The Sun.
London, England, 1842-12-24 00:00:00

MONEY MARKET and CITY NEWS.
FROM THE MORNING PAPERS OP THIS DAY.
CITY, FRIDAY EVENING.
TIMES.—One step has been taken towards the
enforcement of claims against the Peruvian Govern-
ment, which does not seem to he generally known.
Mr. Caldcleugh, lately agent for the Chilian creditors,
has, it appears, tendered his services to the Committee
of Spanish American Bondholders, and has offered to
repair to Lima. It is said that the Committee are
anxious to avail themselves of his services, but that a
question as to the mode of remuneration prevents the
arrangement from being concluded.
A correspondent, adverting to the fact as noted in
the printed share lists of dividends amounting to 171
per cent., and recently to 20 per cent., per annum
being paid on the shares of a banking company in the
west of England, desires the question to go torth to
the public if such a rate of profit can really be made
on the transaction of regular banking business ? It
is incumbent, however, on the shareholders, more
particularly of the ball in question, to probe this
matter thoroughly, since a great portion of the loss
and ruin brought on by such investments has arisen
from their sitting down quietly without inquiry, and
from even taking the large amount of dividend as an
assurance that all was right. The notorious Biddle,
in his management of the United States Bank, was
enabled to cover half his delinquencies by the regular
payment of a 7 per cent. dividend, which suddenly
dropped to nothing, and the capital itself disappeared
with equal rapidity. Shareholders become clamorous
and inquisitive only when a small dividend, or no di-
vidend at all, is paid—a time when in most cases the
evil is past all remedy. The directly contrary course
of proceeding would be more safe and of far greater
utility.
There were Mauritius papers received to-day to
the 15th of October, which speak of the embarrassed
state of the island, as far as money matters are con.
cerned, and the scarcity of negotiable bills for remit-
tances on England. No Treasury bills were offering
in the market, and private bills at 90 days' date, few
in number, were sold at 6to 7 per cent. premium.
The Price Current, on the subject of money accom•
modation, says, "Gold and silver coin is becoming
daily more scarce, the difficulty of procuring bills on
India have caused the recent transmission hence to
Pondicherry of remittances in specie to the amount of
upwards of 100,000 dols." The crop of sugar ap-
pears to be arriving but slowly to market, since but
1,646 bags had been placed at auction. These fetched
prices ranging from 7 dols. 25c. to 8 dols. 5c., ac-
cording to quality. The vessels loading were the
Champion, for London, with 1,567 bags on board ;
the Fleetwood, for the Clyde, with 2,594 bags ; and
the Richard Mount, for Launceston, with 830 bags.
Freights to London, Liverpool, and Bristol, were 3/.
per ton.
The " Sufferer," who unfortunately converted his
Consols into Indiana Stock, blinded no doubt by the
prospect of a high rate of interest, is informed that the
last thing that was heard of the financial operations of
Indiana was the declaration of a Committee of Ways
and Means, that the dividends could not be paid with-
out taxation, with the additional remark that they
should not eel justified in recommending the imposi-
tion of taxes. It is now a long time since this fact
was made public, and it was commented on at its
appearance as a sign of the growing spirit of " re-
pudiation."
As we anticipated from the first, the omission of
all mention of the Treasury bondholders in Senor
Calatrava's financial exposition has awakened the
indignation of that most ill-used class of creditors,
who had every reason to believe when they took
that special description of securities called " Treasury
bonds," that they were receiving an actual equiva-
lent for specie, which was in fact paid to the
domestic creditors at the time of the issue. That
Senor Borrajo's offer to treat the Treasury bonds as
coupons, and admit them into the general conversion
of arrears of interest into the New Three per Cents.,
was highly displeasing to the holders, is well known.
They not only saw that there was something contrary
to reason in a demand to consider a document bearing
5 per cent. interest in the same light as a coupon
which bears no interest at all, but had strong doubts
even of the legality of the proceeding, conceiving that
an agent who was authorised to convert arrears had
not a right to cancel one description of Stock and
issue another in its place by virtue of such authority.
In their opposition to these acts of the Spanish agent
they were encouraged by the hope that some plan for
their especial benefit would be brought forward by
Senor Calatrava, and hence when his declaration made
its appearance their disappointment was extreme.
Already are they taking steps to remind both the
British and Spanish Governments of the nature of
their claims, and the following letters have been ad-
dressed by the Chairman of their Committee to Lord
Aberdeen and Senor Calatrava :
" TO THE RIGHT HON. THE EARL OF ABERDEEN.
"My Lord,—All your Lordship's kind solicitude
and valuable exertions and remonstrances in favour
of the holders of Spanish Treasury Bonds are, I la-
ment to state, up to this date wholly unproductive of
the result your Lordship had reason to expect, and
the said holders with so much sanguine confidence an-
ticipated.
" Senor Calatrava, in his financial exposition to
the Cortes a few weeks 'since, abstained from making
even a passing allusion to the dishonoured bonds in
question, and more recently an advertisement has ap-
peared in the London journals, declaring a fourth
dividend payable on newly created 3 per Cent. Bonds
formed by the capitalisation of a certain amount of
interest on irredeemable stock accrued up to the end
of 1840, but in which advertisement an equal silence
is observed with reference to the studiously over-
looked Treasury bills due in 1837, and actually ad-
vertised for payment, as the dividend on the new 3
per Cent. Stock is advertised now, with the difference,
so worthy of being borne in mind, that the advertise-
ment touching the Treasury bills had the name of the
Spanish Ambassador attached to it, while the other
has but that of an inferior agent.
" I should be led again into the expression of very
loud complaint at this unheard of treatment, but I
fear I shall intrude too much on your Lordship's
valuable time even by requesting, at your Lordship's
leisure, the perusal of the accompanying documents.
My Lord, if it is the intention of Senor Calatrava, of
General Sancho, and of the Spanish authorities to re-
pudiate both the sacred securities created in 1836,
and the solemn decrees under which they were created,
in God's name let them do so at once openly. This
act of bad faith, so atrocious would it be, and so un-
exampled, I believe they dare not for shame openly
avow; but let them then either pay forthwith, or re-
pudiate and put an end to the disgraceful, tantalizing
system of promising eternally, but without making
any approach whatever to actual performance.
Our Treasury Bonds, which were at 70 per cent.
in 1837, and no interest overdue, are now, my Lord,
worth only about 201. per cent., and unsaleable. This
including, as it does, 301. for six years' interest, gives
about 14 per cent. for that which cost myself and
others (the victims of Spanish duplicity and of the
misrepresentations of an ambassador) between 601.
and 701. per cent. in 1837. hope your Lordship,
if you cannot obtain redress, will not simply require,
but command and order the Spanish authorities here
in London to desist from such barefaced deceptions,
and write for peremptory orders at once either to pay
or repudiate the claims.
''The letter, addressed to Senor Calatrava, of which
duplicates accompany this, I beg may be presented to
him by the English Ambassador at Madrid. Your
Lordship will see how and in what manner his pro-
mises to Mr. Aston have been fulfilled. Begging to
offer an apology for these continued intrusions, and
lamenting as I do most profoundly their necessity,
" I have the honour to -remain, my Lord,
" Your Lordship's most obedient humble servant,
"JOSEPH TASKER, Chairman.
" Committee-rooms, 3, York-buildings,
" New-road, Dec. 20."
" TO HIS EXCELLENCY SENOR CALATRAVA.
" Excellent Sir—Your communication upon the
subject of the Spanish Treasury Bonds, made last
September, led many persons to believe that some
speedy measures of relief were proposed. To make
you acquainted with the assurances and promises
which had been held out with regard to these claims,
I enclose copies of various decrees of your Govern-
ment, and of various advertisements published by
Count D'Aguilar, which announce payment of both
principal and interest conformably to the decree of
November, 1836, under which we claim. I need not
say that the decree itself, as well as the promises so
made, remain unfulfilled to the present day. To the
astonishment of every one a fourth dividend is ac-
tually announced upon the newly-formed consolida•
tion of coupons of later date, whilst not even
the interest on the Treasury. Bonds, which are a re-
deemable security, is provided for.
" The Treasury Bonds are, of course, a security of
a superior kind, resembling, or intended by the Cortes
and Finance Minister to resemble, securities circu-
lating here under the name of Exchequer bills. The
neglect of the Spanish Treasury Bonds circulating
(for a large part have been paid off at par, as is well
known), so contrary to the spirit of the decree of
1836, and so opposed to the Ambassador's notice of
payment of 1837, has the effect of destroying their
value completely, and, in short, amounts to and ope •
rates with all the disastrous influence of an open re-
pudiation both of the claim itself and of the decree
of 1836.
" This cannot surely be your Excellency's inten.
tion ; if it is, however, pray acknowledge it forthwith,
and put an end to suspense and misery.
" Your Excellency's last letter most assuredly led
many persons to anticipate a very contrary treatment.
" Funds you now have in abundance. They were
led by that letter to expect a speedy and satisfactory
settlement of this long protracted question. I ad-
dressed two memorials to the Regent upon the sub-
ject, and again beg the earliest possible arrangement;
this claim is pending since 1836.
" The decree or projet de loi' of Senor Bull was