The Express.
London, England, 1852-08-26 00:00:00

dividend, and 171,7501. to the redemption of the
principal. To place the Peruvian government and
the bondholders in a similar position, if the nett
profit were calculated at 21. 10s., instead of 41. Os.
per ton, 254,t)00 tons of guano would have to be sold
annually, instead of 1,50,000, as at present; but the
miter refers with confidence to the conviction of
practical men, that the consumption would rise not
only to 250,000, but to 600,000 tons, so soon as
shipping could be obtained to bring this quantity, as
the consumption would nut merely be stimulated by
the reduction in price, but also by the abolition of
the adulteration of guano, which is now carried on
to so enormous an extent, that many parties antici-
pate that this manure will fall into disrepute alto-
gether. Laying it down, therefore, that the Peruvian
government, by lowering the price, would gradually
raise the revenue from 6.57,4001. to 1,240,0001. per
annum; and that the British farmer and consumer
would equally benefit from the increased produce of
20,000,000 bushels of wheat, and other crops in still
greater proportion, the writer proceeds to submit a
plan wluch he hopes would prove acceptable to all
parties. The chief points are as follows:
1. That the Peruvian government shall lower the prima
guano from 91. fn. to 71. 10s. per ton, on condition that the
British dovernment guarantees to the Peruvian govern-
ment and the tnedheldere, the present revenue derived
from guano, vie., 637,5001. per annum, as a minimum, wbe applied according to the terms of the present contract,
the British government reserving to itself the power of re-
deeming the debt altogether.
2. That in order to reimburse itself for this guarantee,
the British government shall levy a duty of 21. 10s. per ton
on all guano imported into this country, and that the Pe-
ruvian government should engage through Messrs. Gabbs
to supply guano at 71. 10s. per ton duty paid, and engage
to ship or supply to this country not less than 2.5,-4000 tons
per annum, *latch at 21. 10s. per ton would be equivalent
to 637,5001., the minimum guaranteed.
3. That the duty of 21. 10s., so far u it is derived from
Peruvian guano, shall, in the event of its exceeding
G 57,5001., be handed over, one-half to the Peruvian govern-
ment, and one.half to the bondholders, until the whole of
the debt is extinguished.
4. That whim the debt is extinguished it shall be compe-
tent fur either party to terminate this agreement, but for
the convenience of all parties it shall continue for ten years.
5. That the British government shall invite every other
government whose subjects consume guano, to enter into a
similar arrangement with the Peruvian government, 1, is.,
to levy a duty of 21. 10s on all guano imported into these
several countries, and hand it over to the Peruvian govern.

G. Every government entering into this arrangement, to
guarantee to the Peruvian government the peaceable poe.
session of this guann islands off the coast of Peru, whether
in recce or in air, so that no interruption shall t .ke place
in the supply of guano to the agriculture of the world.
The writer draws particular attention to the fact
that the guarantee of Groat Britain would be per-
fectly without risk, except in the contingency of
some manure being discovered capable of superseding
guano, at 71.109. per ton, a contingency, it must be
I owned, of very remote probability. The Peruvian
bondholders would, as a matter of course, joyfully
consent. The consent of the government of Peru
would in all probability be also readily conceded, as
the possession of the guano islands would be se-
cured to them at the same time that their present
revenue would be guaranteed, with the chance of a
great increase. To the agriculural and shipping in-
terests of this country, it is pointed out, the boon
would be immense, certainly equal to any protective
duty ; and it is further urged that additional saving
might be effected in the item of freight and charges
which might be covered by a much smaller sum
than Si. per ton, whereby of course the advantages
already referred to would be indefinitely increased.
The plan deserves to be brought fairly under
Rublic attention, as it has been submitted to the
oyal Agricultural Society, which, it is understood,
is rather disposed to view it with favour, in the
event of no hope being held out that a reduction in
the price of guano can be effected by any other
means ; and the notice of the cabinet has been simi-
larly drawn to the subject. The late Sir Robert Peel
had a proposal of a somewhat similar nature in con-
templation. At the same time, as will be readily
perceived, the project requires mature deliberation,
and it is probable that considerable diplomatic corre-
spondence would have to take place before any
British administration could take upon itself the
advocacy of such a plan. For instance, it is not to
be thought for a moment that Great Britain would
pledge itself to go to war with any state that might
be pleased to question the right of I'eru to any of the
guano islands. In view, however, of the great ad-
vantages that would accrue to our agricultural and
shipping interests, the subject isdeserving of the grave
consideration of oar rulers, and it remains to bo
decided if some modification of the plan might not
be adopted, with the concurrence, and, perhaps, par-
ticipation of other countries, by which the present
monopoly price of this most valuable manure might
be more equitably adjusted. It is obviously the policy
of Peru to relax the terms of her monopoly, or other-
wise she will run a risk of losing this profitable
source of revenue altogether. The Republic, it is
well known, is impotent so far as naval warfare is
concerned, and should any maritime power have
any, dispute with her, leading to a hostile movement
(and who can say that the cupidity of some less
scrupulous state might not be excited by the tempt-
ing prize, and a coasts bell readily found ?), her
guano islands would inevitably be seized by her an-
tagonist, who might dispose of their valuable pro.
duce u he thought proper, and perhaps eventually
restore them after vast supplies had been carried off,
and the monopoly effectually broken up. Such a
contingency is far from improbable, and Peru will
be wise to perceive her real interest in time, instead
of bandit:lc all the agricultural and commercial
nations of the world against her, under a sense of
her illiberal and exacting conduct.
Business in bank shares this week has not been
large, but there were symptoms to-day of a revival
of the demand. Prices are generally firm. Sales
are reported as follows :—Australasia, 553; Colonial,
153 ; London Joint-Stock, 181, 19; London and
Westminster, 321, 3,1; Provincial of Ireland, 461;
Union of Australia, 473, 48, 49, 491 ; ditto, New, 6,
63. London Chartered Bank of Australia shares are
quoted 21 to 21 rem.
Dock stocks are very firm; and London and St.
Katharine exhibit a slight advance on last week's
prices. Commercial stock is marked in the official
list, 105; East and West India, 168; London,
1301; St. Katharine, 84. Victoria Dock shares are
quoted 23 to 33 prem.
Steam-boat shares are also very well supported,
with the exception of Royal Mail Steam, which have
been sold at a reduction. The last prices are :
Australian Royal Mail, 4 ; General Screw Steam
Shipping, 50); Peninsular and Oriental, 85, I, 85;
ditto, New, 36, 3; Royal Mail Steam, 80, 79), 783.
Shares in the new North of Europe Steam Navi-
gation Company are quoted to I prem.
Insurance shares are quiet, at former quotations,
with the exception of an improvement in Atlas
shares. The present quotations of the market are
as follows:—Albion, 86; Alliance, 221, A; ditto,
Marine,4l3; Atlas, 193 cx div. and bonus; British
Commercial, 7; Church of England, 31 ; Clerical,
Medical, and General, 19, 1 ex bonus; County, 102;
Crown, 161; Eagle, 7: ; Equity and Law Life, 53;
English and Scotch Law Life, 31; European Life,
14; Family Endowment, 31; General, 5( ; Globe,
146; Guardian, 56 cx div.; Imperial Fire, 256;
ditto, Life, 191; Indemnity Marino, 51 ; Law
Fire, 41 ; Law Life, 463; Legal and General Life,
; London Ship, 281; Marine, 17; Medical, In-
valid, and General, 21 ; Minerva, 5 ; Monarch, 11;
National Loan Fund, 23; National Provincial, 11;
Palladium Life, 23; Pelican, 45 ; Phoenix, 170;
Professional Life, 3; Provident Life, 40 ; Rock
Life, 73 ; Royal Exchange, 231 ; Sun Fire, 211;
ditto Life, 55; Union, 220; United Kingdom, 43;
Universal Life, 41 ; Victoria Life, 5, 53.
Miscellaneous shares are quoted as follows in the
official list :—Assam 'tea Company, 11, 101 ; Auc-
tion Mart, 26; Australian Agricultural, 20; Canada
Company, 50; Hudson's Bay Stock, 215 ; Hunger-
ford, 47; London Institution, 5; Price's Patent
Candle Company, 24 3 ; South Australian, 223 ; Crys-
tal Palace, 5, 43.
The current quotations of the market for new un-
dertakings of a miscellaneous character stand thus: