The Press.
London, England, 1854-02-25 00:00:00

FEBRUARY 25, 1854.

This week's market has clearly demonstrated this ;
for, notwithstanding the embarkation of troops and
every other symptom of war, Consols, which were in
the beginning of this week 90}, have risen to 811 1,
at which price they close.
For the last two days purchases of Consols to the
extent of more than half a million have taken place,
by brokers supposed to be operating for the Hebrew
party, who have been of late large sellers. It is
presumed from this that favourable news has arrived
of the intentions of Austria.

But the subject of most interest, as regards the
Money Market, is the new French loan which is
about to be negotiated, and for which the capi-
talists of this country have for some time been
making preparation, and on account of which large
quantities of gold have already, in anticipation, been
sent from this country.

The amount is stated to be eight millions sterling ;
and doubtless this will account for the great depres-
sion which has lately taken place in French funds,
parties having sold hoping to replace themselves by
• the contemplated loan. We have no doubt that it
will be brought out at a considerable premium. The
only ostensible bidders for it at present are Messrs.
Rothschild and the Credit hfobilier.
Although this loan may occasion bullion to be
transmitted from this country to a certain extent, we
do not believe it will be felt, as a great portion has
already been lent.
Money is very abundant in the discount market at
41 per cent. Exchequer Bills are 18 to 21, the
Bank having disposed of a few, supposed on Govern.
ment account.

The French funds came this afternoon by tele
graph at 66.80.

FOREIGN FUNDS.
In reference to the statement we put forth last
week relative to Peruvian Bonds, a doubt has been
expressed as to whether the " Home-Converted "
Bonds, which are disputed by the committee of
Anglo-Peruvian bondholders and by the bondholders
at large as having been illegally issued, are really
held by "British subjects."
Now, it appears to us that whether these bonds
are or are not at present wholly or partly held by
British subjects matters but little ; but it is a matter
of the utmost importance that the British Govern-
ment should inquire into the facts of the case, and
take care that a sufficient quantity of guano should
be shipped to this country to provide for the engage-
ments the Peruvian Government have entered into
to pay the interest on, and to extinguish, the debt
within a given number of years.
What the committee of Anglo Peruvian bond-
holdeis have a right to insist on is, that the Peru-
vian Government fulfils the original prospectus they
put forth through Messrs. Hambro and Son, on the
faith of which the Peruvian bondholders took their
stock and converted their bonds; and, if the guaran-
tees contained in the bonds differ from those put
forth in the original prospectus, it is perfectly clear
that they have a right to seek redress from the Bri-
tish Government.
It may be argued that the bondholders ought to
have seen that the bonds agreed with the terms
offered to them ; but, as the loan was issued in scrip,
it was impossible to tell what the bonds would con-
tain until the scrip was called in and exchanged;
and then, the agents of the Peruvian Government
having obtained their money, it was too late.
This was a case for the committee of South Ame-
rican bondholders to have investigated, the more
especially as they had voted to them, and had on
hand, a large sum of money for the protection of the
bondholders.
Looking at the matter in all its bearings, it is one
for the especial interference of the British Govern-
ment; and we trust that the committee, in their ap-
proaching interview with Lord Clarendon, will im-
press him with the salient points of their case, and
we have no doubt they will obtain redress.
Peruvian Bonds have been steady all the week at
68 to 8. It is by far the lowest stock in the market,
and susceptible of thee greatest rise. Much, how
ever, will depend on the manner in which the British
Government supports the bondholders.
We understand that the delay which has taken place
in the ratification of the treaty between the United
States and Mexico does not arise from any circum-
stance likely to prevent its final ratification by the
two countries. It is, however, probable that a small
deduction will take place in the amount at present
stipulated to be paid to Mexico.
The delay, however caused Mexican Bonds to
recede to 241, but they, have since rallied, and finally
close this afternoon at 24f 5.