The Sun.
London, England, 1834-12-23 00:00:00

THE SPANISH LOANS.

(Concluded from The Sun of yesterday.)
Mr. J. YOUNG wished to know if the writer, in speaking'
of arrears of interest, meant to include all arrears ?
Mr. WEEDING—The letter says nothing of arrears °I
interest : it only says that in 1838 the passive,stock
become active. This is entirely without prejudice to the
period when the passive stock shall become active.—( Hear')
Mr. COHEN wished to know if the writer of the letter
meant to say that 12 per cent. in each year was to be paid
by the Spanish Government from the period that the passive
interest became active ?
The CHAIRMAN, after a momentary communication Whit
Mr. Zulueta, informed the meeting that one-twelfth of the
passive interest would be paid each year until the whole 05
redeemed.—( Hear, hear.)
The following resolution was proposed at the 13st
meeting :
" That it is the opinion of this meeting that the termina-
tion of the present state of uncertainty, in which the Corte;
Bondholders are placed, is a matter of paramount necessity,
and that any further delay would be highly detrimental to tbeif
interests.
" That although this meeting do not recognise in the terms
accorded to them by a recent Act of the Spanish Legislature'
that full and equal justice to which they consider themselves
entitled ; yet, considering that the validity of their claims 11135
been acknowledged, and being desirous of relieving the G(''
vernment from any embarrassment in its financial operations,
which the protraction of this affair might occasion ; this meek.
ing deem it expedient to accede to the terms proposed, as ei-
plained in the law of the 16th of November last, in the confi-
dent belief that the urgent representations with which their
consent will be accompanied, may induce the Spanish Minister
to agree to sueh an amelioration of that part of the arrange'
merits respecting the arrears of dividends, as the Bondholders
upon every principle of equity and national faith are entitled
to require."

The following was the amendment moved by Mr. young
" That the Act of the Spanish Government and Legislaturt.
for the payment of the foreign debt, more partieularly in plac-
ing the arrears of interest in a passive form with re2ard to a
certain part of that debt, was not a measure of equal justice ;
and that until equal justice was done to the Cortes Bondhold-
ers, the Committee of the Stock Exchange be requested t°,
continue their prohibition with respect to the negociation a'
new Spanish Securities in the English market."
A very long discussion then ensued, in the course cf
which Mr. Ricardo read the following letter :
" 72, Gracechurch-street, Dec. 22, 1834.
" Gentlemen—We have received by express from Madrid;
of the 13th inst., the decree of her Majesty the Queen Reg°
of Spain, for carrying into effect the conversion of the foreign
debt according to the new law. The bonds to be issued
bear interest from the Ist of November ult., and the first divi-
dend will be paid on the Ist of May next.
" We hasten to give you this notice, in your Capcity atsi
agents for Mr. Ardouin. We shall be happy to give. r
every assistance in our power, to favour the view of the Cv°-
vernment, whose confidence and approbation we hope to secure!
no less than that of the bondholders themselves, whose interest
is so strongly recommends to our protection.
We remain, Gentlemen, your obedient servants,
" E. PAREJA,
"P.J. de ZULUETA, „
" President of the Commission.
" To Messrs. J. and S. Ricardo.
Mr. YOUNG, in conclusion, stated that in proposing thne
amendmen the had been anxious only to advance the cono°
interest, and finding that the feeling of the meeting was,
against the amendment, he should withdraw it.—(cheers./
After a few words from Mr. Goldsn-iid and Mr. Ricari°:
the original motion was carried unanimously, amidst the
loudest acclamations, which lasted for several minutes. 40
A resolution, thanking the Duke of Wellington for a,
prompt application made in behalf of the Cortes bop
holders, was then adopted nem. dis.
Thanks we voted to Mr. Weeding and the Committee.,
of Spanish Bondholders for their extraordinary exertions(/'
behalf of the bondholders generally. The motion was Cttr
ried amid loud cheers.
Mr. WEEDING briefly returned thanks, and the meetillf
adjourned.