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

THE BANK OF FRANCE.

The Moniteur of yest et day contains an imperial
decree promulgat ng the new law for the continu-
ance of the privilege of the Bank cf France, as
f )Ilows

"Art. 1. The privilege conferred on the Bank
by the laws of the 14th Germinal, year 11, the
22nd of April, 1806, and the 30th of June, 184();
the term of which would expire on the '3lst 01
December, 1867, is prolonged for thirty years, and
will not .end before the 31st December, 1897.
" Art. 2. The capital of the. Bank, represented
at present by 91,250 share., will he represented 10
future by 182,500 shares of the nominal value of
I,ooof. each, not including the reserve fund.
"Art. 3. The 91,250 newly created shares vita
be exclusively assigned to the holders of the
91,250 shares now existing, and they will have to
pay the price of the same, at the rate of I,loof
per share, into the coffers of the Bank, in quar-
terly instalments within the term of one year at
the lat..-:st, dating from the promulgation of the
present law.
" The period of the fint payment and the On;
ditions on which the shareholders can be permitted
to anticipate the further payments will be fixed 11
a decision of the Bank.
"Att. 4. The produce of these new shares 11;11
be applied, until the completion of the whale
amount of 91,250,000 f., to the formation of the
capital determined by the 21 article, and as re-
gards the surplus to the augmentation of the re-
serve fund now existing.
" Art. 5. Out of the produce of the said shares a
sum of 100 millions will be paid into the publia
treasury iu the course of 1859 at such periods al
shall be agreed' upon by the finance minister an.
the Bank. . _

" This sum will be set apart for the diminution
of deficits in the Treasury.
" The finance minister is authorised to cause the
insertion in the great book of the public debt of the
sum of Throe per Cent Rentes necessary for the
employment of the said sum of 100 millions.
ti A sinking fund equal to one-hundredth of the
nominal capital of the said rentes will be added to
the dotation of the sinking fund.
"The rentes will be transferred to the Bank of
France, at the average quo' ation of the month-Pre-
ceding each payment, but this price must not be
lower than seventy-five francs.
"Art. 6. Of the rentes inscribed at the Treasury
in the name of the sinking fund stock, and. pre"
needing from the consolidation of the reserve of the
sinking fund, there shall be erased from the great
book of the public debt a sum equal to that of the
rentes created by the preceding article.
"The rentes will be defiuitively cancelled as to
capital and arrears, dating from the day when the
new lentos shall he transferred to the Bank.
" Att. 7. Th- faculty accorded to the Bank of
making advances on French public stack, on Frellob
railway shares and debentures, and on debentures
of the City of Paris, is extended to the d- benturee
issued by the Credit Foncier Company of France.
"The general regulations touching the mode °I
carrying out the preceding paragraph are to be ar
proved by a decree.
" Art. 8. The Bank of France, should circelir
stances require, may raise to above 6 per cent. the
scale of its discounts and the interest on its
advances.

" The profits accruing to tho Bank from the (3_,
ercise of this power will be deducted from the silov
yearly divided among the shareholders, and are, to
be added to the joint-stock fund.
"Art. 9. The Bank of France will be allowed te,
reduce to 50f. the minimum amount of its notes P`
issue.
" Att. 10. Ten years after the promulgation of
the present law, the Government may require tile
Bank of France to establish a branch bank in til°
departments where none exist.
" Art. 11. The interest due from the Treasil
on its running account will be regulated after O
scale fixed by the Bank for the discount of paPe.r
in the market, but must not exceed 3 per cent. .„
" Art. 12. A regulation of the Government Wl'
determine, with respect to such shareholders as are
incapable of paying the whole or their arrears,
what measures shall be requisite for the execution
of the present law."