The Sun.
London, England, 1839-11-09 00:00:00

THE SUN, LONDON. SATURDAY, NOVEMBER 9, 1839.

then, the fundholder would not suffer, the nation aspect of the capital was gloomier than at any
would benefit by the measure ; for the effect of con- ! time since the events which preceded the procla-
Terting the Three per Cents., and all other denominations Constitution of 1837.
o f permanent stock into a new 5 per cent. stock in the rnation of the
ratio above mentioned, would be, as the following table The latest accounts from the army are from the
shows, to leave the amount of interest precisely as it Eco del zlrragon of the 31st of October. On the
now is, but to reduce the bulk or corpus of the debt
29th a division marched from Arcoriza to Berge
from 762,770,0001. to 483,560,2001., thus diminishing
it by the enormous sum of 279,209,800/.
___ another advanced from Calanda to Mas•de-ios-
.

Bearing Bearing
Interest. New Fives. Interest.
5'09,750,000 Cons. 15,292,500 into 305,850,000...15,292,500
249,936,000 31 pr ets. 8,748,460 ... 174,969,200... 8,748,460
1,615,000 4 per ets. 64,600 ... 1,292,000... 64,600
1,449,000 5 per ets. 72,450 ... 1,449,000... 72,450

Matos. The heavy artillery was conveyed at the
same time towards Alcanez. The Carlists were
on the 29th at Malinos, and before retreating
from Berge carried off all the cattle they found in
the neighbourhood. At Airvillen the Christinos
seized 200 measures of barley provided by the
Carlists. CAB RERA is described as greatly
alarmed lest the Chiefs should betray him into the
hands of ESPARTERO, and punishes with in-
stant death all who mention the word capitulate.
His terror is attributed to the silence with which
the army heard the following appeal to it, made
by himself in person, on the first approach of
ESPARTERO :—" Swear never to abandon me,
and I will never abandon you."
The above intelligence is from the Madrid
Papers. What follows is not less important, and
is copied from the Bordeaux Journals of the sth
instant :

762,770,000 24,178,010 483,560,200 24,178,010
There is no doubt that the result of such a
scheme would be a reduction of the debt to the
amount above-stated ; but it is as certain that were
it to go no farther, the only benefit we should de-
rive from it would be the satisfaction of knowing
that the figures representing the principal and the
interest of the debt were arranged in a manner dif-
ferent from what they used to be ; the amount of
annual payment, and the difficulty of redemption
would be as great as ever. Our four hundred and
eighty-three millions would just be as heavy a mill-
stone about our neck, as the seven hundred and
sixty-two millions were. To produce a real, and
not a merely nominal advantage, it is proposed, far-
ther, that the new security acquired by the fund-
holder should be made a terminable annuity, divided
into three distinct portions or series—" the first
two irredeemable, but determined as to duration
and rate of interest ; the last determined also as to
duration and rate of interest, but redeemable, and to
redeem which all surplus revenue should be applied
—each series to be for the term of fifty years."
That we may do full justice to the author's views,
we quote, without abridgement, the following expla-
nation of this, the really important part of his
plan : . .

"TELEGRAPHIC DESPATCH.
" NARBONNE, NOV. 3, SEVEN P.M.
" PERPIGNAN, Two P.M.—On the 28th the com-
munication from Valencia with O'Donnel was difficult.
General Aspiroz was in the vicinity of Xerica. Gene-
ral Hoyoss occupied Lina. The Chartist chief Arevallo
was still at Chilon.
Letters from Barcelona of the 31st, state that
Valdez was still at Manresa. M. de la Goudie having
had his two horses poisoned had been unable to rejoin
him. Four Carlist battalions were on the 29th in the
environs of Manresa, and eight others in the neighbour-
hood of San Juan de los Aldesas." •
The Emancipation of Toulouse, of the 4th, contains
the following :
" We have received Barcelona papers under date of
Oct. 31. They contain the following official communi-
cation :

In computing the price of a terminable annuity, the
first requisite is the value of money. The price of Con-
sols is usually taken for this purpose, the interest which
Consols will yield if purchased at the period when the
value of the annuity is to be ascertained. The present
price of Consols being 92, the value of money invested in
Government securities may be estimated at 31 per
cent. ; and at that value the terminable annuity will be
calculated. Were a conversion of Consols into a new
5 per cent. stock to take place upon a scale by which
the stockholder would not be injured in the present
value of the new security, he must obtain for his 1001.
Consols such an amount of the new stock as would
produce, when sold, at least 92/. As in comparison
with 100/. 3 per cents. 100/. 5 per cent. stock would
be more valuable by two-fifths, it would produce (ac-
cording to the present price of Consols) 153/. 6s. Bd.,
so three-fifths of 1001. 5 per cents., or 601., as it
would yield a dividend of 31., would doubtless
produce (at the present value of public securities)
92/. If, therefore, a new 5 per cent. were to be
created whilst the value of the public securities remains
as at present, and that new stock were in the shape of a
terminable annuity, that annuity must be given on such
terms as would make its value in the market 153/. Gs. Bd.
If this be done, is it not all that the strictest equity can
demand of the Government, so to arrange with the fund-
holder in the proposed conversion that he shall obtain in
national securities or in money, or in both, precisely
153/. 6s. 8d.,0r in other words, the value of 1661. 13s. 4d.,
3 per cents. ?
The plan proposed proceeds by creating for the first
series a terminable annuity at such a rate of interest as
shall not diminish in any degree the fundholder's income
for fifty years to come, but, on the contrary, the whole
arrangement shall augment it nearly k per cent. on every
1001. Consols. So far every consideration is given to

"DEPOSITION OF THE COUNT D'ESPAGNE.

" On the night of the 26th ult. Count d'Espagne was
removed from the command of the Carlist troops. The
Junta had sent to him to preside at its meeting, and he
was there arrested and disarmed, to be sent into France,
as well as three more of its members, Orten, Ferrer,
and Sarpons. The command was given to Segarra. The
Secretary Adell was also arrested, and Labandero was
charged to examine the Count d'Espagne's papers. It
appears that the most profound secrecy was kept as to
this revolution, after the Turkish fashion, and nothing
was reported about it at Bergs on the 28th.
" A letter from Bourg Madame, Eastern Pyrenees,"
says the Paris Courrier, " dated the 2d instant, gives a
different version of the Count d'Espagne's deposition.
It says that it was at a review of the troops at Berge,
on the 28th, when cries were heard of Death to the
tyrant !' Muerte a Carlos!' (the Count d'Espagne's
name is Carlos), and that he, seeing his critical posi-
tion, fled, it is not known where. Segarra, says this
letter, is disposed to come to terms with the Queen's
Generals, and that great rejoicings had taken place
among the Carlists, who had set free the Christino
prisoners taken at Campredon and other places. This
news had been officially transmitted to the Sub-Prefect
of Prades, to be sent to the French Government."

(From the Memorial Bordelais.)
" ALCORIZA, OCT. 28.—The divisions of the Queen's
army which occupy Calanda, Los Olmos, Alcoriza,
Gargollo, Calbra, Valdejacque, and Caruarillas, are to-
morrow to commence their general movement against
the enemy. Llangostera is at Castellon with a battalion
and 200 horse, and Cabrera holds the heights of Villar-
luengo and Las Cuevas, with five battalions of infantry
and three squadrons of cavalry. The latter chief orders
all who speak of a transaction to be put to death, and,
as his camp is surrounded by a cordon of sentries, the
soldiers are kept in ignorance of the truth. It is ac-
cordingly probable that our movement will occasion
great dissensions in the Carlist ranks, where symptoms
of disorder have already manifested themselves. Ge-
neral Aspiroz left yesterday for Catalonia, with six bat-
talions:'

the public creditor ; but after that comes the nation's
turn to be benefited, which it would be at the end of
fifty years by reducing the annuity to the second series,
or from 5 to 4 per cent., and so effecting an annual
saving of 4,835,602/. per annum. And again, at the
expiration of a second half century, by reducing the in-
terest on the third series to 3 per cent. and so diminish-
ing the national burthen another 4,835,6021. per annum.
At the conclusion of the third and last series of fifty
years the debt would be extinguished, and the annual
interest of 14,306,806/. payable on the last series vt ould
cease.

An armistice had, it was said, been concluded be•
tween the Captain-General of Galicia and the Carlisi
Chiefs of that province.

Taking money at 31 per cent. and assuming that it is
improvable at half yearly interest, the present value of
an annuity of
5/. for fifty years (first series) is £l23 3 1
4/. do. (second series) is
3/. do. (third series) is

There is very little domestic news in the French
Journals of Thursday. The Government officers
were busy in the development of a new conspiracy
of a more formidable character than any by which
the Monarchy of July has hitherto been assailed.
The details will be made public as soon as the, exa-
mination of the leading members (eight of whom
are in custody) is concluded. The correspondent
of a Morning Contemporary gives the following ac-
count of this new plot, which appears not to have
been of police manufacture :
The conspiracy was truly formidable. It comprised the
remains of the Societe des Saisons, in which originated
the insurrection of the 12th of May last, with new ad-
herents, and other parties hitherto distinct from them
in principle and views. Their organization was perfect,
a circumstance which, with the all-grasping ramifica-
tions of the police system that obtains in France, consti-
tuted the protection of the Government, who it appears
were informed of every movement of the disaffected. The
numbers of the persons affiliated in this new revolutionary
party, which assumed the title of ' Societe Nationale,'
have not been accurately ascertained, but are said to be
considerable, not of distinguished, but of real fight-
ing men. Their means had accumulated so rapidly,
that they calculated on being sufficiently prepared for
an outbreak before the opening of the session of the
Chambers. Of muskets the stock was deficient, but
their places were to be supplied with hand-grenades
and missiles of that class (most of which were formed
of glass globes or bottles filled with gunpowder, covered
over with a thick paste of earth, in which were im-
bedded grape shot ; the whole bound over with canvas).
A five-second fusee communicating with the gunpow-
der rendered this weapon complete. In the hands
of cool, desperate men, no projectile could be more
deadly."
Prince METTERNJCH returned to Vienna on
the 28th ult. greatly improved in health.
Accounts from Russia state that conspiracies are
rife in every part of the empire, and that in many
of them the civil authorities are deeply implicated.
BOURSE.—Pams, THURSDAY, Nov. 7.

...£145 15 0
7 11 8

Making together
And leaving a deficit unprovided for of

To make up the aggregate of 100/. new Five
per Cent. Stock created by the conversion
into it of 1661. 13s. 4d. Three per Cents, £153 6 8

But this deficit of 7/. 1 Is. Bd. per cent. on Consols
would, on the entire conversion, amount to about 30
millions of money, and to overcome this difficulty some
concessions must be made by the Crown, and all par-
ties interested must unite to carry an object so greatly
to be desired. The fundholder especially ought to be
the last to offer any difficulty. Indeed it would appear,
that, if by any scheme he were guaranteed to be a loser
of no more than 41. II s. per cent. on his Consols,
which this deficiency of 71. 11 s. Bd. on 1661. 13s. 4d.
Consols amounts to, he would have to congratulate him-
self ; for, as assuredly as two and two make four, and as
palpable as that axiom is the certainty, that unless ef-
fectual measures be taken to secure the fundholder by
some plan which shall also include the prospect of re-
lief to the nation, bis at present fragile security must
sooner or later fail him. Means, however, can be de-
vised to accomplish both desiderata.

We have not room for more. Suffice it to say,
that it is proposed to raise the thirty millions re-
quired to pay the deficit to the stockholder by loan
on New Five per Cent. Stock, redeemable at 1531.
6s. Bd., and, by instalments of 151. per cent. at a
time, to make the process gradual. Provision, it is
observed, might be made for the repayment of the
principal and interest of the loan from the follow-
ing sources—the Crown Lands, the Duchies of
Cornwall and Lancaster, Colonial Lands, a tax in
the shape of a stamp on contracts for the sale of
the new stock, and a reduction of 600,0001. on the
collection of the Revenue.

First Highest Lowest Last
Price Price. Price. Price.
French 5 per Cents llO 80 ... 110 90 ... 110 80 ... 110 85
3 per Cents Bl 90 ... 81 90 ... 81 85 ••• 81 85
Bank of France 2950 —.2950 —.2949 ...2'J4O
Lattitte Bank 5,000 f. Sh 5215 ...5215 ...5215 ...5215
I,ooof. Sli lO7O ...IWO ~.1070 ...1070
Belgian 5 per Cents lOl4 ... 102 ... MIN ... 102
3 per Cents....., 7l 40 ... 71 40 ... 71 40 ... 71 40
Bank 750 ... 760 ... 750 ... 760
C3upons ......
Spanish Active
... .
.. 28% ... 28%
Passive 7% 28%
... 7% ... 7% ... 7%,
Roman, ex. div
RAILWAY SHARES.
St. Germain
Versailles, R. B 430 ... 430 ... 475 ... 477 59
LB
Orleans .. 445 ... 443 ... 445 ... 445
- - -- -

HAMBURG BORSEN HALLE, Nor. '5.
Bills. Money.
Austrian 5 per Cents,
Bank Shares 1575 1580
Al4lO-Russian Loan 116% lON
Russian 5 per Cent. let series, Certificate
Inscription, Ist Series
Russian 5 per Cent. Hop? and Co. 3d and 4th
Series 97% 97%
Ditto in Certificates
Dutch Actual Debt, 25j pee Cent 50% 50!.4
Ditto 5 per Cent 9B,i
Polish Bonds
New ticket
Anglo-Danish Loan, 3 per Cent 7l 70%
Norwegian Loan, 1834, 4 per Cent. lOl%
Spanish, New 3 per Cents. 25 . ,
EXCHANGES OK LONDON.
H•MBURH, Non. 5._13. 13__Two months, 13. 3%.
STOCKHOLM, OCT. '.:9.—Seventy-five days, 11. 30.
CHRIHTIANIA, OCT. 26.-1 hree months, 4 100..
AUSTRIAN FUNDS.—Viastna, Oar. 57.1073
Five per Cents. Metalliques 108
Fear per Cents.
Three per Cents.
Bank Shares
..../fltzemeiae Zeitufsz. Nov- 1.
PRUSSIAN FUNDS.—BERLIN, Nov. 4."
Bills. Money.
St, Schuld. Sch., 4 t 4; per cent. .............10314
Prussian English Loan, 1530, 4 per cent. 102% l02!i
lOcetiange on London, three months ... 6 21% _
—Prussian State Gazette. Nov. 4.
__------•

THE NEW Junrix.—The illorning Post asserts
this morning that Mr. Turton will be th• new Judge.
This is a fabrication which the least inquiry might
have convinced the Post would not obtain any credence.
Mr. Turton is gone back to India, where he has about
this time arrived, and the country could not wait, four
months, at least till he could be brought back, for a
Judge.