Current:

Leader (1850-1860), 2nd July 1859, Edition 2 of 2, Page 11, ATLANTIC TELEGRAPH COMPAKY. This company...

Page 11
Page 11
11 of 24

On this page

  • Text (6)
  • Transcript

    • Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.

      Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.

      Trians, It Has No Linefrom Alexandria To...

      including a black act , will be no substitute for the living au . d working system of English , law , founded in the supreme courts and gradually- extended throughput the country .

      No. 484, July 2, 1859.] The Leader 791

      No . 484 , July 2 , 1859 . ] THE LEADER 791

      Indian Finance. Srn Charles Wood, In His...

      INDIAN FINANCE . Srn Charles Wood , in his address to the electors of Halifax , on Monday , did not exaggerate the difficulties of his position as Secretary of State for India . " I find , " he said , " an enormous deficit , large loans , the army to be reorganised , society to be reconstructed , confidence to be restored , and financial embarrassments to be retrieved . " Unquestionably immediate legislation on Indian finance is urgently required . It is a domestic question in which every man in this country who pays taxes is deeply interested , and sooner or later it must force itself on the attention of Parliament .

      We shall endeavour to state the point as briefly as possible . At 31 st March , 1857 , the termination of the Indian financial year , there was in round numbers a square account between income and expenditure , the debt amounting to about fifty-two millions . The insurrection broke out on the 10 th of May 1857 , ami if we include the money required and demanded for the service of the Indian Government to the termination of the current year , that debt will , by the end of April next , haye increased by about thirty-seven millions , bringing the

      Threatened Distokbances at the Cape . —The last Cape mail brings tidings that the Fingoes , who in 1835 were released from the yoke of the Cafires , have become so numerous as to require more land , and many whose time has expired have joined those Caffres who recently sought bread in the colony , in their return to Kreli ' s country , between Kei and the Busihee , where they are becoming paramount . _ An offer has been made to join Moshesh in a combined attack on the colony , but that chief has refused . Death bt Hornets . —Syed Abdoollah , a correspondent of the Times writes : —Two gentlemen belonging to the Indian Railway Company—Messrs , Armstrong and Boddington--were survey ing a place

      called Bunder Coode , for the purpose of throwing a bridge across the Nerbudda , the channel of which , being in this place from ten to fifty yards -wide , is fathomless , having white marble rocks rising- perpendicularly on either side from 100 to 150 ft . high , and beetling fearfully in some parts . Suspended in the recesses of these marble rocks are numerous large hornets' nests , the inmates of which are ready to descend upon any unlucky wight who may venture to disturb their repose . As the boats were passing up the river a cloud of these insects overwhelmed them ;

      the boatmen as well as the two gentlemen jumped overboard , but , Mr . Boddington , who swam and had succeeded in clinging to a marble block , was again attacked , and being unable any longer to resist the assaults of the countless hordes of his infuriated winged foes , threw himself into the depths of the water never to rise again . On the fourth day his corpse was discovered floating on the water , and was interred with every mark of respect . The other gentleman , Mr . Armstrong , and his boatmen , although very severely stung , are out of danger .

      burden up to eighty-nine millions . But this all . la January , 1857 , the European troops in India numbered about 4 G , 000 and the native troops 230 , 000 , while in January last , there were , as near as may be , double the number of Europeans in the country , while the number of native troops had actually increased by about 10 , 000 . Incredible as it may appear , notwithstanding the revolt of nearly the whole of the Bengal army , what with new levies raised in the Tunjaub and elsewhere , the number of native soldiers in the pay of the State had , on the suppression of the mutiny , actually increased by about

      10 , 000 men . We believe it is no exaggeration to say , that this inorease in the strength of the European portion of the Indian army entails an additional charge , oh account of military expenditure , of from five to six millions a-year ; and if to this we add the interest on the thirty-seven millions recently borrowed—say one and a half millions—we arrive at the conclusion that the Indian empire is being now gor verned at a loss of about seven millions a-year , or

      say six millions , Lord Canning having some time ago imposed a duty on imports , from which about one million a-year will be realised . We do not at present go into details , but would merely draw attention to what we believe is a simple fact , of supreme interest to every man in England , that there is an annual deficit in the Indian balance-sheet of , at the very lowest computation , six millions sterling * and that noboity has as yet informed us how this deficiency is to bo

      supplied-Wo shall be told to " rcduco tho European army and cut clown the high puy of the services . " But it will bo dangerous materially to reduce the strength of the European army for a longtimo to come . Wo only repeat what is in the mouth of every man recently from India , that until , tho railway system is more completely developed and facilities afforded for rapid concentration of troops on any given point , it will bo risking anothor insurrection to withdraw

      any largo portion of European soldiers from India ; nor will it bo possiblo to rcduco , to any material extent tho pay of members of tho Indian civil and military servicos , Thero are , indcod , certain civil offices , tho remuneration attached to which will aidmit of curtailment , but thoeo who hope for any retrenchment on this item , important enough materially to afleot tho deficiency wo have indicated , will assuredly bo disappointed .

      Wo content ourselves for tho present with this broad statement of tho case . Noxt week we shall go Author Into particulars , and endeavour to point out certain reforms , tho Adoption of which would Immediately ofleot a considerable saving on account of Indian expenditure

      The Revenue. The Elasticity Of Our Natio...

      THE REVENUE . The elasticity of our national resources was never more fully illustrated than during the past year , and even within the last quarter . In the face of a Continental crisis , disturbing the trade of the whole of Europe , and in spite of the reduction of the income tax , we have still an increase of £ 220 , 000 on the quarter ; moreover , notwithstanding the fact that £ 4 , 500 , 000 of taxation have been remitted on the year , the total decrease within that period is not more than £ 1 , 200 , 000 . These results are all the more gratifying when analysed , for they are then traced to those items of the revenue which are special tests of

      the general prosperity of the nation , Thus \ ve find that in the Customs department there is an increase of nearly £ 230 , 000 , whilst the Excise duties exhibit an advance of £ 300 , 000 . The items which show a decrease are the Income Tax , in which there is a falling off of £ 400 , 000 , attributable to the reduction of tlie impost , and Stamps to the extent of £ 120 , 000 . Under the head of Miscellaneous Items . there is an increase of £ 160 , 000 . When compared with the proceeds of the last financial year , these accounts thefind that

      are not the less satisfactory . We n the increase in tho Customs on the twelve months is 41 , 500 , 000 ; on tho Excise duty , £ 270 , 000 ; on the Post Office , £ 210 , 000 ; and on Miscellaneous items , £ ( 500 , 000 . The whole revenue leaving a decrease on the year of abouf £ 1 , 200 , 000 . Altogether the returns must bo regarded as affording a remarkable instance of tho buoyancy of our revenue , and tho sound trade and commercial activity of tho country ; and they fully boar out tho confident expectations of the late Chancellor of the Exchequer .

      Tho Personal Tribute Of Our Unwavering A...

      tho personal tribute of our unwavering to your rule . The completion of tho most gigantic worlc of modern days , would afford to your Majesty a fitting occasion to judge of the importance of your province of Canada , while it would assure to its ialiabitante the opportunity of uniting in their expressions of loyalty and attachment to the throne and empire . We , therefore , roost humbly pray that your Majesty will graciously deifirn to bo present at the opening of tho Victoria Bridge , accompanied by your royal Consort , and suoh momborsof your Majesty ' s august family Mltmay please your Majesty to select to attend you on tne occasion . "

      attachment The Qukbn and tub Canadians . —The address requesting her Majesty to honour with her presence the opening of tho Victoria Bridge in 18 G 0 was presented to tho Queen on Saturday . The deputation consisted of JLkuit .-Colonel Jar vis , the speaker of the Commons of Canada , the Mayor of Quebec , Mr . Cassault , and Lieut .-Colonel liylands . Her Majesty expressed herself much pleased , saying , " I am much pleased to receivo this address from my Canadian subject * . " Tho Canadians say s —> " Wo havo long hoped that your Majesty would bo graciously pleased to honour with your presence your subjects in British America , and to receive

      Atlantic Telegraph Compaky. This Company...

      ATLANTIC TELEGRAPH COMPAKY . This company invite subscriptions for the 6 OO , OG 0 Z . of preferential 8 per cent , capital , in shares of 5 / . each , the creation of which was authorised at the last meeting . This capital will be entitled to the whole of the profits up to 8 percent . The original share capital is then to receive 4 per cent ., and any profits beyond will be equally distributed between the two classes . The points pressed upon the public attention are that on the former occasion the cable , though now known by experience to have been somewhat too heavy as to its specific gravity , was then a great innovation in the direction of lightness , and was censured on that ground . The company has

      been managed in the spirit of a-great public institution , and hot as a jobbing speculation , and no public undertaking of similar novelty and importance has been more rapidly developed ; in the month of June , 1857 , the whole project was- an untried and . doubtful theorem , whilst in the month of August , 1858 , it had become an accomplished fact . The failure of the cable may be fairly attributed to the rough handling which it underwent after the first failure , having to be recoiled , stored in tanks , re-Coiled into the ships , and afterwards subjected to the severest series of gales that have happened in . the Atlantic for many years . The directors pledge themselves not to spend any money on another cable till they have consulted the first scientific men of the age . They observe that the Government privileges and the traffic arrangements in America are

      highly valuable in themselves , and will ensure a . permanent basis of success when the cable is laid , the guaranteed income , without a . shilling from public , mercantile , shipping , or commercial messages , being 34 , O 00 Z . a year , besides the guarantee of 8 per cent , on 600 , 000 Z , Beyond all this , contractors are ready to make , and . , and work successfully for | thirty days after it is laid , a cable such as men of the highest scientific character shall recommend . The contractors will postpone all their profit until after tlie cable has worked at a defined commercial speed for at least thirty days . Their profit will be reckoned in the form of a commission \ rpon the whole cost as ascertained by a public accountant ; and if they fail in working the cable during tliirty days complete , they will forfeit , the whole of their large profit , and a further sum of 10 , 0007 . in hard cash .

      Books Received. The Poems Of Heine. Long...

      BOOKS RECEIVED . The Poems of Heine . Longman , Brown and Co . The Worlts of the Rev . Sydney Smith . Long-man , Brown and to . A Woman ' s Thoughts about Women . Hurst and Blacken . ¦ The Ordeal of Richard' Feverr t . By George Meredith . In Three vols . Chapman anil Hall . The Pasha Pupa's . Sampson Low and Co . Acadia ; or , a Month with the Blue Soses . bampson Low and Co . . AGlossarial Index to the Printed English Literature . By Hubert Coleridge . Triibner and Co . The Xationul Cyclopvudiu Supplemental Volume 10 . Routledgo , "Warncs and Co . British Xovelists and their . Stylet . By David Masson , M . A . Cambridge : Macmilhui nnd Co . ¦ Goethe ' * Faitst . By G . G : Zerffe , Pb . Div feirapkm , Marshall and Co . ' o- ¦> - School PcrqwctU-e . By J . R . Dickseo . Siinpkin , Marshall and Co . ' Wild Scenes Amongst the Celts . J . H . and J . Parker . Old Styles '* . By H . cnry Snicw , E .-q . Bosworth and The £ ) i < jlh h in India . By Captain Evans Boll . John Chapman . , _ The Volunteer * ' Handbook .. Dean and . Son . Emihi Morton : a Tale . Charles Wosterton . Continental Europe from . 1793 to 1850 . Knight and Tr « vc ' l < i and Travellers . By Uva . Trollope . Knig ht and a ' ou . ' — SERIALS . BlacJtwood ' s Edinburgh Magazine No . o-2 T ) . William The ^ Jhmll Review . No . 17 , July , 1600 . Clinpjnan F ^ at ^ s " Magazine . No . Mfl . ' J . JV . l * rk « r and Son . Titan . No . 172 . James Hogg awl i » om . , d The British Quarterly Review , ho . OU . Jackson ana tZ 1 jZL'S « 1 Review . No . fl . J . " yf ^ Th ? vAZT ' No . 2 l . Bradburv and Evans . The mSiry ^ thO'Grea t French Revolution . t 9 . tIw ' mSuSkmoma ^ Journal . No . 17 . Piper , SterjtelScSAStow . No . 24 . Alexander Heylln . KiSffifini ' Magazine for Boya . No . 0 . Bo » worth Thv'Swri ^ Magasinc . Part 0 . Word and Look .

  • Citation
    • Leader (1850-1860), July 2, 1859, page 11, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_02071859/page/11/