The Sun.
London, England, 1848-06-24 00:00:00

EEC APIT ULAZION.

1. Assessed taxes ... 20,000,000
2. Tax on mortgages 25 000,000
3. Progressive tax on successions and dona-
tions ...
4. Produce of cuttings of forests
5. Sundry merchandise
6. Colonial sugars ...
7. Potable liquors ..
8. Insurances...
9. National loan

15,000,000
6,000,000

... 6,000,000
... 3,000,000
... 14,000,000
... 5,000,000
... 25,000,000

119,000,000
To this sum must be added the credits not comprised
in the budget, and which have been granted by decrees
of the National Assembly. These credits, of which we
are not in possession of the exact details, may be esti-
mated at the present moment to amount to 19,000,000
francs.
CRAP. IL FINANCIAL PLAN AND RESOURCES.

In accepting the correctness of the estimates of the
Minister of Finance, the resources carried to the budget
would suffice for the ordinary expenses of the year 1848.
But these resources, as is acknowledged by the Minister
would be entirely inadequate so soon as he places the
state in possession of the railroads, entailing the com-
pletion and the working of the different lines. Imme-
diate resources must then be found. The Minister esti-
mates those which the financial plan he has laid before
us places at his disposal, at 580 millions. These re-

sources, you are aware, aro— Francs.
1. Loan from the Bank ... 150,000,000
2. New stock delivered to the purchasers
in the departments in 1848 and 1849 100,000,000
3. Cuttings in the forests in 1848 and 1849 25,000,000
4. Detached woods to be sold . . 14,000,000
5. Interchanges with the hospitals 25,000,000
6. Wood belonging to the state ... 86,000,000
7. Alluvial deposits, marshes, &c. 4,000,600
8. Overdue debts to be recovered ... 3,000,000
9. Cash in possession of the railway com-
panies 45,000,000
10. Revenue of railways in 1848 and 1849 20,000,000
11. Mortgages in 1849 ... 83,000,000
12. Thinnings from the woods of the civil
list ... ... 25,000,000

Total... ... ... 580,000,000
Your committee believes only in the realization of a
portion of these resources: It has examined each of the

8 I 7 Tfr

/

items with attention, and will now co. - -
suit of its labours.
But before entering upon the det,....j'f•
•I:
.
declares that it highly congratulates I- 1.. od.
"4
nance for having firmly laid aside al filitsjace
which could lead to a paper currency. Ttk puty.n
be the difference of our ideas on other po . &
this our most entire adhesion. •N't S.itt:**
I. LOAN FROM TEE BANK.
The committee approves of this operation; it is to the
Bank alone that, in the present state of credit, it was
possible to apply, and the Minister has done it to a wise
extent. The guarantees given are good. This resource
will be easily realised. We hope therefore that the As-
sembly will, with its committee, agree to this operatnn,„ The contract has not been submitted to us; neverthe.
less, there is in the exposé of the Minister of Fins ace a
passage which has excited our utmost attention. Ile
says there, page 6, " The issue of the Bank notes mill be
limited by agreement between the Minister of ponce
and the Bank."
The committee hopes that the Bank will be wake to
make this advance without having recourse to a fresh
emission of notes; but should such be necessary, it ex-
presses the unanimous opinion that it should be aaitho•
rized only by a law.
2. NEW STOCK DELIVERED TO THE PURCHASERS I Sr THE
DEPARTMENTS.
The committee does not deny there is its this c /sera-
tion a resource for the Treasury, but it regrets th at re-
course has been had to it, since it considers it a sclan-
gerous stop for credit. For, in critical times, when the
funds are depreciated, experience has shown tha.l; the
bona fide purchasers are the inhabitants of the provir eeF„
It is the provinces who, through the receivers-gene ral,
come forward, induced by the low prices, and purchase
into the funds. If the cash, instead of going to the Ex-
change, should be stopped at the Treasury, to be there
converted into stock, the only buyer that remain( td
in
the market will disappear, and prices will fall.
This year, even the purchases by the provinces aHnve
alone raised and sustained the rates, and if the mea stare
which the Minister proposes had been in execution, va 3ry
probably the credit of France would have been ruin ed.
Therefore, in the interest of the Treasury, the fin ads
from the departments ought to be allowed to pass throe tgh
the Exchange.
Besides, should the Assembly be disposed to same-
tion this measure, it would be under the necessity of
fixing a minimum. It would not be possible, withou't
opening the door to the most deplorable speculations, -to
permit the conversion of such large sums into Rentes at
the price of the day, whatever they might be. If, then e-
fore, you allow the Minister the right he demands, you
must necessarily limit it.
3. CUTTINGS IN THE FORESTS.
The extraordinary cuttings in the forests figure in the
calculations of the Minister for a sum of 25 millie ne.
We are of opinion that the state of trade does not allow
this resource to be relied upon.
4. SALE OF REAL PROPERTY.
Your committee has readily acknowledged that the
domains of the state offer a valuable resource, which has
not escaped the attentive eye of the Minister, but is
doubtful if in the present state of the market so con-
siderable a sum can be reckoned upon. We do not
think it can, and we are of opinion that after the alien-
ation of 75 millions of forests pledged to the bank., the
largest amount that the Minister can expect would be a
total of 50 millions.
5. OVERDUE DEBTS TO BE RECOVERED.
We do not know the solvability of the debtors to the
Treasury, and under present circumstances we are
doubtful of the recovery of these debts.
6. CASH IN POSSESSION OF THE RAILWAY COMPAN.7IES.
Until the Assembly shall have decided upon the re-
purchase of the railways, your committee cannot recikon
upon this as a certain resource. Besides, the estimato of
the Minister is evidently exaggerated, for even in taking
for granted the amount stated as in the hands of the
companies, the appropriation of these sums would be far
from yielding so considerable a resource to the State.
For, out of these 45 millions, nearly 25 millions are in
Bonds,
considered anvd7e,.ariyv3nraoti
wlhualpGilerie;sieEensl
at state of the finances,
cannot
Mortgages may
i rse
dht
nytaohruye to
ee
ssoeobruvsreeersevsoeB, f
a 32 that,dinr
hgl iaai notnests thereh ety na
rthe
fieTagriuet
riaoes
nuarmoy
of the
amongst
stet wtbheuedwgo.
already carried to the account of 1848.
8. CIVIL LIST.
Lastly, the Minister calculates at 25 millions the
sums to be paid back by the ancient Civil List on ac-
count of the thinnings made in the property
in the forests of the State. Wei do not think
it right to make this sum figure in the resources of the
Treasury before the question has been settled, and that
therefore this should be struck out. Besides this, after
such large sales of land and real estates, it will be a long
time before a resource derived from property of that ma-
ture can be realized.

RECAPMTLATION.
In recapitulating these different observations, your
committee only finds 250 millions of receipts insured„ to
150 millions from the loan of the Bank.
50 millions from the Rentes of the department.
50 millions from the sale of different portions of the
domain of the state.
On the other hand, we calculate that the deficiency of
the amended budget of 1848 would amount to a sum ap-
proximating 120 to 140 millions. In this manner, after
having covered the deficiency to a certain amount, with
the extraordinary resources, the Treasury will not have
more from these same resources, in commencing the ser-
vice of the year 1849, than the sum of 100 millions.
And the Assembly will remark that this sum may be
still further diminished by extraordinary credits which
are not placed in the budget.
Thus the Ateliers IVationaux have already absorbed a
sum of nine millions. You granted them on the 24th of
May a sum of three millions, and already a further grant
is demanded of you. The balance of 100 millions to the
credit of the Treasury, at the end of 1848, is therefore
only a matter to be hoped after all. But, however that
may be, you have resources to the end of 1848. Your
object is to gain time, for time is safety, because it brixge
back your credit.
Credit is only founded on fidelity to engagements. A.
state, like an individual, has only credit on condition of
paying his debts. Convinced of this truth, your Com-
mittee has already proposed to you to reimburse the
Bons du Tresor, and the deposits in the savings' banks,
in Five per Cents., at the prico of the day. This measure
would have the most salutary results; it would relieve
our finances of the floating debt which crushes it; and
the very greatness of the sacrifice which we would im-
pose upon ourselves, would prove to the world that we
do not shrink before any loss to do honour to our
engagements. Notwithstanding the contrary advice
given by the Minister of Finances, your committee per-
sists in this conviction. It persists in it with still greater
force when it sees the mode of payment proposed by
the Minister. The Minister proposes to us to decide
that the Eons du Tresor issued before the 24th of Feb-
ruary, 1848, or renewed siLO3 that time, shall be renewed
by a series of 1,500,000 francs from month to month, to
commence from the month of November, 1848. Your
committee does not approve of a measure of which the
result is to prorogue for fifteen years the payment of
Bons which a decree of the Provisional Government has
already prorogued for six months. if the combination
of the Minister is adopted, the Treasury will be deprived,
between this time and the end of fifteen years, of the re-
source, so necessary, of the floating debt, which, on the
contrary, would be at once opened immediately to us, if
we adopted the liquidation which we have the honour
of proposing. We also maintain the same plan
for the Savings' Banks—that sacred credit of the
workman. We approve of the partial reimbursement
proposed by the Minister. But this measure has always
the inconvenience of leaving on the Treasury the charge
which crushes credit, and of abandoning the unhappy
depositors who have occasion for their savings to the
discretion of speculators.
By the liquidation of the floating debt, and with t
extraordinary resources of 250 millions, at which we
calculate the available resources, we hope to arrive at
the year 1848 (1849?) with an excess
that
ntbelongs
resources of
100 millions. It is to the Government
to 'do the rest. The fortunes of France are in its
hands.
Such, citizens, is, without discouragement, as well as
without illusion, the judgment that your Committee
passes on the situation of your finances.

RAILWAY SHARE MARKETS.
BRISTOL, JUNE 23.
STOCK EXCHANGE.—Our market was very inactive, al-
though there was no sensible reduction of prices. Business
was done in Great Western Quarter Shares, at 23/4 dis- ;
Lancashire and Yorkshire, New guaranteed 6 per cent., 3-16
p.—Midland, Birmingham, and Gloucester, 118.
LIVERPOOL, JUNE 23.
STOCK EXCHANGE.—ThiS has been a very gloomy day in
the share market, and prices are all lower. The sales are—
Birkenhead, Lancashire, and Cheshire Junction (late C. and
B.), 271. 10s. Shares, 131/s—Great North of England, 229
—Lancashire and Yorkshire (late Manchester and Birming-
ham), Fifths, 2 dis.—Ditto, 321. Shares (late Extension),
74 dis.—Ditto, Fifths (late West Riding Union), 31. 181:
9d. dis.—London and North-Western, 118—Ditto, New
Quarters, 14 p.—Manchester, Sheffield, and Lincolnshire,
Quarter Shares, No. 1,5% dis.—Ditto (late Great Grimsby
and Sheffield), 22 dis.—Midland Stock, 99—Ditto, New
Halves, 71,4 dis.—South-Eastern and Dover, No. 4. Thirds,
3 dis.—York, Newcastle, and Berwick (G. N. E. Purchase),
3/4 prem.

MANCHESTER, iI3NE 28.
STOCK ExcHAwax.—The sales are—Lancashire and
Yorkshire, 32/. Shares (late Extension), 7%
(West Riding Union), 371,1 dis.—Ditto (Preston and WTro
34—London and North-Western, Quarters (C), 1 15-16 lc
—Manchester, Sheffield, and Lincolnshire (Sheffield ansi
Lincolnshire), 936 dis.—North Staffordshire, 2%
South-Eastern and Dover, No. 4, Thirds, 2 15-16 dis.
BIRMINGHAM, JUNE 23.

STOCK EXCHANGE.—The sales are—Midland, New, 6%
dis.—North British, Thirds, 214 dis.—Manchester, Buxton,
Matlock, and Midland, 665. 3d. dis.—Shrewsbury and Bir-
mingham (A), 5 dis.—Ditto (B), 665. 3d. dis.—Shpropshir•
Union, 236 dis.

A deputation from the Royal General Annuity
Society, accompanied by the chaplain, the Rev. William
Henry Jones, and the secretary, Mr. Stephen J. Aldrich,
had an interview with his Grace the Lord Archbishop
of Canterbury yesterday morning, at Lambeth-palace,
and were most graciously received.
A meeting of the Lords of her Majesty's moat Ho-
nourable Privy Council was held on Thursday, at the
office of the Board of Trade. There were present the
Right Hon. H. Labouchere, Earl Granville, Earl Grey,
Lord Campbell, Sir E. Ryan, and Sir J. Stephen.
[ADVERTISEMENT.]—TO INVIGORATE THE Stephen/.V
AND OBTAIN HEALTH USE TIOLLOWAT'S PlLu.—Persons of
studious or sedentary habits, who are falling into illness for the want
of exercise and fresh air, should, especially at this season of the year.
take for two or three weeks a course of Holloway's Pills, which will
thoroughly invigorate the system, and give perfect circulation to the
blood, and thus all languid feelings will disappear, and the gross
humours be mildly purged from the body. Those who cannot take pro.
per exercise and fresh air will derive from this flue medicine so great
a benefit as will perfectly astonish them, by becoming again so hale.
so strong, and so vigorous. Sold by all druggists, and at the Estab.
lialintent of Frotareor Holloway, 344, Strand, London.

13, Great Marlborough-street.
OTICE!- —The SUPPLEMENT to BURKE'S
HIST ORY OF THE LANDED GENTRY
OF EN GLAND, SCOTLAND, AND IRELAND,
Will be Ready .or Deli very with the Magazines, July 1. Orders
received by sill Baoksell ers.
Henry Colbnrn, pi lblisher, 13, Great Marlborough-street.

N ELY IRISH NOVEL.
Now i -eady, in 3 vols., post Svo.,
Ora KELL I'S and the O'KELLYS;
OZ. 7r.Llt DLOYDS AND TENANTS.
♦ T. ►LH Of ?RISK LIEU.
By A. TROLLOPE, Esq.
Earary Ciao% Pr iblisher, 13, Great Marlborough street.

Mnt BENTLEY
HAS JUJU PUBLISHED
Siir ED 3V. LED BULWER LYTTONI
NEW AISTORICAL ROMANCE,_

_
0 L
D ;
THE LAS rr OF TAB SAXON KINGS.

'Which may now be o elationed at all Booksellers, aad at all the Ll•
braries.
New Burlingten-etre, it, June, 1848.

CATLIN'S NORTH AMERICAN INDIAN
COLLEC"CION and MODEL of NIAGARA..
No.. 6, Waterloo-place, Pall-mall.
Open y.—Admission, One Shillinr.
CATLIN'S New Work, EIGHT YEARS IN EUROPE, with
24 Illustrations, fur sale dl the Rooms, at 30s.

13[1.1t MA.TESTY'S THEATRE.
idle. JENNY LIND.
Tn s Nobility, Patrons to the Odera, and the Public are respectfully
talon Led, that a Grand EXTRA N 'Gil I' will take place on THURS-
DAY next, June 29, on which occadion Mdlle. JENNY .LIND will
appe tr in one other fa\ Durite characters.
NV ith various novein es in the Ballet Department, combining the
talet as of Ildlle. CarhAta Grisi, Ildlle. Carolina Rosati, Mdlle. M.
Aidile. Cents,. kc. &c.
The Erle List is ospended, the public Press excepted.
I'it Tickets may ba ob (-shied as usual at the Bea-otlice of the
The Atm, price ios. Gd. tub, where applications for Boxes, Pit Stalls,
and Tickets are to be it ads.
It=

HER MAJESTY'S THEATRX.
SECOND NIG Ell' OF ROBERTO IL DIAVOLO.
THIS EVENING kill be performed Aleyerbeer's Opera of
KO DERTO IL DIAVOLU.
_ . _

A =ranged in Three Ac ta. The Scenery by Mr. Charles Marshall.
Alice, Jenny Lind ; Bertram, Signor Belletti ; Rambaldo,
Sig nor Labocetti ; Sacer vote, Signor Bouche ; Roberto, Sig. Gardoni.
In the Second Act an incidental Divertissement, in which 3ldile.
Carelma Rosati will api
:I:9 conclude with the highly successful New and Original Ballet
Divertissement, by M. I Narrot, the Music, by Sig. Pugni, entitled,

LE. ; QUA SALbiVIS-.
;ummer, Mdlle. Carlo tt i Grisi ; Autumn, Mdlle. Carolina Rosati ;
Winter, Mae. Marie edoni; spring, Mdlle. Cerito.
PAS.—Regis du Pr' atemps, du rrintemps, itegue de l'Ete, de
I'} te, Refine de l'Auto mine, de l'Automme, Refine de l'ltiver, de
du l'Uuion des Salamis.

Applicatanes tor twa es , stalls, and Tickets, to be made at the
Bo.e-•nice ut tau Theatr t.

Doors open at haft-pa tt Seven, and commence at Eight o'clock.

111EAli, X. ROYAL, IIAYILA.KKRT.
tJauwr the Itauagt :anent et Mr. L. Webster, sole Lesson.
A.N 1) MRS. CHARLES KEAN.
EVENING
Wll be performed the Comedy of MONEY.
..rter winch a new pi( ice caned the PAs DE FASCINATION ; or,
CaLching a Governor. Michael Browsky, sir. Keeley ; Katherine
Al. )per, Mrs. lieeiey-.
6'fo conelade with the Farce of SPRING GARDENS. Lord Court-
nu;ton, Mr. A. Wigan; licoreup, Mr. Keeley; La‘iy Clarissa, Mrs.
bejrnour ; Mrs. Scoreup , Miss Julia Bennett.
ibrAse saiwzabt;i, Acting aianLiger, Mr. F. Webster.
J. T. Archer, Itox-book keeper.
Boxes, Is. ; lht, its. ; Gallery, ss. , upper Gallery, is.
Doors OPWI.I Pct Sia, l'eriormance to commence at Seven.

AILLLI'iII.
Under the 4 direction of Madame Celeste.
TlitS EVENLNG
Will be performed a new and original Drasia, called FLARVEST
BOAE. Principal cha Lactors uy Messrs. 11. Hughes, Lambert,
Wright, P. u.. 31adaine Celeste, Mitt NVoolgar, Mrs.
Frauk Matthews, Miss Lanier, Re.
Atter which a new F ace, called GOING TO THE DERBY THE
DERBY DAY. Mr. a ferem.ah Twiddle, Mr. Wright; Mr. JOhll
Jaiats Chucks, Mr. P: evil Bedford ; Captain. Nobble, Mr. Worrell ;
Mrs. Chucks, Airs. 31at I,h.ews ; Mrs. Twiddle, Miss Woolgar.
'To conclude with TM E. 31AmtlED 11ACHELInt,
Amixt,s, . 4 s.; rit, 2.., uallery, is.
I i,r. open at L Sia, Periuru.Luice to commence at Seven.

SOY. U. LYCEUM. TIIEAM.E.
Under tire. if Ji.itg.wela of .‘luciazut Vestris.
Sole Churlex Matkews.
rkil6 EVENING,

\Val be performed a n.,,v comic Drama, entitled ANYTHING FOR
A , Charact er,s by Messrs Harley, C. -Mathews, Honner ;
liirtsia.L. Murray, miss Inzwilliani, and Miss 21arshall.
Aiter winch, Tut; H. EciUAR'S OPERA. Captain Machsath,
Mr. W. Harrison; rea, :hum, 311. F. Matthews; I'oily, Miss Kath-
leen Fitzwithain ; Lucy Madame Vestns , Jenny Diver, Miss Jane
Coleman.
To conclude with a t ei nie Drama, called A ROUGH DIAMOND.
Characters by liessrs. Diddear, Bellingham, Buckstone ; Mrs.
Lei 4n. Murray, and Mrs.. fitzwillnun.
uvar.4, as. ; I,l7,iper Boxes, 49.; ?it, 2s. ; Gallery, Is. No
sla,,i-price to any part al. inc house.
ine ,aew , tit>. 2, Wellington-street, is open to the
rtnme every day, from Tim till Six.

IRENCH Pl A.YB.—ST. JAMES'S THEATRE.
Lessee. Mr. y Wm Mitchell, 33, Old Bond-street.
Un ..ViONDAYEYL\Ii u,
The Entertainments wi ll commence at halt-past Seven o'clock when
Will by perlOrmed L Li', DEUX COUPAJ3LES.
After which, the vau de vllly of LE isuNiioAIME RICHARD.
To conclude with LA, letUE DE LA LUNE.
us. ; lit, 3a. 6d. ; Ampliitheltuc, 3s. ; Gallery, 2s
liexes and Stalls may "be obtained at Mr. Mitchell's Royal Library,
83, 31d Isund-sucet.