The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1863-12-08 00:00:00

DORSET COUNTY EXPRESS

DORCHESTER, TUESDAY, DECEMBER 8. 1863

NOTES OF THE WEEK.

The financial statement of M. Fould, the
French Minister of Finanoe, which was published
on Thursday, is being vigourously discusaed.
There is a deficit of 43 million francs, to which
must be added 32 million francs, the deficit last
year. The total, 75 million franca, added to the
accumulated deficit of previous budgets, make
971,400,000 f., which, in English, are £38,850,000.
This sum, says the Minister, "exceeds the limit
prudence imposes, and it it is necessary to reduce
it by consolidating part of the floating debt to
normal proportions." Accordingly, he proposed
a loan of 300 million francs (£12,000,000.) The
Minister, in the course of his report, says that
the cost of the expedition to Mexico, in 1862 and
1863, is 210 million francs (0,400,000 J and
he intimates that Mexico will be called on to pay
that sum; indeed the account has been already
presented to her. At one time he hoped that he
would be able to raise a loan, out of which he
could pay the amount, in which cue he mould
not have had to ask for a new loan ; "but,"
says he, "notwithstanding the confidence we
entertain in seeing established, at no distant
date, a regular government in Mexico, we could
not base the security of our finances on the
payment of her debt." Two other points in the
Minister's report remain to be noticed. One is
that the occupation of Cochin-China, and some
other minor expeditions in the extreme East,
have occasioned, for 1862 and 1863, an
outlay of 60 millions francs, which, added
to the 210 million francs of Mexico, make,
in English money, £10,800,000; and the outlay
for public works has not been less than 246
million francs. It is, no doubt, mortifying to
M. Fould, to have to make a loan in the midst
of European peace, especially, as on entering
office, he boasted that he would "close the great
, book of the public debt." But under the
despotic Government which exists in France, he
has no means of preventing costly military
expeditions in distant climes, and they of course
occasion perturbation in the finances. He might
say, as one of his predecessors, Baron Lou* was
wont to say: "Give me good policy and I will
give you a good state of finance, but if not, no."
The other point to be mentioned is relative to
railways. The guarantee of interest which the
Government has had to give to Companies
for the execution of second and third-rate
lines will, the Minister calculates, amount in
that year from 15 to 18 million francs • in sub-
sequent years to about 33 million francs, In I
' round numbers, he counts on an additional out-
lay, under this head. of 30 millions franca The
I subventions which the government has under-
taken togive to companies, amount to 4 75 millions
francs; but an arrangement has been made to
pay the companies in annuities, extending over
the whole period of their concessions, instead of
in mqpey down; and so the government will
have to provide 21 million francs per annum for
92 years. At the end, however, of that time,
the railways will become the property of the
government. The trade of France is good, and
the elasticity of her resources unimpaired; and
M. Fould expresses a "hope" that the day will
speedily arrive when, by the reduction of ex-
penses and an improvement in receipts, it will
be possible to resume the operations of the sink-
mg fund.
The French journals are more than ordinarily
wrath at the refusal of England to join a
Congress. Men of all colours agree in expressions
of resentment; as if all had conceived some
rational hopes of that Assembly haring any
practical result. The French public has, however,
one set of opinions, the Imperial Court and the
limited class of French politicians have another.
The Imperalists are not surprised at the refusal
of England; they only think that it ought not
to have come so soon. The proposal of a Congress
was made with a view, in • great measure, to
the debates in the French Chamber; and the
reply, it was thought, might to have been
deferred till those debates had taken place. In
the usual course of things this ought to
have been over long ago. But the days after
days lost in the verification of power, and the
sifting of contested elections, have adjourned
the discussion of the addresi so long that it can
no longer be an answer to the speech, but must
be rather a comment on the new events which
have taken place. . . _ .

Prussia and Austria will keep their engagement,
under certain reservations, to recognise his
Danish Majesty. Christian IX., as ruler of all
the dominions then united under the Danish
sceptre, on condition that Denmark keeps thew,
covenants with Prussia and Austria which pre-
ceded and led to the London treaty of 1862.
These are M. Von Bismark's exact words used on
Tuesday in the Prussian Chamber :—" It may
be deplored that the treaty was ever signed ; but,
since signed it s as, honour and prudence alike
command us to allow no doubt to be cast upon