Untitled

Press, Volume XI, Issue 1345, 28 February 1867, Page 3

The Effects of Fkee Tuade is Fkance - —The " Moniteur " publishes a report from M. Heutier, President of the Permanent Committee of Commercial Operations to the Council of State, on the labor of the last session applying to the year 1865. One fact pointed out is the large amount of the transactions under the influence of the free action of supply and demand. As regards cereals, for example, facta prove that France tends more and more to become tho regular centre of a vast corn market. Thus it is that England alone figures for two-thirds of the expectations from France, which fact the economists had perfectly foreseen in demanding free trade. The exportation of French ordinary wine has fallen in value 9 per cent, in Russia and England, whilst the fine wines maintain their price. The department of the Gironde, considered alone, has augmented its export 43 per cent. Fruits, vegetables, and eggs have been sent away in considerable quantities, without the price having fallen, which proves an evident increase in the production- The value of the esgs alone was 37,01-8 000 francs agaiust 6.000,000 francs in 1850 ; butter, which at that date was 3,100,000 fruncs, has reached 55,667,000 francs. The depression of about 7 per cent,, which took place in butcher's meat in 1865, cm only bo attributed to the want of forHge, the shqrt supply of grains from the distilleries, and the invasion of the cattle disease, which forced the locality menaced to send their beasts to market at a I sacrifice. An almost doubled production ofsugar has but slightly affected its price. This is again one of the salutary results of a system which permits our neighbors to take our surplus. ! French paper-making appears to be suffering from the difficulty in procuring, at moderate prices as formerly, the rags it used to obtain from abroad. Amongst the substitutes for rags there is one substance which M. Heutier considers will one day play an important part in the arts. This is spartiuin, a aperies of grass, which grows in Spain. An excellent paper is manufactured from it. England already employs considerable quantities, and the French manufacturers, after some decisive trials, are said to be prepared to do the same if an alteration of the tnriffs of the railways and Custom-houses would admit the spartiuin as a vegetable fibre, and not as hemp or this. Ovkeenb, GubneyaND Co. —Messrs Kingscote, Grissell, and Oppenheim, the committee of the supervision in the matter of Overend, Gurney and Co., have issued an earnest circular to the shareholders and depositors, pointing out the ruinous consequences of the pending litigation as regards the realization of the estate, and suggesting that a cordial cooperation of all parties interested would still, on tho basis of a compromise, be the true policy, although every day of delay impairs tho result that might otherwise be attained from it. It is mentioned that the liabilities of the company have been reduced from £19,000,000 "to about £5,000,000, and that " assets to the extent of nearly £1,500,000, unfortunately bearing interest, are now awaiting distribution." Also that so far as the realiza tion of the landed estates of the late firm has proceeded more than the amount at which they were originally estimated has been realized. Messrs. Turquand and Harding, the liquidators of Overend, Gurney and Co. (Limited), have notified a resolution to divide the amount thus far realized from the assets, reserving the amount received in respect of the call until the decision of the Court of Chancery shall have been obtained in the cases now under consideration. *This distribution wi Ibe at the rate of 2s 6d in the £, and but for the pending litigation a dividend of 5s would have been declared. —" Examiner."