The Sun.
London, England, 1822-09-23 00:00:00

92,000,000 of Bonds, this, if it has gone into the Treasury;
though it will not add to the actual deficiency, will still mate-
rially alter the relative amounts of estimated and actual Reve-

nue, thus :
Estimated Revenue (which makes
no mention of the above Loan, as
it had not then been contracted for) 665,000,000
Actual payments into the
Treasury, as above stated 365,551,447
Less the sum above '
mentioned, stipulat-
ed to be paid up - 46,000,000
on account of the
Loan - J

319,551,457

Leaving an actual defi-
ciency in the Receipts
of Revenue below the
Estimates, of Reales
de Vellon - -

345,448,553,
On pursuing the inquiry a little further, and going into the
" third financial year," of which the last day of this month will
complete the first quartet, it will be seen by the statements laid
before the Cortes by the Minister of Finance on the Ist of
March last, that the Estimates for the year to commence from
the Ist of July last and terminate on the 30th June next (11123),
were as:follow, viz. :
Total estimated expenditure
Total estimated income -

- 861,591,046
663,763,45

Leaving a deficiency, on the Estimates, of - 197,828,189
It appears that there was received into the Treasury
in the last" financial year" somewhat more than
half the sum contained in the Estimates; and as
it is perfectly clear, upon the admission of the
present Spanish Ministers, that they do not re-
ceive halt the revenue they did a year ago, that
proportion might fairly be taken for a standard,
and the probable actual receipts of the present
" financial year" put down at one-fourth or two-
sevenths of the Estimate; but it will give them
the benefit of every possible chance in their fa-
vour, to estimate the deficiency at the same
sum as last year, or 345,448,553 •
From which deduct the balance of
the loan of 1821, stipulated to be
paid up from the Ist of July to the
Ist instant, being 42,400,000 of
Reales de Vellon in Bonds, at the
price of 50 per cent. in money, or 21,200,000
334,248,553

Deficiency for the present year - 522,076,742
To whieh add that of last year - - 390,662,770
And there appears an actual deficienCy in two
years, frOm the Ist July 1821 to the 30th Jane
1823, of Reales de Vellon - 912,739,512

For which enormous sum Of nearly Ten Millions sterling,
.here is little chance of the Spanish Government obtaining any
thing except through the medium of. Loans. It may be well
to inquire into the practicability of relieving them in this way ;
and to she,/ the, inevitable ruin that must tall upon those who
'become finally the holders of Bonds, Or such other securities
as the Spanish Gdvernment may giVe, in exchange for money.
To make up the difference between the estimated expenditure
and actual receipts, aniekinting,R as-above stated, to the sum of
eales de Vellon 912,7311,512
There is now on the tapis a Loan for
13,000,000 of Reales de Vellon of
Rentes of 5 per cent. on a capital of 260,000,000
Which may be supposed, for the sake
of argument, to be negociated at
the rate of 55 per cent.
The produce will be • •

. 153,000,000

Leaving still a deficiency of . . . . 769,739,512
It appears to be the fashion, with regard to Spain, that the
more desperate and irretrievable her circumstance become, the
higher is the value fixed on her public securities ; in conformity
with this principle, it will be curious to see how many Loans of
the small sum of 200,000.000 each she will absorb, to make good
the deficiency here announced, each Loan being supposed to
be taken at five per cent. higher terms (and consequently so
much more favourable for her) than the preceding one. The
above-mentioned one of 200,000,000 now contracted for, or
about to be so, may be called the first loan for the service of
the year 1322.
Second Loan for 1322, negociated Ist November.
Amount of Bonds Rate of Negotiation. Produce.
200,000,000 60 per cent. 120,000,000
Third Loan for 1822, negociated 15th December.
200,000,000 65 per cent. 130,000,000
First Loan for 1823, negociated Ist February.
200,000,000 70 per cent. 140,000,000
Second Loan for 1823, negociated 15th March.
200,000,000 75 per cent. 150,000,000
Third Loan for 1823, negociated Ist May.
200,000,000 80 per cent. 160,000,000
These five additional Loans, at intervals of six weeks each,
will produce 700,000,000; leaving still a deficiency of 69,739,512.
But it must be recollected, that this calculation is made on
the argumentative supposition that the high and increasing
rates could be obtained, and the amount would be actually
provided at those rates; no allowance being made for the ap-
propriation in part payment of every new loan, of the obliga-
tions or bonds of the preceding one, at 10 or 20 per cent. profit
—or of the application in the same way of large amounts of
claims of other kinds on the Government, purchased at a fifth
or sixth part of their nominal value, and given, with 2 or 300
per cent. profit, in exchange for Bonds at the full contract
price, which Bonds go to the public with this enormous addi-
tion to the other profits of the contractors. This being the
actual practice, to the extent of a third or fourth part of th full
amount of each loan, it would naturally give rise to the neces-
sity for one or two more loans of 200 million reals each, to
make good the defalcations in amount created by this honour-
able mode of filling the pockets of the contractors at the ex+
pense of the public.

CAPTAIN SCORESBY, JuN.—Vire are happy to
announce the arrival of this Gentleman at Li-
verpool, in the Baffin, from Davis' Straits, where
he has had, for the season, more than the usual
success, having got nine fish. Capt. SCORESBY
landed on the west coast of Greenland, a part of
that inhospitable region which has not, we un-
derstand, been visited, or even seen, by any of
the navigators of the Arctic seas, for more than
two centuries. lie found no inhabitants, but
saw several huts, with indications of recent fires
in them. The country abounds with rein-deer
and game. On her passage home the Bqffin en-
countered rough weather, and in a tremendous
gale, off the Faroe Islands, two of the crew were
lost.

TILE COMET.—It is stated in letters from Flo-
rence, that the little Comet discovered by M.
PoNs, on the 13th of July, in Cassiopea, is now
visible to the naked eye, and that on 22d of Au-
gust it was 37 degrees in the northern hemisphere
near the Dragon, and that in a few days it would
pass through Hercules.
Mr. POPE, of Fawley-bottom Farm, near
Henley, has gathered from one tree the extraor-
dinary quantity of fifty 'bushels of walnuts. As
another instance of the fertility of the present
season, on the same farm, a young grape vine of
three years plant, which yielded a full propor-
tion of the finest fruit, has also twelve bunches
of a second crop, which were in flower whilst
the former were gathering) and are now of the
size of small peas.