The Sun.
London, England, 1857-05-01 00:00:00

THE • C:Rg WT MOBILIER OP FRANCE.

The General Meeting of the shareholders of this
Company was held at Paris on the 28th of April ;
M. Isaac Pereire in the chair. The meeting being
declared duly constituted, the President rose and
read the report :
" It commenced by declaring that the difficulties
experienced in the money-market during the past
year had naturally restricted, in a considerable
degree, the operations' of the Company. During
the years 1853, 1851, and 1855, its duty bad been,
in the midst of war and scarcity of food, to encou-
rage the industrial development of the country ; but
ie1856, owing to the immense impulse given to all
kinds of enterprises, when peace set in, its task was
rather to restrain tm to urge forward. Besides,
the note inserted in the Moniteur on the 9th of
Marcb, 1856, showed that the wish of the Govern-
ment was to limit in a very decided manner the
issue of all new securiies. Still the company had
vary materially aidod in forwarding useful works,
and in enabling the country t ) support the mone-
tary crisis which broke out towards the end of
1856. It subscribed fi r 250,000,000 f. (10,000,0000
to the Government ;o3ri of 750,000,000 f.; the pur-
chases of rente made by it to support the public

funds amounted to 1,849,816 f., representing a
capital of 40,000,000 f. (1,600,0001.), the greater
portion of which stock the company was still pos-
sessed of ; the sums which ithad supplied to the mar!.
ket at each settlement of the ace )unt, to facilitate the
carrying over of rents, might be judged of by the
fact that on one occasion it amounted to 95,000000 f.
(3,800,0001.), and that the average was 44,000,0001.
(1,760,0001) ; in addition, it gave similar accom-
modation to railway securities, on one occaeion to
the extent of 29,000,000 f. (1,160,0001.), and the
average being 15,000,000 f. (600,0000 for every
fortnight ; in fact, the total of all such sums fur-
nished in 1856 was not less than 703,000,000 f.
(28,120,0001.) ; and when at last the restrictive
measures of the Banks of England and of France
led to a crisis in the Mcn-y-market, the Credit
Mobilier tended not a little to facilitate the transi-
tion, towards easier times.
When the moment of difficulty arrived (says the
le port) the Credit Mobilier not only did not diminish
the credits which it was accustomed to make to rail-
way enterprises, but even augmented then 3;
nay, more, it offered offi:ially two th!egs
"Ist, t'3 purchase with the co-operation
of several foreien houses, the rents which
the Bank of France possessed, so as to
furnish that establishment with the means of effi-
caciously augmenting its metallic reserve, and of
continuing its advances on rents and railway shares;
and, 2d, to provide for the wants of all the railway
e
companies by subscribing to the extent °I
300,000,000 f. (12,000,0001.) for the loans whit];
they had to issue in 1857, the Credit Mobilier and
its di, ectors declaring that they were ready to en"
gage themselves personally for that purpose for the
amount of 200,000,000 f. if tho remainder of
100,000,000 f. was sub-cribed for the other banking
houses. These two propositibns remained without
result, and the Credit Mobilier being forced
to renounce every cembined measure was obliged
to confine itself to providing for the want°
of the companies whose Lusiness it was in tb°
habit of transacting ; but it had formed a correct
judgment of the situation, and the sole fact of it°
having made the propoaition alluded to contributed
in no small degree to calm dower disquietude,
strengthen public feeling, and to demonstrate that.
unfounded terrors had been too easily given veil
to. The crisis, although conjured away, had n!"
less the effect of reducing in a very striking manne,',
the profits on which the company thought itself
entitled to reckon in consequence of the situln°
amelioration of credit."
The report then touches on the several enterprises
which the company had aimed at carrying out 03
its own account, and states that of its railway PrT.
jests that of Grenoble to Sr. Ilambert, towaso-4
Lyons and Valence, had been sanctioned by 1030.:
rial decree in March, 1857. The Transatlantl"
packets still rema,ned undecided, but there wag
every relsou to believe that the question would b°
berore long settled in a manner to satisfy all tb°
interests involved in it ; and the company bade is.;
tiblished a regular intercourse with the Ore°
Mobilier of Spain, and would take part in the con"
struction of the Spanish railways. The report theli
speaks of the insufficiency of the capital of Vie
Bank of Franca for the vastly increased business
of the country, and then examines the question 0,
how i s capital could best be doubled in ore
l
to meet -its enlarged sphere of action, and ll
elates that when the proper time arrives it 11,1
give the preference to bonds of short date. 11°
r port then touches ou the financial situation
of tLe company. Its movement of cash duriog
7
yearhaciamountedto3,oBs,l9s,l76f.(l23,4o7,Boll
12
its account-cieerent with the Bank, 1,216,686,2711
(48,667,4511.) ; j e company had received paYmen
on 1,455,264 railway .'hares and bonds, produel
160,976,590 f. (6,439,06i'.) and had paid, eit%
for itself or f r other conipuies, on 4,986)3r,
coupons of shares and bonds. The total of
th
profits of the year was 15,249,g'31f. (609,99914;
which would give a dividend of 115 f. per share, '3'
23 per cent. for the year 1846. re'
The meeting then gave its approval to then°
port, and adopted the dividend proposed. ""
proceedings then terminated.

The New Speaker has, appointed the Hon. Ge°l:4,,:
Waldegrave as his Secretary, the Rev. Thomas Gersh"d
as his Chaplain, Mr. G. K. Rickards as 1114 Counsels/I
Examiner of Election Recognisances, Mr. Robert
as his Trainbearer.—Mr. R. Beckerson, for many
yea
the Inspector of Police attending the House of Corun3°°;,
has been promoted for his efficient services to be SuPiehe
intendent of the L Division, and Inspector Bray, of
"-
A Division, is appointed in his place.
The trawler books at the Bank will be closed to,411:,
for the half-yearly balance, and it is a holiday at "-
Stock-Exchange. ' Up ae.
Mr. Bright, ex-M.P., is at present at Turin.
count of his peace principles he is not generally poP-
in Sardinia. ted
It is said that about 55,0001., sovereigns, are esllecthe
from the East during the next; fortnight through
"
Ottoman Bank and the Bank of Egypt. » are
" The Emperor and Empress," says the Patric',
expected to visit Compiegne on the 15th or 16t off, -041/0
with the King of Bavaria. Their Majesties wil 1
said, remain there for a week.
Accounts from Venice state that the Count de Chligno.
bore, during his stay is that city, has been lvi.l3togro,
very retired life, Re received fewer foreign 'il,. to
particular French, than during his previous vi'"
Ital
On
00'
y Tuesday afternoon, Lord Loughborough boats of
tertained at a public dinner at Cupar by a large for
gentlemen who supported him in ~:erecent canvaii to
the eanuty of Fife. AbOut 500 gentlemen sat dovi°
dinner.. 0 in'
A deputation respecting Smithfield marketbsd:rclay,
terview with the Cba,icellor of the Exchequer yea" dept.r-
at his official residence in Downing-street. rhe PO'
Cation consisted of Mr. H. L. Taylor (chairnit!l'o par.
Deputy Holt, Mr. De Jersey, Mr, Deputy 11'cl°' et
Ross, the City Remembrancer, and the City Architehore
It is stated that up to the present time theVsessts'
been scarcely any English applications made toe deo'
Baring for the shares of the R At Am
railway try •
tatton nominally remains at to premium. atocc
sterdam, the market where Russian securides are
popular, they are extremely heavy at premioe'.l.-roicl‘
Signor Saffi, the ex-Triumvir of Rome, visited
ought
and delivered a ie :ture on "Italy as it is and `sit ,11 fool
to be," on Monday last.. Gay flags were disPlaro,, the
the factories and other buildings in the town duo.
_L4
14.
hay, and Signor Seth was met by a procession,
h arra
by a band.-.be
ARRIVAL FROM NEW YORK.— We learn by
rtobrofttist Net
last " nOP
steam
-ship
01 Telegraph,aihes
Manchester, with
L i v edraptoe
so 1
db a
York to theApil, 'was cif the port
as
9 o'clock. The mails would be landed as 000`"
sible, •