The Express.
London, England, 1851-08-20 00:00:00

SP.k.NISH BONDS.

Yesterday a general meeting of the holders of
' Spanish Bonds took place at the Loudon Tavern, Bishops-
gate-street, to take into consideration the law fur the set-
tlement of the public debt of Spain, promulgated by the
Cortes with the sanction of her Catholic Majesty.
JAMES CAMEL, Esq., was voted to the chair, and said
that there was one matter personal to himself to which he
would call attention before the business was proceeded with.
On the 3rd of June, 1651, he wrote a letter to Senor Istu-
ritz, the Spanish ambassador, which contained these words :
" The amount of concession in favour of the government is
great, and I will never be a party to any terms
but those which the bondholders have agreed to
at a public meeting." (Hear, hear.) As he failed to
obtain these terms he gave up the matter in despair, and
would therefore propose now to resign the responsible office
of chairman of the committee. (No, no.) If he were
pressed to remain, he must consent to do so. (Applause.)
Ile had received several letters stating that the law for the
settlement of the debt had not been supported by the
regular number of senators. A remonstrance on this had
been made to the Minister of Finance and the Minister of
Foreign Aflairs ; but it had, he understood, been returned
unanswered. It had, however, been passed by a formal law
' of Spain. The committee had done their utmost to obtain
better terms, and Lord Howdcn had exerted himself to the
utmost to obtain them, as well as their agent Mr.Weiswciller.
I Still the terms now proposed were an amelioration on those
formerly submitted. At the then market value they were
worth about 15/.4whereas the proposition now offered them
would be 126/..55. in a 1 per cent. stock, which, if taken at
the price of Spanish Three per Cent. stock, would be worth
about 'IS,. Thus the committee had been a little successful.
(Hear, hear.) The chairman here rend the agreement of
the government, which he characterised as one of high- I
Isounding pretensions, and of little value to the bond-
hoiden. lie would particularly caution them to insist on
their dividend being paid in London. (Hear, hear.) The

committee had not come forward on this occasion with soy
resolutions, for they had arrived at this point that matters
must now be left to the discretion of the bondholders whe-
ther they would reject or accept the terms ut the govern-
ment.

♦ BONDHOLDER asked what the committee advised?
The CHAIRMAN said the metnher, of the committee
must answer fur themselves. There hal been the greatest
harmony amongst them on the subject. There were, he
understood, a great many bondholders who were determined
net to be guided by anything this me.dinw might do, but
would go at once and convert their bonds and take their
dividend.

Mr. L6'V—No fools they. (Laughter.)
The CIIAIRNIA N said it wax well known that the Dutch
and a great many foreigners, would do the same. (Hear,
hear.) Ile must confess that fur himself he considered the
terms now proposed very bard indeed, awl unjust in prin-
ciple. (Bear, hear.)
Colonel Sir RENII.IC BAILEY, one of the committee,
regretted that the resolutions brought forward by the COM-
mace at the last meeting had been put aside, as they had
only been come to after great deliberation. (Hear, hear.)
Ile concluded his observations by moving that the same IC-
solutions be now confirmed by the meeting.
"1. Resolved—That in cons,quence of the Spanish mi-
nistry adhering to the terms proposed for the funding of
the Coupons in arrear, viz. by giving only fifty per cent. of
their value in the New Deferred Three per Cent. Stock, this
meeting reject the whole of the proposed terms of settle-
mem, this meeting being of opinion that the terms agreed
to by the bondholders sat the public meeting in February
last are moderate in th”mselves and such as a reasonable
ell.rt un the part of the government to improve their fi-
nances would enable them to meet.

2. Resolved—That this meeting, considering the great
amount of sacrifice the bondholders are making, in con-
senting to take a Deferred Three per Cent. Stock (and
which only commences bearing one per cent. interest) in
exchange for their Five per Cent. Bonds, cannot but ex-
press their surprise and regret that the Spanish ministry
should *till adhere to its proposition to confiscate 30 per
cent. of the coupons in arrear, and should now be attemt-
ing to carry a law to that effect through the Spanish Ic-
gialature.
" 3. Resolved—That this meeting hereby declares its
opinion that the coupons in arrcar have an equal, if not
superior, claim to the capital, arising as they no train de-
fault of payments in cash, which ought to have been made
regularly every half-year.
r•I. ltesolved—That this meeting, to show how desirous
they are to arrive at a moderate settlement of their claims,
' will still adhere to the terms agreed to at the public meet-
ing on the 12th of February last, at which the toms pro-
: pcsed by the Spanish government for the settlent nt of the
active stock, and for the debts nut bearing interest, were
' agreed to, provided that a full amount of the New Deferred
Three per Cent. Stock he given for each coupon in &near
surrendered to the Spanish government.
" Resolved—That one of the conditions be, that the
dividend on the New Deferred Three per Cent. Stock be
payable in London as heretofore.
"6. Resolved—That in the event of the Spanish govern-
ment acceding to the settlement of the foreign debts of
Spain, as offered by the beinilholders, there ought to he !
express condition introduced into the new bonds or into the
law authorising the said settlement, that in the event of
that settlement not being duly carried out in ill its parts,
the original rights of the bondholders, ue regards both
capital and coupons, shall 1w rcsorved entire."
Mr. CHITTY' seconded the motion.
Mr. TASK ER (one of the committee) opposed the terms,
and said that they were a disgrace to any Christian govern-
ment. In the distribution of the money they had taken the
last first, and the first last, and were nut satisfied till they
had struck 30 per cont. off the coupon-bolder. (near,
hear) They were now divided into three sections : first,
the holder of bonds cx coupons; secondly, the coupon
holders cc bonds ; and, thirdly, the holder of bonds with
his coupons. The last, the one who had foregone his
interest to prop up the credit of Spain, was now to he sacri-
ficed. (liter, hear.)
The CHAIRMAN said the committee hail used their
utmost endeavours to get justice done to the coupon holders.
(llow, hear.)
Mr. SAMSON (one of the committee) confessed that the
teens were disgraceful to the government of Spain, but he
did not icre how they could reject thou with advantage to
themselves.

_...... ____
Mr. SIMON moved as an amendment, that the terms
now proposed by the Spanish government should 6: agreed
to,
and he sincerely hoped they would be adopted.
Mr. LEVY seconder Mr. Simon's resolutions.

After some discussion,
Mr. CAPEL read the minutes of the proceedings of the
committee to prove that they had done their duty when
Mr. Weiaweiller wrote asking if certain terms named by
him would be acceptable. It had been add that our
government would probably interfere; but Lord Palmer-
ston had assured him (the chairman) that the question had
been frequently before the cabinet, but it had always
been decided not to interfere. It wan also asserted that the
resources of Spain were such as would enable her to meet
the claims upon her in full, but very different representa-
tions had been made to him by parties well acquainted with
the country • and Mr. Faleonnet declined even to become
the age net of the bondholders at Madrid, although otlitred a
blared sum, because he thought that Spanish finances were
in a deplorable condition. These circumstances had quite
shaken his (the chairman's) hope of better terms through
the interference of our government.
Baron ROTIISCIIILD believed that until the last pub-
lic meeting the committee were nnanimons, though some
differences bad arisen since. It was due to Mr. Weisweiller
to say a fury words. That gentleman hail never received
from the commithe any authority to treat or negotiate with
the Spanish government. All he had to do was to COMM.
nivate the wishes of the committee and the resolutions
passed at the public meetings to tlau Spanish government,
and he had followed to the very letter his instructions. No
blame ought to be attached to Mr. Weisweiller on account
of the proposals of the Spanish government liar confiscating
the property of the bondholders. Ile (Baron Rothsehild)
had written private letters, which he had shown to Mr.
Cape!, confirming and supporting all that the chairman had
written. If all the bondholders could be united, he should
say reject the terms, but every one who rejected was fur-
thering the interest of the one who accepted, and
enabling the government the better to meet the
claims of the latter. There was a public law paused by
which the Spanish government said they would stand
or fall. Ile must mention, while addressing the meeting,
the nearly every week he received letters from anonymous
parties aceusing hint of having a personal interest in getting
the terms accepted. Ile ctiallaugeol the writers of those
letters to emote forward. One party in ltis letter referred to
the quicksilver contract as placing his (Baron Rothschild's)
firm trader obligations; but this contract was made two
years ago, and was merely fur the purchase of quicksilver,
which was of course paid fur. In about nine months the
Spanish government would he at liberty to sell its quick-
silver to any one that it pleased. That was the only trans-
action his hrm had had with the Spanish government fur
some time; therefore he really did not see what personal
interest he eould have in the matter, and must remark also
that it was beneath the dignity of a gentleman to mix up
religious with financial questions, as one writer who ad-
dressed him had done. lie had no interest hut that of the
bondholders, being himself a large bondholder. (near.)
After some further conversation, amidst impatient cries
of " Divide,"
. . . . . .

The CHAIRMAN then pqt the last amendment to the
effect that the Spanish nation and government having now
a law, giving a stated su of money fur payment of
Dosed sum of
on the foreign debt, the bondholders accept the
setae, with the understanding that the money so voted be
equally divided.
Only,ftve hands were held up in favor of this amendment,
which was therefore rejected
The CHAIRMAN then ruhmittcd the first amendment,
which was to the effect that this meeting having had
under its consideration the law now passed, and finding,
notwithstanding its urgent remonstrances, the confiscation
of half the arrears of dividends had been most unjustiti•
ably but it was hoped not irrevocably decided on, gives a
most reluctant assent. Further, that a memorial be pre-
pared and submitted to the Spanish government through
Lord Palmerston, urging the claim of the bondholders to
greater consideration. (No, no.) The Chairman then
. .

said he would put the resolutions in the following shape:
" Resolved—That this meeting having had under its con-
sideration the law now passed by the Spanish Cortes for the
settlement of the public debt of Spain, and finding that
notwithstanding the repeated and urgent remonstrances
made by the bondholders through the medium of its com-
mittee, of the British ambassador and of Mr. Weisweillcr,
the representative of the bondholders in Madrid, the con-
fiscation of one half of the arrears of dividends has been
most unjustly, but it is hoped not irrevocably decided on.
This meeting, considering
.they have now nu alternative
under the arbitrary decision in question than to submit
thereto, do give their very reluctant assent to the arrange-
ment accordingly, trusting, however, that the Spanish go-
vernment and the Spanish nation will ever bear in mind the
great injury thus inflicted on the bondholders, and will
consider it a point of national obligation and honour even-
tually to carry into effect the just, moderate, and equitable
proposals of the committee. That this meeting, in making
the present sacrifice, consider that they arc fully entitled to
have the coupons of the new bonds payable in London in
sterling money as heretofore.
•' Resolved—That the agent of the Spanish government in
London be authorised to deduct from the first amount of
money remitted for the payment of the dividends all the
expenses incurred by this committee in negotiating for a
settlement of their claims.
The numbers were—
For the resolutions 4O
Against
Majority
Thanks were then voted to the chairman and the cowl
mitiee, and the meeting adjourned.

BOAT ACCIDENT OFF ANNAN WATERFOOT.—A
melancholy boat accident occurred off Annan Waterfoot,
about 6 o'clock on Saturday evening last, by which four
persons unfortunately lost their lives. It appears that
shortly after six o'clock, Joseph Brough, boatman, of
' Annan Waterfoot, and late of Battle-hill, lett l'ort Carlisle
with the following passengers :—Mr. Scott, draper, of
Annan, and Mrs. Scott, his wife; Mr. Anthony Nelson and
Mr. Walter Park, also drapers, of Annan, and an agricul-
tural servant, named Beck. When opposite &afield, the
boat came in contact with one of the fishing nets lying there
and was capsized, the whole of the party being thrown out
of it. Nelson and Park seised hold of the net and hung by
it until they were rescued by some persons in a boat from
Scofield, but the other four—namely, Brough, the boat-
man, Mr. Scott and his wife, and Bcck,were unfortunately
drowned.