The Express.
London, England, 1854-01-13 00:00:00

defray the expenses of the special committee, from the funds
in its bends derived from the 9,000/. and upwards received
in Peruvian Refund Bonds in 1849; sad failing this re-
soiree, the meeting pledges itself to contribute a sum not
exceeding one penny in the pound from their respective
dividends for the purpose.
"6. That this meeting fully appreciates the wise &tete-
Moe exercised by the committee of the Stock Exchange, in
not recognising the negotiation of the domestic debt of soy
foreign state in the minket, and confidently trust that it
will steadily adhere to that principle."
Mr. Ouncialosi seconded the resolution, and thanked the
chairman for his exertions in endeavouring to repair the
eonsequenees of the neglect of the Spanish American nom-
mittee, and to protect the interests of the shareholders. The
demands by which the domestic debt had been increased
arose, es he had been informed, from corruption and the
elaints of court favourites, many of them females, and had
been purchased up in Lima, Paris, and London at from 40
to 70 per cent. Re believed in this way the home debt of
Peru had been increased from four or five millions of dollars
to something like four times ti:st sum.
Mr. WARD—It has been increased by the means referred
to and by the claimed the Cbilian government for the ex-
penses of the loan to between 28,000,000 and 24,000,000
dollars.

RAZLIWOOD, as a member of the Spanish Amer--
eta bondholders' committee, said the reason that committee
had net moved in the matter was that no application had
been made to them for that purpose.
Mr. RICHMOND considered it was Mr. Halewood's duty
to have called the attention of the committee to the subject.
Mr. B. RAZLEWOOD had done so, but had been told by
the chairman that the committee could not take any step
unless they were formally applied to by the bondholders.
lair. Lzwis BAZLIWOOD said it was not the fact that Mr.
Hegan's bonds would have priority over those of the mi.
ginal Anglo-Peruvian bonds. There was no fear but that
they, the holders, would receive every farthing both of
principal and interest. The security was ample, and there
was no intention on the put of the Peruvian government
to break faith. They had wet, under the old arrange-
meat, more than one-half of the guano proceeds as a secs-
lrity, but now they had avdmightbs ; sad if the debt were
double the amount proposed, that would be more than sufli-
! Mont to secure it. The produce of the guano this year
would be more than seven hundred thousand pounds,
end neat year it would probably exceed a million,
while all that was required for the whole of the
debt including the new bonds as well as the old, was about
220,4001. a year. He should be happy to join with the
proposed committee in endeavouring to improve their posi-
tion if visible, but he deprecated any step that might
create needless alarm in the public mind, and thus run
down a stack than which there was none more secure.
A RONDKOLDIR warned the meeting against what he
conaiderai an attempt on the part of the last speaker to
mix up the new debt with the old.
Another RONDHOLDZR, in reference to Mr. E. Earle-
wood's observations, said he had called at the office of the
committee of Spanish•Anxerican bondholders to complain of
the proposed arrangement, but had been told by Mr.
Powles, the secretary, that it would be useless to interfere.
Captain Rom thought the proposition for appointing a
committee of the bondholders highly necessary. They
were originally entitled to one-half the guano sold as a
security, but by the new arrangement this was taken from
them, and they were only to hate 2 per cect. as a sinking
(and.

L. Ifsaniwoort said by the original arrang.ment
they were only entitled after March, 1813, to 1 per cent. of
the guano sales as a sinking fund, whereas now they would
be entitled to 2 per cent. Thine who objected to the con-
version might, if they had chosen, been paid off at par.
The resolutions were then put and carried unantmousiy.
The following names were proposed as the committee :
Messrs. Richard Thornton, Thomas Thornton, Horatio
Ward, A. H. Richmond (these beiug the gentlemen who
had called the meeting), and Col. John Harvey, Mr. A.
Hodgson, and Mr. D. Gowan.
A BONDHOLDER suggested that Mr. L. Harlowood, who
could give very valuable information, should be a member
of the committee, and
Mr. L. RAZLIWOOD proposed that Mr. Hinnaird and
Mr. Leaver, both bankers of London, should be upon the
committee ; but it was objected that all the three were
ineligible, as being interested In the new bonds.
After a conversation the original list was adopted, and
thanks having been voted to the chairman and to the Press"
for the aid it afforded in exposing improper proceedings
connected with all classes of securities, the business was
brought to a close.