The Express.
London, England, 1852-05-27 00:00:00

AFFAIRS IN THE RIVER PLATE.

BUENOS AYRES, APRIL 3.
We begin to breathe freely after the late complete
bouleversement in our political condition. Our ekc-
tions for our local .state government take place on the
11th instant, and our House of Assembly meet on
the Ist May. It is generally expected that our pre-
sent provisional governor, Doctor Lopez, will be re-
elected, and he is a respectable worthy man. Their
first work will be to re-establish a good police, and
to protect life and property. Vigour and energy
will he required for this after such a disruption
of all late social arrangements—the nicest and
larger question is—What " general principle of ac-
tion" is to govern the various states comprehended in
thi "Argentine Confederation," which hitherto have
merely been satelites subservient to the mandates of
ltosas?
A congress, it is expected, will meet at tho town
of Santa*, to arrive at some general principle for tho
future organisation of the Federal States in their re-
lation to each other ; and a feeling prevails generally
that free trade will form the leading feature in their
arrangements—that is " freedom of transit" from
the seaboard to the respective provinces in tho
interior and as between all of them—without any
but a very moderate duty in the shape of transit
duty at the port where the goods are landed and
bonded. This would be all that could be desired for
trade, and would in fact be opening up all the inte-
rior by land and water to our commerce ; and it seems
probable that such is the intention of General Cr-
quiza, whose influence at the congress would of
course be predominant. He has evinced the most
enlightened opinion in his own state of Entre
Itios on commercial matters. We anticipate that
any such transit duty here will not exceed five or
six per cent, and we look to the trade with the in-
terior increasing considerably by such a diminished
charge and increased facilities. These are the
favourable prospects anticipated, as we sincerely
trust a wise spirit will prevail at the counsels
of the approaching Congress. At the same time wo
cannot disguise from ourselves that Buenos Ayres
herself may be unfavourably affected. Her largo
revenue has hitherto been derived from the exac-
tion of high duties on the imports which
through her custom house on their way to trial-
tcrior. This will now cease, and she will be left
with her immense amount of paper notes as her only
internal currency, a considerable local funded debt
unredeemed, and beyond that a large foreign funded
debt. Her financial position, therefore, will be much
worse than formerly, and we see no practicable way
of raising a revenue sufficient for her immediate
wants, and still less for her foreign liabilities. lhe
paper notes in circulation, which were esti-
mated at about one hundred millions of dollars
fa 1851, have (owing to the late enormous
Mews during Roses's last struggle) increased to
abed 150 millions of dollars, or, at our present low
rate &exchange, about 2,000,0001. sterling, or suppas
12d. to the dolbsr, 7,500,0001. The local funded debt,
which in January, 1850, had been reduced to about
16 millions of dollars, remains at about the same
amount, the sinking fund having gone to meet more
g wants during the late emergency. The
debt—originally one million sterling—on ac-
count of which IWEis had kept paying some small
instalments, chiefly from policy to strengthen
himself in London quarters, is too remote
a contingency to be dealt with even prospec-
tively in the face of the local engagements
that I have referred to ; added to which -the late
Hew government have left their successors a legacy
of an empty exchequer, and many millions of dollars
of liabilities, for which the unfortunate creditors are
now clamorous. It remains likewise to be seen if
General Urquiza himself purposes entirely to forego
any demand for the expenses he has incurred.
It is argued by some that the other states ought
to assume part of the foreign funded debt, but their
reply will doubtless be, that not only has Buenos
Arm been the sole recipient of this, but she has
likewise levied a heavy indirect tax upon them
for eo many years through her custom-house, which
is more than an equivalent, even were they liable.
In short, where no motive of self-interest is brought
to bear on the public mind here (and still less in the
provinces) in respect to the foreign funded debt, vou
cannot expect our weak executive to make any Ant
in favour of such a distant contingency, where re
many urgent demands are pressing os them at home;
but, I repeat, this does not, as many parties doubtless
think on year side, prevent trade and commerce pro-
gressing here, and this country becoming rich ath
prosperous, provided peace is secured, and free trade
established. Emigration would do wonders for this
country, and I trust the attention of parties in
Europe will be directed this way.

PEOPLE'S PERMANENT BENEFIT BEILPING SO.
ClETT.—Yesterdtty the fifth annual meeting of numbers
was held at the Western Literary Institution ; the Pros,
dent of the directors in the chair; who pointed out the
advantages of the permanent " system as a means who,-
by the industrious man may accumulate, by small Pat'
moots, a sum of money which will enable him t)
purchase his own dwelling, or by applying at to
another purpee, obtain a permanent &detrital!,
only to be acquired by the possession of capital.
He also drew attention to the fact of the legislature having
shown a disposition to give encouragement to these societis,
and having passed a law exempting them from taxation,
and called upon the secretary to read the report and ba-
lance sheet, showing the operations of the society for the
past year, from which it appeared that a dividend of toe
r cent would be paid forthwith upon all paid up slumi
751. each) ; and interest at the same rate added to oila
area not paid up in full. At the conclusion of the rent-
ing of the report, it was unanimously approved of by the
meeting and agreed to. After several inquiries from mem-
bers as to the working of the society, a vote of wo
passed to the directors and officers of the society,
business terminated.