The Express.
London, England, 1853-01-05 00:00:00

Total in Three per Cent. Active Stock £lO6 0 0

For the 25 per cent of the Coupone due Jan.
1, 1849, and July 1, 1849, Jan. 1 and
July 1, 1850, Jan. 1 and July 1, 1851,
Jan. I and July 1, 1852, and Jau. 1, 1853,
(Art.6)inDeferredThreepergent Stork
,C 4 10 0
To boor Interest from Jan., 1863.

For every £lOO Fire per Cent. Bond, of 1811 (Art. let,
Clause 6), viz. :
For the principal
For the 7.5 per cent. of the Coupons due in
Jan. and July, 1861, Jan. and July, 18.52 6 0 0

106 0 0

Compensation of 1 per cent. (Art. 4th), pit.:
Int. rest, Ist and 2nd half-years,
1845, and Ist of 1846 £1 10 0
Interest, 2nd half-year, 1848 (after
the deduction of 20 per cent.) 0 8 0
Ist and 2nd half-year, 1847, Ist and
2nd, 1844 (after the deduction of
25 per cent) 1 10 0

3 8 0

At the rate of—say 40 per cent.,
being the market price on the
18th Dec., (according to Art. 4th)
For the 20 per cent. of the 2nd half-year,
1848, deducted u above
For the 25 per cent, of the Ist and 2nd half-
year, 1847, and let of 1848 (Art. 4th)

4 5 0

0 2 0

0 7 6

Total Three per Cent. Active Stock £llO 14 6
For the 25 per cent. deducted from the Cou-
pons of 2nd half-year, 1848, let and 2nd,
1849, let and 2nd, 1850, Ist and tad, 1851,
let and 2nd. 1852,
Deferred Three per Cent. Stock
To bear interest from Jan., 1863. }£4lo 0

For every £lOO Debentures (Art. let, clause 7),vis. ;
For the principal
For the 75 per cent of interest unpaid due in
Jan. and July, 1851, Jan. and July, 1852 15 19 6
Total Active Three per Cent Stock.— £122 8 8

For the 25 per sent. deducted from the in-
terest due Jan. and July, 1849, Jan. and
July, 1850. Jan. and July, 1861, Jan. and
July, 1862, and Jan., 1863 (Art. sth),
Deferred Stock
It thusappearsthat eachholderof £lOO Three per Cent.
Stock will receive 1001. 15s. in the New Three per
Cent. Stock ; each holder of 1001. Four per Cent,
will receive 1061. New Three per Cent. Stock, and
41. 10s. in Deferred Three per Cent. Stock, bearing
interest in 1863 ; each holder of 1001. Five per
Cent. Stock of 1841 will receive 1101. 14s. 6d. in
New Three per Cent. Stock, and 41. 108. in Deferred
Three per Cent. Stock ; and each holder of 1001. De-
bentures will receive 1221. 88. Bd. in New Three per
Cent. Steck, and 61. 13s. in Deferred Stock. After
making; allowance for the arbitrary deduction- of
25 per cent. which has hitherto been enforced, we
find that the old Three per Cent. Stock holders are
not injuriously affected by the decree; the holders of
Four per Cent. Stock gain slightly; whilst the Five
per Cent. Stock holders, to whom the same measure
of injustice is meted, are very heavy sufferers. It
is difficult to imagine how the Portuguese go-
vernment could have been so ill-advised as
to issue this arbitrary decree, without consulting
the creditors. Had the plea of inability to meet
present demands been duly proffered, and the con-
sent of the bondholders asked to some new settle-
ment of the debt, it is not impossible such might
have been obtained, perhaps on the basis of giving
the creditors some special security, but by attempting
to force the obnoxious decree down the throats of its
creditors, the government cannot fail to raise a storm
of well-deserved opposition. Already there is some
very proper talk of the new bonds being excluded
from our Etock Exchange. The subjoined statement
of the branches of revenue, which are to be appro-
priated to the payment of the dividends, on the
new basis, from the let January to the 30th June,
1853, may be interesting :

FOR TRY INTERNAL DEBT.
Lisbon Custom-house Rs 99,154 307
Porto ditto
Municipal Custom-house 3,131 381
Deciruas in Lisbon and Porto 195,000 000
Deduction from salaries

THIS DAY —Two o'CLoex.
The English funds show a slight rally to-day, al-
though business is very quiet. Consols opened 1001
to 1, and are now quoted 1001 to 1 cx div. for the
18th January. Three per Cents. Reduced murk
11011 to 1; the Three-and-a-Quarter per Cents.,
I 104 to 1; Bank Stock, 2241; Exchequer Bills, 715.,
695, 725. prem.; India Bonds, 83s. preen.
Foreign stocks are similarly inactive, and prices
generally stationary. Mexican and Granada De-
ferred are Rat. Mexican Bonds mark 231 to 1 ;
Peruvian Active, 103; ditto Deferred, 611; Portu-
guese Fours, 40 to 1; Russian Fives, 1211; Spanish
New Deferred Threes, 237, ex div. ; the Committee's
Certificates, I t per cent.; Dutch Fours, 99 ; Granada
Deferred, 121 to 13.