The Sun.
London, England, 1846-10-12 00:00:00

THE !_;' N 2 LON nO MONDAY EVENING, OCTOBER 12, 18=6.

THE pttI'ANISH DEBT.
TO THE EDITOR OF THE SUN.
Stn,—Permit me to call your attention to a few ob-
servations on the subject of the Spanish debt, which I
trust you will consider worthy attention ; in which case,
if you would allude to them in the City Article of The
Sun, you would render an essential service to the Eng-
lish creditors of Spain, and greatly add to the many ob-
ligations they are already under fur your attention to
their interests.' -
In the first place I would remark, that even if it were
now in the power of the Spanish Government to pay ofl
the whole debt, and they were so to do, still the greater
part of the money advanced to Spain by this countr)
would be lost to it, in consequence of the largest portion
of the Active Bonds having been purchased, on foreign
account, at low prices, and withdrawn from circulation
here. To such an extent has this been the case, that
one only of the five classes into which the Bonds in
question are divided, can now be purchased on the
London Stock Exchange. The distress of the English
holders, occasioned by the non-payment of their divi-
dends, having thus compelled them to dispose of the
greater portion of their Bonds fur a small part of their
original cost, they surely have now an equitable claim
on the Spanish Government to make provision, in the
first instance, for that portion of the Bonds which still
remains in their hands ; and, moreover, as the public
lands in Spain, which were pledged as security for the
repayment of the English loans, have been appropriated
to other purposes, they ought also to require that a por-
tion at least of the revenues of Cuba should be substi-
tuted as an equivalent, for that purpose ; at the same
time ,endeavouring to obtain the sanction of our own
Government to such demand.
Although the London Stock Exchange has been nearly
cleared of Active Bonds, this has not been the case with
the Passive, the whole of which description of Spanish
Stock appears still to remain in this country; so that the
holders of it continue at the present time the majority of
the English creditors of Spain. It becomes, therefore,
important to remind them that the decree of the 28th of
February, 1836, provided for the conversion of the
whole of the Passive into Active Bonds—the holders of
the former to receive for every 1001. Bond as much
Active Stock as would produce 251. in cash at the
market price. This would have the effect of nearly
equalising the value of both descriptions of Stock. The
claims of the holders of Passive Bonds under this
decree has hitherto remained in abeyance, in common
with the claims of the major part of the other creditors,
but the time has now arrived when they should claim
the full benefit of it. As every Passive Bond represents
a like amount in pounds sterling of the early arrears of
interest on the English loans—overdue Coupons to the
amount of 100/. sterling having been given in exchange
for every 100/. Passive Bond—surely the claims of the
holders are as valid as those of the foreign holder of
Active Bonds, purchased for a fraction of their original
cost, notwithstanding the price of the latter is now above
26, while that of the former is now 6.
Begging the favour of your allusion to these observa-
tions, I remain, Sir, yours most respectfully,
AN ACTIVE AND PASSIVE BONDHOLDER.
City, Oct. 9.

TERMINATION of the SILK GLOVE
MAKERS' STRIKE AT DUFFIELD, AND PRO-
CEEDINGS OF THE NATIONAL ASSOCI-
ATION OF TRADES.
(From the Derby Reporter.)
We are informed that this strike has at length come
to a termination, in consequence of the National Asso-
ciation not being favourable to the men's proceedings.
Various meetings have been held, and a regular corre-
spondence bai been carried on betwixt the two parties.
Mr. Gimblet, one of the board of directors, has also at-
tended their meetings, where he stated that as his mis-
sion was not direct upon their business, he could not
possibly interfere with their case ; but he had no hesi-
tation in saying, that as soon as their grievance should
have been fully investigated, he had no doubt but that
they would support them during their struggle, if not to
the fullest extent, which would have been Bs. per week.
Under these ideas, the decision was awaited for with
the greatest anxiety both by the men on strike and the
different trades in other localities, as a test whereby the
objects of this boasted association should be proved; but,
although notice had been given at the first commence-
ment of the strike, yet it was not until nearly the lapse
of a month that a decisive answer could be got, although
repeatedly requested for their decision, but only to be
answered by letters as evasive as they were decisive.
With these proceedings the men began to feel their ex-
pectations fail, and that they had become the dupes of
London delusionists. Accordingly, a letter was ad-
dressed to the Hon. T. S. Duncombe, president of the
association, when an answer was returned, assuring the
men on strike that it was with extreme pain that they
had to inform them that, they could Lot render them
any assistance, as they had not held in strict compliance
the rules of the association, which requires a fortnight's
notice prior to any strike taking place, notwithstanding
the impossibility of complying with this rule without es-
tablishing the infringement in other districts had been
given at the first commencement. The men, driven to

the utmost extreme of want, have therefore gone to
‘vork, denouncing the association as delusive and un-
worthy of support. The fact is, Messrs. Ward and Co.
had beta putting in less work than others, and it was
on their insisting on having the same put in as other
manufacturers, that the men struck. It appears some of
the more active, who are the leaders in striking, told
the men they would get Bs. a week from the union.
They waited about three weeks, and ending no cash

forthcoming, at once admitted they had' no cause of
complaint against Messrs. Ward and Co.; that they had
only asked for what other manufacturers were doing and
requested, and have received work out, to be made in the
way it was proposed when the strike was made.