The Express.
London, England, 1847-08-14 00:00:00

MONEY MARKET.

FRIDAY EVENING.
Without any adverse circumstance apparently to
trouble the market to-day, or to induce speculative
movements for a fall in prices, the funds were heavy
and in decline. Consols were done at the commence-

meat of business at 87; for time, and were quoted
871 to ; for money, 871 to 1. Upon some sales of
money stock, and Three-and-a-Quarter per Cents., not
however of much consideration, they been to
droop subsequently, and were sold at 8 • for
time, and 87 for money. At the close, how-
ever, they had partially recovered to, and left
off at, 87 to ,1 for money, and 871 to for
seooont. For the next account they were called 871
to t. Three-and-a-Quarter per Cents were 89 to 1.
Reduced Threes, 871 to 4. Long Annuities, 9 1-16
to 4. Exchequer Bills, ls. discount to 2s. premium.
India Bonds, 2s. discount to 2s. premium. Bank
Stook, 1951 to 71.
The transactions in foreign stocks were chiefly con-
fined to Mexican and Portuguese, with, however, no
particular fluctuations in the value of either. Mexican
may still be epioted:l7l to 181. Portuguese lower at 284
to 94. Spanish Fives were called 201 to 1 ; the Threes,
301 to 1. Dutch Two-and-a-Half per Cents., 531 to
81; the Fours, 881 to 91. From Amsterdam it is
stated on the 10th inst., that there was a "sort of
panic" on the exchange that day in all stocks.
Small sellers were numerous and anxious to realise at
any price. The market was surcharged, not only by
orders from without, from hence probably, but by

1 per CMS. .
{ D. . .
4i D. . .

Per assert.
Mile, 4199.11. m...„1" .II 0m... , th 0..... , i.... a...
: 11$ 10 li 11: :: I 110 :: 1 11: :: I 111 :4
• .. I . 1 .
“
ilbrehoge ofs tamios 00 ao7;). 91 so. "
Kerr. ew.
Saliba lOW . . .1 04 poolu Loin . . .1 IYOI 10
Do. s.lBll . . . 100 I Rama Lem . . . 991
Do. 4e.. . . 931 Dowers lima . .II
Do. se
11•9•49. Ave. 7.-41049 por Oslo. al 1: Floe PO 4:19.4... 171 I .
P 494199.11 ; O.J 1.15, But 4481. Foralssad, 140; Beak of Bt. Isabella,
113. Faelaago oa Lembo.* 00.100.
THE CORTES LOAN INTEREST FROM 1823
TO 1834.

Stn,—ln your judiesous " City Artaele' of Monday you
referred to the peculiarly dishonourable treatment by the
Spanish oonotitutional party of their own loans, made be-
tween 1820 and 1823, and you ingenuously hoped that Senor
Isturir, the present Spanish ambassador in London, who
was a prominent member of that party when thee/
loans were contracted, might use the influence of
his present high station to obtain something like
retribution and indemnity (or thole particular ere-
diton whose claims may be said to affect the personal
honour of every Spanish constitutionalist u much as the
public credit and character of the Spaaish nation. Un-
fortunately, sir, this capital of those leans we. in 1834 so
intermingled with the French anti-oanstitutional leans, that
they are become no longer distinguishable; but if Senor
Isturis entertains the wish that such tardy and even meaty
justice as can now be done should not be withheld, yea sea,
through your widely-circulated columns. point out to his
notice, that the arrears of interest on thou loans
from 1823 to 1834 are still readily distinguishable in the
form, and with the dates, of puede active bonds lured is
and since 1838, and deferred bands. In 1834 the esplial of
the various Spanish debts was maselida' ted sad made motive,
and the coupons of the Corte bran latemele *sea lilt to
'Si were surrendered sal sashoessi ilt delbered bonds,
with a condition endorsed that these slso should . bessom
active" by yearly 12ths, la end from 1838, the' =Ow un-
handsomely constitu these arrears an inferior debt to
the extent ef this delay. A further sacrifice was
farther
UM also made by "%Alai sad by the above interests,
viz., eye-third of the missal was senalepeamiso, sad ell com-
pound upon the interests durbatheir mats mane, from
1823 to '34, was relinquished exfsespunieel.• • Now, this
compound exceeded onethird--• circumstance pager to
notice, though not needful for the purpose of this letter.
But, sir, when 1838, the period at whim* the above Inte-
rests or deferred debt was to " beeper 'alive" by yearly
12ths arrived, the actives of 1834 were as longer solvent as
when the contract was made, but they bed become insolent
in and since 1836, and they wen, therefore, plainly
no longer proper for the fulfinsent of that contract, as
respects the deferred debt; notwithstanding which, Spain
has, by her agents, the contractors et lows made since the
Cortes loans were made, and the interests from 1823 to 1834
became overdue, and who are, therefore, as to these prior
interests, newer, and, I fear, hostile mortgagees, forcibly
converted one-twelfth of the deferred debt yearly, in and
wince 1838, into bonds of the same kind as the actives of
1834, upon which the interest is not paid, and thus, by a
jets de mots of the phrase and engagement to "biome
active," these interests from 1823 to 1834 are liquidated
with insolvent bonds, while later simple interests on the
French anti-constitutional and other loans, via., from 1836
to 1840, have been liquidated, and become really active, by
conversion into a solvent 3 per cent. stock, from which the
simple interests from 1823 to 1834, or deferred debt, are
spec fically excluded—a monstrous injustice, sir, when super-
added to anterior ill-usage, and making a precedent which,
if followed out, would be entirely subversive of every rule
and law of contract between man and man, and enable any
rogue to liquidate his engagements with waste paper : e. g.,
suppose a contract by A to pay B 1001. at the end of six
months with the notes of any particular bank then solvent,
A ignorant, cr poesibly knowing or suspecting, but the
fact happening that such bank intermediately broke—will
it be contended that A's tender of these insolvent notes con-
stitutes a valid payment and performance, there being no
special contract applicable to bankruptcy, and that his
tender should then be valid ? Then, sir, the convereon into
insolvent bonds, called active, in and since 1838, is not a more
valid performance of the contract of 1834, that the interests
from 1823 to 1834, or deferred debt, should " become active,"
in and from 1838, but a mere equivocation and juggle, and I
trust that you will be kind enough to call the attention of
the Spanish Ambassador and Finance Minister to the foul
and oppressive treatment of these elder Intense from 1823
to '34, while by shameful contrast • real liquidation has
been given to those accrued much later, both hence and
foreign, and that you will enable those who have been thus
aggrieved to prefer the just and moderate request that " in-
asmuch as the arrangement of 1834 has been substantially
broken, and in the eseential condition, these old Cortes loan
simple interests from 1823 to 1834 may be, without further
prevarication and delay, converted into Three per Cents.,"
and thus placed upon an equal footing with the younger
simple interests, due only from 1836 to 40. lam swore, sir,
that the junior creditors of every degree in possession of ad-
vantages to which their prior creditors were better entitled
may still exert themselves to perpetuate their monopoly of
Three per Cent. Active Stock, and to limit as much as
possible Its amount for their own imagined greater security ;
but it is a bard measure for such reasons to consign pear
claimants to a never-ending sacrifice and injustice, and
I trust the English press may so being this dishonourable
business under the view and notice of the Spanish govern-
meat, and the public in general, that so dart a stain upon
Spanish honour, and great and long endured wrongs of the
Angle-Corte bondholden, may be as speedily effaced, and
entirely forgiven and forgotten, as they yet may be.—A
Duran CaIIDITOR or SPAIN.—Aug. 10.

RAILWAY NEWS.

There was a still more depressed market in shares
yesterday, the more important feature of which was
that the depression weighed most upon the old stocks.
Eastern Counties were a good deal discredited in esti-
mation from the results and ineeents of the late
meeting, and the shares were in decline accordingly.
London and North-Westerns were receding in value.
It must not be disguised that much discontent is
expressed generally and freely is respect of railway
management.
MEETINGS. —LONDON AND Norm Warriam—HaV•
yearly Mreting, Aug. 15.—/Ir. 0. O. °ban la the ablr.—The
mites of ths previous hidAysenty misting bobs hew wan sad eaa•
Aged. the Chairman stead tat ea We eardea the bream err
bean the propriety' =dee elnevist seed deweertaree. la
August La. seam the rims WY* hel tabs piese la the air of
thus; 11011.141100 i ups Omet et igiodelisa Aid' them
Y had hit a 'daddy to bre•M the propetioreat the probabil=
of the tregunt sad of Oak ea be Rabat. and the probslis
Obit at the reseigb vf Oa by shages at whish they
were merybc Shis7=si Oa left Ow pleb the remit showed that
he had not bey gesetwee la the waft la bed given. It wee
e.idemt, when he came beaus be sew t
araalgunettat
bill last year. that the extrasseteiswesees pedisimathed boned apes
them ly that hod placed dap is the sr a 'ties Whey
would have been is it they 'bed Ism to the most
violent competition. They had, by Wit WIA reduced their fares
to a very low point. Every admits. WIWI the pubilc mold
poosibly ikriro from competition (It dare sere any) was es.