The Express.
London, England, 1846-09-18 00:00:00

EXCHANGES AND STOCKS ABROAD.

PARIS Bovaita, Sam 18.—Cows duthenfigsse, for money.—Eire
per Cents., 118 80; Four per Cents., 107 ; Three per Cents., 84 15 ;
Shares of the Bank, 5487 50; Rente de Naplra (Rothschild), 101 50 ;
Roman Loan, 1021; Belgian Five per Cents., 1340, 1024 ; Ditto, 1842,
1051 ; Gouin Bank Shares, 1215. Excioutim on London, 30 days,
2.5 67i ; three months, 23 521. The Five per Cents. dosed for
the Account at 118 85 ; the Three per Cents. at 64 IS.
MADRID BOLAII, DEPT. 11.—Three per Cent., 361 • Four per Cent.,
Five
221 ; per Cent., 23. General Company of ;ode, 56; Bank of
Encouragement, 86; City of Madrid, 26; Bank of St. Ferdinand,
129; Isabella, 116; Probity, 95 ; Iris, 80; Alliance, 100; Anchor, 48;
Goa, 1,600; Aurora, 25 to 27. Exchange on Landon, 361 ; to
Pada, 15 18.

VIENNA, SEPT. B.—A Bank for Loans is about to be estab-
lished here. The national bank only advances two-thirds of
their value on public securities, calculating 4 per cent.
interest. Other funds are excluded from this advantage.
The Savings' Bank makes advances on shares of joint•stock
companies, at 41 and 5 per cent, interest. The new bank is
to be maintained by the state ; the legal interest to be fixed
at 5 per cent. The new loan about to he contracted by Austria
is much talked about. The want of money is beginning to
be felt. Prussia also intends contracting a loan, and a quan-
tity of German capital will find its way into France.
POILTPOUESE Dzirr—We have received the follow-
ing letter from Count Tojal, late Minister of Finance at
Lisbon, in reference to certain observations lately under the
head of the " Money Market," upon Portuguese measures of
finance gwoad the foreign debt

Sir,—lit the article termed "Money Market," in your paper of the
Se WU, you are pleased to take notice of a letter of mine, addressed
I mks Editor of the Harming Herald, that appeared on the srd inst.,
Marein it is staked, that " I dwell largely on the excellent security of
dladerta elm magalidated debt, and unassailable positing In which
She due payment et as dividends was placed, according to which
ea Fame of mad km direct from the Board of Public Credit,
limb& wild smuts meant for that end, and not, as hereto-
jigs. amid eat on ametingent banking operations of the Treasury;
,I Ilya opes rho strength of this letter, and the authority of the writer,
las wee kw ./emend two or three per cent., er more." And It is
cads/, w whet will the Count Toial ray now, after this financial de_
ea,,, en et Its rpeurament t What, also, to the dime of the
/join efiffferfia Ilid at a mania mar, that the government of
tibial he Mimi wee a amber bid resolved, before their expulsion
Moen sire. Igen Ineemidleg the mums of dividends on the
koolgn Mt Mem herfkrihros pm, pulim Indednitely." lam not
in the Wit diodes low Mutt spas Ihopiabdo be newspapers, and if
I *pew ikon mai Ws I a Om lateseine aikido es, ft was la con.
mm of ameraus =WO wen addsmod to me by
ism highly Me, *vim Is my lake
at kr or=tirliereepal. Maur Mottos gradd 14
an the Tundra pap d the Mikado et the
Mt not premium at ellellal MAW allessral= me
prableidea of the letter he ' Os deli sad dramstesows of
WM, mounting but to pa Mir, I omidored It la sine degree
as my ditty, from the late sination I eueupted, wed in. grew
personal pains which I devoted' to Ms fispartmet maw, /alai tte
ir
periodof four years and three moaths Mit I filled the pest et
for the third time, to maks the Bat it public sequahated with an
the mammas that had ison
s& ..idogeed daring that period Mr
Ing the future mast pequtent of the dividends
• ins foreign debt. The latter _ln questioa refers solely to
thew laws and memos Meanly rdopted by the legislative body
Mk the executive, tar km patiket securMy of the foreign stockholder.
they are undmishie Ma. tits veracity of which ma at own be
radmilan 111 die reetniz=b:df.eftath:f the trem
acoouni or ge-
-5., p,ca 11.=.1a Wasssinsal rmeeu thereof in the goverment
Journal. The Womb of Ike boalkdders are there Mood by every
pomade legal ensetmat end spells provision of mesas, as stated in
my mid jotter, tor the some amt pmakul payment of the interest of
Malt Ms is Mat I ameelok nod what the appropriations in
imam esmoketely hew M. If the puma government, in cense_
game et the Mud ilmelel arhis, Ming out of the late political
soma ka be Pertapl, hem find llserlves compelled to recur
bas lomperery mime (Mr the onment year), to impose a double
Immo WI, day di pee alt. upon the clivMM of the internal and
brim Mt, as Mt as open ell salaries, pensions, and fees. without
szmgdok bolds* may other reductioos, owing to the transitory
in the diem, In consequenee of the late occurrences
aantid7eof adokitration, this does not in the slightest degree
&Milo ay. InvolideM the Wets I attested, nor can I be accountable
Mr 11. e pretest will have to explain Justify Itself
beim the Olds and public as to the very
&vow maim will it, on the present occasion, to depart from
kos sonic sod biding arrangement; which bad been spontaneously

and maturely adopted by the legislative body, by the axzeutive, and
approved by the council of state, for the purpose lit improving and
consolidating the public credit of Portugal, which we considered the
great Natty plank, the most important and paramount object, by all
parties, and which I am convinced, by facts of which I have Nil
knowledge, that the present government has also moat warmly at
heart; some of its members even arc large holders of pub-
lic securities, and have repeatedly expressed their determined
intention of honourably ophirking the credit of the country to
the Mascot of their power, and which 1 am sure are their views
eventual' . As to the insertion of the Lisbon correspondent of
the ttsetuinl paper to which you allude, " its being the inten-
ding of the late government (in which I was finance minister) to
magend the Boyasest orthe foreign dividends for two or three years,
ag. whips Indelnitely," it is ao absurd and gratuitous, that the
mere elusion *game (acts and circumstances will be sufficient to
relate It. I amid ask him—Did not the late government effect a
rienbuit with a eampany last autumn, and is not the same in Hill
bang ler the payment otthe three half-yearly dividends, nay last June
andJawmy, awl June, 1847, and that, too, upon the moderate terms
of the per mei Interest on advances, and halt per cent. commission
on the soma remitted, including the guarantee of the bills This is
so public, it emenot be refuted. Did not the government, in April last
year, connect with the company folgoo, Jonquiri, and Co.—for the
conversion etthe badge debt into a Four per Cent. Stook, they ad-
vancing the IMO par ant estragfouii:Lingearelt:: to Ist hotairy,
1849, incited's—dm morally dividends he her
years at hest 7 EY BM the Isle government bring hawed pro-
powls to the Catawba& atedem which pried into laws, and am Now
in force, for the trawl/ewes
Inc
et talls in land Midi are
numerous in Portugal) In entails foreign or interval stock in
perpetuity, and allowing details in such stock, which am now pro-
hibited absolutely to be armlet! la land, or any other weeks of pro-
perty Can it be wpm* faineance that the late government would
or could carry sock pleniclMe eclat, when It wee their Intention to
follow them up by the sespieffien at the dividindst Lest the thing
too palpably futile and embelatery to be tar MS 11111011114 admitted!
The government, on su y
theenghney, receatestpilep-
port from all the megied ledge and mivedeltable the gre
et Se gauntry, by
whom the greater wt.( dee debt h wadi I hew eels lberetore, to
put it to your moiseal himmtlel lent wheelie, epee a Mew
of eh them pooh, the imarOut of the Ursa seurriallard of the
nuceleg pew In geodes admits at the hut Mist or le diseerwlng of
the dasit alba haw istionteesid he mem Mihmation !
Not hog ghee Ye staled Net I wag large holder it halign stock my-
self. Elm dem he resswellg Net with m ledindgia le amend t&
dividendst Ikg to apish, troubling with the present
letter merely air Juatillsedes, be if nub a dedication ow
that of the /Java Corremaident you quote remained unanswered,
my public character might stead seriously implicated, after my letter
which appeared in the Morning Herskl.--CountTossi-"

We leavethe explanations of the Count to make their own
impression. They are certainly pregnant of interesting
matter, much of which will be new to the public. It is fair,
also, to add that besides clearing away what was thought to
be ambiguous in a former letter to the Morning Herald. the
Count disposes to all appearance decisively of certain accusa-
tions brought against him by the Lisbon correspondent of
the Morning Chronicle, which, unless the positions of the
Count, fortified by official references, and by the authority
of his own former high.station as they are, can be success.
fully assailed, must gemain subject to the imputation of cut.
pable levity at least on the part of the writer. The modera-
tion of the Count's language, and the patriotic zeal with
which he steps to the rescue of the reputation, not alone of
his country, but of hie political opponents in the pretest
government of Portugal, through whom he has becotne as
exile, contrast favourably with the virulent invective of the
Liston and other journalism hounded on against him. Th.
Cabral administration were doubtless guilty of grave errors,

but the foreign creditor at least wouldrseeni to Cave no &rest
cause of complaint against them in respectof good intentions,
or of participation in any design, such as imputed for
betraying his interest and security. They are free from the
opprobrium in any case of having proposed a double decima
tax upon income, which the correspondent of the Chronicle,'
whilst seemingly deprecating, with so much vehemence
insists the foreign creditors must submit to.

New Lo

them of 173,3121. 13a. Ild., and the amount paid
lame was 60,903/. les. Id., leaving a balance of 94,3111. 17 4,1 41
tram this the directors had offers of deductions to met,_ilt
40,61111. AL N. Against this balance of debts claimed of 314137. If
the directors hadessh and other ambito the extent of 143 44y 1411.
Out of this there would be a dividend of 13s. per share oe 7133..6,5
amour to 56,2161. 10s. ; and 7a. bd. per share on 13,323 ge.„..—wa
Merthyr thares, amounting to 5,7461.17 a. 6d.: togethsr, el, *Ts
Add to this the balanced liabilities, 33,6331. 7s. Sd„ 'adduce vaimi
a sum paid sold,l/. 13a., leaving asurphisbalanceof 10,31 k
which we.to be equal to half-a-crown more per sits,c ~,N
paid at • future time. In addition, there was Use value of 6,,
mouthehire and Newport and Ilereford agreement, equal
to tit►
besides further deductions in some of the ao3ounts,
thought equivalent to another half-crown per share, se aIN .1
survwW
dandeyingAftearnd"°rnelaw ediacxpenseaumkeihechiefirepOrtalofthetheumertmudirectorsse*ti
The noble chairman said that those shareholders who thud to
the Newport and Hereford line, could have one share for ever, lira
and be credited ha. towards the next call ; those who deeli
have the IS. returned. The Newport and Hereford sebnii7:
looked upon favourably by those remolding in the disti icts of tin veZ
Midland Railway. In reply to a shareholder, the rolidtor ssid.
the company had been formally dissolved at a former Mehl"
proceechngs cloned with a vote of thanks to the noble charms%
paratecL directors, which was passed unanimously, when the Ineetiat •

- --
BANDON AND BANTRY RAILWAY.—AR
ing of this company took place yesterday at the
Alexander Rees, Yeq., in the chair. The additional votes weeTslan
and added to the former numbers, when there appeared ,total 1
votes for dissolution; against It none. The meeting then scoter
RIADINO, GUILDFORD,.•ND REIGATE.—The
Lion from the secretary of this company has been referred to catdil
correspondent: due attention will be paid to it.
PROVIAL. EDINFI CILASOOW.--A.
directors have lultOß AND
üblished a second addrem, an appeal hem the ihm6,
of the general meeting to the proprietary body at law,
in connexion with the fact, that the committees of Eagiiii
holders on one hand and the directors on the other, are hut •
collecting proxies for the special meeting on Monday, eaboineg
directors are resolute not to resign if they can help it. Thos
address is very long, and very little to the point. It is eianimi,
by the same circumlocutory, vague, and we might almost say
tone as the notable speech of the chairman at last meeting,
vowed that out of real for the railway, " he might almost why'
neglected his God." The weightiest charge of the EnplisE
holders against the director. is, in fact, admitted. The nticed%
latention to introduce the Amalgamation Bill into NAOMIr mg
published, they my, in the EdirantrgA Ga:ette, A t
we believe • majority of the whole shares on
Crrirish shareholders • how many of these see am sh.
burp% Cauite ! This, shareholders;
other circumstances in tic •
duct of the directors, are strongly indicative of a
procedure. We grant that the canals have claims for the
of their bargaia or compensation, but against the dining,. us
against the shareholders, whose constitutional right to qmia
measure in aro was evaded. The company Is not bound by
...t."4
which the company never legally ratified. The bargain is
by the English shareholders to have been a tad one for the 77nanil
by the directors, to have been a good one. This controwt“
votes of the shareholders will decide on Monday. The " sou
addrem " reminds us incidentally that in the arrangement viikak
Foottlah Central, not one Engliah director was placed upon mho,
tined board. The truth appears to be, that the local directon*
are even in Scotland spoken of as a " poor set," and whose maw
meat has bees complained of by the public from the
.z
have been animieed vial a strong jealousy of the inter.
English decision omit isMOlgence. If this be really the et* if
amiss their reaipmilma, arms dollga the amalgamation Of the emit
on terms slightly saadlOad, were eventually to ensue, would be apik
both for the onapnay and Ilee

Will conta'
Pa is, a 5
DITELLII
publicatior

lull have
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for that arm
90, Ficet-s
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