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

WZDNIADAT EVININO.
The English funds have recovered from the depres-
sion of yesterday, and clown' this afternoon at almost
the full rally lately established. From 991
pur-
chasers carried the price of Consols up to 1001, audit
closed 99; to 100 fur money, and 100 for the account
of the Bth Sept. The business on the whole was not
large, but the feeling of the market at the close was
firm. The official list records transactions in the
following :—Three per Cent. Conn* for money, 991,
100, 991, 100; ditto, for account, 991, 100,
Three per Cent. Reduced, 1001,1, 1. New
Three-
and-a-Quarter per Cents., 1041, 4, it It I. Long
Annuities, 1860, 6 1546. South Sea Stock, 1101.
The unfunded securities remain quiet at former
rates. Exchequer Bills, March, are quoted 745. to
775. prem.; ditto, June, 68s. to 71s. prem. India
Bonds, 86e. to 89s. prom.
Foreign stocks are very firm, almost the only
exception being Peruvian, which remains depressed.
The Active bonds were done at par, and the Deferred
as low as 57. Late in the afternoon the price stood
at 99 to 100 for the former, and 67 to 59 for the
latter. All the dividend-paying European stocks
realise good prices. The Converted Fancier Cents.
of Portly* Mom The dividends on wlffik 25 per
cent. is regularly filched by the Portuguese govern-
ment), closed firm at 37 to 38, hopes being enter-
tained that the renewed movement of the committee
and general body of bondholders, and the invocation
of the assistance of the British government, may be
attended with a good effect. It is known that one of
the gentlemen engaged in the concession of the rail-
way just obtained from the Portuguese government
has arrived in London, with a view to enlisting
English capital for the prosecution of the work.
The euterprise in question is doubtless one of a
very legitimate character, and, if presented in our
market by a government enjoying any pretension
whatever to the title of honest or solvent, would
doubtless command a fair share of support, but under
present circumstances, and in view of the systematic
manner in which the Portuguese government has
plundered and continues to plunder its foreign cre-
ditors, tke announcement has excited wonder from
its very impudence, and has given occasion to a general
expression of indignation. A branch of the revenue,
already solemnly hypothecated to meet the claims of
the national debt, is, it appears, to be turned over to
account of this new railway loan. We would
really advise intending subscribers, prior to em-
barking in the scheme, to work out an in-
teresting arithmetical question, viz., what is the
value of a Portuguese Six per Cent. guarantee, as
measured :by the average value of the guarantees
to which the national faith is already so-
lemnly committed ? To speak plainly, the transaction
is a most nefarious one, for it entirely ignores the
principle of mere honesty, and as such it is one to
which no man of standing in this metropolis of the
commercial world ought to lend his name.
The transactions in foreign securities are thus re-
ported : Brazilian Old Five per Cent. Small Bonds,
1021 ; ditto Five per Cents., 1829 and 1839, 1021.
Dutch Two-and-a-Half per Cents., 641 ; ditto for
account, 31st Aug., 63 ; ditto Four per Cent. Certifs.,
99, 981,991. Granada One-and-a-Half per Cent. ex
December, 1849, coupon, 24 ; ditto Deferred, 111,
1,1. Mexican Three per Cents., 251, 1. Peruvian
Actives, 100 ; ditto Deferred Three per Cents.,
58, 571, 581, 57,1. Portuguese Converted Four per
Cents., 37, 38. Russian Five per Cents., 1211, 121;
ditto Four-and-a-Half per Cents., 1041. Sardinian
Five per Cents., for account, 951, 1. Spanish Old
Three per Cents., 49 ; ditto New Deferred Three per
Cents., 221, 1; ditto Passive (Converted), 51; ditto
Committee's Certifs., 21 per cent.
In accordance with the anticipatory announcement
made by us on Friday, Messrs. Rizing,Brothers, and
Co., have just notified to the holders of certificates is-
sued for arrears upon Mexiczu Bonds, that they are
ready to make a payment at the rate of 51.35. per
cent. on those certificates on which no payment has
yet been made, and of 13a. per cent. on certificates
on which 41. 10s. has been already paid.
We are informed that Lord Malmeabury has al-
ready taken vigorous steps to carry out the promise
he made to the deputation from the committee of
Mexican bondhcaers, and that no doubt remains of
his obtaining the cordial co-operation of the foreign
governments whose good offices he solicited, with a
view to urging upon the Mexican govern-
ment the necessity of keeping good faith
with its creditors. We understand that the
protest of the committee on behalf of their consti-
tuents will be lodged with Col. Facio, the Charge
d'Affaires and Financial Agent of Mexico, in the
course of to-morrow. This protest of course contains
the Hat of grievances laid by the committee before
the Foreign Secretary, and it is to be hoped will
have proper weight both with Col. Facio and the
Mexican government, backed as it will be by the
combined representations of the British and other
foreign ministers. It is not improbable that a meet-
ing of Mexican bondholders will be shortly con-
vened, when the accounts will be placed before them
by the committee, and wo believe the question will
then be raised whether some pecuniary acknow-
ledgment ought not to be made for the services of
the committee. It is perhaps hardly reasonable to
expect that any body of gentlemen who have
business of their own to attend to can give
their time fur so long a period without some acknow-
ledgment of their services more substantial than a
vote of thanks. Admitting, however, the principle
that the labourer is worthy of his hire, and in view
of the doubt as to whether unpaid labour is ever of
much advantage in the long run, whether in the
case of bondholders, or railway or other shareholders,
doubts may still be entertained of the propriety of
bringing the question forward at a time when the
bondholders are minus the dividend last due. How-
ever it is a question for the creditors to decide. Per-
haps it might be advisable to distribute any pecu-
niary remuneration that may be granted pro rata ac-
cording to the attendance of the members.
A project is now before the public for the con-
struction, of a railway from Leamington through
Warwick to Stratford-on Avon, and is stated to be
supported by the leading local interests, as well as
by the London and North Western Company, with
which company it ie proposed, on obtaining parlia-
mentary sanction, to enter into working arrange-
ments. The capital required is only 100,0001. in
201. shares.

Another pamphlet has just made its appearance
on the Peruvian guano question, under the title of
"A Plan for the Equitable Settlement of the Guano
Question, in which the interests of the agriculturists,
the Peruvian government, and the bondholders, are I
duly considered" (published by Letts, Son, and Steer).
The author, who states his views with equal con-
ciseness and perspicuity, advocates the necessity
of mutual concession in a case like this, in which
there are so many clashing interests, including
chiefly the agricultural, which requires to be sup-
plied at the lowest rate ; that of the Peruvian go-
vernment, the interest of which it is to obtain the
highest rate ; and that of the Peruvian bondholders,
who wish guano to be supplied at that rate which
will ensure the most punctual payment of the inte-
rest, and the most speedy redemption of their bonds.
Premising that guano at 101. a ton is worthless to
the agriculturist, as stated by Mr. Hudson to Lord
Derby (and referred to in the pamphlet of Captain
Thomas Wentworth Huller); and that all above 5/.
per ton is profit to the Peruvian government, as
shown in the accounts rendered by Messrs. Gibbs to
the bondholders, the writer proceeds to examine how
the medium price of 71. 10s. per ton would suit all
the parties interested. The annual consumption in
this country of Peruvian guano, at the present price
of 01. lie. per ton, may be estimated at 150,000
tons, and the net profit on this being 41. sa.
per ton, it follows that the revenue de-
rived from it is 0:17,5001., of which, in accord-
ance with the convention concluded with the
bondholders, one-half, or 31n,7501., goes to the Peru-
Tian government, and the other half to the debt, in
the proportion of 147,0001. to the payment of the