The Express.
London, England, 1867-09-16 00:00:00

the OnneefSo.

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LYCM
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BRITANNIA.
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LONDON, MONDAY, SEPTEMBER 16.

Asxmus times appear to be impending over the
financial world of Paris. The difficulties of the
great society of the Credit Mobilier, long whis-
pered among well-informed commercial men, have
at length come to a climax. The MINISTKR of
FINANCS has, it is likewise said, been taking coun-
sel with eminent mercantile authorities how to re-
move the present depression in trade. Their opi-
nion might easily be guessed. As long as there
was a dread of war it was impossible to expect any
approach to renewed activity in commerce. The
problem to be solved was how to get rid of this
chronic apprehension, and at present little or
nothing has been done. We have not got beyond
the stage of vague assurances, in words which con-
trast strongly with the military preparations con-
stantly in progress. The harvest also has proved
deficient, and the price of bread is rising—a matter
of serious import. Lastly, the subscribers to cer-
tain foreign loans introduced under Imperial pa-
tronage are naturally uneasy at not getting their
dividends. The Mexican bondholders have made
more than ono remonstrance, and the Tunisian
have gone so far as to bring a formal action against
the Bey of TUNIS in a French court of law. The
suit was, of course, decided against the claimants,
the tribunal having no jurisdiction over a foreign
ruler ; but it may, perhaps, have the intended
effect of inducing the French Government to inter-
fere more actively in their behalf. Altogether the
aspect of affairs is by no means promising.
The most important point to be considered is
the position of the Credit Mobilier. This famous
society is an especial type of Imperial finance.
Founded soon after the establishment of the
Empire, it long enjoyed the marked favour of
the Government, which, however, of late years
has been in some degree withdrawn. Like all
institutions which combine both novelty and
success it has had several imitators, and been
exposed to the attacks of many enemies. There
have existed, no doubt, many weak points in the
management. It has been especially open to the
charge of fostering undue speculation, and of
caring less for the inherent soundness of new
enterprises than for the probability of their being
quoted at a high premium on theßourse. Stock-job-
bing operations in general, for the rise or the fall in
the Rentes and other public securities, are alleged,
with more or less truth, to have been largely
undertaken. Again, the company has been, as a
rule, too subservient to the Government. Indeed,
its present difficulties are attributed to the large
advances to the Compagnie Immobiliere, for the
reconstruction of Paris after the fashion pre-
scribed by the Imperial authorities. On the
other hand, it cannot be denied that the Credit
Mobilier has been the prime agent in awakening
the spirit of commercial enterprise which forms
the chief characteristic of modern France. Twenty
or five-and-twenty years ago the great French
railways were constructed by English capital, and
in a great degree by English labour. Their roll-
ing stock was made here ; even their engine-
drivers were drawn from this country. A signifi-
cant change has taken place since that period.
French industrial works are carried out now by
French capital. It would be as great an anomaly
to solicit subscriptions for a new railway in
France on the London market as to offer a similar
project in England to the capitalists of Paris. More
than that, many other continental countries have
been taught to regard Paris as their financial and
commercial centre. The chief credit for this
social revolution is due to the Credit Mobilier.
Not content with restricting their undertakings to
their own country, the directors of the great com-
pany have established numbers of railways, public
works, affiliated banking and financial institutions,
and the like, in Spain, Italy, Belgium, and even
Germany. The example once set was speedily
followed. Frenchmen, though timid, like nearly
all foreign capitalists, in monetary affairs, were
acute enough to perceive the advantages to be
gained by the exercise of a little boldness. The
consequence has been a development of industrial
and commercial activity in France which few
would have been prepared for in the days cf the
old regime. Already our neighbours not only
compete with us successfully in many parts of the
world, but in some have even gained the advan-
tage. It is no easy matter to break through old
prejudices, especially in business, where precedent
is perhaps more strictly followed than in any other
affairs of life. When this object has been at-
tained, the result has usually followed of exces-
sive caution giving way to excessive confidence.

The Credit Mobilier has apparently fallen
into this error. A long career of almost

=chequered success has suddenly been brought
to a stop. Unprepared for disaster, the
only resource has been an appeal for help
to the Bank of France. The advance asked
for was very large —three millions sterling, it is
reported—but one important point should not be
overlooked, viz., that the directors, who comprise
some of the ablest and wealthiest capitalists of
France, have sufficient confidence in the ultimate
career of the concern to offer their individual
guarantee for half the amount. There are very
strong grounds in favour of granting this assist-
ance. In a public sense the liquidation of the
Credit Mobilier can hardly fail to be a serious
misfortune to the nation. Considering the wide
ramifications of its business, and the lead it has
taken in all kinds of enterprise, the injury done
must be incalculable. Trade is sufficiently dull
now, and the MINISTER of FINANCE might spare
himself the trouble of consulting experienced au-
thorities on the revival of commerce, since, in the
face of this calamity, their advice could be of no
particular good. As regards the Bank of France
the proposed loan seems both simple and profita-
ble. According to the last return, the specie in
band was 38,810,0001., and it was steadily increas-
ing week by week. The rate of discount in the
open market is so far below the charge at the
Bank of France that the discount business of the
latter establishment diminishes daily. No better
employment for these superabundant resources
could be found than in aiding with perfect se-
curity the greatest financial establishment of the
country at a period of unexpected pressure. If
we concede that the Credit Mobilier has, in the
true Imperialist vein, striven to do too much, at
least it has effected many benefits, and the result
of a collapse means simply that a series of further
joint stock company failures will take place, and
that trade and industry will be even more para-
lysed than they aro at present. The good and
the bad must be accepted together.
The difficulties arising out of the bad harvest
admit of no easy solution. The Government
may stifle discontent in the cities by buying corn
at high rates abroad, and selling cheap at home,
but this would not be to the taste of the rural
classes, who would lose the compensating advan-
tage of a high price for an inferior yield. Neither
would it be fair to the rest of the community,
although that point has probably been little con-
sidered. Reference has already been made to the
little likelihood of a revival of trade. Without
peace an extension of commerce is impossible, and
no calculating man of business can believe in peace
when he sees his own and foreign nations arming
to the teeth. Protestations weigh little against
acts.

In other parts of the Continent commercial
affairs are quiet, perhaps too quiet. The never-
ending fear of war contributes there to atop in-
dustry equally as in France and England. Money
is consequently in little demand, and at Ham-
burg, Frankfort., Amsterdam, Berlin, and Vienna
the rates range from only 11 to 4 per cent.
Everywhere the same uneasy feeling appears to
prevail that some unexpected outbreak may occur
at any moment. Under these circumstances trade
must inevitably languish. There is no emp`oy-
ment for money, comparatively few pumhases
goods, and manufacturers are content to work only
to supply daily wants. Political complications
are no doubt the primary reason of this stagna-
tion, although the position of financial affairs in
FrAnce may cause some slight additional appre-
hension.

OUR CONTEMPORARIES.

(THIS DAY.)