The French loan is now fairly in the market, -with
every pro- mise of success for the operation. The amount, as our readers already know, is 500,000,000 francs, divided into 41 per cents and 3 per cents ; of which the prices are ready-made by the French Government—at 92 francs, and 65 francs 25 centimes, besides al- lowances which would make the price still more favourable to the purchaser. The issue of the securities in comparatively small sums to all applicants enables the loan to be taken up throughout 'the whole country and in foreign countries at the same time; and on the face of the bargain the terms are so advantageous as to -warrant the expectation that the subscription will, as before, ex- ceed the amount required. No sooner were the terms known on this side, than the calculations rose as to the amount which would be taken here. It will be very considerable. The effect is seen in a slight depression of the English Funds, chiefly because speculation -turns into the French channel. We do not attach very great importance to the backward look of the last Board of Trade returns, because, although the recent decline of ex- posts is considerable, (1,856,988/.,) yet it refers only to one month, And the general tendency of the past year was to maintain com- merce on a scale similar to that of 1853. The statistics of one r.lonth by no means reverse the general character of the year. The nature of the imports proves that the consuming class still retains 'a considerable and equably-diffused capacity for comfort ; and the Revenue-tables show that the sources of public income are undi- minished.
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