Although we heard some whispers that there would be an
op- position to the new commercial policy in France, the murmurs seem to have died in their birth ; and the explicit declarations, particularly from the commercial towns, are decidedly and heartily in favour of the new policy.
Indeed its success appears to be established upon the data both of existing finance and of commercial prospects. The pre- sent state of French finance is extremely. healthy. The annual report of M. Magne, the Finance Minister, shows a constant reduction of the floating debt resulting from accumulated deficits of past years. The amount of Treasury bills is reduced to little more than one-third of the amount in 1858; while the interest is lowered from 4 to 21 per cent. A constant increase in pro- duction is reported, both of the direct and the indirect taxes, notwithstanding the disturbances arising from war and from natural calamities ; until the increase within the reign of the Emperor, exclusive of new taxes, amounts to considerably more than 10,000,0001. sterling. The special commerce of France within the same period has increased to the extent of about 80 per oent ; the money circulation is augmented by about 60,000,0001. sterling, the difference between the imports and exports of the precious metals ; and the Bank of France is pro- vided with a metallic reserve of 22,000,0001. sterling. And the Finance Minister reports that the public departments are active and useful in cooperating to realize the Emperor's views. The immense success of the last open, loan showed, not only the elasticity of the resourses in France but the stimulus given by the imperial policy to the enterprise and commercial energy of the French people ; and the new policy, while it is initiated with many precautions to secure the French against the incon- veniences of any sudden change, opens a vast field for the de- velopment of the same enterprize and energy. This seems to be understood, not only amongst the public, but amongst the officials in France ; a truly important matter iIi that extremely official country.
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