The great model joint-stock company of France has put forth
a splendid proof of gigantic success, in the report of its transac-: tions for the past year. The Societe de Credit Mobilier is among. joint-stock companies what the house of Rothschild is among in- dividual capitalists : it lays out railways, and assists Austria to carry on her groat public works ; it establishes branches, or guarantees aids to similar societies, in Spain, Italy, Germany, and even France ; it plays nurse to a Bank of Darmstadt, a Rivoli company, a Mining project in the Loire, and a General Shipping Company for France ; these being only a few of the projects that it has initiated or adopted. It purchased 250,000,000 francs of the last French loan, negotiated subscriptions of 375,000,000 francs more, and afterwards bought up 600,000 francs rentes ; and in its newly-issued report it makes a patriotic merit of not having realized the profit on the loan by Selling the stock, which it has kept. Yet, although it mingles statesman- ship with stockbroking, the society, possessing a fixed capital of 600,000,000 francs, or 2,400,0001., has made a net profit of 977,0001. Is not this a wonderful display of commercial power, and a splendid example of success ? It is indeed an example powerful enough to counteract all that the Government has been doing, and perhaps all that the Govern- ment contemplates, for the purpose of checking the excessive spe- culation in Paris and in the country towns of France. The Credit 1Sobilier of November 1852, copied from the Credit Foncier of February 1852, has become itself- the great model for a large number of copyists, among which Imperial Austria has not dis- dained to figure. It can lend assistance, distribute funds, di- vide profits, create fortunes, influence statesmen, and sway states. Its profits are made out of the enormous floating capital that is continually passing to and fro through its hands. It looks as if this suddenly and in part artificially-created joint-stock company of France had already acquired dimensions too vast, and an action too powerful, to be kept in restrikat by the Govern-
meat, notwithstanding the disastrous risks which a dispropor- tioned speculation entails:
