The Sun.
London, England, 1826-10-24 00:00:00

TUESDAY EVENING, OCTOBER 21, 1826.

A public meeting of the holders of Greek Bonds was
held yesterday at the City of London Tavern, Bishopsgate-
street, for the purpose of receiving the report of a Com-
mittee appointed at the late general meeting, to inquire
into the application of certain sums raised for the Greek
Government in this country.
About one o'clock Colonel the Hon. L. STANHOPE was
called to the chair, and opened the business of the day by
stating, that in consequence of the unfortunate situation of
Grecian affairs, of the circumstances which had delayed
the departure of the naval armament, and the depressed
state of Greek bonds, a meeting was held at this Tavern
on the 4th of felt month, to consider of the steps necessary
to be taken with reference to the interests of Greece, and
of the bondholders. At that meeting a Committee was
appointed, whose report would now be read. After that,
he would submit some observations to the meeting respect-
ing the naval armaments, and the first and second Greek
and then he would 'move that some other gentleman
might take the chair, while he, offered two or three resolu-
tions connected with these subjects.
Colonel JONES was about to read the report, when
A Bondholder suggested the propriety of deferring the
reading of the report for a short time, considering the thin
attendance at that moment, there not being more than 30
bondholders present.

Some other Bondholders thought it would be better to
go on, and no doubt the meeting would be more nume-
rously attended in a short time. (This turned out to be
the fact ; the number we hare mentioned had nearly doubled
before the meeting closed.) •
Colonel JONES then read the following report :
/LEPOILT OP THE COMMITTEE •PPOINTED AT A PUBLIC IiEPT-
IWO OP THE GREEK BONDUOLDEas, HILO AT THE CITY OF

LOWDON TIMMY, sErr. 4, 1826.
Your ciinimittee respecifullY report, that the first measure they
decided ulltit was to solicit the assistance of the contractors of the
first and second loans, and of the Greek Deputies. 11e6srs.
Loughran, Son, anti O'Brien, offered every information that
might be required at their hands.
Messrs. J. and S. Ricardo refused to recognise 9r communicate
with your Committee '; and though your Committee have em-
ployed every peons which they Could devise; in order to obtain
satisfactory infimation for the bondholders, and to forward triose
objects for which they were appointed,lyot Messrs. Ricardo have
thrown every impediment in their way.
Mr. Luriottis and Mr. Spaniolachi expressed their anxiety to
further the objects of your Committee, as far as they were able
the former has, with one or two exceptions, frankly conveyed the
information yonr Comtnittee has applied for.
Bpaninlichi has given the Committee his assistance in au-
diting the accounts, but has not deemed fit to adopt the recom-
mendations of the Committee in obtaining the accounts from
Messer.. Ricardo, nor in carrying their recommendations as to
depositing in the Bank of England sundry bonds held for account
of the Greek Government.

The inquiries of your Committee have met with many obstnte-
tions and difficulties on every side, and they have been altogether
disappointed in fAuling that sincere co-operation which might have
led to a complete elucidation of past transactions, end have given
efficient security for the future.

The inquiries of your Committee, however, they have reason to
believe, have produced new and peat exertions for the despatch of
important assistance to the Greeks.

They have induced valuable conununieations from the Commit-1
tees of France and Switzerland, and have excited those publie di►-
cussions whoec:leflueneeithotiglrlitstufticient forthe tin-Net:oa of
errors that have been committed, cannot but produce a salutary
control upon any future plans.
• The first loan was contracted for in the beginning of 1824, and
the Greek Committee appear to have sanctioned the arrangements
made with Messrs. Longlinen, Son, and O'Brien, as contractors ;
the proceeds were not controlled by the Greek Deputies, without
the sanction of Mr. Edward Ellice, Mr. Joseph Hume, and Mr.
Loughtuw, nen., who were appointed trustees, and it was stipu-
lated that the monies should be remitted to four other trustees in
Greece, (of whom three were EnOislunen) to watch over the pro-
per appropriation of the same. Your Committee cannot but
regret that a-sitnilar arrangement was not made in the second loan.
The following is a statement of the assets and disbursements of
the first loan:—

Tug RUE COVXRNIIENT IN ACCOUNT wrru lEs FOR

LOUGIINAN'II LOAN OF 800,00(d.

Dr: -
Interest - - - - - £BO,OOO 0 0
Commission on Loan, and Shipments to Greece /15,746 9 2
Sinking Fund • - - - - 16,000 • 0 0
Specie sent to Greece - - - 293,726 11 9
Stores sent to Greece - - - 10,063 6 5
Bills drawn from Greece - ' - - 3,858 15 0
Expences of Agents, 4c. - - - 1,027 15 10
Loan of Lord Byron, anti interest repaid - 4,683 6' 8
Freights and Passag,es paid ' ' - - 1,624 15 11
Mr. Orlando, for 10,0001. Bonds - - 5,900 0 0
Individual Expences of the Deputation - 5,045 0 0
Advertisements, and Solicitors' Bills . - 140 '0 0
Balance paid to Messrs. Ricardo and Ralli - 27,501 0 0

£480,817 1,1 . 2
Cr.
Loan of 80,0001. at 59 per cent. - £472,000 0 0
Interest, on payments deferred - - 1,425 19 2
Profit on 109,000/. Bonds bought and resold b,891 12 0
Allowed by Loughnau and Co. to adjust differences .1,000 0 0

.£480,217 -11 2

In the appropriation of the above, one item alone appeared to
yOur Committee wanting elucidation, viz. the payment of :OW
for stock, standing in the name of Mr., Orlando, That gentleman
has left England, and Mr. Luriottis professes himself unable to
explain it, or to state in whose hand* the bonds are deposited for
which that sum was paid. As they have been paid for out of the
monies of the Greek Government, your Coinnuttee conceive that
thew bonds must be considered as the property of that Govern-
ment.

It spears, by Sundry documents, that the Greek Committee,
under whose auspices the loan rust contracted for, did, on various
occasions, urge the Deputies to apply a part of the first loan to
the purpose of ships of war, of steam-vessels, of battering-trains,
and to the immediate formation of regular anti etficieur troops ;
but whether the lamentable neglect of objects to important is tube
attributed to the Deputies, or the Government, your Committee
is unable to state•
_ _ _

The Greek Committee urged on the Greek Government, that a
survey should be made (under the direction of trustees) of the na-
tional domains, whose revenue should be applied to the payment of
the interest,‘and whose freehold should be held as security for the
principal of the loan. It is greatly to be regretted that this ar-
rangementthSecnd
loanu•aa :no2 a t.c.zrried into effect.
The following •statement of the assets and disbursements of
rue au
RC( GOVIERNIttNT IN ACCOUNT WITH DEPUTIRS
MIISRS. RICARDO'S Loot or £2,000,000.
Ilirioikk pad
7erag!,
Int* .
rest for 2
to Mr. Don 61 .000,000 0 0
Com • •
on - 64,000 0 0
Ysars -
ulumi
4,800 0 0

MI 20,000 0 °
sinking runt! - -
-
182,401 14 4
-
, •
specie sent to Greece
- 5 6
33,713 .
Bills drawn front Greece - - ..
9 6
..,,3.,/
Store* sent to Greece
... - ,•f,
16
6
2,297 16Expences of Agents _
_
- 330 9 8,
Freights and Pa4sages paid - -
Set aside for a projected Expedition h 0
fl 2 000 Banda of Ist oa tt chase( ---
116-0:00/02 01
'6
_ 156,080 -
p,aidB for Frigateso bt'iltiiilinnAptutr•rica
is 1 ' 0 0
Seat to Colonel Cordon , _ _ 15,108 1 Due by Mr. Orlando, ns per his Account - 5,038 ii
9 ''
Dll 0 8
Due by Mr. Luriottis,
IndividualExPen"s of the as Pee
e dputation itto _ -
4,7552
1
Loss on Exchequer Bills, and on Money sent to
- 6,16 A
Marseilles and returned - ‘
Ditto by Failure of Mr. Mameortlato 2,695 5 3
Nnalty to Mr. Contastavlov, for the non-fulfil
meat of “ Contract #'9r GLIM . 1 000 0 0
1

Paid to Mr. Graham ford Military Stores, not
sent on Account of the Proclamation - 2,000 0 0
Sent for the Relief of Aliasolonghi - - 3,350 0 0
Arms and Clothing sent from Paris to Greece 10,893 6 6
Paid to Captain Miaulis and his crew - 915 0 0
Advertisements and Solicitors' Bills - 110 10 0
Assistance and Charity to Poor Greeks in London 205 0 0

£185,000 Bond* bought by Mews. Ricardo.
£158,000 Bonds of 2d Loan, bought for Ac-
count of the Goeek Government, by order of
the Deputies - 64,910 0 0
£14,000 Bonds of 2il Loan, bought for Indi-
vidual Account of the Deputies - - '7,420 0 0
X 13,000 paid for by an Individual Order of
Mr. Luriottie, at the price of , 53i and 54
instead of 23 a2B - 6,940 0 0

£33,000 Bonds bought hvMr. Ralli.
£24,000 Bonds of 2d Loan, bought for Ae-
courit of the Greek Goverouwot . - 0,606 5 0
zeB,ooo ditto, taken up at 44
,4 - , 4,11'e0 0 0

Commission to Mr. Rani - 203 13 8
limee - 341 18 3

- --.
Cr. . £1,145,407 '7 3
Loan of £2,000,000 at 55i - - 1,110,000 0 0
Received from Messrs. Loughman - 28,132 '7 8
Part Interest on £250,000 Bondi of lit Loan
bought - - - - tio, 0 0
Interevt to Ist January, 1826, on- 18i,000/.
Bonds of 2d Loan, ditto. - . - .4,625 0 0
Ditto, ditto, on 93,000/. ditto, ditto 825 0 0
- •
Subscription front Calcutta, received per Mr.
Orlando - 1,200 0 0

£1,145,407 7 3
In this statement of the second loan given to the Greek Go-
vernment by the Deputies, your Committee deem the following
1 tenet worthy of inquiry.
• Independently of the commission of , 4,000/. allowed to Messrs.
#0
Ricardo by this contract, a sum of 4 I. is charged as paid to
Mr. Bonfil, the broker, for negociati the Loan. The answer
which Mr. Luriottis has given to your Committee on the subject
is in the fq)lowing words : '
" The,greek'Deputies having received instructions from their
Government in October, 1824, to conclude a loan, and finding the
price of the bonds of the former loan much depressed, were not
able to obtain it previously to February, 1825, after certain opera-
tion, ordered by Messrs. Orlando and Zaimis, in the absence of
Mr. Luriottis, who was at Paris, to lie executed by Mr. Bontil, to
sustain those bonds in the market ; in consequence of those opera-
tions, the funds were supported, and Messrs. Orlando and Zeimis
were enabled to obtain a loan through the agency of Mr. Bonfil,
who lost the 4,800/. which the Deputies repaid."
In reply to the inquiries made by your Committee as to the
authority by which the two sums of 79,2701. advanced by Messrs,
Ricardo for the purchase of 185,0001. bonds of the 2d loan, and of
15,126/. ss. advanced by Mr. Ralli far the purchase of 33,0001.
bonds of the same, were so expended, Mr: Luriottis stated that these
purchases were urged on the Deputies by Messrs. Ricardo, and by
representations from the Stock Exchange, for the purpose of sup-
porting the credit of the Greek Government and securing the pay-
ment of the instalments on the Loan.

Your Committee have strenuously urged on the Deputies the
necessity of having these bonds deposited in the Bank of England,
but have not been able to obtain the accomplishment of their re-
commendation. Again and again they hare represented the im-
propriety of allowing so large a sum to Greek bonds to be in the
purreion ef-itelleidealtrited-tboy-eMet•conceive mu *efficient or
satisfactory motive for objecting to their being deposited in a place
of security, where they would be beyond the reach of any impro-
per control. _ _

Your Committee desired to be informed on what grounde the
sum of 1,000/, was paid to Mr. Contastavlos on account of a pro-
jected contract which was not carried Into etfect, and Mr. Luriottis
stated that the Deputies had authority front the Greek Govern-
ment to make the contract with Messrs. Contastavlos for an ex-
change of brass guns, and therefore conceived themselves authoriz-
ed to allow the said 10001. for its non-fulfilment.

The sum of 2,695/. As. Sd. for which the Greek Government
is debited, on account of loss sustained by Mr. Mavrocordato's
failure, not appearing to be borne out by Mr. Mavracordato's ac-
counts, which only recognise a balance of 4951. se. Sd., Mr. Lu-
riottis states that the excess of 2,2001. is held by him far account
of the Greek Government, in two bills received from Mr. Alavro-
cordato in December last, drawn on Malta, and protested for non-
acceptance and non-payment.

Your Committee, understanding from Mr. Luriottis that no
measures have been taken by him to obtain from Mr. Mavrocor-
dato the same dividend which his estate has paid to other credi-
tors, have suggested that an immediate application should be made
to Mr. Mavrocordato for some settlement of this account.

Your Committee were desirous of ascertaining on what grounds
the sum of 4,520/. was paid for the., purchase of 8,0001. stock,
at the price of 64 per cent., and the sum of 6,9404 for 13,000/.
stock, at the price of 5Si and 54, when the value in the market
was no more than half the amount paid.
Mr. Luriottis informed your Committee, that the first-mention-
ed sum was paid to a friend of Greece, who had rendered services
to that country, but whose name he could not publicly state; that
he will communicate the name and correspondence (if wished)con-
fidentially to Mr. Hume and Sir Francis Burdett, who were (he
added) strangers to the transaction. Mr. Spaniolachi disclaimed
all knowledge of this matter.
Your Committee have been unable to obtain any further infor-
mation on this head.

Your . Committee have learnt, in the progrow of their inqui-
ries, that a sum of 7,600/. was allowed by Aleuts. Ricardo
out of their emumiesion to the deputies, Messrs. Orlando,
'Zaimie, and Luriottis. Mr. Luristtis states, that he has not
psrti.ipated in this sum, and .that he was absent when the arrange-
ment was made.

It would appear by the accounts, that '7,4201. of this sum was
e►uployed in the purchase of 14,000/ bonds, for the cost of which
Messrs Ricardo have debited the deputies, having, per contra,
credited them the said 1,500/.

One other circumstance your Committee cannot but mention,
vit. that of the 2,2001. remitted from Calcutta through 11Iessre.
Fletcher, Alexander, :and Co., as a subscription for the Greek
cause, of which sum only 1,200/. appears in the account.

The balances, which the accounts furnished by Means. Or-
lando and Luriottis recognise u due to their Government, are
8,039/. os. I Id. from the former, and 4,552/. I le. from the lat-
ter; but it appears I,y letters from Mr. Eynard, that Mr. 1.. W.
riottis has remitted to him the sum of 4,000/. mut Mr. Luriottis
and paid several sums- for account
states, in addition, that there is a debt due to hint recognized by
for
rotment Wale extent of
the Finance Minister on the tith July, 1823, oafet:Oitleel:
.amlio'huanttliine:itoas
executed sundry commissions,
olf,Btshoei.m;etautliidershaesfoGthoevrernelatetsttoialotdhe
about 1,300/. more. These statements it is impossible for your
Committee to verify ; and they wish to state generally, that they
can only communicate to the bondholders the informatioit thev
have received, the corresponding vouchers being in 4114105 t all cases
inaccessible. It is fair, however, to state, that they have dis-
covered no falsification of account, and they have no doubt of the
correctness of the copies which have been communicated to them
when copies have been obtainable.

Your eommittee now proceed to tWA DINS important items of
the arvolmt of the second loan, which hare swallowed up more
than one-third of its net proceeds; for objects whose accomplish,.
meat stem, even both remote and uncertain.
A sum at 166,700/. has been aireadY expended In building and
preparing two 64-gun frigates in the United Sltatea; and it appears
by the correspondence, that a sum of not less than 60,000/. more
will be required to fit them for sea.
The Committee cannot understand the motives which induced
the Greek Deputies to despatch froth Enghl.nd a French military
officer with instructione so vague and general as would authorise se
large an expenditure, especially as it appears there would have been
no difficulty in purchasing and dcaPatcbing from the ports or
Europe voids ready built and ebtainahlo at a moderate price; and
the instructions of the Greek Government appear to have espe-
cially directed the purchase of vessels ready for sea. 'Your Com-
mittee have aacertained that many offers of warlike vessels were
really made to the Deputies, but always rejected Ity. them.
Your COMlllitteg hall to retort, that it aiircars thew is pow

some prospect that one of the frigates will be despatched by mak-
ing the complete sacrifice of the other ; yet they have felt that con-
siderable doubt attaches even to this fbriorn hope, and they deter-
mined to recommend that an American gentleman, who, for two
years, has honourably served in the Greek navy, and who kindly
offered to proceed to the United states in order to facilitate the de-
parture of the frigates, should be despatched without delay ; but
your Committee regret to state that their recommendation VFOI
thwarted by indisposition on the part of Mr. Luriottis to advance
the sum of I bO/., which was required to cover the expends a. a
mission, which they could not but strenuously recommend.
The BOndholders are aware, for great notoriety has been given
to the circumstance, that a large sum was set aside from the se-
cond loan, to promote a naval expedition, which was to be com-
manded by an illustrious chieftain, whose services could not but be
all important to the success of the Greek cause. The amount so
appropriated was 160,000!., which was transferred to the names
of-three gentlemen well known to the public, who undertook for its
due application to the proposed purpose.
The engineer who was employed at the instance of 'the noble
individual referred to, certainly failed altogether in completing
the contract according to the stipulated terms. It does not ej
pear to your Committee that this failure is to be attributed to dis-
honesty or treachery, but to a want of appropriate knowledge and
experience._ _ _

To the furtherance of the most important object of this expe-
dition your Committee have directed their earliest and most con-
gant attention ; and it is with much sorrow they report, that they
are unable to communicate any information satisfactory to them-
selves, or which would be deemed satisfactory to the bondholders.
They abstain from entering into many details, solely froni the ap-
prehension that present disclosures might possibly frustrate an en-
terprise which they deem, not only greatly important to Greece,
but one on which the very salvation of Greece depends ; and while
the meeace hangs over your Committee that premature discussion
will inevitably interfere with an object of such overwhelming inte-
rest, they trust their constituents will respect the caution with
which they narrate their proceedings on this bead. :But your
Committee have deemed the object one of such primary and im-
posing urgency, that they have sought and obtained the co-opera-
tion of the Committees of France and Switzerland, who, with a
confidence and a liberality to which your Connnittee must offer a
deserved homage, have placed at the disposal of their chairman,
Colonel Stanhope, the sum of 8,0004 for the furtherance of this
Lbject, and hopes are entertained that larger sums might be ob-
tained, were a sufficient control established.

Your Committee cannot avoid this opportunity of expressing
their gratitude for the cordial co-operation and the important as-
sistance rendered them by the DukeDalberg, a distinguished mem-
ber of th. Paris Greek Committee. •

Your Committee, however, not being able to ascertain that any
security had been even now exacted or received for the comple-
tion of.the contract, could only recommend the offer of the sum
placed at Colonel Stanhope's disposal when sufficient evidence was
laid before them that new disappointments were completely
guarded against: they have obtained no such evidence. Your
Connuitteo trust the time will soon arrive when publieity may be
given to all the measures they have taken in the furtherance of
this great object.
Your Committee have ascertained that a sum of about 20,000/.
remains in Messrs. Ricardo'i hands, which will be sufficient for
completing the expedition, should the present arrangements suc-
ceed, but wholly insufficient should they fail--a result which your
Committee cannot but fear there ie some reason to anticipate.
Among the diffiCulties which your Onninittee have had to en-
counter, the hostile feelings existing between the different gentle-
men with whom they have had intercourse have been a source of
considerable embarrassment. Your Committee endeavoured 'to
bring about a cordial understanding, in furthering the objecti of
their inquiry, between the late deputies of Greece, but unfortu-
'lately,. they have wholly failed in the attempt.
Your Committee have to report, that the following emus appear
to he due from the late deputies to the Greek GoArnment, ac-
cording to the statements presented by themselves :
Balance recognised as due by Mr. Orlando zer4:o9 911
Ditto, ditto, by Mr. Luriottis - 4,659 t l 0

Ba!aw, of cm,. on second loan - 331 0 3
Due I.y Mr. Orlando on theCaleutta antmeription 1,000 0 0
Dividends on bonds bought and not accounted for 1,280 0 0
Ditto ditto ditto - 810 0
Recovered by Mr. Rani frnm the insurers on
money lost, which .is charged to the debit of
the Greek Government - 1,475 16

14,49! 5 4
Allowed by Messrs. J. atal S. Ricardo out of

commission - 7,500 0, 0
Amount of Mr. Muvrocurdato's bill - 2,100 0 0

24,195 1 4
Must be deducted fbr a remittance made to Air.
•

Evnard, of Geneva, by Air. 'Anion;

- 4,000 0 0

4:V0,195 5 4

Were it allowed your Committee to hope, that it wouril be now
possible to raise a further sum for the service of Greece, they think
that some security might be obtained for its proper appropriation,
and they are happy to state that Mr. Eynard, and other generous
friends of the Greek cause at GeneCa, have already expressed their
willingness to conic forward with their contributions, should any
project be found desirable and praCticable.
Under a system of economy and wisdom, they think that a sum
not exceeding 150,000/., judiciously applied, would immediately
change the aspect of affairs in the Mores, and give renewed hope
and prospects to the friends' of Grecian emancipation.
Your COmmittee beg leave to add, in conclusion, that in the
discharge of the trust committed to them, they have held 20 meet-
ings ; that they have pushed their inquiries into every quarter
which might elucidate any doubt, without the slightest reserve
of individual feeling.

That at the expence of much personal obloquy, of many private
insinuations, and some public attacks, they have pursued those io-
vestigations which they undertook to conduct, and whose results
they now communicate to their constituents.

If
iu the progress of their inquiries %bey found many motives
for censure, if instances have presented thernaelves of ill-placed con-
fidence, of ignorance, or want of zeal or of probity, the Committee
rather with to present -facts to the bondholders; than to qualify
such conduct by any terms of their own.
But they trust the errors of individual advocates will nut attach
to the great and glorious cause of Greeian freedom, It would
indeed be cruel; and no less cruel than unjust, if those who are
fighting the battles of independence should suffer from misconduct
to which they are entire strangers. Whilst engaged in these inves-
tigations, your Committee find that the Greek Government has
itself nominated a commission, specially charged with the ezatni,..
nation of all the matters which form the subject of tido report.
That
inquiryeonl far
i"io
more stsf nwili':oidn)ct tbt. means of conduct-
ing the !y ; withal; your Committee
trust, obtain access to every document 4114 to every source of
information.

Your Committee have tAro rompeited to rest their statemtsat
on ouch evidence, t.olltiently very imperfect, as it hvi been in
their power to obtain, and can only say, that in tapir examination
they have employed all the caution and al; ;lip industry which cir.
cumetances seemed to require.

Colonel STANitokuc;iotlmoiwielmGldorriesittne:
end
HAohltienia, 4csr.e'lli,gf'y.
,
xktehr?iciofirstensmttsilltiottiasaene:hetooonpistvrr:oiettiretibre,ein!chrooorbrellte.ibreoeuot!
wished hi Ow first instance to call their attention to the
hurtl lit
-r:
ag°BtreeerPniltitsithlaetikticPrtlPiePebeeirniet,teahttait:tnt:°wovefieeth them Was joined a Greek,
bTwec
continued to exercise that coutroul until the death Of Lord
tilthil):::::1;:releEr IliwnvgYehrilie;i'tidih'beCeniCnitel°lo44ll 1141°Z elciltlilto4
ilitrown mat
rteNtoepreiriTtn.,ldlitaktiliTlrtoitina:ho,wlvtb.rlery,thbothotrnittieettile:\t4frereseneieeltokiitivdGreotro.lhevvtleiiiiirreennikabitchenietuyt,itphoiptiobtlisseleeerctillNteinitiolyrlintitiiii
and in con till"'T6y
were bath
bborotiltieu t
taoute k
el
illi
With the siltt,irilillitow:h
theywitended : and it
should he recollected thatro ritahte trt e s a n , from the.
atese:u:neoet could not,
fur a considerable time, exercise
that controul over the
money sent from England
first, the power of app
themsvlves but e Ing
'any part of the funds
I merely' 11 "MtrO 11 t . "
t I o a ctlrtom micas