The Sun.
London, England, 1825-08-09 00:00:00

we anticipated yesterday, exceeds that men-
tioned by the Moniteur as the probable result
of the measure, but not to such an extent as ma-
terially to change the state of the question. The
amount actually converted is only 17,700,892
francs, but the demands for conversions re-
ceived up to twelve o'clock at night on the sth
inst. embrace about thirteen millions more, form-
ing a total of 30,688,268 frs. Now to judge of
the success or failure of the measure, it is only
necessary to state what was the amount of Rentes
to be converted, and the proportion will speak
for itself. The amount of Five per Cent. Rentes
originally created was 197,000,000 frs. Of these,
37 millions have been redeemed by the Sinking
Fund, and 20,000,000 frs. have been applied to
the endowment of the public Establishments,and
by law cannot be touched. There remained,
therefore, 140,000,000 frs., which were converti-
ble. Out of these, 30,000,000 francs alone have
been converted, or little more than one-fifth, and
as the books were closed on the sth inst., no fur-
ther conversion can take place. Now, when
a measure has produced little more than the fifth
part of the result for the attainment of which it
was adopted, it would be superfluous to raise the
question of its success, for failure is too apparent
to be doubted. This was not, however, the whole
of M. Vivelle's plan. A second branch of it
offers to the holders of Five per Cent. Rentes, a
conversion of their Stock into Four and a Half
per Cent., with a guarantee against re-payment
for ten years. This is more likely to he accept.
ed ; but as the period fixed for the operation is
next September, the result must be waited for,
before a decided opinion can be formed of the
situation in which the Finance Minister may
find himself placed, when called upon to fulfil
the engagements which the law of indemnity has
imposed upon the French treasury.

[NEW Times.]
We have received the French Papers of Satur-
day, and the Etoile dated Sunday. The Etoile
contains the anxiously expected Report of the
Commissioners appointed to declare the amount
of Five per Cent. Stock converted into Threes.
The result is, that a Rente of 30,688,268 francs,
representing a capital of 610,765,360 is found
to be converted. This sum, though not so high
as the Minister originally expected, is nearly
twice as great as his adversaries reckoned
upon, to a very late period. In order to corn-
prebend this subject, it must be recollected that
the French Consolidated Debt amounts to
nearly 4,000 millions of francs, bearing at 5 per
cent. an annual interest, or Rente, of nearly 200
millions, and having a Sinking Fund of 40 mil-
lions per annum. M. De Villele's grand plan
was to indemnify the Emigrants by creating a
Relate of 30 millions of francs per annum, repre
sewing, at 3 per cent. a capital of 1,000 millions;
but to reduce the interest of the existing
debt ultimately to 4 per cent., which would
have diminished, the Rente forty millions of
francs, so that the future annual charge of the
Old Debt, and of the Indemnity Stock added
together, should be less by 10 -millions of francs,
than the debt alone had been previously. With !
this view he last year brought forward a law, by
Which he proposed to compel the holders .of
.Fivt. per Cents. to convert them into a lower
Stock, by raising a loan to pay oil" the dissi-;
dents ; but that law was rejected by the Cham-
ber of Peers. This year he carried both the
Law of Indemnity and the Law of Conver.!
sion ; but the iattor was very different from
the law for a like purpose the year before. It i
was now left optional to the holders of Five per!
Cent. Stock, down to the sth of the present'
month, to accept for every 100 francs capital,
133 1-3 in a 3. per Cent. Stock, or in other words,
to take 3 per Cents. as 75 ; and from this time
to another period, to take 4f per
,Cents. at par,
not redeemable for ten years. It was to be sup.
posed that there would be holders of three
classes, and they would drive different advan-
tages from the different plans they thought fit to
follow :

I. Those who did not convert at all would retain 5 per cent.,
subject to be paid off as soon as suited the ➢Minister's conve..
nience, at 100. _ _

2. Those who converted into the CI per Cent. Stock would
diminish their income cnly a tenth ; arey would be sure of that
income for ten years, but after that time they would be liable
to he paid vfF at 100.
3. Those who converted immediately would increase their
nominal capital one-third ; and if the 3 per Cents. should ripe,
as they probably would, above 75, they would increase their
real capital; but their income would be dimished a fifth.

It is this last class whose operations form the
subject of the Report before us. It was pre-
dicted by M. Casimir Perrier; in the debate of
the 23d of March, that there would not be ten
millions in all Paris converted into 3 per cents.
The result, however, we see is very different,
for above thirty millions have been converted.
Still it may be said, this is not a large propor-
tion of two hundred millions . but M. de
Villele himself has often expressed a wish not
to have all the funds of the same rate. He
no doubt reckons as much upon the 41 per
cents. as upon the threes ; and it must be re-
membered, that besides the thirty millions
converted, there are the thirty millions of the
indemnity, which, indeed, will not be created,
all at once, but in five successive years. Mean-
while, the powerful Sinking Fund ei ill rapidly
buy up the newly-converted threes, which repre-
sent a capital of 818,353,813 francs, viz. the
above-mentioned capital 613,765,360, with an
addition of one-third, or 204,588,453. This ad-
dition to the old capital will be wholly absorbed
by the Sinking Fund, in about three years.
Upon the whole, M. de Villele has shown great
perseverance in a plan which has encountered the
most violent opposition. His success hitherto is
greater than the best-informed persons in Paris
seemed to expect ; and though much yet remains
to he done, enough has been effected to encou-
rage him to proceed with confidence,

[TUE PUBLIC LEDGER.]
The Paris Papers of Saturday contain the Re-
port of the Commission appointed to certify the
quantity of Rentes converted up to the last mo-
ment, and it does not exceed thirty millions,
representing a capital of 600,000,000 francs, or
24 millions sterling. As the whole of the. con.
vertihle debt amounts to more than five times this
sum, it is unnecessary to add that there has been