The Express.
London, England, 1846-09-10 00:00:00

but no credit was attached to it in banking quarters. It dens
not seem at all probable, that having induced the ram to
recently at one fortnight ago, they would so soon proceed to
another change, whether in the opposite direction or a fur-
ther rep in reduction still.
The foreign market was in a depressed state, with
prices tending downwards and little business. Mexican
declined further to 251 to 1 ; Spanish Fives were fairly
supported at 27 to ; the Threee, fiat at 331 to I; Pas
sive, 6 to 1; Portuguese, 41 to 3; Danish, 88 to 1 ; Dutch
Two-and-a-half per Cents, 691 to 60; the Fours, 941
to 5 ; Belgian Four-and-a-half per Cents., 97 to 8
It is contended in some quarters that the course of the
Portuguese government is imposing an income tax of 20
per cent. on the foreign creditors of the state stands justi-
fied, so far as the principle, by the course adopted by Sir
Robert Peel, who, on the enactment of the income tax here,
for the tint time subjected the foreign non-resident holders
of British stocks, as well as of foreign securities, of which
the dividends are payable here, to the operation of the
income tax, equally with the resident holders of such stocks.
In the days of Pitt fiscal policy was understood dif-
ferently in that respect, Foreign non-resident holders of
property in the British funds were carefully exempted from
the operation of the income tax then enacted, and so con-
tinued until its final abolition.
The cases, however, are not parallel. The debt of
this country is almost altogether owing in the coun-
try itself. It is believed that not much more than
five millions of the whole is held abroad, and it may be
admitted that it was scarcely worth while to extend to so
small a proportion the provisions of the income-tax. The
amount of income so operated on would hardly exceed
150,0001. per annum, the 3 per cent. upon which would be
only the miserable sum of 4,5001. But it must not be for-
gotten that the Portuguese government has on various occa-
sions been dealing most unjustly and arbitrarily with its
foreign debt. It ceased to pay dividends al ether for some
time ; then it cut down the interest when it did pay ,• again,
it decreed a forced conversion, by which the bondholder
were plundered in another shape. If it be just or necessary
to call upcn the foreign bondholder to contribute towards
the financial exigencies of Portugal, let him at least be re-
instated in his proper position. Let his 4 per cent, bonds be
replaced in their original value of 5 per cent., with all
arrears of interest paid off, or funded at the compound sum
in a stock bmriug the same rate of interest. The 20 per
cent. tax might then become less objectionable for its
amount, if net for its principle.

ENOLItill PUNT/IL—Sem 9
Bank Stock, 210 j 9i 11 India Ikmd.n, under £l,OOO, 29
per ( ens. eteemed Am., 964 j South Sea New Anne., 954
3 per Ct. Consols, Am., 961 a Bank Stock for Acct, 1105
New 34 p. Ct. Ann., 4031 4 1 1 Consols for Aoct., 961 j j
Long Ann, Exp. Jan. 5, 1660, Lx. Bilks, £l,llO 14d., 10 15 14
10 1 7.16 I Ditto £5OO, 10 15 14
Long Ann., 30 years, Exp. 001,10, Ditto, Small, 10 15
1859, 10 346

?OREM;
3 per Ct. Danish Dda., 1825, 884 4
5 per Cent. Mexican, 1846, 254
Ditto Acct., Sept. IS, 234 4
Ditto Small, 28.
S per Ct. Portuguese Bonds, 854
4 per Ct. ditto, 43
Ditto, Met., 424

i ruins.
5 per Cent. Spanish Bonds, Acct.
Sept. 15, 21.4 7.1
Ditto, Passive, 6
3 per Ct. Span oh Bonds, 38i
Ditto Acct., Sept. 13, 3$
3 per Ct. Fr. Rentes, 841.
44 per 4.1. Belgian ids., 97
4 per Ct. Dutch Certificates, 944

EXCHANGES AND STOCKS ABROAD.

.—.—.—.
Pius Boras; Baer. B.—Coors Au/Arnhem., for money.— Pty.
per Center, 119.35, ex die. • lour.and.m.Half per Cents., 111.75;
Three per Cents., 84.30 ; Shares of the Lank, 33.05; Bente de Naples
(Rothschild), 101.75; Romm Loan, 1024; Belgian Five per Cents.,
1840, 102 t; ditto 1842, 1031; Gouin Bank Shares, 1215; Ganneron
ditto, 119,50; Bandon ditto, 520. Exchange on London, $0 days,
23.70; three months, 24.523. The Fire per Cents. closed for the
Account at 119.25 ; the Three per Cents. at 84.40.
Bausoms, Seer. 7.—Loan, 1640, 101; 1842, 1021; 1844, 901 • 1836,
96; 1831 t, 74: of the City, 1832, 101; 1843, 100. Bank of Belgium,
930. Exchange on Landon, 25.80; two months, 25.60.
ANTWKILP, Suer. 7.—Ezehange on London, 25.823 80 ; two months,
25,65.

VICKWA, Aro. 31.—Five per Cents., 111 ; Your per Cents, 1064 ;
Three per Cents., 734 ; Loam of 1534, 1574 ; Ditto, 11139, 1271 ; Bank
Shares, 1,567.

Ararunery Siwr. 7.—Actual Debt, Two-and-a-Half per Cents., 101,
60/ ; Three per Cents., 721, 721 ; Four per Cents., 941, 95. Oommercial
Company, Your-and-a-lialf per Cents., 1741 1751. East India Loan,
941, 941. Spanish Fire per Cents, 21, 21f ; Three per Cents., 39, 40.
Exchange on London, 12.20 ; two months, 12.12.
Bemis, Etter. 4.—Pruasion Schuld Sch., Three-and-a-
Half per Cents., 941, 941. Exchange on London, three mambo, 6.241;
on Hamburg, 300 marks, 1501,1501 ; on Paris, 300 fr., 79 s.l2ths, 791.