The Sun.
London, England, 1854-01-14 00:00:00

THE SUN, LONDON, SATURDAY EVENING, JANILtOr'
- 14, 1854.

r 7f

LLOYD'S SHIPPING.-(THIS DAY.)

ANGLO-P7'"
-RUVIAN BONDS.

On T`

.00 A.berdeen

LONDON, Jan. 14. —Wind this day at Noon, W.; 1
light breeze, and fine weather:
RioTE,
elo.
tl" losil;fmnsr PORTSMOUTH, London,
oaJnnu:nf .01r1333. nlNWtrel inndd,, Video.S.S.W.S. to BS
a.
Si 1 e.
:1:r rFi
A%ll eQrairl7i.'vreßi
d
H.M.'s st. Vulcan, from Bermuda, and sailed for Wool-
wich.
PLYMOUTH, Jan. I3.—Wind, S.W. Arrived—Zaringa,
from London, for Melbourne ; Alfred, London, for Mauri-
tius, to stop a leak.—The Eliza Anson has received some
damage, having been on shore.
FALMOUTH, Jan. 13.—Wind, S.W. Arrived—Medora,
from Jamaica, leaky, and short of provisions ; Ajax, Ha
vannab, for Bristol, crew sick and disabled ; Dadbrook,
London, for Bombay ; Marquis of Chandos, Honduras ;
Trinidad, Odessa, leaky, cutwater started, &c.
BRIDLINGTON, Jan. 13.—The Diadem, of Yarmouth, is
o a shore, twenty miles to the southward, and will probably
become a wreck.
HARTLEPOOL, Jan. 13.—The Gun, of Peterhead, Lon-
don to Sunderland, is on shore near Castle Eden Deane.—
The Knaresborough Castle, Ipswich to Seaham, is on the
rocks at Black Halls.
SHIELDS, Jan. 13.—The Savannah, of Lynn, has come
off the Herd Sand.
SWANSEA, Jan. 13.—Wind, S.S.W. Arrived—Countess
of Beetive, from Coquimbo.
MILFORD, Jan. 13. —Wind, S.E. Arrived—Carthage.
nian, from Demerara. Sailed—Eagle for Demerara.
CORK, Jan. 12.—Wind, N.W. Arrived—Amalia, from
Shippegan ; Norfolk, Madras ; Caros, Pugwash ; Commo-
dore, Prince Edward's Island ; Radius, Liverpool, for
New Orleans, leaky, and with damage from contact, 4th
inst., with a steamer off the Skerries. Sailed—Boadicca,
for New Orleans.
PARIS, Jan. 13. —The Ellen and Sophia (schooner), from
Shields to Caen, has been condemned, having been on
shore.—A vessel, of about 900 tons, timber laden, dis-
masted and abandoned (the crew had taken to the boats),
was passed 200 leagues off Belle Isle.
VENICE, Jan. 7.—The Stamboul, from Yarmouth, which
was ashore, 27th ult., has been got off'; part of the cargo
damaged.

_aursday, the 12th instant, a general meeting of
.olders of these bonds was held at the London Tavern,
for the purpose of adopting measures for the effectual
protection of their interests.
Mr. RICHARD THORNTON was appointed to take the
chair, and after explaining that the meeting had been
called to protect the holders of the original Peruvian
bonds against the consequences of the late conversion,
made without their consent, whereby their security was
diminished, and the market price had been knocked
down from 90 to 65 or 25 per cent., he stated that the
gentlemen who had taken the initiative in the present
movement had embodied their views in a series of reso-
lutions which would be submitted. A statement had
also been prepared detailing the whole facts of the case,
which would be now read by his nephew.
Mr. Tilos. THORNTON then read the following state-
ment

1.-&,.) DO., No. 2,7 p. c.. .I
30 Blyth & Tyne 10 per
ct.pref. (iss. at£so)
100 Bristol & Exeter 4pi

cent., stock.
5 Do. Do., shares
100 iCaledoniau XlO
all 'Chester & Holyhead
Guar. 5,, per cent
6i Cork&Bandon 5 i p. c.
all Dundee Perth&Aber-

7 100

deen Junction
all EastA nglian (£3los)
6 per cent
all Do. (E 5) 7 per cent
2 Do. (E 7 17s) 7p.
all Eastern Counties Ex-
tension, 5 p. c. No.l
all Do., No. 2
all Do., New 6 p. c. St..
all Eastern Union, Scrip
Guar. 6 per cent....
all Do. £lO Deben. Sh...
100 EastLancash. 6 p.cts
all East & West Yorksh
Junction Fifths

6i -
4 - 44
- 6
P
-11 P
p
131 - 14

" In consequence of the prejudicial changes which have
been made in Anglo-Peruvian Bonds during the past year,
the unprotected state of the holders, and the late attempt
to introduce bonds of the internal or home debt on this
market, this meeting has been called by persons who are
largely interested, for the purpose of submitting to your
consideration the transactions of which we have a right to
complain, and the remedial measures which it is wished to
recommend for your adoption. The situation in which you
have placed me makes it my duty to lay before you the
particular points which have attracted notice, and the first
case to which we beg to call your attention is the conversion
of the late Active Bonds or 6 per Cents., and with respect
to it we have to say that the principal condition of the
arrangement of 1849 not having been fulfilled, as we had
every reason to expect it would be, the late minister had
no right to force this conversion upon us ; at least, not
without six months' notice from Ist April, 1853. It
was needless, too, for the application of three-fourths of
the half surplus proceeds of guano, by which the bonds
were kept above par, would have ceased in a month, and
they would naturally have fallen to par—the vexed ques-
tion as to whether the bonds should or should not be
brought above par (which was one of the reasons alleged
for this conversion) would have thus settled itself. We
received 1181. 10s. in a 44. per cent. stock at 851. for 1001.
of 6 per cent., and thereby sacrificed 13s. sd. per cent. per
annum in interest ; it is true we obtained 1 per cent. addi-
tional sinking fund, and one month's interest on the new
stock ; but this was far from compensating us for the loss
in the rate of interest. And this sacrifice we had to submit
to in contravention of the wishes of congress, for we have
a copy of the act of that body, under which the late envoy
was acting, and find it to say very. clearly and explicitly,
that in any arrangement ' the rights of the creditors
shall always be respected.' Unsatisfactory to us as this
conversion was, it cannot but be so to the people of Peru,
for at a saving in interest of about 8,6001. per an-
num, the capital of the debt has been:increased nearly
600,0001., and is contrary to the spirit of the act under
the authority of which it was done. We would here re-
mind you that by the arrangement of 1849 we sacrificed 25
per cent. of arrears of interest, for which there was no
necessity whatever. We next come to the increase of the
interest on the Deferred Bonds, from one per cent. to their
maximum of 3 per cent. per annum. We do not think that
this measure has been properly understood by the bond-
holders. It seems to be a great concessiOn on the part of
the Peruvian government, but in reality it is not so, for we
eve up the quarter of the half surplus of guano, which
was pledged for the redemption of this stock until April,
1856. ' A calculation we have made, on the supposition
that 200,000 tons will be sold annually, shows that Peru
will actually gat by this operation about 240,0001. We
believe-that she gets another advantage, for one reading
of the old bond implies that, after April, 1853, the
entire surplus of the half proceeds of guano shall be
applied to the extinction of this Deferred Stock. We
also gave up the right of converting this stock into
the home debt, which bears 6 per cent. interest, but we
are not likely to reg. the loss of this right. On the 30th
June last MesSrs. Murietta and Co. received from Messrs.
A. Gibbs and Sons the sum of 201,0001., being the half of
the net proceeds of guano for the half-year ending that
date, and exclusive of the 52,5001. they had already
received for the payment of the April dividends. We have
already mentioned that by the arrangement of 1849, three-
fourths of this surplus was to be applied to the purchase
of the Active, and one-fourth to tlAt of the' Deferred
Bonds ; and we hold it to he incontestible that as much of
this surplus as may result from the sales of guano up to
the Ist of April, 1853, must be applied, in the above pro-
portions, po the purchase of the prebent Four-and-a-Half
and Three per Cents., the money does not belong to the
Peruvian government. We are unable to say to a certainty
'what quantity of guano was sold up to April last, but as
upwards of 119,000 tons were sold from January 1 to June
30, and as February and March are the best months for
the sale of it, ye think we are under rather than over
the 'mark, in estimating the sales from January 1 to
April 1 at 60,000 tons, and producing upwards of
`120,030/. for our half, applicable (as we have before said) to
the purchase of bonds. We have not heard that any such
purchases have been made, although more than six months I
have elapsed. We now comp to the issue of 1,800,0001. in
4i per Cent. Sterling Bonds to Uribarren and Co., of
Paris, and of 400,0001. also 4 per Cent. Sterling. Bonds,
to Mr. Joseph Hegan, both being a conversion of 11,000,000
dollars from the internal or home debt. The origin and
character of this debt, and the nature of the operation,
have been so fully explained in a letter published in the
Times of the 17th ult., and which we presume most, if
not all, of you have read, that we deem it unnecessary
to take up the time of the meeting by repeating them.
That letter was written by one of our number, who
is prepared to .sustain the general accuracy of the state-
ments contained in it: In reply it has been stated that
the contractors for the 1,800,0001. had not two years
allowed them for the delivery of internal scrip to
an equal amount into the Peruvian treasury ; but we
have the Lima official paper containing the contract, and
we again find, by the sth article and by the President's
ratification, that the contractors were to receive the ster-
•ling bondi in London on giving security for their amount,
and that the terms of years was fixed for the delivery
.of.the home scrip into the Peruvian treasury. On this
2,200,0001. we have to observe, that it presents the singu-
lar anomaly of the existence of bonds representing pro-
Vably double its amount—viz., those in Europe and the
scrip in Peru. We say, probably, because it is likely
enough that the parties concerned may have beught and
delivered a portion of the corresponding internal scrip.
On the 400,030/. issued to Mr. Hegan, we have particu-
larly to remark that, if we have been correctly informed,
by some means or another the bonds have been made to
bear a priority on the guano proceeds over our own."
Mr. RICHMOND said that, in calling the attention of
the meeting to the subject before it, he would confine
himself to the leading facts, omitting everything in the
nature of declamation or .embellishment ; for, though
smarting under a strong sense of injustice, they would
gain nothing by using harsh epithets, as their case stood
out in such bold relief that it required no aid of that de-
' scription. He would first allude to the circumstances
under which the conversion of the Peruvian debt took
place, for there were anomalies connected with it which
made it different from every other conversion in England
of the debt of a foreign government. Many were aware
that some 24 years ago a committee was formed in
London under the name of the Spanish American Bond-
holders' Committee, They were invested with power
to add to their number ; a power very frequently
given at public meetings without, however, conveying
the idea that it was to be exercised ad infinitum ; but
this power the committee had possessed and exercised
from that day till now, and they had never thought it
right to come before a public meeting and have fresh
blood added to them. They were, therefore, entirely a
self-constituted body. As-Peru was one of those states
Which the committee purported to represent, they were
the natural defenders of the Peruvian bondholders ; but
when the conversion in question was proposed they took
no steps whatever to call a meeting of the bondholders,
which was the invariable course in all cases of conver-
Sion by foreign governments throughout the whole
history of foreign loans. This was, in fact, the only ex-
neptional instance of conversion •in which the bond-
holders were not consulted. (Hear, hear.) He held a
list of the names of the committee in his hand. Baron
Goldsmidt Was nominally the chairman, and he noticed,
*besides, the names of four or five as honourable gentle-
men as he knew in England ; but still not one of
these had in the least interfered in this subject,
for the very good reason that the constitution of the
'committee did not render it necessary that the members
should be holders of bonds which they were appointed to
protect. (lleai, hear.) With regard to the chairman of
the committee, he (Mr. Richmond) was quite certain from
personal experience,'having acted with him for several
years on the Mexican committee, that there was not a
.better business man in London, and he was quite sure if
his health had not placed him in such a situation as to
render him totally incompetent to attend to business, he
would never have permitted these things to have gone
on without immediately calling a meeting, and taking
the necessary steps 'to protect their interests. (Hear,
bean.) There were other'menibers on the list in a simi-
lar situation. Several resided at a great distance from
town, and had no means of knowing what was going on.
It-must occur to every one that it was wholly useless
depending upon any committee, unless composed of in-
-1 terested parties—those who were bona fide representatives
of the body they pretended to represent, and hence it was
that in the recent conversion the interests of the Peruvian
bondholders had been totally neglected. The new bonds
had been drawn without any regard to the protection
of those interests ; this was the result of their not being
drawn by the bondholders' committee, instead of by the
Peruvian Government, as in the case of the Mexican
conversion, where every point in dispute, several having
been raised during the arrangement, was discussed be-
tween the two parties, and ultimately adjusted satis-
factorily. The late Envoy to this Court, 11Iendiburn,
was Finance Minister of Peru ; and after an enormous
increase had been made to the internal de, under his
administration, he was despatched to Englabtnd, with full
powers from the Executive both as to the extent of a
sew loin Which it was proposed to make, for the purpose
of paying off other debts, which bore a higher rate of
interest, and for the conversion of the old Bonds, to
which the proposed loan was to form a rider. No one
appeared, however, on the part of the bondholders to
negotiate with this parson, though it was a case pecu-
liarly suited for negotiation, as his powers were unlimited
and unrestricted, and involved no necessity for a further
'reference to Peru..

all Edinb.Prth.&Dundee
4 per cent. ..........
100 Glasgow & S.Western
guar. 5 per cent....
100 Great Northr sp. c.
100 Do. sp. c.,Redeem.,
at 10 p. c.
10 Do. 41 percent. Scripl
4 Gt.N. of Scot. ,lst Prof
all Gt. Southn. &Westn.
(Ireland) Eighths...
2 Do. 4 per ct. pref. St.
6 Gt. IV estn. (Berks
Hants Ex. 5 p. c.)..1
100 Do. con. &red. 41p.el
100 Do. do. 4 per cent...
100 Do. irredeem. 4p. c.
6 Lan. & York. F. £2O,
100 Do., 6p. c., Stock
13 Leeds Nn. 6p. c. No. 1
9 Do. Quarters,lB4B
LOO Loudon andßrighten
Guaranteed 5 p. c
100 Do. Pref., 5 p. c. St
all Do. Convertible, 5 p
c., 1852 .......
100 Do. New Guar. 6 p.c.
100 Loud. &N. W., Coy.
& Nun., 5 per cont.
5 London &S.Western,
Con. Thirds
121 Londonderry& Coler
1 Shares .
all Lowly. & Ennis lSh
all Nlanch.,Shef., & Lin.,
Shares, No. 1......
all Do. New, £10.........
3 Do., £6 ....... ......
all Nlarypt.&Carl. 4p. c.
all Do. 4A per cent
10i Do .
1004 Kid. Consol. 6 p. c. St.
100 Do. Consol. Bristol &
Birm. 6 per cent....
5 Do. Prof. 41 per cent.
6 Norfolk Debent. Sh.
100 Norfolk Extension...
100 Do. Pref. 51 per et...
100 Do. Way. Vat 5 p c
100 North British . ... .. .
all North Statfordshire....'
_OO Oxford Worcester &
Wolverh. 215,6 p. c.

2- - 31

ii = 120

108 - 110
i- i P

... --

8 -8,

•• • -- • '

6i -- 7
101 -- 103
95 -- 100
98 -- 100
-- par
L4O —142,

(PER ELECTRIC TELEGRAPH.)
LIVERPOOL, Saturday, 10.45 A.M.
Wind S.S.W., fresh breeze, and fine.
Arrived—Harold, from Calcutta ; Africa, from Bombay;
Gertrude and Senator, from New York; Rio Douro, from
Larache.
The Iron Duke steamer, for Kingstown, was in collision
last night with the steamer Albert, and both vessels re
calved damage.

QUEENSTOWN, Jan. 12.

2} - 3

Wind N.N.W.
Arrived—Blanche, from Callao ; Maitland, from Ber-
dianski ; Amelia, from Shippegan, for Cork ; Firere, from
Cuba, for Liverpool ; Zephyr, from St. John's, N.B. ;
Eduard, from Smyrna ; James, from Bermuda, with 60
returned convicts.
Off—Zephyr, from Burgos, for Liverpool.

121
6i
9f
par

(BY SUBMARINE AND EUROPEAN TELEGRAPH.)
GRAVESEND, Saturday, 9.20 a.m.
Wind W.S.W., three hour's flood.
Arrived, 13th.—Norma, from Shanghai ; Eliza Thorn•
ton, Batavia ; Anna Jane, Colombo : Nassau, Moulmein ;
Geffard, Shanghai ; Sampson, Guernsey ; Sea Queen,
Singapore ; Douglas, Guernsey ; Lark, Seville ; Martha
Miles, Demerara ; Triton, Gravelines ; Ida, Marstrand ;
Saint, Aarhuus ; Ace of Trumps, St. Michael's ; Orion,
Oporto ; Generose, Cadiz ; Mary, Seville ; Anna Hen-
drick, Lisbon ; Mathilde, Guernsey ; Pauline, Cadiz ;
Seine (s.), Boulogne ; Belgium, Ostend.
Sailed—Triton (s.), for Calais.
Spoken, Wednesday, Jan. 3, by the Lark, from Seville,
the barque Raleigh, of South Shields, in lat. 45, long
8.56

1140 -
$

23 -

100 -
i -

15 Do..
all Scot. Cen., New Pref
all Shrews& Birm. N. G
all dhrewsby. & Chester
(Nor.W.Min),B p. c.
10 Do. 5 per cent..
all South Devon
14 Do. New
all S. Eastern (Reading
Ann.,) of £1 05.6c1.
all S.Yorksh.4p.c.Guar.
3 Waterfd.&Kilk.6p.c.
100 York Newcastle and
Berwick, 4 p. e. Pref.

DEAL, Saturday, 9 a.m.

9i
15i -

Wind W.S.W., light and fine.
Arrived—Undine, (s.), from Calais, landed mails and
passengers.
Passed—Her Majesty's steam-ship Vulcan, from west-
ward, for river. •

12
i a

23 -
17 -
1i -

MARKET NE IVS-(T.HIS DAY.)

i d
94 97
3i 41

COVENT GARDEN.

5 Do
10 York& N. Midland H
k S. Pureh

A good business was transacted hero to-day, at full
prices.
FRUIT.—Pine apples, English, 4s Oil to Gs Od each ;
ditto colonial, is Od to is 3d each ; hot-house grapes,
Gs Od to 8s ; foreign ditto, ls to 2s Od por lb ; apples,
4s to 8s per bush ; pears, 2s 6d to 5s per dozen ; lemons,
Is Od. to 2s ; oranges 4s Od to lOs per 100 ; almonds, 2s
to 3sperlb. ; larcelona nuts, 20s per bush.; cob-nuts, 00s to
00s per 1001bs. ; chesnuts, 8s to 20s per bushel ; filberts,
85s to 100 s per 100 lbs ; walnuts? 8d to bushel 6d per 100.
VEGETABLES.—Cabbages, ls to ls 6d. ; Brussels sprouts,
2s Od to 3s Od per half sieve ; cauliflowers, 6d to 8d each;
greens, 5s Od to 7s Od per doz. bunches; red cabbages, 2s to
5s Od per dozen ; potatoes, 100 s to 170 s per ton ;
turnips, 4s Od. to 5s 6d ; carrots 6s Od to 8s Od per dozen
bunches ; cucumbers, Os 6d to is Od each ; celery, 9d to
is 6d per bundle ; spinach, 3s Od. to 3s Gd per sieve;
onions, 6s Od to lOs Od per bushel ; Spanish ditto, is to 3s
per doz. ; leeks, 3d to 4d per bunch ; shallots, 6d to 8d ;
small salad, 2d to 3d perpunnet; horse-raddish, 2s Od to 4s 00
per bundle ; mushrooms, Os 9d to 2s Od per pottle; parsley
2s 3d to 3s Od per dozen bunches ; rhubarb, is Od to
is Gd per bundle.

par';

NEWGATE AND LEADENHALL.
Turkeys, 4s Od to 12s; Geese, 4s 6d to 7s Od each ; Ducks
2s Gd to 3s Od tame Rabbits, ls to ls 6d ; wild ditto, is
to is Gd ; Pigeons, 5d to 10d each; roasting Pigs, 4s Gd to Os
each; Surrey Fowls, 5s Od to Os Od ; ditto Chickens, Os Od
to Os Od; barn-door Fowls, 2s Gd to 4s Od per couple;
Capons, 8s to 11s Od ; Chickens, 2s Od to 3s Od per couple ;
Pheasants, 3s Od to 4s Od.; Partridges, is 6(1 to 2s Od; Hares,
3s Od to 4s Od; Leverets, Os Od. to Os Od; Woodcocks, 2s 6d
to 3s 6d.; Grouse, 2s Od. to 2s Gd; Snipes, 9d to is 6d; Teal,
6d to 9d; wild Ducks, is 3d to 2s Od. ; Widgeons, 9d to
is Od; and Plovers, 6d to is each. English Eggs, 1s Od to
12s Gd; French ditto, lOs 6cl to Os Od per 120 • Ostend fresh
butter lls 6cl to 13s Od, and English 12s Od to 15s Od per
ozen lbs.

The CHXMAN—No one was even asked to appear.
Mr. RICHMOND—The result was that the
.gentleman
went to certain houses in town, who issued proposals for
the conversion of the old debt, and for raising 600,0001.

• S:t__

more by way of loan. Little objection was taken to this duty and they neglect it, they oug ikflair. 1p
addition to the old debt, as it was said Chili was pressing (" Oh.") He did not expect they totN4.o6;oxpAt:,:l 4,
,fit,
Peru very closely for money advanced during the revo- sion to find fault with the Peruvian
,mtsi44i * At,
lutionary war ; and as this money bore a high rate of they had more than enough to paym,gr'irb?l;Y;, ato444,l>')li
interest, it became a matter of economy to pay off the feed their own corruption to any exMiit they lilee:Cli,:- 1,-.71
debt. This was, in itself, unobjectionable ; but what he had very good authority for saying that-•t 'saleS.
d,:', 'i
complained of was that they had been deprived of their guano had not only increased considerably in, &gale
security on the proceeds of the guano consumed in 1 and France, but in America also, and why could they
England. Now, what were the claims on the Peruvian not have waited patiently until they were in a position to
government by its own subjects ? From information liquidate their home debt instead of making it a foreign
d
they had received they had reason to believe that for theebt and thrusting it on the London market? It was a pity
most part they were fictitious claims ; they were got up 1 that a nation which might be one of the proudest
in every variety of form ; many of them were pure for- ! republics in the world should have so acted. When the
genies, and all of them were enormously exaggerated in whole sales of guano only amounted to about 70,000 tons
amount. The domestic claims, proposed to be converted yearly, they (the bondholders) had one-half for interest
into a foreign debt which was to come pari passu with and sinking fund ; now that the sales in England, France,
the old bonds, on the security of the guano proceeds, and America were rising up to near 500,000 tons, as he
were about 9,000,000 dollars, and the real claims were was informed, Peru could certainly afford to give the
somewhere under four or five millions of dollars ; so Old Bonds the whole proceeds of the sales in Great
that about 50 per cent. had been added. The late pre- Britain, and have an ample revenue left from the other
sident, who was the only honest man at the head of the sales. It was her interest to extinguish the debt,
Government since the revolution, said the whole do- and their wish for it to be done. The house of
mestic debt did not exceed 5,000,000 dollars when he Murietta and Co., who had the principal management
left office ; and if the Peruvian Government succeeded of the bonds, ought, he considered, to have stood be-
in imposing this 9,000,000 upon the security given to tween the bondholders and the Peruvian Government,
the English bondholders, they would be ready to bring for they knew there were many persons among them,
forward 20,000,000 more, and where they would stop it such as widows and orphans, who might be very much
was impossible to say. As he had already observed, injured by the conversion; but as they had not done so,
this attempt to throw the new bonds on the London he should propose a resolution on the subject at a sub-
market was without a parallel, and if it were submitted sequent stage of the proceedings.
and not exposed, Austria and every foreign Government The resolutions were then put to the meeting, and
which borrowed money from England would adopt a carried unanimously.
similar plan. Another reason why the bondholders Mr. RICHMOND was very glad to see so much unan-
should move in the matter was, that the sinking fund imity. He certainly should have been disappointed if
only amounted to 2 per cent. A great portion of the there had been the slightest difference of opinion. He
stock had been taken up, not for speculation but for then moved that the following gentlemen should com-
family investment, it having been held out for several pose the committee :—Messrs. Richard Thornton, Thos.
years, and particularly by parties professing to be con- Thornton, Horatio Ward, A. B. Richmond (these being
netted with the Peruvian Government, that the quantity the gentlenien who had called the meeting), and Colonel
of guano was inexhaustible. He was personally awarethat John Harvey, Mr. A. Hodgson, and Mr. D. Gowan.
the stock had been purchased for this purpose to a great A BONDHOLDER suggested that Mr. L. Hazlevqood,
extent ; he believed likewise that the security was one who could give very valuable information, should be a
of the best that could be offered, and hence it was not member of the committee, and
wonderful that those who held old bonds should have Mr. RICHMOND. opposed the addition of his name to
overlooked the fact, that there was no committee to re- the committee, but from no personal feeling. Mr. L.
present them. It would be recollected that at the time Hazlewood stood in a rather awkward position to the
the stock was issued the interest of the Bank of England committee ; and though he could give it some very use-
was only 2or 2/ per Cent., and therefore a 5 per Cent. ful information, he would do that much better not being
investment on such a perfectly good security was a a member than being a member.
very desirable object. In addition to what he had men- Mr. L. HAzLswoon, deeming it advisable that some
tioned there was another circumstance which had tended member of the Stock Exchange should be on the com-
to lower the price of the stock beyond what there was mittee, proposed the names of Mr. Kinnaird, banker, of
any real necessity Mr. He referred to the report made Lombard-street, and Mr. Luard, of the London and
by the admiral tin the Pacific—Admiral Moresby—re- County Bank, which would no doubt carry much. weight
specting the probable quantity of guano remaining on with them in the estimation of the Peruvian Govern.,
the Chilian Islands. As this reportlhad already appeared ment.
in the newspapers he would not now make any detailed After some conversation, in the course of which it was
allusion to it, but what did Mr. Mackintosh, who made objected that these two gentlemen were ineligible, from
the inspection admit? That his investigation was a being interested in the new bonds, the original' list of
very imperfect one—(hear, hear)—that it could scarcely names was adopted.
be called a survey at all ; and that he merely landed In reply to the inquiry of a BONDHOLDER,
on the island and took a superficial view of it. Any The CHAIRMAN said it gave him great pleasure to state
one who had attended to the discussions in the different that the house of Messrs. Hambro' had, neither directly
journals, especially to the letters which appeared in the nor indirectly, anything to do with these spurious new
Shipping Gazette, from ship masters who were perfectly bonds. (Hear, hear.)
well acquainted with the condition of the island, would Captain Ross said the resolution which he intended
say that the quantity of guano far exceeds the to submit to the meeting was as follows :
amount estimated by Mr. Mackintosh. (Hear, hear, " Resolved that Messrs. Murietta and Company,
hear.) He (Mr. Richmond) had not the slightest agents of the Peruvian Government, by attempting to
hesitation in saying that there was sufficient guano introduce bonds purporting to represent the internal
to pay off, if necessary, all the legitimate debts of debt of that State into the London market, have for-
feited the confidence of the Peruvian bondholders, and
Peru twice over. (Hear, hear.) What, then, they were
that it be an instruction to the committee to insist on
required to do was to see whether they could not adopt their immediate removal by the Government of Peru,
measures to compel the Peruvian Government to be and to demand that the agency be placed in hands
honest. lie had no doubt, considering the deceptions beyond suspicion."
that had been practised upon them, that Lord Clarendon The CHAIRMAN observed that this was a matter which
would instantly interest himself on their behalf. Besides, ought properly to be left in the hands of the committee.
the agricultural interest was deeply interested in the The first thing he (the chairman) should recommend
question. The Government and Parliament had been was, a correspondence with Messrs. Murietta, and
memorialized by several important towns in favour of a most searching inquiry as to the way in which the
greater facilities being obtained from the Peruvian au- new bonds had made their appearance. He hoped,
thorities for increasing the supplies of guano. Now, therefore, the gallant captain would withdraw his re-
unless the bondholders were secured to a proportionate --,
extent, every increase in the quantity imported would
diminish their.security. (Hear, hear.)
After some further observations, the hon. gentleman
read the following resolutions, and moved their adop.
tion :

solution.

Captain Ross acceded to the suggestion of the chair.
On the motion of Mr. GUEDELLA, seconded by Captain
Ross, a vote of thanks was awarded to the four gentle-
men who had convened the meeting.
The CHAIRMAN, in returning thanks, assured the
bondholders that no exertion should be wanting on his
part to get justice done to them.

"1. That this meeting views with mistrust the measures
pursued by the government of Peru, and its agents, for
the conversion of a portion of the home debt of that re-
public into sterling bonds, and deems it necessary that an
inquiry instituted into all the circumstances connected I
with the creation and enormous increase of that debt, and
into the attempt to put those bonds on to this market ;
also, that an investigation be made respecting the state of
the surplus funds arising from the sale of guano up to the,
Ist of April, 1853, as well as into the facts connected with
the late conversion of Anglo-Peruvian bonds, in order that
the most efficient measures attainable be adopted for the
interest, protection, and security of the holders.
"2. That to carry into effect the above-mentioned ob-
jects, that a committee of bon,a, fide bondholders be now ap-
pointed with full power and authority to prosecute such
inquiries and investigations, and to take such other mea-
sures as it may deem expedient and effectual for these pur-
poses, and for soliciting the aid of the British Govern-
ment.
"3 and 4 refer to the number of the committee and the
taking of the offices.
"5. That application be made to the committee of
Spanish American bondholders for a sum sufficient to
defray the expenses of the special committee, from the
funds in its hands derived from the 9,000/. and upwards
received in Peruvian Deferred Bonds in 1849 ; and failing
this resource, the meeting pledges itself to contribute a
sum not exceeding one penny in the pound from their
respective dividends forth° purpose.
" 6. That this meeting fully appreciates the wise discre-
tion exercised by the committee of the Stock Exchange, in
, not recognising the negotiation of the domestic debt of
any foreign state in the market, and confidently trust that
it will steadily adhere to that principle."
Mr. GIIEDALLA seconded the resolution, and thanked
the chairman for his exertions in endeavouring to repair
the consequences of the neglect of the Spanish Ame-
rican commmittee, and to protect the interest of the
shareholders. The demands by which the domestic debt
had been increased arose, as he had been informed, from
corruption and the claims of court favourites, many of
them females, and had been purchased up in Lima,
Paris, and London, at from 40 to 70 per cent. He be-
lieved in this way the home debt of Peru had been in-
creased from four or five millions of dollars to something
like four times that sum. He believed the bonds were
all printed, and were at present in Lombard-street,
and if it had not been for the energetic exertions
of their worthy chairman and the gentlemen asso-
ciated with him who had taken the bull by the
horns at the proper time ; there could be
no question that they would have been all issued, and
would have completely swamped the old debt. Instead
of the Spanish American Committee giving their deter-
mined opposition to the conversion, he was afraid to say
that, acccording to current rumour, some of the mem-
bers were parties to it. But the supineness of the com-
mittee, their doing nothing at all, was alone a sufficient
ground for putting the affairs of the bondholders in fresh
hands, and he hoped immediate steps would be taken
with that view. For weeks there had been a fall in the
price of the stock, for no sound reason whatever, as the
dividends were perfectly safe ; but still the late conver-
sion had roused the suspicions of the public, and if the
new bonds were allowed to be quoted on the Stock Ex-
change, the present stock would yet be considerably
below 50. The secret, therefore, was to close the door
of the London Stock Exchange against the new bonds.
Mr. LEWIS iIAZLEWOOD Was convinced from his own
letters that the bondholders would get all they asked
for. There was no fear but that they would get every
farthing both of principle and interest. He opposed the
issue of the new bonds because it was against his own
individual interests ; but it was just possible that the
Peruvian Government had no intention of committing a
fraud. He learnt from Peru, and other parts, that the
security was ample, and that the Government had no
desire to break faith with the English bondholders. The
market urice of the stock was altogether without pre-
cedent, for there had been no ladies, and instead, as for-
merly, having as security only one half of the proceeds
of the guano, they bad now five-eighths ; and if the
debt were double the amount proposed, that would be
sufficient to secure it, the consumption of guano havinglately very much increased. In 1851 the proceeds were
450,0001., in 1852 602,0001., in the present year 750,0001.
and the chances were that next year they would
exceed a million, while that which was required for the
whole of the debt, including the new bonds, as well as
the old, was about 220,0001. a year. It was his own
opinion that the stock was perfectly safe, and certain to
be paid, Lc., he should recommend its being held by the
bondholders. He should be happy to join with the pro-
posed committee in endeavouring to improve their posi-
tion if possible, but he deprecated any step that might
Create needless alarm in the public mind, and thus run
down the stock than which there was none more secure.
A BONDHOLDER warned the meeting against what he
considered an attempt on the part of the last speaker to
mix up the new debt with the old.
Another BONDHOLDER, in reference to Mr. E. Hazle-
wood's observations, said he had called at the office of
the committee of Spanish-American bondholders to com-
plain of the proposed arrangstnent, but had been told by
Mr. Powles, the secretary, that it would be useless to
interfere.
Capt. Ross, R.N., thought the proposition for appointing
a committee of the bondholders highly necessary. Th a
was not the only instance in which the Spanish Ameri-
can Committee had failed to do their duty. They al-
leged as an excuse that no application had been made to
them, but if men were appointed to perform a certain

Mr. RIOEDIOND moved a vote of thanks to the press,
for the assistance it had given them. He relied upon
the press to ten times greater extent than he did on the
honesty of the Peruvian Government. The growing in-
tercourse all along the west coast of the continent of
America, made the governments there more amenable
to public opinion in Europe, and that opinion could not
be conveyed to them with one half the force by a pri-
vate communication that it could through the medium
of the English press. Their case was remarkable, as
involving an important public principle, and a departure
from all former usage, and he had no doubt it would
receive that careful attention from the press which it
had hitherto done.

The motion having been unanimously carried, the
proceedings terminated.

TRIAL TRIP OF THE HIMALAYA.

On Wednesday last we published a statement of the
first run of the great screw ship Himalaya, built for the
Peninsular and Oriental Company by Mare and Co., of
Blackwall, and fitted with machinery by Messrs. Penn
and Co., with Messrs. Lamb and Summers' patent flue
boilers. We then observed that the result of this first
trip was an astonishing triumph of a combination of
naval architecture and marine engineering. We have
now the satisfaction of stating that the stupendous ship
has had a thorough sea trial, and has not only confirmed
Tuesday's result, but she has exceeded the expectations
of the most sanguine.

With a gallant and distinguished party, including
Captain Thornton, R. N., Captain Nairne, and Mr.
Allan, directors of the company, Captain Mansel, R.N.,
Captain Forbes, R.N., Captain Maxwell, R.N., Captain
Ommauney, R.N., Captain W. H. Hall, R.N., Captain
H. B. Young, R. N., Captain Domett, Sir Evans
Mackenzie, Captain E. L. Halsted, R. N., Mr. J.
Watts, Assistant-Surveyor of the Navy ; Mr. Lloyd,
Admiralty-Surveyor of Machinery at Somerset-house ;
Captain Engledue, R.N., superintendent of the Penin-
sular and Oriental Company ; Captain Dent, Captain
Guthrie; Mr. Lamb, superintending engineer of the
company ; Captain de Quesada, Captain de Lamure
Captain Martin, Mr. Schetky, Mr. G. L. Browne,
Messrs. R. and N. Melville, Nairne, Russell, Collett,
Hall, T. Macdonald, Radcliffe, Lee, Price, and Hartrey ;
Mr. John Penn, the constructor of the engines, and Mr.
T. \Vnterman, the naval architect. The Himalaya left
Greenhithe on Thursday morning, and as soon as she
could get clear of the fog dashed on to the Channel at
full speed, and carrying on through the gale that blew
through the night very hard, and squally for some time.
The good ship brought up at St. Helen's, and soon after
daylight proceeded through Spithead to the measured
mile in Stokes Bay, and after four runs there went on
to Southampton, and, for the first time, entered the
capacious basin at that port.

We cannot today give a lengthened description of the
ship, her fittings, and her performances. We may say,
however, that in the trying night passage she exhibited
!nest extraordinary qualities of stiffness,
easy motion,
and speed ; whilst her immense length glided through
the water like an eel ; and, although she met a heavy
head sea, she cleft the wares as cleanly as if they were
parted by a caisson- --not a ripple was thrown out on
her sides, and scarcely a track of her course could be
seen in her wake. The screw worked uniformly well,
with scarcely any vibration, every revolution performing
its allotted task. The sea test was a complete one, and
well established the ship's character in the opinion of
the experienced naval officers, engineers, and naval ar-
chitects on board ; whilst the following table of results
of four runs at the measured mile in Stokes Bay will
show the world that in the Himalaya the Peninsular and
Oriental Company have the fastest screw vessel afloat,
notwithstanding that she is of the enormous magnitude
of 3,540 tons, 375 feet long, 46 feet broad, and ma-
chinery of 700 nominal horse-power, working only at
1141 b. to the square inch :

Knots. Mean.

Mean.

True
Mean of

14.400

4 40
3 54
4 56

12.857
15.385
12.162

13.628
13.874
13.773

13.947

Four
Etias.

13.910