The Express.
London, England, 1853-12-21 00:00:00

I" I 11

2
47 0

i dill

74 76
76 64

In the market for foreign exchanges, this after-
noon, business was again very restricted, and quota-
tions on continental places ruled much the same as
last Friday. The only feature was in bills on Vienna
and Trieste, which were a shade higher, owing to
' the threatentsg sta'e of foreign politics.
In the produce market to-day, the sales of sugar
went off briskly, and higher prim were paid. The
low qualities of plantation Ceylon coffee also brought
advanced rates, whilst native rose Is. per cwt.
We notice it is in contemplation to appoint sur-
veyors in the port of London for the classification of
foreign vessels in the Register Veritas, or French
Lloyds.
The dividends falling due the 31st December on
the Three per Cent. Consolidated and Deferred Stocks
of Spain are duly advertised for payment by the
Spanish Financial Commission in London.
Messrs. Baring, Brothers, and Co. advertise the
payment in due course of the dividends falling due
at the end of the year, on the undermentioned stocks,
vis :—Russian Four-and-a-Half per Cent. sterling
Bonds; Canada Debentures; State of Maryland
sterling Bonds; South Carolina sterling Bonds;
Eastern Railroad of Massachussets Five per Cent.
Bonds; and Boston City Four-and-a-Half per Cent.
Bonds.

A dividend at the rate of 8 per cent. per annum
for the half-year ending Christmas next, is advertised
u pay.rble on the capital of the Provincial Bank of
Ireland on the 16th January.
The sealed certificates of shares of the New South
Wake Coal and Inter• Colonial Steam Navigation
Company are advertised as now ready for delivery.
Land shares to-clay were well supported, except
British American Land, which declined about 31.
per share. Peel River shares were rather better.
Bank shares remain at former rates, but those of
' the Bank of Australasia again declined 11. Berlin
Waterworks share. have been dealt in at 11 and
11 (21. 10e. paid) ; and the Canada Company's shares
'at 77.
I Facts have transpired in relation to the debt of
Peru and to the financial maladministration of that

state, that ought to be received as an additional
warning to the British public to eschew participa-
tion in foreign loans. In 1851 the domestic debt of
Peru amounted to only about 5,250,000 dollars. It
appears that during the last two years, unknown to
the bulk of the English bondholders, a system has
been pursued by the Peruvian government by which
this debt has been raised to the large sum of
23,000,000 dole. Of course, with the large revenue
which the Peruvian government has been receiving
from the guano monopoly, it would have been diffi-
cult to have contracted a debt of such magnitude to
meet the ordinary expenditure of the state. By far
the major portion of this debt appears to have been
created by jobbery on the part of the Peruvian
officials. Had the recital to stop here, it might be
invested with little interest to the English public, nor
would the holders of the foreign debt of Peru have
occasion to be seriously alarmed, seeing that they
have a special in curity hypothecated for the due pay-
ment of the dividends and sinking fund in the shape
of about five-eighths of the proceeds of the guano sold
in England (viz., half of the total proceeds for the
Four-and-a-Half per Cent., and one-eighth for the
Three per Cent. foreign debt. It is stated, however,
that an attempt is actually being made to palm off this
illegallyconstituted stock upon the markets of Europe.
With this view the Peruvian government has author-
ised the conversion into 41 per cent. bonds of the
Foreign Debt, of a sum of 9,000,000 dols. Peruvian
internal debt. placed for negotiation in the hands of
a Spanish-French house at Paris, that of Messrs.
Urribarren and Co. This, it appears also, is not the
only operation of the kind to which the Peruvian
government has given its sanction, as f reign bonds
have also been issued for the undermentioned
amounts of interne stock, viz.:—Firstly, 4,000.000
dole. converted into Four-and-a-Half per Cent.
bonds, placed in the hands of Messrs. Montone
and Co., of Paris, for sale in that market, the
dividends on which are to be paid out of the pro-
ceeds of the guano sold in France ; and secondly, a
sum of 2,000,000 dole. Six per Cent. internal debt of
Peru, placed in the hands of Mr. Regan, as state
assistance towards the construction of the Arica and

Tacna Railway, converted into Four-and-a-Half per
Cent. sterling bonds, the dividends on which are to be
paid out of the guano sold in Great Britain.
It is, however, the attempted introduction of the
first-named stock that has immediately excited the
alarm and indignant opposition of the holders of
the original foreign debt of Peru, which is regu-
larly quoted on the London Stock Exchange. The
dividends on this stock of the Messrs. Urribarren are
to be paid in London through the agency of Messrs.
Murrietta and Co., of this city, and are to be met by
the proceeds of the unappropriated three-eighths of the
guano sold in Great Britain. A comparison between
the position of this stock and of the existing Four-and-
a-Half per Cent. foreign debt of Peru, lately converted
from a Six per Cent. stock, through Messrs. C. J.
Hambro and Son, may perhaps be useful. Both are
Four-and-a• Half per Cent. stocks, with dividends
payable in London. On that of Messrs. Hambro the
dividends are payable in March and September ; on
that of Messrs. Urribarren in January and July. On
that of Messrs. Hambro the sinking fund is 2 per
cent. per annum, and on Messrs. Urribarren's 1 per
cent. per annum. To meet the charges of Messrs.
Hambro's Four-and-a-Half per Cent. stock is
hypothecated one-half of the guano proceeds
in England • and to Messrs. Urribarren's three-
eighths of the proceeds ;: but this three-eighths,
it would appear, is not free, Messrs. A. Gibbs and
Sons, the importersof guano on account of the Peruvian
government, having already a claim on this portion
of the proceeds for money lent to the state. Messrs.
Hambro's stock is founded on the original foreign
debt, which cannot be repudiated by Peru ; whilst
Mesas. Urribarren's is founded on a home debt,
irregularly created, and which a new government or
congress may at any time repudiate by decree.
Lastly, Messrs. Hambro's bonds are specially sane-
tionea by congress; whilst Mesars.Urribarren's appear
to have no such special sanction. It must further be
mentioned that the bonds of the internal debt of Peru
(from which this stock of Messrs. Urribarren is
formed), and the act of congress by which this in-
ternal debt was consolidated, assign only 120,000
dollars per annum of the guano revenue to meet
the charges on them, whilst the executive has taken
upon itself, without authority from congress,
to pledge for the converted loan of Messrs.
Urribarren the sum of 99,000/. sterling of the
guano revenue, or more than four times the
amount assigned by congress. It will be asked,
what can be the motive of the parties interested
in transferring their (stock from a 6 per cent.
internal to a 4 per cent. foreign debt, an operation
which (other things being equal) evidently involves a
loss of 1 I per cent. per annum. In reply, it may be
stated that the motive appears to consist in the
apprehension that congress, knowing the mode
in which the larger portion of home debt has been
created, may some day decree its annulment. Hence
the desire to place the stock in question in the hands
of foreign holders.
Suth being the state of the case, it becomes ne-
cessary equally to protect the interests of the holders
of the existing British debt of Peru, and to pre-
vent the English public from being deceived into
accepting stock of so unreal a character, that mea-
sures should be at once taken to put a veto
upon the introduction of this stock into the London
market. With this view it is in contemplation to at
once form a committee of Peruvian Bondholders
for muted protection. One of the first steps will
be the obtainment from the London Stock Exchange
of a declaration that no such new and spurious
stock shall be allowed to be quoted in the market;
and the committee of bondholders will doubtless,
should circumstances require, appeal ultimately to
the British government, in conjunction with a similar '
application on the part of the holders of Peruvian
Bonds in Holland and other cities of the continent,
addressed to their respective governments. We
should advise the bondholders, however, to be prompt
and energetic in their movements, as the present is a
critical period for their interests.
Annexed are the latest reports from continental
bourses, as received by Mr. Renter's express :
Amsterdam, Monday, closing prices :—Dutch Four
per Cents., 93 1-16 ; ditto Two-and-a-Half per Cents.,
61 15-16. Spanish Deferred Three per Cents.,
21 11-16 ; the Coupons, 5 5-16. Austrian Five per
Cent. Metallic., 76f. Portuguese New, 36 15-16.
Mexican New, 22 11-16 ex div. Granada Deferred,
8 1-16; Peruvian New, 63Z.
At Paris to-day (Tuesday) the Three per Cent. Renter
closed for money at 74.95 ; the Four-and-a-Half per
Cents. at 102. fhe Threes show a rise of 35c., and
the Four-and-a-Half per Cents. of 90c., compared
with the final rates of yesterday.
Vienna, Monday: Five per Cent. Metallics,
93 13-16. Exchange on London, 11.17. Bank
shares, 1,382.

LONDON COURSE OF EXCHANGE.—DEC. 20.
lame. Prime as negotiated Ms dm
Bills sad K. Mosey.
Amateriara pert Short 113. 13ietr.... 112. Ham.
Ditto
Rotterdam
Antwerp
&meek
Hamburg and Altoua „ „ 13mea. 44w.C. 13tnce. Saelt
St. Petanbaog per ruble n pence ... 371 pence
Paris pert 111hUrt 24tr.9110. ... 44r. 024 e.
Ditto „ S Montba3sr!. 23f. ... 13fr. Via.
... --

liereefiles VI ..
25fr. 25e. ... 25fr. 30e.
90
Preakket.on.tbe.efaine per £lO ~ 11312.kr. ... 118/ 2.kr
Vegas (elleetive) pert „ 111. 3ler. ... 112. 36kr.
treats
Iladrif 0 09
per dollar „ 51 1 penes ... 30 pence
Cadiz .. n 301
Bilbao
Panne ..... 301 penes
00 00 penes . 20 peace
84(01400AL „ „ 50 pence ... 491 pence
Malaga „ ..301 peace ... 50 pence
Seville ....„ ..........
Gibraltar „ „ 30 pence ... 191 pence
Legborn
Genes
r.o= per ducat „ 421 pence ... 421 penes
pa ounce ~ 126, penes ... 1261 pence
Messina
Lleben per mdre9oda7e date 53 pence .. 321 penes
Oporto... ...... , 531 pence ... 89 mace
?...w lern ....... ailaresl'ibt 481 peseel... 48 pease