The Sun.
London, England, 1840-06-25 00:00:00

RAILWAYS IN FRANCE.

The Itlilways in France, which latterly have occupied
so much the attention of the Legislature, have caused
a great deal of discussion in the French journals. The
proposal of M. Emile Pereire, who was examined by
the commissioners on the line from Paris to Rouen, of
using the line for other roads, has met With many ob-
jections. It is thought that the uniting in one point a
great number of lines, and thus bringing them all under
one power, would be creating a monopoly. As M.
Pereire supported his views by a reference to the Eng-
lish roads, and especially the one from Liverpool to
Manchester, which is connected with six important
branches, he is asked why, when resting so much on
English authority, he did not extend his researches
further, but overlooked the Parliamentary inquiry into
the possibility of connecting a number of railroads in
great cities, when he would have found that practi-
cal men were not only opposed to new junctions, but
also insisted on the advantages of separating roads al-
ready united ? The report of the English commis-
sioners on the subject is considered so important, that
the journals promise an analysis for the instruction of
the committee, who seem favourable to the views of M.
Pereire.

Another point of discussion is the manner in which a
Government (assuming that it ought to assist the rail-
roads) would most efficaciously afford its aid. The
first method is that of loan, the advantage of which is
that the Government tuns no risk, as it can always
require security superior to the sum advanced ; but
it is thought that there are a multiplicity of cases
for which assistance of this sort would be insuffi-
cient. The next is when the state takes shares ;
but the dependence that would naturally result
from such a combination is regarded as embarrass-
ing to the shareholders. To avoid such a difficulty, it
is proposed that Government should give the other
shareholders a preference in receiving their interest,
and a large proportion of the dividends. This, how-
ever, is considered as too disadvantageous to the
state, which would have to endure all the evil of
non-success if the project failed, and at the same
time receive but a moderate share of the profits in
the event of success, to say nothing of the circum-
stance that such an arrangement would not ensure the
completion of the works, as these might stop after the
State had paid up its capital. A third method would
be for the State to guarantee to the Shareholders a
moderate interest on their shares, on condition that the
works should he completed. This would have the ad.
vantage for the State, that its expenses would be spread
over a peat number of years, and thus be calculated to
meet the receipts of the revenue. The interest guaran-
teed must be sufficiently high to induce the Shareholder
to be contented with a risk as far as concerned his fur-
ther profits, and at the seine time not so high as to
counteract his exertions for more. The two plans of
loan and guarantee are those which the Commissioners
have preferred, and the adoption of which they recom-
mend—the first for the road from Roanne to Andre-
giaux, the second for the road from Paris to Orleans.—
Times.

The accounts from pits of the courtry exhi-
bit a cheering prospect of an abundant harvest.