The Express.
London, England, 1852-10-11 00:00:00

a, 4

Sii 1

The foreign stock market was more active to-day
and more confidence was shown. The transactions
centered chiefly in Spanish New Deferred Threes,
which ascended to 234, and were last quoted 23: to
4. The immediate cause of this rise is the publica-
tion in the Madrid Gazette of a royal decree autho-
rising the conversion of this stock into an active
3 per cent. stock. at the option of holders. The rate
at which this exchange is to be effected was under-
stood on the Stock Exchange to be 551. iu the New
Three per Cent. Stuck for every 1001. in the Deferred
Threes. Taking the present price of the old Active
Threes at 61, it follows that by this arrangement the
present Deferred Three per Cent. Stock ought to be
worth 281. per cent. From the wording of the ab-
stract of the decree received here, however, it
appears that the conversion of the whole debt into
the now stock is not to be permitted at once on the
terms above mentioned, as it is stipulated that the
council of ministers shall fix every six months the
prim at which the conversion is to be effected in the
succeeding half-year, and the sum applicable for the
purpose. The aoceptarce of this proposal is of coarse
optional with the creditors, and its announcement
has been received with satistaction for several reasons.
The Spanishiovernment will by this measureless's' its
liability se Ingerds the nominal amount of the debt
by nearly Ma half ; in fact nearly one-halt of the
stock will he virtually cancelled. By this cancel-
meat, agigaing the entire stock to beat ainverted,
the gsvailinst undertakes to pay rather move than
14 per fist. I tuity, instead of paying 1
,assr
mon at. the nominal capital, with a s-
ally eassdhefilllis up to 3 per cent., as provided by
the terenteillestmeersion last effected. It is thus
obeioadys geed arrangement for the government,
which otheetrise will eventually have to pay the full
Meet 3 penent. interest on the whole of the stock;
mei the Issomit interests of the bondholders are also
we& as the value of their property must certainly
enhanced in the market. To a steady
holder of these bonds, however, it is dubious
if the terms as at present proposed will be
acceptable. The satisfaction expressed at the offert
and shown in the rise in all the classes of Spanish
stocks dealt in in this market, is mainly prompted by
the tacit admission conveyed in the proposal that
the finances ot Spain are in a flourishing etwolitiss,
and in this view there were buyers of the Gunk-
tee's Certificates for the half of the coupons set
funded in the last conversion at the hap roved figure
of 31,pec cent. That the liganisk giwwwassat should
'cab tb Wires= its Faint iefisai flognsek Os its
creditors, in order to lessen the additional Inareisa
that must otherwise be home some years knee, le
considered evidence cella intention to meetstalsunti;-
lki obligations of the state in Allure with pa
At the same time, it is obvious that if Spiro cot
afford to increase her payments' in this way, is as
also afford, if honestly inclined, to mile a more
equitable arrangement with the whole of her Ihreiga
creditors, such an arrangement to come in force, if
considered requisite, at the expiration of a period of
years, when the position of the treasury may be es-
petted to bo still MOTO favourable.
Mexican bonds were also better to-day, rallying to
244, and Graualiaa were firmer. Buenos Ayr
are dull. In Turkish scrip nothing was dam, die
quotation ruling at Bto 81. The scrip of the saw
Swedish loan met with traneactiousat 21 to 21 prom
Sales are recorded as follows :—Austrian Five per
Cont. Scrip, 44 prem. Brazilian Old Five per Cent.
Small Bonds, 101. Buenos Ayres Six per Cents., 71.
Danish Three per Cents., 1826,82 ex die. Dutch
Four per Cent. Certificates, 961, 4, ex div. Granada
One-and-a-Half perCeetu, ex. Dec.,lB49,Coupen, 211;
ditto Deferred, 114,4. Mexican Three per Cents.,
241, ; ditto for Account, Oct. 16,241. Peruvian De-
fmed Three per Cents., 031 ex div. Russian Four-
and-a-Half per Cents., 106,41. Sardinian Five per
Cents., 96, 964. Spanish Old Three per Guts., 614,
61 ; ditto New Deferred Three per Cents., 261,1! 1..
k; ditto Passive (Converted,6l,l3b;ditto Committees
Certif. of Coupon not funded, 34,31 per cent.

The dealings in miscellaneous shares continue very
active. The sales include :—Australiaeßoyal Mal
Steam, 31 (4L paid); Crystal Palate,6 ;General Screw
Steam Shipping, 601 ex div.; Peninsular and Orien-
tal Steam, B 6; Bank of Australasia. 60/; London
Chartered Bank of Australia (2L lest paid), it;
[Provincial Bank of Ireland, 471 ; Union Bank of
I Australia, 49 50; ditto New, 6. Shares in the Upper
I India Railway were quoted t to 1 pram.; Busier'
and Graissessee Railway, 1 to I pram.; Bordeaux
and Cette Railway, 3} to 31 prem.; Antwerp and
Rotterdam Railway, to I prem. ; Norwegian Trunk
Railway, I to l prem.; Richmond and Quebec
Railway, Ito prem.; Woodford Railway, to
prem. ; Wimbledon and Croydon Railway, 11 to 2
prem.; Vauxhall and Sydeuham Railway, to
prem.; West End and Crystal Palace Railway, par
to prem.; English, Scottish, and Australian Bank,
1 to / prem.; Chartered Beak of India, Australia,
and China, to prem. ; North of Europe Steam,
die. to par.
The increased demand for money, to which we
drew attention last week, and of which confirmation
is afforded by the Bank returns, published in the
Express this evening, has not continued this
week, or perhaps it may be more properly. observed
that the supply has been more in proportion to the
demand. It is stated that, in anticipation of a con-
siderable demand arising, large sums were borrowed
from the Bank on Exchequer Bills and other securi-
ties, a circumstance which would certainly account
for the disappearance of the symptoms of stringency
previously noticed. Next Widneeday the dividends
on government stocks will fall payable' when more
than six and a half millions sterling will be released,
as shown below :
New Three-and.a-Quarter per Cent. £3,400,000
Three per Cent. Redacted
Bank Stock
Long Annuities BOO,OOO
Annuities ending 1869
South Sea Three per Cent. Old Annuities 46,000

£6,684,000
The dividends falling due on foreign stooks may
be stated in round numbers as follows :
Due.
Sept. 30. litasilien Five per Ceuta. of the
various classes
„ 30. Chills's S. per Cents.
„ 30. Ditto Three per Cent, ll,OOO
„ b. Cuba Rix per Cent,.
„ 30. Danish Three per Cents.
„ 1. Ditto Five per Cents 20,000
„ 1. Peruvian Actives
„ 1. Russian Fire pet Coats.
£473,000
Them is also a large sum felling doe in the way of
dividends on India Bonds ; and the railway dividefid2