The Express.
London, England, 1855-01-19 00:00:00

THE NEW FRENCH LOAN.

The following, which we Sad in the Monileur of
yesterday, is the report to the Emperor from M.
Baroche (acting as Minister of Finance in the ab•
thence of M. Bineau), on the result of the subscription
to the loan :
Sire—ln execution of the decision come to by your
Majesty, the public subscription for the loan of 500 millions,
was opened throughout the whole of the empire on the 3rd
inst., and closed un the 14th. lam happy to be able to in-
form your Majesty that the hopes entertained have been
exceeded, as tne total sum of the sobscriptione received
amounts to 2,175 millions of francs, 177,000 persons having
taken part in the subscription. The accounts from Algeria,
Corsica, and these of the proceedings of the last days of
the allotted period in some distant departments, will add
still more to the amount just named, and to the number
of subscribers. A subsequent report will make known
the definitive results'. The following is the manner
in which the above sum of 2,176 millions is divided In
Rentes between the two stocks: 83 millions in Three
per Cents., and 18 millions in the Four-and-a-Halt
per Cents The departments have furnished 126,000
subacriben whose subscriptions amount in capital
to 777 millions. At Paris there are 51,000 subs
scribes, for a capital of 1,398 millions. In the subscrip-
tions received at Paris are included those which have
some from abroad and which amount for England to a
capital of 150 millions, an., to an equal sum for the different
countries of Europe, such as Germany, Belgium, Switzer-
land, &c. Your Majesty will see with just satisfaction this
sympathetic co-cperation given to France by foreign capi-
talists. The subscriptions of 500 fr. of Itente and under
represent in Three per Cents. 26 millions and in Four-sad-
a-Half per Cents. 13 mil lone, and thus form a capital of 836
millions, which exceeds by 336 millions the amuuat of the
loan. Conformably to Art. 5 of the decree of the 31st
December last, they will themselves alone absorb the whole
of the loan, and be even obliged to undergo, above 10fr. of
Reim, a proportional reduction of from 40 to 42 per cent.
All subscriptions above 5001 r. of Rente will, therefore, be
null and void. Such is the rule laid down by the decree
which your Majesty approved of, and which fixed
beforehand the conditions of the subscription. It
is doubtless to be regretted that the praiseworthy
'wetness of so many subscribers should be without result
for them, sad that they cannot take part in the loan; but
the event which disappoints their hopes will be attended
' with such happy effects on the general prosperity of the
country, that they will submit without c =plaint to a rep-
L lation which they had accepted beforehand. I have taken
the neeeesary measures to assure that the capital which they
have deposited shall be immediately returned to them; and
• on the other hand, I will accelerate as much as possible the
• a gements baying for object the reduction to be made
, in the subaceiptions below 500 francs of Itente, as
, well as the exchange f the promional receipts for certiB-
- c .tes of the loan. Sire, the subscription to the loan of
1835 on the conditions on which it has been opened, and
' the proportions it has acquired, not only constitutes a sues
I easefully accomplished financial operation, but becomes a
political event of the highest importance, and one unpreoe-
• dented in the annals of nations. Never has such a mani-
festation of force and wealth taken place in any country;
has a people given to its sovereign such a striking
1 mpraootiofnofwchoinchfidoenncceemaoarde
ratifies
sdtuhe eegs.lorliotus n
is
nationalpa fresh a:clileys.-
. followed by your Majesty. I am, &c., J. BAROCHIL