The Sun.
London, England, 1847-03-15 00:00:00

" The committee regret extremely the unsatisfactory
nature of the communication. They are under the necessity
in consequence of taking the liberty to point out to your
Excellency the position of the foreign debt of Peru in this
country.
" Upwards of twenty years have now elapsed since any
dividend has been paid to the bondholders. On the 13th of
May, 1842, the Peruvian Consul in London transmitted to
the committee a copy of the decree of the Government of
Peru, dated at Lima, 15th of January, of that year, of which
the following is a translation :
[Here follows the decree to the effect that the Peruvian
Republic would cause to be deposited in the Bank ofEngland
one-half of the net proceeds arising to the republic from the
sale of guano in Europe to form a fund towards the liquids-.
tion of the foreign debt, and that pending this accumula-
tion the Government would send a commissioner to the bond-
holders in London to arrange the mode of payment of their
entire claims.]
"In a further communication from the same Consul,
dated May 21, 1842, he stated, in answer to an inquiry from
the committee, that the amount to be derived from the guano
contract fcr the purposes of the dividends would altogether
depend upon the successful introduction and value of this
article of manure amongst agriculturists in Great Britain and
other countries.
" On the 10th of November, 1843, in reply to an inquiry
from this 'committee as to whether any thuds had
deposited in the Bank of England, and whether any steps
had b( en taken to carry into effect the other part of the
decree of the 15th of Jinuary, 1842, the Consul wrote as
follows:
" In reply to your latter of the 6th instant, I beg to in-
form you that no funds have beef}deposited in the Bank of
England according to the first article of a decree of the Peru-
vian Government, dated the 15th of January, 1842; neither
has any sum whatever come into my hands for that or any
other purpose on amwt ofthe.Governrnent. I axeitaboun•
informed of shy stelisiving yet been taken in eatkilianetr
with the second article of the said decree, towards arranging
the settlement of the whole debt.
" I regret to say that Peru has again been afflicted since
the date of that decree with a succession of revolutionary
movements and domestic conflicts, which have been attended
by various changes of Government and measures, and I re-
main, in fact, without communications from the Minister or
authorities relative to the loan of later date than the decree
referred to, or any other subject even of a more recent period
than the 29th of July, 1842.'
‘f Matters remained in this state until the arrival of your
Excellency in this country. The committee were in the
meantime continually expecting that as soon at the political
condition of Peru should become more settled a representa-
tive of the Peruvian Republic would be dispatched to this
country. In the month of July last, I had the honour, in
company with some other members of the committee, of an
interview with your Excellency, the result of which inter-
! view was that your Excellency undertook to communicate
Keith the Peruvian Government in such a manner as you
trusted would lead to a satisfactory arrangement of the fo-
reign debt.
" Seven months have now elapsed since the date of that in-
terview, and the only information which the committee now
receive from 3-our Excellency is an invitation from the Go-
vernment of Peru to send an agent to Lima to arrange
with the Government the adjustment of this debt. In the
meanwhile the bondholders have seen that the article of
guano, upon the suscessful consumption of which in this
country the immediate means of the Government to meet..
the charge of its foreign debt were stated mainly to depend,
has found complete acceptance in this country, and has been
introduced into general consumption at a remunerating price.
" Permit me, sir, on behalf of the committee and the
long-suffering bondholders, respectfully to place before you
the following considerations:—

" 1. That the Government of Peru borrowed this money
in London; that the interest thereon is payable in London;
and that, consequently, it is in this city alone that any pro-
positions should be made for adjusting the liquidation of
that debt.

"2. That the Committee have no authority from the
bondholders at large to dispatch an agent to Peru, nor any
funds wherewith to bear the expenses of such a mission.
" 3. That no individual, or body of men, has the power to
compromise the rights of the bondholders. It is the duty
of the committee, as representing their interests, to confer
with any representative of Peru on suitable terms of adjust-
ment, and to bring such terms to the consideration of the
bondholders; but the ultimate decision thereon must rest
with the bondholders themselves.
"4. That the Republic of Peru is bound not only by every
obligation of public honour, good faith, and integrity to
proceed without delay to the adjustment of its foreign debt,
but by the special promise to do so contained in its decree of
the 15th of January, 1842.
" 5. That the produce of the article of guano notoriously
furnishes the Government with ample means for deg so.
" I need add nothing to enforce the weight of the on-
siderations. Your Excellency must see that there is no
ground of equity or justice on which the adjustment of this
matter can any longer be postponed, and that the Govern-
ment of Peru, after having five years since engaged to send
a commissioner to London to effect this arrangement, should
now, when it has its official representative in this capital,
invite the bondholders to send an agent to Lima to effect
the adjustment there, is a course of proceeding which could
not have been looked for at its hands.—l have, &c.,
" G. R. ROBINSON,
" Chaim of the Spanish American Bondholders.
"To Colonel YfiEreguy, &c."