6 4
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
