THE UNION GENERALE.

Waikato Times, Volume XVIII, Issue 1528, 20 April 1882, Page 4

THE UNION GEN ER ALE.

The great excitement of the past fortnight in Paris has been the suspension of the Union Generale, followed by a more acute development of the financial crisis and by the exportation of gold fiom this country to France, which lias sent the bank rate of interest up to 6 per cent. M. Bontoux, the Director of the Union Generale — who, together withM. Fedher, the manager of the Society, has since been arrested — attempted to stop the run upon it by securing the help of the great banks of Vienna, which has been for some time a chief centre of his financial operations. On his recent return from the Austrian capital he announced that 17,000,000 fiaucs would shortly be forthcoming ; the promise was not fulfilled, and hence the crash. M. Bontoux had founded more than one great bank in Vienna, and had acquired there unprecedented commercial and political influence. •He had undertaken the construction of a raiLway .from Fcsth to Semlin, of several Bohemian and Galician i ail ways, and of certain Servian lines which were to establish a connection between the railways of Hungary and Turkey. The total of Austrian capital involved in the scheme of M. Bontoux was estimated at not less than sterling : it is now doubtful whether these projects can be executed, and the leading members of the Catholic party in Austria as well as in France have suffered severely. The Servian Finance Minister has gone to Paris to endeavour to negotiate for the continuance of the Servian railway work. The Comte de Chambord is said to have lost several millions of francs as the result of his confidence in M. Bontoux. Many of the best known Legitimists and denizens of the Faubourg bt. Germain have sustained losses scarcely less severe. Thousands of the French bourgeoisie and peasantry, who, acting on the advice of their priests, had invested in the Union Generale., are ruined, or have narrowly escaped beingruined. There is apparently more than enough to justify the legal proceedings commenced against the Union Generale ; its strongboxes on examination have proved to be empty, its reserve capital is only repreesented by 50,000 shares, whose value has sunk to zero. At the • very moment when M. Bontoux stated that his profits amounted to 57,000,000 of francs, there existed, it is alleged, a deficit of 96,000,000. In November last 10,000 new shares were issued at a premium of 350 francs. The 125 francs paid for original shares were fetching 2500 franes,and even a month ago 500-tianc shares were worth more than 3000 francs. — Koine Newb.

He came home late the other night, his his wife woke up and found him with a burning match tt-ying to light the tap over the marble basin in his dressingroom. 'James,' she said, 'That is not the gas burner.' 'I know it now my love,' ho replied, unsteadily ; 'fact is, I've been overworked, and tha's reason made mistake. 'Yes, you look as if you had been lifting a good deal,' she quietly answered, as she returned to her. pillow.