THE FRENCH LOAN.

Westport Times, Volume V, Issue 866, 26 September 1871, Page 3

THE FRENCH LOAN.

The success of the French loan has exceeded all expectation. The subcriptions amounted to 4,800,000,000 francs, or more than double the sum asked for. Paris subscribed 2 milliards 500 millions ; the provinces 1 milliard 200 millions, and foreign countries 1 milliard 100 millions. This great success is mainly owing to the patriotism and the hoarded wealth of the French nation. They have been long known to be of a most saving and almost penurious disposition. They have money, and they are ready to lend it tc their government, and it is a curious circumstance that tho deposit made in Paris, upon the application for the loan consisted principally of gold, the notes prsented being compartivoly few. It was thought that the financial errors of M. Thiers would hsve alienated subscribers —the principles of finance, however, are not scrutinised very closely by subscribers to loans in any country; they have neither tho time nor the necessary education for the purpose. The " Economist" says " Two consequences of considerable importance may be expected to occur to England from tlio present state of things to the money market. We can no longer anticipate a rise in the value of money from the French loan; on the contrary, new money which has never been on the market before will be extracted from the French provincial hoards, and this will tend to reduce the rate of interest; and the Gretmans are using the money to pay off their debt, which takes a security out of the market and again tends, by lessening the demand, to decrease the value of money.