The Sun.
London, England, 1848-03-16 00:00:00

PERUVIAN BONDHOLDERS.

We have had the following correspondence about
Peruvian affairs submitted to us.

The following is the memorial regarding which
Messrs. G. R. Robinson, I. Cape!, and W. P. Ro-
bertson, on the part of the Peruvian bondholders, had
an interview with Lord Palmerston. The memorial
was numerously and most respectably signed:—
"My Lord, We, the undersigned, creditors and
representatives of creditors of the state of Peru, in virtue
of holding its legal and recognised bonds, beg respect.
fully to lay before your Lordship a brief statement of
the wrongs which for years we have suffered from that
republic, in the hope that you will find the case one
legitimately calling for the prompt and active inter-
ference of her Majesty's Government. In 1822 and
1825 the republic of Peru borrowed in this country the
conjoint capital amount of 1,816,0001., engaging to pay
the lenders an annual interest of 6 per cent., and to pro-
vide a sinking fund for the extinction of the capital
itself. During the twenty-six years which have inter-
vened since the major part of the loan was contracted,
Peru has never remitted one farthing either
to pay the interest or to extinguish the capital,
Her creditors waited long and patiently in the belief
that the want of means was the only bar to an honour-
able fulfilment of the solemn obligation entered into by
the republic; at all times expressing their readiness to
listen to any proposals for a new arrangement of their
claims, tending to facilitate an equitable adjustment
with Peru. Matters remained in this unsatisfactory
position till 1841, when a new source of riches to Peru
sprang up, enormous and almost indefinite in amount,
and wholly and exclusively State property. This was
the deposits in the Chincha Islands of guano, which
has since become so celebrated as a manure in England.
Now this source of wealth being drawn exclusively
from England itself, and absolutely unrealisable without
its concurrence, seeing that this is the only country
where guano is used to any extent, the creditors came
to the natural conclusion that the necessary part of the
proceeds would forthwith be applied to the payment of
the long-deferred and accumulated debt due to the bond-
holders by the State. But your Lordship will have
learned with surprise from the Committee of
South American bondholders, that while Peru is
reaping a rich harvest from the guano, while
she s ideriving from it in England, and in England alone,
not less than 300,0001. annually ever and above her ordi-
nary revenue, the creditors appear this day to be as far
from receiving payment of their debt, either in whole
or in part, as they were twenty-six years ago. In the
most scandalous and nefarious manner the executive
Government of Peru continues to make contract after
contract with foreign houses in Lima, which advance the
whole proceeds there, and consige the guano for Bale to
their friends in London, just as if Peru had no claim of
any kind against her hero. One honest contract indeed
was made in London by the Peruvian Minister Plenipo-
tentiary, on behalf of his Government; but it was indig-
nantly ssouted by the latter, wholly and entirely on the
ground that out of 500,0001. to be paid within two
years to Peru, the moderate sum of 120,0001. was re-
served for the long-suffering creditors. Indeed Peru
has taken up, and shamelessly pursues, a line of such
unblushing tergiversation, dishonest subterfuge, and
wretched chicanery, with her creditors, as to leave no hope
whatever of the slightest attention being paid to their
claims, unless peremptorily enforced and exacted by
your Lordship, as her Majesty's Minister for Foreign
Affairs. Towards this end your Lordship has the
strong ground in equity to go upon, that the Govern.
ment issued a decree in 1842, ordering that one-half the
proceeds of the guano should be appropriated to the
payment of the bondholders. And that your Lordship
may be entirely satisfied, not only of the equity but of
the legality of an interference in our behalf, on the part
of her Majesty's Executive, we beg to lay before your
Lordship the following literal translation of a law passed
by the National Congress of the Peruvians on the 21st
October, 1845. " Art. 1. The Executive shall religi-
ously fulfil, in all their parts, the contracts entered
into with individuals, national or foreign, at whatever
time contracted, or by whatever Executive adjusted.
Art. 2. All the contracts which have been made with
constitutional Administrations shall have the priority of
payment, commencing with the oldest, and following in
the order of their dates; while the contracts adjusted
with Governments de flu*, shall follow on the same
principle." This law was promulgated with the usual
formalities of the legislature; and the contract made
with the British creditor, standing first in point of time,
and having been entered into under a constitutional
government, is first entitled to payment by the Peruvian
treasury. Your Lordship will be prepared to hear that
the decree of the Executive, and the law of the legisla-
tive Government of Peru in favour of the bondholders,
have remained, as they doubtless were intended to re-
main, a dead letter. Indeed, the Minister of France, in
an official, but flagitious note, passed to Congress on the
is bent on making us unexpectedly rich, that is no
Because heaven
2reason v
why November
eourr be equally bent
upon making us unex 1 pect_y poor." We trust we have
l last,
foreign
gs end
creditors
hr
eeds t
owrosr
should
0: --.1:1;
made oat such a case as will induce your Lordship offi-
cially to authorise Mr. Pitt Adams, her Majesty's Charge
d'Affaires in Lima, to demand payment of our claims.
In that gentleman we place implicit eonfidence, for he
has ever displayed zeal, judgment, and ability, in main-
taining the rights of British subjects whenever he has
been called on to advocate them. We have taken the
liberty, my Lord, of naming a committee from our body,
to transmit this our memorial to your Lordship, and to
beg that you will admit the members of that committee,
es a deputation, to the honour of a personal interview,
at which every additional information which your Lord-
ship may desire will most readily be afforded—We have
d I the honour to be, &o.

ABSCONDING OF THI CASHIER OF LAFPITTE,
BLOUNT, AND Co.'s BANE.—A telegraphic dispatch
reached Lille at half-past eight o clock in the morning
of the 10th, ordering the arrest of an Englishman,
named Burton, the cashier in the house of Messrs. Laf-
Stie, Blount, and Co., who bad left Paris with securities
and money to a considerable amount.
recovery of the Great
THE GREAT BRITAIN..••At the meeting of the
Pliny, at Bristol, last
wGpreekat,
tWheeesxteprennsSetestatre-nsdhiinpg Ctioiem
Britain .Tas stated to amount, after deducting the pro-
ceeds of materials, to 12,6701. 14s. Id. The estimates
previously
masts, sails, cabins, boats,
ftoorhreerssttorrainngdihngerwteoreth:focrohnudlilt,ion hhe was in
anchors, cables, &c., 15,886/. 55.; machinery, 5,8081.;
total, 21,6941. ss. The directors stated that after a
settlement had been come to with the underwriters
at Liverpool and Glasgow, negotiations for her sale
would have their best attention.—Liverpool Mercury.
AMERICAN Hors.—An arrival of 50 bales of hops,
the growth of the United States of America, has just
taken place at the port of Liverpool, by a vessel from
Boston. This is a very large importation of this parti-
cular article of merchandize from America, and we think
by far the largest which has yet taken place from the
United Suites.