The Sun.
London, England, 1857-05-02 00:00:00

we restored it to the Chinese. We protested

verb, merely " grin and bear it." On the 21st
ultimo, in a leading article, we alluded to the
probable reduction in the dividend " from more 1
being required than the Russian Government
have guaranteed ;" adding--" If the increase
were but 30 per cent., and those who have hal
any experience in the difference between estimates
and actual expenditure, well know how very mo-
derate and usual would be such a change, the
rate would not be more than can be obtained from

against this proceeding at the time, energetically,
and perseveringly. It was insisted by The Sun,
from day to day—in fact, until the evil had be-
come irreparable, until Chusan bad been actually
restored to the Chinese—that the notion of yield-

ing up so very meekly, and so very weakly, such,
a conquest would be literally nothing less than
a folly and an extravagance. Nevertheless,
Chusan was yielded up ultimately by the English
to the Chinese—as the former since then have had

Government Three per Cents. at present prices ;"

adding—

•" We need scarcely ask the most enthu.

bitter cause to remember. And England, instead
of retaining possession of that fertile island com-
mandingthe Grand Canal and theYang-tse-kiang—
and through Nankin, Pekin ; and through the
Yellow Sea, the Gulf of Petchelee—contented her-
self with the retention of Hong Kong I Review-
ing these fruits of that miserable Treaty, no
wonder the Government organ acknowledges to-
day, in so many words, that in it " too much
concession was made" to the Chines Govern-
ment ! True—but now is our opportunity for
effectually repairing the errors we notoriously
then committed. Now—when a new war with
China is actually being commenced, let us do now
what we failed to do then. Let us retake Chusan,
land from the date of its second capture let us
hold it permanently in our possession. Let us
not merely seize and " hold" Chusan, but—mid-
way upon our movement thither from Hong Kong
—let us tarry "to some purpose" at a much
grander, a much richer, a much more important
island than Chusan—one we have already men-
tioned—the Island of Formosa.
Formosa, or Tae-wan, belongs, or at least the
western part of it, belongs to the Chinese. It is
wonderfully productive, among other things, of
rice and of sugar. It has recently been found to
possess a rich coal deposit. It commands, by its
peculiarly central position, the whole sweep of the
eastern coast of China Proper—from Nankin to
Cant in, or, more widely remote still, from Pekin
to Tonquin. It is the very place for us ! It
would be the most desirable basis for all our com-
mercial operations with the Chinese. For the
China commerce, it must be remembered, has
become a positive necessity not only to the Eug-
lisb, but to the Europeans generally. As the
Tea Producers of the world—the Chinese hold an
enormous trade in their own hands to their own
profit, and to the convenience of the tea consum-
ing races in both hemispheres. Cinspicuous above
all their Oust mers—north, south, east, and
west—being beyond all doubt the race of Eng-
lishmen. Wherefore, it is perfectly obvious that
the amicable maintenance of all the rights of com-
merce between the English and the Chinese, is an
ulterior object most desirable to both—equally
desirable to both. And those rights—events
of late years have proved this—can only be
permanently secured by the acquisition on
La Plata, Wed India steamer to-day will take ou
the part of Great Britain of a sufficiently solid 36,0001. in specie, of which 30,030/ is gold, probably
and secure basis in the Chinese seas for all our intended for the purchase of silver in Cuba and else-
! where.
mercantile operations. Hong Kong for this purpose The following vessels with gold from Australia are
is totally inadequate. It is inadequate in itself , now daily expected :—The Morning Star, with 32,209
1 ounces ; the Sydenham, with 31,462 ; the South Caro-
and in its geographical position. It is too small I ling, with 20,493 ; and the Thames, with 4,7Bo—mak-
and too far south. Chusan is essential ti us I ing a total of 88,944 ounces', valued at 355,7761. This
is eLeyectiveAolifD4o6sEoNOE/v.
AshicldmyltheAClnneeidxapesrtiemamenetra.i
henceforth. It must be secured and retained.
And together with Chusan—Formosa ! The trip took place on Sunday last on the Amberieux and
esel section of the Lons and Geneva Railway. T the
those Formosa, might be our coaling depot in
! section, which completes 113 kilometres (70 miles) of the
those regions—anaher rice producing colony—a whole line, is to be opened to the public on the sth of
new Oriental sugar plantation—and beyond all May-
LIONS AND MEDITERRANEAN RAILWAY.—At a meet-
this the Watch Tower, the Pharos, the Beacon) 1 ing of the shareholders of the Paris and Lyons Railway,
the Stronghold of British Commerce with the just held, a dividend for 1856 of 81f. per share was de-
clared ; and the amalgamation formed with the Mediter
Chinese 1 ranean Railway Company approved of. As a sum o
England has only to " will" that they are 37f. 50c. per share has been already distributed, the re
maiuing 43f. 50c. will be paid on and after the Ist o
hers—thole islands of Chusan and Formosa—and July next.
they are in her possession. She has fleets, gun- I MANCHESTER, SHEFFIELD, AND LINCOLNSHIRE RAIL-
AW Y.—The working expenses and other outgoings of this
boats, floating-batteries, enough and to spare. Let
company's rail gays (exclaeive of the Manchester, South
her use thorn—and let her so use them that her Junction, and Altrincbatn stated below (have amounted
in the fortnight ending April 19. to 8,9931. 11s. ld.'
warlike doings in this new contest with the
whilst the corresponding period of 1856 amounted to
Chinese shall, at the very least, be prompt and 8,863/. 2s. 10d. The proportion of South Junction, &c.,
receipts accruing to this company for the fortnight
thorough. amounts to 9581. 7s. 34., as against 7321. 2s. ld. for
the Fame period of 1856. Toe proportion of South
Junction, itc., working expenses and other outgoings for
the fortnight is 4111. 25.'10,1., whilst the corresponding
period of 1856 amounted to 3841. 17s. sd.
FIRES YESTERDAY.—Two fires took place yesterday
morning, one on the premises belonging to Mr. Dalton,
in Eldon-street, Finsbury, used as oil and colour stores ;
some of the inmates were obliged to be got out by fire-
escapes. The other took place en the premises of Mrs.
Marks, in Newcastle-street, Whitechapel.
STEAM TROOP SHIPS.—The Adventure and Assist-
ance, iron steam troop ships, fitting out at Portsmouth
Dockyard for the conveyance of troops and stores to
China, will not be ready to embark them for a week or
,o. As these vessels are children of the same parentage
as the Transit, it is possible that her fate may stimulate
the " powers that be" to make them worthy of the
pennant.
GOVERNMENT EMIGRATION TO AUSTRALIA.—SOUTH-
A3IPTON, Friday.—The City of Bristol, 619 tons, is in
the docks embarking her emigrants for Perth, Western
Australia, and will sail about Tuesday next. The Tal-
bot, of 847 tons, is in the docks fitting out for Geel mg,
and is to be ready for her passengers on the 14th of May.
The Emigration Commissioners have chartered the Lady
Ann, of 745 tons, to sail from Plymouth for Moreton
Bay on the 18th of June ; rate, 181. ss. 6d. ; and the
Hotspur, of 1,670 tons, to sail from Southampton for
Melbourne on the 25th of June ; rate, 171. 3s. 6d.
EMIGRATION TO CANADA.—PLYMOUTH, Toureday.—
The la-t of the spring fleet belonging to this port, the
Cap Rouge, Captain Symons, sailed for Quebec yester-
day evening. She burdens about 1,500 tons, is 174 feet
long, has .s beam of 35 feet, and 'tween decks 9 feet high
and Affords ample accommodation for her 400 passen-
gere. They are composed chiefly of miners and agricul-
turists, one of whom is accompanied by his wife and en-
tire family of 12 children. , A large properti in are
destined for Upper Canada. The nine ships taking
passengers from this port have embarked during the
current month 2,310 souls for Quebec.
LONDON HOSPlTAL.—Thursday being the anniver-
sary of the establishment of the above hospital, mere
than 100 years ago, a sermon was preached in the church
connected with the institution in support of its funds.
The annual report was presented, from which it appeared
that la,t year the out:patieets numbered 19,231, and the
in-patients 4,209, of whom about 2,500 were admitted
without recommendation. There was a balance of ex-
penditure over income amounting to 8,2511. 10e. Last
year this balance reached 5,4121. 12s. 4d. The total
expenditure, including the ordinary and extraordinary
claims on the hospital, was 24,203/. 9s. 81, The in-
, come for liquidating these demands. was as follows :-
12,231/. from rent and dividend: on stock, and from
voluntary subscriptions, donations, 3,5971., leaving the
balance, as above stated, against the institution.
The demand for money in the discount-market and at
the Bank continues without the slightest abatement.
The requ rements yesterday were supposed to have been
partly in preparation for the heavy liabilities to be met
on Monday, the 4th, and partly to pay fora considerel le
( portion of the silver t 9 be taken by the Pera to India
and China, which, although below the amounts shipped
by the previous mails, will still be about 500,0001.
Generally, however, the feeling in the City yesterday
seemed rather less unfavourable. The arrival of the
Magdalena front Msxlce and the West Indies with
530,0001. exercised a satisfactory influence, and the
letters from Paris, notwithstanding a further fall on the
Bourse, were in a rather more confident tone. From
Vienna the accounts describe almost a panic with regard
to the shares of ne w undertakings wide which the mar-
ket has been flooded, but there does not at present seen
to be any aparehension of irretrievable mischief in that
quarter. During the coming week the movements in
the various European money markets will depend in a
considerable degree on the reports of the progress of the
silkworm in Italy, Spain and France, and also on the
question whether the late severe weather has been found
to have inflicted damage on the grain or other crops.—
Times
SERIOUS COLLISION IN THE BRITISH CHANNEL.—
PORTSMOUTH, Friday.—This morning, shortly before
daylight, the Peninsula steamer, Captain Wagon, be-
longing to the Messrs. John Hall and Co., of London,
was coming down Channel, bound from Gibraltar, with
a, heavy cargo and a few passengers, when suddenly a
, vessel was descried on her starboard bow. To avoid
collision tbo steamer was stopped, but the next moment
the collieien took place. We find that a schooner nano d
Prince imperial,
fsoarllled from Newport
,rtjtirgi,,sodw was
iden proceeding
of Wis bea cl I,h card,
upageyohl oaornf,
rail iron
uhta had
nel
single light on board. The steamer had all her lights, a
good lo,)k-oat kept, and foretopsail set, and about 3 20
a.m., the commander of the Peninsula ordered the quar-
ter boat to be immediately manned and lowered, and
proceeded on board the schooner, and advised the master
and crow instantly to got on board the steamer. It ap-
pears, however, that two of the crew, being desirous
to save tLeir clothes and effects, went below for such
purpose, during which period the schooner went down in
about 30 fathoms, and tae poor fellows were lost. No
possible blame can attach to the steamer. The master
and three men of the schooner got safely on board the
steamer. The Peninsular made the best of her way into
Portsmouth Harbour, but subsequently proceeded to
Southampton,

siastic Philo-Musoovite in which of these securities

he would prefer obtaining the same nominal rate
of interest for his own capital I"
But, " hoping even against hope," let us for
the sake cf the argument suppose that Russia
remained at peace with all the world, that her tradi-
tional policy was forgotten for the time being, and
that, mirabile dictu, the work was completed within
the estimates, we confess, that it requires almost
boundless credulity to anticipate such an abnormal

state of affairs. Would the shareholders, even
then, rest on a bed of roses, or receive their divi-

dends without deduction or drawback 4 By no
means. The " working expenses" must also be
provided for ! We find even in this country,
that the working expenses are usually from 40
to 50 per cent. of the earnings, and that they
even sometimes mount to 60 or 70 per cent.
Now, it is manifest that the Russian lines are
made for military, not commercial purposes. With
the restrictions on traffic, sad the attenuated
population of the districts traversed, it is diffi-
cult to conceive that any of these lines would pay
even the working expenses. The shareholders
would then have to submit to fur-
ther deduction under that bead ! We may then
briefly sum up for the information of those who
may be tempted to nibble at the specious bait,
, that the guarantee is but for 5 per cent. on the
estimated outlay—and that, First, the amount of
the sinking fund will be deducted. Secondly, any
increase of expenditure will reduce the dividend,
for but the same 2,150,000/. will be paid, no
matter what the outlay may be, whether
70,000,0001., 80,000,0001., or 90,000,0001.
Tho latter being by no means impro-
bable, which would virtually reduce the
guarantee to 2-1 per cent. Thirdly, the working
expenses must also be provided for, and any de-
ficiency must fall on the guaranteed. Let specula-
tors, who ignore every patriotic feeling, ponder
these matters in their minds, and they will still
hesitate before they invest their hard cash in the
I Russian Railway bubble, the most specious, and,
at the same time, the most deceptive and in every
respect objectionable, that has been promulgated
within the nineteenth century.

An intelligent correspondent of one of our
morning contemporaries has exhibited some per-
tinent interrogations respecting the Russian Rail-
way " swindle," which should be calmly consi-
dered by every person who may contemplate in-
vesting his money in that specious scheme. He
says :—" The cost is assumed to be 45,000,0001.,
upon which the Russian Government have guar-
anteed a dividend of, say . 5 per cent., or
2,250,0001. per annum. Will the subscribers of
the above-named sum of 45,000,000/. obtain the
said guarantee of 2,250,0001. irrespective of the
cost of the lines or any other contingencies, as
would the hollers of guaranteed stocks in Eng-
lish railways t Supposing these Russian railways
were to cost 90,000,0001. instead of 45,000,000/.,
who would have to pay the difference ? If the
original subscribers, would not the per cent tge on
their investment be reduced in exact proportion ?"
We pointed out this serious difficulty, at the first
introduction of the project. The Russian engi-
neers, on whose calculations the estimates were
framed, were bound t ) make things very pleasant
to their Autocratic master. Those whose con-
sciences were too tender to permit their co-opera-
tion in spoiling the Modern Egyptians, would rt -
ceive very unpleasant hints as to the necessity of
conforming to the wishes of the CZAR. Summary
and exemplary castigatiGn would inevitably be in-
flicted on those whose " qualms" might interfere
with the carrying the darling project of the Est-
rErtan into practical execution, • while they
might safely defy the consequences of the
most transparent mendacity, which conduced
to that great object. There is, therefore, no
adequate guarantee for the amount of the out-
lay. Tho CZAR promises 5 per cent. on
45,000,000/. sterling, froni which the amount of
the sinking fund—say i per cent, is to be de-
ducted. Under the most favourable circumstances,
therefore, the best that can be obtained under the
guarantee is .q per cent.—less, by the way, than
Can at present be got in very eligible investments
at home, or in our colonies.
But to g iin this, the work must all be corn-
pitted within the stipulated time. Russia has
always a sufficient week of grievances on hand to
produce a cases belli at a moment's notice. Sup-
posing the portals of the Temple of Janus should
again be ( xpanded, and an European war pro-
claimed within the period, what would be the fate
of the shareholders 7 The work could not pos-
sibly be completed, and the previous outlay would
be compl,tely thrown away 1 We grant that no
honourable party would take advantage of such a
contingency, but we have seen enough of Musco-
vite quibbles in respect of solemn contracts, to
desire some better security for our hardly earned
savings ! There would thus be a positive risk of
total lose, quite sufficient t 3 deter a man of ordi-
nary prudence from placing his money in tho
scheme.

But supposing that "all was serene" in the political
atmosphere—that then was no disturbance from
either wars, or rumours of wars—the next point to
be considered is, will the( xpenditure be kept within
the estimates, or may not a much larger sum than
45,000,0001. be required for the completion. of
this gigantic undertaking ?

We are, as we have already stated, altogether
dt-pendent on the lioneay and accuracy of the
Muscovite Engineers on this pail of the case. If
they cho(,se intenionally to deceive 119, we have
no r(mcdy. We must, according to the old pro-