The Sun.
London, England, 1854-12-30 00:00:00

ARTICLE 111.

The payment on account of the sea conveyance of letters
contained in the mails which the respective offices of ex-
change transmit to each other by means of merchant•ships
plying in the Channel shall be equally divided between.
the British Post-office and the Post-office of France.
These payments shall by made to the commanders or
owners of the said vessels at the rate of one penny, or ten
centimes per letter.
ARTICLE IV.

The conditions under Witich newspapers, gazettes, peri-
odical works, stitched books, pamphlets, sheets of music,
catalogues, prospectuses, announcements and notices of
various kinds, whether printed or lithographed, forwarded
from one of the two countries addressed to the other, are
to be exchanged, shall be regulated hereafter by a special
Convention which shall be based upon the principle of
compulsory prepayment to destination, and of the removal
of every duty or tax which would otherwise be payable by
the persons to whom newspapers and the other printed
papers enumerated above are addressed.
ARTICLE V.
The present Convention, which shall be considered as
additional to the Convention of the 3d of April, 1843,
shall bo ratified ; the ratifications shall bo exchanged at
Paris as soon as possible ; and it shall be put into execu-
tion on the Ist January, 1855.
_ In witness whereof the respective Plenipotentiaries have
signed the present Convention, and have affixed thereto
the seal of their arms.
Done in duplicate at Paris, the twelfth day of Decem-
ber, one thousand eight hundred and fifty-four.
(L. S.) COWLEY.
(L.S.) DROUYN DE LIILTS.

[PRICE SD.

VIE NEW FRENCH LOAN.

The Erlish nation has purchased at no small cost its
knowledge of the theory of borrowing ; but, however I
clearly enightened economists may appreciate the re-
sults of our dearly-bought experience, Governments
which regains loans must sometimes make concessions
to popula- opinion. More than half a contuty heel
passed sine Fox agreed with Pitt that it was expe-
dient, when money was raised for the purposes of
war, to inmr an additional liability for the sake of
creating a Sinking Fund. The same course is adopted
in the Bill which has been unanimously voted by
the French Legislative Body. The dotation of the
Caisse d' Anortissement is to be increased by the sum
of 1 per cent. on the nominal capital of the Rented
which are about to be issued. It has long been
admitted by financiers that it is an error, in theory, to
I/increase a debt with the view of ultimately diminishing
it ; but it may nevertheless be prudent in a debtor to.
consult the testes or prejudices of his creditor. The
small eapitalists of France, although frugal and cautious,
have not yet tounded the depths of political economy ;
and they will probably corns forward with their hoards.
the more readily, when they are asked to furnish the
meat's, not mly of carrying on the war, but of
paying off at some future period the very loan to.
which they vill now be contributing. The success
of last year's experiment has induced the Emperor)
and his advisers to repeat the appeal to the country.
at large, in 'reference to negotiating a loan with the'
great money dealers of Paris ; and it is hoped that)
the large sun of twenty millions sterling may bel
procured from the savings of farmers, shopkeepers, and'
manufacturers. The character of the French Govern-
ment for integrity in financial dealings has always stood+
deservedly high ; but the present dynasty seems to have
acquired, in an unprecedented degree, the confidence of;
the general community. The subscription may be ex-
pected to cover the greater part, if not the whole, of the,
required amount. The Government, of course, reserves.
to itself the power of fillitsilAsy Vother methods any de
ficiency which may be found to exist; but the bill is
identical in principle Noah the measure of the previous'
session. The rate of interest of the new stock, and thel
general terms of the loan, Will be arranged between the
lenders and the Treasury. The Minister of Finance
prudently widens, to the utmost of his ability, the:
market in which he proposes to deal ; and, should a loan
ever become necessary in England, our own Government
may, perhaps, derive some useful lessons from the ex-
ample of France. Mr. Gladstone has already, in some
minor operations, tried the experiment of offering
vestmeats to private individuals without the interven-
tion of great contractors ; nor is there any reason why
the State should be left at the mercy of half-a-dozen
capitalists, when railway or dock companies issue deben-
tures to the amount of millions at the ordinary rate of
interest..--4111/71 ing Chronicle.