The Express.
London, England, 1853-12-14 00:00:00

closing; range of yesterday. The heaviness of the
market was caused by the fact that a more unfavour-
able interpretation was generally put upon the aspect
of foreign politics. It is apprehended that the
reported success of the Russian fleet must lead to
some movement on the part of the naval forces of

Great Britain and France, which have hitherto been

lying so inactively in the Bosphorus. Although it is

believed that the extent ei the Russian success sis

•ery materially exaggerated in the published accounts,
it seems to be placed beyond a doubt that

some important naval advantage has been gained

over the Turks. This aggressive measure of the

Ruzeian commanders cannot fail to embitter the

quarrel upon which the attention of all Europe is at
the present moment so earnestly fixed. The fall in
the market to-day is the more worthy of nolioe from
its oecuring in face of large and influential pur-
chases, stated to be on account of parties who have
of late been operating for the rise simultaneously on
the London and Paris markets, prepaiitory, as it is
presumed, to some financial operation on the part of
the French Government. A variety of adverse
politi-
cal reports were in circulation throughout the day,
and tended to assist the prevalent depression, which
was further aggravated by intelligence of heaviness
on the Paris bourse of to-day.

Consols opened 941 to 95 ex div. for the opening of
Jan. 18, improved to 93 to 1, and had declined at
the official close to 941 to Z. At four o'clock a fur-
ther reduction had taken place, the quotation being
941 to a only. The official business report is as
follows :—Three per Cent. Consols, for money (shut),
96 with div.; ditto, for the openinf, 18th January,
941, 951, 95, 941, 95, 941 ex dm. three per Cent.
Reduced, 93, 951, 1,4, 95. Three-and-a-Quarter
per Cents., 97, 96Z. 97(, 1, 97. Long Annuities,
1860, 51, 5 3-16. Bank Stock, 220, 2201.
There is no change in the unfunded securities.
Exchequer Bills remain quoted 6s. to Os. prem.
The foreign stock market was rather flatter in tone,
in sympathy with the heaviness of Consols. Spanish
Deferred fell to 22 to 1, on intelligence of the defeat
of the Ministry at Madrid on the railway qufstion,
and of the subsequent suspension of the Cortes with-
out any date being fixed for its re-assembling; but a
partial rally took place in the afternoon. Mexican
was flatter, and Russian Stocks were also more
offered. At 4 o'clock Mexican Bonds were quoted
241 to 25. Peruvian Four-and-a-Half per Cents.,
69 to 71. Granada Deferred, BtoBl ; ditto Active,
21 to 22. Sardinian, 90 to 92 ex div. Spanish
Deferred, 221, to 1; the Certificates, 5 to
per cent. Sales are reported as follows :
Danish Five per Cents., 1031, 1. Dutch Two-and-a-
Half per Cents., 64 : ditto Four per Cent. Certifs.,
96; ditto Four per Cent. Bonds, 93j. Equador
Bonds, 51. Granada Deferred, 81. Mexican Three
per Cents., for account 16th Dec., 241. Russian
Five per Cents., 1121, 1, 112, 113: ditto Four-
and-a-Half per Cents., 981, 1. Sardinian Five
per Cents., 90, 901, ex div. Spanish Old Three
per Cents, 47 ; ditto New Deferred Three per
Cents., 221.
The money market continues easy, but to obtain
discount accommodation below the Bank of England
minimum the paper must be very good and short
dated.
Letters from Odessa of the 2nd Dec., received to-
day, report a large business in wheat, at higher prices.
About 90,000 quarters had been taken during the
week, almost exclusively for Mediterranean ports.
Freights continued high, at 1655. per ton of tallow,
equal to 235. 6d. per quarter for wheat. The exchange
on London was a shade more favourable for this

country, at 21.25.
In the market kr foreign exchanges this afternoon
only a limited business, as is usual at this season of
the year, was transacted, and quotations exhibited
no change of any importance. The rate on Paris
remains steady at 23.27} to 30, at three months; and
25.05 at short. On Hamburg the rate ruled at 13.5
to Bills on Amsterdam were in some request at
11.151. In paper on St. Petersburg the transactions
were very limited. For bills on Vienna and Trieste
there was some demand, with transactions as low as
11.30, at which rate, however, drafts on Trieste re-
mained over at the close. . . . .

Owing to the more warlike interpretation gene-
rally put upon the position of foreign politics, the
tallow market ruled 6d. to 9d. per cwt. higher to-
day. The closing price of Russian was 565. 6d., for
spring delivery.
It appears that a considerable proportion of the
specie imported from New York continues to be
transhipped to the continent. The Liverpool advice.
mention that of the 660,000 dols. brought in by the
Arabia 277,022 dole. were at once placed on board the
Margaret steamer, for Havre.
The 25th auction of the foreign redeemable debt
of Spain is to take place at Madrid, on the 29th
inst., for which purpose 187,500 reale have been
assigned by the government. Tenders will be ad-
mitted at the Spanish Commission, in London, until
the 19th inst.
We perceive, from the Sydney Empire of the 14th
Sept., that the New South Wales Coal and Inter-
colonial Steam Navigation Company's Bill had been
referred for the consideration and report of a select
committee, to consist of Mr. Cox, Dr. Douglas, Cap-i
thin Dumaresq, Mr. Flood, Captain King, Mr. Mor-
ris, Mr. Nichols, and the Attorney-General.
Formal notice is given that application has been
made for a " supplemental charter" for the Australian
Direct Seam Navigation Company, for the purpose
of varying the terms of the charter previously
granted.
The creditors of the " Liverpool Royal Brewery
Company" are called upon to prove their debts before
the Muter of the Rolls.
We have received from Mr. Richard Thornton,
chairman of the committee of Portuguese Bond-
holders, a copy of a little pamphlet, containing a
translation of the speech of Senbor Mello e Carvalho,
Honorary Minister of State, delivered in the Portu-
guese Chamber of Deputies in the earlier part of the
present year. It is chiefly valuable as proving that
Portuguese statesmen are not ignorant of the nature
of a sound financial policy, notwithstanding the dis-
credit cast on the nation by the shameful treatment
to which its foreign creditors have been subjected.
We make the annexed extract, in which the speaker
denounces the confiscatory character of the forced
conversion lately decreed :
The conversion and reduction of the interest of the inter-
nal and external debt was ma le with precipitation and in-
justice. It is from these two financial operations—capital-
isation and conversion—that our greatest discredit both
within and without the country proceeds ; it is from them,
and only them, that at the present moment our progressive
discredit proceeds, and not those MSC! to which errone-
ously or deceitfully it is desired to attribute it. It is to
facts, and not to professions and words, that prudent capi•
talists give credit. Dues the government pay and satisfy its
obligations punctually ? Dues it observe a rigorous and inde-
fectible system of wall understood economy and good admi-
nistration of the public revenue ? DJes it endeavour by
proper means to develop the national resources ? Does it
respect property and fulfil contracts ? Satisfying all these
conditions, it has credit ; otherwise every discontent is in-
voked against it. It is a generally atcepted maxim that
conversion cannot, nor ought it be made, except under cer-
tain requisites, the concurrence of the creditors being the
essential condition. With what right can the debtor im-
pose conversion and reduction upon his creditor without
offering and proposing to him the option of receiving or
converting ? A forced conversion and reduction, imported
but not accepted, is an act of despotism ; it is an act of
insupportable violence. How, without violating the good
faith of contracts, justice, and the sentiments of honour:and
national pills, can the debtor say to his creditor, who bad
assisted him in his necessities, labours, and agonies :—"Thy
titalo of 100, whatever shall be its value in the market,
when the depreciation itself proceeds from the acts of the