France is still wealthy. The peasantry and the tradesmen save
in spite of the hard times, and in their distrust of other securities, and inability to employ their money, are eager-for Government Bonds. The new loan of twenty millions sterling, opened by the French Treasury on Wednesday, has, therefore, been eagerly taken up. The applications exceeded four hundred millions, and the actual sum deposited is so greatly in excess of the whole loan, that the return of the surplus has been felt in all money markets. The loan is at 3 per cent., and the price was a fraction under 80. The Chamber will now regret that it did not raise the whole sum of £40,000,000 required to pay off the most pressing portion of the Floating Debt, and the obligations to the great Service Funds and Savings Banks. The Treasury requires £60,000,000 to be clear, and as the deficit is not cured, and the Chamber will begin spending again, the financial danger is only averted for a year or two. The Ministry is afraid to make serious reductione, and the Deputies are not inclined.
Previous page
