aking loans guaranteed and payable by the Spanish Treasuries.

About the end of July 1805 the embarrassment which sometime before had
begun to be felt in the finances of Europe was alarmingly augmented.
Under these circumstances it was obviously the interest of Ouvrard to
procure payment as soon as possible of the 32,000,000 which he had
advanced for Spain to the French Treasury. He therefore redoubled his
efforts to bring his negotiation to a favourable issue, and at last
succeeded in getting a deed of partnership between himself and Charles
IV. which contained the following stipulation:--"Ouvrard and Company are
authorised to introduce into the ports of the New World every kind of
merchandise and production necessary for the consumption of those
countries, and to export from the Spanish Colonies, during the
continuance of the war with England; all the productions and all specie
derivable from them." This treaty was only to be in force during the war
with England, and it was stipulated that the profits arising from the
transactions of the Company should be equally divided between Charles IV.
and the rest of the Company; that is to say, one-half to the King and the
other half to his partners.

The consequences of this extraordinary partnership between a King and a
private individual remain to be stated. On the signing of the deed
Ouvrard received drafts from the Treasury of Madrid to the extent of
52,500,000 piastres; making 262,500,000 francs; but the piastres were to
be brought from America, while the terms of the treaty required that the
urgent wants of the Spanish Government should be immediately supplied,
and, above all, the progress of the famine checked. To accomplish this
object fresh advances to an enormous amount were necessary, for M.
Ouvrard had to begin by furnishing 2,000,000 of quintals of grain at the
rate of 26 francs the quintal. Besides all this, before he could realise
a profit and be reimbursed for the advances he had made to the Treasury
of Paris, he had to get the piastres conveyed from America to Europe.
After some difficulty the English Government consented to facilitate the
execution of the transaction by furnishing four frigates for the
conveyance of the piastres.

Ouvrard had scarcely completed the outline of his extraordinary
enterprise when the Emperor suddenly broke up his camp at Boulogne to
march to Germany. It will readily be conceived that Ouvrard's interests
then imperatively requir