The Express.
London, England, 1852-07-24 00:00:00

never formed matter of dispute. Were the former
to be thrown open to the world, it is by no means
improbable that they would be exhausted within
twelve months. It is also stated that, in consequence
of a considerable portion of this Lobos guano being i
produced by the soak (lobos), some of it s less valu-
able by 26 per cent, than the produce of the Chinch,
Islands. We believe the Peruvian government may
shortly be expected to perceive the ne-
cessity of relaxing its guano regulations,
a movement in this direction being percep-
tible in an intimation from the Peruvian minister
horo that he will recommend his government to
place the future supply of guano on a more satisfac-
tory basis as regards the agriculturists of Great
Britain. This would oertainlylbe a most satisfactory
solution of this important question.
The Lobos question, however, is not the sole CUM
of the anxiety felt by the bondholders of Peru, as
evinced in the marked downward movement of the
stock for some weeks past, the unsatisfactory manner
in which the agents of the Peruvian government are
acting with regard to the balance of 228,0001. now
lying in their hands, applicable for investment in
the Active and Deferred Bonds, causing great dis-
appointment. In any case, whether they decide upon
investing it this half-year, as was the case in 14.11,
or whether they take the utmost advantage of the
terms of the convention, and hold it over till next
year, the creditor' have a clear right to be informed
as to their decision, sa there is no doubt this sum and
the other sums that will accrue prior to the two
classes of debt attaining their top rate of interest of
8 and 3 per cent. respectively, must eventually be
invested in the open market.
From Holland, we are informed that the conces-
sion for the submarine telegraph between Scheve-
ningen, near the Hague, and Harwich, will be given
to M. Ituyseenaers, of Rotterdam, and that the un-
dertaking will be finished in about two months.
It is also stated that the Dutch Minister of Finance
is engaged in preparing
.a bill for converting the
Four per Cent. Integrals into bonds, bearing interest
at 2i per cent. Information that a change of this
description was impending was communicated in the
.Express several months back.
The price of gold yesterday at Paris was about 4
per mille prem. (new tariff rate), which, at the Eng-
lish mint pries of 31. 17s. 1010, per cs. for standard
gold, gives an exchange of 25.27 ; and the ex-
change at Paris on London at short being 25.271, it
follows that gold is of about equal value in both
markets.

By to-day's advice.' the price of gold at Hamburg
is 428 per mare, which, at the English mint price of
31. 17s. 10Id. per ounce for standard gold, gives an
exchange of 13.61; and the exchange at Hamburg
on London at short being 13.7, it follows that gold
is 0.232 per cent. dearer in London than in Hamburg.
According to the last accounts, the course of ex-
change at New York on London for bills of 60 dap'
sight is 1101 per cent., and the par of exchange be-
tween England and America being 109.23-40 per
cent., it follows that the exchange is nominally
0.92 per cent in favour of England. After making
allowance for difference of interest and charges of
transport, we find that the present rate leaves a small
profit on the importation of gold from the United
States. Shipments of silver will probably also come
forward.

The account of the position of the Bank of Eng-
land for the week ending Saturday, the 17th of July,
is u follows :

BANK OP ILNOLLND.—Accorn
WWI ban
N 0464 Wed -- ...... 04666.119 1

ri for the week maim Jay 17. 1=
PAIIIIIIT.
Goverr.oxiat Debt— . /111.011.1K1
Other Somattlis. 1.984.900
e.ki Cola sad aiiiiiis 21.615.736
Wren BIM= 3.1.376

Am assmo I t 34.04.1.10
WIENS DUAI?IU?.
0•10.1 /4.666,0Eq Govirnmake Sioesttial
400.4711 =NM Mold* __
eV Di n? (beteg ..) .. .... ..- Z 13.979.618
T.'=
e, Mir isowlese
sat:. AoMej tOTT.II7O Cited Whet Oafs , 11.952:411
Other ta 14,714.008
9.wir4apreo other ALIN 1.36036

=sr -
01berltwarler.
Natio
Sold se4 Enver One..
_ 416. 41i
Ads 12.1133. j3'ta MAIIMILLL. mer tait.
The accounts of the National Bank of Belgium for
the .oath ending the 30th June, show the following
raft sompared with the previous return :
Cele soil Million.... £1,879,755 Decrease £112,560
Portfolio
Circulation
Current accounts .. 1,947,761 Increase
The decrease in the coin and bullion is caused by
the increase in the " Portfolio " for discounts, &c,
This return gives evidence of a better state of trade
The above returns, when compared with those for
the previous week, exhibit the following changes :
Circulation issue £35,659,110 Decrease £219,655
Circulation active 23,747,735 lacresse 367,980
Public deposits 3,077,870 Decrees. 830,608
Other deposits
Government securities in _

bankingiePait7t;eni 13,979,616 Decorme 144,930
Other 'amities in banking
department
Coin and bullion in both

departments
13even day sad ether bills 1,366,026 Increase 22,609
The Beet
The Reserve 12,240,943 Decrease 611,440
The dividend payments were in progress during
the whole of the week embraced in this return, and
the changes exhibited are chiefly traceable to this
cause. We have this week the novelty of a decrease
in the stock of the precious metals to the extent of
nearly a quarter of a million, reducing the amount
held by the institution to the still enormous sum of
nearly 22 millions sterling. This falling off cannot
excite the least surprise when it is considered that
several millions of dividend money have
been transferred from one account to another,
of which a large portion must have left
the Bank altogether. The requirements of
the general election and the shipments of specie to
Australia have also had some effect. Generally this
return appears to afford evidence of en increased de-
mand for money, as noticed by us in the week in
question, in which there was the settlement of the
account simultaneously in the English and foreign
stock and railway markets.