The Express.
London, England, 1852-04-30 00:00:00

FATE OF THE CRYSTAL PALACE.

FRANCE.

PARIS, THURSDAY EVENING.
The decree published yesterday by the Moniteur
sets at length the conversion of the Five per Cent.
Bente' in its right point of view, and bares to the
public eye the mechanism by which that feat was
accomplished. You are aware that on Monday last
the Four-and-a-Half per Cents. were quoted below
par ; and those ..r rentiera who had been amerced
of ono-tenth of t .eir income by the conversion, were
panic-struck at the prospect of losing an equal pro-
portion of their capital. In fact it was known that
the great capitalists, known by the collective desig-
nation of the Haute Banque, had, both in their
own interest and that of the government,
in order to prevent the funds from falling,
bought up the Five per Cent. Rentes offered in the
market to an amount representing at par a capital of
about 100 millions. Thus the government was spared
the embarrassment of reimbursing the capital of
these rentes, the pries was kept above par, and a
panic averted. Meanwhile the Haute Banque, hay-
ing absorbed this amount of converted routes, had
placed itself in a peculiar position. On one hand it
beanie possessor of a stook of which it could not get
rid without progressive loss in proportion as it oozed
out into the market, and on the other head it could
dictate terms to the government, as it held in its
hands the means of making the operation of the con-
version tam out a completefailure. The coesequenceof
this position was naturaL The government and
Haute Banque concluded the bargain, which ap-
peared in the Moniteur of yesterday. Strictly speak-
ing the transaction is a loan, but contracted without
the publicity and competition which the law de-
wands. The decree of March 14, ordering the con-
version, authorises the finance minister to inscribe if
necessary fresh rentes in the Grand Line, but the
negotiation must take place by public competition.
The present transaction has been conducted with the
utmost secrecy, and, as will presently appear, with as
much prejudice to the treasury as usually
results from clandestine negotiations in such
matters. In exchange for 100 millions of francs
in Four-and-Half per Cents., the Haute Banque has
received Three per Cents., worth, according to the
quotation of this stock at the date of the decree
(71fr. Nike.), 104 millions, and is therefore the gainer
by_ 4 millions of francs, supposing the Four-and-a-
Half per Cents. at par. On the other hand, the
debt of the state is increased by the difference of the
nominal capital represented by the two stocks ex-
changed—that is, by about 47 millions of francs. The
transaction, therefore, amounts ultimately to contract-
ing a loan of nearly two millions sterling in Three per
Cents. at the quotation of 68fr., an operation which
cannot be considered brilliant, as the rate of interest
is as nearly as possible 41 per cent. Meanwhile, the
finance minister represents the transactions as •
favourable one for the treasury, as the state will have
to:pay by the annullation of the 100 millions of four
per cents. 72,1000 fr. less of annual interest on the
whole debt. It deserve, to be remarked that a fresh
benefit will accrue to the Haute Banque from re-
et lying on the 22nd of Juno the half-yearly dividend
of the Three per Cents., after having pocketed that of
the Fives on the 22nd of March.

Since writing the above, I have conversed with
people at the Bourse, and find that the statements of
the ministerial papers respecting the nature of the
- .
...
•

of so much devastaina and misery in the Menagerie, had
TERRIBLE DISASTER AT TURlN.established his head-quarters at &ill " settlement," and
exultingly called out to the troops, " Smith's people are
women, f can give him fighting men," and added with •
The following brief account of a terrible and des- species of fiendish delight, " I am the murderer of Mr.
tructive explosion at the Sardinian capital, one Howse; I got all his money." This bravado was quickly
quarter of which city is stated to haves been injured, silenced by a charge of infantry, in which the rebels were
was hurried!' written upon tho margin of the dispersed &Ilia twentlf ott
fhhee
Britishntirednthwenn ir dwellings
Opinione of Turin, of April 26, immediately before killed and three wounded. Lieut.-Col. Eyre, whene
man
t
the departure of the mans on the afternoon of that heard of, was near Fort Cox' and from the lowing of oxen
day, and which arrived in London by this in that vicinity was supposed to be in possession of large
morning's post. Tho literal translation of the hasty able Thee
.ofillncz,,dLiietuist.-21;
tln'oaltehtinelikewise dune
agonottsless
er-
bo observed is received through Ferree' tly reliable minion." The movement. of the fieldv IC:cull:me been, se-
sources, is as follows: cording to our last advice., all that could be desired.
TURIN, Arm 20, MMDAY. THE Anarotas.—Colonels Michel and Eyre's move-
Exploded the powder magazine of the Place Fullone, menta on the mountains have been very successful. They
by the side of the Lora. One quarter of the capital has have destroyed the whole of the crops, including those of
been injured. Every one is in consternation. The details the "royal family," and have met with no very great I
are not yet known, nor are the causes. It is feared that resistance throughout. Col. Michel came upon the princi- ,
the other two magazines will follow. All is confusion. pal Hottentot imager, which he destroyed, horning from 80 I
to 100 huts,
Since the above was received the Journal de Turin
ond twot wounded.
summitn fCol. Eyre
including many wattle-and daub ones, with
of the above date has arrived. Under the head of Ahaedli'd's ofveor% mtahneirkiicaltleanthe lcato
" latest intelligence" is tho following paragraph, con- mountain, and was among them at daybreak yesterday
firming the foregoing : morning ; and a man from Fort Cox tells us that the
TURIN, 11.45 A.M. lowing of large numbers of cattle was heard by Col.
Two successive shocks have been felt like those of an Michel's people, leading to the conclusion that Vol. Eyre
earthquake. The powder magazine of Berge Dora has had made a good capture. The friendly chiefs continue
exploded. The population is hurrying to the scene of die, sending in cattle, so that, with the loss of their crops and
aster. The rappel a being beaten. All the faubourg in on their cattle, all that is now required to put them effect's-
fire. A barrack has fallen down. Two hundred deaths arc ally down is a good burgher muster, which force, acting
spoken of. with that already in the field, with Sir Harry at their head,
The Piedukontese Gawite of the same date as the infusing life, resolution, end vigour into the whole, when
Me results may confidently be anpated
foregoing, gives the news in a postscript, stating that theymn7t2fa.voura
4 Col. rule's division has returned from the.
a portion of the large depot of gunpowder in the field having destroyod all the enemy's crops is the direction
suburb of Turin called Berge Dora,blew up on the of the Kubota's. The Mead and his men am spoken of in
' morning of that day. It gives no particulars of the the highest terms, both for thshr new sad mane. Very
_ .
. . .

Uf LYILLA N'S COM M ANboi.—On the north-eastern frostier,
near the junction of the %wart and White Kei streams—
the scene of the memorable battle of Innani, fought in
March last—there her just taken place an engagement of
the most desperate nature between • detachment of a
burgher patrol, under Commandant °Millen, and a
" cloud "of Tambookire, flushing in the discomfiture of
the latter, and the infliction upon them of a loss of nearly
100 in killed and wounded, a booty of upwards of 1,000
head of cattle, extensive flocks of goats, and many horses.
The luso on the side of the burghers being five killed and
three wounded, awl 12 horses killed. Conspicuous in this
affair stand the names of some who have throughout the
war stood forward as the veriest patriots, us men who,
regardless of present remuneration, and equally unmindful
of present discomfiture, hive stepped forth to rescue their
bleeding country from the grasp of merciless savage,.
SHILOH, I've. 1..—0 f Lite we have had more rumours
up here than real visits front our Temhoo fricods. On the
Nth ult. they made a pounce down upon a span of oven,
about three miles front Whittlesea while they were out
griming, and got clear off with them.
BVIOWILICII Duke, Fro. 20.—The cemmando, under
Commandant Cole, has Warned to this town, having been
in the field a considerable time. Their success is stated at
1.000 heed of cattle and a number of hares, killing 30
Kaffin end 10 Hottentots. Some Hottentot women were
also taken prisoner", and brought t s Burgher's Burp. These
state that pack bullocks laden with gunpowder passed
the T'Sumo, supposed to have been obtained from
Musliesh, and on the way to the lower country
to the Oaikas and 'Dekko'. This information, given
by the female prisoners respecting Binh, sh, ought at
once to determine the government to institute u fear-
less inquiry with • view to the punishment of this
trafficking chief, who is said to sell gunpowder openly at a
store kept fur that purpose, and that his chi if artiel of
barter with European traders who go to his country is
that dangerous commodity. Unfortunately, the neglect
ou the part of the government, in not prohibiting the sale
of ammunition immediately on the outbreak of the war,
permitted large stocks of gunpowder to lie imported hap-
hazard, and amity millions of cartridges to find their way
into the hands of the natives, who are now using them to
our destruction. It is even hinted that the three days'
armistice asked by and granted to the Gaikas during the
present month, was fur the purpose of obtaining a cessa-
tion of hostilities until their " powder oxen '• had arrived.
Ilse be, their subtlety has most decidedly out witted the
Commander-in-Chief, and his clemency has inflicted an
injury to the colony's interests that will take much time to
repair.
(From the CWootist.)
KING WILLIAM'S 'I OWN, FAH. 20.—Colonel Michel has
destroyed upwards of 80 of eke Hottentot rebel huts on the
Araatola ridges, many of wattle-and-daub. He has also a
vast quantity of grain. Seyolo was collecting his people to
attack Major Kyle's patrol. Ile will not do this =leas he
catches the major in a trap, and he is not likely to do this.
The I"Slambies arc still giving up Gaika cattle. Colonel
Eyre was in pursuit of a number of Gotha cattle when the
last express left. Captain Leckie, of the Queen's, was
badly wounded by the accidental discharge of a gun.
1-sit. 24.—We have accounts from all the patrols. The
soldiers continued at work destroying the crops up to the
last dates without opposition. General Somerset has had
the only fighting we have heard of. The sound of cannon
and small arms were heard all day yesterday in the Tyumie
lloek. A native express letter carrier was killed between
I Forts Cox and Hare. We hear that the patrols are to be
called in on the 28th, preparatory to the combined move-
meat on the Bth.

Extract from a letter dated Struy's-bay, March 2, 1852
"We have to inform you that the Dutch barque Juno,
Captain Chevalier, of 600 tone, from Batavia to Dordrecht,
out L 2 days, struck on the pitch of the point of Cape
L'Agulhiui, directly under the light-house, about half-past
one in the afternoon, in very thick foggy weather. Tho
writer was at the wreck about sunset, where he found the
hull nearly under water, with main and mizenmasts gone,
and the foremast to all appearance through her bottom.
The crew were saved, but have lost everything. Unfortu-
nately, two lady passengers and three children were
drowned. The semi was laden with collie and sugar."

AMERICA.