The Sun.
London, England, 1847-10-11 00:00:00

" In attention to the circumstances which concur
in Don Ramon Maria Narvaez, Duke of Valencia,
and Captain-General of the army, I hereby nominate
him President of the Council of Ministers.
" Given at the Palace the 4th October, 1847.
" Is signed by the royal hand.
" The Minister of Instruction, Commerce, and
Public Works,
" ANTONIO ROS DE OLANO."

Then follow decrees, countersigned by the Duke
of VALENCIA, accepting the resignation of Senor
CORTAZAR as Minister of Foreign Affairs, of Senor
SALAMANCA as Finance Minister, of Senor ESCOSURA
as Home Minister, and of Senor SOTELO as Minister
of Marine, in all of which the same expressions of
" satisfaction at the, zeal and loyalty," &c., are em-
ployed. Generals CORDOVA. and Ros DE OLANO re-
tain their places.
Then follow three other decrees, countersigned by
NARVAPI, appointing Don LORENZO ARRAZOLA,
Deputy to the Cortes and Fiscal of the Supreme Tri-
bunal of Justice, to be Minister of Grace and Jus-

Lice ; Don FRANCISCO DE PAULA ORLANDO, Conde
de Romera, Senator and Military Intendant, to be
Minister of Finance; and Don Luis JOSE SAR-
TORIUS, Vice-President of the Congress and Minister
Plenipotentiary, to be Minister of the Home De-
partment.
There is still a Minister of Marine wanted.
Senor Mox left for Paris on the 3d, to solicit the
return of Queen CHRISTINA to Madrid.
MADRID Boisa.—Three per Cents., 274 ; Five
per Cents., 17k. Exchange on London, 48f. 80c.

We have received the Paris papers of Friday and
Saturday.

The M oniteur of Saturday publishes the following
official announcement of the conclusion of a treaty of
commerce between France and Persia :

" France had, until late years, only carried on an
indirect and unimportant trade with Persia. It was
monopolised by the Orientals, who purchased at Con-
stantinople and in the fairs of Germany some of our
productions, which they imported through Erzeroum
and Tabriz, while a small quantity of merchandise of
Persian origin was sent to us in exchange via Smyrna.

The abandOnment of the former channel of com-

munication has already favoured, in a material de-
gree, the relations between Persia and Europe, and
they must extend still more in consequence of the esta-
blishment of the steam-boat lines in the Mediter-

ranean, which are now in direct communication with
Trebizonde, the principal mart of the Persian trade.
In presence of such a state of things, it was indispen-
sable that we should secure to ourselves guarantees for
the future, and, with that view, to endeavour to con-
vert the benevolent assurances our mission to Persia
had received at different periods from the Cabinet
of Teheran into positive and formal stipulations.
The Government of the King accordingly instructed
Count de Sartiges to propose to that Cabinet a treaty
of commerce and navigation which should secure to
us the treatment of the most favoured nation, and
which would recognise, moreover, the right of the
King's Government to nominate consular agents on
points where the commercial interests of the two
countries might require the presence of such func-
tionaries. After a negotiation, in the course of which
our envoy at Teheran obtained the most positive
evidence of the desire of the Persian Government,

and particularly the Prime Minister of the Schah,
Hadji-Mirza-Agassi, to maintain the most friendly
relations with France, the treaty in question was
signed by the respective Plenipotentiaries on the 24th
of July last. It consists of six articles, founded on
the principle of the treatment of the most favoured
nation, and of which the tenour is in accordance with
the dignity of the Government of the King, the in-
terests of French trade in Persia, and the protection of
our countrymen. The first article grants Frenchmen
a right to travel, trade, reside, and establish any branch
of industry in the Persian territory, and to be treated
there as the subjects of the most favoured nation—

that is, as Russian subjects, whose privileges are sti-
pulated at considerable length in the commercial
treaty signed at Turkman Tchai on the 10th of Feb.,
1828. According to the treaties concluded with
Persia by Russia and Great Britain, the merchandise
imported into Persia by the subjects of those Powers
pay 5 per cent. on entering the kingdom, and the
merchandise exported a similar duty of 5 per cent. on
exportation. We shall experience the same treat-
ment, in that respect, in Persia, in virtue of the 2d
article, which is so worded, that if a reduction of the
tariff takes place in favour of another Power, we
shall likewise be admitted to enjoy it. The articles
3d, 4th, and sth have for their object to attribute to
the agents of the King's Government an entire juris-
diction over their countrymen, to guarantee the rights
of the heirs of Frenchmen who should die in Persia,
and to concede to each other the power to establish
consuls on the points where their presence is most
advantageous, that is, for France, at Tehe-
ran, the seat of the Persian Government, and
the centre of political interests ; at Tabriz, the
great entrepot of the trade of the provinces of
Aderbaidjan, Irak, Hamadan, and Kurdistan ;
and, finally, at Bendir Bouchir, the port of importa-
tion for the productions of India and Europe, and
through which our colony of Bourbon may open a
profitable intercourse with Persia. On her side
France will admit Persian agents at Paris, Marseilles,
and Bourbon, if it pleases the Schah to accredit them.
In giving to that treaty, by the royal ratification, a
definitive sanction, the Government of the King hopes
that the stipulations it contains, at the same time that
they attest the favourable dispositions which animate
the Persian Government, are calculated to insure to
France an advantageous and suitable position in those
remote countries, and to develop our commercial
relations. The persevering skill evinced by Count
de Sartiges since he resided at Teheran has contri-
buted to this fortunate result, which has been con-
firmed by the appointment of an ambassador to the
King—a fact the importance of which escaped nobody
in the East. The chief of that mission, Mohammed
Ali Khan, was, moreover, by the elevation of his
mind and his knowledge of European affairs, the
personage most competent in his country to attain
the object which the Persian Government proposed to
itself."

The National has the following on the subject o
the new loan :

"We did not think that we should have again and
so soon to occupy ourselves with the state of our
finances ; but the reports at present in circulation,
—reports in which we hitherto placed no confidence
—not permitting us to doubt that the Minister of
Finance is seriously thinking of contracting a loan,
we feel it a duty to publish our opinion on this grave

subject. It is proposed, we are • told, to contract a
loan of 850,000,000 f. in Three per Cent. Stock at a
moment when this security is much depreciated, and
is offered at 10f. below the price which it produced
fifteen months since—that is, at 13 per cent. less—
and when every circumstance is unfavourable to the
borrower. There are periods when it is not
permitted to a Government to calculate ; for example,
at the approach of a war the honour of the country
and the independence of the soil do not in such a
case permit the slightest hesitation. But at the pre-
sent moment no such case exists, not even the pretext
of a want of money, since 35 or 36 months are to be
allowed to the contractor, so that he will scarcely
have 10,000,000 f. a month to pay. Could not a sum
so trifling have been raised by other means, without
being obliged to have recourse to a loan at so unfa-
vourable a moment, leaving the contractor all the
chances of a future rise ? So that if the Three per
Cents. should reach 85—the price they touchedl ast
year—a profit of 40,000,000 or 45,000,000 would fall
into the pockets of the contractor. If that were the
only loss sustained by the Government, it would
still be worth saving ; but it is not so, inasmuch as a
loan has secret articles attached to it. We cannot
quote all those articles, but one is public, which
is, that the Government engages not to contract
a further loan until after the full payment of the
last loan contracted, that is, in the present
case three years, during which, whatever may occur,
the Government must not borrow. As for our part,
we should wish, not only that the Minister should not
contract the projected loan at present, but that he
should once for all renounce and cease to make use of
such instruments as he does for those operations, and
that he should borrow directly. The manner is simple
and easy. That mode would procure numerous ad-
vantages, of which the principal would be-1. To get
rid for ever of those onerous and dangerous interme-
diaries as much by the importance given to them as
by the custom of making use of them. 2. To effect
a notable economy in the issue of Three per Cent.
stcck, and to take advantage of the gradual rise in the
value of public securities. 3. Not to confine the Go-
vernment by an engagement not to contract a further
loan. 4. To invite a correspondence with serious and
numerous capitalists, who would be found in difficult
times, as soon as they shall have contracted the
habit, to treat directly with the Government."
The Journal des Debats has atlength broken silence
on the affairs of Spain, and accounts for its former
taciturnity on the score of its respect for the QUEEN.
In speaking of the late Ministry, it says—
As the Moderate party possesses the majority in
the present Cortes, the new Ministry would have dis-
solved the Chambers, and have had recourse to new
elections. Naturally no means, good or bad, would
have been spared to obtain a Progressista, majority in
themselves
that new Cortes. Certain parties flattered
tuh es orderpain forof succes-
sionspaint at
constitutionally
would
established
a constitution. In that case, the divorce of
Queen Isabella would have been effected, and an
union would have been accomplished between her
ch a
ng e i
and the Count de Montemolin. Such were the plans