The Express.
London, England, 1851-11-27 00:00:00

SPANISH BONDHOLDERS.

A meeting of the bondholders opposed to the pro-
posal made by the Spanish government tor the arrangement
of the public debt, called at the instance of Lieutenant-
General Sir John Fitzgerald, to receive from Mr. Oliveira,
who has lately returned from Madrid, " such information
r would" (aczording to the advertisement) "place the
Spanish bondholders in full posscs,ion of the sentiments
held in that capital of the justice of the claims of the Bri.
tish creditors,' was hell yesterday, at the London Tavern.
There were present ImMles tieneral Fitzgerald, Rear-Ad-
miral Wallis, Major Dungan, B. Oliveira, EN., J. Lowe,
Ext., 11 Bowden, Esq., J. Luker, Esg., Mr. Tindal Atkin-
son, and a considerable number of the dissentient bond-
holders.

General FITZGERALD intimated that he had called
the meeting believing that matters of great importance
would be communicated to the bondholders; and he believed
that, when they heard the information Mr. Oliveira hod
to give, they would be well satisfied at having assembled
together. He suggested they should elect a chairman, and
proceed to the business of the day.
Sir JO!' was then unanimously voted to the chair ;
which having taken, he stated that he had called the meet-
ing to acquaint the bondholders that Mr. Oliveira had
been kind enough to undertake to communicate all the in-
formation he possessed as to what had occurred at Madrid
in respect to the posi lion of the bondholders. (Hear.) He knew
not what magic power the Baron Bothahild possessed, but
the fact was indisputable that his innuenee with the eons.
mittee was such that the proposal of the Spanish
gover 1111 l ent was accepted, hut with the addendum that a
certificate should be attached to each bond to the effect
that the Spanish government would be willing, at the end
of five years, to consider the means by which the 50 per
cent. of the interest remaining due should be settled. With
this condition it appeared the bondholders were ready to
accept the proposal. But Senor Banjo, the royal commis-
sioner, when informed that such a certificate would be re-
quired, said at once plainly and honestly that no such cer-
tificate would be given, adding that his orders were to issue
the bond., on the condition that half the interest due was
to be confiscated. Seeing thus that the terms Baron
Rothschild stipulated fur were not acceded to, he (Sir J.
Fitzgerald) did expect that the committee would have at-
tempted to do something better for the bondholders; but,
for reasons which he could not understand, the committee
still tulle-red to the proposal, and recommended the bond-
holders to convert their bonds on the terms offered.
But they must not be deceived ; the moment they accepted
that proposal, all claim for the arrears was gone. They
might protest, but what eared the Spanish government for
the protest when the bonds were converted? His advice
to the bondholders was, "Do not convert your bond*, but
stand out, and you will obtain better terms." (hear, hear.)
Mr. BENJAMIN OLIVEIRA, who said that he had felt
a little hesitation when asked to attend the present meeting,
because he feared that his position with respect to the com-
mittee of bondholders ought to prevent his compliance with
the request of Sir J. Fitzgerald ; hut after maturely weighing
all the bearings of the case, he came to the conclusion that
his duty to the whole body of bondholders, of whom the
committee was but the representati re, overrode the particular
nature of his relations with them. As the circumstances
which iaduced him to go out might not be known to all of
them, he had drawn up a narrative of his proceedings from
the very commencement. Ile was particularly anxious that
ail the facts should he accurately placed before the meeting,
and he therefore entreated their patient attention while this
narrative was read. (Cheers.)
The document, which was exceedingly lengthy, com-
prised much correspondence, and other papers, which have
been already published in ester's°. Having stated the
nature of the preliminary arrangements, Mr. Oliveira says :
—" I left London on the lith of September, and waiting a
day or two in l'aris to consult Baron James Rothschild and
some other friends, proceeded at once, and arrived at Ma-
drid in the night of the 20th of September. I carried two
letters of introduction from Mr. Capel, one to Mr. Weis-
weiller and one to Lord Bowden ; and also a memorial to
Bravo Murillo, of which copies were enclosed to those gen-
tlemen." The memorial called his Excellency's attention
and that of the ministry to the hardship inflicted upon the
bondholders in the reduction of their coupons to per
cent. of their amount, before funding them into the New
Deferred Three per Cent. Stock. Them hardships having
been enumerated, the memorial proceeded as follows:
" The committee having now detailed the hardships thus
inflicted on the bondholders with their coupons detached
from the bonds, have to request that your Excellency and
the ministry over which you preside will originate a project
for the amendment of the law fur the settlement of the
debt, to the extent of raising the provision made for the
dividends in arrear, so that they may he funded at their
full value, or nominal amount in the New Deferred Three
per Ceat. Stock; not doubting that the wisdom and Justice
of the Cortes will provide the additional means required for
that purpose." Tne narrative then proceeded to detail M
Oliveirs'e negotiations with Breve Murillo and their results,
the full particulars of which have already appeared. The
substance of the various despatches written to Mr. Capel
was also given. The following are the principal concluding
passages: . . .

Asa specimen of the morale which pervade. society at
Madrid upon the question of treating any public matter, I
think it right to acquaint the committee end the bond-
holders that, before I had been in Madrid 48 hours, a
very delicate intimation was conveyed to me, evidently
with authority, to the effect that, if I would treat of my
own and my immediate friends' rights, that a transaction
might be entered into, by which we should have our
coupons secured at par, and I could write to the holders at
large, stating the impossibility of doing anything on their
behalf.

"That such compmmises have been effected with parties
upon fonuer occasion+, I have received abundant proof ;
and, iu such cases, it is Riot uncommon to confer a deco-
ration as a cunpensation for such services to the state,
and the betrayal of the sacred rights entrusted to the nego-
tiator.

"The small amount of success obtained upon tke present
occasion must be ascribed entirely to the want of co-opera-
tion or support on the part of the London committee, a fact
that was speedily communicated to the enemy by its faithful
organ at Madrid, and from this moment every means was
adopted to disconcert my measures. It became obvious to the
government that, at the meeting of the chambers, a strong
opposition would manifest itself upon the question orate set-
tlement of the debt, involving the stability of the cabinet. It
was therefore resolved. per far end Nefas, to get rid of the
negotiation that had just been re-opened reative to the cou-
pon.. Hence the article in the (Intern (government jour-
nal), of the 17th Oct., carefully sent to all the capitals of
Europe for publication, in which some very nice distinctions
were drown as to the minister's real views and statements.
The opposition journalists immediately detected this tins
worthy ruse, and exposed its shallowness in some very
strong artiehs, denouncing the law for the regulation of the
debt as having failed in satisfying any of the parties inte-
ested, and announcing, iu udennee, that it would be made
the ground of fierce contention in the Chambers. From all
this it remains only fur me to add, that if the coupon
holders are firm in resisting any attempt at compromising
their claims, and resolutely oppose the introduction of the
home three per cents. into our market, sooner or Liter they
will be met and satisfied in full. In order to promote their
interests with success, it appcars desirable to loran a com-
mittee devoted to this particular claim, and having iu its
number none of those parties who have so shamefully de-
serted their rights. Whenever favourable opportunities
i present themseltes, a person of position and character, and
, above all, an Engiiskinau, should he deputed to Madrid, to
• urge an equitable settle:in tit of the immense interest at
stake in the 10,000,00GL Spanish overdue coupons, threat-
ened with confiscation."

Mr. proposed the thanks of the
mestina to Mr. Oliveira, for the satisfactory statuuent he
had made of tlie result of his visit to Madrid.

The resolution was carried uoianimoZli.—
Admiral WALLACE then toured the appointment of a
committee, in accordance with Mr. Atkinson's surrestion,
viz. Sir John Fitzgerald, Major Dungan, Mr. Oliveira, Sir
C. Kirkpatrick, Mr. Tindal Atkinson, aul Mr. Lea, with
pow.r to add to their numbers; which was also carried
unanimmutly.
The CIIAIRMAN wished to add, as showing the
feclin of the press upon the subject, that in the C0n-
:611414'1,4nel of Friday lase It was stated that thi re yea, no
doubt the dtbt would be settled or better term', especially
as Narrarz and Lis friends would shortly reimuic the go-
vernment of Spain. (Rear, hear.) Ile was 1111110LIS that
they should have a good working committee, mud for that
purpose he should be happy to receive the names of any gen-
tlemen present whom might he wihing to serve upon it.
A vote of thanks then piromed to the chairman, which
terminatathe proceeding,.

A SUPPLEMENTAL CIIARTER 1143 been granted to
the Royal Coiniumsioners ti- the Exhibition of s. i, autbo•
rising thew to dispose, of the surplus in their bands.

•
PitOJECIED UILN-Orr 01 COLLIERS.—We have
received a communication to the effect that ths collier* in
the district about Ashton, Oldham, de., baring income dis-
satistisd with their present nee of wages, have formed an
extensive union, with Mr. W. P. ltaberts, the miners'
attorney-general," as their legal adviser, and have served
their employers with a printed notice, and a list of alvaneed
wages; and that, their demands not having been compiled
with, they have turned out at weird of the large collieries
about .isliton and Oldham. Accompanying this communi-
cation is a printed copy of the notice referred to. It is
dated "November 3, 18i1," and is addressed "To the
owner of -- colliery," and after intimating that the wages
are low, mid that the community are obtaining coal " at a
pries much below its value," the notice dins concludes:—
"We lave unanimously come to the conclusion to claim a
nearer approximation to an equivalent for the duties we
have to perform; and in toqrteeu dap from the above
date, wo shall expect to be paid wording to the annexed
rates below. Yours must earnestly, yet resmetfally,—
The Miners is your tnaploy."—.l/andSesler Goverfion.
ADNIIIIALTT, Noy. 26.-I'4O)lO7lON.—J. TOMS, to
be Acting Boatswain.

BdILWAYS.
THIS DAY.

Tyro o'Ctoct.
This is " ticket day" in the railway share market,
and the progress of the arrangements for the settle-
ment of the account has induced an extraordinary
degree of movement. The market opened at a wild
advance, prices running rapidly up from 10s. to
2/. per share, with a marked advance in Caledonians,
Chester and Holyheads, South Westerns, Manches-
ter and Shcffields, Midlands, North British, North
Stafford', South Easterns, Berwicks, and York and
North Midlands, besides many others. A reaction
subsequently ensued, but the market is now
firmer again, at considerably higher rates
than those which ruled at the close of business
yesterday, but with a decidedly unsettled character.
The tendency of speculation :appears to be decidedly
upward. Some details of the settling will be found
under the head of money market.

lIIIAILES AND $1