The Express.
London, England, 1848-04-08 00:00:00

LATEST FROM PARA

FARIS, FRIDAY, b P.N.
The funds again gave way to-day, and railway
shares still more. The Threes closed, for cash, at 344.,
being a fall of 11 on yesterday's closing prices. Bank
shares have dropped to 1,025. Some of the railways
have fallen to a ruinous point, the Orleans doling
at 385, and the Rouen at 280.
I learu from authority, which is all but official,
that the basis on which the federative organization of
I Italy is proposed to be constituted by the sovereigns
who now co-opt rate with the King of Sardinia, when
the present war shall be breught to a conclusion, is
as follows:

The Peninsula will be divided into six great
states— 1, Naples; 2, Sicily; 3, Pontifical states; 4,
the Kingdom of Etruria, comprehending the present
Grand Duchy of Tuscany and some of the smaller
Duchies ; .5, the Lombardo -Ve•ietian States ;
6, Sardinit. The Tr 9chese states will
be as follows t.--Naples? ne300,000; Sicily 2,050,000
Pontifical states, 3,000,000 ; Etruria, 3,380,000 ;
Lombardo-Veuetian, 4,800,000; Sardinia, 4,700,000.
A line of fortresses will defend these states upon
' the Alps, upon the Plain, and on the Appenines.
A Diet will be held at Rome, under the
presidency of the Pope, for the solution of great federal
questions, in which each of these states will be repre-
sented by the same number of deputies.
It is stated in the French journals that, besides the
principal army of the Alps, two corps of observation
were to be immediately formed. One of from 13,000
to 18,000 men, on the frontier of the Pyrenees, the
other of 3,000 men only, on the frontier of the north.
It is reported that General Cavaignae has resigned
the govenor-generalship of Algeria.
The two portfolios c •ntaining private correspond-
ence and papers of Louis Philippe, which we alluded
to yesterday, are ascertained to be in the hands of the
Provisional Government.

The National of this morning has the following,
on the project supposed to be entertained by the
government, to ex-propriate the railways :
The emission of new renles, to he given by the state in
exchange for shares, would contribute to depreciate still
further, it is said, the prices of the renter which are in the
market. But rentes which would be the representation of a
capitol alrein4 realisol, and of which the interest would lie
paid by the revenues of the railways themselves, cannot be
justly assimilated to renter created for a loan. There would
not be in reality any creation of new stock, but simply a
traniformation of existing stock. Besides, what is at this mo-
ment one of the principal causes of the decline of the rente ?
Precisely the necossity under which the companies are placed
of selling their insenptiont at any price. Moreover, what
weighs moat hcavilv on the market ate shares not paid up,
and subject to calla which it is at present impossible to pay.
The state, by converting into definite shares, the un-
classed shares, by delivering them from the perpetual menace
of calls which crushes their value, would cause one of the
most active elements of perturbation to disappear. To ad-
journ the solution of the question so imperatively laid down
by circumstances to the period at which the National Assem-
bly could occupy itself with it, wontd be not to protect, hut
to compromise ',offering interests The proviii .nal, in this
matt. r, is disastrous and impossible. And note that we do
not even speak of this consideration so grave that it is neces-
sary- to find labour fur thousands of unemployed workmen.
lln definitive. i.. it desired that the railways terminated be
worked in conformity with the general interest ? Is it de-
sired that the railways commenced shall be finished? The
state must charge itself therewi-h. It alone has sufficient
authority and sufficient credit to do so.
The first issue of notes of 30fr. by the Bank of
Havre has been made. They were applied for with
an urgency which showed the necessity for their
issue.
APRIL 7.—New Loan. • Three per Cents., 34 75; Do.
Five per Cents., 3223; Four-and:Ralf, Su; Fours, —; Belgian
Fives. 1810, —; 1012, ; Do. Theirs, --; Tvre-and-a.
Half, —; N •plis heater, Roman ,wan. —; mummy
Bar" —; Bank Shares, 1023 ; Facitunge on London, nu trams-
actions.
AULWATIL Paris and Orleans, 315 ; Paris and Rouen, 280 ;
Bonen and lime, 140; Avignon and Marseilles, 175 ; Sons-
, bourg and Ritie, 65 : Centre Viervon. 202 S 0 ; Amiens and Boulogne,
; Bordeaux, 382 50 ; North, 908 75.

LOMBARDY.—We are still without direct advices
from Northern Italy more recent in date than those I
have already sent, and much contradiction and con-
fusion prevails in the intelligence that has been
received.
We have to-day in the Federal Gazette, of
the 4th instant, a letter, dated Kiavenna, the Ist
instant, in which it is affirmed that an Austrian
corps had a conflict with the Swiss volunteers, when
2,000 Piedmontese came to the aid of the latter, and
3,000 Austrians were taken prisoners. Neither date
nor place is assigned for this engagement. It is
added that a great quantity of arms and ammunition
were also taken.
In the same communication it is said that the com-
mandant of the fortress of Piacenza had retired from
that place with 1,300 men and 60 guns; 48 of the
latter, with a great quantity of ammunition, were, it is
said, seized by the people.
The Piedmontese Gazette, of the 3rd, publishes
several official bulletins from Milan, from which it
appears that the Austrian troops arc stationed at
four miles from Brescia, occupying Castenedolo,
alontechiari, and Calcinadello. General Arcioni
arrived on the 30th at Brescia, at the head
of a column of Milanese, to reinforce General Monti.
The Piedmontese column, under General Bee, is ex-
pected there also. Many cities of Lombardy have al-
ready named delegates to represent them in the Provi-
sional Governm.:nt ; among these are Professor Turroni
from Pavia, and Dr. Itezzonico from Como. The citadel
of Mantua was still in the hands of the Austrians upto
the 31st. The first 1 gion of Lombardy left Milan on
the 30th for Antigoate. On the Ist inst., the 12,000
men under the command of Charles Albert joined
their vanguard at Creme. The Austtiana intend,
it appears, retiring to Verona. The Piedmontese
forces, that have actually passed the Ticino, amount
to 40,000 men. Two huudrcd Italian volunteers,
headed by Princess Belgiojoso, landed at Genoa
on the 30th ultimo, on their way to Lombardy.
On the Ist inst., General Radetsky marched from Mon-
techiaro towards Verona with 6,000 men, passing
through Defenzano. About 22,000 Austrians will be
concentrated at Verona, and 2,500 at Pesehiera. The
ex-viceroy, having tried in vain to cross the Tyrol,
has returned to Verona. Gen. Radetsky still expresses
hopes that he may retrieve his fortune at the head of
1100,000 men. The new Venetian government is pre-
paring to send troops against Verona, and has pro-
mised a considerable quantity of arms, ammunition,
and cannon, the arsenal of Venice being very well
provided.
The /I/sm./p.m...t0 of the 3rd, of Turin, publishes a
11 letter from the I)uke of Parma to the regency, in which,
after promising the most liberal reforms, he recom-
-1 mends Parma to return to her allegiance. The regency
having accepted these conditions, and recommended
them to the people, the authority of the duke has been :
again recognised at Parma. Not so in the rest of the
duchy ; at Piacenza, the duchal arms have been
pulled down and publicly burnt, a Provisional Go-
vernment proclaimed, and measures taken to demolish
the citadel. The Grand Duke of Tuscany was pro-
claimed at Pontremoli on the 28th.
The Provisional Government has obtained the ad-
hesion of all the cities of Lombardy, They have
already named representatives to the Provisional Go-
vernment.
Padua, Modena, and Parma have thus entered into
relations with the government of Milan, to concert
with it and carry out the means of consolidating the
Italian union.
A postscript to our Paris letter says: The Austrian
army is in full retreat, its rear guard being harrassed
by the armed peasants and the corps of volunteers.
SAVOY.—In reference to the reported movement in
Savoy, a Lyons paper gives the following :
A traveller, who arrived this morning from Chambery,
relates that, on the news of the arrival of the column of the
natives of Savoy, and which was believed to be composed of
12,000 to 15,000 men, the authorities of Chambery left the
town, taking with them all the money, arms, and ammuni-
tion. All the shops were closed. The column arrived, went
to the castle, had the gates opened to them, proclaimed the
republic, and named a mayor, chosen froin among them-
selves. On the next day, the populace, finding that the
column did not amount to more than 1,500 men, rallied, and,
being joiaed by the people from the muntry, armed with