Morning Herald

The only item of French news of any interest, relates to the financial operation of reducing the interest of the 5 per cents. The report of the committee on the projected conversion of the 5 per cents, had not yet been presented to the Chamber, but it was known that they had agreed on the fundamental principles of the bill. The Siècle gives some particulars of the amendment or new proposition intended to be laid before the Chamber by M. Lafitte, from which it appears that he suggests the conversion of the 5 per cents into stock bearing interest at 3 per cent per annum, or into stock at 3 per cent per annum—the former to be given to the present holders of 5 per cents at 87½; the latter (which he considers would be the more preferable) to be given at 75. The opinion on the Bourse of Paris on Wednesday, was nevertheless that the conversion would not take place. The coupons were detached on that day, notwithstanding which the stock so reduced by the amount of the dividend rose to 107f. 60c., a price which, under the circumstances, will appear extraordinary.