The Sun.
London, England, 1824-03-27 00:00:00

PRICE a

F STOCKS
TWO O'CLOCK•
India Stock shut
India Bonds Bl►s.ltils.
South Sea Stock
Old Annuities
Ex. ?ills
Ditto Small
Bank for Act.
India for Con. Acct.
Cons. for Acct.

TII IS I) A Y A T
Rank Stock
shut
, Per Cent. Red. shut
. per Cent
34 per _ •( '
.. 4 ia
ons 9
uent shut
4 Per Cent. { Old shut
l New
t_p_eF Cents. 1797 10%.,i
~..4mc Lou (7 A nn
.'"'IL 3 per Cents.

..51 62

.-.shut I
.•• 1

PItICE OF FOREIGN STOCKS IN LONDON, MA4cii 27,

AT ONE o'cLocK.
',tench f Five per Cents. 1031.
( Scrip, 173 pm.
i Six per Cents. 00.
Russian Five per Cents. (Metallic) 09.
(Ditto New 966.
Five per Cent. Bonds, 94..
Setip, 151 prem.
Five per Cent. Bonds, MO, 00.
SPari ish Ditto 1821-,211.
Ditto • 1823, 18.
Prrit.ian f Five per Cent. Bonds, 1091.
1_ Ditto New, 98.
Portuguese ( Bonds, 91A.
-1_ Scrip, -Q.
banish Five per Cent. Bonds, 00.
Peruvian Scrip, 00.
Chili 81:1.
Colombian Six per Cent. Bonds, 67.1.
P.oyais 5 00.
( New, O.
Mexican Mines 1 Ang I Hulllo,ett's 1 prem.
6' prem.
Mexican Scrip, 71- prem.
Greek
:q dis.
Alliance Insurance Shares-15i.
IBank Shares -£24 Os. Od.
Seven per Cent. 95.
Anierican i Six per Cent. 94-10,..
[Five per Cent. 100-102.
Three per Cent. 77.

Nertuol it an
A uitriiin

H c,
WATER AT LONDON BRIDGE TO-MORROW.
—ntng, 27 minutes after 0. (Evening, 49 minutes after 0.

THE s STN.

"ILEA" QUIS DICI fIE FAL'iLT.II A uDEAT ?

LONDON,
SATURD-AY, MARCH 27, 1523.

EXPRESS FROM PARIS.
We have received by Express the Journal du
Commerce of Thursday, from which we extract
the following article, which throws considerable
light on the great financial operation about to be
effected by the French Government :
REDUCTION OF THE INTEREST OF THE DEBT.
When, not long since, we remarked to our
Readers the extreme disproportion between
the credit of France as compared with that
of England, and the depreciation which the
relative value of the former had experienced
under the actual Ministry of our own coun-
try) we had at the same time foreseen,—
haY, we even said, in express terms, that the
Value of our funds would, notwithstanding, be
sensibly improved, in spite of the Minister him-
self,—because it was impossible to suppose but that
the English 3 per Cents., which, at the price of
95, represented, or were in the proportion to the
5 per Cents. at the price of 158, would have the
'ffect of raising our 5 per Cents to 115 or 120 at
the least, and would render imminent a financial
°Peration which should have for itsobject the reduc-
tion of the interest of our funds. This may be said,
11flaiicially speaking, and without meaning to pre-
Judice the question of strict right, which is ne-
cessarily connected with it.

The English 3 per Cents. were, in effect, dur-
ing the last days of our late Ministry, at about
75, and our 5 per Cents. were at 90, which is al
difference of not more than 15 per Cent. Since,
that period, the English 3 per Cents. have risen
ICI about 95, and our 5 per Cents. to 101, which
how renders the difference between their prices
only 6 per Cent., and has evidently diminished,
by so much, the relative value of our 5 per Cents.
If it be objected, that the English Funds al-
ways afforded a more commodious and agreeable
mode of investment than the French Funds, (it
cannot,however,be said Ufa, they are more secure),
For that capital of which industry and commerce
have caused so great an abundance in England,
this objection was applicable to the former as
well as to the present era, and consequently esta-
blishes nothing for this.
One thing is certain, that to regain the relative
Proportion between the English and French
Funds, which existed under the Ministry of M.
Itoir, it would be necessary, as the English are
at g 5, that the French should be at 110.

In the actual state of things, calculators have
concluded, that a reduction of the interest of the
French debt would be advantageous.
nut, supposing that it should be imperative
'Pon the holders of the rentes to submit to being
Paid off at par, this would in fact be conferring,
4t their loss, a benefit upo❑ the individuals or
"tupatties by whom the new funds to be created
for that purpose may be advanced.
This is the principle which has been adopted
by the Minister of Finance ; and in consequence,
every holder of the 5 per Cent. Rentes will have
the option of receiving his capital at par, or of
converting his inscription into the new 3 per
Cent. Stock, at the price of 75, and which will
hi' equal to a reduction in actual value of from
5 to 4 per Cent.

But as this new Stock will become the actual
fund for apeculatiun, the 5 per cent. holders who
accept it as an equivalent, will have the further