The Express.
London, England, 1848-03-27 00:00:00

PORTUGAL.

The Oriental Company's Steam Packet, Madrid,
Capt. John Weeks, arrived at Southampton yesterday,
and landed her mails, under the charge of Lie at. J. J.
Wilkinson, lt.N , admiralty agent. Her dates are :
Gibraltar, March 17 ; Cadiz, 18 ; Lisbon, 20 ; Oporto,

- - - 21 ; Vigo, 22.
It is expected H.I.S. Howe, 120, will return direct
from the bland of )ladeira to England the latter end
of April, with er Maje sty the Queen Dowager and
suite on board. h
H.NI.S. Amazon, Capt. J. J. Stopford,
sailed on March 16, from Gibraltar for Plymouth, to
be paid off.
LISBON, Mshen 20.
I suspect that the financial news from Lisbon by
thi. picket will he of far deeper interest to the English
reader than any of the trumpery political doings by which
Donna Maria just now is making faint caricatures of her
neighbours. The long promised exposé of the state and
proepecta of tne Portugyese exchequer has at last appeared,
and the finance minister has laid his budget before
the chambers, and bad enough in all conscience it is.
The Portuguese financial year commences from the let day
of the month of 2sly,. therefore in speaking of the " anno
economics" or econonsteal year 1848 11349, it must be borne
in mind thst the estimates to be discussed have reference to
the twelve months comprised in the time from the let July
Cent to the 30th of June of the year ensuing, as also that in
the moucy calculations that will be set forth, that a mean or
rough ex.:hinge of two hundred and thirty pounds British
sterling, for each coats of reis, will be made the basis of
calculation.
The minister's estimate of the amount required for ordi-
nary expenses is set down at 8,153 cantos, or 1,875,1901.,
while the sum total of revenue which by every mode of calcu-
lation may be sera;wd together is given in as 7,876 contos, or
1,811,4501., leaving a deficit on this head of 277 contos, or
63,7101. Another deficit then presents itself under the head of
charges upon the house and foreign debt, the charges being
3,474 thaw, or 799,0220/.; while the revenue of the department
of public credit set apart, or rather supposed to be set apart,
for the public creditor, amounts to 3,241 contos, er 745,4301.;
being a deficit of 233 cont., or 53,5901. So far the English
bondholder would think himself steering for a new El
Dorado, the deficiency appearing to be a mere bagatelle of
some 511 course only, or in sterling 117,3001.; but
upon pursuing our in vestigatior s, we find that
several little matters, not mentioned in the estimate
for " ordinary expenses, " have still to be coast-
dered, and these hi. Falcon pLyfully jots down as 917 contos.
The character of the claims composing this 917 contos is thus
described —lnterest at 5 per cent. on 1,710 cent** of inscrip-
tions (bonds) created by the decrees of March and April,
1847 ; iaterest on irecriptions to be created in connexion
with the funding of the unpaid dividend' on the debt ; the
sinking fund of 536 con us annually decreed in November,
1816 ; the deficiency erring from the dissolution of the con.
tract with the firm of Brandao and Co.; making in all a total
deficiency :or the year of 1,427 earthen., or 328,2101. sterling.
The minister then quietly proceeds to state that up to this
point the estimates arc fur " ordinary " expenses, but that
for the present the " extraordinary expenses" are not cal.
culated, but that an additional statement, when ready, will
be placed before the Corti'.
The report then proceeds with a confession of the utter I
hopelessness of att.mpting the creation of any new source CIU
revenue, and admits that the only hope of meeting the finan-
cia csis is by retrenchment, by a reduction of expenditure
n then various departmeirs,as also in a reduction of the debt,
both domestic and foreign.
The alumna of cone nthlsted reductions are thus calcu-
lated Upon the interest of the home debt, 569 contos;; by
the pillage of ti e English bondholder, 422 contra; on sala-
ries, &c., of government employes, 641 contos; total, 1,632
contra. And supposing this an argument capable of realisa-
tion, why then, testead of deficit, there would appear a sur-
plus of 305 cotters, or 47,150/. ; this amount to be to the
credit of " extraordieutry expenses," not yet before parlia-
ment.
M. Falcao's proposals are therefore these :-1. To create
bonds amounting to 1,284 cantos, in accordance with the
decrees of March and April. 1847, and further to authorise
the government to fund the who:e• of the unpaid dividends
of the home debt and of the foreign bondholder. '2. To ap-
propriate certain portions of the revenue to the formation of
a sinking fund, tor the purpose of defraying the advances
made to the goverument by the Bank of Lisbon by the seve-
ral companies since the commencement of 1845, and of all
arrearages of pers.ior s, pay, salaries, &c. 3. The reductions
upon the interest of the English bondholders to be one-
fourth, or 25 per cent.; upon the interest of the home debt
two-fifths, or 10 yer cent. ; while upon salaries reductions
varying in amount from 10 per cent. to 25 per cent. are sub
mined for the speroval of parliament.
As the incomes of ministers, and of the horde of high
officers of state are not to be interfered with, and as the
deputies themseleen are still to grip the.r daily six crowns
(about thirteen skidiogs sterling), the minister's propositions
are not likely to be unfavourably received, while his attack
upon the English bondholder will find universal favour from
that very party whom English gold, English ships, and
English soldiers so materially eonteibuted to thrust upon
poor Portugal.
I before alluded to a report prevalent that Prince Ferdi-
nand of Saxe Co wurg had skipped off the crown jewels. In-
dependent of thi., I run assured, and from a source in which I
place reliance, that twenty. fire chests of bullion, the prince's
accumulations, were put on board one of the vessels of the
British squadron, previous to Sir C. Napier's leaving the
Tagus.
Lisbon bank notes are nominally at 2400, or fifty per cent.
discount. Exchange on London, 30 days, 521 I ; ninety
days, 521 1. In metals no alteration beyond a greater
scarcity.

AMERICA.

By the Britannia, which arrived at Liverpool en
Saturday evening, we have nws from New York to
the 10th of the present month,e five days later than
previous advices.
The Britannia brings only 2,000/. specie.
The two chit f topics under discussion in the United
States were peace with Mexico and the presidential
election. Thi u.e in the senate upon the Mexican
treaty was expected to be taken before the Britannia
sailed. It was not, however, settled, though a deci-
sion favourable to the treaty was confidently antici-
pated. The Ne,o .I,prk Gm rice expresses the general
opinion when it says :
We eutcruttu nu doubt that the treaty will be ratified with
certain exceptions—though very possibly, owing both to the
want of authority on the port of Mr. lrut to negotiate at
all, after being advised of his recall, and because of the re
jection of some of the terms stiruisted in the treaty, it may
be sent hack ratified by the senate of the United States by
commissieners from this government duly empowered to
submit it for the ratification of the Mexican congress.
The main provisions of the treaty sent from Mexico will
be ratified—those relating to boundary and the compensa-
tion to be paid for the territory to be acquired by the United
States. But the impresario grants in Texas and California
will not be acceded to, mid the stiFulation tor the ascendancy
—not protection and toleratioa—of the Roman catholic
church in the ceded territory cannot be accepted—for the
constitution of the United States forbids every religious
preference or privilege. The churches, pr•operty, reli-
gious houses, and usages of the Roman catholic church will
be secured and protected, but not the pretension, which ne.
'scatheless the treaty implies, that the Roman catholic reli-
gion only shall be recognised in the ceded territory. That
church will be, as in the present republic, as free, as fully
protected as any other, or all others, but all others will have
like freedom and protection with it.
How far the rtjection of these two conditions, and perhaps
of others less essential of the treaty negotiated in Mexico,
may jeopardise its negotiation by the Mexican conveys, it is
not easy to divine. Our belief is, continues the Courier,
that, if the main conditions shall be accepted by us, and the
treaty thus altered and finally agreed to by the senate of the
United States shall be sent back to Mexico by commis-
sioner' of high character, it will still be ratified by the con- '
Vets of Queretaro. la such a consummation both countries
would find their true interest.
The expectation of peace has, meaawhile, operated favour-
ably on the 6,000,000 loan, proposals toe which, advertised
for some time past, were opened on Wednesday, the Bth, at
the Treasury, and the whole sum was bid for at an average
rate exceeding 1.26 per cent. premium. There were bidding,
to the amount of 17,000,000 dollars. The hoses of Baths-

child take about four out of the five millions. This is the
first appearance in the American market of foreign bidders
for recent United States loans—all of which, heretofore, have
been taken on American viscount, and have not been found
negotiable in Europe. This subscription is taken by Roths-
child* at a premium of 14 per cent. on Six per Cents. Stock of
20 years; or, if preferred, Treasury Notes Dearing 6 per cent.
interest, and convertible at the pleasure of the holder into •
6 per cent, stock—the means of paying for which are raised
by the sale of bills of exchange on London at from 10 per
cent. to 104 per cent. premium.
It is understood that eight senators alone will take
a decided part in opposition is the treaty. Mr. Casa
will press the Ten Regiments Bill, and endeavour
to force it through together with the treaty. Mr.
Webster and others will speak on the bill, and it will,
in all probability, be negatived.
Mr. Clay's supporters had been making great de-
monstrations in his favour in New York, where, for
three days, much feasting and talking had been going
forward to do him honour. His chance of the presi-
dent's chair is spoken of with much confidence by his
supporters, although the friends of General Taylor
appear to be no less sure of success for their can-
didate.
The American general commanding in Mexico
had sent a messenger to the Mexican legislature and
government at Queretar, with the announcement
that unless peace were concluded within three days
the troops of the United States would advance upon
and occupy that and other points of the republic.
Nine of the Mexican states were understood to have
declared against the government at Queretar. The
authorities there had issued a proclamation, declaring
all members of congress who should not take their
seats by the 20th of February, traitors to their
country, guilty of high treason, and that they should
be arrested and punished as enemies of the republic.

COMMEKCIAL.
The money market was thus reported on the 10th :
—" Since the negotiation of the loan stocks have advanced.
Money is now very tight—the banks are cautious, very
sparing of their diseounts—and so the premium on treasury
notes prevents their being paid in to the Custom-house' the
vaults of the banks, not over 'drone in coin, are übligi.d to
furnish the means of each payment, us well as of the sub-
scription to the new loan, which can only be received in
specie. There is another luau of sixteen millions close be-
hind, for whether peace be made with Mexico or not, imme-
diately, these sixtein millions will be needed. 'the return of
peace, therefore, grateful, beneficial as it will be in other re-
spects, will not, as it seems to us, bring any immediate relief
to the money market."
CorroN.—Our latest intelligence from Europe by the Bri-
tannia, to 12th ult., has given quite on impulse to our cotton mar-
ket, and advanced prices, as will be seen by the annexed *SAW.
runt :
Exports and Receipts of Cotton at the ports thus far this season,
and to the corresponding time in former seasona.—lin thousand

. _
b-ifei.j -
Gt. Britain. France. Other. Total Export. llecti‘ol.
1647-8 340 193 144 677 1330
1848-7 345 120 75 540 1309
1843-8 486 119 55 461 128
7
1844.3 570 202 136 948 1600
1843.4.. . .... 328 127 26 4Bl 1.736
During the four last weeks included in the above table.
1848 ll7 48 35 ..... . 260 400
1847
1801 lO9 31 14 154 315
1845 .........138 52 33 223 462
1844
113111 1847 1846 1843 1814

Stocks left in the porta
Stock at Augusta, Hamburg, and 105 52 72 94 83
Mann, let Mach
Aithough the state of Red River, in Louisiana, and of the rivers in
Florida and Alabama has beeu a serious impediment, the arrivals of
cotton at the ports have, nevettheleas, been upon u large Kale. The
atucks in Augusts., Hamburg, and Maeon, on the Ist inst., were
found to be unusually heavy, and as they are held almost entirely
by the planters themaelvea, it seems reasonable to infer that the mum.
tity on plantation is also extensive—while these stocks therefore give
assurance that the supply in the Interior is still large, the recent rains
in the south induce us to believe that we shall report heavy receipts
for the next steamer.
Last week our market had an advancing tendency, and including the
effect of the meanter'e masa on Saturday, by telegraph, the improve.
meat was to I cent. On Monday, after receipt of the letters, fully
6,0e0 bales were sold, half tor England and a fourth to speculators, at
a further advance of I to Ohs of a cent; on Tuesday the market was
easier, and about 2,5411 babes were sold, partly on epeculation, at a
decline of lth cent from Monday's priors; on Wednesday the market
was Mill seller and the sales small ; yesterday it wan again reported
on 'change se Mill natter, and after 'change about I,ouu bales were
sold at a decline of fully 1 cent on Tuesday's prices. We cann,t now
quote middlings with any confidence at more than 71 to 8 for Orleans
and 74 to II for upholds, and fair at 84 for Orlcane
:tad 61 for upland. Freights, to 5-31 net lb. for Liverpool
and 4 a cent fur Havre. Stock between 45 and 50,000 hales.
Basso nxerm—The effect of winces on the price of agricultural
products was adverse. In this market indeed, dour, by reueon of the
mnallness of the stuck on hand, le somewhat higher, and few or no ship-
ments ore making. Indian corn has yielded a few mum. The prices
quoted for flour ;tenser) are 63 dab. to 61 dohs. per bbl. ; for wheat,
140 to 145 ceets. per bushel; and for Indian corn, 53 to 60 cents., ac-
cording to quality.
One o'cloca, e.w.—The sales at the Stock Exchange this morn-
ing were to a fair extent, without any material rateratlon from Teeter.
do's rate.. Trnesury Notes sold at 1014 to 102. Exchange has been
dull, with advanced rules: Bills on London sold at 1094 to It 9q, and
on Paris at 5 224.
COITON. —ll2e market Is quiet Mlay, a :eve sales only having been
made at quotation..
lota. -The weather has been unfavourable for operations to-day,
and the vales have been limited to small lots for home use. Prima are
at m, As COSIARVIWIIee of the small stock on hand. Western Canal,
6 dodo. 124 c. to 6 dole. 371 c.; pure Genesee, 6 dull. 30c. • common
Southern kinds, It dole. 124 e. Corn meal is dull at 2 dole. 50C.
Aulas ore inactive: puts, S dole. 07c. to S don. 94e.; pearls,
8 dots. per 100 lbs.
FM:I,M, —The rates of freight are : To Liverpool, for cotton, 5-32
and 3-16 d. per lb. • fluor and turpentine, Is. to Is. 3d. per bbl. ; grain,
4d. to 3d. per bushel. To London, per barrel for dour, ad other
articles in provirtion. To Havre, nominally for cotton, 3-le. per lb. ;
flour, SO cents. per barrel; ashes, 8 to 10 dolts. per ton; rice, 10 dole.
per tom.

WEST INDIA. MAIL.

The Royal Mail Packet Company's steam-ship Dee,
Captain Allan, arrived at Southampton on Saturday
night, and landed her mails under the charge of the
Admiralty agent, Lieut. John Hay, R.N.
The dates by the Dee are: Tampico, 13th Feb;
Vera Cruz, 16th Feb. ; New Orleans, 20th Feb. ;
Havana, 27th Feb.; Jamaica, 22nd Feb.; Demerars,
20th Feb. ; Trinidad. 22nd Feb. ; Barlxtdoes, 24th
Feb.; Grenada, 24th Feb.; Honduras, 11th Feb.;
St. Thomas, 4th March ; Becomes, Bth March.
There were 31 passengers on board the Dee. Her
freight consisted of 91,217 dollars in British coin and
gold dust on merchants' account, 9 serons of jalap,
321.aerons of cochineal, 37 cases of cigars, and 30
half-barrels arrowroot.
The news from Mexico is anticipated by more
recent dates, received t w New York.
At Havana an unusually largo number of vessels
were discharging and taking in cargoes. The Great
Western had been two days due when the Dee left
that port. The people in the West Indies are repre-
sented as earnestly urging a change in the mail routes,
confidence in the " new routes' having been com-
pletely destroyed.
JANlAlCA.—Agricultural affairs continued, up to
the departure of the mail, to present a gloomy and unpro-
mising aspect. Little alteration had taken place in the mar-
ket snce the despatch of the revious mail. Money conti-
nuedi tight, and trade was copnfined and restricted. Sugar
bad been sold within the fortnight at 105. Gd. per 1001bs.,
and its maximum value at the latest date did not exceed 16s.
GUIANA.—Io commercial business the greatest
stagnation prevailed when the mail was made up. The
weather had been propitious during the fortnight. Oal
estates where there were Coolies and Portuguese gangs,
grinding had commenced; but the native labour, re were
stubborn and sulky. A. meeting of the Guiana Bank wee
held at Georgetown, on te 31st Jnuary. It appears that•
safe average bu:iness had been done by the corporation
during the preceding six months. The net profits amounted
to 833,495 dollars. Owing to the sitting of the courts of
justice there had been no meeting of the legislature Juries
the fortnight. There had been a good deal of sickness in
Georgetown and the sublubs, but not of a violent type.
WINDWARD ISLANDS. BARBADOS.— The
yellow fever, according to the latest accounts, bad nearly
subsided.—Sr. LUCIA: The island continued to suffer
severely from want of rain. The planters were engaged in
in
a
struggle to lower wages. An experiment had been made,
more than one quarter, of ejectment of labourers refusing to
work at the reduced rates from the houses and grounds,
which, to secure their labour, they had Men allowed to
occupy rent free. A. petition had been prisented by the ex-
porters for the relief of the taxes imposed, with a view to
their being appropriated to promote immigration. The
Lieutenant-Govcnior bad promised to bring the matter
under the consideration of the council.
GRENADA.—The legislature was not in session, the
speaker having, without the sanction of the house, obtained
a further adjournment (to the ith of March), it was alleged,
to suit the convenience of two members.
Sr. VINCENT.—The legislature was nominally in
session, but a quorum of the House of AssemOly could not be
got together let the executive and legislative council do what
they would.
LEEWARD ISLANDS.— DOMINICA.— During
the week ending 23rd Feb. several extensive seizurrs of
French rum were mails by the customs ; and two sloops
and two canoes had been made prizes for being concerned in
its importation. Upwards of 600 gallons were in the cellars
of the customs. It is alleged that the tratli; in this commo-
dity has been so extensive as completely to put a stop to the
sale of the home-made rum.

~-_—_------
THE STRAITS SETTLEMENTS AND LYDIAN
ARCHIPELAGO.
SINGAPORE, FEB. B.—The steamer Hooghly left
for Penang on the 19th vlt. The Ringdove sailed for the
same destination on the 26th. The object of their departure
is to make a demonsuation, and, it neceisary, to attack the
Rajah of Quedah-1 prince who has suffered the greatest ili-
um"e at the hands of the East India Company. It appears
the Rajah of Quedah ,lispute• with the Rajah of Perak the
right of certain land (literally a mud.bank) on the frontierof
through
both rajahs' territories. The Bengal government,
the Governor of the Straits Settlements, desired the Rajah
of Quedah to yield to his rivals. To this course the Quedah
Prince dissents, and wrote per Auckland steamer that he
would enforce his right. British policy has decided in favour