The Sun.
London, England, 1847-03-22 00:00:00

in the Emperor's name a certain sympathy for the difficulty
which France migl,t experience, obliged as she is to pur-
chase supplies at Odessa. In order to encourage the com-
mercial relations between the two countries, and to aid our

position, the Emperor offered to purchase the inscriptions of
French rente, held by the bank to the amount of 50
millions of capital, at the average price of the day on which
the dispatch should arrive at Paris. M. Guizot sent for
the Minister of Finance, whom he placed in communication
with M. Kisseleff, and afterwards with M. d'Argour. The
latter replied that he could not take anything on himself,
and in order to have the matter treated secretly it was
entrused to the members of the commission previously
charged with the negotiation with the Bank of England,
composed of Messrs. J. Lefebvre, Hottinguer, and Pullet-
Will. !Mese gentlemen, after having discussed all the
conditions, sold at the average price of March 11, two
millions of Five per Cents., and 145,000 f. of Three per
Cents., which represent a capital of 50 millions. It
had been proposed that five millions should be paid
down in cash. The Emperor placed also at the disposal
of the Bank of France 25 millions in bullion, which he
offered to forward immediately. The twenty remaining mil-
lions were in bills at rather short dates. The Bank pro-
posed having the sum paid in grain frem Russia, and for
which it would draw bills. This arrangement was accepted.
When the Bank shall have repaid the twenty-five millions
borrowed from England, it will have twenty-five millions to
appropriate to the supply of corn ; and this operation, being
e presentout)w ailldvantag not augment the monetary
es of this affair, and
crisis. effected
We with
r el
aptaepet
the
in the way in which they who are its partisans represent
them. But supposing them to be ten times greater, we ap-
peal to the most simple common sense, and ask how could an
act of such blind imprudence be committed? What! in
the present state of our finances, in the general situation
of Europe, to give the Emperor of Russia so powerful
a means of action on our public funds To announce
officially that Nicholas can on any day he pleases
crush down our credit with the weight of fifty mil-
lions! Is it then so difficult to foresee one of these events
which may shake political order in France, throw men's
mind into perturbation and cause alarm to capitalists? Is
this difficult with a Log seventy-four years of age? Ima-
gine at such a moment the Emperor Nicholas, acting on the
Bourse, and adding to the depreciation of the public funds!
Is it in favour of such a friend that an establishment like the
Bank has parted with that rente which it kept so carefully?
The hatred which he entertains for the revolution, (he
haughty contempt which he professesfor our institutions and
one ideas are known to every one. His insolence makes to
mystery of the matter. A few months ago he gave us a new
proof of it by the confiscation of Cracow. But at least he
could attack us only in his own possessions; he wounded us
in our sentiments for Poland—we were then out of his reach ;
at present he is introduced into the very midst of our affairs;
our money market, for who can deny the power which in a
momeat of danger a man must possess who can fling on the
Paris, market fifty millions of francs ?"

The Debats merely alludes to the subject as the
exclisive topic of conversation in political and finan-
cial circles, " where it caused, we are bound to say,
considerable astonishment." The Commerce is the
only, other paper which offers any observations on
this transaction. It considers the arrangement
highly satisfactory. It says—
" The news of the arrangement of the Bank with the
Russian Government produced last evening a great agita-
tion amongst the speculators, who meet in the Passage de
l'Opera. All kinds of suppositions were made as to the mo-
tives which could hare decided the Emperor of Russia to
this financial operation. However that may be, it will, we
believe, exercise a great influence on the situation. It frees
the Bank of France from its embarrassment, and renders
nearly all its capital disposable. We ought, therefore, to
congratulate ourselves on this event. It is not a mere tem-
porary measure, like the loan made by the Bank of England,
which only postponed the difficulty, without removing it.
The definitive sale of ' the rente possessed by the Bank re-
stores to it its liberty of action ; it is no longer at the mercy
of the wants, more or less considerable, of the Treasury.
The stipulated price is fixed at the average quotation of
March 11. In its balance-sheet the Bank had estimated the
value of its Five per Cents at par; it will, therefore, have to
divide amongst the shareholders the additional sum that has
been obtained. It is to be remarked that Russia is to pay in
a great measure with the money which we have sent her for
grain."
M. VERNES, the Deputy-Governor of the Bank,
was to leave Paris for St. Petersburg on Friday.
The Journal des Debats has a long article in
favour of the issue of notes for 100 f. " France,"
says this writer, " has an excess of specie, and if the
emission at Paris of notes of 100 f. should cause 100
or 150 millions to be sent out of France, there would
still remain more metallic specie than our wants

require." The opposition of the Bank to this mea-
sure is anticipated, but it is evident, from the tenor
of the article, that the Government is disposed to
give a favourable consideration to the proposition.
The Union Monarchique, in noticing the diplomatic
dinner, given by Lord NORMANBY, on the 6th,
says—

"M. Guieot, Marshal Sonit, and all the Ministers, with the
most important members of the diplomatic enrps, were pre-
sent. During the dinner Lord and Lady Normanby paid the
mast incessant and amiable attentions to the Minister of
Foreign Affairs. M. Guizot could not stay later than nine
o'clock, because it was his evening for receptions at the
Hotel des Capucines. During the rest of the evening
M. Guizot was remarked by all the persons in his saloons for
the pleasure which enlightened his countenance, and his
eagerness to talk to every one of the noble conduct towards
him of Lord and Lady Normanby."
We read in the Constitutionnel—

" It ancears that the Ministers of War and Public Works
have decided that the railroad companies shall be bound to
convey gunpowder for the Government, like any other com-
mon merchandise. The only measure of precaution to be
taken is to place the waggons of gunpowder at the extre-
mities of the trains, as unconnected as possible with the
carriages for passengers and goods. Nv hen we call to mind
the extreme prudence necessarily exercised in the mills and
magazines of powder, in order to prevent accidental or wilful
explosion, we cannot but feel astonishment at seeing so little
care taken in the conveyance of the same dangerous matter
by railroads, which are already liable to so many serious
accidents from fire, as well as other causes."

The Phoque steamer, which was to have gone on
a distant mission, has received orders to proceed to
the coasts of Spain to take in tow any vessels that
might present themselves laden with grain. Up
wards of two hundred vessels are expected to double
Cape Finisterre when a favourable change of wind
takes place.
The Three per Cents. closed on the Paris Bourse, on
Thursdlyat7Bl.7octhe Five per Cents., 1161. 75e.;
the Orleans Railroad Shares, 1,272 f. 50c.; Rouen, 867 f. 50c ;
Havre, 675 f. ; Great Northern, 625 f.; Avignon, 802 f. 50c: ;
Vierzon, 567 f. 50c. ; Bordeaux, 517 f. 50c.; Boulogne,
400 f. ; Troyes and Mentereau, 300 f: ; Basle, 208 f. 75c. ;
Dieppe, 330 f. ; Paris and Strasburg, 4501. ; Nantes, 432 f.
50c.; Paris and Lyons, 465 f.; Lyons and Avignon, 4801.;
Cette, 450 f.
BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK EXCHANGE, lilacs 19.
Boulogne and Amiens, 14 4 —Namur and Liege, 4% —Northern
of France, 13%—Orleans and Bordeaux, 6% —Paris and Lyons, 6%
—Sambre and Meuse, 6%.

HAMBURGH and FLANDERS MAIL.
BRUSSELS, MARCH 16:—The Chamber of Represen-
tatives gave to-day a favourable opinion respecting 45
applications for naturalization. It afterwards adopted
the project of law relative to a limitation of some Com-
munes on the frontiers of France and Belgium. and a
project of law for a supplementary vote of credit of
72,000 francs to the chapter of pensions in the budget
of finance. The Minister of Finance presented a pro-
ject of law for granting to his department a supple-
mentary credit of 490,000 francs, for the purchase of
two house, which was refused to the sections. The
Chamber then commenced the general debate on the
project of law, making several notifications on the
legislation of the militia. The Senate, in its sitting to-
day, heard several reports of its committees, and fixed
reaOdct us ober,
to-daylB 47
r.
ela.
for to morrow, the discussion of the project of law
relative to the suppression of the tonnage duty in favour
f-c't till
lur crops, fully confirms what
ot
if v Thesetps in
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hneft.o appearance
anncconeThnoih has
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reached
thaw
Ihv ahvaesael rveeardyyw
h erbel pushed,i
hadamnd add further
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satisfactory
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the preservation of the autumnal crops. It was not ac-
companied with rain, consequently the roots of the corn
which have already sprung up has not been injured; and
therefore vigorous vegetation may be expected. The
drought of the summer of 1846, and the long frosts of
the winter, have perfectly softened the earth, and will
render it easy to be cultivated for the March seed.
Everything announces that the days of scarcity and
high prices are numbered, especially as the panic has
had the certain effect of inducing a great number of
holders of corn to keep in their granaries large stocks,
which they will soon find it necessary to dispose of. We
wish that, the danger being over, it may not be for-
gotten for a moment that all the questions connected
with the supply of the country, and subsistence of the
people, are of the greatest importance.
BRUSSELS.--The average price of wheat during the
week ending on Saturday, March 13, was 37f. 51c. per
hectolitre, and that of rye 26f. 76c., an increase of 57c.
on wheat, and 73c. on rye, per hectolitre.—Brussels
Papers, March 17.
LIADMURCEL MARCH 15.—There is still a good deal
of ice at Shulaw and Blankenuse, but it has diminished
towards the south. The London steamer Prince Royal,
the Hull steamers Archimedes and Helen M'Gregor,
however, succeeded in gettieg in safely to day at
noon. The lower Shulaw lightship again occupied its
station this morning, the upper one, however, is still
lying in the harbour of Shulaw, whither it was obliged
to return last night on account of the ice.
GLUCKSTADT, MARCH 14.--Thaw has set in since
yesterday, there is, however, still a good deal of floating
ice, at the return of the frost several vessels found refuge
in our harbour. This comparatively mild weather
has considerably diminished the floating ice on this
shore.

ANOTHER COLLIERY ACCIDENT.—On Friday morn-
ing an accident occurred in the Broadgate coal mines, situ-
ated near 'Hasbro', in consequence of an explosion of fire-
damp. Seven men were badly burnt. Men, women, and
children ran from all directions to ascertain who were the
sufferers. The explosion was quite terrific. It occurred be-
tween six and seven o'clock. Medical assistance was promptly
in attendance, and the surgeon said they were in a very pre-
carious state.—Leeds Mercury.
COLLINGTON MINING COMPANY.--The fourth an-
nual meeting of this company was held on Friday at the
office of Mr. Stainsby in Finsbury-square. Richard Hodg-
son, Esq., took the chair. It appeared from the report that
the directors entertained no doubt of the continued success
in the working of this mine, which during the past year paid
four dividends of 1/. per share, amounting to 4,0001., and al-
lowed the establishment of a reserve fund of 4001. At the
last meeting the directors announced that they had succeeded
in getting the dues reduced from 1-15th to 1-20th on that
part of the property belonging to Lord Ashburton, and they
DOW stated that they had been equally successful with the
council of his Royal Highness the Prince of Wales, The lead
that was sold in the last three months amounted to 6,675/. 165.,
and the costs of the mine in the same period were 5,351/.
86.1 d. The balance in hand was 1,0761. 19s. 2d. The report
having been adopted, and Mr. Fielding re-elected a director,
the sleeting adjourned.