The Sun.
London, England, 1857-10-15 00:00:00

LONDON, THURSDAY EVENING, OC

leial year, with the nature and value of the securities
given."
We find that the bond, under the City's
seal, were outstatolir g on the 31st Dec., 1856:-
1. Bonds for the construction of Iltd-
loway Prison... £92,700
2. B,,nds for the site and construction
of tho Metropolitan Cattle Market 443,000
These bands are charged upon the City's
estates, and the interest, amounting to
23,000/. 10s., is paid out of the City's cash.
3. Permanent Street In.provement Fund—
The principal charged on the City's 41. coal
deity, aid the interest is provided out of the
City's ca,h ........................................... 540,000
4. Navii,..athin Bondv, principal and interest
charged nn navikation tolls 130,900
5. Biacklriar's•brido l'A
gin&, principal and in-
tvrte, charged on I:ridgc•-li m,,,t."urd,ates 73,100
6. Royal Exchange B principal and in-
tere,t charged on rental of tho Royal Ex-
change...................................
,
7. Permanent Street Improvement Bonds,
principal and interest charged on the 81•
teal dues.
8. Temporary Street Improvement Bonds, prin-
cipal and interest charged on New Cannon•
streA and Clerkenwell Improvement surplus
grouLd ........... 430,000

.£1,882,700

In order that we may snake our answer to the refer-
ence and instructious of your bonoui•rxble Court as con-
cise, and at the tame tine as clear as posisiblee we offer
the knowing items of charge :-
1. IiOLLOWAY Prieseee.
This building is, of course, unproduetive of revenue.
The principal and interest is, and must remain, a dead
weight upon oar corporate resources, no provision having
have been by way of siukieg feud for its liquidation.
Ninety-two thousand pounds (besides the value of the
site, which is not included in this sum), appears to be a
very large amount as the cost of a house of correction for
the receptiou of 400 pi isoners. It should, however, be
remembered that at the time this building was erected,
the Secretary of State reqnired all priQons to be built
npou the plan of the Model Prison at Pentonville ; and,
although the Government has since that period adopted
for its own purposes a cheaper system both of prison
construction nod management, yet at that time the In-
spector-General of Prisons, acting under the authority
of the Secretary of State, was invested by law with the
power to prescribe and enforce this expeesive form of
construction, which the Corporation was obliged to*
adopt. Alter these explanatione, it is not too much to
say that the money thus expended has provided for the
service of the City one of the finest and best-arranged
prisons upon the separate System that has ever been
produced.
2, THE IICTROPOLITAN CAME MARKET.
The new market, which forme the other 'ergo item in
this class of expenditure was, it should be likewise
ob.;erved, undertaken at the wish of her Majesty's
Government, as part of an arraegement connected with
other important matters affswing the interest of the
Corporation ; and, at the instance of the Secretary of
State, an additional qutantity of laud was purchased
to enlarge the site. Parliament has just passed an act
authorising an increase of the toile, and empowering the
Curporatioe to let upon long leases the surplus land,
which experience proves is not actually required for mar-
ket purposes. It mast he seintitted: that the Corporation
has, from its resources, eseected'a cattle market for the
P which in point of size, co-
veunbileie beauty,moncaec,caotomddlto
in wnoithi il
similar establishment in the
world can be compared. It is to be hoped that iu the
course of time the Corporation, under the provisions of
tho new act, will be able so derive an improved revenue
from the market, to relieve the Corporation from some
portion of the debt aid the interest which at present
pressed heavily upon its income.
The property of the Corp )ration upon which the
535,7e0/ , the total of the foregoing bonds 1 and 2 may
lee said to be secured, consists of freehold and leaseholds
lands and houses, producing a gross annual rental ex-
ceeding 100,0001., in addition to which the surplus-saving
of the Finsbury rental before referred to is available for
investment in land or hou,fes.

3. PERMANENT STREET IMPROVICAIENT FUND.

The Corporation has borrowed during the lastseven
years 510,000/, for constructing New Cannon.street, and
effecting other street improvements around the Royal
Exchange and in other parts of the city. The money was
borrowed on the corporation bonds, under the authority
of Parliament, and the payment of the principal and
annual interest (20,3001) is secured by Acts of Common
Council upon the City's 41. duty on coals, to which the
corporation is entitled in perpetuity, and which fund is
an increasing one, and yielded in the year 1856 a net
revenue of about 60,000/.
4. TIIAMIOS NAVIGATION BONDS.

Many years sinew, the Corporation borrowed, under
the directions of several act* of Parliament, various
large s.uins of money, secured by its corporate seal on
the toils of the Thome.; navigation above London-bridge.
Oa the 31st Dec., 1853, the aunt of 130,9001. was out-
standing upon these bonds, bearing an annual interest
of 4,5811. 10e. Of late years the charges upon this
fund have considerably exceeded its annual revenue,
and the deficiency, avzreging between 2,0001. and
3,0001. a year, has been advanced by the Corpora-
tion. During the last ten years the total sum thus ad-
vanced by the Corporation has amounted to 34,5811.
101. As conservators of the river, the Corporation, un-
der the Acts of Parliament, likewise administered the
affairs of the river Thatnes below London-bridge and
in that capacity possessed a consithrable surplus fund,
which, however, was not available to supply the defici-
encies of the upper districts, although the interests of
the river above and below London-bridge were so inti-
mately connected that any injury. which might be suf-
fered by one would necessarily be felt by the other.
This defect iu the Thames Navigation and Port of
London Acts has now been rectified by the legislature.
The ant passed during the last session amalgamates the
two funds; and transfers them, with other newly-created
sources of revenue, to the new Conservancy Commission.
By this means the Corporation will be effectually re-
leved from all,respothibility in r igpect of the sums bor-
rowed for the purposes on the credit of its corporate seal.

BLA.OXPB-I-AB—S--3-RIDGE BONDS.
-In 1833, when the dangerous state of Blackfriars-
bridge rendered a considerable outlay necesgary for its
restoration, the CA. poratiou wag empowered by Act of
Parliament to borrow the r,quisite funds for the purpose
upon the credit of the Bridg,-house estates. That fund
was far more than sufhcient to secure the repayment of
the sum required, but as it stood nt that time charged
with the payment to the Lords Commissioners of ber
Majesty's Treasury of certain annuities, terminating be-
tween the years 1867 and 1871, the Carp iration was
obliged to guarantee, the principal and interest, in ease of
need, by pledging the credit of its seal for the amount ci
the required loan.

We find that the amounts of these bonds outstanding
on the 3141 Deo., 1856, was 73,1001., bearing an annual
interest of 2,967/. 10s. We likewise find that the present
net annual pcoduoe of the Bridge-house estates is 27,000/.
the annuities which will terminate in 1871 amount to
21,5501. The rental of the Bridge-hones estates, princi-
pally situated in the City and suburbs, is largely in-
creasing in value, and there is no doubt but that both
the interest and principal of the money borrowed on the
City seal will be duly met, without calling upon the
Corporation.

6. BOTA.L RICHANGS BONDS.
Upon the destructon of the Royal Exchange by fire
in 1837, the Corporation borrowed 85,000/. upen its seal
toward, defraying a moiety of the costs of its reconstruc-
tion. This bum is fain outstanding. The annual interest
amounting to 2,965/„ is charged, as well as the principal
money, en the rente and revenues of the Royal Ex-
change. Iu some years the annual income hag not been
quite sufficient to meet the charge, and the Corporation
has supplied the deficiency by a loan to the fund. The
present annual rental amounts to 5,785/., and exceeds
the expenditure, including the interest en the bends.
Property iu general i❑ the City is increasing in value.
It appears to us that this property is sufficient to meet
both the principal and iatereet of this debt, so as t
relieve the Corporation frein any responsibilities on this
account.

7. PERMANENT STREET IMPROVEMENT Pi *IDS.
Under the authority of an act of Parliament, the Cor-
n.itple'trilou cent.usup t,vn a
pirsdassyt
rniol
no:400t sf,tobaoonotdlh-.
Cor-
poration granted bonds fur 88,000/. towards the lin-
s
f
abundantly secured upon the
paid off in the course
principal
oal duty,
along with other stuns borrowed under
theBipiisud bear,
nweidnhl
tsiii;r:teessaritie:sa
tote
341
Yent for street improvements in the me-
opfertlaienillieT fivToh;epar:coPuat.lowf tilhlihsefund, according to its
aotrerodtpseorifoi,fi:parrili.artuit

- 8. TEMPORARY STREET IMPROVEMENT BONDS.
We find that on the 81st of December last, the Cor-
poration was indebted unon bonds in the Rum of ,
'n,may, 180,0005 borrowed to finish Cannon-
etrevt, 250,0001. to complete the Clerkenwell iin-
p:ooev These sums Lave been borrowed at
different times under the authority of the Common
Council, on temporary bonds, for which interest to the
4t3,c0:0, noio/ andu.
to.
amount of 19,8821. 10e. is annually paid out of the
nso
balance of the capital fund remaining unexpended in the
hands of the Chamberlain. It forms r.o part of the
actual annual charge on the City's cash, and the rentals
cipa
temporary sacrifice of interest
ee
Improvementce l
of
nea o thesfe''
actually received arc carried to the capital fund, and not
taken into account as part of the City revenue.
Some portions of the ground iu Cannon-street have
, and the ground is covered ;
h price of money and the
all high price of money and the
consequent depression of all descriptions of property for
for short periods at higher interest,
ibbibtneuy bvetben better
tinoetner consequence
the
ntnwto:ideetirng
,make building
depression
rather than make a greater sacrifice by lowering the
rate in the number of yearn' purchase which they have
hitherto received from the sale of their ground rents.
We find also that the committee entered into a contract
for the sale of surplus land under the Clerkenwell Im-
provement Act, for the purpose of the metropolitan rail-
way, but in consequence, as it is alleged, of the depressed
state of the money-market, the terms of the contract have
not been fulfilled, and proceedings at law are now pen&
ing. We are, however
I advised by the City's architect

that we need not be apprehensive of the City being uLi-
mately called upon to make good any deficiency in re-
spect of this clams of bonds, as 'the unsold gr.)und and
houses i n the possession of the corporation i❑ Cannon-
mtreet, Victoria-street, and the aoj.)ining site of the
ClerkenwEll improvements, will, in the aggregate, realise
sufficient to liquidate the bonds.

O. SIMPLE CONTRACT DEBTS.
We find that, on Dec. 31, 18511, the corporation owed
fioating debts to the amount of 53,5731., incleding in this
sum the estimated cost of works in hand. We flail, per
contra, t:,at to meet this demand the corporation pos-
sessed cash balances in the hands of the Chamberlain,
dividends on stock, arrears of rents, and oth(r sums
av:ilalle to meet present demands, amounting to
113,427/.
In clear:fusion, we wonld observe that, by dividing the
items n the tab'e i into two clasfps, we doeire to rl cit
views of the court, rather than express our own, as to
either th.,ir character and amount. Having regard to
the origin and source of our corporate revenues, it is im-
p-a ibis to -.ay that the cost of enlerging, or reimildirg
our prisons and markets, or of wid‘tniog and ituproy:ng
our streets, to meet the increasing wants of our increas-
ing population, ought not to form items in our ordinary
creprate expenditure, if kept within the limits which
the exercise of a sound discretion would impose We are
not chsrgel aWI the duty of expreceing as opinion whe-
ther an expenditure of 915 9891. in excess of our income
daring the last tea years is or ie notjustified by the air
cumstances that led to such an unusually large outlay ;
we therefore, make no c iminent. We beg„ however, to
suggest, that if hereafter any such considerable- sums of
money are authorised to be raised for public works,
some provision should be made, either out of the
revenue which it is expected to yield, or out of the gene-
ral income of the Corporation, by way of a sinking feriae
to liquidate the charge in the course of years, in order
that our successors may possess the .same opportunities
we have had of effecting such useful public improve-
ments as the wants of succeeding generations may re-
quire.
We take leave further to suggest that it will be expe-
dient, periodically, to lay before the Common Council in
some agreed form, a full statement of the entire income
and expenditure of the Corporation, year by year, with
an account of the debts from time to time raised and dis-
charged, whether under the denorninati,,n of City's cash,
or in respect of any other funds which it administers.
We think it would be likewise expedient to have some
fixed day annually set apart for the discussion of the
general financial affairs of the Corporation in the Court
of Common Council, upon which occasion arrangements
'ally be made for fixing the expenditure during the
ensuing financial year, by which means a duo re-
lation between its income and expenditure may be
established. It likewise appears to your committee
to be a matter of importance that arrangements
should be adopted, as early as possible, to reduce the
temporary loans of the Corporation secured on outstand-
ing bonds.
We atstain from pointing specifically to any particular
measure whereby, in our opinion, the income of the Cor-
poration may be increased, its depte diminished, or its
expenditure reduced, without impairing the efficiency of
our corporate administration, these objects being beyond
the scope of our referenee ; but if it should be the plea-
sure of your Hon. Court to give us directions to that
effect before we surrender our appointment into your
hands, we shall endeavour faithfully to execute your
instructions.
All which we submit to the judgment of this Hon.
Court. Dated this 24th of September, 1857.
T. H. FRY, EDWARD lIIRRISON,
H. LOWMAN TAYLOR, THOMAS DAKIN,
JONATHAN THORP, R. C. BUCKNALL,
ORO. C. GRAVES, BENJN. BOWER.

It is expected that at the next Court a sharp discus-
sion will take place upon the conduct of the members of
the Corporation who sanctioned a course of extrava
once, by which the expenditure exceeded the receipt.
to the enormous amount of 90,0001. a par for the last
ten years.

THE BISHOP OF OXFORD AND MR. GLAD-
STONE ON INDIAN AFFAIRS.