The Sun.
London, England, 1855-01-01 00:00:00

sbscribers of the Four-and-a. Half per Cents, to a di-
minution of 2f. 93c, on the rate of issue (taux &emis-
sion) of the rente, and to the subscribers of the Three
per Cents, to a reduction of 2f. Sc.
"©s regards those who, in the limits of faculty of
discount which will be granted, pay up beforehand the
full subscription, a discount of 4 per cent, will be given
them, instead of the benefit accruing from the prolonga-
tion of the terms of payment. •
"I must now call the attention of your Majesty to the
fixing of the rate of issue of the Rep tes. This ought to be
done in such a manner as to conciliate the interests of the
State who borro NS with the legitimate chance to be as-
sured to the subscribers.

"The last quotation of the Four-and-a-Half per Cent.
Rentes at the Bourse of yesterday was 92f. 50c. I pro-
pose to your Majesty to decide that the Four-and-a-
Half per Cents. Rente shall be issued at 921.

"The last quotations of the Three per Cents. was 661
60c. I propose to fix the rate of issue of the Three per
Cents. at 65f. 25c. Thus the subscribers will receive
the Four-and-all alf per Cents. at 50c. less, and the
Three per Cents. at 11. 35c. less than if thty had pur-
chased at the Bourse yesterday.
" And if to t lie,e advantages to I:1,i flded`:lic reduction
of the price which results from the periods (tea roes) granted
flr th paymont,, and which amounts, as I have already
stated, to 2f, 93c. for the Four-and-a-Half per Cents.,
and 2t. Sc. for the Three per Cents., it will be seen thitt
the subscribers of the Four-and-a-Half per Cents. will
obtain on yesterday's quotations a net benefit of 3f. 43e.,
and those of the Three per Cents, an equal benefit of 31.
43e.

"Your Majesty will not regret these advantages ac-
corded to the loan as they will profit all subscribers, and,
by assuring the success of the operation, they will con-
tribute to consolidate and develope the credit of tine
State.

"At the time of the loan of 250,000,000 f. it was de-
cided that in case the capital subscribed should exeeed
the sum demanded the subscriptions which did nut ex-
ceed 50f. should be exempt from reduction. I propose
to your Majesty the adoption of an analogous measure,
but to encourage as much as possible small subscriptions
I think it advisable to admit that in case of reduction,
those that shall not exceed 500 f. of reate shall not be
submitted to a proportionate reduction.
" Your Majesty being desirous that the greatest pos-
sible number should share in the benefits of the loan, I
have the honour to propose the maintenance of the rule
previously established, deciding that 10 francs sub-
scriptien be admitted, without, however, allowing them
to go below that figure.
" The Emperor will kindly observe, that happy in
profiting by the experience acquired in a first operation
ably conceived and prudently directed, I have endea-
voured, as much as possible, to adhere to the dispositions
decreed in the month of March last.

"I feel confident that they will this time have the
same success as in the first instance.

"In the month of March we were at the commence-
ment of a war, commanded by the interests and honour
of France. The nation responded with enthusiasm to
the appeal of your Majesty.
"To-day it is a question to continue that war with a
vigour which, alone, can bring it to an end. We have
to follow up tko first and brilliant successes which have
added lustre to our arms, and cemented by common vic-
tories the alliance of France and England.
"France will not leave her work incomplete.
"I am, with the most profound respect, Sire, your
Majesty's most humble and very obedient servant and
subject,

"J. BAROCHE,
"President of the Council of State, and charged
with the Ministry of Finance ad interim."
The Moniteur promulgates an Imperial order,
approving of the above report, and the following
Imperial decree :
" In conformity with the law of 31st December, 1854,
we have decreed and decree as follows :

"Art. 1. Oar Minister Secretary of State of Finance
is authorised to proceed by public subscriptions to the
alienation of the sum of Rentes Four-and-a-Half and
Three per Cents, necessary to produce a capital of
500,000,000 f.

" Art. 2. The Rente Four-and-a-Half per Cent. will
be issued at the rate of 92f., with enjoyment from the
22d of Sep:;ember, 1854.
" The Rente Three per, Cent. will be issued at the rate
of 65f. 25c., with enjoyment from the 22d of December,
1854.

" Art. 3. Conformably to the dispositions of the
third paragraph of the first article of the bill of the 31,4
December, 1854, the dotation of the sinking fund will
be augmented, dating from the Ist of January, 1856,
by a sum equal to the nominal capital of the routes
which shall be issued in virtue of Art. 1. of the present
decree.

" Art. 4. Our Minister Secretary of State of Finance
is charged with the execution of the present decree.
" Done at the Palace of the Tuileries the 31st Decem-
ber, 1854.
" NAPOLEON.

"(Countersigned) J, BAROCIIE."

Another decree ordains that the subscription
lists shall be opened from the 3d to the 14th Jan.
inclusively, comprising Sunday, the 7th.

THE WAR IN ASIA.

Letters from Trobizond, of the 12th, bring ac-
counts of an attack made by a body of Russians
and. Mingrelians on Redoubt-Kale, in Abasia. They
were, however, vigorously repulsed by the Turkish
garrison, and had to retreat with considerable loss.
Some prisoners were made, and will be sent here.