The Express.
London, England, 1847-09-07 00:00:00

MONEY MARKET.

MONDLY Evelyne°.
The stock markets have been less firm to-day, the
quotations being apparently still influenced by the
apprehension of renewed political difficulties oa the
continent There was, however, for stock exchange
purposes, scarcely so easy a state of the money market,
the recent heavy demands for specific objects having
tended to draw off a considerable portion of its avail-
able resources. The failure of a large house at Glas-
gow, the business of which is said to have been in
connexion with India, China, and Valparaiso, was a
matter of conversation in the course of the afternoon,
besides which we hear of another case of suspension
in Mark-lane. The house of Messrs. Booker and Son
has been announced as having been reduced to the
necessity of suspending its payments, the amount of
its liabilities being pretty From thirty to
fifty thousand pounds have been vaguely named,
but it is to be feared that the result will prove
a much more serious one for the creditors. It is
reported that the firm had realised, by its corn
operations, as much as 40,0001. in the early part of
the year, the whole of which, and probably much
more, has been since lost by the decline in prices.
I Exchequer Bills were done at a trifling advance of
premium, but the Consol market having been more
or less acted upon by the several events and causes
referred to, the prices of stock closed 1 per cent.
I below those last recorded on Saturday. Consols 877
to 1 for money, and 874 to 8 for account. Exche-
quer Bills 4s. to 75. prem. It was essentially a quiet,
1 and even a dull day, for although the quotations
declined to the extent noticed, the bargains
entered into were of comparatively little or
no importance. Something more definite, with
respect to the movements of the Bank of France
in relation to the loan affair, is looked for with impa-
tience, and, until that matter can be disposed of, there
will be but little disposition to embark in stock specu-
lations with the view to possibly higher rates. A
failure at Genoa was talked of on 'Change.
In the foreign market Mexican stock was the leading
object of attention. The conversion of the foreign debt
lately effected by the agents in London seems to have
been ratified by the Mexican government. It appears,
further, and this is the chief point to notice, that
Messrs. Manning and Mackintosh, of Mexico, have
obtained the assent of the Mexican government to the
appropriation of a considerable sum in their hands to
the payment of the dividends, the amount of which will
not be less than 55,0001. The accounts had not
been fully arranged at the Treasury, so that the
precise sum cannot for the moment be confidently
stated. Certain moneys arbitrarily withdrawn from
the collections made at the custom-houses of Vera
Cruz and Tampico, for account of the bondholder, I
are, moreover, to be reimbursed in duties on raw
cotton at the rate of six dollars six rials per quintal
instead of ten dollars as before agreed upon. These
are expected, when the accounts are made up, to show
a total of 80,0001. sterling. The first-mentioned
amount of 55,0001. was to be placed by the packet of
next month in the hands of the London agents,
Mears. J. Schneider and Co. The bonds nee in
consequence of this intelligence about t per cent. ea
Saturday's quotation, namely to 191 to I. The Por-
tuguese Four per Cents. were 251 to 1; the Three
per Cent. Spanish bonds 291 ; and the Two-and-a-
half per Cents. Dutch 58 to 1.
Since writing the preceding, we have received from
the committee of Spanish-American bondholders the
following documents, concerning the Mexican ar-
rangements above referred to :
Itsxico, JULY 28.—Sir,—We have the honour to as
the receipt of your letter of the let May, with
poiftaipt of the Ist ult. We have now the pleasure to
inform you that the Mexican government has at length
determined on formally recognising the conversion of the
debt, and that this approbation is in entire conformity with
thmeeettir ortilcs'ensboadnattrers,anhieldaTnetan
to at
otnhzhege4ntrilof
June last year. The recognition of the justice of the de- I
mends of the bondholders has been officially communicated
to her Majesty's minister plenipotentiary here. This step
of itself, we doubt not, will be a very influential motive for
the future fulfilment of a compact now so solemnly ratified.
With reference to the letter we bad the honour to
address you on the 29th November last, we have to
observe, that although we much regret that it has
I not been in our power to carry through in all Its
parts the agreement we at that time made for the bensffie
the bondholders, yet, we have the satisfaction to ugh ea
our endeavours to protect their interests have set been me-
tirely fruitless. We have succeeded in obtalnieerffileemeni
of the Mexican government to the appropriation eta esol
derable sum which we have in our hands to the pa et
the dividends, the amount of which will not be fen .=
86,0001. ; but as the accounts have not yet beta lagetialed
the treasury, we are unable to state the onajweejr, We
have, moreover, arranged that the unmade eatii
drawn from the collections made at the wolowsbeeese el
Vera Crux and Tampico, for account ail* me
to be reimbursed in duties on raw cotton, et tM seat e[ alt
dollars six rids per quintal, instead of ma dam se Imam
agreed upon. This account has not yet bees smasiesd, bat
its amount will not be lees than 80,0001. sterling. The fine•
mentioned amount of 6.5,0001., or whatever it may prove to
be, we shall place by the packet of next month in the hands
of Messrs. John Schneider and Co., as agents of the bond-
holders. The permits of the importation of raw metal
we intend to take out in the name of oar km also,

as sienna of the bondholders, and divided into parcels of
1,000 quintals each, and will retain them in our possession to
the order of the committee. If, however, in the meantime,
and in the absence of instructions to the contrary, purchasers
for the whole or part should present themselves, we shall not
hesitate in disposing of them at the same price as that at
which they have been received from the government. The
proceeds of inch sales will be immediately remitted to Masers.
John Schneider and Co.' to be applied to the purpose for
which they are intended. We inclose a certified copy of the
official communication received by us from the Treasury,
containing the formal recognition and ratification of the con-
'anon. We have the honour to transmit to you, also
inclined, a copy of an article of agreement admitted by the
government for the repayment in duties on raw cotton of the
amount retained out of the duties collected at Vera Crux and
Tampico for acoount of the bondholders. The termination
of this long-pending and disagreeable affair must necessarily
be more or less pleasing to all parties interested in it; and,
as regards ourselves, we unfeignedlyventure to datethat the
satisfaction we feel at the result wir, be doubly Onliontlid
should our exertions merit the approbation of these coesersed
in the conversion and in the upholding of the value of Mexi-
can stock.—We have the honour, &c , MANNING and Maci-
zerosn.-0. R. Robinson, Esq.
TRANSLATION.—GeneraI Treasury of the Federation.—
Under date of the 20th inxt. his Excellency the Minister of'
Finance communicates to me the following:—His Excel.
lency the President, ad interim, under yesterday's date, has
been pleased to determine as follows :—Having taken into I
consideration the arrangement in reference to the conversion
of the foreign debt of the republic, which the minister pleni-
potentiary thereof in London proposed to the bondholders,
and which was approved of by them at a meeting held on the
4th June of the past year of 1846 ; and, beating in mind the
representations which have been made to the supreme go-
vernment on behalf of those interested in this matter, m
upholding the rights which they. have acquired in virtue of
the aforesaid arrangement; the intervention of the govern-
ment of her Britannic Majesty with the object of pro-
tecting the aforesaid rights; the considerations due to
this friendly power ; and .be reasons of public convenience
which, if worthy of being at all times attended to, are more
particularly so under the extraordinary circumstances in
which the nation iv placed. in consequence of the war wined
against it by the United Sates of the north ; I have deter-
mined, in a meeting of ministers, and in exercise of the power
which the first article of the law of the 20th of April lad
gives to me, to ratify, as I do hereby ratify, the approbation
already given to the aforesaid arrangement of the conversion
of the foreign debt of the republic, which is by it reduced to
the amount of 10,241,6503. sterling, on the understanding
that this ratification shall he taken as agreed upon, in ac-
cordance with the terms proposed by Meurs. Manning and
Mackintosh, in their annexed exposition. And I communi-
cate the same to you by order of his Excellency the President
ad interim, for your government and the purposes belong-
ing thereto. And I communicate the same to you for your
information, and that you may in consequence forward the
respective documents. God and liberty!—(Signed) A.
BATSES, P. F. DEL CASTILLO. Mexico, July 24, 1847.—
Messrs. Manning and Mackintosh.
The total amount of the rums existing in the maritime
custom-houses for the payment of dividends, and which
were taken possession of by the government in virtue of the
decree of the 2nd May of the past year, shell be reimbursed
with licenses for raw cotton, fixing at once the price of six '
dollars six rials per quintal for the entire duty or contribu-
tion
of whatever nature it may be, and on the understanding
that if at any future time particular licenses or the general
duties fixed by the republic on raw cotton should be at a
lower rate than the said six dollars six rials per quintal, the'
house of Messrs. Manning and Mackintosh, as representa-
tives of the bondholders, shall enjoy the benefit thereof.
I, Ewen C. Mackintosh, her Britannic Majesty's consul in
Mexico, do hereby certify unto all whom it doth or may con-
cern, that the foregoing is a true and faithful copy of an
original letter exhibited to me by Messrs. Manning and
Mackintosh, to whom, after comparing, I have returned it
for the rues they may think proper ; and in faith and testi-
mony.whereof I have hereunto set my band and seal of
office in Mexico, this 28th day of July, in the year of our
C
Lord 1847.—(Signed) Ewan C. Maciarcroan, Consul.
ENGLISH FUNDS.
Bank Stock. 196 India Bonds, £1,000.2 pot
3 per Ct. Nod. Anna,
Ansa, lax. DU rBolf Scutt, See New Anna, 869
3 per Ct. Cone. Arum, SI
11: Consols for Acct.. S 6 75
New 35 per Ct. * 2.1.000. 24..3 7 4 6 p.
Long An,., exp. Jan. 6, ,95 Ditto, £lOO 69 p.
India Stock. ne Ditto. Small, 14 10 p.
FORETOP. FUNDS.
3 per Ct. Danish Beads, 1825, 664 5 per Ct. Spantat Bonds, Paralre,
6 per Ct. Mexican Bonds, Acct., 411
Sept. lb. 181 195 t 3 per Ct. Dille, Acct. Sept. 15, 2Ni
6 per Ct. nsuriaalonds, 34 25 per CL Venezuela Bonds, Do-
-4 per Cs. Portuguese Bonds, 255 5 ferred, 11
Ditto, Acct., 265 s L 2t per CC Dutch. Exchange, 12
6 3eotia Iteration 805da,1932,t5t., OWL. 565 G
EXCHANGE'S AND STOCKS ABROAD.
Masals. Aro. 31.—Three pee Costa, 28 f; rive sec Coma. 17 t;
Rains, bf ; Beak of St. Fettlinand. ; Hank of St. IsabsUs. 124
Exchange on London, 49 5-100.