The Sun.
London, England, 1861-07-22 00:00:00

THE FRENCH TREASURY BONDS.

The Moniteur publishes the following report to
the Emperor from the Minister of Finance on the
result of the late subscription to the Treasury

Bonds :

" Sire,—The subscription to the Treasury Bonds,
which was opened in Paris and in the departments
on the 11th, was closed on the evening of the 16th.
The examination of the subscriptions received in
the different parts of France is being carried on with
every possible activity at the Ministry of Finance,
but the great number of subscribers and the diver-
sity of the amounts subscribed for will not allow the
definitive allotment to be yet made. It is, neverthe-
less, important to put an end to the uncertainty of
the public as to the principal amounts, and I now
submit.to your Majesty a provisional sketch of the
results of the subscription.
" 300,000 bonds were to be issued-4,000,693
have been subscribed for. _ _

" A sum of 132,000,000 f. was demanded from the
country for the continuation of railway works—the
subscriptions have exceeded two milliards.
" The eagerness shown by the public has not been
less in the departments than in Paris, and the new
securities issued by the Treasury have been sought
for in localities the most distant from the centres of
business. The number of subscribers in the whole
of France amounts to 189,627.
" Paris alone has furnished 27,113 subscribers
for 2,909,874 bonds. The subscription in the capital
may be divided as follows :-16,792 for a single
bond, 8,881 for from 2 to 100 ; 1,440 for 101 and
upwards,
" In the departments and in Algeria 162,514 sub-
scribers applied for 1,783,940 bonds ; the number
of those who have subscribed for a single one
amounts to 128,605.

" Your Majesty having decided that the Treasury
Bonds should not be divided into fractions, the sub-
scribers for one ormore, who in the allotment would
only be entitled to a fractional part of a bond, must
necessarily receive a whole one. It will be seen by
the preceding figures that they will absorb a little
beyond the half of the subscription.
The surplus of the bonns will be divided propor-
tionately between the'. two other subscribers, the
number of whom is much more limited, but whose
demands are incomparably more important. The
definitive results of the allotment will be very
shortly made known to the public. The part for
each will be very restricted, but the very number
of the issue, fixed at 300,000 bonds, and the ex-
traordinary affluence of the public from the com-
mencement of the subscription, would scarcely lead
the large subscribers to expect any other results.
" Instructions have already been given at the
Treasury in Paris and in the other offices for the
immediate restitution of the greater part of the
sums deposited, and they wi!l without delay be re-
stored to circulation. _

" Sire,—The Treasury Bonds constituted a new
security, which had neither an established currency
nor an open market, and the question might have
suggested itself whether that security which offers
to the State the advantage of carrying its sinking
fund with it would be sought for by the public
with the same eagerness as the perpetual debt. The
success has been complete ; it may be even said that
this success has assumed such proportions that a
subscription, the amount of which was compara-
tively limited, has become, by the abundance of
capital offered and the eagerness of the public to
subscribe, an! imposing manifestation of the finan-
cial power of the country, and a fresh proof of the
confidence inspired by your Majesty's Government.
—I am, &c., " DE FORCADE."

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