The Sun.
London, England, 1859-02-14 00:00:00

EXCHEQUER BONDS.

Among the Parliamentary papers just issued is
one furnishing the particulars of an application
made by the First Lord of the Treasury and the
Chancellor of the Exchequer to the Governor and
Deputy-Governor of the Bank for advances to Go-
vernment from the sth of Jan., 1858, to the sth of
Jan., 1869. It relates to the payment of
£2,000,000. Exchequer Bonds which fell due in
May, 1858, and to liquidate which the Chancellor
received authority to raise, if necessary, the same
amount on a similar security. As a document of
interest it may be appended. By another Parlia-
mentary return from the Bank, made up to and
dated the Bth of Feb., 1859, it appears the sum of
£1,000,000 has been advanced and remains unpaid
on Exchequer Bonds, redeemable the Bth of May,
1862.

"At a Court of Directors at the Bank, on Thursday,
April 29, 1858, the following letter from the Chancellor of
the Exchequer having been read, viz.:--
" Downing-street, April 23, 1858.
" Gentlemen,—The resolution in committee of ways and
means, authorising her Majesty's Government to raiso a
sum of £2,000,000, by Exchequer Bonds, having been
passed, I am anxious to complete the necessary arrange-
ments for the liquidation of the bonds due on the Bth of May
next, with the least possible delay.
" ' If it were certain that the Government would require
to exercise, to the full extent of two millions. the power
granted to them by the House of Commons of raising money
by the issue of Exchequer Bonds, it might be advisable to
offer to the present holders of the bonds falling duo the
option of receiving payment either iu new bonds or in
money; but as the Government are desirous of taking ad-
vantage of any improvement which may take place in the
public balances, arising either from an increase of revenue,
or a diminution of expenditure, or the repayment of monies
due to the public, in order to avoid if possible the necessity
of incurring the full amount of debt authorised by the reso-
lution of the House of Commons, it appears to me desirable
that the whole of the bonds due on the Bth of May next
should be paid off in money; and to enable her Majesty's
Government to effect that operation it is necessary that they
should raise the sum of one million sterling by an imme-
diate issue of Exchequer Bonds.
"' I have, therefore, to request that you will inform me
whether the Bank would be willing to take Exchequer Bonds
to be dated on the Bth May next, bearing interest at the rate
of £3 5s per centum per annum, and redeemable at par on
the Bth May, 1862, to the amount of one million sterling,
paying that sum to the account of the Exchequer ; and,
further, whether the bank would agree to take, later in the
year, but not earlier than November next, an additional
million of bonds, at the same rate of interest, to be dated
Bth November, 1858, redeemable at par on the Bth of May,
1863, with the condition that her Majesty's Government
should be at liberty to cancel the agreement as to the second
million if they should consider, when the time arrives, that
it is not required for the public service.—l am, &c.,
(Signed)
of the Bank of England.'
"To the Governor and Del uty- "' B. DISRAELI.
Governor
"The Court agreed thereto,"

THE FRENCH NA VP.

Considerable interest having been excited, both
in this country and on the continent, by the details
we recently gave, relative to the nzateriel of the
French navy, we now propose to make a few ob-
servations upon its internal economy,ihich will be
.v
found to merit consideration, since it universally
conceded that important changes are imperatively
needed in our own service.
The French marine comprises five distinct depart-
ments, the first including only officers of the navy,
properly so called ; then come the naval engineers,
commissariat inspectors, and a sanitary board.
The first of these grades commences with naval
cadets, of which there are two classes, and ascending
through the successive ranks of midshipman, lieu-
tenant, captain of frigate, captain of line-of-battle
ship, rear-admiral and vice-admiral, culminates in
that of admiral.
The engineers are all obliged in the first instance
to pass through the ordeal of apprenticeship, after
which they become successively sub-engineers of the
third, second, and first classes, then engineers of
the second and first class, above whom the director
of naval construction and the inspector-general
preside.
The lowest denomination in the Commissariat is
the commis (or clerk) ; above him in succession
come the assistant-commissary, the under-commis-
sary, the commissaire-ad,joint, the commissary of the
second and first classes respectively, and the com-
missary-general. The inspector-in-chief is assisted
in the discharge of his functions by inspectors.,
assistant and deputy-inspectors. An inspector-
general presides over the board of health, having
under him a first physician, or surgeon, or apothe-
cary-in-chief, styled "professor," besides surgeons
or apothecaries of the first, second, and third
classes.

A French admiral ranks with a field-marshal ; a
vice-admiral and an inspector-general of naval
engineers with a general of division. A rear-
admiral is considered equal in rank to a director of
naval construction, to a commissary-Feneral, an
inspector in chief (of the corps of naval inspectors),
or to the head of the board of health.

Captains of line-of-battle ships, first-class engi-
neers, first-class commissaries, and first-class physi-
cians, are upon an equality; as are captains of
frigates, second class engineers, commissaries, and
physicians ; the last three being considered upon
a par with lieutenant-colonels. The comntissaire
adjoint, assistant inspector, professor of medicine or
of surgery, correspond to the chefs de bataillon in
the army. Lieutenants of a line-of•battle ship, sub-
engineers of the first and second classes, and sub-
inspectors of surgery, medicine, &c., are upon the
footing of military captains ; while midshipmen of
line-of-battle ships, sub-engineers of the third class,
assistant-commissaries, &c., are considered to be
equal to lieutenants in the army. Lastly, naval
cadets, engineer apprentices, and other inferior
officers not already specified, correspond in social
position to second lieutenants in the land forces.

All the regulations respecting naval promotion
were carefully revised last summer, and it will be
perceived from the few we shall presently select
that they have evidently been well considered, and
indicate the maintenance of salutary discipline. At
any rate, the system, as now constituted, is found to
work well, and will in all probability serve to bring
forward the most meritorious officers, while encou-
ragement is given in every way to those who mani-
fest especial qualifications and a well-directed zeal
for their profession.
An aspirant to the rank of lieutenant on board a
frigate must either have served two years as a first
class cadet, or as an auxiliary lieutenant or chief
master; in the latter case he must have passed a
very severe examination in the theory of naviga-
tion, as well as in all matters connected with the
practical working of a ship. Having obtained that
commission, he must proceed to serve two years
more on board a frigate before he can be promoted
to a line-of-battle ship. After four years in the
latter capacity he becomes eligible to be captain of a
corvette. Four years' service as captain of a cor•
vette, qualifies him for the command of a frigate,
frigate but two years must yet elapse before he can
hope to be appointed to a line-of•battle ship.
Rear-admirals are eligible only from captains of
line-of-battle ships of eight years' standing, during
four of which, at least, they must have been actually
afloat. From the time, therefore, that a Lieuten-
ant has eliminated himself from the rudimentary
stages of his profession until he reach's the dignity
of admiral, an interval of 20 years must have
elapsed.

A rear-admiral must have had the entire com-
mand of a squadron of not less than five vessels be-
fore he can become vice-admiral. Half the appoint-
ments on board frigates and corvettes and two-
thirds of those on board ships of the line are given
according to seniority.
The Emperor reserves to himself power (in war
time) to abridge by onelalt the different periods of
service of all officers ; but with that sole exception,
no promotions whatever can take place out of the
prescribed course, and no one under any circum-
stances can obtain an honorary appointment. In
the various ships now in commission there are be-
tween 58,000 and 60,000 seamen constantly em-
ployed afloat. A regular routine of exercise is
observed on board every vessel, whether she be
attached to a squadron of evolution or in harbour,
and every exertion is made by the officers to have
each duty performed with the greatest smartness
and precision.
It is not an unusual performance, even on board
a line-of-battle ship that has not been more than
six months in commission, to heave in 90 fathom of
chain and make all sail, within fourteen minutes of
the appearance; on board the flag-ship, of the signal
to " weigh anchor." A topsail will be shifted by an
expert crew in little more than seven minutes and a
half, and a whole squadron have been known in a
gale, with a heavy sea running, to strike topgallant
masts in nine minutes. The Bretagne, not long ago,
was observed to lower her three topsails, to take in
a reef in each, and hoist them again, in rather less
than two minutes and twenty-five seconds—a feat
which probably the smartest ship's company in our
own service would not readily surpass. Half a
century ago the interior of a French man•of-war
afforded a very different aspect from what it now
presents. Everything that was worth adoption has
been scrupulously copied from English ships, at the
same time that some few obvious improvements of
various kinds have been introduced. The spirit of
the nation has evidently been roused ; by indomit-
able energy anti lavish expenditure theyhave created,
almost from nothing, a stupendous navy ; with un-
tiring perseverance they are adding to it from day
to day. We have already shown how, by means
of the " Inscription," a certainty of obtaining any
requisite supply of men can be ensured, and if ever
the two greatest nations of the world should un-
happily be involved again in war, we shall find
that, so far from tamely acknowledging our supre-
macy on the ocean, France will be fully prepared
to dispute it, and at all hazards to engage in a
death-struggle, before resigning her pretensions to
the brilliant prize she so ardently longs to clutch.
—Daily News.