The Express.
London, England, 1852-07-20 00:00:00

The house which may receive the guano on consignment
shell pay over to the agents, mentioned in Article 10 of this
agreement, the sums necessary for the payment of the divi-
&did, every six months, fourteen days before the maturity
thereof, and on the 31st of December of each year the said
house shall also deliver to the said agents an account of all
the sales thereof, so that they may see the nett produce
resulting therefrom; and shall also pay over to the said
agents whatever surplus may result from the sale of the said
our half of the guano.
From this clause it appears that the account of the
proceed. of :ho sales is to be rendered annually only,
so that the agents of the government have the
option of delaying the investment of the funds
accruing during the first half of this year till the
i beginning of next year. We understand that on this
plea the agents have determined to invest only the
fourth part of the surplus in the Deferred Stock,
nezordiog to the terms of the agreement, and to defer
investing. the Active portion till next year, or until
further instructions can be received from their
Avernment, in consequence of the price of the
ctive Bonds being maintained above par. The
entire amount of the first half-year's surplus, however,
was invested in or about August last year, and it is
certainly desirable that this operation should be
carried out with uniformity. As to the allegation
th .t the government are not called upon to invest
above par, the bondholders can refer to the agree-
; mcnt, in which there is no allusion to that range as
ithe limit of these investments. It can also be suet
Iby pointing out that the purchase is really effected
below par, as if the government purchase three
Active Bonds of 1001. each, at the price of 1041., and
one Deferted Bond at 68, it is clear they extinguish
4001. debt at the rate of 941. 10s, per cent. There
still remains, however, one important point of the
case to be considered. In April, next year, the
sinking fund of one per cent. only will come into
! operation, and we believe there is good foundation
• for the fear that the Peruvian agents contem-
plate not only introducing the system of
drawing the bonds by lot for redemp-
tion, instead of purchasing them at their curvet
market value, bat that they actually have it in view
to include the three-fourths of the sum of 228,0001.,
end the other amounts that may accrue prior to that
date, in the new system. Of course the bondholders
will make a stand in defence of their rights, and we
already hear threats of Chancery proceeding! should
any irregularity be attempted. The fact is, that
at the time these clauses of the agreement were
drawn up, no one dreamt that the profits from the
guano monopoly would have proved so large, and
now that the richness of this source of revenue is
fully seen, the mauifestation of a niggardly spirit
would sit very ungracefully on the Peruvian govern-
ment. It is presumed that tho main object of Peru
in the convention concluded by her with her creditors
was the re-establishment of her credit, an aim in
which she has certainly succeeded, and she can
scarcely be blind to the impolicy of overthrowing
the favourable opinion now beginning to be generally
entertained since her punctual discharge of the divi-
dends on her foreign debt.
Hamburg letters received this day mention that
very hot weather had prevailed fur fifteen days, with-
out even a shower. Itaiu was beginning to bo called
f)r, as the green crops was being burnt up, and fears
were entertained of- the premature ripening of the