The Express.
London, England, 1851-09-09 00:00:00

•
TWO O'CLOCK.
In the English Welt market to-de.; the Arrange-
meats for the settlement of the &Count expiring
on Thursday, have engaged attention, and at one
time gave occasion to a reduction of 1, from which,
however, the market has since rallied. On the whole
a large amount of business has been transacted,
the near approach of the period for the shutting of
the transfer books in several of the stocks inducing
an extra number of operations. A favourable opinion
being entertained of the position of the Bank's
" rest," Bank Stock has taken a start, and
has touched 2161. We have to-day to re-
cord another large importation of specie by the
West India steamer Dee, amounting to 1,940,222
dole., or 400,0001. sterling. Further supplies are
expected by the Baltic from the United States, and
likewise from the Brazils and West Africa, so that
this week's receipts will be enormously large, though
last week's were very small.
Consols are quoted at 961 to i for cash and Thurs-
day, and 96Z to for the 14th October. The first
transaction of the day was another investment by
the government broker, at 961. The business
prices are :—Three per Cent. Consols, 961, 1,4,
4, I; ditto for account, 961; Three per Cents. Re-
duced, 961, 97, 961 • New 'Three-and-a-Quarter per
Cents., 983, 1„1, 3. Long Annuities, 1860, 71,
7-16 ; ditto 30 years, 1859, 7 3-16, 1. Bank Stock,
2161, 2161, 216.
Exchequer Bills are now rather weaker, having
been bought at 475. prem., though during the greater
part of the day the quotation has ruled at yesterday's
rate of 455. to 48s. prem. India Bonds are quoted
495. to 525. prem., with little doing.
In the foreign house attention is still chiefly
directed to Mexican Bonds, in which the various
causes of distrust now influencing the market have
caused a complete panic. Yesterday afternoon
sales were effected as low as 273, and the
market closed with a declining appearance. This
morning, at the commencement of business, prices
were for a short time propped up, but the
announcement that, of the large amount of specie
brought over by the West India steamer, only
the paltry sum of 45,246 dols. is for account of the
divdends, has renewed the alarm in all its intensity,
and bales have just been made at 264, being a fall of
more than 14 per cent. within the last two days.
Spanish Bonds remain flat. In other descriptions
there is not much doing, and prices present little
change, as will be seen from the subjoined list of the
figures at which transactions have been effected up
to the present hour, viz.: Danish Three per Cents.,
1825, 78; ditto Five per Cents., 1021 ex div.
Mexican Bonds for account, 16th September, 271, 27,
273, 263. Peruvian Five per Cents., 1849, for
account, 91. Russian Four-and-a-Half per Cents.,
1011. Spanish Active Five per Cents. for account,
201; ditto Passive, 54; ditto Three per Cents. for
account, 363.

On Saturday, Messrs. Rnsker's circular was issued,
announcing the resumption of business by the sur-
viving. members of the firm, whom there is a strong
disposition to support.
The news just received from Mexico has created a
panic among the holders of Mexican Bonds. Mail
after mail has brought unfortunate intelligence, but
matters now seem to have reached a crisis. In their
desperation, the government had convened in the fe-
deral city the governors of the states, although con-
gress was sitting. In the cabinet message convening
tit° mooting it 14 At!, 6.4 Ltd it& Juno. ibsl, the end
of the financial year, there will be a deficit of
17,737,313 dole. Nothing has yet been done for the
holders of the home debt: the financial measures of
the government, absurd and impolitic in the extreme,
seem to have been shelved for the present, and the
only resource is the consumption of the American
indemnity money. There is, however, a final re-
source pointed out by some of the press, and that is
the confiscation of the church property, valued at
30,000,000 dole. This would be one means of staving
off a revolution from the federal party, but by incur-
ring one from the church party, of which we have
abundant evidence that it is very strong. It is
questionable, too, whether the state governments
even would consent to tho confiscation of property in
which they are interested for the benefit of the uui-
tarian or central government. It will be observed that
such is the condition of a country which a few weeks
ago Mr. Payne denied was in the state of bank-
ruptcy we had reported, and asserted its financial
prosperity.

The English and Spanish ministers are still
pressing claims on the government ; and, as Spain
wants money very, much, more particularly in the
present state of Cuba, a Spanish fleet may be ex-
pected soon at Vera Cruz.
Whether the meeting of the governors of the
states can be got together remains to be seen, as the
governors of Mexico, Puebla, and Queretaro have
virtually declined, and the answers of the frontier
governors have not yet been received. Some of the
governors have quite enough to do at home. In
Guanaxuato there has been a Santannista pronuncia-
mento; in Queretaro an election riot; and in Sonora
five hundred American sympathisers had landed at
the last advices. It is supposed that the meeting of
governors is illegal on constitutional grounds, and
they certainly. have no power of pledging the legis-
latures of their respective states. The mere initia-
tion of such a meeting shows strongly the alarm of
the ministry as to the financial measures they have
proposed, and which are little likely to be submitted
to quietly by the states.

The manceuvro of the ministry for sending M.
Payno here has at length come before his old enemies
of the senate; and it is understood ho is displaced,agit
and Colonel Facie appointed temporary
d'Affaires. The storm has broken out in consequence
of the ridiculous letters of M. Payno to the chairman
of the committee of bondholders, and in which ho
assumes the title of charge d'affaires, and the autho-
rity of a special mission. It results from the debates
in the senate that M. Payno has not been named
charge d'affaires, and that the government has no
power even to name him secretary of legation, no
minister being appointed. It is further stated that,
without any authorisation, 20,000 dollars have been
advanced to him for his expenses. He is said to
have come over hero under the protection of Mr.
Escandon.

From the beginning the transaction has assumed a
singular character. Id. Payno, after holding the
rank of Minister of Finance, is nominated Secretary
of Legation, having given up his post in the ministry
on account of his unpopularity with the senate,
and tho rejection of his measures for the ar-
rangement of the home debt. It is supposed
that finding his ground untenable in Mexico, he per-
suaded the . government to send him here with the
view of raising a fresh loan. He thought that the
carrying the measure for the foreign debt, the voting
of two and a half millions of the indemnity money at
a distant date, and the drawing up of a vote of thanks
is the bondholders, would give him such &Jai that
he could draw on the capitalists here to any required
extent. On his arrival and assumption of the title
of chargi, d'affaires, he found English capitalists were
not so ready, and his first task was to raise money to
meet the forthcoming dividend, so as to give an ap-
pearance of credit to the stock, and enable him to
renew his operations. The result of M. Payno's
financial measures is that which was from the be-
ginning foretold by experienced members of the
Spanish-American committee, utter disappointment,
consequent on fallacious estimates of the revenues of
Mexico; and it now appears very questionable when
the next half-yearly dividend will be paid, and what
will be the fate of the indemnity money. If
there is a strong .nunciamento, war between
the states and t e central government, a
movement on the coast by a Spanish or
English fleet, or a declaration of independence by
the sympathisers and their friends in the northern
gates, the indemnity draught will be jeowdise
Such a state of affairs suits many parties, con-