The Express.
London, England, 1852-06-16 00:00:00

effected satisfactorily. The principal alteration in
pries was is Amps Ayrean Bonds, which uses trans-
acted at 79, or fit higher than yesterday. This
rise is attributable to the satisfaction felt
at the firm position which the new government of the
Republic appears to have already attained. Other
stocks are generally firm. Mexican Bonds are still
creeping up, the exposure of the late attempt at dis-
seminating false intelligence having a good effect.
The present period is regarded by the bondholders as
one of peculiar importance, as they are in hopes that
the measures which their committee and agent are
now pressing upon the earnest attention of the Mexi-
can government, will be attended with the satisfac-
tory result of securing the regular payment of,
the dividend. To-day's sales are thus stated:—
Austrian Five per Cent. Scrip, 24, 24 prem. Bel-
gian Four-and-a-Half per Cents., 95, 941. Brazilian
Old Five per Cents., 1014. Buenos Ayres Six per
Cents., 79. Dutch Two-and-a-Half per Cents., 614 ;
ditto Four per Cent. Certifs.' 06. Granada One-
and-a:Half per Cent. ex. Dec., 1849, coupon, 22;
ditto Deferred, 94. Mexican Old Bonds, 31; ; ditto
New Three per Cents., 251, 4. Portuguese Four per
Cents., 37/. Russian Five per Cents., 117; ditto
Four-and-a-Half per Cents., 105. Sardinian Five
per Cents., 94t, 04, 4. Spanish Passive Bonds, 51,.
Venezuelan Actives, 41.
_

The rush of American companies and loan pro-
jectors into this market appears to have fairly com-
menced. In addition to the several United States
railway and loan schemes already before the public,
notice was to-day issued from the " office of the
Commissioners of the Consolidated Debt of New Or-
leans," that they are desirous of receiving proposals
at New York for a loan of two millions of dollars
(400,00014 in 2,000 bonds of 1,000 dollars each,
bearing six per cent. interest. English readers may
perhaps require reminding that it is only since Fe.
bruary in the.preuent year that there has been any
such " office for the " consolidated debt" of the
city, as previous to that period the three municipali-
ties of New Oilcans acted with perfect independ-
ence of each other, each regulating the issue of its
own debt and meeting the accruing liabilities. Indeed
only last year the question of the reunion of the
municipalities, which cf course involved the consoli-
dation of the entire debt, was formally brought to
the decision of the ballot, and was rejected by the
citizens. The authority under which the present
loan is brought out is an act of the legislature of the
State of Louisiana, but intending subscribers will do
well to look narrowly to the nature of the security
offered, as the votes on money questions of legislative
and other bodies in some of the southern and western
states of the Union have occasionally exhibited a
singular disregard of the most sacred right' of pro-
perty, and in sonic quarters there exists a strong
disposition amongst the tax-paying community to
cavil at the views of their representatives as
regards their loan transactions. Up to the
present time the debt of the second mu-
nicipality of the City of New Orleans
has amounted to 1,700,000 dole. (340,00014, in bonds
of 1,000 dole, each, interest on which has been pay-
able, if desired, by the Messrs. Barings. The object
of the present loan would appear to be the remodel-
ing of the whole debt of the city, and its coneolida-
tiou upon a new basis, as it is provided that " the
proceeds of the sale of the said bonds shall be Mime-
diatelyapplied to the payment of all the matured
obligations of the city of New Orleans, and of the
late first, second, and third municipalities, and of the
city of Lafayette, viz., bonds, interests, coupons,
interest on all coupons and debts overdue, notes,
cash warrants, &c., uu presentation thereof, at the
City Treasurer's Office." It will be noticed that New
Orleans is now following the example of Pennyelva-
nia in raising a new loan, part of which is to provide
for the payment of overdue interest on the old debt.
As proposals for a loan for Pennsylvania are being
invited in this market it may be as well to draw
attention to the fact that the state is also trying to
borrow 830,000 dole. more in New York, by means of
an issue of five per cent. bonds, redeemable in 30
years. This sum is stated to be required " for the
completion of the North Branch Canal," and hence
it is interred that this loan is distinct from that for
five million dollars lately advertised, the proceeds of
which latter, as stated in the official notification, are
" to be applied to the payment of the part-duo six
per cent. loans, and to the cancelment of certificates
of deferred interest, and such of the five per cent.
bonds as may be subject to cancelment by the
state."

- A project that holds out much stronger temptation
to investors than any of these American enterprises,
is now in our market. The " Madras Railway Com-
pany" hes just been formed with a view to establish
a line of railway in the Madras Presidency. Half-a-
million sterling of capital is proposed to be raised,
and the company have secured the important advan-
tage of a guarantee of 41 per Cent. per annum on
the above-mentioned amount from the East India
Company.
On reference to the railway share list our readers
will find that an alteration which has for some time
past been in contemplation has at length been carried
out. In compliance, as we understand, with the
expressed wish of many of the companies, and with
a view to the accommodation of the public, the Com-
mittee of the Stock Exchange have decided upon
only authorising transactions in the "stock" of the
various lines—in other words, the small shares,
of which the larger proportion of railway property'
consists, are merged into 100/. stock, and will be sol
dealt in in future. Although some little in-
convenience may at first be experienced,
the change is nevertheless decidedly in the
interest of the public, who by the new I
system will save a considerable sum on each 1
transaction by the reduced rate of broker's com-
mission,
the partial avoidance of the jobber's mar-
gin, &e. In some of the smaller shares the rates of
brokerage nominally current in the house become so
onerous on a large transaction that the scale is virtu-
ally disused, and the commission becomes a matter
lof private treaty between the broker and his client.
IThat the jobbers do not in all cases relish the
change is evinced by their refusing in some instances
to name a price under the new regulation. Them
are mane lines in to-day's list to which no official
closing price is annexed, although the stock may
have been freely dealt in during the day.
The market for foreign exchanges was more
favourable to sellers to-day, bills on the leading
places being in demand, with but a scanty supply.
Amsterdam, however, was an exception, paper being
more plentiful, and buyers unwilling to take at the
recent depressed quotation. Short Paris was done
at 23.40 to 421; ditto three months, 20.55 to 00.
Amsterdam was higher, and closed 12.11 to 1. Ham-
burg remained at 13.101 to 1. Frankfort again de-
dined a shade, leaving off 1202 to 1. For Italian,