The Express.
London, England, 1848-05-30 00:00:00

the present, mai ands more than ample can hardly fail to
be possessed, are indeed in possession now, unless
they should be applied to other purposes. The gravity
of the financial situation will come, however, to be
more severely tested hereafter—say un the 22nd of
September, when the half-year's dividend on the 6
per cent. renter', constituting alone more than one-half
(nearly 3 milliards) of the whole feuded debt of
France, falls due, along with those on the 4 and 44 per
cents. Of the 5 per cent. renter', a large proportion
of which represents the loan contracted with the house
of Baring after the termination of the war, for the
prompt payment of the indemnities exacted by the
allied powers then in the occupation of France, a con-
' oiderable amount is believed to be still held in this
country, and therefore the question of payment will
more nearly concern individual interests here.
There are, however, other obligations of debt, in
addition to the funded debt, which the government
must be prepared to face, as they mature from
day to day, or at periods not exactly designated.
According to M. Gartner Pages there was a floating
debt of 670 millions bequeathed to him by the late
government, with 326 millions of Treasury Bonds be-
sides. Taking eto account the bonds for 60 millions
of francs since issued to the Bank of France against a
loan to the amount, and those given in lieu of specie
to savings banks depositors requiring the return of
their funds, of which no precise account appears, it •
will be considerably within the mark, perhaps, to es a
timate the total amount of Treasury Bonds now out
at 450 millions. From the nature of the floating debt .
about one-half may probably be regarded as not
strictly of an exigible description ; it forms a sort of
permanent resource of the treasury, upon which, how-
ever, interest is payable. For the part of which the
reimbursement is exigible, and must be met, the govern-
ment may, and will doubtless, resort to issues of
more Treasury Builds as far as possible, should re-
sources from regular revenue fail. Interest, of course,
• must be paid upon Treasury Ronde, and this in-
terest enters for one of the items of weekly or
monthly payment by the Bank of France on trea-
sury account. But the amount of this interest can at i•
no one period be of any unmanageable magnitude, if,
as stated by the finance minister, they are generally
drawn at such dates as to Gist, ibute them regularly
if not equably for payment over the different mouths
of 1848 and 1819. The interest will therefore be- •
come payable with the difference of dates. As to the
repayment of principal, that is not to be expected in
the present circumstances of France, nor, so
far as can be foreseen, in any such change
essentially for the better as the next year or more
seems likely to produce. The holders of the bonds
will perforce have to be content with new bonds in
exchange when the old are preeen•ed for the reim-
bursement of principal. The score of interest, sup-
posing 300 millions of these bonds to be out, would
amount after all, at 5 per cent., to 23 millions of
franca only, say one million eterliug per annum, or
rather more than eighty-three thousand pounds per
month, assuming the dates of the bonds to be about
regularly distributed over the year iu monthly parts,
as asserted.
For France and her creditors the consideration of 1
most pressisg and important concern is, after all, the
progress of revenue. The rate of current expenditure
is evidently enurmuue, what with armies of genies
mobiles, armies of mobs in the streets, armies of
idle labourers in the facetiotedy styled national
workshops, and regular arms in the field a
for external action. From ull that can be I
gleaned from French journals and private advice.
the receivers-general make but extremely indifferent
way in the collection of the direct and internal taxes, •
which constitute the great bulk of French revenue.
As loans must be an impossibility where credit does
not exist, even if capitalists could be found, the &o-
perate resource may come to be the indefinite multi-
plication of bank piper money inconvertible, its con-
sequent depreciation, and for the rest the history of
the aasignats of the first revolution repeated. With
the continuation of peace abroad, and the restoration
of order at home, all these evils may be averted, for
there is notning really desperate yet, however dis-
couraging, in the financial situation of France.
ENOLLEII FUNDS.
Bank Stork. IA 21 Ditto, under .Cl.OOO.
11
3 pima.. ItotojimAutelkt t tori.rit: Acalt....ttuti 120,
.1
3.4 3; per Cl..lnn*ft.,l43lii ill
3d..1 0 1 tmr.
Low Noma. cop. Jan. 1. MO, Ditto, Zia,. 32 11 tm.
el teas 1 Ditto. Small, 32 1 1 pm.
mills lids, LEW), 20 Ditto. Acirertdscd. 21 20 313 pm.
roes:lox FUNDR.
pee CI. Seem. tyre• 2) 6 Eri Coat. Spanish Pander, Me,
21 pee Ct. !Auditor HI,.
I per Cast. Hamm. 1646. IE4 3 per Ct. Sprlt 22 3111
i 11
ro.L:taritru• Imai
2361 C -
butch
5;1"
33
"3"
II per LE VimesuoLs Md.. Id 4 per Ct. Dutch Cert.. 62
EXCHANGES AND 810CIE, AMPULE
Oderanttc. Moe 1840. 66 ; Ditto. 15(2, ; Ditto, 1844.604
Ditto. 1636. SI; Diu°. 11238.444; Bank of liclmum. 634; bow of 1841,
Exibaario ou Loudon. 26.14.
• Vidal... MAT 22.—Audiriar1 rice per Coot.. ; Ditto. Four per
Ceuta., ; bilge. Throe per Ceuta. 42 ; 111110, um-uud 0-11 HE
Per
Coot.. 31. Lois. 1614, PA; Ditto. 1139.85. Emir Share.. :mO.

PARIS Bursae, SATUISDAY.—Funds were firm to-day,
sod rose. home persons think that this was owing to the anent of
Blanqul, haying snow° that th- new prefect of police was deter.
Ultnali to pursue boldly all the agitators of whom Itlanqui was the
chief and the most dangerous. StiU the rise had other causes. The
appntach of the dividend on the Three per Cents., to pay which It was
paid government w:w fully prepared. woo one. As to the Five per
they are alswys uend the railway proect. More bust-
nosswas done in them thou ince theby Threes, and there were even one
or two bargains for the account. The nee to-day was If. on the
Fire per Cents., and sOe. on the Three per Cents. Much was Paid to-
day us to the preman positioo of the railway project. The directors of
the dam ent companies are to meet the members of the sub-commis-
sion of the government, and the delegates of lie English shareholders
are about to present a protest It was said to-day that the sub-cons- I
mission would present its report irumediamly. As to the project of
M. Duclere, the Minister of Finances, It acs unanimoady a jected,
and the sub.ommitaion would not acknowlrdge any nicht In the
peel urnent to impose on the companies any compulsory tenus of re-
purchase, but as certain companies may find it unpoasiblc to fulfil
their engagements. the sub-committee will as to them or:pose some
pl to for their mom ham, with commit. The conditions will Met be
discussed by • committee of the National Araembly, presided over by
the biliniater of Putete Works or the stiniater of Finance, and the
directors of the railways, and when these. conditions shall be agreed
on O. y will be presented to a general meeting of shareholders.
Thew gem& hiders of
be attended by all antibe and
UT deceits, of holders of twenthirils of the sharmbe reqWired to
bind the company. A certain number or shareholders will have the
right to caU a goncral meeting as to the sale of the raitways to the
etwernment, if the directors should omit to do so. It seems, too, that
the sub-uusantittre eons/hated by the hlini.ter of Public Works to take
part in this deliberation are opposed to the ministerial project, al-
though favourable to the repurchase. From all we CM learn the
Lyons Rahway will certainly he taken posserolon of by the govern-
ment, but on better term. than those propo.ed by the Minister of
Ftnance; this has led to some purchases to-day in thole shares.
Tile cat her railways are without vs-Talton, the holders being unwdluog
to sell anti capitalists to purchase, while matters remain in their pre-
sent unsettled and uncertain mate. Much has been done today in
Bonk shares, Tut they were very irately °tiered, and the quotation of
tic earlier part tit the day was supported with difficulty at the closing.
the eau ntr of making up the accounts as to the need banks isnot ge-
nerally satisfactory : the details are required. There were rumours that
Charles Albert had r. mind a check, and that serious disorders het
occurred at Rome. 'rhe former was not credited, and, on the con-
trary, liedinont stock rose 5 harm. The latter occasioned a tall in
Roman stork of Ptemiura on gold 20 francs; silver 2.50. o
variation in exchange.

RAILWAY NEWS. •
We had SOME' rather considerable quantities of Irish '
shams remitttd from Dublin 3 esterday for sale, for
which purchasers could not be found. The share
markt t was otherwise fiat, although generally with-
out any alteration in prices.
RAILWAY BILL IN PARLIAMENT.
Ounte 3.—North Statfordithire, &c. Cue closed; de-
Clbiou postponed.
Gaon. 4 —Birmingham and Orford Junction (increase
of powers to Great Western). Case opened.
Ohm's. 5 —Great Wirern (Windsor to Slough). Case
further heard.
GanuP 6.—Newport aad Pontypool. Case further con-
indend, and uljourned to Thursday week.
GROUP 9.—Newry and R,. i kdl n. Preamble proved.
0140 UP 10.—llundee and Perth. Opposition beard.
Onour 12 —Cd:tduni in (branch across the Clyde). Case

opened.
it..4.•r 14—Gloucester and Stoneham Junction. Pre-
amble proved.
MEETING. EanT LANCalin Ina. Extraordinary
Afeefivp—Bury, May 29.—Mr. John Grundy in the chair.—To Aug.
men: the capital by an amount not exceenttng 300,0001. by the seen.
min of Dew shares.—lnc Chairman said the moot butinese-litte way,
perhaps, of lacing the object of the meeting before the proprietors
would be by reading the revolution to he suhinittc d, which was to the
egret that tee emptily shall raise the remainder of a sum of money
they bad previously teeterndned to burrow under various of their acts
of parliament, amounting to 203,0001., in chores of W. Ss., to be called
Preterenee Quarter Shales; that these shared shall be entitled to a
minimum diviaencl of 6 per cent, so long as the dividend on other
vharm OM. net exceed that amount, and afterwards that they shall
reeds' a dividend, pro rota, with the other charm; that these
new shares shall be offered to the proprietors, in the
proportion of ono new share for Std. nominal capital held
by tnem in the company ; that a depeeit of 21. as. shall be pit; able ten
Cu h shores on an early stay-way. tier 30th of June next ; and 21.
more on the Inc fet Senora-her, wall a final call of V. oa the let of
November ; that the shareholders shalt have at
option of prepaying
the second sod third CAIN and Terre?. Wel COL from the time of pre-
payment ; that sharceMadera tailing to pay the first instalment by the
day wont stud' forked weir tight to such share, an aim thew In or.
rear of other calls, toe threctors to la we the optiou of downing of
them in such other way us they may deem attrosibie.
The object of this rcrolutioo, it was mated. was to enable the Meet,
tan to move wore rapidly torwsrel with the it works, and mule espe-
cially with that pont en or them between Premium and urmskerh .end
the talier mein and Liveepoul, en that waffle might not be dieerted
from tam in the tint imumee hy the oncoming Met in the course
of Willi regard to the bat dof Mode sho thought that
e the guarantee opsis tier cam. would deprt elate the dividenet on the
other soon., it ea expiainial that, suptaring the hoe to pay only bye
per cent. on the geocral mtpital, this ape retatien could usey am mat
Ito 011,1, igicitt snot. I hen. on the other hand, it wan to be rein!.
tented thy by this now • the line won d he completed be the Ist
noon:ober next, Instead of that let March following, which wceuld
t untie a tan:mice the otter wad rat ae half per C rat., Or a
gala ,f tear tunes tie amieunt, by bringing the capital into
a condition te emu n°y thht get more
Mil
r was presuming that the lone dal .net get more tradle by tutus