The Sun.
London, England, 1852-03-06 00:00:00

THE FRENCH REPUBLIC,

We have received the Paris journals of yesterday.
They give much consideration to the treaty passed
between the Government and the Bank, according to
which the latter, in consideration of reducing its rate
of interest to three per cent., and of making ad-
vances on railway shares, besides relieving the Go-
vernment of the immediate payment of the seventy-
live millions due by the State, has its charter con-
firmed to 1867.

The reduction of interest to three per cent. meets
with general approval, as does, indeed, the extension
of loans on deposits of public securities to railway
shares ; yet it is suggested by the Sicle that the
Bank directors ought to exercise a very sound dis-
cretion on this point, or they may be led away
further than they may probably be aware of.
It is calculated that 300 millions of capital will
have to be raised for the execution of the different
lines and branches lately conceded, not to speak of
some important concessions which are in contempla-
tion. The policy of the Government in making
this bargain with the Bank is plainly directed to the
encouraging of railway speculation, which it is
evidently feared may be pushed too far, and at some
future day lead to a dangerous financial crisis. The
Government plan for raising the condition of the
country would seem to consist chiefly in opening
large facilities for borrowing money, at the same time
pointing speculation to railway investments, and all
for sake of keeping the working people employed—a
good motive certainly, hut the hints about prudence
thrown out by the Siècle are not unfounded.
There is one article of the treaty with the Bank
which is disapproved of, and by which the weekly
returns published in the Moniteur are to be sup-
pressed. The Bank will, however, publish a quar-
terly statement ; but, as a barometer of the state
of trade, the weekly accounts were held to be of
great value.
The Assemblie Nationale winces a little at the
composition of the Government debt, although at the
rate of 20s in the pound ; for to pay a bill with in-
stalments spread over fifteen years would, in the com-
mercial world, rather shake the pros ige of a firm,
although not standing quite so high as French Re-
public and Co. "Looking, however," says this
journal, " at the first demands raised on the Trea-
sury by the decrees 'which every morning meet our
eyes, we must acknowledge that every penny is
needed."

The Moniteur contains the last weekly account of
the Bank, of which the following are the only im-
portant items :

Specie •••
Ditto, departments...
Portfolio
Ditto, branches ...
Advances on French Public
Securities...
Ditto in departments ...
Advances to the state on Ex-
chequer bills ... ... 50,000,000
Advances to the state by the
Treaty of June, 1848 ...
Advances to the Ville de
Paris on the provisional
loan of 20 millions ... 10,000,000
Bank notes in circulation ... 429,432,600
Ditto, branches ... 123,663,125
Credit to Treasury... ... 100,427,434 .
Accounts current ... 119,177,391
Ditto in branches 27,669,874
Specie has increased nearly 4 millions in Paris, and
more than 14 million in the departments. The portfolio
has again Callen upwards of 5 millions, but im-
proved by more than 1/ million in the departments;
thus showing that in the capital business has been
going from bad to worse. The notes circulation is
contracted 5f millions in Paris, remaining stationary
in the departments. Credit to Treasury has increased
better than a million. Accounts current have in-
creased 4 millions in Paris, and nearly 11 in the
departments, The item of 75 millions under the head
of advance to the State by peaty of June, 1848, is
that which has been compounded for by 15 years'
instalments.
Public Securities were not so firm at the Bourse. The
Five per Cents. opened at 106 f. 60c., rose to 106 f. 80c..
fell subsequently to 105 f. 85c., and closed at 106 f. 10c.
for the end of the month; the Three per Cents. closed
at 69f. 70c.; Orleans Railway Shares, 1,15514 Rouen,
‘,6951.; Havre, 275 f.; Great Northern, 6151.; Avignon,
240 f.; Vierzon, 550 F.• Basle, 232 f. 50c.; Bordeaux,
4851.;22. Paris and Strasburg, 5051.; Tours and Nantes,
3
s°e•t Amiens to Boulogne, 320 f.; Paris and Lyons,
7f• 50c.
BUSINESS DONE IN FOREIGN RAILWAYS AT THE
Paris
sou
dON STOCK EXCHANGE, MAncrt 5.
Boulogne and
France, 20A—Orleans and Bordp
IsNntodrrtaiashbon:ruunr2g3o4:stontA2l:„Analizeimenbos•tilrg2-3_Dsutainchu....rßhaenndishL,
ie3g3,4-6E36alt
aux lOLA—
and Meuse, 10
I%—Sambre
ours and Nantes, 101 A.
37, triusenanadnEdoßueanv,re,27l3/4 —Parrs and

... 473,994,724
... 116,910,361
... 36,335,983
!„ 70,772;185

... 14,147,226
2,853,663

75,000,000

Our accounts from SPAIN. T.
Madrid are of the 29th ult.
The Duke and Duchess of MONTPENHER
depart the following day for Valencia ; they gave a
brilliant reception, at which General AUPICS, the
French Ambassador, was received with marked dia.'
tiACtiOn• were to