The Express.
London, England, 1853-02-28 00:00:00

THIS I►AY.—Two o'CLorx.

The gold mining shares arc very firm to-day, and
the tendency of prices is generally upwards,
although there Is scarcely a quotable advance
as yet.
The old Australian Copper Company's shares have
risen to 71. Australiou Agricultural are firmer.

There was less business in Exchequer Bills to-day,
and prices on the whole were rather less firm. The
June bills were dealt in at 17s. and 12s. prem.,
clos.ng Bs. to 161. prem.; whilst the transactions in ,
the advertised issue were at fis. and 12s. prem. India 4
loads mark 455. and 50s. prem.
II the foreign stock market there was an advance
in Peruvian, the Six per Cents. reaching 1074,
and closing 106 to 107, consequent upon the
announcement of the new loan. The Deferred
stock was also better. There is a report that a
project is on the tapis for converting these bonds
inti an immediate Three per Cent. stock. At
present a certain proportion of the guano profits must
be annually devoted to the purchase for extinction
of these bonds in the open market, and the Peruvian
government see clearly that as these profits increase,
and the amount applicable to the sinking fund be-
comes larger, it will be an easy matter for the holders
Ito raise the price to an extravagant height. Under
these circumstances it appears very desirable that a
fair arrangement should be speedily come to. Indeed,
the existing position of the holders of this stock
is very unfair. This portion of the debt was created
by the funding, at the miserable rate of 75 per
cent. only, of the overdue dividends arising on the
old bonds. After the lapse of three years it was
agreed by the bondholders, who were too glad to
obtain an arrangement of any kind from their
debtor. that this deferred stock should begin to bear
, inter. ..t the wretched rate of 1 per cent. per an-
...us, and that the interest on this, the most sacred
portion of the debt, should experience an annual airy-
mentation of per cent. until April, 1P56, from which
date it should bear an interest of 3 per cent. per an-
num. By the same convention it was agreed that
one-fourth of the net profits of the guano sales,
after meeting dividend requirements, should be de-
voted to the purchase for redemption of these
deferred bonds. Such has been the wonderful
demand for guano, and so great has been the
corresponding augmentation of profits, that the
Peruvian government find they have periodically a
large and increasing sum to invest in these bonds, al-
though they bear at present an interest of 14 per
cent. only. The injustice of this arrangement is
palpable ; for, if the Peruvian government can afford
to buy up their debt, they can also afford to pay a full
rate of interest upon it. The proposed conversion
cu it may be termed)
_of the old Six per Cent. stock
into a Four-and-a-Half per Cent., at the rate of
1181. 10s. of the latter for every 1001. of the former,
is also dictated by the desire to simplify the arrange-
ments as regards redemption, the Peruvian govern-
ment at the same time seizing the opportunity of
raising a further sum to liquidate onerous burdens
at home. Of course, there is no disposition
to cavil at the latter arrangement, the largest
holders having already signified their intention of
exchanging into the new stock; but it behoves the
Peruviau government, if they desire to obtain a good
character iu our market, to act with fairness towards
all classes of the debt, the more especially in view of
the magnificent source of revenue which they have
under their control. The New Four-and-a-Half per
Cent, loan is stated to have been dealt in to-day as
high as 6 prem., and closed 34 to 44 prem.
Mexican Bonds experienced a decided rally, closing
244 to 1. The market for this stock was very strong,
owing to a " bear" account and stock being wanted
for the settling, coupled ;with some buying. The
Spanish Committee's Certificates were quite as pod
as yesterday, being firm at 6 to 61 per cent. Turkish
Ft:rip is quasi es Ito i prem. la other stocks there
was no feature. Bargains are thus reported :
Buenos Ayres Six per Cents., 64. Dutch Two-and-a-
Half per Cents., for account, 16th March, 66 4;
ditto Four per Cent. Certificates, 99. Granada One-
and-a-Half per Cents., ex. Dec., 1849 Coupon, 211;
ditto Deferred, 114. Mexican Three per Cents., 231,
241; ditto for account, 241. Peruvian Six per
Cants., 1051, 1071; ditto Deferred, Three per Cents.,
631, 644. Portuguese Four per Cents., 39. Spanish
New Deferred Three per Cents., 231; the Com-
mittee's Certificates, 61, 64 per cent. Swedish
Mortgage Loan, 14 die.
The railway market formed an exception to the
general character of the Stock Exchange. Stock was
in greater demand to-day for the settlement, except-
ing Lancashire and Yorkshire and Dovers, and the
general appearance of the market was strong. The
former stock has been supplied since last account by
influential holders, and commanded as much as to
contango. London and North-Western and Mid-
land were both scarce, especially the latter. The
contango on Midland has also passed off. The names
passing show further investments by the public, but
to a diminished extent since the late advance. With
some few exceptions stock generally may be said to
be 'scarce, and speculative operations are still, on
balance, in the direction of lower prices.
It appears that the telegraphic despatch received
in town yesterday afternoon announcing the arrival
of the Sydney steamer was erroneous, a mistake
being caused by the Australian steamer putting back.
The Alert, however, has arrived off the coast from
Sydney with 43,132 ounces of gold, worth 172,500!.
Ver dates are ouly to the Ist November, and COOK-
queltly.' old.
The imports of the precioui metals this week have
been larger than of late, owing to the resumption of
Australian arrivals. The Three Bells hai broaght