleuch is understood to be the
Conservative candidate, though a portion of the Liberal
party also maintain that the Chancellor should he a mem-
ber of the House of Peers.

MEETING OF NEWSVENDORS.—An adjourned
meeting of the Manchester and Salford newsvendors was
held last evening in the clubroom of the society, Blue Boar-
court, to receive a report as to the steps which he d been taken
to carry out the resolution agreed to on the 14th ult. to the
effect that the trade would look to be supplied with penny
papers at the rate of not less than 13 to the dozen.—Mr. D.
Arlott, who presided, stated that they had communicated
with other districts with a view of ascertaining what their
Practice was. In Liverpool it was found that the wholesale
agents were united with the news agents, and that the
latter paid Is. for a dozen of 13 papers, and sold each paper
for lid. It was for the meeting to say whether they would
adopt some such plan as that, or adhere to the resolution
they had already agreed to. Very few of them took six
dozen of London penny weekly papers—a great many took
less; but when they had sold their six dozen, and all the
trouble had been gone through, they would make just is.
profit. This was a small item towards a day's wages,
and it was unfair to other proprietors who were selling
their papers at a price which remunerated the agent.
—Mr. Hutton, the secretary • said
pea tens., that a state-
ment of the '
grievances of which the newsvendors com-
plained had been sent to various districts, and several
replies had been returned ; most of those replies ex-
pressed concurrence with the o • bject, and said that the
writers were ready to join Manchester in the movement.
The obstacle to selling 13 to the dozen was that the proprie-
tors of papers themselves said that they wore working at a
loss, or at all events without profit. But the meeting would
have to determine whether they would also work without
profit.—Mr. Pickford and Mr. Ferguson stated the result
of interviews they had had:with the wholesale news agents.
They found that different opinions prevailed amongst them
as to the proper course to pursue; but some of them pro-
mised to get up a meeting amongst themselves,to determine
on some combined course.—Mr. Duffy was not so much op-
,e as the system of selling papers in
posed to the present price
the streets.—
The Chairman said that was not the subject
before the meeting.—Mr. Ferguson proposed, and Mr.
Pickford seconded, a resolution pledging the meeting to
adhere to the proposition carried at the last meeting to
require from the publishers not less than 13 penny papers
to the dozen. The motion was carried unanimously, and
the Secretary was instructed to communicate with the
publishers of three penny weekly London papers, which
were named, and report their answers to a meeting to be
held next month.
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