The Sun.
London, England, 1861-11-15 00:00:00

THE MINISTERIAL CHANGE

IN FRANCE.

The Emperor has addressed the following letter
to Count Walewski, Minister of State :
"Palace of Compiegne, 12th Nov.
" Monsieur le Ministre,—The opinion expressed
this morning on our financial situation by M.
Fould, in the sitting of the Privy Council and of
the Council of Ministers, has my full approbation.
" For some time past, as you are aware, my great
desire has been to confine the Budget within stated
limits, and often, when presiding over the Council
of State, I have expressed my desire to that effect.
" Unfortunately, unforeseen circumstances and
ever-increasing necessities have prevented me from
securing that result. The only effectual means of
attaining the end in view, is resolutely to abandon
the faculty which belongs to me of opening new
credits in the absence of the Chambers. That sys•
tem will work without prejudice to the State, if,
after an attentive examination of possible economies,
a candid explanation of the real requirements of
the Administration persuades the Legislative Body
of the necessity of properly providing for the diffe-
rent services.

"I now therefore inform you of my intention to
convoke the Senate on the 2d of December, to in-
form it of my determination of relinquishing the
power of opening, in the interval between the ses-
sions, supplementary or extraordinary credits. That
resolution will form part of a Senatus-Consultum,
which, according to my promise, will regulate by
great sections the vote of the Budget of the diffe-
rent ministries.

"In renouncing the right, which was also even
that of the constitutional sovereigns who preceded
me, I think I am resolving on a course useful to the
good management of our finances. Faithful to my
origin, I cannot regard the prerogatives of the
Crown either, as a sacred deposit which cannot be
touched, or as an inheritance from my fathers which
must be transmitted intact to my son. As the Elect
of the people, and representing their interests,
I shall always abandon without regret any prero-
gative useless to the public welfare, in the same way
as I shall preserve unshakeable in my hands all
power indispensable to the tranquillity and pros-
perity of the country.

" On this, Monsieur le Ministre, I pray God to
have you in his Holy keeping.

" NAPOLEON."
The Emperor has addressed the following letter
to M. Achille Fould :

" Palace of Compiegne, Nov. 4.
" My dear Monsieur Fould,—
" You pointed out with so much lucidity before
the Privy Council, and the Council of Ministers a
danger to my Government, and you supported your
opinion by arguments of so convincing a nature,
that I am decided on completely adopting your
ideas, and on causing your memoire to be inserted
in the Moniteur.

" I accept your system the more willingly from
the fact that for a long time I have sought, as you
know, the means of solidly establishing the credit
of the State by confining the Ministers within the
regulated budget. But the new system will not
work with advantage unless the man who has been
able to study profoundly all the difficulties of it
will resolve to devote himself to its execution. I
therefore charge you with the portfolio of Finance,
and I thank you for undertaking the task, the re-
sults of which will be favourable to the general in-
terests. lam persuaded that in this new position
you will not cease to give me, as heretofore, proofs
of devotedness and patriotism.
"Receive, my dear Monsieur Fould, the assurance
of my sincere friendship,

" NAPOLEON."

M. FOITLD'S REPORT.

The following is the report from M. Fould to the
Emperor, which was read in the sitting of the
Privy Council, and of the Council of Ministers at
the Tuileries, on the 12th Nov. :
" Sire—Your Majesty has permitted your Go-
vernment to take before the Legislative Body the
engagement of presenting to the Senate a plan for
the modification of the Senatus-Consultum of the
25th December, 1852.
" I come, therefore, as your Majesty has deigned
to authorise me to do, to submit to you, on the
occasion of that change, the reflections with which
my experience and my devotedness inspire me. I
shall do so with a conviction so much the more pro-
found that your Majesty has without doubt not for-
gotten the share which I took in the important act
which has to be modified.
" The vices of the system which prevailed in our
finances at the moment at which your Majesty sub-
mitted that act to the sanction of the Senate are
already far from us, and in order to appreciate pro-
perly the importance of the object which your Ma-
jesty proposed to yourself, it is not without utility
to speak of the past.
" Under preceding Governments the tendency of
the Chamber of Deputies had invariably been to
take possession of the administration in all its de-
tails. That tendency was especially manifested in
the exaggeration of the speciality which it was de-
sired to introduce in the obligatory appropriation
of the sums voted for the public service even the
least important. The divisions of the Budget, at
first few in number, were progressively multiplied.
As the budget was voted eighteen months before-
hand, it often occurred that certain services were
insufficiently provided for, whilst others had too
large a share. That error was at times inten-
tional, for the Government had the faculty of
assisting the suffering services by supplementary
credits granted without the previous consent of the
Chambers, and the ministers often reduced their
demands to avoid discussions. The regulations for
keeping the public accounts did not permit the
surplus funds attributed to any particular service
to be tranferred to another, so that at the end of
each year certain credits, not having been employed,
had to be annulled, whilst others had to be opened
to meet recognised deficiencies. Hence the impossi-
bility of ascertaining the exact financial situation,
and of maintaining the resources equal to the re-
quirements otherwise than by the movements of the
floating debt and the operations of the Treasury.
" After the revolution of 1830, when the Par-

liamentary power received an immense extension,
new exigencies were soon- produced. They first
showed themselves in subdividing different Minis-
terial budgets into a great number of chapters, and

in the insertion in the yearly financial law of a list
of the particular chapters on which the Government
had the right to open credits during the interval of
the sessions—a useless precaution ; for that list,
after a continual struggle of the Ministers against
the finance committees, came at last to comprise 75
chapters.

"The tribune first, and then the press, gave great
prominence to those debates. They both vigorously
attacked the administration of finance, and rendered
it suspected by public opinion; and the reform of
the finances was made a weapon against the Govern-
ment in the elections.

" The sad effects of those Parliamentary struggles
were a lesson for the persons wh ) had followed
them, and it was not doubtful that it constituted a
danger which a new Government ought carefully
to avoid. That opinion was still more strengthened
by the attempts made in 1852 by the Legislative
Body, and which manifested themselves in the re-
port of the c )mmittee on the Budget. Thus, among
the modifications to be introduced in the Constitu

tion of the 14th Jan., 1852, the Emperor, in addi-
tion to certain prerogatives in conformity with the
new destinies of France, called in the first place for
a reform in the financial system of the country.
Not only would he resume what had been succes-
sively taken from the Government in a vote of the
Budget, but he also reserved to himself the initia-
tive of undertakings of general interest. It was
thus that your Majesty put an end to fruitless dis-
cussions and to prejudicial postponements, particu-
larly on the occasion of the directions to be taken
by the railway lines, and in the conditions of detail
in their working. _ _

" The Emperor doubtless remembered that it
was to the interference of the Chambers in the
administration that was due the inferiority of

(1). This assertion is a little exaggerated, the Budget of
1858 having presented an excess of receipts.
(2). " The faculty of transfers from one chapter to an
other,"
said M. Bineau, "will suppress almost all the
annulments of credit, and it must, on the other hand, do
away with almost all the supplementary credits."—Report
of M. Bineau, Minister of Finance, 1853.
" The first of the considitions, which I have always con-
sidered as indispensable, was the closing ef the Grand
Livre, but as everything holds together in our great finan-
cial system, that condition required that in the first place an
end sLculd be put to the increase of the deficits. Since
1855 the progress of them has, in fact, been checked, and
as to the future, the decree of the 10th November last,
which subjects to a rigorous control the opening of supple •
mentary credits, and which prescribes the keeping the
expenses within the limits of realised resources, must be a
guarantee, as it were, infallible, of order and equilibrium."
—.Report of M. Mayne, Minister of Finance, 1857.
" It has appeared to us," said M. Schneider, Vice-Presi-
dent of the Legislative Body, in his report on the Budget
of 1854, "that this right of transfer must for the future
give to the provisions of the Budget, taken in the whole, a
character for truth and exactitude which they previously
wanted, but on condition that, while avoiding exaggerated
grants, which allow of abusive expenses, the services should
have been properly endowed, in face, the insufficiency
which in the course of the year should appear on the pre-
visions of certain chapters, might then be made up by the
surplus on other chapters. A double advantage may be
expected Awn this system : oa the one hand, the Almister,

of our finances, and the experience of the last few
years, have not changed my views. I desired in
1852, as I desire now, the suppression of extraordi-
nary and supplementary credits apart from the vote
of the Legislature, for your Majesty will permit
me to say on this subject all I think. The real
danger for our finances is in the liberty which the
Government possesses of decreeing expenses with-
out the control of the Legislative power; and, as
has been justly said, nothing is more difficult than
to struggle against the most legitimate of desites—
that of making useful expenses.
" With a Budget well arranged, and in which all
the services should be sufficiently provided for, the
abandonment of that prerogative would not present
any inconvenience in the despatch of public busi-
ness. A great neighbouring country has never
given the executive Government the latitude of
disbursing any sum whatever without a previous
vote, and yet the special application of the sums
voted by the Parliament is absolute. The number
of chapters inscribed in the Budget is about 240.
The Ministers of Marine and War alone, on ac-
count of their services being disseminated over all
the surface of the globe, have the power of making
transfers, and those operations which must be sub-
mitted to Parliament are surrounded with exces-
sively minute conditions (3).

"In all countries .where the representative sys-
tem prevails, especially in Belgium and HoHaw],
the same thing occurs.

"I seek examples which might be cited against
my opinion; I endeavour to figure to myself sudden
necessities; and I do not discover a single objection
which may not be easily met. A public calamity
occurs in the absence of the Chambers—the funds
of the Ministry of the Interior and of the Ministry
of Agriculture and Commerce are ready to afford
the first assistance by means of transfers. A war
becomes necessary ;—the Government can concen-
trate on a single service the active forces of the
Ministries of War and Marine, the resources of
which amount to no less than 500 or 600 millions
per annum. Moreover, in such eventualities the
Emperor would hasten to convoke the Legislative
Body, and he might rely on its support, all the
more absolute as the occasion should be more urgent;
" I have said that the Budget ought to be care-
fully calculated and sufficiently provided for in
every part. Already, in 1853 and 1856, the same
thought had determined the revision of all the
chapters, and a rather considerable increase in some
of them. Nevertheless, supplementary credits have
continued to increase, and their extension has
been so much the more dangerous because they
were not always kept within the conditions traced
by the law. lam not indisposed to admit that,
since 1856, further augmentations have become
necessary. Let them be demanded, and the Legis-
lative Body will not hesitate to grant them, as soon
as the Emperor, on his side, shall relinquish the
faculty of opening supplementary and extraordi-
nary credits by decrees. I venture to affirm that
such an exchange would be easy, and the two
powers would both equally gain thereby.
"The Constitution has reserved to the Legisla-
tive Body the right of voting the taxes; but this
right would be almost illusory if things were to
remain in their present state. In fact, what is the
value of a control exercised over expenditure 18
months after it has taken place P And whom can
it affect, if not.the Chief of the State, since Ministers
are responsible to him alone P Might not we also
question the utility of discussing the Budget in the
Council of State and in the Legislative Body, if, in
spite of the reductions accepted or imposed, the
Government can, after the session, increase the ex-
penditure of every kind
" In the comparison which I have made of the
results of the last eight years of the monarchy of
July, and of the eight years from 1851 to 1858, I
have shown that, apart from the facts relative to
war, there is not between those two epochs great
differences, and that that which existed was in fa-
vour of the period nearest to us. Unfortunately,
since. 1858, facts have assumed greater gravity. The
supplementary and extraordinary credits, which
were 83,000,000 f. in 1859, rose to 115,000,000 f. in
1860, and in 1861 they approach 200,000,000 f.,
without counting those which must be opened in
consequence of the dearness of provisions. It has
been seen with regret that the most considerable of
these credits have been opened immediately after the
session.

" In studying the financial question, it is easy to
foresee that, without a change of system, we shall
soon find ourselves beset with serious embarrass-
ments. The eight years from 1851 to 1858 have
opened extraordinary credits to the amount of 2,400
millions. If to this sum be added 400 millions for
the three years, 1869, 1860, and 1861, it will be
seen to what extent the public debts and the defi-
cits of the Treasury have increased.
" To meet these expenses recourse has been bad
to every form of credit, and with the assent of the

obliged to keep himself definitively within the limits of his
Budget, will be naturally called upon to realise all the par-
tial savings compatible with the wants of the service ; and,
on the other hand, we may see disappear those annulments
of credit and those supplementary credits, which every
year overthrow provisions, and render the vote of the Bud-
get too illusory. In the new conditions in which we find
ourselves placed. we cannot too strongly urge that sup-
plementary credits should far the future disappear, that
extraordinary credits be not called for, except in unforeseen
cases, or under circumstances exceptional and really urgent.
The suppression cf supplementary credits and of the annul-
ments of credits appears to us to be one of the capital condi•
tions of the new regime. It is on this condition that we
can proclaim as a result as serious, as considerable, the
equilibrium of the Budget of 1854."

"In 1855, Baron Paul de Richemont, reporter of the
Budget of 1856, expressed himself in the following terms :
—" Financial order, towards which all efforts ought to tend,
cannot, we do not hesitate to say, be realised except on con-
dition of cutting short the supplementary credits, which,
with some rare exceptions, can no longer be justified, and
of reserving the extraordinary credits for completely unfore-
seen circumstances, of real imperious interests, and of
urgency, which cannot be disputed. If it were otherwise,
those extra budgetary credits, not made up by surplus re-
venue, would destroy the equilibrium of the receipts and
expenditure, falsify the voted Budget, and by increasing
the deficits, would consequently lead to an augmentation of
the floating debt."

The same ideas are set forth in the reports of M. Alfred
Le Roux, on the Budget of 1857; of M. Lequin, reporter
on the bill relative to the supplementary and extraordinary
credits of 1854, 1855, and 1856 ; of M. Devinck, reporter of
the Budget of 1859 ; M. Louvet, reporter on the bill relative
to the supplementary and extraordinary credits of the ses-
sion of 1859, and several others.

(3). The Moniteur, published on the 2d Aug., 1861, de-
tails respecting the vote of the English Budget, which I
have ascertained to be correct, and which will give your
Majesty an idea of the severe control exercised by the Par-
liament over public expenses. The following is an extract
from the Moniteur:—

" Vote of the English Budget.—The English Parliament
is about to terminate its session by passing a bill in which
all the grants of money made to the Crown by the House
Commons are united, and subjected to the sanction of the
Legislature. This measure is at this moment passing rapidly
through its different phases. The following is a sketch of
the financial machinery employed in the paymeat of ex-
penses in England

" In virtue of the law referred to, the Controller 'General
of the Exchequer, who is one of the great functionaries of
State, is independent of the Executive Government, and
directly responsible to Parliament, accords credits to the
different Administrations for each grant separately voted by
the Parliament. These credits are opened at the Bank of
England, which, as is known, receives taxes for the Go-
vernment, and does so for the account of the Controller-
General of the Exchequer. The Controller on his part only
opens credits on warrants signed by the Sovereign.
" In consequence of this operation thus controlled, the
Executive Government cannot introduce any modification
into each grant made by Parliament, which remains sepa-
rate and distinct ; and each Ministry cannot, as a general
rule, spend more than the special sum awarded by the Le-
gislature for a special object. There is, however, an excep-
tion to that rule. The Treasury can modify the grants made
for the army and navy, on the condition that the transfers
made in the details of the credit shall not exceed the total
sum voted by Parliament, and that besides an account shal
be given to Parliament in the following session of the real
sons for the modification. _

" Apart from the grant of special credits for specified
objects,ent, underther theise granted everyyearctreedthite foErndgilfftsehreGntovern
ment, title of ' general
pur-
poses,' a sum of £lOO,OOO sterling, of which also an account
must be given to Parliament. That grant for different pur-
poses, and the capital of about £2,000,000 sterling, which
represents the operations of the Treasury, are the only sums
in England which are not under the absolute control of the
Legislature of the country. Thus, in the event of an un-
foreseen eventuality occurring, as was the case when the
decision was adopted of paying the funeral of the Duke of
Wellington out of the funds of the State, there is no other
alternative than to convoke the Parliament in order to ob-
tain the money.--Zlivato Orropinikno,

I

(

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1.
i
( ,
•
THE SUN, IONDO
..m.am•mowromairm......•••••••••••=•••••••ran..•••••.. ......... ,
üblic powers the resources of special establish- the Federal Diet was impracticable. Prussia also SHARE MA RIC .E T—(TH I S DAY).
,
meats under the direction of the State have been 4,
1
utilised. The loans negotiated in 1854, 1855, and asked for a speedy decision on her proposal for the
ORDINARY SHARES AND STOCKS.
- 1859 amount to no less than 2,000 millions. creation of a Federal fleet for the defence of the
Paid. Closing Business
0 German coasts. Share I Railways. Price. done.
When the Bank privilege was renewed, the Tree- TURIN, Nov. 14. I ,
t
sury absorbed the 100 million of additional capital . • 1
13.14 'Bir., Wol., and Str. Val.' all 75 8
imposed on that establishment. The Army Dota- - -
D General Carbonell], a Garibaldian general, has 50 ,Belfast and Nor. Conn i all - -
zone to Ca sera in order to present an address to
25
13301Yettl.isainedarT. InnAlid.Co. all 5,1 64
tion Fund, which had received 135 millions, saw all .-,
st Bristol and Exeter
its assets absorbed by the Treasury, which gave in- st Caledonian lOO 105 1055
s Garibaldi from the Neapolitans, praying him not to
scriptions of Rents for them, Lastly, recourse has leave Italy. 10 Carmarthen & Cardigan all - -
1
50 Cork and Bandon all - -
been had to a new mode of loan, the Trentenary The state of the province of Basilicata has im- 20 Cork, Blrock, & Passage all - -
20 Cornwall all 5 6
Obligations, of which 132 millions have been issued proved. I all - -
1A gets no div
this year. 10 Do. A till 6p c.p an.has all - • •
"The public has subscribed to these loans with The brigands have been beaten and dispersed in 10 Do. B been paid to B.
50 Dublin t Belfast Juno. all 41 42
e several encounters. 25 Dun.,Perth,&Ab. Juno. all 104 11
great eagerness, but it would be indulging danger- at East Anglian l9 194
tBERNE, Nov. 14.100 100
54
53 531 i
one illusions to reply indefinitely on the develop-at Eastern Counties
Austria, who, after the loss of Lombardy, posi-
ment of the national credit.
r
" The state of credit ought the more to attract tively refused to bear any portion of the expense of
25st East Suffolk - -
pf st
EasternD
oo N w IJA
nd
ilooa nt
ell '3-E
U stockEl la
1 1436 249
100 91 92
your Majesty's attention from the fact that the situ;- constructing the Bodensee Railway, unexpectedly atfi nrlnbßah&• 1 _ Glasgow. 100 294 30 soa
s tion of the finances preoccupies everybody. In the 10 Forth & ClydeJuncaon 114 —;
...
_-
notified to day to the Federal Government her
s last discussion of the Budget, it was calculated that at Furness
st Glasg. and S. Western lOO 104 106
r the deficits (decouverts), must amount at the end of intention of contributing towards the expenses.
10 GreatNrthn.of Scotland all -
100 1115 1125 111
1. - st Great Northern
the year to nearly 1,010,000,000 f., and that figure THE BOMB AY MAIL. st Do A sock loo 1106 1115 1114
100 130 132
is certainly not exaggerated. The Legislative Body at Do Bdo
st Gt. S. an 1W
to .of Ire'ard 100 103 105
1 The Peninsular and Oriental Steam Navigation
100 701 71 and the Senate have already expressed disquietude at Great Western
Campany have received the following telegram :- st
on the subject. The same sentiment has spread
among the class of business men, all of whom pre "FRIDAY MORNING, Nov. 15. 100 1061 107 i 1061
k
100 57 59
12 I r iPs ho SS
toruVt ha lESaus at
e. rsiti°c. laollo -66 58
- diet and announce a crisis, all the graver from the st Lancashiraned& Iftiloac•kkswhiariel
aat 1:oonnlonri
B glit.,& S. Coast 100 116 118
"The Mooltan left Alexandria on the evening of
at Lon:, Chat., and Dover 100 48 49
circumstance that, following the example of theoo 914 92 921 i
at Lou. Lon & North Western the 12th instant for Southampton.
State, and with an object of amelioration and pro- 25 L'derry & Coleraine -
" The Sultan left Alexandria on the morning of st Lou. & South Western 100 935 945
gress, perhaps too precipitate, departments, towns, 25 L'derry dc Enniskillen. all 10 11
the 13th for Marseilles."
100 46 47
and companies have launched into very considerable ---
st %lan., Shef., & Lincoln.
50 Maryport and Carlisle.
all - -
t expenses. FRANCE. 125 Do I shares all - -
74 5 6
0 Ifetropoli tan
1
Ist llid'and
" The real means of Conjuring away that crisis, is
to act with promptitude and decision, and to remove BOURSE, Nov. 14.-The announcement in the
2.14. 11 Ifp P
6.4.0 s 1 Doc. irm i n cr. 100 101 103
Moniteur of the appointment of M. Fould and the
, & Deiby
the source of the evil by suppressing
the supple- Publication of the documents connected with it, has CO Mid Gt. W. of Ireland
25 Do. 5 shares - - mentary and extraordinary credits. had a very beneficial effect on the market, and
25 Mid Kent - -
"Before forming my opinion and counselling all - -
100 Newcastle and Carlisle
prices have generally improved. Threes, for the 10 Do Cray Line
all - -
l your Majesty to renounce the power of disposing, 10 Newry & Armagh, def. 9 8 6 d
Account, are now at 69f 55c. Railways are also
• ,
'without a previous vote of the Legislative Body, firmer and higher. The following are the last 2s? Newry,Norfolk Warript, &nos. all - -
DO 62 64
100 621 631
• . of theat North British
resources of the State, I have examined quotations :-)
1 ''
97 05 Credit Foncier ....1200 - at Nor.Dev.Rail&Dk.stock 100 - -
st Do A etlr ; A rem no d
what could be the consequences of that aban- 41 per per Cents ... I
! ''- ,
Do end month....
donment, and the sore deeply I have studied the 3 per Cents - _
69 40 Piedmontese Fives 6B 80 st Do B stock lOO - -
question, the more it seems to me that this pre- Do. end month....
29r -
6 55
I=ll
71 - 25 Do, G.N.E. purchase 16.13.1 id p d
; rogative creates grave difficulties to your Majesty CBraeditnk SPlaoraer.... 765 - Spanish Threes _ _ at Do Leeds lOO 575 58 571
at Do York
) without any advantage to compensate them. In Do. Account 767 50; HOME: Debt
,
! - 10 Do
the interior, it is for communes and private per- mOyE y XA.RKET
~iZlT'oratnhdSefirr Staffordshire
I.' 44
14'
sons an encouragement to make demands of all - 4
4.- et Not. Gran. RI. & Canal 100 90 91 901
kinds ; and what means has your Majesty of re- ♦
CITY, Two o'CLocK. 10 Peebles all - -
sisting them, when these demands are the expres- .20 Portsmouth - -
all - -
, The Bank of England return, completed to the 10 Rhymney
; sion of the wishes of the populations, and are
; founded on real wants and authorised by prece- 13th November, is of a satisfactory character.. N. E., Aber. stockloo
ats ;;ccootitish Central
Do Sept. Mid. stock lOO 95 97
) dents l' However, the interest of our finances There is a slight increase in the stock of bullion at
1 Shrews. and Welchpool as - -
) would most frequently require them to be post- and. also in the reserve of notes. The public and st Shropshire Un lo_o 45 46
1(: rotutitiA;oeuvrnane & Sheer. 11,01(1) ii; -39
; poned. private deposits, however, show a falling off, and at
here is also a large diminution in the Government 25
Ugirtaanicte&rnLanc. Ufa,
100
01 -754 i-r-54
76
" With regard to foreign relations, if the power lOO 60 62
of disposing at a given moment and without inter- securities. In the other securities there is little st South Wales
and River Dun 1,,0 94 95
20 -iiTinoreksok.,andWok. all 5 6
mediary cf all the resources of a great nation be a variation of importance. The various items, and at S. ,:_
25 Do l3 75 84 13
criterion of strength, it is assuredly also of danger. present,exhibited '
he changes they are in the sub- 25 Stockton & Darlington all 38 89
25 Do New, 1860 5 5 6 p
• • The apprehensions which it inspires in all its neigh- joined table :-
st Taff Vale. . 100 - —.
Active Circulation . L 20,729,450
.. .. . at Do Pref. No. 1 - -
i . bours obliges them to keep up immense armaments. Decrease .. • • • • • . 43,865 25 ThamesHavenDk&Rail 22 - -
They are only reassured by collecting forces supe- Bullion .. .. .. .. .. 14,362,495 50 Ulster
perior to those by which they fancy themselves
.. Increase .. .. .. .. 10,721 25 Do 2O 26 35
Rest
.. .. .. 3,164,899 12.10 Do
51 1 d 5p
..
; threatened, and which their alarm exaggerates. Increase ..
i.. .. • • 15,801 st Vale of Neath
This fear also is perhaps now the only bond which Public Deposits .. .. . , 3,769,269 10 Victoria sta. and Pim a'l 125 13
st Waterford & Kilkenny 100 - -
•
Decrease .. .. . • • • 411,620
60 Waterford & Limerick. all - - Still unites in one common sentiment the popula- all 51 61
Other Deposits.. .. 20 West Cornwall
tions of Europe, whom their institutions and their Decrease .. .. :: 224,935
.. .. 13, i 90,306
20 West London - -
Seven Day and other Bills .. .. 810,273 10 Do Ist class - - interests would tend to separate. There is no ab- 7,991 20 Do 2d class all - -
Increase .. .. • • • •
at W. Hartlepool Har.&R. 100 - -
900
surd calumny which will not be believed, no Government Securities • . • • 1098129187
at West Midland Oxford 100 48 60
sinister projects which will not find credit among Decrease .. .. -
. • • ,002
st Do Newport 100 45 47 47
Other Securities .. .. .. 16,392,515 at Do Hereford 100 89 90
them.
Decrease .. .. .. • • 68,349
" Your Majesty, by spontaneously relinquishing Notes unemployed .. .. • • 7,477,225 LINES LEASED AT FIXED RENTALS.
Increase .. .. .. .. 197,265
this power-more e.pparent than real, more threat- During the last few days the operations in the Paid Leasing Closing Business
ening than effecttve-would therefore not only re- Railways. . Co. s Price. Done.
Foreign and Colonial Produce Markets have been
store confidence to France, but you would allay the
moderately active. Rather higher rates have been Bedford and Bletchley all Ln. &N.W .. ..
apprehensions of Europe, and remove all pretext for Birkenhead . 100 139.&G.W 54 88
realised for tea while sugars coffee and rice have
94 98
hostile intentions. When it should be seen that • ' - ' ' • . Buckinghamshire.... 100 Do.
53 54
the expenditure of the army and the navy are sub- remained at previous values. Fruit and spices
1. hl Do. 54per cent 100 Do.
Chester & Holyhead.. 100 Do.
122 124
raitted to the regular vote of the Legislature, it have been in more request, and prices have sig y
Do. 5 „ 100 Do.
our'V 1 all E U.&E
would be impossible for any Power to fancy itself
.0 15 1
advanced. In saltpetre a moderate business has Clydesdale Junc'ion 100 Caledon. 101 103
C 1 h t S
been transacted, while cochineal, indigo, and tallow E. „,-ineesoinr'sh.t g 6 prat. 100 G:t.North. 13241346 in danger of a sudden and unforeseen attack ; Go- have slightly advanced. E.Union,HarwichSlis all E,Counts. 4 41
vernnients would no longer be inclined to those o.,43.lberiiidagre...t.. 100
There was less activity in the Liverpool Cotton GlDs.oliarr 100 Calelion :: ::
ruinous struggles which impel them, in mutual Market yesterday, but prices were tolerably well p
Glostero n e&wD eanFo r e s t laolol IC). to ..
.W.. .e.s.t : : •.
rivalry, to military armaments and preparations •; Hull and Selby all Yk.N. Mid 109 all
supported. The sales were about 10,000 bales.
.
the populations would no longer witness the an- Do. halves
nue increase of their burdens, which excites them Lancaster & Carlisle 100 Ln.&N.W 197 200
at the bank of England yesterday. London & Greenwich 100 S. Easters 60 62
against France, and the odium of which it is at-
tempted to throw on the Emperor. All then be- The Bohemian, which sailed yesterday for Port- PoonTiferenae
Pet
& Co lll 'lB'
~ lb.& Southend
land, took. out only. £250 in specie. Lowestoft gua. 4 p c.. 100 Norfolk .. ..
comes easy, security is re-established, resources Do n per cent lOO Do.
tri.,,k Matlock all LNW& M 31 35
are developed, the embarrassments of the present There is very little demand for discount aceom- mac.,B.
situation regulate themselves on suitable conditions, modation to-day, and the rates continue extremely
easy. areian.cße rsatdoefokrd Prefer-
m rkt, BuryEx lOO Midland 94 96
5. 5. 6. E Counts. par i P
and afte r having provided for the exigencies of .
New a
65 57
The half year's interest on Sardinian 5 per Cent. Ngua 5 per cent...
r o th the
arseti,n
rtith.ere is no longer any fear of seeing r... n.ctEaste.sp.c.
'
Do d
. Do. Fixed 5 p. c.... all
all Do.
then!) a, Chilian 43 per Conte., and en Dzamiliohn 45 6 Tror c.c.*. .... -11 - I>.
all Do.
41- N.
all Midland 151 101
" Admit tting, even against all probability, that North Western
and „ per Cents., has been announced for pay- sr Eastn-ITartlepool 1( o N. E. Ber. .. ..
e Preston and Wyre. all kr.,31 .. ..
m nt.
from a sta to of perfect peace Europe should sud-
denly pass tO one of war, the abandonment which u A meeting of the Trust and Loan Company of
D
o. 4 shares A. all Do. ••• • .. .. ..
the Shrewsby & Hereford 100 T Brassey 120 125
Upper Canada will take place on the 29th inst., for Roystn.Hitch.&Shep. 100 Gt. North. 131 133
1 14
Emperor would have made of his prerogative, the declaration of a dividend. Do. Do. -
as far as reglirds the public expenses, would be in
S ehrset lOO Gt. West. 90 92 914
321,
. enpinion =without danger. Which, in fact, has At the half yearly meeting of the London Flour
Company, a dividend at the rate of 8 per cent. per Souths
aSnttAfroormds ire
Wimbledn & Croydon all L.&Brgtn 85 94
be at all fames the Power the soonest ready to annum, and a bonus of 2s. per share, were declared
PREFERENCE SHARES.
France. t o afkg el
at
rh fielli. ? History is there to reply that it is
•
Th.e warlike habits of the nation, its love free of income tax.
The Bank of France return for the month end- Share/
Railways. Paid.( Closing I Business
Prices. Done.
, its confidence in the chief it has given
itself y,
are a sare guarantee that such will be the ins yesterday shows a falling off of £780,000 in
the bullion, of £1,510,000 in the notes, and of
Never has our country remained deaf to the £400,000 in the advances. There is an increase 25 Blgehfe. 'ilsnsaueTlYante2s°.P...c.. all - - first crY of vvar, and it has always surprised its of £1,080,000 in the bills discounted. at Bris. & Exet. 4p. c. st.. 100 - -
20 Do. shares
enemies by the rapidity of its armaments, and theT)--o it:72
sudden
Your and irresistible explosion of its energy. a The Market for English Securities opened buoy-
at
tt
D o. Caledon.
guar. L laoh,
shares,
pa :
N cent.o. 2
10,
..._
._
ntly, and a further improvement of ,-1 per cent.
Majesty• will not have forgotten the immense ll -204 -214
enthusiasm which was displayed on your departure place,but has not been D .Perth, &Aber.Ju
16/ Cirrnknwszaßll.asndpoear,c2tp...
n.c all
all 61 61
took it
all - -
for Italy: You will always find similar enthusiasm,
too 100 102
speculative sales having been effected for the pur- 10at
E.
lasgtaClca,sisasParAef 5
p.
c
and you may bet assured of the loyal and devotedm et Do. Class B 6 per cent no 11r6 llg
pose of realising profits. Consols for money have
at Do. Class C 7 per cent lOO
co-operation of all the great bodies of the State,
the interest of France or thatof been 931,- 94, and are now 931 I, including the
st E. Coon. Ex. 5 lO7 109 109
wheneverdividend. For the account they have receded from et Do
100 123 125
at Do. new 6p.c. st
your
at Eastern Union, 4p. c- Ng 80 82
dynasty may reQuire an extraordinary effort. 92;',, 1,, to 92t, a less the half-year's interest. A
110 112
Sat Mns.&paisg2par.c. shares 100
P.c. No.
21 100 103 108
10
situation, the vote by divisiogn of the servicese of moderate amount of business has been transacted,
and the market presents rather an animated ap- Batt
EDdo.h34.pacr.thgu„tarD. Sa.n&.4up..c
at Furness, 5 per cent lOO -
each Ministry I.as been recommenced—but 11
00 00 87
99
8911
remarked already what result can be expected from
I have pearance. The New Threes are fiat at 911 921;
the Reduced remain at 921, ; Exchequer Bills, 7a.
at Great Northern, sp. c lOO 114 116
Whatat Glas.& S.West. gu. 5 p.c. 100 - -
st D 0.5 p.c.Redm.lop.c.pm. 12 In 112
1 such a measure; if it is to remain isolate P at Do. 45 p. c. do
ifs the has receded to 2301 ; India ditto, to
to 12s. prem. ; ditto, June, 15s. to 19s. prem. ;
all Bank Stock
use of fv.•zing strictly the special object of
the chapters of the Budget, if a decree suffices 224 anti at Do.sp.c.Redrc.atsp.c.pm 100 107 109
100 07 99
ces to
augment the amount of the funds set apart to ' 225; but the New 5 per Cent. is firm at 108 t Gt.G. Nsllll..ok•Wco.t.drsjarnedf.) all - -
4 per cent
106 a -I.
60 Great West. (Berks and
them ? The -vote of the Budget by division wouldHants Ext) 5 per cent
__l
98-
1-0,
994
only Rather more business has beehnowtriannesraecatseeddibnutohye.
at Do. redeem. 44 p. ct leo
present an incomplete guarantee against the • return of the system of acting or the impulse of Foreign Market, and prices s
ancy. Turkish 6 per Cents. are 80+, 81 ; ditto, at Do. redeem. 4p. et lOO 87 89
the 1858, 691 I ; ditto £lOO Bonds have improved to 8 Do. Birm. pref. shares all 94 10
moment, which is the cause of the present em- at It isTte=en.alW 100 101 12
barrassmenta. In a financial point of view such a - 10 Do. Chester 5 p.c. pf. shs all 104 10
change 100 74 76
71-1, 72 ; Italian, to 681- 1 ; and Venezuelan, to 221, 10 Do. Chester 8 p.c. pf. shs all lei 171
at Do. Birm. guar. stock
Would only present very doubtful efficacy, 23t, and 23-:,-; Spanish are firm at olt ; and the
and in a political point of view it would offer grave Certificates, 6i 71,-; Mexican are steady, at 271,
28a-, 281. all 15 154
12361
DDoo.. Chedsoter guar. shares aallll 21g hot
20 Do. do
inconveniences. — . .