The Sun.
London, England, 1861-11-21 00:00:00

THE SUN, LSNIkW, THURSDAY I,

-- -
THE FRENCH DEFICIT OF £10,000,000.

(Rom the Hone; 31arket Review.)
In our impression of the 26th ult. wo pointed out that
the " reckless extravagance of the French Government
would sooner or later bring about a crisis." It was observel
"If the French Government really wish to avert a
crisis, there is but one measure that will completely and
permanently obviate it—and that is a great reduction in
their enormous expenditure, which is slowly but surely
sapping the foundations of the prosperity of France, and
paving the way for a crash. Ultimately, we have but
little doubt, the present difficulties will be patched up by
a State loan; but pallia'ives and expedients will not last
for ever, and it is only by a disarmament that the evil can
be permanently stayed, and real confidence inspired. On
the 14th inst. the Moniteur announces that the deficit has
reached the enormous amount of 1,000 millions of francs—
or, say £40,000,000 sterling I Singularly enough, on this
notification being made, the Rentes rose i per cent.l
Imagine our funds rising on. an announcement by Mr.
Gladstone of a deficit of £10,000,000 I The naturally evil
effect of the news on the Bourse was entirely counteracted
by the aFpointment of M. Fould as Minister of Finance,
and by a solemn promise, made in a manifesto under the
Emperor's own hand, that the system which has been
marked by such profligate waste shall be abandoned. The
Emperor, in a letter to the Minister of State, acknowledges
the necessity of confining the budget within " invariable
limits ;" and says that " the only efficacious means to
attain this end is to resolutely abandon the faculty which
appertains to me of opening a fresh credit in the absence:of
the Chambers."
We differ somewhat from his Majesty. The fresh credit
system, doubtless, was one of the causes of the deficit, but
not the only ono. It is not so much the suppression of
extraordinary credits that is wanted, but the suppression of
the vast armaments which tender those extraordinary
credits necessary, and which, at the same time, oblige
neighbouring nations to maintain large forces likewise.
It is a monstrous fact that France, in time of "peace, has
been spending on a moderate estimate £80,000,000 ster-
ling per annum. The budget of France for the year 1860,
as officially acknowledged, was as follows :-
1 RECEIPTS.

Francs.
Direct Taxes 469,935,648
Stamps
Forests and Fisheries .. 37,755,500
Customs and Salt Duty 228,051,000
Indirect Taxes
Post-office 57,654,000
Sundry Revenues
Divers productions4l,6l9,37s

1,825,851,379

Or £73,032,000 sterling.
;EXPENDITURE.

Francs.
Public Debt
Rotations
ii
so
tne sr s
866,932,356
Expenses of collection of Revenue
Services
ofailthdeP Ministers
Reimbursements and res itutions 124,550,248
Public Works

1,824,957,778

Or £72,966,000 sterling.
Of course, this budget showed a surplus. French budgets
always do—on paper. Yet a deficit of £10,000,000 is now
avowed. How did this arise, in the course, probably, of
two or three years ? Mainly, as it would appear, because
the huge item of expenditure classes as " Services of the
Ministers" was susceptible of indefinite expansion. Each
Minister has had his separate budget. Each has had the
power of obtaining from the Emperor such decrees for
fresh " credits" as he asked for. The whole system is
worthy of Russia, or of Turkey. It is a great merit, truly,
for the Emperor to relinquish .his privilege :of authorising
supplemental credits I Ho does not cast down the weapon
until it is broken.
Great Britain, vastly richer than France, is oppressed by
a taxation amounting to £70,000,000 a year. Must not
France reel under an expenditure of £80,000,000 ? True,
we raise the money solely by taxation, whereas France re-
sorts to annual loans, even in time of peace ; but, in act-
ing thus, Franco but burns the candle at both ends. There
is a limit both to taxation and to loan-raising, and that
limit is being approached; 600,000 men in arms, and a
fleet as !large as our own—may be compatible with the
glory of France, but they mean misery to the population.
The future of the nation is being eaten up and consumed,
and unless the Emperor acts upon the reckless maxim—
" After me the Deluge"—his policy is incomprehensible.
We are now asked to believe that all is to be reformed,
that retrenchment is to be enforced, that the military and
naval armaments are to be reduced, and that a real control
over the finances is to be delegated to the Legislature. We
shall R.,- Distrust is the prevalent feeling in the English
mind. We have had plenty of excellent assures ; we want
deeds. When his sable Majesty (not he of France) was
sick, says the old proverb, he made virtuous resolutions—
with what result the proverb likewise records. The Em-
peror of the French is once more in want of money. Dulcet
strains are accordingly heard. Peace, retrenchment, and
moderation are the order of the day. His Majesty oven
makes an alteration in his clerks'—we beg pardon, his
Ministers'—offices. What amount of sincerity there may
may be in his professions time alone can show. Meanwhile,
it is some consolation for our financial and commercial
community to know that they may pursue their avocations
for some time in full security that there will be no sound
to impede the rush of investors to take part in the large
loan which is doubtless about to be opened. The stock
markets of Europe rejoice to know that the Emperor is
under heavy recognisances to keep the peace.

SPORTING INTELLIGENCE.

SHREWSBURY AUTUMN RACES-WEDNESDAY.

The Foregate Stakes of 10 sovs each, for 2 and 3-yr-olds ;
winners extra ; maiden and other allowances. About
three furlongs and a quarter straight.
Mr. Webb's Peignoir, 2 yrs, 7st 71b.... (H. Grimshaw) 1
Mr. Payne's Tartlet, 3 yrs, Bst 111 b (L. Snowden) 2
Betting-2 to lon Peignoir, who waited on Tartlet until
reaching the distance, where he passed Mr. Payne's filly
and won easily by a length and ci half.
The Racing Plato of 20 soya, added to a Sweepstakes of 3
sovs each, for all ages; mares and geldings allowed 31b,
with maiden and selling allowances. One mile.
Mr. T. Jennings's Arcadia, 2 yrs, sst 121 b, L3O
(J. Grimshaw) 1
Mr. T. S. Dawson's Squirt, 2 yrs, sst 71b, £3O (G. Noble) 2
Mr. Godding's Drummer Boy, 2 yrs, 6st 11b, £3O
(T. French) 3
Mr. T. Goddard's Wolsey, 2 yrs, sst 101 b, car Gst 11b, £3O
(Parsons) 4
Mr. C. Green's Solferino, 2 yrs, 7st Glb, £3O (Ellingham) 5
Betting—G to 5 agst Arcadia-7 to 2 agst Drummer
Boy, 5 to 1 agst Squirt, 8 to 1 agst Solferino, 10 to 1 agst
Wolsey.
At the first attempt the lot got off in good order, Sol-
ferino taking a slight lead, having Squirt, Arcadia, Drum-
mer Boy, and Welsey in the order named. On going along
along the bottom side of the course the favourite fell back
into the rear ; but soon putting on the steam, she passed
her horses in quick succession, and on rounding the turn
for home she was leading several lengths. This position
she maintained to the end, and won in a canter by two
lengths; Drummer Boy was a bad third; Wolsey and Sol
ferino were both beaten off.

The winner was afterwards bought in for 90 sovs.
The Newport Cup, value 150 sovs, by subscription of 10
10 sovs each, with 60 added by the lessee, for all ages ;
mares and geldings allowed 31b; winners extra; maiden
allowances. About 1 mile and 200 yards.
Count F. de Lagrange's Gabrielle d'Estrees, 3 yrs, 7st 51b
(11. Grimshaw) 1
Mr. Astley's Atherstone, 3 yrs, Bst llb .. (Custance) 2
Mr. G. W. Fitzwilliam's Rubicon, 3 yrs, Bst llb
(G. Fordham) 3
Betting-5 to 2on Gabrielle d'Estrees, 3to 1 agst Ather-
stone.

The favourite went off at a great pace, followed closely
by Atherstone, Rubicon being beaten off from the com-
mencement. On rounding the turn into the straight,
Gabrielle was leading half a dozen lengths ; Rubicon tailed
off. At the distance Atherstone got up to the favourite's
quarters and a fine race ensued, Gabrielle always having
the best of it, and winning at the finish by a neck ; Rubicon
was beaten off.
The Abbey Handicap of 3 sovs each, with 20 added, for 3-
yr-olds and upwards; winners extra. About three-
quarters of a mile.
Mr. E. Mills's Vulture, 5 yrs, 7st 71b (H. Taylor) 1
Mr. C. Green's Solferino, 3 yrs, Est 21b .. (J Grimshaw) 2
Betting-5 to lon Vulture, who took the lead after the
first fifty yards, was never headed, and won easily by three-
' quarters of a length.
Match for 200 sovs, h ft. Half a mile.
Mr. Hawkesley's Nutbush, 3 yrs, 9st 41b.. (G. Fordham) 1
Mr, r ayne's Gabardine, 3 yrs, Gat (car. 6st 11b) G. Parsons) 2
Betting-9 to 4on Nutbush.

Gabardinepaceee,
and up
no thea wh a f is -
tanstrides
where Nmaudtheupslhayzaott
uapgotood him:
took the lead and won cleN erly by half a length.
Tho Copeland Nursery Handicap of 5 sous each, with 50
added; for two-yr-olds; the second to save his stake.
About one mile.
Mr. Steven's Ethel, 7st 61b (Pearson) 1
Mr. Wintringham's My Mary, Gst 01b (mclu 71b extra)
(G. Noble) 2
Mr. R. C. Naylor's Colares, 6st 21b (T. French) 3
The following also ran :—Caracole, Merry Maid, Tim
Whiffler, Pot Pourri, and Hartington.
Betting-5 to 4 agst My Mary, 6to 1 each agst Ethel
and Caracole, 7 to 1 each agst Pot Pourri and Colares.
My Mary, with Pot Pourri, Colares, and Ethel went off
in front, Tim Whiffler lying next, Hartington, and Merry
Maid bringing up the rear. On coming into the straight
Caracole was closed in, M
AA- Nary took Clear lead up

to the Stand enclosure, where Etherth
her effort overhauled the favourite came out, and making
i wan the last few strides,
and getting her head in front won a 14 find race by a head ;
three lengths between the second an, id third ; Caracole was
close up a good fourth; Merry Maieemi next; Hartington and
Tim Whiffler were last, pulling up. a
The Corporation Plato (Handicap) quof 5 sovs each, with 30
added, for two-yr-olds and upwarg pls.. Three-quarters of
a mile. 76 subs,, 49 of whoni pay tc ft.
Mr. Bruce's Lord of the Manor, syrs,
llb (in. 71b ex.)
(rms
Ciustahnacwe))
21
Mr. Alfred's Billy D windles, 3 yrs, 7st 41;° b (H. G
Capt. D. Lane's Rosalind, 4 yrs, 6st 13Ibws (J. Grimshaw) 3
Mr. H. llargreaves's Horace, 4 yrs, 7st 211ick (Challoner) 4
Mr. Jackson's Longshot, 3 yrs, Est 111 b • (Blackburn) 5
Mr. Matthews's Orion, 3 yrs, 6st 101 b (inclu. 31bs extra)
(Midgley) 6
Mr. Lincoln's Petra, 5 yrs, Sstilb (in. 7Th ex) • •
111' (Clement) 7
Betting-3 to 1 each agat Lord of the Manor 3 1 and Rosa-
lind, 5 to 1 agst Horace, 8 to 1 agst any other oi. cfered.
Orion, Billy Dwindles, Horace, and Rosalind got off with
the lead, Longshot along way in the rear. In thi. order
they rounded the turn for home, when Horace and RCM. -alind
shortly afterwards came to the front until half-way up he
straight, where Lord of the ManOr joined them, and at thei'
half-distance he had the race in hand, and won, hands
down, by two lengths, Billy Dwindles beating Rosalind by
four lengths ; Horace was several lengths off, fourth, Long-
shot fifth, Orion next, Petra last, beaten off.
Hurdle Race of 50 sovs, added to a Handicap Sweepstakes
of seven sovs each. The second horse to save his stake.
About two miles and a quarter over eight flights of
hurdles.
Mr. Egglinton's Mary Stuart, 4 yrs, Bst 121 b (SV.Marson) 1
Mr. Smith's Pantomime, aged, 9st 21b .... (A. Thorpe) 2
Mr. L. Westmoreland's Romeo, aged, lOst 91b (inc. 31b ex)
(Bennett) 3
Mr. Coverdale's Ataman, 4 yrs, Bst 91b (A.. Sadler) 4
Mr. Wadlow's Flying Fox, 5 ,s, Bst 91b.. (W. White) 5
Mr. Hart's Coroner, 4 yrs 9st' (lt. Sly, jun.) 6
Mr. Lincoln's Landlord, 3 y 4 h (Gardner) 7
Betting-2 to 1 agst Romeo, 3.t70 1 agst Flying Fox., 9to
2 agst Mary Stuart, 6 to 1 agat Ataman.
Ataman made all the running until entering the straight
the last time, where he bolted and retired ; Mary Stuart
then come to the front, and won cleverly by a length ;
Romeo was a bad third ; the others as placed. Landlord
was pulled up opposite the saddling enclosure the first
time, and did not pass the post.
The weather throughout the day was lovely, mild, and
clear, the course in excellent order, and some of the races
were well contested.

SHREWSBURY Cur.—The following horses have paid
forfeit :—Schism, Joskin, Sir William, King of Diamonds,
Pan, Doefoot, Soothsayer, Timandra, Ataman, Lancaster,
and Recovery.
STEWARDS' Cur.—The following horses have paid for-
feit :—Flitch, Gibraltar, Voltella, Starlight, Jackal, and
Brilliant.
SALOPIAN STAKES.—The following horses have paid
forfeit :—F by Wild Da3rell—Lady Emily, St. Lawrence,
and Lord Durham.