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

SUCCESS OF THE FRENCH LOAN.

A summary of the following report, by the French
Minister of Finance, appeared in yesterday's Express:

REPORT TO THE EMPEROR.
Sire,—l proceed to render to your Majesty a report
of the known results of the loan, the subscription to
whic.i closed at five o'clock yesterday afternoon. The
information yet to come in is not of a nature to affect
it in an important degree, but will be embodied in a
later and final report.
Three hundred and ten thousand persons have
taken part in the subscription. The sum subscribed
will be about three milliards six hundred millions.

The subscriptions ot 60 franca and under, declared
non-reducible, will figure in this sum Ism from 230 to
236 millions. The subscriptions ot 00 francs and
over, subject to a proportionate reduction, will be
about three milliards—three hundred and sixty
millions.

The departments will base tarnished pearly 2311,000
subscribers, and more than a milliard of the capital
subscribed.

The foreign anbacriptione--thaee of England, Hol-
land, Germany, Belgium, Switzerland, &e.—exceed
200 millions.

Such results, sire, have no need of commentary,
their unheard of greatness speaks loudly of itself.
To obtain them neither especial winded' nor ex-
citements have been necessary. The relative ad-
vantages offered to subscribers were in fact less than
those of the last two loans—a fact which has not
kept back 310,000 subscribers from offering nearly
five times the sum required. All the efforts of the
administrative authorities have been employed not
to excite but to restrain the eagerness of the
public. Thanks to the restrictive measures of your
majesty, the coups's& of 60 francs and under will only
cover a part of the loan, and nearly 550,000,000 will
remain for distribution among the subscribers of
larger sums. Everyone will have his share as is just
and good tor the public credit. This portion will be
somewhat less than a sixth of the sum subscribed.

The deposits for the guarantee of ten per cent, will
themselves term a total of three hundred and sixty
millions, without reckoning the sums paid in antici-
pation of instalments.
One of the most remarkable features of this extra-
ordinary manifestation is that a displacement of capital
so enormous should be possible in a time so short,
coming so soon atter two loans in the midst of este-
' nor complications, atter the alimentary and epidemic
crises through which we have passed, and this with-
out causing the least derangement in commerce or
the money market. Contrary to the experience of
former loans, the annuncement of this was met by an
advance of the price of the rents, which, from 6ifr. 90c.
on the day previous, rose to the present price of
68fr. 800. In order to favour this movement it will
be desirable ,to restore to circulation at the earliest
possible moment that portion of the capital paid into
the treasury which the redaction of subscriptions
will render repayable. This work will be effected
with all possible celerity.
Sire, the financial operation just accomplished,
probably the most astonishing known at any epoch
and in any country, is well calculated to enitgbten
those who may still entertain doubts of the power
of France, the extent of her riches, and her credit,
or of the popularity in Europe of the generous enter-
prize which she pursues. This immense concurrence
of capital, arriving from all countries, furnished by
persons of all degrees of fortune, will certainly be
rn the eyes of the world the meet striking and irre-
pressible evidence of the confidence which the go-
vernment of the Emperor inspires at home and abroad.
—I am, &c., P. bIAGNE.

et' Oxivreo#.

TO Otissoorwo &+m. ...
Nbertlommols lawoisi Mr was Borm." look& ft M..siset Imp at Ur Mo. 10. soriabstosse. 117 Two .'lc is as
emy of poilloadoo.

NM WIN AT LONDON DEDON
Tan Dal—UWeig& 416 e5...-...Mmem. we.
70..ssamr—miries. 1010....—Aftwo. Ift. •

LONDON, WEDNESDAY, AUGUST 1.

- Tss curtain is about to fall oa the Semis II
2666, Lord Pumnielos has made, in rather m-
ama phraseology, the aanouncusent, customary
et this season of the year, that, " for mamma
which the hems would andeestand without mow
particular Mimics,' it was desirable Parliament
should ries somewhere about the 14th er 16* et
August. If the toils of hoe. members ars to is
swan red, like the work of day labourers, by tie
number of hours they have spent upon the
business of legislation, it cannot be denied diet
they are well entitled to their annual holiday.
Evening sittings have been prolonged far beyond the
midnight hour, morning sittings have been reputed
to an almost unprecedented extent, and it would
seem Owlets enmity to grudge the respite which
August brings to our hard-worked senators. But
_with all this show of industry we look in vain for
substantial fruit. Of all the important assume that
were introdaced, or promised, the greater number
have fallen, and the rest have been pushed through
at the last moment, crude and ill-digested, from
sheer lack of time for their due cessideration.
'The weary debates on the Scotch Education Bill
have ended is words alone. The bard-Sought battle
of the Irish Tenants' Compensation Bill was given upl
as drawn, when the real difficulties seemed to have
been got over. The Sunday controversy is to be
patched up for another semi= by a narrow and in-
adequate remedy for ens only of the most promisent
pievances that wait far redress. Even the little re-
lief proposed by Mr. H. BERKELEY'S Bill, pared
down u it is to lessen opposition and give it a
chance against the organised talkers against time, may
only add another to the casualties of the season. The
many other forms of Sabbatarian persecution devised
by the party who claim to be the true champions of
religions liberty must still remain in force despite the
unquestioned disapproval of the large majority of all
classes, from the working man to the minister of
state. Sir J. V. 8111ILLICY wisely, though reluctantly,
postpones his attempt to open places of rational
and temperate recreation, such an the Crystal
Palace, to those who have no day but Sun-
day for their enjoyment. It is too late,
he finds, to do anything this session, and we must
wait another year at least before social questions of
the highest importance can get a day of patient sos-
sideration from the house.

The favourite bantling, of Ministers share the uni-
versal destruction. It is not a week sines the Pam=
declared his resolve to rescue his twin schemes of com-
mercial legislation from the fiery haste of autumnal dis-
cussion. At all risks they were to be saved : Septem-
ber itself was not to prevail against them. And how has
the pledge been fulfilled? The elder of the two has been
sacrificed to spare the younger brother. The Partner-
ship Amendment Bill was first postponed to the Li-
mited Liability Bill, and then finally withdrawn. With
an overwhelming majority in support of the principle
• of a bill that contains but eight clauses, and need only
'hue contained one, Mr. Bouvartia deduce his ina-
bility to peas it into law before the prorogation, end
for another year the natural flow of capital into trade
must be checked by the severity of a confessedly un-
jut law. The Limited Liability Bill has, it is
true, been carried through committee, but the feat was
only performed by barking discussion on many of its
objectionable provisions, and leaving it en encum-
bert d with practical difficulties u to render it doubt-
ful whether the failure of the machinery may not
give occasion to the capitalist* to raise one more last
outcry against the sound doctrine which it is intended
to embody.

Tun report that General Stumm has actually
resigned the command of the army before Sebastopol
gains ground rapidly. It is said that thegallant °Morris
health will not permit him to remain at a post where
so much that tries severely both his moral and
physical aura has to be gone through. If this is
.true, the question naturally arises who will be the
new leader of the British troops in the allied camp P
One version of the report has it that General Slur-
son's resignation has been some days in Lord Putt-
istrate hinds, bat that the Minister-at-War is taking
time to select the right man for the appointment.
We can well imagine how puzzled the noble lord
mast be to choose —not from among so many,
but from amongst so few men fit for the situation
—a Commander-in-Chief of the Crimean Army.

Neither at home nor with the army does there
appear to be any general officer who has distin-
guished himself sufficiently to be at once pointed out
as a proper pinyon for the post. At the head of the
Quartermaster-Genera@ Department in the Crimea
is Major-General AULT ; but, according to all as
the Ism that is said regarding the manage-
ment of that particular department the better. In
other respects, General Amer has not shown
himself to be possessed of those gifts—whether natu-
ral or acquired—which are wanted in a military chief
on active service. Sir Cous CAMPBZLL, command-
ing the Ist Division, has on more than one occasion
shown himself to be a brave man, and an intrepid,
fearless soldier; but mere bravery and courage
will not stand in the place of those other qualities
indispensable in one who has to command an
army of many thousand men. Against Sir RICHARD
ENGLAND nothing can be said, because since he
landed in the Crimea his name has scarcely ever been
mentioned in 0011a0lital with the brave division he
commands. Bat his antecedents in India would
hardly point him out se a fit leader for our army in
the Crimea. General PENNEFATIIER had formerly
the advantage of being a lieutenant of the great
Bir Clung' NAPIER in &hide ; but when we
have said that, and remarked that he is as brave as

the sword he wean, it is all that can be said for
this officer. Sir Geolos Bnowt4 is certainly not
the man for the vacancy. His heart as a soldier is
no doubt in the right place, but bead as well as
heart is wanted to make a commander for a large
force. With this officer ends the list of Lieutenant-
Centrals now in the Crimea, or indeed available in
any way for active service. Did Sir Di LACY
Bvana's health permit him, he would no doubt be
the man selected by the Horse Guards to command
the army in which be played so prominent a part
not long ago. But no one can either command
health or stay advancing years; and the climate
of the Crimea requires viper of body as well as
strength at mind. Amongst the Major-Ginerula with
the army, Commtorox, Bourn, and Bras, have
signalled themselves as leaders of brigades ; but to
obey and ism orders ars two very different

t
....
1 ii....,_ ‘.
%.
-.or ....