The Sun.
London, England, 1855-01-02 00:00:00

No. 19,426.]

Ids, Is.

Yards.
29,0-0
47,001
10,000
2,000
1,000

F,500
Skeins.
100,000
Yarils.
90,000
Lbs.

301
Yards.
1,000
10 500
C,( V) (0
300,000
Pieces.
91,000

2,500
Skeins.
60,030
Yards.
50,003
Lbs.

Cfrosi.-

200
Yards,
10,.00
7,090
29,000
200,000
11,:ces.
60,000
Yards,
21,060
OrOss.
3,000
10,000

8,013)

510
4,0J0
Lbs.

One- fourth
of each quan-
tty to be
delivered by
the 31st
March, an-
otherfourth
by the 31st
, May, and
the remain-
der by the
'3oth June
next,or ear
Tier if pre-
ferred by
the party
tendering.

3,0.0
1,500
3,000
3,300

2,50)

2.500
1,000
4,000
3,505

APPOINTMENTS.
Commander Joseph G. Bickford (1852), to the
Princess Royal, 90, screw, at Devonport.
Masters—John W. M. T. Hall (1845) recently serving
in the Euryalus, to the Princess Royal ; and Wm. Jef-
fery (1841), who was on Saturday last appointed to the
Blenheim, has been transferred to the Euryalas, 50,
screw, at Deronport.

Colonel Harry G. Jones, director of the engineering
establishment at Chatham, is under orders to proceed to
the seat of war in the Crimea. It is expected that he
will embark in the course of the week, at the same time
as the Ist Company of Royal Sappers and Miners, now
in Chatham, under orders of readiness to embark for the
Crimea. The Sappers have been medically inspected,
and are now receiving a supply of warm clothing and
very strong boots for trench work.

/

i
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r PRIcE SD.

ECUADOR BONDS.

•
The following statement *of an arrangemelt
agreed_ to for the debt of tie Republic of Ecuado;
subject to confirmation by lie bondholders; is from
the Spanish-American Comn4tse
The Cominign of SlAnish-Ansrican Bondholders re-
ceiied. this' morning advices frot Mr. Mocatta, their
special commissioner at Ecuador, cktedQuio, Nov. 22,
- stating-that-he-had conoluded an azAngement with that
Goirernment of its foreign debt, whic.had been_approved
by the Oongress,.and is new in force,
pie their sanction thereto.. the bondholders
The following is a translation of the
dated Nev. '6, 1854 : Aid agreement,
7
The Government of the- Republic of Euador, con-
sidering that after:having effected a division c
the Colom-
bian debt with ,Venezuela, and New Granada, is iedis„
pensable to enter into a separate arrangement e,ihe part
which appertains to Ecuador, and having also . view
that the la3es previously established relative to th. mat.
ter have been accepted by the Legislature of 1853, yith
the exception of sundry modifications submitted for he
consideration of British creditors, his Excellency t.,
President of the Republic has authorised. Dr. Mara
Espinel, Minisrtei cf Btate.for the Horne and Foreign
Departrmets, and in exercise of that'of Finance, to pro-
ceed to effect a new arrangement (of the aferesaid foreign
debt) with Mr. Elias Mccatta, the duly empowered
agcnt of the ColOnibian-bondholders in London, the said
commissioners, after having examined their respectivo
powers, h rue acrreed to regulate the debt which corre-
sponds to the Ecuador on the terms and conditions con-
tained in the 28 following Articles :
Art. I.—The Republic of the Ecuador acknowledges
in favour of the holders of Colombian Bonds of the loans
to Colombia in 1824 and 1826 the sum of 1,824,0001.,
beinf, the equivalent of 1,424,0001. for tho 21 per cent.
which was adjudicated to the Ecuador of the Colombian
debt, awl 400,0001. sterling whfch is added thereto in
exchange of the 1,000,0001. sterling condoned of the
arrears of interest.

Art. 2.—At latest in the month of September of 1855
the Government of Eueador will issue in London bonds
of the said amount of 1,824,0001. sterling. These bonds
will hear the denomination of "Eucadorian Bond* of
the Consolidated Foreign Debt."

Art. 3.—The Commission of the Government of Etna-
dor,.in accordance with the Bondholders' Committee,
will determine the fora to be given to the bonds, the
•.• • .

4....141.1411•1140,11M1ii 7.41411 WM,
are to represent, and any other requisites End plasm-
tions which may be deemed necessary to secure the best
interests of Ecuador and the-creditors.
Art. 4.—Accordingly, as the Ecuadorian Commission
issue the bonds, it will take up and cancel the old Co-
lombian bonds for the 214 per cent. appertaining to this
exchange ; so that the new bonds may represent, in ad-
dition to the amount of the others, the proportion which
corresponds to each in the increase of the 400,0001.
sterling. •,
Art. s.—The Ecuadorian Commission cannot issue
new bonds which are'not precisely in exchange, for their
equivalent in the portion of the Colombian debt adjudi-
cated to Ecuador ; it being clearly -understood that any
difference which may arise from• the loss of any of the o!d
bonds is to be in favour of Ecuador: ' 'lf it 'shoed mink
that mo?e bonds are presented than the amount of 21i
per cent. of the debt, the Ecuador is not bound to recog-
nise the surplus, as in the division of the Colombian debt
its obligation only extends to pay the 21i per cent.
Art. 6.--:-The new Ecuadorian Bonds are to bear 1 per
cent. per annum indefinitely, so long as tho Customs of
Guayaquil do not exceed 400,004 per annum ; when
said Customs of Guayaquil produce more than that sum,
then the quarter part of said increase is to be paid to the
bondholders, although it augments the interest beyond
the 1 per cent.
Art. 7.—The bondholders shall also receive, beyond
the 1 per cent. the share which appertains to the Ex-
chequern: all industrial undertakings of mines, roads,
&c., conformably with the decree of the 27th of Sep-
tember, 1852, and in other concessions of this class made,
or which may be made in future.
Art. 9.—The increase which may arise from the fore-
going articles beyond the 1 per cent. shall only exist un-
til it amounts to 6 per cent. per annum, and it is ex-
pressly declared that the Republic of Ecuador does net
remain owing anything as interest, although it does not
pay the 6 per cent., not having any other obligation
than that of paying in the terms expressed.
Art. 9. The Ecuadorian Bondholders are to have
an agent in the city of Guayaquil ; the Government of
Ecuador obliges itself to pay the said agent $l,OOO cur-
rency per. annum as his commission. , - •
Art. 10. The said agent and the governor of Guaya-
quil are to be Set apart, istonthly,,the quarter part of
the amount of the notes on hand (pagartw) of the mer-

_
chants in favour of the Customs. Me notes bflind shall
be endorsed in favour of the agent, who, in accordance
with the said Governor, will provide for the remittance,
if possible, monthly, of the amount of the said note of
hand to the order of the commission which the Govern-
ment of Ecuador will maintain in London.

Additional Paragraph.—lf the funds arising out of
the motes of had of the Customs, and endorsed to the
agent of the bondholders, are misapplied or lost while
in his possession,-this- loss shall bo for account of the
bondholders, and in no manner shall the Government be
responsible therefor.
Art. 11.----The obligation which is imposed on the
Custom-house of Guayaquil is understood to extend to
all Custom-houses which may in future be established is
any of the provinces of the Republic, always excepted
that of Manta, in the province of Manabi, which is not
included in this treaty.
Art. 12.—T0 avoid any motives of doubt, it is declared
that the quarter part of the duties of Customs is under-
stood to be what the notes of hand in favour of the Ex-
chequer represent, and not the dues under other special
names, such as fire, caileges, &c., which are paid into
the same Customhouse.

Ai
t. 13.—The notes of hand which are not recoverable
when due shall be replaced by others of the same amount.
Art. 14.—An amount of notes of hand (pagarea) shall
also be taken for the sum which the Governor and the
agent of the bondholders may deem sufficient to cover
thede e exchange,lned
the
leastor othero li e r coato ug
and
dr e
safestm i tt a
fornc cuador.
eeE . This, which may bo
obligation ceases when the interest of 1 per cent. is pro-
vided for.

Art. 15. If, on making up the accounts of the customs
each year the amount exceeds 400,000 dollars, the Go-
vernment and the agent will settle the surplus which is
due to the creditors in the corresponding year, con-
formably with the sixth article of the present agreement,
and they will take care to remit within the two first
months of the succeeding year the said surplus.

Art. 16. Should the proceeds of duties be diminished

by any reduction of tariif or rates of duties, the Govern-
ment of Ecuador obliges itself to specify and award
other rents to continue the payment of interest equal to
the rate it had then ;attained, and in the progression laid
down in the sixth article as applicable to the increase of
the new rents assigned.

Art. 17. The commissioner of the creditors in Guaya•
quit is authorised to guard against contraband, and to
denounce the same to the competent authorities. The
half of the amount of confiscations which in such cases
may arise is adjudicated to the creditors to increase the
interest until it reaches 6 per cont.

Art. 15. Tho interest stipulated in the present agree.
ment commences from the let of January, 1855, and the
first separation of the notes of hand (pagar6s) of the
customs for the quarter part of the duties shall com•
menco in the following month of February.
Art. 10. The Commissioner of Ecuador in London
shall pay the interest which may appertain to the bond•
holders, half-yearly and in two dividends. The first
dividend shall be paid when there are sufficient funds to
pay half per cent, and the other dividend in six months
after the first dividend.
Art. 20. The Government of Ecuador will cause the
Ecuadorian Commission in London, which issues the
consolidated debt to issue at the same time of making
the exchange as set down in the 4th article of this agree-
ment, other bonds for 996,646/. 10s. sterling, and the
interest accrued on the debt from the let January, 1854,
to the Ist January, 1855, the remaining amount of over.
due interest being cancelled.
Art. 21. The bonds specified in the preceding articles
to be denominated "Ecuadorian Provisional Bonds."
These bonds not bear interest.

Art. 22. The Ecuadorian Provisional Bonds are to
be paid off in the following manner
:-
1. With the amount which the Government of Peni
owes to theiGovernment of Ecuador.
2. With waste lands or their product.
Art. 23. If the bonds which the Government of Peru
issue in favour of Ecuador bear an interest of 6 per cent.
per annum, then the holders of the Provisional Bonds
shall give in exchange four times the amount thereof ;
if the Peruvian Bonds bear an interest of 41 per cent.
per annum, then three times the amount in Ecuadorian
Bonds ; if the said Peruvian Bonds bear 3 per cent. per
annum, then only double the amount to be given in ex-
change, thus making the Ecuadorian Provisional Bonds
equal to the rate of 14 per cent. per annum interest.
Art. 24. When the exchange of Bonds of Ecuador and
those of Peru is concluded, then the new bonds without
interest shall be issued for the sum which remains owing,
which are to he paid off in waste lands appertaining to
the Republic of Equador, the which shall be valued by
special agreement, or, in lieu thereof, by arbitration.
Art. 25. The order of the supreme Government for
the respective adjudication will give the holders of the
Ecuadorian Provisional Bonds sufficient title to the lands
adjudicated, free of all charge, it being at the holder's
option to extend at their own expense public documents
of said adjudications, if they judge it necessary, for

greater security.
Art. 26. The bondholders have only the term of 25
years from the date of the approval of this agreement
to demand and take possession of the waste lands which
are hypothecated to them ; if the bondholders do not
take up the wa,to lands within the term designated in
this article, they will lose their right thereto, and the
bonds by.which this acquisition should be made be-
come cancelled.
Art.national 27 . The
property
bondholders
which a m
the 3 congress may deem
it expedient to transfer on the following terms:—" The
Consolidated Ecuadorian Bonds in double the value of
acquire with them any
other ,
the property proposed to be disposed of ; the Ecua-
dorian Provisional Bonds in six times the value of the
property proposed to be disposed of."
A rt. 2S. The debt acknowledged byEcuador in favour
of tho British creditors for the 21i per cent. of the divi-
sion of the Colombian debt, arising Lout of the loans of
1824 and 1826, is definitively cancelled ; and the present
agreement with all its stipulations alone remains in force.
Signed in duplicate by the undersigned in Quito.
NQT, 6, 104.

(Signed) MARCOS ESPINEL. -
E, MQ CANA.