The Sun.
London, England, 1857-03-27 00:00:00

BVENOS AYRES TO.REIGN DEBT.

The Committee of Spinish American BondlrAders,
have sent us a copy of a letter received by tl.em
from Messrs. Baring Brothers an Co., and a trans-
lation of the document mentioned therein :

" 8, Bishopsgate-street Within, March 25.
"Sir—We have to band you herewith, for the.
a.tnfor-
mation of the Committee of Spanish Bondholders, copy
of a letter which we have just received from the Finance
Minister of Buenos Avres in fnrthor reference to the pro-
posed settlement of their English loan.
"At the same time we may mention the receipt of a
remittance from the Government by the same mail of
2,2181. 155., on account of interest‘on the loan.
" We are, sir, your most obe ,ient servants,
(Signed). " BARING BROTHERS AND CO.
" Arred Godfrey, E-q., S-cretary to the Committee
of Spanish American Bondbolder,i,"

(Translation )
" Buenos Ayres, Jan. 21.
"The undersigned has the honour to acknowledge the
receipt of your esteemed letter of B'h Dec. last. together
with a copy of the resolutions passed at a public meeting
of the bondholders which took place in your city on the
26th Nov. last in reference to t-e prnpoca!e for an ar--
ra:lgement submitted to the cunsideration of the,eisid
parties.

" My Government, having taken due notice of your
important letter, has directed me to reply to it, express-
ing its satisfaction on seeing the realisation, in the afore-
said resolutions, of the hopes entertained by my Govern-
ment that the London creditors would not fail to
appreciate its efforts to support the country's credit, and
that they would accept the proposed bases for the defi
nitive arrangeknetat of the dent. The Government has
been no less gratified that the bondholders have ap-
pointed you as the agents to carry out the said agree-
ment.

" All the considerations put forth by you to show
the justice and expedi-ncy of modifying my government's
proposals with r,gard t the settlement of the debt, as
to the interest it shall pay, increasing that which is pro-
posed on the Deferred Bonds, and anticipating the
period from which the interest is to begin to run—all
these considerations, I say, have had, before now, the
deliberate discussion and most serious attention of my
government, and it wouli be usel-ss to refer now again
to matters already amply considered and di-cussed ; and
you may rest assured that my government, in deciding
on its 'last proposals, went to the utmost of the notices.'
sions which it could make with the expectation of being
able to fulfil them, considering the present situation of
the country, and its' prospective resonrces with regard to
its engagements.
" My government has never lost sight of the desirables,
nese of riising the foreign credit of the country to its-
proper height, but it is exactly on account of this consi-
deration that it could not make to its creditors more
favourable proposals than those it really did make, with,
an assurance of being able to fulfil them • and the Go- ,
vernment is firmly persuaded that an advance on the.
proposals made respecting the interest on the Deferred
B.,nds would be an imprudence on its part ; and, being
convinced thereof, I have been directed to tell'you that,
notwithstanding its anxious wishes, it has not got the
means to enlarge its engagements beyond what has been
offered in the bases of Ist Oct. Nevertheless, if the
situation of the country should hereafter prove so favour'
able as is hoped by you and the Government, the latter
will lose no time, for its own sake, in spontaneously im-
proving the position of its creditors in reference to the
Deferred Bonds, be it by increasing the assigned interest
or the redernplon fund, or by anticipating the fixed
period for the payment thereof.

" With regard to applying and including in the pre-
sent arrangement the pripoeal of the former non-accepted
bases—namely, to admit in payment of public lands the
bonds for arreared interest at par—such demand cannot
be admitted by my Government. In the fist I.ltce, it
must not be deemed applicable in the present iastancef
on the mere plea of its having been proposed previous*
inasmuch as, according to the present arrangement, the
Deferred Bonds will bear interest, while in the formnt.
one they would have borne no interest whatever, and
merely as a means for redeeming the principal, it wag
one of other proposals to receive them at par in payment
for public lands.

Therefore tbe present case is very different. Sop
again, by acting upon your suggestion, the Government
would lose the advantage pointed out by your good
selves—namely, to redeem gradually the Deferred Bondi
at less than par, in consequence of their intere-t being
lower than the Active Bonds. For these reasons my
Government cannot admit your proposition in that
respect.

Respecting the assigning of the ' Canon enfitertid
of the public lands to the payment of the engagements
to be entered into with the bondholders by the present
arrangement, my government does not deem it inexpe-
dient to agree that the said ' cannot' be specifically as'
signed to the payment of the interest and redemption
fund for the Active and Deferred Bonds, for the whole
amount of those bonds, any deficiency thereof to be made
good from the other revenues of the state ; it being up'
derstood that from the said 'canon' there is to bereserved
a sum not to exceed 15,0001. for the liquidation of the
still outstanding classified debt • and likewise what is
owing and collected henceforth Of the proceeds from the
respective lands of the country towns apportioned by the
law to the respective municipalities.
" Lastly, with regard to the principle of the sinking
fund for the Deferred Bonds, and to the' eaneelliuk and
depositing of a't the purchased or redeemed .bonds, the
g ,vernment coincides entirely with • the views and sug-
gestions expressed in your letter.
"After these candid explanations, and theproofswhich
my Government has already given to the bondholders of
its earnest desire to settle satisfactory and equitably their
claims, and offering at the same time guarantees for the
punctual fulfilment thereof, the Government trusts ?has
you, in behalf of the said bondholders, will not hesitate
to consider as adjusted and agreed the bases of the set-
tlement, in the manner proposed by my Government;
in order that the said Government may be placed in 31
condition to present itself to the hon. Legislative Cham-
bers, who meet on the let of May next, soliciting the
competent autborieation for the final completion of the
arrangement, that it may be carried into immediate axe'
cation, remitting to the bondholders the monthly amoulA
that may have accrued for the present year.—l have the
honour to be, &c.,
(Signed) " NORBERTO DE LA RIESTBA.
"Messrs. Baring Brothers and Co., London."

Country Markets.

DERBY SMITHFIELD.-MARCH 24.

There was a good supply of fat beasts today frail
the North of England, Liverpool, and Rotherham, which
were in good request, and mostly disposed of at fully last
wt, k's prices. The supply of sheep small; and were also
in good request; prices as before. Fat and store calves lb
good supply, and sales ready.
The following were the quotations :—Beef, 6i to 70:
mutton, Bad. to 101 ; lamb, —d to Od ; veal, 7d tc 70d pd
lb. ; pigs, 103 6d to lis O•l per score; rough fat, 4s 9 to
per 141 b. ; hides, 44d to 6,d per lb ; calf-skins, 46d to 60.
per 1 D.