The Express.
London, England, 1855-07-16 00:00:00

ISSUE OF THE FRENCH LOAN.

The following documents relative to the time and
mode of issuing the New French Loan are translated
from yesterday's Allosigewe:

REPORT TO THE EMPEROR.

Bat,—Year 11fa Pay bas again addremsd the 'pastry II
askiag She mesas of eontinsing, Is a masses worthy of
Frames end the object she moms, the rested so gloriously
steintatned by oar valiant army.
Feats' latarpreters of the unmet @sudsiest, the mats
sad the legidattm corps have hastened to reamed to the
appeal of the Simperer by unanimously panting the power
of obtain's, for the Meaty an extraordinary rescues of
seven bandied sad fifty millions of frames by the sale of
restos.

The Ow, the soda. mad the creditless of this loan
bating been left to the fir appreciation of the govern-
ors; I wish to take the orders of your Mejery on these
various pints.
The seedlike of the treasury mad the reerrees at its
Morsel would undoubtedly rill enable ft to rest the
publie supers@ of every kiad ter several scathe to era,
mad to this point of view year Idelosty would be able to
postpone the therein of the power pissed ia your heads.
Sat it is the duty of a provident retiree:Mica to rake
prevision beforehand. so es always to be reedy to nest
eveatualities. Besides, ea the ant saarathineat of the
lose, thecapitals Weeded for sash purpose have been
er
ev7whogio rade ready. mad are la there. • pro/cord
delay by keep*: the holders is Glimpser would not be witti-
est iseareahnso fry Whirs ia rear. and night be
Warier to the Soma itnell rem thus emesideratiess I have
the honour of reposiag is your Maresty not to pat of the
her.
It appears to se widths to diesels the 1.011051 gyres
that have of late bees reposed. The national nbseriptioa
has gene throve' its ordeal It is reeortheaded by its
usquestisaable imerstiality, mad the brinier serer it has
neatly erased hilly Judaea the prehrear your Whet,
noshes* to it.
la she two hat leans the sabseribers led the Stoles br
tweet the Fear-eati.a.lisif sad the Three per Oasts. I see
as sera why the isms yeiellep shield set *pia be
rested.
I propose te year Majesty to aside that the Bate of
rearead.lielf shall he hosed at 03fr. ilk, with matron
boss the !tad of Mash last; sal the Three per War. at
gib. lh.. with rafrass Rest fuse U.
To dal& that the sabowthel =plod shall he paid Is the
Itilmilletamat:—Oartsatk at the that el askaidilai,

mad the romaieder la II meathly equal lastalmals—tie
int of which &ell Id die et the 7th et September neat
Tbs.* seaditleas MS mien ter Ste mbeerlbere nrioss
admatairee, whisk It will be Mg to estimate.
At the bonne. thle day, the lest qeotatioa of the roar-
sad...Halt per Cost. Rats wee 921. 75e., mad that of the
I Three per Cleat. }taste 661.90 e.

Thew quotadoes, iewpared with the rata elms stated
above, show is favour of the eabsoribers a ire bowls of
50e. kr the Foarsad•4Hslf, sad of 65e. for the Three
per Coats.

Bet the chief advantages will, of wane, reset from the
delay of about twenty soothe granted to the subscribers
from the epee's; of the rabscription for making up the
payment In hip, and also from the date when the arrears
of the rates will be paid to the.. This combinatioa,
which purse by anticipation the interest of the capital
subscribed, is equivalent to a new redaction of 2fr. 790. as
the 44 per cents. and of lfr. No. as the 3pu meta. Who-
ever are admitted to the right of paying up by antkdr-
tioa will receive a discount which will be as good to then he
this boar.

All them advantages united in reality reduce the price
of the 4j ream to 894. 46c., and the three per east. rents to
Inv. 270.; and, compared with the quotation of the last
bonzes, they procure to the sabeariben a beau of Sfr. 29e.
on the Ant class of lend, and of 2fr. We. on the mend ; •
beaus that mut appear still greater whoa we •oadder that,
for sevenl days past the boons has bean infineneed by the
ieuninenos of the loan, and that in this way the lames of
the last quotations has bean owing merely to an ••ddeatal'
depreciation.

In Cu. the *moult of the subscriptions should exceed the
sass demanded, I thiek I ought to propose to your Majesty
to decide that the subscriptions of 601 r. of nets sad under
shell be aloes exempted from raductioa, and that all those
above 'Oft. of route shall be submitted to a proportionate re-
duction. This sawn» eppean to me to be a fair one ; by
assuring a part to all the subscribers, whatever may be the
amount of the sums subscribed, it will itertandy contribute
to the success of the operation.
As in the previous loses, and In order to maks roan for
the small capitals, the Witham of the subscriptioas shell
be deed se low as 10tr. of rests.

Such, .ire, ars the tioaditioas which I have the honour
2f submitting to the approbation of your Majesty. The
advantages which the subscribers obtain by them are
doubtless sonsiderable ; but, at all tines, analogous advan •
sages have been mortised u being indiapensable for
ensuring the susses of the negotiations. The old system
was wrong In reservieg the bonus acessapeaying them for
a few individuate. The merit of the public subscription
inaugurated by your Majesty consists in ,offering them to
everyone, and by Raking the rents common, enlarging the
bases of he national credit.

I ass, with the most profound respect, your bisjesty's
most humble and moot obedient servant and faithful sub-
*Sr P. Munn&

IMPERIAL DECREE.

NAPOLZOW,—By the gram of Ood sod the national will,
To all present and to come, greeting :
Oa the report of oar Minister Secretary of State for the
department of Finance, considering the law of July 11,
1866,
We hare domed and do decree as follows :

Art. 1. Oar Minister iforactary of State for the Pinatas fa
authorised to proceed by public subeaription to the maim
meat of the cam of name at ti and at 3 per lent. necessary
for producing a capital of 760 millions of frame, and a sup-
plementary capital, that mast not Gaoled 30 millions, for
facilitating, U required, the liquidation of the subscriptions
end for defraying the expenses of discount resulting from
the payments by anticipation.
Art. 2 The nap at 41 per east will be road at the rate
of 921 r. 26 centime, the usufruct to commence on the 22nd
of March, 1866.

The mats of 3 pa coat will be laud at the rats of 65f. 250.
wits wiefroot from boos 22,1866.

Art. 3. In conformity with the 'spitting of the first
article in the law of July 11, 1866, the detail= of the a ink-
ing fund will be increased fret the Ist of January, 1866,
by a son equal to the hundredth part of the nominal capital
of the mites that shall be issued In virtue of the Ist article
la the present decree.

Art. 4. Oor Kiaister Secretary of State of the Roams is
charged with the ezeoation of the present decree.
Dose at the palm of the Tailed's. Jaly 14, 1866.
By the Emperor. NAPOLEON.
The Meister Secretary of State of the Finance,
P. Mums