The Express.
London, England, 1848-04-14 00:00:00

LATEST FROM PARIS.

RFJECTION OF THE GOVERN-
MENT MEASURE FOR RAILWAY
APPROPRIATION.

PARIS, THURSDAY, 5 tem.
Since this morning I have received information,
from one of the railway directors, of what passed last
evening at the Ministry of Finance, when M. Gamier
Pagi's submitted to the directors of the railways the
project or projects which I sent you this morning.
I ought to premise, however, in further explanation
of what I sent, that it was in five per cent. stock that
the minister proposed to make the indemnity.
At the meeting last evening each of the railway com-
panies was represented by two delegates. It appears
that the projects were rejected with absolute unani-
nity by all the delegates, who declared that they not
only considered the conditions inequitable, and there-
fore inadmissible, but that they had no power to
entertain such propositions at all.
It was contended, meanwhile, that, inasmuch es the
railway shares in general had fallen in a much larger
proportion than five per cent. stock had, at whatever
epoch the estimate might be made, the result would
not be just.
The delegates of the companies, says my informant,
encouraged by the ground taken by M. Gamier Pages, who
declared he would do nothing unjust, and would protect the
interests of all, presented to the minister numerous and
weighty objections. Neither the principle itself, nor the
utility of the operation, was discussed, as it was known thaton
these points the government had come to a determination,
but the delegates, being practical men, attacked the basis of
the project.
They represented to the minister that there were but two
certain elements of compensation—the revenue for the rail-
ways in operation, and the amount of calls paid up for
these in construction. In general, as to the rail-
ways in operation, the value of the shares in the mar-
ket was regulated by the interest they would pro-
duce; but, notwithstanding, many other causes, besides
the amount of interest they would bring, might act on the
prices; the too great quantity of shares in other undertakings.
political affairs, &c., &c.; for example, on the Orleans shares,
the dividend has not failed to increase. The shares were
quoted at 1,400 francs, when the annual dividend did not
exceed 40 francs. They have now fallen below the nominal
par (500 franca), although the dividend declared for 1817 is
63 francs. The revenue then is the only certain basis. If
the state wishes to take the Orleans it should give 63 francs
of dividends of stack for 63 francs of interest on the shares.
This reasoning becomes more apparent when applied to
the lines not yet finished ; in fact, there is not a single rail-
way, even the mist lucrative—Orleans in France, and Bir-
mingham in England—the shame of which, during its con-
struction, did not fall below par.
To all this must he added that the contract with the state
on the original grant of the railways already stipulate the
conditions of repurchase by the state, and in these the re-
venue is made the basis of the repurchase. It is true that
it was not foreseen that the state would he interested in re-
purchasing the railways before they. were finished, and pro-
duced a return ; but, if it be determined to expropriate them
at this time, equity requires that the state should reimburse
the shareholders at least the money they have paid.
To show far the unfinished railways will be ill-used by
the proposition of M. Oarnier Pages, it is enough to notice
that one of them (the Strasbourg) has still in hand funds
which represent for each share asurn higher than that which
I would be paid for it according to the calculation of the
minister, insomuch that the directors would consider whether
they would divide these funds and sell their material, pro-
clueing, as it would, nearly the first value of their capital,
and then abandon the undertaking.
In this meeting, the delegates declared that they had not
the power to decide, or even to treat officially on the question
of repurchase; they positively reserved the rights and the
authority of the shareholders.
The government might, notwithstanding this, think fit to
proceed with their measure, but M. Gamier NO could not
but admit that the difficulties of the repurchase were greater
than he bad supposed.
The accounts from the provinces continue to report
much discontent and many disturbances. The com-
missaries of the Provisional Government of l'aris
continue to be resisted and rejected by the provincial
population over whom they are placed. Apprehen-
sions are everywhere expressed throughout the coun-
try that the deliberations of the assembly will not be
free, and menaces are occasionally uttered of marching
to Paris to protect them. Yon must not suppose,
however, that anything but a republic enars into
the contemplation of any party. Everything else is
long since given up. The struggle will be, as I have so
often told you, between an unmitigated democracy,
in which the numerical majority alone will govern,
and a republic in which intelligence and property
will have their due influence. Little doubt is enter-
tained that the approaching assembly will, if allowed
to deliberate freely and independently,decide in favour
of the latter; but great doubts are entertained whether
the Paris mob, under the direction of MM. Ledru-Rollin
and Louis Blanc, will permit this. ]'here are at
present no troops in the capital, but it is hoped that,
through the influence of the moderate and respectable
majority of the government, a sufficient force will be
collected in and around Paris before the 4th of May.
On the 20th inst. one of those theatrical exhibi-
tions, in which the irench delight will be got up in
the Champ de Mars. The regular troops will frater-
nise with the national guard, and a general reconcili-
ation between them and the people will take place.
This willafford an opportunityof introducing the troops
into Paris, and their co-operation with the national guard
will afford the best chance of securing the freedom
and independence of the assembly. At least, if it
succumb, it will not be without a straggle.
The Minister of War has just signed an ordinance
for the nomination of 600 officers of every grade.
The list will be published this evening or to-morrow
D 1 orning, at the latest.
As might be expected, the announcement of the
project of the Minister of Finance respecting the
railways has *produced a heavy fall in the funds to-
day. The Three per Cents. closed at 3n, and the
Fives at 681.