The Sun.
London, England, 1861-11-14 00:00:00

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Walewski now holds this important p 4n, i,, ---‘
possible that the chiefs may decline to pit-ialte S
V>)
Achilles at such a cost. However, this may be a
tTnhheerleaseth systemim.
importance is that M. Fould desires a real superin-
io
tendance over the finance of the country. At pre-
sentdduentytlyitbyis
oioni:fu e de Paris rumour. bloat is of more
there is in France no Minister who can be
made responsible for an extravagant expenditure.
tt
hh
er oswo
sound
dt the
practicearrangements enfis
thtoe various departments, and handed at
ten pataoor
the money,
ebiuui‘odv, nig.
makinghne:
Finance
expendituresul ; budgets, prepared
a;fsiteientirely
ni
tsthitreeeir ni
ydvceo, h
patternuee
depen-
dent e-
of England, prevailed in, the Orleanist times. We
are accustomed to complain, even in England, that
on income, instead of raising income to meet
expenditure, is not observed by nations as by indi-
viduals. But in France the bad practice is carried
much further, inasmuch as not only does the whole
Government fix the national expenditure, but the
Army, Navy, Public Works, and Fine Arts, have
each their separate budgets, and every Minister
with a crochet of his own is able to hook it on to
the public purse. It is but justice to M. Fould to
say that, although he may have been too subservient
to the Imperial will and the demands of his col-
leagues, he is understood to have always been an
himself and knowledge of his business would re-
volt against a system by which his control of the
eovpeproyne Minister
of the
ofpFreneanntee extravagance.withany
respect Indeed,for
national expenditure was quite destroyed, by
which each Minister prepared a budget for his
own department, and thought it inconsistent
with his dignity if his rival's share in the
national recklessness was greater than his own,
It is much to the Emperor's credit that he has at
last determined on restoring to his councils a man
who has certainly the capacity toset things straight.
The light comedians of the political company, a
Walewski, or a Persigny, or a Morny, are very well
for the Foreign Department or the Home Depart-
ment, or for splendid embassies, whenever it is
necessary to show the wealth and glory of France,
or to rebuke malcontents by manifestoes or warn-
ings. But a more solid nature is required when it
is,•neeessary to preserve the power which can 'send--
forth brilliant envoys or silence unquiet journalists.
Unless France be well fed and well clothed she will
object to pay the heavy taxes which give vigour to
the Imperial system. For several years the pres-
sure on the people has been severe; with the first
reverse it verges upon torture. The traveller
through France will find that, in addition to im-
mense armaments which are paid for by the general
revenue, every department has been encouraged to
spend money to the utmost, and to do in a few
years what should be the work of a generation.
The Empire, though its works are useful, has been
doing them too fast, and the best friend it can have
will be one who will say that enough has been done
for fame, and that it is now time to consult the
happiness of the people.--iinzes.

RAILWAY INTELLIGENCE.

PORT CARLISLE.

An extraordinary general meeting of the share-
holders of the Port Carlisle Dock and Railway
Company was held at Carlisle on Monday, at noon,
for the purpose of considering the proposal for
leasing their undertakings. Mr. W. Marshall,
M.P.-;presided. -
The SECRETARY having read the terms of the
proposal,

The CiIIATR.IIAX moved the following resolution ;
—"That this meeting approves and sanctions the
said terms—viz., that the undertakings of the Port
Carlisle Company shall be leased to the North Bri-
tish Company at a rent of £3,100, as therein con-
tained ;',that the preference stocks of the Port
Carlisle Company shall become preference stocks
of the North British Company ; that the mortgage
debt of the Poi t Carlisle Company shall be converted
into debenture debt bearing interest at 3 per cent.
per annum in perpetuity ; and that the original
share capital shall be entitled to receive a minimum
guaranteed dividend of £1 per cent. per annum,
and also be entitled to participate equally with the
ordinary stock of the North British Company in
any dividend paid by the North British Company
exceeding £4 per cent. per annum." He thought
the resolution would be adopted almost unani-
mously, as the terms were better than they could
have expected to receive for the railway. In con-
sequence of the approaching opening of the Border
Union Railway, the traffic of the North British
Company would be thrown on this and the Silloth
line. That had been for some time neLessary, in
order that they might be able to carry en.' the
objects for which the lines were begun. (Cheers.)
' Lieutenant Colonel MACLEAN thought it satisfac-
tory they should have such a good offer from the
North British, and they would be very foolish if
they did not accept it. When they looked at the
hopeless state of the railway for some years, he
thought the sum as large as they could expect any
people to give on taking such a concern. (Hear.)
To get the North British Company through would
take four times the net profit of the Port Carlisle
line, The expenses of the Port Carlisle line, at 50
per cent., would be £14,000, and it would take
£7,000 to pay what the North British now took on
their shoulders. (Applause.)
The resolution was unanimously agreed to. It
was stated that the consent of all the bondholders,
except two or three who were abroad, had been
obtained.

The directors of the company were authorised to
join with the North British Company in applying
for an Act to carry out the terms and arrangements
agreed to.
Mr. IRVING, in moving a vote of thanks to the
chairman, stated that negotiations were now going
on with a view to getting arrangements made for
the Silloth Company, which he hoped would be as
satisfactory to them as these were to the Port
Carlisle.