London, Monday, May 3, 18...
W c reccived last night the Fren-'k papers of FridaY. They are entirely filled with the proceedings of the Chamber of Deputics on Thursday, respecting the project of law for the reduction of the rentes. On Wednesday, the general discussion, or the debate on the principle of the measure, had dosed. On Thursday, the Reporter of the Commission, appointed in the first instance to examine the prc- posed law, made his report, and adhered in all essential articles to the Mlinisterial project. Then came the time for discussing the se- parate articles of the proposidon, and proposing such anmendments as each Meember should think advisable. These amendments were various, and werc supported with considesable plausibility. One Deputy proposed, that instead of creating a three per cent. stock, and reducing the charge ot the public debt by giving it to the- fundholder at 75, the Government should be authorized to create a 4,A per centL stock, and to convert the existing debt into it at part, with a security against repayment for a certain time. This.amer'l._ ment was rejected. Another modificaticn of the liNnisterial r.r0 ject is important, as it was substantially received by )1.. DE VILLELE, and is likely to be adopted as a part of the '.aw. It consists in enabling the Government to allow the fur dholder to convert his 5per cent. stock into a new 4 per cent' stocklat par, with a security against repayment for six years, or tsll January, 1830, This amendment was psoposetl by M- LEROY. As adopted and modified by 4M. DE V1LLELE, it does not necessarily alter his original project, as its eftect Will merely be to give another option to the ftindholder irn atldition to the alter- native of accepting a three per cent. stQok at 75, or the reimburse- ment of his capital. Under the law as thus changed, the holder of ,he present five per cent. stock will have it in his power to accept of a four-per ccnt., irredeemable till 1830. with the additional advan- tage of retaining his present rate of interest till January, 1826; or to accept a three per cent, stock at 70, on condition of having his in- terestreduced next September, or finally to be paid off at par. As this amendmerut seemed to the Chamber to be import. nt, its adop- tion was deferred till it should be examined bv a commission, and the wording of it adapted to the other parts of the law. On this the Chamnher adjourned. Therc is no other intelligence in these papers, either political or otherwise. FitEwCrT FUN-Ds.-PAnis, April 30.-Five per Cents. opened at 103. 85.; closed at 103. 50., Bwnk Stock, 1,980.; Neapolitar. five per cent., in ducats, 95.;* Rentes d'Espagne, 15. ; Royal Spanish Loan, 1823, 62.. Exchange on LIondon, one montls, 25. 15.: threc ditto, 25.-C'ours A uthentique. LOXDOQN, MOONDAY, MAY 3, 1824.