The Express.
London, England, 1846-10-14 00:00:00

MONEY MARKET.

TUESDAY EVENING.
The dealers in the home market have been en
in making up their books for to-morrow's settlemErof
account. To day options had to be declared. The prices of
Consols have been maintained with tolerable firmness at 951
to 1 for money, and to-morrow Exchequer bills 15s. to 181.
premium. Reduced Threes are quoted 941 to 1 ex-dividend.
Three-and-a-Quarter per Cents. 96 to i ex-dividend. Bank
Stock 206 to 8 ex-dis idend. Long Annuities, 9; to 915 16.
In foreign stocks but little business was done. Mexican
receded to 231 to 1, on the non-confirmation of the intelli-
gence so curiously acid to have been received from llavre.
The bondholders are anxiously waiting for the explanations
which arc to come from the ex-Mexican minister, the finan-
cial agency and conversion loan contractors, and the Spanish
American Committee. The instructions to Senor Murphy,
the late envoy, a copy of which has been submitted to our
inspection in the language in which written, appear cer-
tainly to exonerate fully both the late government of Paredes,
and the present chiefs of the Mexican republic, front any im-
putation of bad faith in their common repudiation
of the conversion. It remains for the Spanish American
committee to explain how it came to pass that they did not
require, according to custom, the formal exhibition of Senor
Murphy's powers. Unless some special document can be
produced to counteract the ease made out in the dispatch
referred to of Senor Gomez Ferias, the minister of finance
at Mexico, the conversion may be set down in the same dis-
creditable category of loanmongering schemes with the hocus
pocus doings a the famous times of Senor Zee, some rather
more than a score of years since, when he was the diplo-
matic agent here, for the then republic of Colombia, and,
although not empowered, concocted a stock-jobbing conver-
sion of bad debt debentures to serve as the basis of a loan
which was repudiated at Bogota as soon as known there.
In other foreign stocks there was little movement. Spanish
Fives were called 261 to 1, the Threes, 371 to 1 ; Deferred,
17 to 4 ; Busier,6l to ;. Portuguese, 411 to 21. Dutch
Two-and-a-Half per Cents., 59 to 1. The Fours, 921 to 3.
New Granada, 201 to H. Ecuador, 31 to 4. Venezuela,
41 to 3. The Deferred, 121 to 131.
Foreign Exchange declined again to-day. On Amsterdam
the negotiations were at 12.61 ; on Rotterdam, 12.7 ; on
Antwerp, 26.5 to iS ; on Hamburg, 13.121 to 1 ; on Frank-
fort, 12, to 1; on Paris, 25.95 to 26 ;on Vienna, 10.7 to 8 ;
on Madrid, 351 to 36, all at three months.

ENGLIETII FUND& —0er..13.

Bank Stuck, 206, ex dlr.
3 per Cent. Reduced Anna., 1 I
,i
S per Cent. Conanla, Anna., 93 ,
New 31 per Cent. Anna., 961,
Long Anna., Exp. sth Jan., 1860,
91
FORFIC:

Indiu fininl.;,;inder .C 1,000,25 pre.
Cow& for Acct., 93 I 4
Eaclu.nuer liWs, £I,UOO, 144.,
18 15
Ditto, Small, 15 18
;N FUNDS.

.3
-r- Ct. Sp Bole.,
Ditto Deferred, 1
2 per Ct. Veneziala Bondi', 41/
Ditto Deferred, 121, 13
21 per Ct. Dutch Ex., 12 Gnu.,
391
4 per Cent. Dutch Certilleatee,
91f. 1
THE NATIONAL DEnr.—The Lords Commissioners of

5 per Ct. Brazilian Bonds:B4
24 per Ct. Ecuador Bonds„
1 per Ct. Grenada Bonda, 21
Ditto Deferred. 31
5 per Ct. Mexican, 1546, 23/
S per Ct. Mexican Acct., Oct. 30,
23
4 per Cent. Portuguese Bonds,
4lj

her Treasurylajesty-:; has:ng certified to the Commis-
sioners for the Reduction of the National Debt, in pursuance
of the Act 10th Geo. IV., c. 27, s. 1, that the actual surplus
revenue of the United Kingdom of Great Britain and Ire-
land, be end the actual expenditure thereof, for the year
ended the sth day of July, 1846, amounted to the sum of
two million eight hundred and twenty thousand four hun-
dred and seventy-two pounds, thirteen shillings and sixpence ;
the Commissioners for the Reduction of the National Debt
hereby give notice, that the sum of 705,1181. 3s. 4d. (being
one-fourth part of the said surplus of 2,820,4721. 13s. 6d.)
will he applied, underthe provisions of the said Act, between
the 12th day of October, 1840, and the sth day of January,
1847, to the following purposes—viz. :

-
To be applied W the purchase at Stock. /53,118 S 4
To be applied to the purchase et Exchequer Supply
Bills, or Deficiency Bills 630,000 0 0

705,118 3 4
Add Interest receivable on account of Donations and
Bequests, to be applied to the purchae.: of Stock...

1,272 14 3

S. HIGIIAM,

National Debt-oftioe, Oct. 10.

,390 17 7

•
SPAN Inn DEBT.—Sir :—Permit me to call your atten-
tion to a few observations on the subject of the Spanish Debt,
which I trust you will consider worthy of attention at the
present time; in which case, if you would yourself bring
them under public notice In the City Article of the Express,
you would render an essential service to the English
creditors of Spain, whose only hope of obtaining justice from the
government of that country mainly depends an the amistance of the
influential daily peens of the metropolis. I wish, RIM, to advert to the
undeniable fact that the greatest portion of the money advanced by
this country to Spain would be lost to it, even if the Spaniah govern-
ment were now to pay off the whole debt, together with the arrears
of interest, in conaequence of the greatest portion of the Active Bonds
having been purchased on foreign account at low rates, and with-
drawn from circulation here. To such an extent has this been the
case, that now only one of the five Mures of Active Bonds can be
purchased on the Linden Stock Exchange. The English
creditors having thus been compelled to dispose of the
greater portion of their bonds for a small part of their
original value, cuing to the non-poyment of their dividends,
hate slimly an equitable claim upon the Spanish govern-
mint to make provision for that portion of the debt which Mill remains
in their bands, in the first instance, and moreover, as the
I public lands in Spain, which were solemnly pledged as se-
Itlrs!etY"payment otolfie the
intereeto2
shouldtEng"'thimmat a
been appropriated r purposes, theyrequire
portion, at begat, of the revenues of Cuba, as an equivalent, be as-
signed for that purpose; at the some time endeavouring to obtain
the sanction of our own government to such demand. Although the
Stock Exchange has been nearly cleared of Active Bonds, this, how-
ever, has not been the case with the Erosive, the whole
of which description of Spanish Stock appears still to re-
main in this country, no that the holders of it now constitute the
majority of the English creditors of Spain It becomes, therefore,
important to remind them that the Spanish decree of the 26th of Feb-
ruary, 1566, provided for the conversion of the whole of the passive
into active stock ; the holders to receive for every 1001. passive bond
as much active stock as would produce 251. in cash in the markets.
This would have the eff'ect of nearly equalising the value of the two
descriptions of stock. The claims of the holders under this decree
have hitherto remained In abeyance, in ocenmon with those of the
other creditors, an the time has now arrived when they should
strenuously claim the benefit of it. As every Passive Bond represents
the like amount in sterling of the early arrears of
interest on the lam, for which they were given
in exchange-1007. In overdue coupons for every 1001. pensive
bonds—surety the claims of the holders are as valid as those of the
foreign holders of Active Bonds, purchased for a fraction of their
original cost, notwithstanding the price of the latter is now above 26,
while that of tho former is under 6. Begging your favourable atten-
tion to the above, I remain, Sir, yours, A Doman or Acrws AND
PARDM Boras.