The Express.
London, England, 1852-02-03 00:00:00

TILE PENINSULAR MAIL.

Yesterday the Oriental Company's steam-packet
Tagus, Captain Russel, arrived at Southampton, and
landed her mails under the charge of Lieut. Hay,
ILN., Admiralty agent. Her dates are : Gibraltar,
'2sth Jan. ; Cadiz, 26th; Lisbon, 29th ; and Vigo,
30th. There was no communication with Oporto on

account of the bad weather.

The Chamber of Deputies in Portugal was discuss-
ing the address in reply to the speech from the
throne, and had already subjected it to two amend-
ments. A proposal was also under deliberation for
annulling the indemnity granted in the last session
under the Influence of the Cobra's to the contractors
of tobacco. The opposition to the financial decree of
December 3 was gaining strength.
Exchange, 531. Discount of Lisbon Bank notes, 211
per cent.
Our correspondent writes:
LISBON, JAN. 29.
Senhor Kibler°, President of the Junta of Public
Credit, has proposed, in a pamphlet, a project which
if carried out, will create a complete revolution in
Portuguese finance. He proposes :
That 2,400 contos of reis (600,0001.), shall be emitted in
various sums down to one milrea ; that they shall bear an
interest of five per cent. per annum, payable half-yearly ;
that they shall be amortised at par by means of a monthly
amount of four per rent. upon their nominal value, without
fail; for which purpose the impost created to amortise the
bank of Lisbon notes shall be employed, to the amount of
96 oontos annually ; 120 eontos being employed to pay the
interest ; both sums in two equal parts half-yearly, until
their extinction. And as the 120 contos mill have an amen
in proportion to the redemption made ; that excess is to be
added to the 96 contos and applied to the amortisation, but
that when the whole of the billets shall be redeemed, the
two sums of 96 contos and 120 *onto. shall remain and be-
come a permanent fund. The billets are to be emitted
in half of all payments made to the creditors of
the state; and admitted in the half of all payments of duties
and imposts, except in that for the amortisation of notes.
In conjunction with the revenue for the first financial half-
year of 1852, they are to be employed in extinguishing the
deficit referred to in the decree ef Dee. 3, as well as to all
payments from and after the Ist January instant.
It is further proposed that the government shall supply
the junta de credit* publico with the necessary amount to
make their payments; and Art. 10, that the Junta shall
immediately recommence the payment of their internal
dividends in their chronological order, and continue their
remittances to the financial agency in London, to enable it
in the same chronological order to pay the interest, annui-
ties, &e. of the external debt which shall become due to the
Ist July, 1852. The impost established for the redemption
of the notes of the Bank of Lisbon shall be denominated
" Impost for the amortisation of the public debt," and the
annual revenue of such impost shall be represented by the
2,400 contos now to be created, and especially mortgaged
for the payment of the interest and amortisation, until its
final extinction; the amortisation of Lisbon bank notes to
be at the rate of 36 contos per month (Art. 12), half to be
furnished by the Treasury, and half by the Bank of
Portugal.
As the impost for the amortisation of the public debt will
produce 600 comes, and that the sums pledged and applied
by this law to the extinction of notes of the Bank of Lis-
bon and the payment of the interest and redemption of the
2,400 contra in billets, and which must be drawn from the
said impost, will amount to 432 cantos, there must be a sur-
plus, whatever it may be, to be applied to the redemption
of the paper-money yet existing, according to its market
price, from and after the Ist of July next, until its extinc-
tion.

As the impost represented by theme billets will continue
without the least alteration to the end of 1868 (16 years),
when their amortisation will have been perfected, and that
in March, 1865, the notes of the Bank of Lisboa will be
extinct, when an annual sum of 216 contos, until then ap-
plied to their amortisation, will become disposable, the said
216 contos to be thenceforward applied to the following
charges:-100 contos to be placed at the disposition of
the Junta, to form the nucleus of a sinking fund for the
nehemption of the internal funded debt by means of pur-
chase in the market, and upon the principle of compound
interest, that is to the above permanent 100 cantos, the
amount of the interest shall be successively added,
which shall become due upon the inscriptions which
shall be redeemed, which notwithstanding shall be
uncoiled and so entered in the books; sad the re-
sat of the amortisations of each half.year, published in the
facial journal. 100 cookie shall also remain from the said
determined time, which, united to the 15 per cent. for the
construction of roads, shall form an annual revenue, which
shall serve u a pledge upon which to raise capital. to pro-
ceed upon an extended scale in the construetioa and conser-
vation of roads (rime de coinnsweicacao) by means which the
Cortes shall determine. The remaining 16 contos shall
be added to the sum destined to the extinction of the paper
money, while any remains.
From the period of the acceptance of this project by the
Cortes they shall be especially pledged to the payment of
these debts, the revenue which is provided for the debts.
active, due and not paid to the 30th of June, 1840; and
the government is inhibited from giving it any other appli.
cation.
After the total amount of the above active and passive
debts is known, the Cortes shall resolve whether the wive
debts are sufficient to complete the payment of the peletws,
and shall establish the means must convenient to pieseed
their entire payment, without prejudice to the nienler
peso of the current public service.
All legislation to the contrary revoked, senslally the
decree of the 3rd of December, 1851, and those of the 21th
of December, 1851, and 6th of January, 1852; and all
orders and instructions whatsoever issued Ifor the execution
of the lat.
I have reason to believe the " project "is the de-
vice of Scnhor Faustina da Game, an experienced
man and able financier ; it is already beginning to
excite considerable attention, and from the round it
is going, and the advocacy it is receiving, it will not
be surprising if in three months it become law.
The electoral decree emitted by the administra-
tion of the Duke of Pulniella in June, 1846, has been
sent to the elections of the Chamber of Deputies, for
the purpose of serving as the basis of an electoral
project of law, which is to be immediately presented
to the Chambers.
- - - - -

The government has conceded to Spanish vessels
the privilege of being considered, in the ports of
the kingdom and islands, as national vessels.
The squadron has completed its supplies of water
and provisions, and is awaiting orders to sail, which
arc expected each packet.
Exchange, 531 ; discount of Lisbon Bank-notes,
21 per cent.

A CHARTER ItAn SEEN ()RANTED TO THE WEST
or !INLAND LAND INVILATMNNT COMPANY, with powers
to purchase estates in Connaught, and to improve and re-
sell, or to hold and aub-let the land they may obtain.
Clotiaes aro to he introduced, binding the company to pay
no dividend out of copitai, and a portion of the taints! is to
be set apart as an improvement food. One of the auditor*
is to be named by the envertitueut. The charter is to be
pared on the 2nd of February.