London, Tuesday, April 20...
It appears by the letters of Saturday from Paris, that a report was made on that day by t.he Commission appointed for the purpose, on the financial plan for the reduction of the five per cents., and that this report is highly favourable to the Ministerial project, inasmuch as the Commission re- commend its adoption without any amendment. As the whole Chamber are probably as much at the devotion of the Minister as this Commission, a delay of a few days only will take place before the project is passed into a law, and whatever difficulties may seem opposed to its success from its tupopularity with the stockholders, they must give way before a- combination amoag nearly all the leading capitalists of Europe, for such is said to be the support on which M. VILLELE depends. His prin- cipal coadjutors in this country are, we understand, the houses of Messrs. BARING BROTHERS; Messrs. REID, IRVING, and Co.; and Mr. N. M. ROTHSCHILD: in Paris, the house of LAFITTE ; and in Amsterdam, that of HoPE. These five houses are those the French Minister engaged iRs the first instance in the greatest financial undertaking ever conducted by private indivi- duals; and it is their guarantee which he has received, as alluded to in his speech, and on which he has ventured to propose the measure. These gentlemen, in the places where they reside, and through their correspondents in nearly all the cities of Europe, admit the leading capitalists oni equal terms to be sharers with them in the undertaking, which, by these means, has become so generally diffused, Ihat a very large portion of the capital of almost every great European house may be said to be pledged for its success. As soon as the measure has passed the French Legislature, the five houses above-rtentioned will commence receiving assents to the reduction of the interest; and at periods to be hereafter stated, will pay off at par those who dissent. They will also form lists of subscribers, for taking the new 3 per cent. French stock, from the sale of which the find is to be supplied for the payment of the dissentients; and their resources are so great, that they calculate on being able to raise the money, even should the dissentients hold one-half of the French debt. They will have the option of either paying off the holders immediately, or at any pe- riod within two or even thrce years, which they may con- sider most eligible for the purpose, and have, besides the use of their own capital, a promise from the French Minis- ter of a very large issue of Exchequer bills to be placed en- tirely at their disposal. The 3 percent. stock of England being iiow 96, and that of the United States 82, with all the disadvantage of a rate of exchange, causing a loss of 8 per cent. on every diridend remitted, there is little doubt that the new 3 per cent. French stock at 75 will be in very extensivedemand forthepurpose of investnent, and the success of the measure therefore reduced almost to a cer- tainty. The preceding outline of the mode in which the conversion of the French debt is to be effected, is collected from the best information ; the magnitude of the operation renders it at this moment a subject of peculiar interest to capitalists in general. LONDON, TUESDAY, APRIL 20, 1824.