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FRANCE.

the same twelve years from 1,513 to 2,287 millions of francs. With the exception of 1855, when the revenue was raised high above the average by special means, there was not a year without a large deficit. To cover the ever recurring financial deficits, the Imperial Govern- ment, between the years 1854 and 1868, procured a series of loans, six in number, in sums, as to nominal capital, varying between 250 and 750 millions of francs, or 10,000,000/. and 30,000,000/. sterling. These loans were raised on a new principle, which proved highly successful, that of borrowing, not from a few large banking houses acting as agents, but directly from the people, or the mass of small capitalists, both in France and other countries. The following state- ment gives the nominal capital, rate of issue, capital subscribed for, and number of subscribers of the six loans : —

Date of loans

First loan, March 14, 1854.

Second loan. Jan. 3, 1855. Third loan, July 18, 1855. Fourth loan, May 7, 1859. Fifth loan, Jan. 12, 1864.

Nominal capital

P3"

Francs 250,000,000 500,000.000 750,000,000 ! 65 25 92 500,000,000160 50 90

f.

65 25 92 50

65 25 92

Capital sub- scribed for

300,000,00066 30 —

Sixth loan, Aug. 2, 1868. 450,000,000 69 25 — 15,151,890,210

Francs 468,315,400 2,198.356,170 3,652,724,125 2,509,639,193 4,847,000,000

Number \ of sub- scribers

99,224, 180,480' 316,976 690,230! 542,061: 781,292

The funded debt of France increased in the following proportions during the sixteen years from 1853 to the end of 1869 : —

Year, Dec. 31

Capital of debt

Capital of debt

Francs

£

1852

5,516,194,600

220,647,784

1853

5,577,504.587

223,100,183

1854

5,669,655,012

226,786,201

1855

6,082,877,852

243,315,114

1856

7,558,040,822

302,321,633

1857

8,031,992,466

321,279,698

1858

8,422,096,777

336,883,871

1859

8,593,288,155

343,731,526

1860

9,334,012,006

373,360,481

1861

9,719,176,913

388,767,076

1862

9,924,874,218

396,994,968

1863

12,080,235,183

483,209,404

1S64

12,315,946,794

492.637,872

1865

12,818,376,504

512,735.060

1866

13,157,923,671

526,317,347

1867

13,520,132,639

540,805,305

1868

13,831,723,110

553,268,928

1869

14,263,479,355

570,539,174