The Sun.
London, England, 1857-09-17 00:00:00

BUENOS AYRES LOAN.

TO THE EDITOR OF THE SUN.
SlB,—Various reports bare circulated on this subject,
and some doubt expressed as to the bona fides of Senor
Riestra and his Government. Theyare not woll-founded.
The fact is 36,000/. ought to have been remitted to
Messrs. Baring this year (1857). It is understood it has
not been so remitted. On the other hand, it is currently
reported Senor Riestra has ample funds, and is fully
alive to the engagement he entred into as regards the
Active Debt. The formal approval of Congress is alone
wanting. No doubt Vsere seems delay, and unac.
countable delay too in all this. As nine months
of 1857 have nearly run out, the said 12,0004
of 1857 may be added to the 48,0001. promised
in 1858, thus making a sum of 60,0001. Eque
to the full dividend of 6 per cent. a small surplus to
wards a redemption fund for next year.
Now for the causes, or one cause, of all this. I give
it on rumour.

One or more very large holders of these bonds are
understood, in their anxiety for better conditions, to
have written out to Messrs. Baring's Ilgent, unknown
to the distinguished firm, to the committee, or •to the
bondholders, and urging on him to press for 3 per cent.
on all Deferred Bonds or Coupons, instead
of only 2, or any medium. This act, (no doubt
excellently well intended) is, it is clear, simplY
a terrible blunder, and besides being unjust to Messrs•
Baring, the committee and the bondholders, is equally
so to the agent, Mr. White, thus unfair to all concerned,
I give this as I hear it, but probably no great injurY
will result in the end—and as to quarrelling with such
good intention, one is half disarmed—but amistake it has
been, most assuredly on the part of some well-intentioned
persons.—l am sir, your obedient servant,
A LOOKER-ON AND A HOLDER OF
£10,500 BONDS.

City, Sept. 14.

THE RED SEA TELEGRAPH.

It will be seen by the following that the corn'
pany decline to lay down an electric telegraph
unless upon a guaranteed rate of interest :

" To SIR JAMES MELVILL, K.C.B.
" 8, Moorgate-street, Sept. 15.•
"Sir,—l am instructed by the directors of the Red See
Telegraph Company to acknowledge the receipt 01 your
letter to Mr. Marshman, of 12th inet., requesting to be
informed upon what terms this company will be pre-
pared to lay down the line of telegraph from Suea, to
Surrachee. • •
"In reply I am directed to state that in the original
proposal made to .the Court to lay down a line of tlegr:l3;
from Alexandria to Aden the directors were influences
by many considerations, but mainly by the opportun4
then open to them of btaining the Atlantic cable at
moderate cost on board ships prepared to convey it at
once to, its destination, and of completing the commune
cation so far for a " comparatively small sum within s
very, short period.
" Since that time circumstances have undergone*
material change. It is understood that the AsiAel
r Telegraph Company, seeing no immediate prospect o
selling their cable, have resolved to unship and retain it'
In the meantime the cable has been the subject of
de
traetory comments, and the alleged impracticability e'
the project has been industriously circulated upon tle
authority of the Court's Chief Superintendent of Tele'
praphs in India. Tae directors have never been in e
condition to say that they had a definitive and complete
arrangement with the Government, the Board of CIF
trol having repudiated the statement that the East Tani
Company had guaranteed 20,0001. a year, and Ono
thrown doubts upon the Board's basis of operations. The,
time has run on, Parliament has risen, and a period e'
the year has arrived at which almost all commercial sir

terprises are stagnant.
sg From these various causes the directors approve
with much unwillingness a suggestion for increasing toed
scale of their outlay and extending their operations, OA
after the experience gained they can only feel juitia°'_
the Courts out the prospect of being able to carry out
Court's wishes on the principle of a guarantee by t,llO
Hon. the East India Company on the came basis as tu

railways.
" The circumstances already alluded to have satisf-ela
the directors that any attempt to enlist the public We.
rest in favour of this undertaking short of such a-05 fill:;
rantee would at present fail, and it remains for the;
India Company and the Government to decide whethe;
the telegraph shall be laid at once on those tern:o °'
postponed until the money-market shall be more favols,r;
able, and the immediate urgency shall, perhaps, ha'

passed away. r
-
_ lr
" If the East India Company and the Governlne°
shall concur with the directors in thinking that the iot:
bli•hment of telegraphic communication with India is ;
matter of paramount importance, the following teroo
are proposed as those on which success could, in
probability be relied upon, viz. :
" 1. That the East India Coinp;.ny should guaranty
interest at the rate of * per cent. on the capital,
paid up, of 700,000/ , to connect Suez and Surrachee•Le
" 2. That the East India Company should have tu
opportunity of controlling the expenditure of the C0131,i
pany, and the choice of a cable if they desire it, An_
have the power of appointing an ex officio director at thu

board. - -
" 3. That all receipts from all sources be paid into the
treasury of the-East India Company, as a set-off to the
guarantee.
"4. That one-half the profits above * per cent. he
paid to the shareholders, and the other moiety to the
East India Company, until the advance be couipletelf
liquidated, and that the guarantee shall cease as soon" ll
the net profits have amounted to 7i per cent. for tig°
consecutive years.
"5. That not less than 5 per cent. of the capital to
be paid up at once, and the work to be completed with
one year from the signing of the contract.
" I am further desired to state that as the execetie,:
of this most important work has been undertaken by t",
directors with the sole object of meeting the anii°ll,
wishes of the public, both in England and in India, ltr:,
epective of any personal views, should the Court be BD
abled to adopt any other more lexpeditious means to
effecting the object, the directors will be prepare,' a,
render every possible assistance in reference to the „1,
mans they hold and otherwise, and in all their arrag64
meats for prosecuting the undertaking in the present "to
any modified form to consult the great public inter°
involved in it. ent
" I have the honour to be, sir, your most obe--,,
servant, " C. L. PEEL, Secretary

* The amount of percentage to be determined by c
aos ony
.
patent authorities, approved and selected by the
Court."

e
THE INDIAN RELIEF FUND.—Amongst the e---
butors iu Paris we find the name of W. Al. Thacker"'
Esq., I,ooof.
met
VISIT OF THE DUKE OF CAMBRIDGE TO THE x f
CAMP —His Royal Highness the Cemmander-in-tl9;',
accompanied by Lord Burghersh and two aides-de'°'7ol.
left Town on Tuesday night, and crossed over ir
Dover to Celais in the Royal mail packet Ondine, ep
ally ordered for the service, en route for the French 03":iirs
Captain Smithett attended his Royal Highness across
Channe'.
" It is stated," says the Pays, " that Prince Nor— to
on his return from the Pyrenees, will go to Looderl'eie
be present at the launch of the gigantic steamer °-
being built in the Thames." beet;
The meeting of Venezuelan bondholders has -40
postponed to Wednesday, the 23d, Tuesday, whisk -yr
previously fixed, having been objected to as an iocall
nient day. 14/Or
"- GENERAL JACOB.—Major John Jacob, of the.„—
bay Artillery, commanding the Scinde Irregular -0-°',ei
and now aide-de-camp to the Governor-General (Brie: e.
Lieutenant-Colonel, April, 1855), is not "Brigau';if
General" Le Grand Jacob, left is command, 11 too
James Outram of the division in Persia to insure
evacuation of Herat ,
f„,/ 0$
ARRIVAL OF THE LORDS OF THE ADMIRALTY ••••• 1,46
CLYDE.—On Saturday night, at six o'clock, the re/e5,
steam-yacht Argus arrived at the Tail of the Bribe
having on board Sir Charles Wood, First Lord °` ewe
Admiralty, and two oiler Lords, who are on a Cl"
of inspection along the Scottish coast. ed
THE GREAT EASTERN.—We have just been inforr"oill
that unforeseen circumstances have arisen which pe
probably postpone the launch of this sbip from the ter
to about the 16;b of October. The tide on this 113t1,50
day, though not so high as on the sth, will, neVerthe er
be sufficient to float her, An three or four feet of
t ) spare.—Canadian Neuts.
Astir°
THE DEBTOR'S BEST FRlEND.—Against this expe-tbe
of the cruelty and extortion of a sponging.houa! the
debtor's best friend sets the companion picture O.
of
hospitality, the economy, and the happiness of
gate, earners' ly and affectionately entreating all bh3 the
low-creatures to fleck to that delightful prison fortof
future, whenever they are arrested by their Unfeaa 14
creditors. How different are the events—how veil of
the scene on the new stage. lam arrested, we will the
again—or no, let the reader take his turn now, le,roose
writer has surely suffered enough in the sponging' osie
to justify him in resuming, at this point of the Darr
his natural character of a solvent man. With your ibis
permission, therefore, you, reader, ,are -arrestedn
time. You have read the inestimable treatise ot ")',OO
Thanks to the warning of that philanthropic roan,e4oo
are too sharp to be deceived as I have been : and 'here
the bailiff taps you on the shoulder, and, asks you here
you will go, you answer with a promptness that ote
founds the fellow : " Crocodile !to Newgate. of
bal I to my happy home in my county gaol." IteTerior
taken to the Lodge at Newgate, informing- the ine'-jee'
swine all the way that not one of them will get 00 to
crown a day for keeping you. The turnkey adeeneceeee
meet you with friendly sympathy beaming in eeer:Y.,, 6/4
of his respectable and attractive face. You pay 111—ioe'
6 le which is all the civility money he expects leenit;tbe
You pass on to your ward, andpay 103, 6d. more the
steward—generally selected from among the ranks ° e le
most charming and accomplished men of the eg- e'"
which he lives. Out of this sum he diatributee
among the prisoners of your ward, who love 1011084
A
their brother in return. • Toe remaining Bs. 6--0 ge, 0
into th 3 pocket of the steward, and for that snia
he supplies you with good lime candles, .10'11, 0°
brooms, during the whole time of your inaprisonel 'tbe,
matter how long it may be. Compare this vitt
.„ eel
sponging-house, where I paid is. a day for al 'fi-ogs);
candle, and was left in the dark every every evd7oso?
8 o'clock. As for your meals in Newgate, it is ache pie;
only to think of them. You mess sociably with .l de
goners of your ward who have had your 23.- drletelret;
ailiong them, and who love you like a brotherye),
You have an excellent dinner of roast orb Yo,beo
pay 4d., or, at most, 01. for it ; and you order, jrOP3
you like to drink and are not required to pay f°r sehei
more than you have actually consumed...el-10