The British Press; or, Morning Literary Advertiser.
London, England, 1826-10-28 00:00:00

GREEK BONDS.

The following letter has been addressed to the Editor
a Morning Paper : it
Si a,— iVe feel to much reluctance at appearing in a new
that we should have suffered the proceedings of the Meeting:l:Z t oft place on Illonday, at the City of London Tavern, to him,
passed unnoticed, if we had not apprehended that the Report ih,n
presented might be considered tote a Report of s f;ommittee,
ciliated by, and addressed to, the main body of the Greek Rem.
holders, or, at all events, the mnjor part of them, and as such se.
titled to our attention and respect. The faet iSt 'howevec the re.
verse, and this furnishes a reason, on account of which we declines
any co-operation with the Committee, as tnily stated in the Report,
although we must positively deny having in any respect thrown in.
pediments in the way of their obtaining information.
When a Committee, authorized by the persons really into.
rested in the fireck Loan, shall call upon us for information ea
to the transactions in which we have been concerned, we shall moss
cheerfully give it ; but we have never yet found one real Buoduoleee
who has expressed any diasstisfaction at our conduct.
Having entered upon the subject, we will advert to one or two
topics that were touched upon at the Meeting, not so much with
view of vindicating ourselves, as of illustrating the erroneous im,
pressions conveyed by the Committee' or rather by the four genie,
men
the out of
investiga the
ton ten originally appointed, who thought tit to pieced
in .
The accounts published are not those furnished by US to the
Deputies, but by the Deputies to their Government and we have
no knowledge o pevend or tie items contained in them. It was
stipulated in our contract that the funds, arising from the loan,
should be expended in the service of Greece, and we were anxioes
that this condition should be study adhered tot professedly foe
this object, variuua some, at different periods, to the extent of
60,000 L, were drawn from us, and placed in the hands of some
merchant., friends of the Deputies. It was out of this fund that
the payments were afterwards made to 31r. Bondi sod others, which
excited the animadversion of the Committee, and of which we
totally disapprove.
We ham never made July payments, but under die °Mee of
the Greek Deputies, sthom we were bound by our CIPIITICI to
obey; it la true, we felt an interest in forwarding the object for
whirls the loan bad been raked ; we were anxious that It should
be applied to the liberathin of the Greek nation ; we verdant! to
give our opinion repeatedly on this subject; and we did not with.
hold any personal exertion of ours to leeward this object: in se
doing, we certainly undencok a thankless office, as it has since
turned out, because in most cases our advice was rejected; pro,
jects were entered into which se never sanctiot.ed, anti by our
having interfered with the appropriation of the loan, it appears we
are charged with the responsmility of the ultimate feilare of the
operation.
To a certain extent we are blameable, and are justly *effete;
because we might have confined ourselves within the strict limits of
our duty, and, having raised the money, have remained perfectly
indifferent to the application of it ; but we are quite certain that
not only ought we to be free from censure for our intentions, but
likewise for the et stilt of them ; and we may take upon ourselves
to my, that, had our ideas been more generally acted upon, the
aspect of the business would have been at this time more fa.. yourable.
Much has been said about the elm:Minion paid us on the loan ;
we have merely to state that this commission was s!ipulated for by
the Deputies themselves, with the sanction of their Government,
as being the same which bad been allowed in die previous ham.
When it is gravely asserted that we put 64,0001. him our pockets,
we think it but right to my that those who made the a-sent ion
know it to be false, and those who believe it can only do so from
being wholly ignorant of business. It it notorious that, in any
contract for a loan, the contractors share iht benefit with them
upon whose influence and co-operation they depend to support is
value, and that such parties proportionally incur the risk. But,
without entering further into particulars, we are able to prove that
nearly t so.thi-ds of the advant:,ges were so disposed of, and m fat
from its having proved a profitable speculation to us, a math
larger sum than the portion which remained to us has been fwd,
forhave tuck w hai:evebihne
elda,taro.fd
mho i the
el offs. crud uwpo i lnoszdse stuos tau tpnhedo l
do nt
ht
eh elmins
Bondholders.
We trust that this explanatio, will be satisfactory to those who
P he
liwease cannot flatter ourselves that it
nal :;e 'Pn
actuated im:
sbythoj et
che ;
r m but
ro be'
l rea
leauvzni nrg
ignorancegimt irew ei t l
dfonorr7ntighm
rtat ot
01 1,,n0c e
prna nedt r ,
x
willt
the ice
entirely cilia,imregolred that,heinha.vewebeesit:alrel ene:ttlyeirasiiisedy
be:
ne we p,
tempted, byanation, unless called upon so to do by the Bondholders
thing that may Worsted hcresiter, to make any
generally ; but upon such call being made, we plege ourselves,
uthaolarteovper. to
further expl
that any charge that can by possibility be urged acme us shall
he minutely answered, and that we have the means of so doing to
the satisfaction of every one lutrrerted.
We are, Sir, your very obliged servants,
Warnford.court, Oct. 26, J. and S. RICARDO.
The following bas been addressed to the Editor of the
Times :

Si it—l feel greatly obliged by your ready insettiem of my letter
of the 24th, and in troubling you with some additional farts, I hope
to be favoured with a sheik, indolonsee.
It must be evident to Noy one who reads attentively thp Report of
the Committee, that every circumstance which weirlikels to lead to
d wipprobation and prejudice, affecting myself. has been studiously
and pointedly noted, whilst the conduct of Mr. Spaniolacki, blew.
ever censurable, has either been totally kept back from public view,
or, if made at all the subject of reproof, has been so mildly treated
as to make it appear unworthy of animadversion ; at the same time,
where censure could not be molded, it has been expressed In such
general terms, that one and all the parties concerned must be re.
garded as participators in the conduct complained of.
I have before observed, that I consider Mr. Bowring to hays
been the framer of this Report, and a further comparison of it with
the material parrs of the article written by hint in the Wertniinsier
Review confirms this impression.
Whether Mr. Bowring has any object to attain. and has in this
respect, to use his own phrase, " accommodated the means to the
end," I will not pretend to determine; but it is unquestionably
true that since the transmission of the documents from Greece, ap-
pointing:Mr. Spaniolacki and Mr. Ricardo to take a new and more
important character than they had previously filled, Mr. Bowring
has become very familiar with the former gentleman, and has even
obtained his confidence, whilst with the latter he (Dlr. Bowring)
has had frequent consultations.
The Report states, that " The inquiries of your Committee
have met with many obstructions and difficulties on every side,
and they have been al:norther disappointed in finding that sincere
co-operetion which might have led to a complete elucidation of past
tan actions, and have given sufficient security for the future."
When the toll statement, which i am occupied in preparing, shall
' come before the public, I trust it will be seen that there was no
backwardness on my part in giving to the Committee the fullest
and most complete elucidation of every point within my knowledge.
Throughout the whole of the investigation into which the Corn.
mit tee thought proper to enter (with the single exception, so point.
edly alluded to in the Report, and which I will explain in try
next,) I supplied them with every docunient and paper they re.
quired. In one of their earliest resolutions titt Committee state,
that " they are much gratified by the promptness with which Mr.
Luriottis has m tended to their wishes," and so far as my co-opera-
tion wrs necessary I gave it most unreservedly. On the ',thee hand
'Messrs. Ricardo refused to recognise the Committee, and would not
give, either to them or to me, any accounts, whilst Mr. Spaniolacki,
who, according to the Report, " did not deem it tit to adopt the re..
commendations of the Committee, in obtaining the accounts from
Messrs. Ricardo, nor in carrying into effict their recommendation
as to the depositing in the Bank of England sundry bonds held for
account of the Cheek Government," also refused to sanction the
execution of those measures, which both the Committee and myself
thought essentially necessary for expediting the naval atcam arts.
ment, and even declined, though strongly urged by the Committer,
to sign an order for an engineer to inspect the machinery. Wher,
therefore, the Committee state, that " they met with °home:ion.
and difficulties on every ride," I presume they must refer to the
accounts, the vouchers fur which the Report states to have been
" in almost ill cases inaccessible."

---
If the Committee had not before them all the vouchers they re.
mitred, it would have been but fair to have added that I, at least,
had done my utmost to obtain them ; and I regret exceedingly
that the manner in which the Report has been framed renders it
necessary for jug to trouble
.you frith any part of my correspond-
ence with Messrs. Ricardo, HI order to relieve myself from the im.
potation which might otherwise attach to me.
I will trouble you. however, with as few extracts as possible, re.
serving the more full details for the statement I have phdgcd my.
self to give.
After several other letters, I addressed to Means. Ricardo, un
the 22e1 of September, one, from which I extract the following
relative to the accounts:—
" In my letter of yesterday I omitted to request that you would
furnish me with the brokers' note/ of the different bonds purchased
on account of the Greek Government, as well of the first as of the
second loan. These I will thank you to send me, together with
bLICI) vouchers a, you may have in your possession for all the pay-
ments included in your accounts rendered. Al r. Spaniolacki claims
to invevtigate the ac, ounts ; end, to enable me to prove the pap.
mer.ta, I shall, of course, require the vouchers. I shall be obliged,
therefore, by your early compliance with this request."
On the 3d of October, I again wrote to them as follows :
" 29, Sackville street, Oct 3, IBM
" Gentlemen—Since the receipt of yours of the 23d ult.. I have
had forwarded to me, by Mr. Spattiolacki, the copies of a decree of
the National Assembly of Greece, and of a letter from the Com.
mission appointed by that Assembly, by which you, Mt. J. Ri-
cardo, and Air. Spaniolacki, are nominated. conjointly with Sir F.
Burdett, to examine all the accounts 'sloths, to the towboat
Without your accounts it is impossible thee I en render rein, and
I have written to Messrs. Ricardo used is WOW* 10 a
letter which I received from them yesterday to elect. On
reconsideration you must, I think, perceive the Inspospliety of
your refusal to furnish the accounts I have desired, for -waled
the requisition of my Government not rendered them indlopmeible,
still a regard fur your own reputation aloes ought to nee pre.
vented any demur on your part. It cannot be 111=ilist
the holders of Greek bonds, to whom, as w to all
Government very properly observe. this in lee" .wild
be satisfied with the examination of your mu ucuumal4elheof
your own firm. The bonds of the find lowa, ad dia owl
second, which you bought on account of tie Oink Oneresseet,
amount to a very large sum, and the maoneria which tie
were made, and the whole of that business tremesmii.llll
utemearily merit, as it cannot fail to excite, the aqiiiles et Oa ilimedlipaid

he Editor of
• rieempspe,
letting, which
avern, to ha,.
Re.Pttoee, eonrt thep
mtnl
Greek Pond:
nd as such en.
weaver, the at.
di we declined
in the Report,
tct thrown ho.

into.
ntorinition ew
we ehdl most
al Ilunthioldee

to one or two
e much with a
erroneous im-
te.four geode,
ht to proceed

by us to the
and we have
hem. It win
from the loan.
were antioos
•rofesaedly foe
the extent of
ands of some
this fund that
I others, which
of which we
the orders of
ur contract to
the object foe
that it abould
e .ventured to
dui not with-
obj.ect: in so
is it has sines
'ejected; pro.
and by our
it appears we
failure of the

stly aufferere;
strict limits of
lined perfectly
Ise certain that
mentions, but
ipon ourselves
led upon, dui
line more fa.

pi on the loan;
pulated for by
tiorernment,
prtrious loan.
D our pockets.
the st.settion
dy do so from

ihat, in any
it with thou
to qupport its
to ink. But.
to prove that
of, anti so fat
D US, a much
1,14 114 CU twal.
held, mid the
'cock of the

to theme Woo
.jeet ; but be.
other motives
;retires that it
coal, raised :
not easily be
, to make any
e Lkwitholdeni
'Fe ourselves,
stoat us shall
oi **doing to

ICARDO.

ditor of the

n of my letter
feet*, hope

o,e Rtport of
.dy to lead to
en studiourly
lolacki. tow.
I public view,
nildly treated
le 'Lame time,
eased in such
must be re.

ring to hays
.en of it with
Wrrintiuner

1 has In this
means to the
,t 1 n rations*
Greece, sp.
ew and more
'tie. Bowing
and has even
Ir. Bowring)
r Committee
every side,
I that sincere
lation of past
the future."
:oaring, shall
there was no
re the fullest
y knowledge.
;ch the Cum.
on, so poiht•
splain in fly
sper they re.
tmittee state,
II which Mr.
my en.opera-
ie other hand
rid would cot
Spaniolacki,
adopt the re.
counts from
Irnmendation
ands held for
sanction the
e and myself
steam am a.
Committee,
Wher,
(Acme:inns

refer to the
a have been

len they ro-
ll, at least,
ex eet dingly
rertiers it
correspond-
'tom the ito.

poisible, re.
01,41gEd my.

Ricardo, on
e following
t you would
la purchased
as of the
Tether with
tll the pay.
lacki Clitllllll
ve the pay.
be obliged,

?S : ...-

t .3, 1t26.

ult., I have
a decree et
n the Com.
Mr. J. M.
with Sir F.
wo
r mine, end
answer .o •
efiect. On
nopriere of
or even had
ispenrible,

; nor can It but be felt that %lr. Spaniolaeki, even were he dispcsied
to sent:bilge your transactions, is toolitile acquainted with the affairs
of the Stock Exchange to be able to investigate this part of your
&counts. If your refusal had originated with the receipt of the
documents forwarded by the Greek Government, I ahoubl have
been the leas surprised : but when I call to mind that you ru stied
a similar line of conduct previously; when I remember the. Mr.
graniolacki urged slr Orlando and myself to mOrtgar.e the two
frigates to you for 15,000 f. with a power to sell them at your own
dioevetion ; and that our refusal to do this was followed by a protest
from you against the sending nut Of an anent to America to extra.
cote those friga:e• from the labyrinth of difficulties in which they
we, involved; when. tn.). 1 recollect, that. in violation ot your
contract, you state your determination not to pay the instalments
eas
upon the loan, rind that thisxtraonlinsty announcement w
quickly succeeded by the nuut urgent entreaties from you that we
should buy the snip which you subsequently pitrehased ; when, I
say, I call to mi^d all these circumstances. which, Ito less than the
pertinacity with which you huve continued the steam-vowels under
the charge of Mr. Galloway, have been all calculated to injure, and
have moat materially injured. the cause of Greece, i cannot hut
conclude that your refusal to tender the accounts I hare called
for proceeds front other motives than those you bare thought tit to
mention.
" Again, therefore, I would urge you, no leas for your own cha-
racter's %eke than as dos to me of right, to furnish ins with el the
information and arcoun.a I have requested.
" I remain, Gentlemen, your most obedient servant,
(Stgrbed) " LURIOT7II."
may, y think, permit myself to observe here, that if the Corn.
minen experienced any difficulty in obtaining accounts or
vouchers, it would have been only an act of common justice to
have distinguished my readiness to promote their inquiry, from
the conduct of those who not merely withheld information, but op.
pate., themselves to the recommendattorts of the Committee.
I feel narticularly desirous of making the Rondholden, and those
whose sympathies induce them to take an integer' hi the fare or
Greece. sectuainted with an existing circumstance, which need. no I
comment Aron me, as it will sufficiently demonstrate the spirit
which animates the gentlemen who are now galled to set so Im. '
portant a part in the affairs of my unhappy country. fly the
merchant vessel Waterloo, a quantity of ammunition had been
shipped for Napoli di Romania, and the following correspondence
has passed with respect to die payment of the freight :
" 211, Sackville.street, Oct. 10, 11124.
" Gendemen,—This will be handed to you by 31etuirs. Long.
ridge, Barnm, and Hodgson, on board whose vessel ammunition
has hien libiltord for the Greek Government, to the amount of
2,5111. Its. 6d. The freight, 213/. I6s. fid.„ I beg you will
pay. and also effect an insurance for the above sum ; for which
purpose I enclose you a bill of lading, which 1 request you to
return.
" I am, Gentlemen, your obedient Rervant.
(Signed) "AND. LI:110771C
Messrs. I. and S. Ricardo."

" 29. Saekville.street, Ott. 11, 1929.
" Gentlemen,—Nlessrs. Lonirridge and Co. sent this morning to
me to say, that, on presenting the letter I gave them yesterday, re-
questing you to psy 2131. 16.. Gil. for the freight of goods per the
Waterloo, you expressed your wish that they should call to-day,
and that, on their calling again to-day, you refused to make the
payment. I am unwilling to believe that you will subject the
Greek Government (of which your Mr. I. Ricardo states that he is
now an accredited agent) to the loos and expenses which this refusal,
if persisted in, must occasion ; and 1 therefore request to he in.
fnrmeti by the bearer, if I am to understand that you positively
decline to pay the freight in gnestion.
" I am, Gentlemen, your obedient Servant,
(signed) " AND. LUatOTTIS.
" Mews. I. and 8. Ricardo."

" IVarnford.eourt, Oct. 12. 1826.

" Sir,—Wc knot nothing of the shipment per: Water;no, nor is
it our in•cotioa to pay the freight in question. We have further to
o mere. that after all which Its. transpired, we are very much sur-
prised that you should send orders on us for the payment of money,
when you know that we have no funds, and that if we had, you no
longer possess the righ• of disposing of them.
" We re, Sir, your obedient Servant.,
(Signed) " I. and S. liscanDo.
" To Mr. A. Luriottio."

" 20, Seekville-etteet, Oct. 14, 1826.
" Gentlemen,—l regret exceedingly the unpleasant situation in
which 1 am placed, with reef:feet to the freight of the goods shipped
on board the ‘Vaierloo. frr account of the Greek Government, and I
lam int sti 1 more that any cireinwstences should have occurred to
delay the sailing of the vessel, as the consequences must be, in any
e en:, prejudicial to Greece. in giving the orders for the shipment
of the goods, and arranging as to the freight, I did en as the accre-
dire.' agent of the Greek Government ; since then documents hate
been received from Greece, which you have, no doubt, seen in the
public Papers, under which 31r. bpanioliteki and air. Jacoh Ri-
cardo claim now to be autberieed to art on behalf of the Greek
Government. I have nn rum:s of the Geivernmeiit in my hands ;
but, on the contrary, am very largely in advance on its account.—
Messy" flimr3o, independently of what they retain for other pot-
pies, and of what may be clue from them upon the balance of their
recount, when it sisal! come to be adtusted, hold, or ought to hold,
183.000/. bonds, purchased by them for the Greek Government, and
upon which the dividend reserved is in their own hands.
`• To them, therefore, I retreated you to apply for the amount'
and I considered that, uader any circumstances, they could find no
pretext for refusing to pay it, inasmuch as if they would not admit
that I possessed any authority, still they might lii.ve obtained the
sanction of their Mr. I. Ricardo and of Mr. Spanin.laeci to the pay-
ment. 'they hare, however, positively refused, and upon them,
Oserefore, must rest all the consequences; for, thus situated, ye,i
viii readily perceive that I have no means of averting them, and I
mast, therefore, leave you to adopt whatever course you think hest,
or the my unpleasant situation in which this most unjust refusal on
the, part of Messrs. Ricardo has placed you.
" I am, Gentlemen, your very obedient servant,
(Signed) "r AND. LUMOTTIS.
" Messrs. bongridge, Barnett, and liodgeon."

" 29, Sackville.street, Oct. 19.
" Gentlemen,—Enclosed I forward you copies of two letters° I
,re receivtd, relative to the freight of goods belonging to the
Greek Government, and which have been shipped on board the
Waterloo, for Napoli di Romania. 1 have written to Messrs.
Ricardo. requesting them to pay the freight, without which the
vessel will not sail, and the Government must stiffer considerable
Loss. JI y letters and their answers ycu arc, of course, acquainted
ic;th, and frpm the communication mane to me Iry .M r. Barnett. you
ii,re, 1 underatand, sanctioned Messrs. Ricardo in their refusal to
n ake ha payment.
• • •

" The enclosed letters will show to you the consequences which
wdi result froM this conduct to the Greek Government, of which
yoo now claim to be the Deputies.
" I observe that the Committee appointed by the Greek Bond-
h 'Hers intend 'to make their Report on 3londay, and I request,
therefore, to be dimoctly lammed before that day, whether, if
Alcsirs. I. and S. Ricardo tequire your authority to pay the freight
in question, you decline to give it.
- - - —• •

e so far as my authority is requisite. Messrs. I. and S. Ricardo
h nuj istitim•ory ground of refusal; between you and them,
rhecefore, the responsibility of this affair must rest.
" I am, Gentlemen, run' obedient servant,
(Signed) " Awn. LUAIOTTIS.
" 31zsars..1acub Ricardo and G. Spaniolocki."
To this letter no answer has (mit returned. and I will now only
add, that if I had hal the immediate power of paying this freight
an of my own resources, I ahmild have done so without even ap-
plying to ltirssrs. Ricardo on the subject.
1 NM, Sir, your most obodicnt servant,
29, Slcicrille-street, Oct. 2d. AND. I.IIRIOTTIS.

• These letters cantaMed the usual notice that the ve.rl had
cleared on, and that the demurrage would commence on the follow•
in; day (the 19th). It will thus c. nee on the ttlth, and the owner
0: the vess.:l will be at liberty to make those charges which he may
consider sufficient to inieninify him fm the detention.