The Sun.
London, England, 1840-04-22 00:00:00

This announcement is more formal and detailed than
the notice which we gave on the same subject in our City
article of the 20th instant, and we therefore insert it;
but our opidten on the merits of the Mexican conversion
has been give!) freely, and the result fully justifies the
remarks which we made upon 'the unsatisfactory manner
in which the decree was framed. It should have made
some specific provision in the first instance, either that the
Coupons of The new bonds were to be exchanged for Cus-
tom warrants, and receivable for duties at Tampico and
Vera Cruz, or that the one-sixth part of the duties were
to be regularly remitted in cash to London. Tile decree,
however, does neither, but makes a half-and-half sort of
ag,reemeilt, comprehending both, and still not absolutely
or clearly fixing either mode of payment. Then although
two years' arrears of interest had accumulated before
the Decree of Conversion was ratified, no provision was
made for their liquidation, but all was left open to
chance, to be settled under the decree. The conse-
quence is, that the transaction has become complex
and unsatisfactory. A large amount of coupons
has been exchanged for Custom warrants, and duly re-
ceived at the Custom-houses in terms of the contract.
More documents of the same character are expected. and
the duties collected in cash are thus retained, and a r‘--
mittance of only 1/31,000 is sent to this country to pay
the half-yearly dividends due on the Ist inst., which may
be computed at $50,000. If the Custom duties of Mexico
be worth $9,000,000 annually the 1-6th part would pro-
duce $1,500 000, giving, as we have formerly noticed, a
sinking fund of $500,000 annually, to be appropriated
to the extinction of the two years' arrears, and thus allow-
ing the dividends to be paid here, half-yearly, in hard
cash. The difficulty as to the two years' arrears must
have been foreseen, and should, therefore, have been
attended to when the decree of conversion was ratified,
but it is still a matter of practicable arrangement, and if
cart ied through could not fail of giving general satisfac-
tion to the bondholders. We have formerly advocated
the adoption of an arrangement of this nature in regard to
these arrears, and understand that the committee intended
to recommend something of the kind for the consideration
of the Mexican authorities.

TIM E S.--The Joint-stock Banks in London connected
with the Australian colonies arc likely to encounter some
rivalry on the spot, as it appears that even in the infant
settlement of Port Philip a project of the same kind has
been started, and if the letters received to-day thence are
to be credited, the shares have reached a premium of cent.
per cent. in a short time after bringing out. It is to be
inferred, of course, that a large proportion of these colo-
nists must consist of stock-jobbers, who have become dis-
contented from some cause or other with the mother
country. The letters referred to arc dated October 14.
The proposed Bank consists of 2,000 shares of 401. each,
and was to commence immediately under the designation
of the " Port Philip Bank." •

HERALD —So little is known of the commerce of
Persia and the nature of its trading relations with this
country and Europe in general, that the following detail's,
although not referring to very recent dates, may chance
to be acceptaLle. For some years past, indeed, the corn.
mercial exchanges between Persia and Europe have
come of incrglasing consideration. In 1837, according to
calculations founded on the produce of the receipts of the
eustom.homettas farmed out, the average annual value of
the trade carried on by the northern provinces was esti-
mated for

Imports. £Boo,ooo
Exp 480,000
In Persia Wcustoms are farmed out by the year, and
by province; thus, in 1837 the customs of the province
of Adtkbaitljan were farmed at 80,000 tomauns, or about
47,3*, the kiftdon being equal to I Is., less about one
halfpenny. `l4c Russian products imported by the Ar-
menian front4and by the south side of the Caspian Sea,
in the vicinity of Recht, arc not included by the above
statement. The traffic by way of Armenia, in 1836, is
thus stated :=-1-4
Importation £196,000
Exportation 87,000
Of the tradgby way of Reck vo approximate estimate
existed. Ir wa suspected, however, that these various
amounts were -far from representing the real amount of
Persian 'foreign trade, as the custom-house farmers were
'n' crested in unelcrstating the returns, for fear that the
terms of their annual lease should be raised upon them.
Sugar, which is an article of large consumption in
Persia, is principally supplied from this country. There
is a small consumption in Persia for green leather for
belts, hut the article should be sent in small parcels only,
until the use becomes more general. Porcelain and glass
are exclusively furnished from Russia. Cutlery and steel
goods are supplied from this country. For jewellery,
or ornamental wares, or perfumery, there is little or no
demand.

O. another occasion some further particulars will be
given respecting the products which Persia furnishes for a
return comnrerce, with the modes by which trade is car-
ried on and may perhaps be improved. The details hero
given are deriveel from good sources, and with what may
be added hereafter, may prove both useful and Interesting.

SUN.—The rates for bills of exchange on the princi-
pal Continental cities this afternoon were still low. On
Paris the quotation was 25 52j to 55, on Amsterdam
12 to a, and on Hamburgh 13 8i to 9.
It was reported on 'Change this afternoon that an
extraordinary express had arrived from Paris, with news
of the arrival of an Ambassador from the Court of
Naples to this country, charged with instructions for
effecting an amicable settlement of all existing differences.
Consols closed steadily at 90i for Money, and 91
for time. Exchequer Bills were at 23 pretn. ; East
India Stock at 250 to and the other Stocks the sante
as in the morning.
The Forergn Securities closed heavily. Spanish
Consols at 2Si ; Portuguese New Five per Cents. at
:351 ; Mexican at 28 ; and Dutch Two-and-a-Half per
Cents. at 53.
There was less buoyancy in the Share Market, but
the improved prices maintained for the Railway Shares
Yesterday afternoon were realised again to-day. The
Birmingham and Derby brought 174 ; the Edinburgh
and Glasgow, 5 ; the Great North of England, 14 ;
the Hull and. Selby, 6 ; the Northern and Eastern, 12 •
the Greenwich, 9 ; the Brighton, 91 dis. The London
and Birmingham at 78 ; the Great 'Western, 15 ; the
New, 7 ; the Manchester and Leeds, 21 ; the New
11 ; the North Midland, 34, and the New at 12 prerl
London and Westminster Bank Shares brought 3 prem.
M T---