The Sun.
London, England, 1839-11-28 00:00:00

SPANISH FINANCE-IMPORTANT

DISCLOSURE.

" The revenues and contributions of the Pe in-
sula being necessary, and indeed insufficient to co-
ver all the wants of the Government, foreign and
even national capitalists have always looked t ) the
surplus produce of the islands of Cuba, Puerto
Rico, and the Philippines, as a security for tl,reir
advances, as well as the Government itself. '1 his
security has now totally disappeared, and with it
all hopes which might be founded upon it of re-
establishing public credit."—Eco del Comercio.
The annual revenues of those islands amount to
one hundred millions of reals ; via.—seventy
mil-
lions from Cuba, twelve from Puerto Rico, and
eighteen from the Philippines. Upon these reve-
nues the following burdens were placed :—For the
current salary of the Queen Regent twelve millions
of reals, and for arrears seven millions two hundred
thousand reals, which with two millions three hun-
dred and four thousand reals of exchange, at 12 per
cent., make in all twenty-one millions five hundred
and four thousand reals per annum. For the In-
fante Don Francisco and his family, upon the
Manillas, three millions five hundred thousand reals,
which, with one million and fifty thousand reals for
discount at 30 per cent., make in all four mil-
lions five hundred and fifty thousand reals.
For the Contractor of the Marine six millions,
and with the discount of 18 per cent., making
seven millions and eighty thousand. For the to-
bacco contract twelve millions, and for various other
burdens on these islands three other millions of
reals ; all of which taken together amount to forty-
eight millions one hundred and thirty-four thou-
sand reals per annum. There was consequently
left free for the other necessities of the Government
the sum of fifty-two millions of reals. In the month
of August, however, there were drawn upon this
sum by the Government twelve millions of dollars ;
so that, deducting from this sum the quantity of
it that may be paid up to the end of December
next, there will remain due two hundred millions of
reals upon these islands, which, supposing no fur-
ther bills were drawn upon them, would take four
years to pay, and the islands would be clear of debt,
and at the disposal of the Government as a security.
But, in this state of things, there appeared in the
Gazette and Diario of Madrid on the 11th instant,
an announcement stating the exhausted state of the
Queen's private treasury, and that upwards of sixty-
two millions of reals were due to her as arrears ; and
this measure, which has scandalised without the
slightest necessity all Europe, has been contempo-
raneous with another adopted by Ministers, of also
saddling the allowances of Queen Isabel upon the
incomes of Cuba, Puerto Rico, and the Phillip-
lines in the following manner :—Twenty-eight
millions for her current allowance, and ten millions
of arrears ; which, with five millions seven hundred
thousand discount, at fifteen per cent., amount to
forty-three millions seven hundred thousand reals ;
which latter sum deducted from the fifty-one
millions eight hundred and sixty-six thousand
alluded to above as free, will leave of the whole
revenues of these islands a surplus of only eight mil-
lions one hundred and sixty-six thousand reals per
annum—a sum scarcely sufficient to pay half the
interest of eight per cent. upon the bills drawn
upon these islands, and of course unpaid. Hence
it is to be deduced that not only are the revenues of
these islands not to be counted upon in future nego-
tiations, but that bills to the amount of 200 mil-
lions now unpaid are to hang perpetually over the
productive revenue of these places.
This most important document has been published
in the Eco del Comercio, and no doubt whatever is
to be entertained of its correctness. It is well
worthy the attention of your capitalists in London.
Politicians cannot fail to find in it the key to the
proceedings of the last twenty days; in short, the
character of the Crown, and the interests of the
foreign and national creditor, have been regularly
sold to keep Ministers in their places. This is th.e
compact ; let those interested in Spanish affairs
study it well.—Correspondent of the Chronicle.