The Sun.
London, England, 1850-04-27 00:00:00

APRIL 2,7, 1850.

[The following appeared in our Third Edition of
last night :—]

SPA IN.
The following is the project of law which the
Finance Minittter has prepared for tie Eettlt went of
the national debt :

" PROJECT OF LAW.
" Art. 1. All the credits against the State contained
in any of the existing categories of the public debt shall
be converted into Three per Ce»t. Annuities, issuing
new documents for the purpose, in bonds payable to the
bearer, or in transferable inscriptions at the choice of
the parties interested.
"The debt proceeding from treaties with foreign
powers, which shall not be subject to the dispositions cf
this law, is excepted.
" The home and foreign Three per Cent. Debt created,
cr which may be creates under existing laws, the which
shall (reserve its present situalion without change, is also

excepted.
" Art. 2. The conversion shall be realised at the type
of 33 1 3 per cent., i e., with the reduction of two third
parts of the capital of the Convertible Debt, the capital
of each class of debt being taken or reduced in order to
t ffect !het reduction in the following manner:—
~rThe capital if the Active Foreign I),lit, and that of
the Interior 5 per Cent., shall be taken fur the whole of
their nominal value.
" Thet of the Four per Cent. end Cosolidated Voles
comprised in it, shall .be taken at kin...filth parts, or 60
per cent., eccordieg to the relation if their interest with
that f the Five per Cents.
" The capital of the. Coupons, duo and not paid, nor
eepitalized; of the Active Debt; and of the Five and
Four per Cent. Internal Debt; the Deuda Corriente of
Five per Cent, with interest in paper; the Non-Conso-
lidated Vales; the Passive Foreign Debt and the Debt
without interest, shall be taken for as much as corre-
sponds, according to the respective and proportionate
value of the same effects, with that of the Five per Cent.
Internal Debt, which results from the average price
which the one and the others have been quoted at in the
year 1849.
" The Deuda Provisional shall be taken divided into
two classes, for the conversion; that proceeding from
capitals which enjoyed interest, and that which derived
its origin from other bonds. It shall have option to
convert itself, as Deuda Corriente, con interes a papel,
increasing or lowering the type of conversion of this
latter in proportion as the said interest exceeds or
falls below that of the Five per Cents. Of the
second, that proceeding from securities eiven, deposits,
salt and tobacco taken possession of, capitals coming
from America, or others of which the Government
of the respective epoch took possession without title,
shall be converted as the Non-Consolidated Vales. TLe
rest shall be converted as Debt without interest; and
the same shall be done with the unliquidated interest of
the Deuda Corriente, of the Life Annuities, and of the
Deuda Provisional proceeding from capitals with interest.
The Life Annuities shell be capitalized at three per cent.,
and the capital which may result shall he taken and con-
verted as that of the Five per Cents.; but in place of in-
scriptions or bonds of perpetual annuities, certificates
shall be issued, payable during the life of their pos-
sessors.
" Art. 3. The credits against the State still pending
liquidation, shall continue belonging to the correspond-
ing classes of debt, according to the dispositions in
vigour, and the new values shall be convertible at the
will of their holders in the New Three per Cent.
Annuities, according to their class, under the rules es-
teblished in the preceding article.
Att. 4. The certificates of the Old Debt, denomintated
Deferred, issued at Paris in 1831, shall have the option
of coming into the new conversiou, their capital being
taken as that of the Passive Debt.
" Art. 5. The documents of the Old Foreign Debt of
Five per Cents., which were not converted in virtue of
the law of 1834, in consequence of not having been, pre-
seated within the periods assigned, shall also have option
fur the conversion.
" These credits shall be recognised now, and be taken
with respect to twc-third parts of their rep: esentative
value in Active Debt, and one-third part in Passive
Debt.
" Art. 6. For an equal reason the capitals of the Old
Foreign Three per Cent. Debt, which were not pre-
sented at the epoch referred to, shall be admitted for
conversion, being taken as Active Debt on two-third
parts and as Passive Debt on the other third, alter
deducting two-fifth parts, corresponding to the
difference between the Five sand Three per Cents.
" Art. 7. Tho Coupons duo up to November, 1833, and
the cedulas of premium which were not presented for
conversion at the proper time, shall also be admitted for
conversion, taking them as Active Debt for two-thirds,
and Passive for one-third.
" Art. 8. The conversion shall be voluntary on the
part of the creditors.
"Art. 9. The-interest of the New Three per Cents.
shall be paid half-yearly, on the 30th of June and 31st
December of each year, and its payment shall be effected
in Spain.
" Art. 10. The conversion shall begin from the Ist
January, 1851. The new interest shall begin to date
from that day for those who present themselves for con-
version before the let of July of that year. Those who
tney present themselves subsequently shall only have
right to interest from the Lalt-year following that in
which they effected it.
" Art. 11. Tho Government is authorised to create,
besides the New Three per Ceete. necessary for the
conversion, those strictly required for meeting the legal
obligations emanating from the conversion of 1834, and
those which may have been unpaid, giving account to the
Cortes of the use they might make of this authorization.
"Art. 12. The Government is equally authorized,
under the came obligation, to give account to the Cartes
to arrange and compromise the accounts of tee old leans
which should be still pending, in the terms which it may
consider most equitable and advantageous to the State.
" Art. 13. The-result of the conversion and the number
of the new documents which may to issued, and their
amount, shall be published periodically in the Madrid
Gazette for the satisfaction of the creditors.
" Art. 14. Beyond the amount actually destined for the
debt which in reality enjoys interest, and the increase
which that sum must have in fulfilment of the disposi-
tions in vigour, there shall be consigned in the general
estimates of the State the sum of 80 millions of reels for
the payment of the interest and redemption of the New
Three per Cent. AnnuiticE, applying especially to the
second object the surplus which, after paying the inte-
rest, may result is each year out of the said eighty
millions. -
Art. 15. The. faculty which the purchasers of na-
tional property now enjoy of giving money in certain
cases equivalent to the stock in payment of the price, is
extended to all cases, permitting them to pay what they
owe for the instalments now due, or which become due,
in stock or money.
"In the first case they may realise it in the values
actually signalised, or in the New Three per Cent. Stock,
admitting it with the increase proportionate to the reduc-
tion which those values should have suffered through the
conversion.
" In the second case they shall deliver in money the
sum corresponding to the effective value of the stock,
according to the quotations of epoch in which the pay-
ment takes place, or that which may result from the
average price of the same stock for the five years from
1845 to 1849, at their option.
" Art. 16. In future, all the sales of national property
which may be alienated under the dispositions in vi-
gour, shall be made for money. The price shall he paid
in twenty yearly instalments-6 per cent. in each of
the first ten years, and 4 per cent. in each of the re-
mainder.
"At t. 17. The products in cash of the sales of estates
effected in consequence of the two preceding articles, as
well as the amount of the promissory notes payable in
cash, given by the purchasers of the estates of the secular
clergy, and which has not been disposed of up to this
day, saving the responsibility to which they are affected,
shall have special application to the payment of the in-
terest and redemption of the New Three per Cents.,-
forming part of eighty millions which has to be assigned
in the budget for that object, with reference to what is
disposed in Article 14.
" Art. 18. All the surplus which may result for the
future, after covering the obligations of the budget of the
respf cave year, shall be applied to the redemption of
the debt.
" Art 19 The Colonial Debt, the credits of the pos-
sessors of offices alienated, those of capitalizations, and
others whose recognition and payment are now pending,
shall be the object of a special law, which the Govern-
ment will submit opportunelyJUAN o the
BCRortes.
" AVO MURILLO.

FROM THE LONDON GAZETTE
OF FRIDAY.

" Madrid, &c." (sic.)

GERMANY.
A letter from Frankfort states that the congress
of Plenipotentiaries of German States, which Austria
is about to assemble in that city, to replace the federal
,ja commission, is destined to be the precursor of the
7, restoration of the German Diet. " This then,"
, says the letter, " the last vestige of the ,
German revolution will ,in a few days have
disappeared from the surface of the country,
,00 if not from the minds of the people ; and the resto-
-170 ration of the Diet, which, a few months back was
Lr4l
'oi considered perfectly impossible, will be accom-
-102 plished. Ia the spring of 1848, Germany went
;24 too far in advance ; but in 1850 she is retreat-
ing too rapidly." Although the proposition of
"4 Austria encroaches on the interests of Prussia,
643
476 the latter power (says the letter) is disposed to
04 adhere to it ; and as for all the petty sovereigns, it is
632
892 not doubted that they will rally to it joyfully, as it
066 will lead to the restoration of their former
,784 the councils of Germany. It was said in Frankfort
,115 power in
go that the Hanoverian Government had sent a dispatch
984 declaring that for the future it will demand the exe-
,9B9
.090 cution of the treaties of 1815.

MARKET 1N TEL LIGEN CE.
(From the London Ave, Price Current, April 26.)
SUGAR --TO-day British West India Sugar was pur-
chased with caution for both the pan and scale, and
rather lower rates were acceded to, making the tall
since last Friday 61 per cwt. At auction 6 hhds 26
trcs 96 brls Barbadoes went at a similar reduction; low
to good yellow at 363 to 40,tsi, and ord brown 333 to 33s 6d
p• r cwt. Today 520 were sold, making for the wezle
1,890 hhds,
REFINED.—To-dAy Refined Sugar was purchased with
caution for all purposes, and the rates accepted are 48s
fa. brown, and 483 6d to 506 for fair to good grocery
Lumps. Crushed Sugar is dull of sale, at former rates.
IMAIIRITIUS.—This afternoon former rates were barely
suprret.d at a, public sale of 850 bap, which went at
from 34s to 375 for low to good yellow, and at 33s for
tine brown.
EAST INDIA.—This awl noon Bengal Sugar was dealt
in with caution, and of 2,795 bags at public sale not
above half bold at barely former terbia; ord and good

white Benares went at 36s to 38s 6d, good and fine ruptcy. Enwarda official assignee, Sambrcok-couets
strong white 42s 6d to 449 6d. Of Madras 973 bags Basinghall-street; Smith, Stennieg, •
went at 30s to 32s for low and fair damp yellow,_ and hall-street; Stenning and Carueil, T
at 275 to 29s for old to fine brown. John Pattinson, grocer, Liverpor
FOREIGN.-Tc-day there was no improvement in the at eleven, at the Liverpool District
demand for Foreign Sugar for home Use or export. At j assignee, Liverpool; Tyrer, Livery°.
public sale 209 hhds 95 has Porto Rico sold rather I John Stanford end Henry Bent
cheapt r; good mid to good yellow at 38s ed to 40s, and Titford, Halelowere 'Worcestershire
low to mid 35s 6d to 3es per cwt. The private sales for 3, at eleven, at the Birmingham Die
the week are only 1,000 chests brown Havannah, duty official assignee, Birmingham; Sm,
raid, at 36s 6d, a cargo of brown Bahia in bond 18s, and mingham.
one of white Paraiba 24s Gd. Alexander Speers Corrick, tine'
MoaessEs.-The amount of business concluded in I May 8 and June 5, at eleeen, at
West India has been small; prices are also on the de- Court. Acraman, official assigner
cline, and ruled at from 13s 6d to 17s for low to fine Bristol.
finality. East India met with little atteetior, and eau John Powell, cattle dealer, Upper Cabalva, Radnor-
fall in the price of Honey is apparent. At public sale tril.:3;ttoCic;oeuein;lip•ltio,rct:ea.
Radnor-
be obtained at a reduction; the a!ne-is 12s to 13s. A shire, May and June 5, at elever, at the Bristol Dis-
-100 puns of Cuba Molasses were taken in at 15s 6d Hay, Breconshire; Britton and Sons. Bristol.
kriteanindi:n April 23,
per cwt.
ti;sinepraicida 724 payable
24
d.
pet thereon
cv cwt.
l
COFFEE.-To day the market was in a quiet position The.,
,neitepge price of Brown or Muscovado Sugar, cm-
iu
ltt Miller, e
scrsn :hlrcesittlEf:liot:Ofir.Fi assignee,Ala,:ci. Bristol; Pugh,
for Cetice; there was no public sale, and the amount of of
business concluded by private treaty was small for all
13s. llid
purposes. There were sellers of good ord Native Ceylon , From the British possessions
at 463 per cwt.
COCOA.-There has beer, no public sale of West India, From the Mauritius
258. 9-}d. ,
this week. Few purchases I are been made •by private Average price of the three foregoing '-
From the East Incise -21 s. "
de-
treaty, and prices continue to give way--Trinidad red seriptioes of suear, jointly, computed as
sr (Hie; et Saa to 445. and Grenada red 54s to 38s per above, aud exclusive of duty ...
cwt. Few sales have been made in Foreign by private
llneeer Beeile3NY:tuet.,ba(3)lreirt.3l; ()off tils'aerGl:r4nroceenrist"Comp:ny.
treaty, ard at auction 408 bags lice red Bahia were taken
Grocers'-hall, April 26.
in at 30s Too. cwt.
TEA. -A much better demr.nd has been experienced
for common Congou this week from shippers and home
els alers, whilst rather higher rates have be ea obtained; the
latest prices have been at 91d to 91d per lb; other sorts met
with more attention for the latter purpose; at present,
however, there is no rise iu the value-Medium selling
at 10d to is ltkel, and better kinds is 2d to is Sd per lb
In Scented Orange Pekoe a good deal has been done at
Is 2d to Is 4d, end sales to a fair extent have been made
in Scented Caper at is to Is 4d per lb. Good and fine
Green Tea sells more freely at last week's terms. For
ordinary and middling rather lower rates having been
acceded to caused the trade to operate with more freedom.
BIM-There are free sellers of East India at the
reduced rates of last w, el:, still only moderate pur-
chases have been made, and almost exclusively for ex-
portation. The private operations are 5,000 bags-
white Bengal at from 8s to 9s 6d, Madras Bs,
and pearl barley 7s 6d to 8s per cwt. At auction
3,900 bags and 699 pkts Bengal were nearly all
taken in at 9s to lOs for middling to fine white. A few
lots of ordinary sold at 8s per cwt. In the market for
Cleaned Rice much dulness exists, with free sellers of
low to fine Patna at from lie to 20e, and broken lOs to
lOs 6d, town dressed Carolina 20s to 265, and American
ISs 6d to 19s per cwt. To-day at public sale 963 bags
Bombay went at eesy rates-mid small white at 83 to
8s 6d, and damaged at 5s to 83 per cwt.
t,AGI.-There are few buyers ot Pearl, and prices
are on the decline. At auction 108 cases were sold at
20s 6d to 22s for mid and good small white. Sago Flour
dull of sale at 21s to 225, but Farina sells more freely
at 15s to 16,. Of Tapioca 120 packages at auc-
tion were taken in at Gd for fine white Rio,
and Para low to middling 2id to aid per
lb. Arrowroot is cheaper, and in large supply. At
auction 1.000 tins and 260 pkgs were mostly sold. St.
Vincents from 5-1 d to 10d, damaged 4d to 7d, Jamaica
sound 5?0:1 to 10d, Barbacloes 2id to 4d, St Kitts 4d, Ber-
muda Is to Is 2d ; 40 bags Manna Croup taken in
at 353 per cwt.
Sricas.-The market for Jamaica Ginger has a quiet
appearance, and former rates are not to be obtained. Of
East India supplies are getting, larger. At auction a
small part only cf 1,875 bags Bengal sold at 17s 6d
to 18s for mid and good rough dark, and at 13s 6:1 to
15s for damaged. Of African 20 bris and 368 bags da-
maged went at the reduced terms of 21s to 325, and at
34s 6d to 375 for good bold, whilst 110 bags Malabar
were taken in at 25s for small rough, and 300 cases
Chine preserved at led per lb. Pimento-Of 1,200 bags
at public sole not half sold at 4-,7-,d to bid for low to good.
For Black Pepper privately only limited sales have be en
made fir all purposes. 01 890 bags Malabar at auction
small part sold at 34d to 3il for good clean. The value
of Sumatra is from 31 to 311. White is not much
wanted, and rather lower terms are taken; 100 bags at
public sale were only in part sold at 5d to 5-0 for mid
and good mid. Cassia Lignea is not offered at any
further decline, but there are few buyers, and a
small part only of 800 chests at public sale sold, pile
one at 85e, ditto two and three 76s to 795, and out
of condition 683 to 755. For Cloves rather lower
rates are taken, and few buyers are to be found. Of
200 packages at auction a small part only sold, Am-
boyna at lid, and Bourbon &id to 7id. Nutmegs have
been in fair demand at the former value, and 27 packages
were sold at 2s 6d to 2s 91 for mid to good mid brown.
For Mace prices are rather lower, and at auction three
cases were sold at Is 10s1 to 2s 6d for low t ► good. For
Cinnamon the market is dull, and the public sales de-
clared comprise 1,800 packages Ceylon.
SPIRITS.-Leeward Island Rum is not offered at any
further reduction, yet operations have been to a limited
extent only at is aid to is 4d proof. East India cannot
be obtained under Is 3d proof; few buyers are, how-
ever, to le met with. There has been little passing is
Demerara, and sellers are willing to accept 2s to 2s 4d
per gallon for 30 to 40 per cent. over proof.
for Jamaica Bum much dulness exists for inferior and
middling kinds, whilst prices continue to decline.
Former terms are required for good and fine, yet shippers
and home dealers make purchases with caution. Th.
value ot 20 to 29 per cer,t, over proof is 2s 2,1 to 2s 7d.
SO to 38 over 2s 8d to 3s 3d, and superior 3s 4d to 4s
21.
There is still a smaller stock than last year, and delive-
ries are much larger, although prices are as low as at
that time. Only limited orders have Leen executed for
Brandy. The rates accepted fur Cognac beat brands of
the vintage of 1849 are 4s 3d to 4s 5d ; 1848 ditto 45 5d
to 45 V. 1847 ditto 5s to 5s 2d ; and inferior sorts 2,
7,1 t:, 41 3d per gallon. For Geneva the market is dull at
Is 7,1 for old, and at 2s 3d to 3s 3d for fine. The
value, at British made Spirit is 9s 5:1 to 9s 6d proof, and
Gin 7s 10:1 to 8a 4d for 17 to 22 per cent under proof.
Tu-enay the sales of num were only 100 puns of Demwrars
at 2s 2d for 32 to 35 per cent. over proof, and 50 pu,s
Jamaica at 2s 9d to 3a for 33 to 35 per cent. over proof.
SALTPETI:g.-T,- day the market was in a dull state,
and at public sale 1,253 bags Calcutta were all taken se
at 25s tor ord 10 to 104 per cent refraction, good ditto
26s 6:1, and fine 24 per cent at 27s ad per cat.
INDIGO.-`The quantity declared for public sale on the
14th May has been increased to 11,125 chests, aud fur-
ther parcels will be added shortly. Former rates are
supported for East India of all sorts. For Spanish prices
have fallen Id to 2d per lb, and public sales of 170
teronr, Guatemala went at from 2s 4d to 4s 3d per lb.
COCHINEAL.-To•day the public tales of 240 bees
went at about former rates, and mostly sold-Honduras
silver at 3s Gel to 4s 4d-Mexican, mid 3s 7d, black
3s 7d to 3s 10d, and fine 5s 6d per lb.
TALLOW.-To-day at public sale 639 pkgs South
American sold at 33s to 36s 6d, and 163 casks of Sydney
at 35s to 37s 6d, those are better prices.
Was.-Operations in Repeteed Oil have been upon a
limited scale only, and rather lower terms are acceded
to, sales of brown having been made at 37s Gd to 38s 6d,
and pale 39s to 40s. Palm met with little attention, and
sellers are willing to accept 30s to 31s for first sort, as
there will bee better supply at market shortly. For Cocoa
Nut the market is dull at from 39s to 34s for low to fine.
Prices continue to decline for Olive, and operations have
been to a limited extent only at from 431 to 461 per tun.
Linseed Oil has been in good demand for home trade pur-
poses, and several export orders have been completed.
Prices are firm, and rule at 32s 3d to 32s 6d per cwt on the
spot. Cod Oil has been only in limited demand, but
sales cannot be made under 341 lOs per tun, as the
stock is small. Seal continues to attract little, pale is
offered at 36/ to 361 10s, and other kinds 311
to 354 The value of low to fine Southern is from 32/
to 344 still few orders have been completed. Sperm is
in better supply, but at present there is no variation in
prices. Tc-day at public sale 90 tuns Sperm Oil sold;
fine 831 to 84/, other sorts 741t0 781 ss; 55 tuns Southern
321 to 331 10s; 83 casks Palm Oil out at 29s to 31s.

BANK OF ENGLAND.
(From last night's Gazette.)
AuAccount, pursuant to the Act 7th and Bth of Victori a. cap. 32, for
the Week ending ou Saturday, the 20th day of April, 1850.
ISSUE DLPAILTBSENT.

Notes i55ued........ 23,873,000

:X29,873,000

Dated the 25th day of April, l 8;

Government debt •• 11,015,100
Other securities • • 2,984,900
Gold coin and bullion 15,663,113
giver bullion ••• • • • 209,817

£ 29,873,000
". MARSHALL, Chief Cashier.

oI6r.iITNEN T.

DOWNING-STREET, APRIL 25, 1850.
The Queen has been pleased to appoint Edward Grit*,
fiths, Esq., Lieutenant in the Royal Navy, to be Super
intendent of Liberated Africans at St. Heletia.
WHITEHALL, APRIL 26.
The Queen has been pleased to present the Re!„
Robert Stewart to the church and parish of Traeest, in
the presbytery and county of Haddington, vacant by the
death of the Rev. John Henderson, late minister thereof.
WAR-OFFICE, APRIL 26.
10th Regiment of Light Dragoons—LieucetenLlo ant
d 9_eordge
Webb to be Captain, without purchase, vi. tyt
ceased; Cornet Cornet Robert Clements to be
Lieu enannt , vi ce n
J. Percy Smith, appointed Adjutant; Lieutena Joh
Percy Smith to be Adjutant, vice Webb, promoted,
Jan. 29.
1001 Regiment of Foot—Major Thomas Miller to be
Lieutenant-Colonel, without purchase, vice Young, de-
ceased; Brevet Major Henry Erriugton Longden to be
Major, vice Miller; Lieutenant John Robert Graham
?mason to be Captain,. vice Longden; Ensign John
Edmund Whaite to
beLieutenant, vice Pattison, Feb. 21.
24ti; Foot--Ensign Lord Frederick Montagu to be
Lieutenant,
7ittiout purchase, vice Mowbray, deceased,
Feb. 17;
Eutig,n Francis Freeman White, trom the 73d
Foot, to be Ensign, vice Lotd Frederick Montagu,
April 26.
49th Foot—Ensign John Augustus Conolly to be
Lieutenant,by purchase, vice Powell, who retires, April 26.
50th Foot—Ensign Parr William Kingsmill to be
Lieutenant, without purchase, vice Mullen, deceased,
April 16.
73d Foot—Captain Wyedham Edmund Bewes, from
the 45th Foot, to be Captain, vice Murray, appointed to
the 83d Foot, April 26.
78th Foot—Lieutenant Hamilton Douglas Gordon to
be Captain, by purchase, vice Caldwell, who retires;Ensign Henry Bagsban e Harrison-Rocke to be Lieu-
tenant, by purchase, vice Gordon, April 26.
83d Foot—Captain James Florence Murray, from the
73d Foot, to be Captain, vice Douglas W. P. Labalinon-
there, wbo retiree upon ba;f-pay. 45th Foot, April 26.
COURT OF QUEEN'S BENCH.

Government securi-

ties (including Dead
Weight Annuity).. 14,292,170
Other securities .• •. 9,779,210
Notes •••• • • • • ...... 9,537,560
Gold and silver coin.. 756,601

Z. 14,355,541
M. MARSHALL, Chief Cashier.

EASTER TERM, 13TII. VICTORIA.
26th April.
This Court will, on Thursday the 9th, Friday the
10th, and Saturday the 11th days of May next, hold
Sittings, and will proceed in disposing of business then
pending and undecided.

BY THE COURT•
The motion in, re Barber (part heard) will be the
only business taken at the Sittings atter Term•
BANKRUPTS.
William Chittenden, draper, Paddington, to surrender,
llsy 7, at twelve, and June 7, at one, at the Couit of
Bankruptcy: Whitmore, official assignee, Basinghall-
street ; Cooke, King-street, Cbeapside.
Charles Veneer, builder, Toubridge Wells, Kent, May
7, at two, and June 4, at eleTeD, at the CMS Of DMA-

and Croft, : :,, 1 -
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