The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-09-10
The Bouyse and Mouev Market

The Bourse and Money Market.
The past week has been full of incidents, and, it
must be admitted Of incidents of the highest i'm
portance.
As have already informed you the treasury loa MS
and savings banks deposits, to be converted into
stock. The former amounted to 246 millions and the
latter to $50 millions Besides these the amount of
that portion of the new loan which all the install
ments have been paid up in advance, and which has
been issued to the subscribers. amounts to SO millions
With all these, it was apprehended that the curse
would be inundated with stock and that conseq
an immense fall would take place but whether that
confidence is more established or that the holders of
stock retain it until prices advance it is certain that
comparatively little Of these amounts have found
their way to the Bourse where there not than
the usual quantity Of floating stock.
We may congratulate ourselves this RESULT
Republic Beides it is not without reason that conf.
dence is somewhat restored commercial affairs are
beginning to look up some considerable orders have
been received by manufacturing and commercial
houses in Paris and every thing authorizes hope
that the forthcoming winter may not be disastrous
some pessimists have predicted.
The question Of armed Intervention in Italy is
one those which has occupied very seriously the
attention of the Dourse this week. and very
Charles Albert may be considered to have been
completely defeated. shall examine the question
solely in q financial point of view.
The general feeling in Europe since the revolution
of February, will not allow US to suppose that war
with Austria would not induce European confsgra-
ton We cannot but see that there are now two par
ties-the liberals, who have all rallied round, II not
actually at least morally the banner of February and
the absoutsts who xousy watch every opportunity
and would adopt every to regain the power tina
they have lost. AS DESTROYS to abstain from
carrying out propagandism our policy is clearly to en-
deavour to maintain peace with all other nations,
less be compelled to assist any nation in preventing
the independence she has conquered from being
ed from her. This is as nearly may be our stu
and it would, in effect, be to do-if aid Italy
in driving the Austrians out Of Lombardy. should
then have as We had in 1898, with all Europe To
support the expenses of this must augment our
expenditures, whilst with decreasing and
nufactures, income would be materially diminished
In the state Of our we could not hope
lures and decreased income; we must then find funds
in some other manner. Taxation would give no.
leaves with q considerable deficit, and could
find no means of extraordinary taxation. By loan
could do nothing since, If we have even been obliged
to contract loan on advantageous terms, the
terms would be ruinous If loan not altogether
impracticable, in of war. A forced loan would
avail little, may be known by the financial
dtion of France for the last three years Our only
then would be the issuing of assgnats and the
consequences Of this would be too evidently deorable
to be seriously entertained for moment All these
sonp have been held at the Bourse therefore
idea Of armed Intervention is not considered In the
it will not be undertaken BOUNDED the good
of the executive power and the national assembly, L.,
therefore, generally entertained at the Bourse.-
Reports, too, of an understa ndng having been
to between England and France, for diplomatic in
terventon have much tended the fears that
were ut first held on this subject.
The proceedings in the assembly, during the last
week, have had their influence on the market. do
not allude to the proposition of M. Prudhom, so sue
cessfuly secuted by M Thiers-t Is altogether too alb
eurd engage any serious attention and too extrava
CANT to occasion any alarm; but the misu derstand
ings between the COMMITTEES of finances and the min
lister the subjec Of the tax mortgages the with
drawsl by the minister Of that project and the
nouncement Of an intended income tax, have excited
much discussion at the Bourse As this last tax could
press funded property 1t has been of the
heaviness Of prices.
The report Of the committee on the has
prO ncehQ nfi0ui in tha Of lint ma
fears of any sinister consequences seriously enter
tanned, since the large military force in and about
Paris and the determined attitude Of the government
considered to be sufficient guaranty Of order and
ira Dquility.
The situation Of England as to Ireland is now con-
sdered perfectly safe and the specuations that
hazarded last week. in opinion rs to the influence Of
that question on the English funds, and BY conse-
quence at our Bourse, by bringing back again into
France much of the capital that has lately found its
| way to England are, therefore, at an end
The treasury bons and the bank shares following
nearly the variations in the funds need not be part
oulariy sdverted to- The bank is decidedly, shown
by its last weekly balance sheet In better position
than the 9th July regards its bullion Its
in circulation the treasury account and the protested
| bills.
AS to railways, there is nothing new The sanot on
of the project Of law to the repupchase by govern
ment Of the Lyons railway and the liquidation Of the
debt to the State due by the North by bonds to b.
no% waited
will be simultaneous with the repurchase Of the Lyon
railway and will furnish the minister with the
Of meeting the liabilities on the Lyon railway Th
double arrangement must have favorable inhuenc,
on the market, as the hand 1t will the
cessity Of calling for large amount for the Lyon ant
will save the shareholders of the North from very
heavy calls all which capital thus freed must find IL
| way in,o the market.
The present financial position Of France is thus In
| incidently described by Nj Goudchaux, the ministe
| Of finance, on the debate the tax on mortgages
| in which 1t was suggested to him to lay a tax SOM
other description OF property -" loureproach me fo
not having selected land and house property They
all rusned. where could l. then, look Has not al
manner Of other property be. deprecated by the
| volution Could address mytef to the commerc cha
| and manufacturing classes? They have already beer
taxed to the amount of fortyfye confines additions
| tax. To the shares in public undertakings You
| know their Situation. TO the FUNDS Before the re
| yolution they we're 120-they are now at IL 10 the
| rich banking houses? Where ere they Nave they
eli JsspJ caredy Where Is the bill OF loco francs
made b,foie the 24tn February, thas Is nov good ~