The Sun.
London, England, 1857-06-12 00:00:00

THE BANK OF FRANCE.

;
•
The Moniteur of yesterday contains an imPer-iil
decree promulv,atmg the new law for the contort-
ance ot the privilege of the Bank cf France, as.
follows :
"Alt. 1. The privilege conferred on the Ban
by the laws of the 24th Germinal, year 11, the
22nd of April, 1806, and the 30th of June, 1840/
the term of which would expire on the 315 t °a
December, 1867, is prolonged for thirty years, as
will not end before the 31st December, 1897. A
" Art. 2. The capital of the Bank, represente°
at present by 91,250 shares, will be represented ise
future by 182,500 shares of 2 the nominal value°
1,004. each, not including the reserve fund.
"Art. 3. The 91,250 newly created shares 1°,7,
be exclusively assigned to the holders of t 1::
91,250 shares now existing, and they will IrAve,7
pay the price of the same, at the rate of 1,1,7.
per share, into the coffers of ihe Bank, is (1113:
terly instalmen.s within the term ot one year "
the latest, d:-sting from the promulgation of tile
present law.
" The period of the first payment and the Olera
ditions on whi: h the shareholders can be perwitthe
to anticipate the fur her payments will be fixed 13
a decision of the Bank.
"At t. 4. The produce of these new shares will
be applied, until the completion of the wb°,o
amount of 91,250,000 f., to the formation of tei
capital determined by the a article, and as re:,
gards the surplus to the augmentation of the 1"
serve fund now existing.
"Art. 5. Out of the produce of the said shareiliilo
sum of 100 millions will be paid into the puvo'
treasury iu the course of 1859 at such peri"dB a
shall be agreed upon by the finance minister se
the Bank. • +.'oll
" This sum will be set apart for the diminu
of deficits in the Treasury. be
" The finance minister is authorised to cause -he
insertion in the great book of the public debt of the
sum of Three per Cent Rentes necessary for b
employment of the said sum of 100 millions'. 1.0
A sinking fund equal to one-hundredth of b.()
nominal capital of the said rentes will be added
the dotation of the sinking fund. of
" The rentes will be transferred to the Bank
France, at the average quotation of the month rile;
ceding each payment, but this price must net
lower than seventy-five francs.
" Art. 6. Of the rentes inscribed at the Treasury
in the name of the sinking fund stock, and PI;
ceding from the consolidation of the reserve of t.. 4
sinking fund, there shall be erased from the grZe
book of the public debt a sum equal to that of
rentes created by the preceding article. to
" The rentes will be definitively cancelled sem
capital and arrears, dating from the day when i"
new lentos shall be transferred to the Bank. of
" Att. 7. The faculty accorded to the Ben' eti
making advances on French public stock, on Frelires
railway shares and debentures, and on debentu es
of the City of Paris, is extended to the debenter
issued by the Credit Foncier Company of France.of
"The general regulations touching the nn ¢p.
carrying out the preceding paragraph are to he
proved by a decree. • Or
"Art. 8. The Bank of France, should "arc 00
stances require may raise to above 6 per cent* tut
scale of its discounts and the' interest on
advances.
" The profits accruing to the Bank from te`eos
ercise of this power will he deducted from the 6_, to
yearly divided among the shareholders, and are
be added to the joint-stock fund. to
" Art. 9. The Bank of France will be allow of
reduce to 50L the minimum amount of its note°

issue.
44

Atioll °I

Art. 10. Ten years after the promulgk
the present law, the Government may requ'?°the
Bank of France to establish a branch bank i°
departments whet e nonetere exist. ory
" Art. 11. The me
due from the TrWtbe
on its running ace. unt will be regulated aft°l:Der
scale fixed by the Bank for the discount of f
in the market, but must not exceed 3 per colt; will
" Art. 12. A regulation of the Government ore
determine, with iespect to such shareholders aso
incapable of paying the whole or their sireetioo
what measures shall be requisite for the WO'
of the present law."