The Sun.
London, England, 1857-10-29 00:00:00

V E

TORE

(From Cie Times City Article.)

R 29, 18

NEW YUR,K.

1 ruble view of the liquidation of the.e accounts, the
1 whole of the reserve fuLd will be required to meet thn
losses incurred ; and that on the other band, taking th.
most unfavourable view c,insistent with probability, av-
. good current business of the regular continuance of the
dividend, without encroaching on the capital at the
same period in the coming year.
"In laying this statement before the shareholdere the
directors desire strongly to impress upon them that its
unsatisfactory character is to be attributed to the affairs
of 1854, and that, apart from these, the sound and le.
i.itimate business of the bank would have enabled it te
pay the ordinary dividends, and also to add largely to
the reserve fund, notwithstanding the losses that have
been inn& rred subsequently to that year. They wish .
also to state their confident expectation that the change
they are making in the policy and regulations of the
bank will effectually guard against the recurrence of
similar results.
"Mr. Smith having stated to the directors that his
health would not longer permit him to undergo the labour
of conducting the details of the manager's duties, and
having in consequence requested to be relieved from his
office, they have with reluctance complied with his wish,
and have made arrangements that Mr. Thomas Seller,
who is in every respect eminently qualified for the post.
shall, from the Ist of August next., assume the position
of manager. Mr. Smith has, at the request of the di-
rectors, consented to take a place at the board, and to
continue to give the bank the aid of hie valuable assist.
atm.

WILLIAM RATHBONE, Chairman."
In the published accounts from Manchester this morn-
ing it is remarked that a bank at Glasgow is said to have
suffered largely, "and will have to wipe off nearly half
a million of money in bad debts." That enormous
losses have been sustained in that quarter, through the
reckless disciunt of a mass of accommodation paper,
has been known for some weeks past ; but it is now
stated, apparently with confidence, that the institution
in question will be furnished with all requisite aid by
ether and more solid establishments to carry it through
all Its engagements. The belief, however, is that an
ultimate winding-up is among the conditions on whioh
this assistance has been agreed to. Wi'h regard to the
final safety of the not-,eholders sod depositors there cou.d
nat have been the smallest doubt, even if help had been
totally withheld, since the individual wealth of the pro-
prietary is estimated at not less than 5,000,000/. or
6,000,000/.

THE INDIAN MUTINIES.

(From the Times.)
The Bombay Mail has brought us further intelligence
as to the fell of Delhi, and although these accounts are
still meagre and unsatisfactory enough is told to show
I with what indomitable vigour and determination the
British troops advanced to the assault of the fortifications
which sheltered that band of execrable miscreants. The
siege train arrived on the 4th of September; with enor-
mous exertion the ponderous artillery was placed in
position by the Bth, and on the 13th the bastions and
curtain against which our fire was directed were mere
heaps of crumbling ruins. Now arrived the long looked-
for day of retribution ; the troops, like greyhouads in
the slips, were eager to rush to the storm, and General
Wilson issued an order of the day as remarkable for its
sense and firmness on those issued by the Supreme Go-
vernment have been distinguished by totally opposite
qualities. The Major-General praises his troops for the
cheerful way in which they have supported their past
toil, and warns them that greater labours are still to
come, which must be borne as cheerfully. He "feels
as,nred that British pluck and determination will carry
everything before them, and that the bloodthirsty and
murderous mutineers will be driven headlong out of
their stronghold or be exterminated." He " needs
hardly remind the troops of the cruel murders committed
on their officers and comrades, as well as their wives
and children, to move them in the deadly struggle. No
quarter should be given to the mutineers • at the same
time, for the sake of humanity, and for the honour of
the country they belong to, he calls upon them to spare
all women and children that may come in their way."
It is impossible to convey in more precise terms than
these the duty —no cThubt "uncongenial," but still a
duty—which has devolved upon our Generals and sol-
diers in the East, at the very moment when the prestige
of our rule so much depends on the confidence it inspires
in its friends and the awe with which it is regarded by
its enemies. When we find, then, that the lives of our
countrymen and the safety of the empire are perilled by
an opposite policy, which by shielding the mutineers
and their accomplices maddens and drives our own
regiments to mutiny; we are induced to interpose and
demand the abandonment of measures which every man
of common sense must see can only lead to more wide-
spread disaster. We have already commented in severe
terms on a recent notice issued by the Governor-General
in Council as tending to hamper the military authorities
—and among the heads of intelligence brought by this
mail one paragraph has roused the indignation of all
who read it. It is reported—and we shall be glad to
hear that it is only a report--that Mr. G. P. Grant,
member of the Supreme Council, has been sent up to
the disturbed districts, with power to control the Gene-
rals in command in the execution of martial law ; or
rather, we should say, that in defiance of the maxim,
Inter arena silent leges, the Governor-General and Coun-
cil have decided that martial law shall not be established
even where our little columns are struggling in the
midst of the vast armies of the insurgents. Thus it is
plain that the proclamation of a few days before has not
been allowed to remain a dead letter. A. civilian, igno-
rant of military usages and military requirements, has
arrived in camp to supersede the authority of the Gene-
rals at their own head-quarters. And what was the
place chosen for the first display of imbecile mercy? It
was Cawnpore, where the streets are still red with the
blood of our slaughtered women and children, and where
the ground has just closed over their mangled remains.
General Neill had taken 150 prisoners from among the
fiends who a few weeks before had tied English women
down in the public ways to violatethern, and had chopped
little children into bits in an orgie of bloodthirstiness.
The place had been retaken by our troops after a series
of battles the heroism of which will be celebrated as long
as the British name endures, and the natives were
finding that, though outnumbered twentyfold, the race
which had conquered the country had strength to hold
it and to execute justice on evildoers. Those who are
at all acquainted with Asiatic character will bear wit-
ness that the condign punishment of these rebels taken
in arms would have impressed the country, far and
near, with the conviction that we were powerful, and
knew it, and were prepared to make others know it too,
The effect of a summary execution would have been
equal to another victory. Every tree and gable-end in
the place should have its burden in the shape of a
mutineer's carcase. Thus has treason been crushed in
other places ; thus have Scinde and the Punjab, and
even the Bombay Presidency been preserved to as.
But between justice and these wretches steps in a
prim philanthropist from Calcutta. General Neill is
not even left to exercise his judgment within the nar-
row limits of the proclamation ; but Mr. Grant takes
the command out of his hands, and directs not merely
that the forfeited lives should be spared, not merely
that the offenders punishment should be commuted
to transportation or perpetual imprisonment, but that
they should be absolutely and unconditionally set at
liberty. The telegraph may well inform us that the
indignation was great and general at the leniency
of the Government. The effect of this most scandalous
proceeding may possibly be to undo much of the good
resulting from the fall of Delhi. Some of the men thus

liberated were, we may be sure, in the camp of the
enemy within 48 hours. What news were they likely
to carry ? T❑at the Calcutta Government was afraid,
that it dared not hurt a hair of their heads, that the Go•
vernor-General had sent one of his own Council to pre.
vent the General in command from touching them, that
the English had found that they must coax the Sepoys
hack to their allegiance, and that if the Sepoys stood out
they would soon have everything their own way. Is
this any exaggeration of the view which a race so igno-
rant and vain would be likely to take of Mr. Grant's in-
terference ? And when we have Nana Sahib with 30,000

savages between our little force and the nearly exhausted
garrison of Lncknow, is it not time to remonstrate
sternly against the pusillanimous lenity of the Govern-
ment ?

What the enemy is capable of we know already ;
what their notion and hopes are we may judge from the
proclamations of Nana Sahib, which we print elsewhere.
While the Governor-General is dreaming of drawing back
the mutinous Sepoys by kindness, the hero of Cawn-
pore is addressing his followers in a tone of the most

;elf-complacent confidence. "As by the kindness of
God and the good fortune of the Emperor all the Chris-
tians who were at Delhi, Poonab, Sattara, and other
places, and even those 5,000 European soldiers who went
in disguise to the former city, have been sent to hell
by the pious and sagacious troops it is
the duty of all the subjects and servants of the Govern-
ment to rejoice at the delightful intelligence, and to
carry on their respective work with comfort and ease."
This proclamation of the Nana was issued shortly after
the attack on Cawnpore and by the end of September
he must, though after three months of impunity, have
begun to feel some doubts as to the stability of the new
monarchy. The execution of a few of his confederates
would, no doubt, have served to quicken his apprehen-
i sions or those of his followers. He may indeed soon
learn to his cost that " the yellow-faced and narrow-
minded people" have not been all " sent to hell ;" but
if anything could maintain his delusion it would be such
proceedings as have just taken place. Cm there really
be a policy more suicidal than when the whole country
is swarming with rebels, who way disperse to-morrow or
keep the field for weeks, according as th.ir fears or
hopes prevail, for a Government to exhibit itself as
afraid to act with severity, and as endeavouring to draw
back the Sepoys by inducements which they will be the
first to deride I We have before now made some obser-
vations on speeches at home which have indicated much
of the same maudlin feeling of humanity. Here it is,
indeed, harmless ekough, but when by communication
or sympathy it istAnsmitted to those charged with the
conduct of affairs it becomes a serious matter. To over-
come such folly is as much a duty as to fight the enemy ;
and, indeed, why should we triumph at the fall of Delhi or
the victories of Havelock ? They are gained at our
own expense. It is cur reused apprehension of danger,
struggling with the results of our want of foresight ; it is
bravery repairing the disasters caused by folly ; it is
eobnfl
idiunud rrna.
Grantls cs e
and m a kmpi
ena
rygv,ue
perhaps,rpsiftoyr
aper hvai
haveovlie s pfalse
epconfidence
miss
yi Bs
nal uchnhn
calamities and repaired by new achievements. The
Civil Government of India may rest assured that, 'when-
ever the time comes for reviewing its conduct, it will
find it no easy task to stem the current of popular feel-
ing, which has set so strongly against it. It need not
aggravate the difficulties of its position by wantonly
insulting the feelings of every man, whether soldier or
civilian, who is engaged in fighting its battles. " There
ii l time," says the wise man "to kill, and a time to
;