The Sun.
London, England, 1863-07-06 00:00:00

PORTUGAL.

LISBON, July 1.

His Majesty Dun Luiz clost,d the Cortes yester-
day with a speech, in which he justly congratulated
the peers and deputies upon the important measures
voted during the legislative session.
Some of the bills passed are calculated to effect
great improvements in the country, and to give
credit and stability to the present Cabinet. Autho-
risations for the sale of the houses and lands held
by convents have been extended to those belonging
to other corporate bodies; and these sales being for
a very large amount, and to be invested in public
funds, will not only tend to increase the value of
Portuguese stock, but the lands will, by improved
cultivation, augment the national wealth.
Another important law sets aside the entail of a
great amount of badly cultivated property held by
noble and other families, and those who have no
means for improvements will fled in a further bill,
also voted this session, Vie resources they require.
I refer hero to the reform of the law of mortgage,
which will enable the new banking establishment
now on the tapis to lend money upon houses and
lands with comparative ease and security at lucra-
tive intercat, without exicting the 12 to 20 or more
per cent., to which small proprietors and farmers
have had to submit, often having had to fix the sale
of their crops in payment of the loans, at compara-
tively low rates.
The King also in his speech gives the Cortes de-
served credit for having voted the Budget for 1863-
64, after having for several years culpably and
unconstitutionally neglected to provide that very
necessary check upon the public expenditure. He
also congratulates them upon the proofs laid before
the Legislature during the session of a gradual im-
provement in the revenues of the country, both
from the Customs ►and direct taxation,
Refraining from reference to other measures of
reform, particularly commercial and Customs, which
are long over-due, in order to accompany his Ma-
jesty in his eulogy and congratulations upon the
close of this year's session,l must confess it has been
very creditable to the Louie Cabinet that so much
has been done after the waste of many weeks in
sterile debates upon the replies to the King's open-
ing speech and other political questions raised to
try the strength of the Ministry.
The Ministers of Finance and Marine were new
in office, and having so far proved much more effi-
cient than many anticipated, and the Duke himself
being well acquainted with his own department of
Public Works, it is to be expected that the nett six
months will enable them to mature the other re-
forms and improvements, equally necessary for pub-
lic prosperity, before the opening of the session in
1864. The railroads extending from Oporto to
Lisbon and to Badajos, and from Lisbon south to
Beja and Evora, will then be about complete, and
their accelerated movethent must impel the Portu-
guese to remove the remaining antedi,uvian ob-
structions to the general prosperity of the country.
Portugal may indeed expect to be rich and pros-
perous when the grape disease leaves her ample
vintages, and the ex:ended and improved cultiva-
tion of her land enables her to export largely her
excess of grain, instead of the large importations
which have been necessary of late years.