The Express.
London, England, 1855-08-01 00:00:00

THE EXPRESS, WEDNESDAY EVENING, AUGUST 1, 1855.

affairs, sad se raiser may sorosed vary well in
the former, sad be a very bad haad,st the latter.
Fei-
vats letters haw the seat et wa.11(1.11 isprist!
these three leaders as moo who haw swig" sod doter-
valuation ; sad they are young for On i they
Recent extra*s from the geosrolltorams of theostip
announce that MajorsHeasti4 Hasswas, an deer
who has greatly distinplobed himself tl IndiK is
daily expeetsd at Sebastopol from that country, and
with this efieer and Lord Humus, now oomniand-
ing the troops in Scotland, we exhaust the list of
general Allen of all ranks swag Whose it appears to
be opea to Moisten to choose. Had Parliament not
negatived Sir BIMINI Plum's motion for amalga-
mating the Best India Company's with the Royal
Army, thaw weld now have been some two or thew
doses more aliens of rank available for service in the
Rost, mond whom Lord Emit= could no doubt
have found a stemma to General SIMPSON; but, se the
matter now stands, an inquiry into the means of pro-
viding a commander for the army leaves us just
where it found us, and the question has still to be
answered—towards what quarter are we to look for
I the oomiog man 10

TO TIC IDITOS 07 TIC DAILY WITTS.
Bii,—The new French loan bids fair to rival its
predecessor in popularity, notwithstanding its in-
creased :mount. One establishment, the Credit
Mobilier, is addition to its original subscrip'ion of
ten millionsO sterling, and to the amount subscribed in
London through Manors. Baring, has been compelled
to forward a supplementary list to meet the requisi-
tions of the numerous individuals directly or iodi-
rberinterested is the company, attracted probably
unvarying seems which has attended the
gigantic operations of the Credit Mobilier, and be-
ll-mpg that where that body had embarkati
-m so much,
success was certain to those wbo followed their
footsteps. The English public has long been familiar
with the French railway Agree as investments, but
from various reasons the French funds have been
almost entirely unknown to them, but as the large
subscriptions to the loan on the part of English capi-
talists will probably render the French Rentes a per-
manent channel of investment and speculation on our
Stook Exchange, some account of these funds and of
the mode in which they are dealt in may not be

uninteresting.
The principal portion of the consolidated debt of
France consists of " Routes," or Annuities of Font-
and-a-Half and Three per Cent. respectively, the
largest amount coesistin of the Four-and-a-Half
per Cent., although the Three per Cent. are those
is which the transactions are most extensive. In
dealings on the Bonne the amount of " Rents • or
IllanW dividend is usually spoken of, in lien of the
capital, as in our hinds. Thus an order is given to
purchase 1,600 f. Three per Cent. Rents (representing
a capital of 60,000 f.), whereas in England the equiva-
lent order would be to purchase 2,0001. on
presenting 601. dividend or rents"); the qo=e-
however, on the Paris bourse represents the value of
100 f. capital. Thus the Three per Cent. Rents being
quoted 66, means that for 66f. you can purchase 31.
Santo or dividend; therefore, to find what amount of
rents a given sum will purchase, multiply the rate
or description of rents required by the sum reposed
to be invested, and divide by the quotation.
Example.—The Four-and-a-Halt per Cent. Rente
h quoted 92.76; what amount of Rent* will 6001.
P Assuming the exchange to be at 26f. the
Sirsterling, a rate sufiloisatly near for all ordinary
salculatioos, 6001. represents 12,600 f. • then, 12,600,
multiplied by 41 (the description of Rents required),
gives 662,60; this sum, divided by 92.76 (the quo.
tatioo), gives 606.46, or 606 f. 48c., as the amount of
Rent.; and this sum, again, divided by 26, to reduce
it back to English money, gives 241. 6s. 2d. as the
annual dividend on 6001. invested in Four.and-a.Half
per Cent. Renter at 92.76.
To ascertain the amount of capital represented by
a given amount of Rents, multiply that amount by
100, and divide by the rats per coat of the Rents
Example :—To find the nominal amount of capital
represented by I,ooof. Relate 41, multiply 1,000 by
100, and divide the product (100,000) by 41, which
Rives 22.2221. 22c.; or in English money 401. of
Four-and-a-Half per Cent. Rente represents a capital
of 8881.175. 9d. (nominal).
To find the oat of a given amount of Rents, the
following rules will be useful, giving the cost of 100 f.
Rents, from which, of course, all other amounts can
be easily calculated.
For the Four-sod-a-Half per Cent. Rents; mul-
tiply the quoted price by the amount of Rente to be
purchased, and divide by 41.
Example.—The Foor-and-a-Half per Cent. is quoted
92 ; what will be the cost of 600 f. Rent. P 92 mid-
tiplied by 600 gives 46,000, which divided by 41,
gives 10,222 f. 22c.
For the Three per Cent. Rents ; divide the quota-
tion by 3 and multiply by 100, or : multiply the quo-
tation by the amount of Rents to be purchased, and
divide by 3.
Example.—The Three per Cents. are quoted 66.76 ;
what will be the cost of 1,600 f. Rent.?
66.75, divided by 3, equals 22.26 ; this, multiplied
by 1,600, gives 33,376 as the cost of 1,600 f. Rents;
or, 66.76, multiplied by 1,500, noels 100,126, whiol
divided by 3, gives 33,375, as before.
As au investment, the French funds posses one
very important advantage over our °lra—namely,
that the stock or "inscriptions" can be either an in-
c▪ ription in the Treasury books in the name of the
proprietor, as in our own funds, or it may be at his
*assure converted into a "coupon" or certificate to
bearer, transferable in the same manner as
an Bashequer Bill or similar security ; and
this weapon an portent" or certificate to
beam eau be at any time reconverted into an
ineselethe be the name of its then proprietor.
The dividends are payable on the Four-and-a-Half
per Cent. and Four per Cent. Renter on the 22nd
March and 22nd September, and those of the Three
per Cents. on the 22nd June and 22nd Deessabeson
presentation of the inscriptions, with a printed reesipt,
at the Treasury, and the presence of the proprietor
of the inscription is not necessary for this purpose.
The dividends on the Rentz. "an porteur" may be
' received through the medium of any of the French
houses established in London, in the same manner as
those on railway shares or otherl foreign securities.
By far the greeter number of transactions in French
Reline are the "time bargains," where no money
passes except the difference of price at which the
stock is bought and that at which it is sold. The
"settling day" for these operations is always the
last day of the month on which the bourse is
open, bat a speculation is frequently continued to the
following settlement as in consul dealings, on pap
meet of a " report" or consideration for carrying as
the transaction, varying with the rate of money and
the demand for stock.
There is,bowever, one difference between the French
and English simple time bargain., namely, that in
the former the buyer can require the seller to deliver
the stock at any intermediate period, on giving five
days' notice, and this process is called" discounting"
the rents.
Another and important variety of time bargains an
those "arse prime, or with the option of taking
or abandoning the stock purchased. For instance,
the Three per Cents. are quoted 66.23 for
the end of the month, and 67.30 with a
prime of one franc. The meaning of this is, that
by payment of if. per cent. on the nominal capital a
speculator may secure the right of purchasing at any
time during the mooch Three per Cent. Rents, at
67.30. Should it not be worth his while to take the
stook he loess the 1 per cent. ; but if he "calls" the
stock, the 1 per cent. is included in the purchase
money. This mode of operating not only limits the
possible be. in speculating for a rise, but when stash
has been sold in expectation of a fall, it enables the
speculator in like manner to cover his risk in an en.
cited market. E. G.

It is to hoped that Lord John Russell obtained no
rofrestimsot out of lawful hours os his mars Ina Violins,
as it is quits aim that upon that masa* he was saythiag
bat a bolo Ask travellsr.—Punch.

The Quotes new yacht, the Victoria and Albert,
hss hiss round the Isis of Wight is three boars, which is
at*. sus oh* auks sa hear.

LATEST FROM ABROAD.

• 4, ; Viebil °az dliar ,«Www.)
I .tillgiA• 'NODAL
AGOOdik to per! from Ocrestfati!topla of the
26th, niesived this dsy, Genera Bl der. has bees,
t
slain by Bashi-Bs:oaks.
The Archduke Charles Louis is appointed Governor
of the Tyrol.

ON THE Tail—
FATS OP LOBRD"RAMTO
1 •
• • LAN.
• maw. AMU 0111)114 # „
Igeodiaertese beers Sebastopol. Jody 18,1865.
Ha Majbay the 4sesa bas lees pleased te *masa* se
to express to the army ha lbjestre deep and heartfelt
grief ot the lei It our gallant sad eseelleas Ceessasader,
Lard Replan, whit& has east a gloom ever the whole mdse.
Rev Majesty farther desires to mare her sway of Mr
earliest hope sad Gonadial Met that ell will matures to do
their dart se they two knurls -so doily dose ; sad that
bas ilelesti will ever be as proad of ha Bray as oho has
beta, dm* *sir breve who has so-dim led then to
sad glsey, hashes& take& from them. -
J. entroos, Lint -Gs&llaL
Co.—.
In addition to the above general order, a retro-
spect of the career and enloginm on the character of
the but. Fiehl.Marshal Lord Raglan, signed by the
oonsmender-in-Chief, Lord Hardier, hem been pub-
. kilted and read to the troops in the Crimes.