It is affirmed that the financial difficulties in the way
of M. de Lesseps are for the present at an end. The Republican Government, in view of the discredit which a crash would bring upon French enterprise, and of the great secession of strength it would bring to the Boulangists, has permitted the Cridit Foncier, a semi-official institution, to take up the two- thirds of the Lottery Loan which the public has not subscribed. At the same time, it has demanded that the payment of 5 per cent. now guaranteed to shareholders previous to the completion of the works should be suspended. The exact authenticity of this story has not yet been con- firmed ; but it appears to be true that the unsubscribed portion of the loan is to be reissued at a price above market value. That means that it has been " taken solid" by some combination, and no syndicate whatever would take it without assistance of some sort from the Treasury. It has always been expected that the troubles of the Canal Company would end in this way ; and, of course, if the Government of France chooses to cut the Canal, it can. The burden upon the finances will, however, be serious, for the Republican Party in the American Union will now be more eager than ever to cut their alternative waterway. The great restraint upon them hitherto has been their hope that they might some day buy out M. de Lesseps's shareholders and the half-completed works.
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