The Express.
London, England, 1867-11-13 00:00:00

THE GREEK DEBTS.-(ThM DAY.)

The adjourned meeting of the holders of the
bonds and coupons of the Greek loans of Ib/4 and 1821
was held at 1 o'clock, at the London Tavern; Mr. E.
HASLEWOOD in the chair • to consider the terms proposed
by the Greek government for the settlement of the cre-
ditors' claims. _ _

The CHAIRMAN said, three weeks ago they parted with
the distinct understanding that they neither ac-
cepted nor rejected the offer made. He then pro-
ceeded to read correspondence had taken place in
the interval between the committee and Mr. Mer-
lin, the agent of the creditors in Greece. In a
letter dated the 26th of October. Mr. Merlin said he was
agreeably surprised at the off er of the Greek government con-
sidering how much less favourable terms had been offered pre-
viously. The real question was, whether the offer of 50,000/.
per annum interest was as much as could be reasonably
expected, and he was of opinion that it was, his
opinion being the result of an extensive knowledge
of the country; and he thought the bondholders
would act wisely in accepting the terms, and that was
the opinion also of the British Minister, Mr. Erskine.
Mr. Merlin, the chairman said, overlooked the fact
that the principal point at issue was the sufficiency of the
security. He (Mr. Merlin) felt convinced that the only
possible addition to the 1,000,0004 at five per
cent. would be some increase of the amount set
aside for a sinking fund at the end of five years.
As regarded the current duty, which the committee had
suggested might be increased, Mr. Merlin thought that
an increase was not practicable, and he recommended the
bondholders not to interfere with the internal taxation of
Greece. The question was, then, the Chairman went on to
aay.whether the offer of thegovernment shouldbeaccepted
or not. An idea prevailed among the bondholders that the
Greek government could not obtain money until that
question was settled ; but they had obtained money. Lest
year, in spite of the bondholders, they got 400,000/.
The budget of the Greek government was about to be
la;d before the Chamber, and if the offer were not ac-
cepted no provision would be made for the payment of the
interest. He must now leave the matter in the hands of
the meeting.
Sir DRUMMOND Woes said in his opinion the Greek
government had made the best offer they believed they
could honestly carry out, and if a more favourable
settlement were made it would probably only tend to a
further default. The acceptance of this offer would give
• real valise to a stock which at present had only a nominal
one. Any idea that the annexation of Epirus or Candia
would benefit Greece financially was, he thought, • delu-
sion. The proposed settlement would be final and satis-
factory, and if it were not adopted they would per-
haps get nothing. As a bondholder, and as a friend of
Greece, be would willingly incept it.
Mr. GUEDALLA observed that the position of Greece had
of late been slowly but surely improving, and in his
opinion the sum offered was not adequate. The sum of
55,000/. annually for five years would be • fair payment,
but be saw no reason why a larger amount should not be
set aside afterwards. He thought the stock to be created
should be a 3 instead of a 5 per cent. stock.
The CHAIRMAN observed that the Greek minister had
stated that he would not make such a proposal to the
Chamber. _ _ _

110
too
105
100
100