The Express.
London, England, 1852-12-31 00:00:00

PORTUGAL.

LISBON, Dec. 20.
The subjoined confiscatory decree was published
this morning in the Dian() de alders°. If it does
not create astonishment in London it will awaken
indignation :
DECREE FOR THE CONVERSION OF
PORTUGUESE BONDS.
" Taking into consideration the Report of the
Ministers and Secretaries of State, I am pleased to decree
as ((Atoms:
" Ist Article. On the Lt January, 18j3, the following are
to be converted into inscriptions or bonds of 3 per cent. per
annum, payable without any deduction .
" In. Ilse internal lit ides de distracts of Six per Cent., at
the rate of 120 per cent.
" 2nd. Inscriptions, de., of Five per Cent., at thereto of
100 pet cent.
" 3rd. Inscriptions, dc., of Four per Cent., at SO per
cent.

" 4th. The titmice of the Acores Debts at 100 per cent.,
for the Five per Cents. ; the Three per Cents., at GU ; and
the Two per Ceuta., at 40 percent.
" 6th. The Five per Cent. Beads of the Eaternal Debtor
1841 (decreed to he converted on the 2nd November, 1811),
at 100 per cent.
"6th. The Four per Cent. Bonds of the E=ternal Debt of
1846 (converted by decree of 19th April, 1845), also at 100
per cent.
" 7th. The debentures issued for the payment of coupons
due up to 1840, which are still in circulation, u also the
bonds and coupons of the old loans not converted, raking
them, as the basis of calculation, to have been converted
into the Five per Cents. of 1841.
" 2nd Art. The Three per Cent. bonds and inscriptions
issued by laws of 2iith August, 1848. and 30th June, 1849,
are also to be converted unto the New Three per Cents. at
100 per cont.
" 3rd Art. The receipts and certificates for tits capitalisa-
tion decreed on the 3rd December, 1851, and issued, or to be
issued, in conformity with the decrees of 24th December,
18.51, and 6th January, 1852, and in which are included the
internal and external dividends of 31st December, 1850,
30th of June and 31st December, 1831, 30th June, 1852,
are all to be converted at the rate of 100 per cent., but the
interest due on the 31st December, 1852, shell hrst be paid
upon such receipts and certificates, in conformity with the,
decree of 3rd December, 1851.
" 4th Art. The difference of 1 per cent. per annum which
the holders of the 5 per cent. bonds of 1841 did not receive
in money, and 3 per cent. bonds during four years-1845
to 11418—because they had not agreed to the conversion de-
mood on 19th April, 1843, will be paid to them upon the
malisation of the present conversion, the money portion in

I the New Three per Cent. Donde, at the price the said Five
per Cents. may then bear in the market; and the portion
in bonds of Three per Coat. ill thu New Three per Cents.,
at par.
"Sth Art. The holders of the internal and external COL.
solidated Debt shall be indemnified for the deduction of 24
per cent. from the interest of the last halt-year of 1818, and
following dividends, until and including that of December
31, 1842, by giving them an equal amount in wider of
Deferred Debt, which will begin to receive 3 per cent. inte-
rest on the lst January, 1863.
"6th Art. On the lit of January, 1853, the following are
reduced to thee...fifths of their original amount
" 1. The interest upon the 4,000 contoo loan, paid to the
Dank of Portugal by the tobadco contract.
" 2. The life interests paid by the Board of Public Credit.
" lth Art. The endowment of the Huard of Public Credit
for the eecond half of the present financial year (inn. 1 to
June 30, 1853) is to be regulated in conformity with the
preceding articles of this decree.
"Bth Art. The bonds, inscr:ptions, &c., exchanged for
the New Three per Cents., in conformity with the 1.. t, 2ad,
and 3rd Articles shall be cancelled, and anturti.sua, with
the usual formalities.

"9th Art. To the holders of the internal and eatrimai
debt, who do not spec to this conversion, interest sill only
be paid after the Ist of J anuary, Ib3&, at the rate of 3 per
cent. per annum, and it will be reckoned as if they had
agreed to that conversion without further cum:iensatunt or
advantage.
" 10th Art. The Board of Public Credit is authorised to
create and issue the inscriptions and bonds necessary fur the
execution of the present decree, and it ought immediately
to draw up the necessary regulations.
" llth Art. Authority is given f,r all the expi nits neces-
sary to Corry out this COUlVflit/11.
"12th Art. All legis!atiou contrary to this d, tree is re.
yoked.

" 13th Art. The government will give an account of this
decree to the Cortes, and the ministers and Secretari.• of
State for the different departments will provide for its
execution. _ _

" Pa:ace of Ntecasidatler, December IS, I 8 2.
" The QUEEN
Deka of 8 tI.DAN/LI, Rontuao DA FoN*lrk
MAOALHASN*, ANTONIO MAMA riE FUNTIN
PERIM/. LIE MELLO, ASTIMIt) ALI:1410
JEILVI3 LE All/LW:IA."