The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-07-29


ported has jus, beea sold for f2o0c 81 shor, time
ago Nay 1858 sT. Lever "on'y 3nt n tee corr
merchants at Hanging Di.ch WINCHESTER an not %
position % obtain subsidy anytlilg ese. Was tae
installations Of tine MERCHANT u Hang,ng ptch Were
may no. attempt b. portray Re had sh9s ant Ia hal
aspirations, but he dd 90, see hs Nay g that SUBSIDY
Soddeniy, howevcr, he ohce door opened, iai NJ
U'sa.ey Irwin upon h.n, the Des5 'r ri9-htni
who was to make al things Clear. Gf. IRWIN was n's
rich man for Parliamentary agon., who Snew bis CIR
eumstances did not think he would be warranted" in
running heavy bi OF costs against him Nstle- vas
he member Of Parliament He was simply an Irish
barrser from Roscommon We Cannot nnd thal any one
OF the very hong catalogue Of nobieman AMI gent9uea
whose names introduced Into the blue books cs.as
the honor Of great intimacy with hin. S.ul III irwin
had lively knsck OF making scquaintlace with Of
mark and he was free from that common Irish falling Of
extreme modesty He would sccost Lord Derby on
his way to the Treasury, aao walk with him to
the door OF De office; he would introduce
of band 10 Baron Rothschad: he could get I,-i
Canrarde and other persons OF station go the Trea
sury 4 depGtation. He knew the advantage which
every private over every public man aud he At
once took Mr. Lever up. and Introduced him right and
e 10 members OF the government Mr. Lever was CRATE
full, aud promised 70 pay all sorts OF commissions for
these services they turned 70 god Ultimately
he entered into formal agreement TO pay this Irsh
gentleman no less sum than 10000 Il be should obtain
the desired subsidy Of fl7a $40
The curious point OF the story tina. the Subsidy was
10 some extent actually obainedno, perhaps, entirely
by Mr. Twins exersns nor even by those Of the Par
Iamentary agent whom he called in TO share his labors
and his pronis Tor from the evidence OF Nc Lewis
that Mr. Roebuck acted in negotiating the details OF the
contract By means however, OF memorials and de ,lla
tons and pamphlets, got up b! Mr. Ewin and his
Parliamentary agent, such senblance OF Al agia
ton was created that the Derby government wa.
actually induced to believe that they doing
very fine thing bestowng annual subsidy Of fs ooJ
upon the line thus got up by Mr. Lever of Hanging
Ditch Mr. Irwin, OF Rosconuon, aud Mr. Lyser se!rne
the private secretary Of Mr. Lever. o. course tiis
public money at once gave substance 30 the
shadow There was no difficulty getting up company
10 manage SO comfortable sum. Nr. Lever became
member for Galway ships were built with extraordina
the least vitality, it must have gone and prospered
But the whole thing rotten Even the British Treasa
~ could not prep up All s eas ia, ana parry
though Mr. Irwin thrown AMI the value Of his
introducons was repudated and 80 much money saved
and although Mr. Lever and bis friends had got from Lord
perbys government what was worth clear
9aooiooo to another company, the scheme was
Frsrmans y Journal, swouii h.re to Subscribe
something like ESQ 90 more In the shape OF new
au viii, uoa any ebsnce Of This the irish pity
will do, the punder Of Downing street IS sold TO
Canada company Of sounder constitution, All nothing
further remains but for Mr. Lever TO resgn bis seat for
Galway up the results Of this speculation, and
for Lord Derby to resolve never again TO allow disn.
terested Irish gentlemen TO hook 20 hin dirtlg any
future walks be may take TO the T-easurT
From the Galway Press, JryTl
Deeply in debt without money or aIy prospect 81 3D.
the love OF good interest which Enlshmen possess the
project by which, depressed circumstances we
had set 80 much store which had raised hearts ami
put pulse arteries would collapse aud sink like
scuttlei ship before eyes, without the remotest
prospect Of being brought to the surface again We
triaing loss-f there should be ossyhi n tn share
holders the Atlantic Company may sustain should be
considered the purchase money OF connection
With the grea, centres Of the worlds commerce.
The following observations upon the situation are ex
racted from the trade report Of the Frsemans Journal
The writer takes business Like and sensible Fle1 OF the
whole question at issue
Negotiations still pending between the Canadian
government and the Galway steam Packet COMPANY,
which Il carried a successful issue. Is anticipated,
viii prove great national advantage The Canadian
government offers to make Galway packet station
a a.
the Joint guarantee Of the home and colonial governments
the permanent establishment Of Transatlantic packet
station the west coast OF Ireland The Importance Of
this result, in commercial point of view cannot be over
estimated while the shareholders in Ireland who sub
scribed rather this result than 10 maze proh
able Investment, will be relieved from all the financial
difficulties which have hitherto surrounded the project
The last yearly account Of the company showed loss
Of nearly f1so 900 The hal. year just past viii probably
exhib. proooronate nss which would represeu. some
thing Ike flso ooo This esti nate is Of conec
tur 81 part but have Little TO ubt that
the true figures. The appeal Of the drec.
tory. made last months for power to raise s25 boo
capital or to borrow e4oo 900, rather indicates that we
are below than above the mark. |. s plata however,
that 40 more money can be procured in Engat IN the
shape Of olta the almost a1mous decision OF
the Irish shareholders not TO give the demanded
70 the directors shows that there 81 least willingness
the part OF the Irish holders 10 give capital TO
the present directory. The alrea ~ Subscribed
Ireland amounts round plumbers to about El!o Do II
conjecture be right to the present financial eondl
ton Of the COMPANY the irish party ou.d have TO sub.
scribe something Ike 600 900 more "a the shape OF
capital and further calls IL order TO carry On the pecu
ton with any chance Of access. We have all through
stated that having gone into speculation, there
nothing FOR il but 10 give cheerful and liberia pecuaary
support to the governing body, or 10 alO~ the
matter 10 fall through The national character o. the
deaxng shuts out the after Alternative few o. the
Irish shareholders entered tat, the project
monetary Investment but solely with a view to the
mersa interests Of this country There another
OF the matter which often discussed viz the trans
fer of the governing body TO Ireland bat uniersAad
there legal difficulties IL the way Of such chlnge,
and this transfer, while IL would guarantee improved
management, would still require the additional capital Of
$500 DO and put the Irish party 10 the dsadvanayeors
position Of beginning with loss little shor, o. IL 80 90
qu-ng zeal, energy and special knowledge Y the nego
tations nov proceeding result In AZ arrangement be-
tween the Canadian government aud the company, the
commercial result will be enhanced, not only without fur
ther demands the Irish Shareholders, but with rca.
sonab.e prospect Of the retun Of substantial proportion
Of their capital n IL be true that the company Is In
discuty, either with regard to the contract (ini Hr
Gadsoaes statement In the House Friday shows IL is
or with regard 10 capital the original holders shorli give
way 70 preference shareholders for IN other possible
could capital be raised IN sufficient time. With
shares al discount OF from 80 70 10 per cent and
original stock unssued on the other hand n the 90
vernment OF Canada make Galway a station, and not a
ject and than flso he Up this there
ought u be dividend Of from 15s. 70 IT, 81 "a the
pound for all paid up Shareholders OF the loss
e. be greater than we conjecture the dividend Will be
less but IN the same proportion would be Increased the
financial dhcuty Of carrying on the speculation 70 sue
eessful lssle The present negotiation TO ofer
rational solution OF All the difcues OF the com pany
creation OF permanent packet staton-tor which the
f sh people made such efforts and thus proven; the fall
ure Of great enterprise, all who took part u the pro-
lcct viii have reason to rejoice al the issue.