The Sun.
London, England, 1854-03-30 00:00:00

EMPEROR.

"Paris, March 28.
" Sire,—Your Majesty authorized me to open a public
subscription to the loan of 2 i0,000,000f., and from the
14th to the 20th of March the registers were opened in the
chief towns of the departments and the arrondissements
of the empire.
" I now give an account to your Majesty of the results
of the subscription. France has nobly responded to the
confidence of the Emperor ; and, from the first day, the
number, the eagerness, and the enthusiasm of the sub-
scribers proved that they were not only actuated by the
desire to invest their capital or their savings, but that in
the general movement which embraced the whole terri-
tory of the empire a sentiment of patriotism had a large
share. From the very first day the public subscription
became a national one.

" 98,000 subscribers have inscribed their names, and the
subscription amounts to 467,0.'0,1 00f.
" In this amount neither Algeria nor the subscriptions
of the last few days in distant arrondissements, are in-
eluded. Tile amount from these sources, with the exact
total of the subscription, will appear in a subsequent and
more detailed report, they will very slightly modify
the totals, and still less the proportions, which I am about
to submit to your Majesty.
"The sum of 467,0,t0,00.)f. is shared as follows between
Paris and the departments, between the Four-and-Half
per Cent. Rente and the Three per Cent. Rente :
" Departments 250,000,000f.
" Paris
467,000,000 L
" Three per Cent. Rente 308,000,000f.
" Four-and-a-Half per Cent
Rente
-467,000,000 f.
" The 98,000 subscribers are divided in the following
manner between the departments and Paris :
Subscribers.
" Departments 72,000
" Paris .. 26,000

98,000
" The number of subscriptions which do not exceed 50f•
of Rente is 60,000, and the amount 49,000,000 f,
" These figures do not require comment ; they speak for
thernselvoe.
" The subscriptions having exceeded the sum of
250,000,030 f, there must be a reduction in the amounts
requested.
" At first sight this reduction would appear to be a sub-
ject of regret, and it might be feared that it would be 0.
disappointment and inconvenience to a portion of the sub-
scribers; but it is easy to acknowledge that this inconve-
nience is only apparent, and that it will not be sensibly
felt by the greater portion of them.
" In the first place, all those whose demand did not ex-
ceed 50f. of Rente will not have to submit to any reduc-
tion in conformity with Article 6 of the law for carrying
the loan into execution. These amount to 60,000; that is
to say, they form more than half of the total number.
" Besides this, of those who will be reduced, and to
whom the portion of their payment corresponding with.
the reduction should be returned, all those whose contin-
gent does not exceed I,ooof. of Rente mav, according to
the 4th and 6th article, avoid all return, by anticipator)"
payment with discount, in pursuance of ulterior arrange-
ments.
" The reduction effected in subscriptions of a higher
amount need neither excite anxiety nor regret, for it will
be applied to subscribers whose capital is movable and who
can easily find employment for it. The sums left to be
used will besides contribute by their subsequent employ-
ment to strengthen and raise the value of the public secu-
rities. As the subscriptions which do not exceed 50f. of
Rente amount to 49,003,000, there will remain 201,000,000
to share between the others.
" Among the latter, it is requisite to distinguish those
which varying little above 50f. would go below that sum if
they were reduced in the same proportion as the others.
To these it is right, and in conformity with the spirit of
the subscription, to accord the minimum, of 50f. of Rente-
They will thus take a capital of 15,033,0 )of.
" According to this there will remain 156,030,000 f. to
share among the other subscriptions, and as they,amo unt
to 392,000,030 f., the reduction to effect will be to the ex-
tent of about 52 per cent.—that is to say, each of them
will be reduced to rather less than half. The latest lists,
which have not yet been re3eived at the Ministry of
Finance, will not occasion any sensible modification on
this proportion.
" The reductions to be made will be effected by round
numbers of 10f. up to I,ooof. of Rente. Beyond that
amount they will be made by round numbers of 5Jf.
" The labour necessary to carry into effest this reduction
and the preparation of the personal certificates proceeds
with the greatest activity and.without the loss of an in-
stant, so that in a very few days each subscriber may, at
the counting-house where he has paid, exchange his pro-
visional receipt for a loan certificate, and receive the par-
tial reimbursement which is due to him.
"Thus composed of Three per Cent. and Four.a nd-a-
Half per Cent. Rente, thus shared between the depart-
ments and Paris, the departments having the greater por-
tion, thus divided between 100,000 shareholders, the loan
will from the first day be classified to a great extent. It
will, with a few exceptions, be in hands where it will re-
main as a solid and permanent investment, and eventually
it will be placed under conditions alike favourable to the
subscribers themselves and to the public credit.
" Your Majority may congratulate yourself, I hope, for
having given your consent to the propositions which I had
the honour to submit to you for the adoption and execu-
tion of this important measure. This happy innovation
has already produced two great results. By a direct appeal
to small capitalists it has enlarged and consolidated the
basis of our public credit; and, what is still more valuable,
it has given to France the opportunity and the means of
manifesting, in the most striking and unanswerable man-
ner, her will, her strength, her confidence in the Sovereign
whom she has chosen, and her energetic adhesion to the
policy which he adopts under the important position which
Europe has assumed.
" I am, with the deepest respect, Sire, your Majesty's
very humble and very obedient servant, the Minister of
Finance. BiNzeu."

The Three per Cents. opened yesterday at 63f.
30c., fell to 62f. 80c., and closed at 63f. 20c. for
;
the end of the month ; the Four-and-a-llalf per
Cents. closed at 89f. 65c. Orleans Railway Shares,
1,048 f. 75c. ; Rouen, 83f.; Havre, 425 f. ; Great
Northern, 715 f. ; Strasburg, 685 f. ; New Shares,
508 f. 75c. ; Lyons to Paris, 777 f. 50e. ; Lyons to
the Mediterranean, 642 f. 50c. ; Western of France,
555 f. ; Bordeaux to Cette, 498 f. 75c. ;
Central of France, 400 f. ; Lyons to Geneva, 420 f. ;
Bank of Credit obilier, 490 f. Great

SPAIN.
The Queen of Spain, accompanied by the King
and the Princess of the Asturias, went on the 23d
on her pilgrimage" to the church of Atocha, to
decorate the statue of Our Lady of Atocha with
the collar of the Golden Fleece, and the Grand
Cross of Charles 111.
The managers of the Bank of San Fernando had
had an interview with the President of the Council
and the Minister of Finance, and had agreed to
advance the Government 50,000,000 reals at 6 per
cent.—the reimbursement to be effected out of the
revenue of the Havannah.
A decree had been published granting an am-
nesty to the insurgents of Cuba.
The Three per Cents. were done at 34 ; the New
Three per Cents. at 18 • the Debt of the First Class
at 8 1.0 ; and that of the Second at 4 30.