The Northern Daily Times.
Liverpool, Merseyside, England, 1856-07-29 00:00:00

THE FRENCH FUNDS

The Times of Friday contains the following article in
explanation of the continued decline in the French Fends.
The obligations of the French railways offer every induce-
ment to the public to invest in them, as they not only
have the security of the lines which issue them, but are

also guaranteed by the government, and as they can now be
bought at prices to pay 5 to 51 per cent.. and are i❑ most
instances redeemable at 10 to 20 per cent. premium, it is
not likely that the French Funds can resume their

ordinary buoyancy until the obligations ara absolved.
Those or the South Eastern and Western of France, both
under the guarantee of the French government, can be
readily bought either on the Liverpool or London Stock

Exchanges to pay 51 per cent:—
" The prolonged depression of the French Funds,
although partially to be accounted for as an inevitable
reaction from the recent speculative mania, aggravated by
anxieties about the harvest and such political uncertain-
ties as may be connected with the affairs of Spain, seems
still to require some deeper explanation. Not only is
there a difference of nearly 25 per cent bet ween Rentes
and Consols, but the numerous purchases from this side
which have been induced by that circumstance have failed
to do more than prevent a further depreciation. The
principal reason for this state of affahs is now pointed
out to consist in the competition between the bonds of
various railways and the ordinary Government funds.
The French public, it is said, prefer to purchase railroad
obligationr, of which some companies have lately made
new and large issues. In comparison with Rentes these
obligations are alleged to be much under their real value.
Most of theta are guaranteed by the Governm .nt, and
have besides the guarantee of a railway, the shares of
which range, perhaps, between 60 to 180 per cent pre-
mium. They are, moreover, redeemable by yearly draw-
ings at £2O per obligation. Those of the Northern
Line, which pay lg. or 120. per annum, are at about
£l2, and those of the Western of France, the South
Eastern, and the Lyons and Geneva, at about £ll
12s. 6d. Of these three the interest is guaranteed by the
government, and as they yield 51 per cent., they are equal
to Three per Cent. Rentes at 57i, or nearly 15 per cent.
below their present price, while in 1853, Rentes being at
t-0a and obligations at £l5. the relative difference was
only about 51 nor cent. Not only are the French public.
induced to sell Stocks in order to purchase these seourities,,
but some large English investments have also lately been
made on them."

M. MAzzrnt.—Mazzni, it is said, has spent some days iu
Switzer;and, and finding Italians averse to his projects, has
ju-t returned to London.
EXECUTION OF INV E.---Should the recommendation of
the jury not be complied with, Dove will he executed, in
all probability, on the second Saturday in August.
Tli E NATOINAL VACCINE BOARD —The report of the
National Vaccine Board shows that in the course of the
past year 220,639 charges of lymph have been sant out. It
is gratifying to report that the employment of the lymph in
the variour military depots and hospitals at Scutari, and in
the Baltic and Black Sea fleets has been most successful as
a prophylactic, and has effectually protected our forces
against the spread and ravages of the loathsome pestilence
of smallpox. 128,495 vaccinations are reported, of which.
8,637 were performed by the stationary vaccinators t,f the
board in the metropolis.
Tux NEW PEER.—Mr. Strutt issued an address to.
the electors of Nottingham, on retiring from the represen.
Wien, preparatory to his elevation to the peerage. In the
course of it he states that in the communication informing
him of the honour, it was stated that the " Qaeen was
desirous of marking the interest which she takes in the
great manufacturing industry (.f tha country, and her desire
that this important element of our natirnrl we dth should
be represented in the Upper House of Parliament It wil I
be seen from our Parliamentary report that Lord Belper is.
the title chosen by the right hon. gentleman.
Tamar: July 25th.---Accounts from Constantinople
of the 18th, announce that two thirds of the town of
Thessalonioa had been destroyed by fire. European
commerce is full of activity, and the Turkish govern-
ment is about to impose a dn'y on the productions of the
country, and establish a new rate upon merchandise
imported. The Russians have occupied the Isle of
Serpents, of which Turkey claims possession by virtue
of the treaty of peace. The Russians have refused to
admit the English commissioners into Kars, declaring
that they would not surren•ler the fortress until after the
complete evacuation of Turkey by the allies.

ARCH 13 NACFN DEN IS'ON'S CASE.LBAT
morning Dr. Phillimore commenced his defenc of the
archdeacon. His grace the Archbishop of Canterbury, and
the assessors, Dr. Lushingtou, Dr. Heurtly, and the Rev.
G. H. S. Johnson, having taken their seats, Dr. Phillimore
entered upon his argument, going on to show, by quotations
from Scripture, as he said, that the doctrine of the areh-
deacon was the true doctrine, when he was interrupted hy_
the advocate on the other Ei,le, Dr. Bayford, who contended
that according to the rule laid dowu in the Gorham case,
direct prod. from Scripture could not be adduced, but hi&
learned friend must confine himself to the articles, formul-
s, and homilies of the church. Dr. Lushingtou, the
presuing assessor, sail it appeared to him upon the rule
laid dootn in the Gorham case, and which received the
sanction of all the judges, that Dr. Pk-'
refer to prcuts to show the archdeacon's opinions we

illimore Could not
right,

It was in. !possible, that the court could

den NO; -r the archdeacon was I
wrong.. Archdeacon •Denison then s;,

tiZIA or

nc the court

o any other man

—and since

WW to go irity) Scrip.

)R SALE

Y AUCTION, on Thursday
natant, at Two o'clock, st the Brokers
3, York•buildings, Dale-street, the
le ACADIAN

4 tons registe

about 420 tons

In Nov.ember

sl.e .as

and Ptirchase

s. 3, York-build

t Dock

rid CO.. r rokers for the Sale
gq, Dale-street, Liverpool.

FOR SALE BY AUCTION, on Thursday next,
the 31st instant, at Two o'clock, at the Brokers' sale-
room, 3, York-buildings, Dale street, , unless previi,usly
le.' disposed of by private treaty), the handsome fast sailing
Schooner EXCEL; 11:2 tons register, 138 tons ,o.m.
Length. 74 feet 3-10ths; beam, 17 feet 9.loths ; depth, 11 feet
8 10ths; built at Bideford in 1850, and classed twelve years A 1.
This.vessel is well and substintially built; sails fast, and carries 2110
tons dead weight, and will be found a very handy and useful vessel
for any trade ner size may suit. Lying in Huskitson Dock.—For
further particulars apply to Messrs. li: vans. Sons and a), Bristol;
or here to 11.0 BERT A. MUNN & CO., Brokers for the Purchase
and Sale of Ships, 3, York-buildings, Da e street.

p,4' tine Fl
cl, ad
feet, de

August, a

buildings

Rti.KA; 97

iv clipper-built Brigan-
ms per regis er ; carries 150 tons
her length is about 76 feet, br adth 22
) feet. Bola at Wall ce, Nova Scotia, last

d hard wood and Pitch Pine Is daily expected to arrive
er particulate apply to J E. Greenwood and Co., 1, India-
r, CUNALID. BREIT and AU:NTEN, Brokers for the
)f Shi te, 5, York-buildings, Dale-street, and

Purchase and Sa

150, Leadenhall,

Londo

he well-known Teak built Ship

FOR SALT
.04 JAVA; i 175
~,„,f,0"; late act.
feet. Very su
1813 ; is classed red si

a o.➢t., about 1400 tons register per
Length 174 feet, bread.h 40 teet, detith 32
antially built at Calcutta. of teak, in
copper-fastened, wood sheathed
t carries an immense cargo and sails

I up to 20
n Co.or

SI
_1 Ito,

Ik\, Dim

—For invent ,ries and further
IRErf and AUSTEN, Brokers
hips, 5, York-buildings, Lair-
all-6treet, London.

8 feet

MARY AN?, 422
orbs;
,a register
Built at Quebec

Oa,

AUSTRALIAN
I:l4Lie.‘,l ROYAL MAILS, WHITE STAR LINE.
Under t-ont.ract with the Postmaster-General to carry her Majesty's
Mails from Liverpool to Melbourne, on the 20th of every month.
e carrier upon a Forwarding passengers by Steam to Geelong, Sydney, and every
order, and ready Port in Australia and Tasmania at through rates.

~nps. Tons. Tons. Captnins. To Sail.
WLIITE STAR 2469.. .5000.... R Brown 20th Aug.
TIPTREE
ARABIAN 1m0.... 3200.... W. Ralmano .. 20th Oct.
SHALIMAR 1460.... 350a....J. R. Brown ..20th Nov.
RED JACKET .2300.... 5000.... O'Halloran .... 20th Dec.
GOV/EN ERA ...... 1630.... 4500.... R. A. Brown .. 20th Jan.
MERMAID .... .1320. .400,i. E. Devey 2oth Feb.
AN NIEL WILSON ....1220....3120.... E. Langley 20th Mar.
The above are amongst the finest, fastest, and most magnificent
ships in the world. They are engaged, under heavy penalties, to sail
punctually at noon on the days appointed to each ; great care has
been taken in the selection of th, Commanders and Officers; they
have splendid accommodation for all classes of passengers. and are
thoroughly lighted and ventil 'tot:l.—Apply to the Owners,
PILKINGTON & MI-11,S iN, 17, Water-street.