The Express.
London, England, 1853-04-08 00:00:00

THE EXPRESS, FRIDAY EVENING, APRIL 8-, 1853.

tell round what figure interest will hereafter fluc-
tuate. Why name 1894 in this part of the proposi-
tion at all ? Why not say, in reference to it, as is
said in another part of the plan—after that date
"subject to redemption by Parliament?"—at par
of course. These bonds may be found so
popular as to replace the great bulk of
our permanent debt at 21 per cent.—bearing that
interest absolutely for the forty years certain—and
Ifor such further future period as the country may
think fit—but redeemable after 1894 at par, or, if
holders prefer it, by conversion into stock, as may in
the then state of the Mosey Market be acceptable to
the wisdom of Parliament and most for the benefit of
the nation. Mr. GLADSTONE and the House of
Commons should consider this.
Another remark called fur by the Resolutions is
this, that the limit put to the soundest branch of the
plan—that about Exchequer Bonds—is thirty mil-
lions, whilst the lets sound branch has no such limi-
tation affixed. It is by no means improbable that the
Continent al, me may absorb suchen amount ; and since
the whole arrangement is based on the present fa-
vourable state of the market for re-arranging our
debt, we clearly ought to take full power to do tho-
roughly that which we may do well. If we can, by
selling bonds to foreigners, save or 1 per cent.
upon a larger sum than 30 millions of our National
Incubus, it is clearly unwise not to do it. This will
be another important point for Parliamentary consi-
deration.

With one more word of explanation and opinion
we may for the present close these remarks on the
scheme of the CitAxemoa of the ExciteQuEtt. It
is, that the creditors holding the condemned portion
of debt who arc positively to be paid off, are to
have the option either of hard sovereigns for every
hundred pounds of debt, or of any one of the
three new securities the Two-and-a-Half—
Three-and-a-llalf, or Bands. That beyond these
who are positively to be settled whit at par, there is
to be an option by which holders of Consols may
change their stock for any of the new securities ; and
lastly, inasmuch as some of the good people who are
thus to be paid in full may elect to take the hard
money, the Government propose to have power to sell
Exchequer Bonds, to make upany deficiency from such
claims of any creditors who decline to take •"new lamps
for old." We may possibly see all the old Exchequer
Bills replaced by the new Bonds, and by a wise
Parliamentary arrangement, the future may—with-
out any monetary discomfort or financial derange-
ment—find us with our huge National Debt leas an in-
scribed than a bond debt—the interest lessened—and

the consequent burthen on the people reduced. Mr.
GLtDSTONE is a fortunate Minister. He gains power
at a time when great things arc opening upon us;
and if he handles his tools of finance with the wis-
dom and dexterity of a master, he can, without the
shadow of risk to our spotless commercial honour,
positively raise the national credit still higher than
ever ; whilst reducing national burthens, and open-
ing still further a way for unfettering national
industry.

THE FINANCIAL PROJECT OF
GOVERNMENT.

The following are the resolutions to be proposed
by tuc Chancellor of the Exchequer in committee on Acts
relating to the National Debt, this evening :

" 1. That the capital trading stock of the Corporation
of the Governor and Company of Merchants of Great Bri-
tain, trading to the South Seas and other parts of America,
and for encouraging the fishery, which is called and known
by the name of South Sea Stork: the capital stocks of the
31. per tetanal Annuities, called and known by the name
of the Old South Sea Annuities and by the name of the
New South Sea Annuities; the capital stock of the 31.
per Centum Annuities, created by an act patient in the
twelfth year of King George the First, intituled 'An
Act for granting to his Majesty the sum of 1,000,0001.,
to be tamed by way of lottery,' called and known
by the name of the Bank Annuities, 1726: and the
capital stock of the 31. per Centum Annuities, created by
an act passed in the twenty-fourth year of King George the
Second, intituled 'An act for granting to bis Majesty the
sum of 2,100,0001., to be raised by annuities and • lottery,
and charged on the sinking fund, redeemable by parlia-
ment.' called and known by the name of the N. per Cen-
tum Annuities 1751, shall be paid off and redeemed.
" 2. That every person, body politic and corporate, who
now is, or , hereafter may be, interested in the capital
stocks of any of the said 3/. per Centum Annuities, who
shall, in manner hereinafter directed, give notice at any
time on or before Friday, the 6th day of Msy, 1853, of his
assent to receive other government securities in lieu and
in place of the said capital stocks of the said annuitie=, in-
stead of being paid in money, shall, at the option of the
said partiee, receive for every 100/. thereof, 821. 10s. in
• new stock of Three-and-a-Half per Centum An-
nuities, which said annuities shall be paid at the
rate of 31. 10s. per centum per annum until the sth day of
January, 1894, from and alter which day the said annui-
ties shall be subject to redemption by parliament; or for
every 1001. of the said capital stocks of annuities the sum
of 1101. in a New Stock of Two-and-a-Half per Centum
Annuities, which said annuities shall be paid at the rate of
23. 10s. per centum per annum until the sth day of January,
1894, from sad after which day the said annuities shall be
subject to redemption by parliament; or for every sum of
1001. of the capital Stocks of the said 31. per Centum Mau-
him an Exchequer Band for the lika amount, payable to
bearer, and carrying interest at the rate of 21. 15s. per
eentum per annum, payable half-yearly on the Ist day of
March and the let day of September in every year, until
the let day of September in a year to be named in such
bond, and not later than Ist September, 1864, inclusive,
and thenceforth 21. 10e. per centum per annum, payable
half yearly in like manner, until and including the Ist of
September, 1894, and thereafter to be subject to redemp-
tion by parliament at par, at the option of the holder, or at
the option of the Commissioners of her Majesty's Treasury,
se shall be named in such bond.

. 3. That the dividends and interest ptyable on sack
New 3/. 10s. per Centaur Annuities, on such New 21. 10s.
per Centaur Annuities, and on such Exchequer Bosch,
shall be charged and chargeable upon the Consolidated
Fund of the United Kingdom of Great Britain aad
Ireland.

" 4. That the dividends now payable by law on sth July
and sth January in every year on the said capital trading
stock and on the said capital stock of New South Sea An-
nuities, Annuities 1726, and Annuities 1751, shall continue
payable until the 6th January, 1854, inclusive, and no
longer.
" That the dividends Dow payable by law on the 10th
October and 6th April in every year on the said capital
stock of Old South Sea Annuities shall continue payable
until the 6th April, 18.54, inclusive, and no longer.
"6. That if the Corporation of the Governor and Com-
pany of Merchants of Great Britain trading to the South
Seas and other parts of America, and for encouraging the
fishery shall at any time on or before Friday, the 3rd day
of June, signify to the Commissioners of heel Majesty's
Treasury their assent to commute and exchange the said
capital trading stock, or any part thereof, into any. one or
more of the said new 31. 10e. per Centnm Annuities, New
21. 10s. per Centum Annuities, or Exchequer Bonds, the
said corporation shall be permitted to make such commu-
tation and exchange upon the same terms, and subject to
the like conditions, as are granted to the person or per-
sons, bodies politic or corporate, interested in or entitled to
the eapital stock of W. per Centaur Annuities now proposed
to be paid off and redeemed.
"G. That all and every person or persons, bodies politic
or corporate, possessed of any part of the said 31. per Cal-
lum Annuities, and who shall desire to signify his, her or
their assent to receive the said New 31. We. per Centum
Annuities, New 21. 10s. per Centum Annuities, or
Exchequer bonds in lien thereof, shall on or before the 6th
day of May, 18.53, but within the usual hours of transacting
business at the Bank of England, or at the South Sea
House, by themselves or some agent or agents for that pur-
pose duly authorised, signify to the Governor and Com-
pany of the Bank cf England, or to the Governor and
Company of Merchants of Great Britain trading to the
South Bess, as the case may be, such assent in writing under
his, her, or their hand or hands, or the band or hands of
his, her, or their agent or agents, together with the amount
of his, her, or their respective share or shares in the said
31. per Centum Annuities, and which said assent shall be
entered in a book or books to be opened and kept by the
said Governor and Company of the Bank of England, andl
by the said Governor and Company of Merchants of Great
' Britain trading to the South Seas for that purpose ;
and in ease of any transfer of nth share or snares
of such annuities, or any part or parts thereof,
after such assent, the part or parts of such &n-
-unlike so transferred shall be entered in the said book
or books separately from the said 31. per Centum Annuities,
in respect of which no such assent shall be signified, and
every such person or persona so assenting, or his, her, or
their assigns, or the executors or administrators of such
assigns, under idly such transfer, shall be entitled for
every 1001. capital stock of the said 31. per Centum An-
nuities to 821. 10s. of the capital stock of New 31. 10s. per
Centum Annuities, or to 1101. of the capital stock of the New
21. 10s. per Centum Annuities, or to an Exchequer Bond
of 1001. bearing interest as aforesaid: provided always that
if any person or persons holding any such 31. per Centum
Annuities, shall not be within the Itmita of the United
Kingdom at env time between the Bth day of April and
the Gth day of MaT, 18.13, both inclusive, but shall be in
any other part of Europe, it shall be lawful for such per-
son or persons to signify such assent at auy time before the
30th day of July, 1853; and if any such person,
or persons shall not at any time between the Bth day
of April, 1853, and the 30th day cf July, 1853, by within
say part of Europe, it shall be lawful for bin., her, or tea m
to signify such assent at any time before the Ist day of Feb-
nary, 1844, such person or persons proving to the satisfac•
ironof the governor or deputy-governor of the Bank of

England, or'to the goverinir of the South Sea Company,
hi., her, or their absence fretu the United Kingdom, or out
of Europe, as above specified, and that his, her, or their shore
tr shares of such 31. per Ctntum Annuities stood M his,

her, or their name or names respectively, or is the name or
names of any one or mere trustee or trustees, on hie, her,
or their behalf, in the books of the Governor and Company
of the Bank of England, or Govern u• end Company of
Merchant Traders to the South Seas on the oth day of May,
provided also, that such preen or persons so absent
from the United Kingdom, or out of Europe, shall signify
such hie, her, or their anent, within ten days after his, her,
or their return to the tailed Kingdom.
"7. That every person or persons, body politic or corps-
! rate, who now is, or hereafter may be, interested in or en-
' titled to any part of the capital stock of the Consolidated
31. per Centum Annuities, or of the Capital Stock of the
Itedueed 31. per Centum Anauities, payable at the Bank
lof England, or at the Bank of Ireland, and who shall at
any time berme the 10th ?ay of October, 1843, sigoiry to
the Goveruur and Company of the Bank of England, or to
the Governor and Company of the Bank of Ireland, by an
entry to be made in backs to be opened for such purpose,
his desire to commute and exchange any or all of tho sad
annuities to which he may be entitled, into any one or
more of the raid New 31. 10s. per Centum Annuities, New
21. 10s. per Centum Annuities, or Exchequer Bonds, shall
be permitted to make such commutation sad exchange
upon the same terms and sulject to the like conditions as
are granted to the perron or persons, bodies politic or cor-
porate, interested in or entitled to the Capital Stocks of
31. per Centum Annuities proposed to be paid off and re-
deemed as aforesaid.

" 3. That the Commnsionrrs of her Majesty's Treasury be
authorised and empowered to issue at any time between the
sth of April, 1853, and the sth of April, 1854, Exchequer
Bonds, payable to bearer, upon the like terms and condi-
tions as hereinbefore described, and titer publielnotice in
the London Uoz e, from time to time to sell such Bache-
quer Bongs, or any part thereof, arid to apply the proceeds
in redeeming any part of the capital training stuck or
captital stock of annuities now proposed to be paid off and
redeemed, or in purchasing and cancelling any Exchequer
Bills, or in exchanging such bonds ter Exchequer Bells,
upon such terms as the said co.nmissioners ciall think
proper, or in purchasing and cancelling soya the Consoli-
dated 3!. per Ceotum Annuities, or Reduced 31. per Centum
Annuities, payable at the Bank of England or at the Bank
of Ireland, as the case may be.
" 9. That the interest on such Exchequer Bonds shall be
charged and chargeable on the said Consolidated Fund.
" 10. That no amount of such Exchequer Bonds shall be
issued exceeding in the whole the sum of thirty millions.
" 11. That it shall be lawful for the Accountant-General
of the Courts of Chancery in England and Ireland respect-
ively, and for the Accountant in Bankruptcy in England, at
any time balm the Gth day of May, 1853. to signify to the
Governor and Company of the Bank of England, or to the
Corporation of the Govern3r and Company of the Mer-
chants of Great Britain trading to the South Seas aud other
pars of America, and for encouraging the fishery, on behalf
of any suitor er suitors, or others interested in any such 31.
per Centum Annuities hereinbefore referred to, standing in
the names of such Accountants-General and Account-
ant respectively, their assent to accept and receive
shares in the said New 31. 103. per Centum Annuities,
or New 2/. 10s. per Centum Annuities, or Ex
chequer Bonds, in lieu of all such 31. per Ceotum An-
nuities standing in their names respectively ; and the said
Accountants-General and Accountant respectively shall be
fully indemnified against all actions, suits, and proceedings
for and in respect of any action, matter, or thing done by
t:iem respectively in pursuance thereof.
" 12. That all executors, administrators, guardians, and
trustees interested in or entitled to any part of the capital
stock of the Old South Sea 31. 'per Centum Annuities, of
the New South Sea 31. per Centum Annuities, of the 31.
per Centum Annuities created by the Act 12th George
the First, of the 3/. per Centum Annuities created by the
Act 24th George the Second, of the Consolidated 31. per
Centum Bank Annuities, and of the Reduced 3!. per
Centum Bank Annuities, whether payable at the Bank of
England or at the Bank of Ireland, as the case may be,
whe shall signify their desire to convert the Annuities to
which they may be respectively inter( sled into any of the
New M. 10s. per Centum Annuities, New 21. 10s. per
nentunt Annuities, or Exchequer Bonds, shall be in-
demnified."

FRANCE.

rams, THURSDAY EVENING.

The Ifoxiteur contains a decree making numerous
changes in the magistracy.
"A heavy blow and great discouragement" is ad-
ministered to the ultramontane party to-day by the
following paragraph in the altoniteur :

Great paihs have been taken to circulate a report that the
government thinks of proposing a modification in the condi-
tions of civil marriage. There is no foundation whatever
for this report. The experience of sixty years has conse-
crated the wisdom of our civil legislation in this important
matter.

This official extinguisher upon the machinations
of M. Sauzet, M. Vatimesnil, and the Unkestr, may
safely be taken as an indication that all hope of in-
ducing or forcing the Pope to come to Paris for the
coronation is abandoned. It is only within the last
day or two that the government has made up its
mind to this disappointment. You may now expect
to see a totally new line of policy with regard to
Rome, and I will venture to predict that the corona-
tion will take place long before August.
The itssemblgo Natsonak has received a second
warning from the Minister of Police for an article
published in its number of March sth, tending, as
thu warning says, to disavow the national sove-
reignty. As this, the most serious attack upon the
press that has occurred for many years past, menaces
the existence of a first-clew journal, in which it is
understood that M. Guizot often expresses his
opinions, I send you a translation of the incrimi-
nated article. It is as follows:

The Count de Chambord will return to Frobadoeff on the
20th of this month. The Duchess of Orleans has just left
Claremont to return to her residence in Devonshire. Her
Hoy .1 Highness went to Claremont to take her son, the
Count de Pubs, to pus Easter with the Queen. The
Duchess of Orleans will again come to Claremont at the
end of May, to be present at the first communion of the
Duke de Chartres. All the members of the royal family of
France are in good health.

There is nothing more in this trivial legitimist
court circular than we have seen over and over again
in all the journals of that party. "Once an Emperor
always an Emperor," was Napoleon's argument at
St. Selena, when he complained so bitterly that
Sir Hudson Lowe would only call him Gene-
ral Bonaparte. Upon the same principle the
Bourbons, though not now the reigning family, may
still innocently be styled the royal family of France.
It is, however, perfectly understood that this insig-
nificant paragraph, which nobody noticed at the
time, is but the pretext for the warning given to the
Assemblee. The real cause is the stinging article
about Louis Napoleon's " four years' speeches and
messages," an abstract of which I sent you. Ibis
journal may now set its house in order. Its sup-
pression will not long be delayed.
M. de Maupas has also given a second warning to
a legitimist Journal of secondary importance " La
Mode," for "having so far from p.aying. attention to
the first warning of March 1, persisted in the course
which led to that warning.' Nothing can show
more clearly than a vague charge of this kind, that,
although the laws &gamut the press have been al-
lowed to sleep for a brief period, there is no legal
security whatever for newspaper property.
At the Bourse to-day there was an active market
for Rentes and Bank Stock, with a general rise in
prices, which closed firmly, and with an upward
tendency. For cash the Three per Cents. advanced
60c., and the Four-and-a-Half per Cents., 30c.; for
the account, the rise in the Three per Cents. was
43c., and in the Four-and-a-Half per Cents. 35c.
Bank Stock advanced 16f. At the conclusion of bu-
ness the prices were :—For money, Three per Cents.,
791. 80c.; Four-and-a-Half per Cents., 103 f. 30e.
For the end of the month, Three per Cents., 791.85 c.;
Four-and-a-Half per Cents., 103 f. 35c.; Bank Stock,
, 2,713 f. - .

Railway shares also participated in the general
improvement of business, the prices having advanced
in all the principal lines. Northern. closed at
903 f. 30c.; Orleans, 1,0461. 50c. ; Paris and Stras-
bourg, 813 f 30c.; Paris and Lyons, 932 f. 30c. ; Paris
and Rouen, 1,030 f.; Lyons to the Mediterranean,
8131.; Western of France, 752 f.
_ _ . _

•
Latest quotations received by telegraph :—Berlin.
New Loau, Four per Cents., 991; Four-and-a-Half
per Cents., 103 ; Bank Shares, 1091; Rhenish Rail-
way, 901. Vienna.—Metallignes, Five per Cent., 941;
Losn, 1831, 107 ; Lombardo Venetian, 1004, ; Bank
Shares, 1,407; Exchange on London, 10.30.

PARIS, WEDNESDAY EVENING.

A number of owners were arrested yesterday for
distributing a lithographed manifesto signed by Felix
Pyat. There hare also been several arrests of carriers
belonging to the celtbrated establishment of Godillot,
entrepreneurs of fetes, Sze ; and also of others, labour-
ing on the Strasbourg railroad, for being engaged in a
strike. And apropos of strikes, there is an immense
excitement throughout the manufacturing cities of
the north, growing out of the report, generally be-
lieved, that the government is about to modify the
duties on cotton.