The Sun.
London, England, 1853-01-01 00:00:00

TEE NEW FRENCH BANK.

It appears that on the part of many persons there is
still a very imperfect knowledge of the actual details of
the constitution of the new French Bank, the Societie
Generale du Credit Modifier. This circumstance is not
surprising, since the published documents with re-
gard to it are very obscure, and are full of statements
of a most complicated nature. As far as a simple re-
sult can be gathered from them, it seems that the con-
cern consists of 120,000 shares of 500 f. each, forming a
subscribed capital of 60,000,000 E, or 2,400,000/. sterling.
All time shares are issued, and the amount at present
called for upon them is 50 per cent. The bank can issue
post-notes at 45 days' date, or for a longer period, and
bearing about 3i per cent. interest, to the extent of five
times the subscribed capital, previously to its being
fully paid up, and afterwards to the extent of ten
times. In the first instance their issues may conse-
quently amount to 12,000,0001. sterling, and in the
second to 24,000,0001. They are not, however, to put
forth notes in any one year for a sum that shall be more
than twice as much as their capital. With this restric-
tion they can take any quantities of stock or railway
shares they may think fit, and give their own paper in
payment. They have already circulated notes to a
considerable amount, and have suhscribed to the extent
of 40,000,000 f., or 1,600,000/. sterling, in a loan of
200,000,000 f., raised by the Societe de Credit Foncier.
This loan bears only 3 per cent. interest, but a portion of
the bonds are to be drawn and paid off every year with
a number of prizes, some to the extent of 100,000 f.
each, to be decided by a sort of lottery. The shares
of the Credit Bank immediately after their allot-
ment went to about 1,700 f., or 240 per cent. premium.
They are now at 850 f., or 70 premium. The inflated
anticipations originally entertained, and which were
founded on the power of the Bank not only to lend the
whole of their subscribed capital, but also the addi-
tional sum of 22,000,0001., which they are ultimately
to fabricate, have therefore rapidly subsided. The
transactions of the concern and the hopes it en-
courages are precisely analogous to those in the
case of the Bank of the United states, when that
institution put forth its bonds in millions to sustain the
American money and produce markets in 1839. At the
same time, as the operation of the natural laws which
brought that experiment to a speedy close are immuta-
ble, it appears impossible to suggest any reason why an
imitation of it at the present day should meet with any
different conclusion.

A STRANGE CASE—A singular case has just been
decided by the Court of Appeal at Aix. Some years
ago, a gentleman of fortune adopted a female child, who
had been placed in a foundling hospital when very
young, but had subsequently been claimed by the sup-
posed mother. This child was educated by the gentle-
man, and every way treated as his own daughter, and
by the deed of adoption became his heiress. When this
deed was executed, the child was described according to
the entry at the foundling hospital as the daughter of
the female with whom she resided at the time of the
adoption. A few months ago the reputed mother was
informed that there had been an error in the identity of
her child. The girl whom she had taken from the hos-
pital was not, it appeared, her own offspring, and the
entry in the books applied to another. The real daugh-
ter, who had left the hospital and entered into service,
not only claimed to be acknowledged by her mother,
but also demanded to be placed in the position which
the gentleman had given to another female ; and as
neither the mother nor the adopted father would own
her, an action was commenced in her behalf, and de-
cided in her favour. Again this decision the gentleman
appealed, and the Court has declared that the child
adopted by him shall retain her rights, as the error of
identity had not, as far as he was concerned, affected the
interests of the plaintiff, who could not be allowed to
assume the place of another, merely because there had
an irregularity in her description at the time of the
adoption.—Galignani.

BELFAST AND WEST OF IRELAND JUNCTION RAILWAY.
-It is proposed to construct a line of railway from the
Ulster Railway at Armagh to the town of Clones, passing
through or near the towns of Caledon, Glasslough, Mid-
dleton, Mohaghan, amd Smithborough. The proposed
line is intended to join, at Clones, the railway now in
course of formation from Clones to Enniskillen. The
length of the proposed line will be thirty miles, and it
is estimated that the entire cost of the undertaking will
be less than 8,000/. per mile. The capital of the com-
pany is proposed to be 259,0001., and it is stated that the
Ulster Company are to subscribe 100,0001. of that amount
It is estimated that a traffic ofl3l. 10s. per mile per week
(being one-half the average amount received on the Ulster
line, which is to join at Armagh) will, allowing 40 per
per cent. for working expenses, yield a return of six per
cent. to the ' shareholders on the amount of capital in-
tended to be called up, it being intended to borrow
135,0001. on mortgage.

SOUT:

'TION.

The elections consequent on the late change of Minis:
try, commenced this morning, by the re-election for the
borough of Southwark of Sir William Molesworth, the
new First Commissioner of Public Works.
We understand that some of the borough politicians,
not feeling satisfied with an uncontested election, had
endeavoured to procure for the right hon. baronet the
pleasure of an opposition, Recourse was had, in the
first instance, to that universal dernier resort of election-
eering agents in search of a candidate, Mr. Alderman
Wire, but whether the worthy alderman's repeated ill-
success had cured him of the ardor senatorius which
he has so frequently exhibited, or whether, as he alleged,
the necessity of an active canvass on Sunday—which
would violate his Sabbatarian principles—prevented his
acceptance of the offer made to him, we are unable to say,
• but, so far as he was concerned, the field was left clear
to the right hon. baronet. Disappointed in their hopes
of obtaining a candidate from among the Aldermanic
body of the city, the malcontents betook themselves to
that nursery of Parliamentary talent, the Marylebone
Vestry, flattering themselves that Southwark might con-
tinue that which Macclesfield had begun, and that Mr.
J. Williams would have gladly seized the opportunity of
resuming a career so rudely brought to a close at the
late general election. From some cause or other, how-
ever, the proffered honour was refused by this gentle-
man also ; consequently there was no opposition, and
the proceedings were merely formal.
The Sheriff's precept and the Bribery Act were first
read ; and
The HIGH BAILIFF having briefly addressed the elec-
tors as to the object of the meeting,
Dr. CHALLIS proposed Sir W. Molesworth as a fit and
proper person to represent the borough in Parliament.
He observed that the present was the first occasion on
which a Cabinet Ministry had ventered to solicit the
suffrages of the constituency of Southwark. This had
arisen from the electors having been invariably noted for
their attachment to liberty, to which, unfortunately, the
Government of the country had hitherto been generally
opposed. (Cheers.) The inhabitants of the borough
had always led the van in opposition to the Government;
and it was a happy period that had now arrived when a
Cabinet Minister came to so great a constituency—a
constituency which might be properly called a pure de-
mocracy, because there could be no doubt that house-
hold
suffrages existed in the borough, for the number of
electors was about equal to the number of houses.
(Cheers.) Though the present Prime Minister had the
reputation of being a Conservative, and though the peo-
ple of England had hitherto disliked a coalition between
men who entertained different opinions, they were told
that not a shadow of opposition would be offered to the
election of the right hon. bart. (Hear.) This might
be taken as a proof of his undeviating career in political
consistency, which was rather a rare virtue among poli-
ticians at the present moment; and, also, a proof that they
respected him, and believed he had not accepted office
from a mere love of place and power, and that he would
not stultify that high character which had secured the
admiration and affection of his constituents. (Chuers.)
They believed he would carry his principles into power
with him, and that he would still be the advocate of
progress and social amelioration. (Hear.) This was
not a period for backsliding. (Cheers.) He understood
that there had been some attempt to get up an opposi:
tion to Sir: W. Molesworth. (No, and hear.) At
least there was no want of will—(cheers)--but it was
seen that the constituency at large were determined to;
give the new ministry what every Englishman was en-
titled to, namely, a fair trial. (Renewed cheers.) It
was said that the Administration had no bond of cohe-
rence, and would not last long, but he confessed he could
not see that, believing that the members who composed it
were actuated by a love for their country, and a desire
to give it good government. (Cheers.) He trusted
that the right hon. gentleman would, in the high posi-
tion in which he was placed, add to the honour and pros-
perity of the country, as well as to his political cha-
racter. (Cheers.)
Mr. T. MARTIN seconded the nomination. Ryas the
third time he had performed this task, and he had no
doubt that it would be with as successful an issue as on
former occasions. He had always advocated the exten-
sion of the suffrage, the shortening of the duration of
Parliaments, and vote by ballot ; and they might rely '
upon it, that if these were not the views advocated by
their representative, they would not see him in that
position. He was glad to see that • they now had in
power one who would look after the poor district of South-
wark. It was said that the poor had no friends, but he
thought that that would be no longer the case, now
that they had their member at the head of the Depart-
ment of Public Works, they would have a chance of
getting those sanitary reforms effected in Southwark,
which had been so shamefully passed over by the Cor-
poration of London. He thought he knew Sir William
Molesworth sufficiently well to prophecy that, if the
Cabinet did not proceed in the way of reform and pro-
gress, he would instantly resign, and he therefore most
cordially seconded his nomination.

Mr. BLAKE also supported the nomination.
There being no other candidate proposed, the High
Bailiff declared Sir Wm. Molesworth duly elected.
Sir Wm. MOLESWORTH then came forward to address
the electors. Mr. High Bailiff, and electors of South-
wark,—l am much obliged to Dr. Challis and Mr.
Martin for proposing and seconding me, and to
you, for electing me again without any opposition.
When we last met in this hall, a few weeks ago, the ob-
ject of our meeting was to discuss the financial policy of
her Majesty's late Government, and I assured you that
I should oppose the budget, and vote against the doub-
ling of the house tax and the repeal of the malt-tax ; and
that I could not consent to disturb a solid and prosper-
ous financial system to introduce deficiency in our re-
venues, and to array class against class on the most
difficult and dangerous questions of relative fiscal
burdens. (Cheers.) I did not then anticipate a speedy
dissolution of the late Government, nor that I should
soon have the honour to appear before you as a Minister
of the Crown. I have accepted office with pleasure, for,
as I told you in my address, I think that to an English-
man, who has made the study of politics the chief occu-
pation of his life, it is a becoming object of ambition
to obtain by honourable means the power of serving his
Sovereign and his country. My object in taking office
is to assist in giving practical effects to those political
principles which have induced you to confer repeatedly
upon me the honour of representing this great and im-
portant borough. (Hear, hear.) I explained those
principles to you so lately that I will content myself at
the present moment with the brief enumeration of the
more important ones. The principles of the Govern-
ment of this country may be considered under three
heads, namely, with reference to our home, our foreign,
and our colonial policy. First, with regard to our home
policy, I am in favour of free trade as a wise, just, and
beneficent measure, calculated to increase the trade and
commerce of this country, by enabling us to exchange the
products of our unrivalled skill and manufacturing in-

dustry for the food and various commodities of foreign
countries—to the equal benefit of both buyer and seller.
(Cheers.) By free trade I mean that no duties should be
placed upon the import of foreign produce except for the

purpose of raising a revenue, and that those duties
should be the lowest by which the requisite amount of
revenue can be raised, and that they should be levied
more from the luxuries than from the necessaries of life.

Therefore, I am a supporter of the financial policy of
that illustrious statesman, of whose more distinguished
followers'l have now the honour of being the colleague,
I mean the late Sir Robert Peel. (Cheers.) The finan-
cial policy of that statesman was to remove, as the re-

venue of this country increased, those taxes which pressed
most heavily upon the comforts and industry of the pro-

dilative classes. Now, we must bear in mind that the
price which we paid for free trade, and for the financial

policy of Sir Robert Peel, was the income tax ; and we
must keep on the income tax, if we wish to persevere in
that financial policy. I have, therefore, always told you
that I am in favour of an income tax, but I admit

that there are inequalities in the present income tax,
which I wish to see, if possible, removed, when the
period for the renewal of that tax shall have arrived.

You cannot expect me to say anything more upon that
subject, for you know that the question of the renewal

of the income tax must come on after the vacation, and
therefore, it is a question which must receive the imme-

diate attention of her Majesty's Ministers. Another
question of great importance, to which the attention of

her Majesty's Government must soon be directed, is that
of a Reform Bill. Now, gentlemen, there is no one in
this country more sincerely attached to our institutions

;han I am.

It is not prejudice, but calm study, and

deliberate reasoning, which have convinced me that of

the various forms of popular government, known either

to the ancient or to the modern world, that form which
is best suited to the circumstances of this country, is the

British Constitution, consisting of an hereditary monarch

and two houses of Parliament.

The stability of our

.nstitutions has been the wonder and admiration of

reflecting men throughout Europe, in the midst of the
convulsions occcasioned by the overthrow of un-
popular thrones and impossible republics. But if that
stability is to be maintained, our institutions, like our an-

cient edifices, must, from time to time, be repaired and
improved. Now, the late elections; and the election peti-

G, JANUARY 1,185 V.