The Sun.
London, England, 1853-04-12 00:00:00

THE FRENCH EMPIRE

We have noticed in the Messenger the attempted
depreciation by the Union and the Assemblee Na-
tionale of the recent manifestation here of some of
the citizens of London in favour of peace. The
Constitutionnel of yesterday remarks as follows on
the articles of those journals
" It is worth while seeing with what zeal and pa-
triotism the Union and Assemblee Nationale endeavour
to disparage the address of the four thousand merchants,
bankers, and manufacturers of London ; with what care
they recommend to the public not to attach any value to
the assurances of peace which it contains ; with what
satisfaction they remove from men's minds that motive
of confidence and security. Four thousand merchants,
bankers, and manufacturers of London ! what is that ?'
exclaim these journals, why, nothing at all ! And,
again, the British Ambassador did not take them to the
Tuileries_ tit. assurances of peace emanated from the
English Government, that would be something ; but
emanating from the most eminent men in England, the
proceeding cannot reassure any one against the chances
of collisions and disturbances,' What, on the contrary,
reassures us, and will reassure many others, is that
the sympathies towards France proceed from the
heart of the English themselves. As long as the
first banking and commercial houses of London and
England are determined to have peace, any English
Ministry may be defied to wage war. If, after the
peace of Luneville, four thousand bankers and merchants
of London, approved of by all the English merchants,
had sent to the First Consul an address similar to that
which the Emperor has just received at the Tuileries,
the second administration of Pitt would have been im-
possible, and the Napoleonian dynasty would not have
quitted the French soil. It is not enough for the Union to
endeavour to remove from men's minds their motives of
confidence and their hopes of peace ; the piety of these
children of the children of the Crusaders is of opinion
that the good cause authorises a little calumny ; and the
Union insinuates, without too many oratorical precau-
tions, that if the English bankers and merchants are
anxious for peace, it is in order to have time to increase
their gains. Even supposing that such is their motive,
every honest matt would prefer their line of conduct to
that of the Union. It is in fact better to desire peace,
even for the purpose of increasing one's fortune, than to
call for war and anarchy with a view to domination. It
is not, besides, any harm that circumstances uncover
every face, and that the merchants and working-classes
learn to understand the esteem and interest which the
legitimist journals feel for them. Ah ! how well the
press has undertaken to justify the severe regime of which
it is the object ! The Government of the Emperor can,
on that point, attend with confidence the judgment of
the future ; for, if such is the latitude which this regime
still leaves to bad faith, to hatred of order, and to ca-
lumny, who could ever think of regretting what has
been legitimately taken from it ?"

The Pays has the following on the proposed re-
duction of the interest of the 3 per Cent. Consols
in England
"The consequences of this measure are not indif-
ferent as regarded in connection with the money mar-
ket of France. For some time past English ,capital,
which, under the influence of the imprudent and in-
correct statements of their journals with regard to the
French Government, had deserted French enterprise,
has now a tendency to return to it, and to connect
itself more and more with the great industrial mo ve-
ment which is developing itself among us. We shall
some day examine the different affairs in which English
capitalists have taken part within the last few months.
Only a few days since some large London houses
placed themselves at the head of the important railway
which is to give life and movement to the central dis-

tricts of our: country. The conversion of the English
3 per Cents. appear to us likely to develope this move-
ment of English capital towards us on a large scale.
Our 41 per Cents., our 3 per Cents., which scarcely ex-
000d. 80f., ouL a coil vrov-o, Ibiza> mod orl4j- of <,12.10h Lorry blxo
guarantee of the State at -a minimum of 4 per Cent.,
and which almost all, even at the high price which they
have attained, still give their shareholders more than
44 per cent.—all these united to the every-day increa-
sing consolidation of the power of the French Govern-
ment, to the progress of the public riches, to the excel-
lent state of our finances, to the certainty that the
Government is decided on moderating the exaggerated
spirit of speculation by keeping within the limits compa-
tible with the resources of public credit the issue offresh
securities ; and lastly, to the general and legitimate
conviction that the Emperor will firmly maintain the
peace of the world, and deyelope in calm all the fruitful
germs of modern civilisation—all these considerations
combined cannot fail to attract foreign capitalists to our
market, where they will find comparatively advanta-
geous conditions for investment, and all the guarantees
to which they have a right to pretend. Is there any
reason for feeling alarm at the mass of cash to which
this state of things may cause to flow into France ?
Certainly not ; on the contrary, there is reason to re-
joice at it. We have often deplored the excess of specu-
lation on eventualities, which has nearly compromised
the national credit, and caused those sddden fluctuations
which are the fatal consequences of gambling at the
Bourse. We are happy, therefore, in the hope of seeing
the money market increased by real capitalists and
honest speculators, who will snatch public securities
froM the perilous chances of stockjobbing, and who, in
considering them as permanent investments, will increase
a feeling of security."
We read in the Constitutionnel

" The formation of a company charged to construe t
the Central Railway of Italy, which will place Lyons in
direct communication with Rome and Venice, and
Vienna with Leghorn and Genoa, has been announced.
At the moment at which an English company formed of
English and French capitalists has obtained the conces-
sion of the railway from Lyons to Turin, it appears to
us useful again to notice the Central Railway of Italy,
since one is destined to complete the other. It is known
that five Governments, Austria, Rome, Tuscany, and
the Duchies of Modena and Parma, have, in order to
assure and consolidate the success of this great enterprise,
guaranteed it an interest of 5 per cent. during 50 years.
Austria has besides taken the engagement to terminate
the railway of the Lombardo-Venetian kingdom by the
time at which the Central line shall be completed. At
Reggio, the Central railway will branch off to join the
Mantua line in the direction of Germany, and the line
of Placentia in the direction of Piedmont and France.
The Tuscan Government has •likewise undertaken to
terminate for, at the latest, the same time the lines of
Pistoja to Lucca and Florence. The works will com-
mence in five different parts in the course of the month
of June next, under the superior direction of the ce-
lebrated engineer Negrelli who constructed the North-
ern railway in Austria. The whole railway will be
270 kilometres (about 67 French leagues) in extent,
of which 200 will pass through the most fertile and
most populous part of Italy, and will unite six prin-
cipal towns. If we consider that the Central Railway
of Italy, passing along the valleys of the Arno, the Po,
and the Tiber, will not only unite the Mediterranean to
the Adriatic, but the Mediterranean to the Baltic, we
shall easily conceive that it will become one of the vital
arteries of the traffic of Europe. The capital amounts
to 75,000,000 fr., and is divided into 75,000 shares of
I,ooof. each. 40,000,000 shares are only to be issued.
These shares will produce an interest of 5 per cent, until
the completion of the works. The other 35,000 shares
have been placed in the hands of an international com-
mission, composed of delegates of the said five govern-
-0
ments, to be converted into bonds bearingl4 per cent.
interest, which are to be given in payment at par to an
English
caoidmpaanndy
companybonds chargedbeing
destined
to
the
off Centralin line.fi ft
The 35,0
years, by means of the proceeds of 1 per cent. realisedy
by the
from the difference between the 4 per
cent. paid
at the the 5 per cent, guaranteed, it follows
expiration of fifty years, the capital will
be reduced to 40,000000 f. ; so that the holders
of the 40,000 originalears shares will receive during
the last thirty y
in addition the half of the
being reserved to the
of 9g per cent., and iof the concession, interest
ifinguaranteed the minimum of the
clear profits—the other
spite of these important
five governments which
Central Railway of Italy
l3ourse of Paris,
interest of 5 per cent.
deserveshares of
to be ex-
of the Cen-
advantages, the shares of the
intaivseenwoitn
owing
yet risen to
different
highe
causes
er prices
whichesa t
for andfu andlneds
ss
, . share, mightit
plained. As the greater part of the
Cen-
tral Railway of Italy have been taken in
Italy, the enterprise has been but little known
appreciated in France. Besides, the first call'
having been confined to 50f. for al 000 t
have been feared that the enterprise was not serious,
be-
cause it was known that the works of the line werepnot by calls from the shareholders, but with Four-paid
Cent. Bolds. In the second place, the shares of 1,04 fr
do not facilitate transactions so much as those of 500 f.,
which is the amount generally adopted on that account
by most of the new commercial enterprises. But the
statutes of the company of the Central Railway
allow shares of 500 f. to be issued as soon as the succes-
sive payment of calls should have attained that amount.
The payment of the second deposit, which is to take
place on the 15th. of this month at Paris, for shares
placed in France, appears to have dissipated all appre-
hensions as to the reality and solidity of the enterprise.
It is said that important purchases have been made for
the account of English shareholders."
The legislative body met yesterday, but the pro-
ceedings were without importance. After some