The British Press; or, Morning Literary Advertiser.
London, England, 1825-03-23 00:00:00

THE BRITISH PRESS.

rived yesterday (that is on Monday) from Madrid" with
any communication whatever relative to the loan. No ex-
press strived in London on Mondsy from Madrid, unless
indeed FERDINAND despatched a private messenger spe-
cially to Printing-house-square to mislead the " leading
journal." Certainly no express from Madrid was received
by the capitalists who have been negociating with the
Spanish Court.
It is not true that FERDINAND " has rejected all the
various propositions made to him for patching up, by a
loan, the tattered Finance System of Spain, because all of
them required as an indispensable condition that these
securities (the bonds issued under the Cortes) should, in
some shape or other, be acknowledged." The writer in
the Times must be wholly ignorant of what has happened;
but in that case, we admonish him to be less positive in
future, when he is " pledging his character" to doubtful
facts; and it is our duty to warn the public against ever
again giving him the slightest credence. We repeat what
we stated on Monday: " FERDINAND has not, at any
period, during the last three months, refused to recognise
the Coates bonds. On the contrary, he has qili•red, and is
at this moment willing to recognise them at :Jo per cent.
interest included." It was the capitalists of London who
" rejected the propositions for patching up the tattered
Finances of Spain," without acknowledging the debts con-
tracted under the Constitutional System.
It may be true that "it was proposed on the part of cer-
tain capitalists that five millions of money should be ad-
vanced to FEUDINAND, for which stock was to be issued
at a fixed price," and that "the whole pie-existing debt of
Spain, both ttoyalist and Constitutional, was to he collected
into one amount, of which 26 per cent. was to be paid to
the holders, in money, &c. ;" but it is certainly not true
that this was the proposal which has been for some time
negociating. All sorts of absurd proposals may have been
made to the King of Sears ; but it is not true that "of the
proposed contracts for a Spanish loan" this was " the
best." The loan respecting which Mr. GREGORY has re-
turned to Madrid, and to obtain which FERDINAND was
willing to recognise the bonds of the Cortes at SI with in-
terest, is for a much larger amount. The capitalists, of
whom Mr. GREGORY is the agent, require, as an indispen-
sable condition of the new loan, that the bonds shall be
taken up at 35 with interest, and at that rate considerably
more than five millions will be absorbed by their liquida-
tion. All the rest of the detail of this loan of five millions
we need hardly add is equally not true. An important
condition to which the Times does not allude, or, we should
rather say, which it insinuates not to have been insisted
upon, is, that no part of the proceeds of the loan shall be
applied to any attempts to subvert the independence of the
New States of America.
We believe there does not remain one fact in the state-
ments of the Times, either on Saturday or yesterday, which
we have not shown to be entirely without foundation,
though the imaginary express of Monday had confirmed the
whole of it "almost to the letter."

Let us now, dismissing the Times and its statements,
proceed to declare what is ti ue with regard to this loan.
It is true then that an accredited agent arrived yes-
terday afternoon from the King of Scan:, with full
powers to renew the negotiations which were opened
several months ago with an eminent capitalist, but since
suspended, on account of the refusal of FERDINAND at
that time to acknowledge or sanction in any shape
the financial transactions of the Cortes. It is calcu-
lated that Mr. GREGORY would have arrived at
Madrid yesterday. Advice's had been received that his
avant courier had reached the Spanish capital ; but the pe-
cuniary distresses of Fz RDINA N D arc so cogent, and his
present " determination never to give the smallest value to
the Cortes bonds" so subdued, that on receiving the intel-
' ligence that his proposal to recognise the bonds at 28,
with interest, was rejected by the capitalists with
whom Mr. GREGORY is connected, he immediately
despatched the agent now in town to make the best
bargain he could with the gentleman with whom the pre-
vious negotiation had been conducted. Nothing of course
can be settled till it be known whether Mr. GREGORY'S
terms will be accepted at Madrid; and that can scarcely be
before Friday.

This is the actual state of the case. Whether it agrees
"almost to the letter" with what the Times asserted on
Saturday and yesterday, we leave it to the public to decide.
We are somewhat curious to see how it will redeem its
" pledged character." What will it say of the special
mission from Madrid? But probably, those who supply it
with information on this subject, may have thought tit to
keep it in ignorance of the fact.
We have heard it stated that the payment of the interest
of the new Spanish Loan is to be under the guarantee of
France for the first three years, during which period the
French are to retain possession of Cadiz. We know not
whether this be one of the proposed conditions ; but it is
so manifestly the interest of France to adjust the affairs of
the Peninsula on a rational and tranquil basis, that it is
probable the Court of the Tuileries would become a party
to any arrangement calculated to effect that very desirable
object.

CITY, TUMIDILT EVENING.

The Markets in every descriptioii of Securities were ex-
tremely flat this morning. In the English Market Consols
maintained yesterday's prices; 931 for Money, and for the
Account 93H; but there was scarcely any business doing
in them.

In the Foreign Market the South American Securities
were a good deal depressed, but no specific cause could be
assigned for the decline. Colombian Bonds were at 901 i ;
Mexican Scrip 214; and Brazilian Scrip the same price.
There was a great degree of agitation created in the City
this morning respecting the Spanish Bonds, and as to the
probability of a new Spanish Loan being forthcoming.
The Times of this morning asserts positively that there
will be no Loan, and that an express arrived yesterday
confirmatory of "the determination of Ferdinand never
to do any act that should give the smallest value to the
Bonds issued by him under the Cortes." This state-
ment we have good moon to know is wholly unfounded.
No express was received yistenlay from Mat'lrid, but one
has arrived to-day front the King of Spain himself to an
eminent Capitalist in the City, with whom Ferdinand is
&circus of renewing the negoeiations he had opened some
months ago, but which were then troken off because his
necessities had not at that period convinced him of the
truth of the old adage, " that honesty is the best policy."
lie is now the most perfect of converts; but certainly
nothing respecting the Spanish Loan is as yet definitively
settled. The Old Spanish Bonds were done at 2241, and
the Bonds of 1823 at 17d. The New Greek Scrip was
nearly the same as yesterday; it left off at 44t discount.
In the Share Market there has been great fluctuation in
the Pasco Peruvian Shares, which at one time were as
low as 16. They fluctuated during the morning between
that price and 19. The New Mexican Company's Shares
were from .5 to 6, and those of the Colombian Agricultural
Company were very steady at 14 13. The Pearl and Coral
Shares continue to attract general attention amongst Specu-
lators, and were reel, firm at 9to 10 premium. There was
nothing doing in Ridroads or the many minor Shares that
have lately made their appearance.
There was very little doing in the Colonial Market ; two
boards of Demerara Sugar were sold at 645. There were no
sales of Coffee.