The plan of the French Railway campaign for 1857 is
laid before the public. In the ensuing twelvemonth, the companies, assisted by the Government, will be permitted to spend 14,320,0001. upon an extension of 600 miles, chiefly on the Northern Railway system and the Dauphiny lines. This an- nouncement is at once a reassurance and a check to the expect- ations of the railway public. The railway people themselves have calculated that they cannot do without a larger expendi- ture ; while the state of the money-market, and a certain degree of discredit into which speculation had fallen, had raised a doubt whether any such sum would be forthcoming. M. Rouher calcu- lates that the distress caused by a scarcity of food has ceased to be general ; that the last instalments of the Government loan will be paid in February next ; and that the accumulated savings of the community will then be available for railway capital. It is quite in accordance with the French system of finance to calcu- late prospectively ; and we may learn hereafter that some claims which are not yet foreseen will have to be charged upon the same accumulated savings of the French people. The important point, however, is, that the Government, which undertakes so much responsibility in all directions, is prepared to sanction a railway expenditure to the extent stated. The announcement is evidently intended to serve other purposes besides those of guidance for railway enterprise. The Government has done its best to check the export of capital for investment in Russia and other countries beyond France ; it has now accompanied that dis- couragement by the offer of legitimate enterprise at home. That the announcement has answered its purpose in this respect, is shown by the beneficial influence which it has had upon the money-market. The scheme also is an assurance that a certain number of the working classes will be provided with employment ; it thus engages an army of labourers in favour of the existing system, and so far counteracts the effect of diminished employ- ment and scarcity in creating discontent among the working classes.
The move has been successful notwithstanding the obvious fact that it will call for an advance of 8,500,0001., which the companies will be authorized to raise, apparently either upon new shares or loan. Will the money be forthcoming ? Money has been found in still larger amounts for the same purpose during the last two years, in the course of which the actual outlay upon railway construction was 38,640,0001. Although some embar- rassment has been caused by stockjobbing abroad, there is no reason to suppose that France is poorer. The railways will cer- tainly call forth additional resources ; and, no doubt, the promise of new concessions for 1857 is regarded as a cheek and safe- guard against the exportation of capital and more unsecured spe- culation abroad.
