The Express.
London, England, 1860-08-27 00:00:00

760 5,750
.. /1,019,050

RA,52%.601

The Skipping Gazette of Saturday eveuingoontaina
the following :
We are enabled to state that Mr. W. S. Lindsay, M.P.,
has been authorised to proceed to Washington, to place
before the Americus cabinet and the Senate the views of
her Majesty's government with reference to the existing
Navigation Laws of the States, and its etfectsupois maritime
commerce, and to enter upon negotiations for the opening of
the Amencan coasting tos,.. to British shMping, for stewing
at a mutual understanding respecting belligerent rights at
see. and for a more satisfactory adjustment of the law of
each country in referenoe to colli6orei. Mr. Lindsay starts
on his important mission on the Bth of September.
With reference to the debt of Buenos Ayres, the
Money Market Review of Saturday has the fol-
lowing :
•• • • - •

The revenue of the state of Buenos Ayres reaches a mil-
lion sterling per annum, and the 60,0001. per annum re-
quired to meet the interest on the foreign debt bears a very
small proportion to it. The entire amount of the foreign
debt Is equal to only about 2i years' revenue, being
2,800,0001., vie., less than 1,000,0001. Active fits per Cent.
Debt, and about 1,000,0001. Deferred. The home debt is
likewise small in amount, and is well bald.

A portion of the go vernruent lends, of the,present value
of about a million sterling (but the value of which is rapidly
increasing), is specially set apart for the gradual extinction
of the national debt. It is from this source that consider-
able sums are from time to time received by Messrs. Baring
Brothers and Co., the financial agenta of Buenos Ayres in
London. The government is wisely desirous of availing
itself of its power of reducing the amount of the deferred
debt by the application of • voluntarilyenslarged sinking
fund. It is scarcely necessary to remark that the whole of
the other government lands, as well as the entire revenues
of the state, are likewise mortgaged to the foreign debt.
The low prios—about 88 per cent.—at which this well-
secured Six per Cent. Stock us quoted in the market is ex-
plained by several causes. In the first place, time is always
required before • converted or newlyerrimged stock
animas it proper position in the market. The settlement
of the debt of Buenos Ayres entailed the creation of
about 1,600,0001. of Deferred Three per Cent. Stock ;
and, although few foreign stocks are in firmer
bands, • number of realisations naturally followed.
There Is another point which has always militated
against the popularity of Buenos Ayres Active Bonds,
and has caused them to be held almost exclusively by per-
sons of wealth. The Active Debt consists entirely of Bonds
of 1.0001. and 5001. each, none of 2001. or 1001. being in
existence. In this respect Buenos Ayres Six per Ceuta.
occupy quite an exceptional position amongst foreign secu-
rities. The effect may be gathered from a consideration of
the immense amount of the English fund■ that is now held
in sums of 1001., 2001., and less. The fault was remedied
in the case of the Buenos Ayres Deterred Three per Cents.
at the conversion in 1857 ; and this is one moon, apart front
the purchase of these bonds by the government, why they
command a disproportionately high priori, as compared with
that of the Six per Cents., which are all in each large bonds.

SATIIRDAT EvIDIDIG.

Consols, which closed6yeeterfaiW92l to i both
for money and the 6th September, opened and
closed to-day at the seine quotation. For the 11th
October the last price was 93. The official business
report is as follows :—Three per Cent. Consols
for niouey, 921, g, and 1 ; ditto for account (Sop-
tember 921 ; Three per Cents. Reduced, 93 ;
New Three per Cents., 931,' 93, ; Bank Stock,
231 ; Indian Five per Cent. Stock, of 1859, 103 i, ;
Four per Cent. Debentures, 1858, 961, I ; ditto
Bonds, Bs. to 4e. dis. ; Five per Cent. 'anseed "
rupee PsPer, 961.
Indian government securities were quiet. The
Five per Cent. Stock of 1869 was quoted 1031 to;
;
India Bonds, Bs. to 4s. dia. ; and Exchequer Bills,
L. to 4s. prem.
Turkish Bonds were flat, and declined about 1
per cent., the loan of 1854 closing at 731 to 1,
and that of 1858 at 00 to 1. Other foreign
stocks were dull.

In the market for Bank shares to-day, the only
alteration was • fresh decline in Bank of Austral-
aria. Peninsular and Oriental Steam shares were
quoted rather lower. Great Ship. were somewhat'
firmer, at Si. GI to 9s. Thu miscellaneous share
market was quiet.
The quotations for shares in new projects remain
without alteration.

Watex or rma PROGREBB. —A new iron steam-
dredger, 210 Coos, bearing the above name, yelped at the
largo amount of 311,000 i., which left this country • few
weeks since for Carthagena, ha, been totally lost at Peorhya
Point, about two miles smith of the South Stock. The
casualty took place on Tuesday last, and it would a
from the captain's report that from the time the mit=
left the Ribble on the 19th of July, in tow of • steam-tog,
it floundered about alarmingly, andwas quite unmanageable,
seas constantly swooping her deck, and tendering the posi-
tion of the crew, sin in number, far from agreeable. The
steam.tim not being of sufficient poem to keep her off the
land, she drifted on the rocks above mentioned, where she
became a complete wreck and sank in deep water. The crew
were fortunate enough to escape iu the boat just before she
struck, and reached the tug in safety. We understand that
As is only illlllWl for 10,0001.