The Sun.
London, England, 1829-08-05 00:00:00

SPANISH FINANCE.

(From the Madrid Official Gazette of the 19th July.)
Declaration of the Director-General of the Caisse
;I' Amortissenteizt, relative to the bonds contracted
and paid in foreign countries since the restoration of
the legitimate Government in the year 1823 :
OFFICIAL ARTICLE.

GUEBHARD LOAN.
The Regency of the Kingdom contracted, in
1823, with Louis Guebbard, of Paris, a loan of
16,700,000 dollars of nominal capital, divided into
83,500 bonds of 200 dollars each, at s"per cent. in-
terest, redeemable annually at Madrid, by twen-
tieths. The contract was duly sanctioned and ap-
proved by his Majesty on his return to his capital.
The opposition encountered by Mr. Guebhard in
disposing of that loan, did not permit him to rea-
lize the proceeds thereof at the fixed periods.—
After much lapse of time, however, they were all
disposed of, and Spain was put in possession of the
net proceeds.
Up to the present time the interest on the loan
has been paid at Paris quarterly, with the most
exact punctuality ; the payment of a whole half year
even has been anticipated by a considerable time.,
The twentieths have been redeemed with the
same punctuality every year; so that 20,875 bonds
of the loan are withdrawn and cancelled, being ex-
tinguished for the five series due up to the present
time, and which amount to one quarter of the ori-
ginal nominal capital, or 4,175,000 effective dollars.
Moreover, 2,499 bonds of that loan have been
cancelled, partly bought up by the Government at
different periods, and partly absorbed by means of
the voluntary conversion into redeemable rente per-
petuelle, with an increase to the holders of 5 per
cent. on the old capital ; whereby the sum of
499,800 dollars is added to the extinguished capital.
The Royal Treasury, into which the revenues ap-
plicable to the current service are paid, is directed,
as pointed out in the budgets, to effect with the
said revenues the exact and regular payment of the
bonds. of that loan ; and with that punctuality which
it has till nowlmanifested, they will continue to be
paid successively; no doubt can be entertained of
this, inasmuch as it is notorious that the minimum
of its revenues exceeds its annual expenditure; and
that several branches of those revenues will extend
themselves through improvements of which they are
susceptible, and at present in contemplation. •

RENTE PERPETUELLE, 5 per cent., redeemable in
Paris at 1 per cent. per annum.
In the decree of the Caisse Royale of the sinking
fund, of the Bth March, 1824, his Majesty authorized
the Government and the said establishment to raise
by way of loan a nominal capital of 800,000,000 of
reals, which, at the intereat of 5 per cent., form an
annual rente of 2,000,00►0 of Spanish dollars, or
10,000,000 of francs, assigning for the exact pay-
ment of the interest and the periodical absorption of
the capital, 48,000,1)00 of reals, produced by the re-
sources allowed by his Majesty to the royal cause
of the Sinking Fund, which are quite distinct and
separate from the revenue destined to tbe, current
service.

In virtue of that authority, and with those guaran-
tees and securities, the project of the conversion of
the Guebhard Loan was conceived, and those who
were interested received notices to that effect, and
an advantage was offered to them, which, however
reasonable, contributed to the conversion of but a
small portion. The conversion having Teen left at
the option of the persons interested, in the matter,
few applied for it.
The following is a statement of the recites per-
pbtuclles applied up to the present day to the above-
mentioned conversion, and of those which have
been negotiated by the banker, Mr. Aguado, at
Paris,` disposed of in that city, and particularly
on the markets of Holland, Switzerland, and Ger-
many,—

Dollars.
343,000 in 13,460 inscriptions employed for
the conversion of 274
bonds of the thiehhard Look,
and those which wero con.
tracted for and tegotiated
in 1826.

250,000 in 10,095 inscriptinno, contracted for
and negotiated in June,
lE+26.

673,500 in 52,815 inscriptions, contracted for
and negotiated on the Ist of
October, 1828.

Total, 1,266,500, in 76,400 inscriptions of divers sums
(certificates of entry into the great book) which
somewhat exceed the of the 2,000,000 of dollars,
the negotiation for which had been authorized by
his Majesty's'decree of the Bth of March, 1824. It
is to be observed that the 250,000 dollars of rented
negotiated in June, 1828, were exclusively destined
.for the support of the San Carlos bank, by means
of the concession made by the King, and that at
the same time his Majesty assigned for the Sinking
Fund an annual order on the Royal Caissts of
Manilla- in the Philippine ~Uhtnds, to meet that
special engagement.

. . ..
The inscriptions of those renter perpetuelles bear
the signature of the Minister of 'Finance, and of the
Director-General of the sinking fund, in stamp only,
because the occupations of those functionaries did

not permit them to write their own signatures; but
they are legalized by the original signature of one of
the two Spanish Commissioners whom his Majesty
appointed at different periods, for the purpose of
performing that operation with the utmost exact-
ness, and they are inscribed in the great book of the
consolidated debt.

The bonds of the Guebhard Loan, which have
been converted, being of so small importance, the
public need not have been troubled with the notice
thereof; nevertheless, Mr. Aguado took care to
publish the note of the inscriptions of renter perpe-
tuelles which he purchased every day at the Ex-
change of Paris, and which he redeemed through
the medium of the stock-brokers, and he will con-
tinue to act in the same manner. A circumstance
which is worthy of attention is, that there is every
reason to believe that the 4-sths of the whole of
the rente are disposed of out of France, and in the
countries adjacent to it.
It is necessary to remark, for the satisfaction of
those who are interested in Spanish rentes, that the
Government, not content with watching with par-
ticular care the rigorous accomplishment and exact
payment of its bonds in foreign hands, has been for
a long time contemplating new means to enrich the
Sinking Fund, and to strengthen and consolidate its
credit. To such end, it pleased his Majesty to ap.
point, by Royal ordinance of the Ist of September,
1828, a Junta composed of persons who, taking into
consideration the state of the fund, the nature and
extent of its resources and wants, and the import-
ance of an establishment so salutary and useful, will
have to propose new means, whereby to give it all
the extension required by the obligations devolving
upon it, and also others which might be legitimately
laid to its charge. That work will complete the
organization of all the branches of the financial ad-
ministration of the kingdom, which at present en-
gages the attention of the Government in a very
particular manner.
Note of the real amount of the rente perpetuelle
redeemable at Paris, which is to be supplied by the
means assigned by his Majesty to the caisse of the
Sinking Fund :
Total of rentes held in Paris, Holland, Dollars.
Switzerland, and Germany, since the crea-

tion of the Fund

1,266,500

Rentes cancelled up to the 18th of June,

1828

32,750

Net amount of the existing rentes

1,233,7'50

From that amount of rentes are to be deducted
250,000 dollars, the produce of which was exclu-
sively destined to the bank of San Carlos, inasmuch
as by their exact payment his Majesty has made an
annual metallic assignment in the Royal caisses of
Manilla ; also 350,000 dollars rentes, destined to
cover the full amount of English claims, for the
exact payment of which his Majesty has assigned a
part of the increase on the impost on paja y usten-
cilios throughout the kingdom, which, producing
annually 28 millions of reals, 16 millions of which
are applied to the payment of interest and towards
the redemption of the 80 millions of francs provi-
sionally fixed upon with the French Government,
leaving a surplus of 12 annual millions—a sum which
surpasses the amount of those rentes, and the sur-
plus of which is to be applied to the payment of
one per cent. of the sinking fund of all the others.
In deducting, then, these two sums, forming 600,000
dollars, there remains a sum of 633,750 dollars,
being the only rentes which must be provided for
by the sinking fund through its resources. It ap-
pears therefrom that the quantity of rentes not ne-
gociated, which would complete the 2,000,000 of
dollars assigned by his Majesty's decree of the 3d of
March, 1824, amounts to the sum of 1,366,250
dollars.

The engagements of Spain being thus exposed to
light, as well as their actual amount, the guarantees
and resources which are exclusively assigned to each
of them, the punctuality with which the interests
and sinking fund have been provided for since 1823,
can leave no reason to fear the future renewal of the
complaints and ill-founded accusations raised against
the legality and good faith which have been main-
tained. The bearers of Spanish securities may rest
fully assured, that the amounts in their hands will be
punctually and scrupulously ►aid.
Madrid, July 4, 1829. (Signed)

VICTORIANO DE ENCIAIA Y PIEDRA.

We find the following additional remarks in the
Journal du Commerce of last Saturday, relative to
the official documents of the Spanish Treasury :
" These documents give no answer to two ques-
tions which it was important to resolve. Is it true
that the funds employed for the reimbursement of a
part of the capital, and for the payment of the in-
terest on the Guebhard loan, and of the arrears of
the rente perpetuelle, proceed from the last men-
tioned source ? Does the condition of the Spanish
Treasury allow of those payments being made out
of the resources of the country ?
" But the documents are sufficiently significant
relatile to another point. They prove that more
than t 5,000,000 of rent: perpetuelle have been clan-
destinely issued, in virtue of the clandestine decree
of 1824, whilst zealous and culpable agents pub-
licly announced the issue of rentes popetztellcs upon
the authority of a decree of 1825, and as solely des-
tined to replace the bonds of the Royal loan, and
whilst it was declared in the printed inscriptions
that they were delivered conformably to the last
named decree.
" The Spanish Government said to itself—' It is
no longer in our power to effect an ostensible loan,
either in London, Amsterdam, or Paris. We even
find it difficult to keep up, however feebly, the
Royal loan. Let it be announced, then, that the
rules perpetuelles about to be issued are nothing
more than the counter-value of the bonds of the
Royal loan ; let that be ever specified on the in-
scriptions themselves. The public will fancy, that
far from burdening our credit with the weight of a
new debt, we merely take away from circulation an
anerous currency (raleur) to replace it by a more
convenient one. The French Ministry will believe
in the utility of the operation, and will most cer-
ta:oly permit the prices of the new security to be
insertA in the (lours Azdhentique. When once this
is obtaint the business is done.'
" Such is !he perfidious combination which is
now accomplished. The real conversions have only
been made on 274 bon.::‘ of 1,000 francs each; and
yet more than 6,000,000 of :rentes have been issued!
Good care was of comae taken not to acquaint the
pubic with the quantity of bonds of the Royal loan
which were converted, but, on the contrary, to en-
courage them in the belief that the number must
have been very great, inasmuch as the price conti-
nued to rise. This rise was produced by the punc-
tuality observed in the successive reimbursements of
the capital at par, and in the payment of the inte-
rest; and that punctuality was only brought about
by new issues of rentes perpetztellcs. The credit
0( Spain, therefore, instead of being relieved by the
merging of an onerous debt into one of a lighter
kind, is now charged with two debts at the same
time. There remain still about 60 millions (francs)
in bonds of the Royal loan, and there is an addition
of a nominal capital of more than 130 millions in
'vides perpetuelles.
" The result of all this is, that Spain, without
credit to make new dupes, and with a budget, the
income of which does not cover the internal expen-
diture, has bound herself to pay annually to foreign
creditors—

Francs.
3,500,000 fur interest on the Guebhard Loan still in cir-

culation.

4,175,000 for the reimbursement of one•twentirth of
the last loan.
4,000,000 for interest and sinking fund of the French
debt.
6,168,750 for the Rents. Perpetuelles.
1,156,250 fof the sinking fund of the Rent!.

j 9,000,000. Snell is the statement made by the Spanish
Urovernment itselr of its engagements with the
foreign creditor. Now, is it known that these
19,000,000 of francs are equal to more than a tenth
part of its real income, which does not suffice to
cover even the UM; urgent of internal expellees ?

COURSE OF EXCH.
Amsterdam C.l•' 12 51
Ditto, at sight 12 3
Rotterdam 2 U 12 5*
Antwerp 12 5j
Hamburgh 11 B 13 15
Al tons 11 151
Paris, 3 days' sight 25 70
Ditto 9 U '25 90
Bordeaux 25 95
Berliti

Frankfort on Maine, Ex. :'il 152;
I'etersburgh, ruble, 3 Us. 10
Vienna, ettbmive fl. 2 M. 10 9
Trieste d• 10 9
Ma,i rid 36
Cadiz 3614
bilboa
Barcelona 36
Seville 36
Gibraltar 47%

*llll4

burgh and Glasgow in twenty-four hours, and
from other parts of the Empire in proportion:
So much for the march of science.
" Come bright improvement on the car of time,
" An.l rule the spacious world from clime to clime."

The French Papers, in the absence of authentic
news, are amusing their readers with pointed
speculations on the probabilities of what is to
take place in.the East.

Accounts from Bucharest state that Baron
STEFFAN° DE I\IEITANI, banker at the above
city, who had previously furnished the Russian
army with fifty thousand cattle, has recently con-
tracted with the Russian Government to furnish
them with fifteen thousand covered carts, with
two horses each, for the conveyance of baggage
and ammunition for the Russian army.

The particular service is not mentioned, but
it is probably preparatory to the passage of the
Balkan, and the descent into the plains of
Adrianople.

Accounts from New York, of the Bth July,
state that new measures of restriction, or rather
of surveillance, have been adopted at the Custom-
house there, upon the importation of woollen
goods. Upon the arrival of the Silas Richards,
the Custom-house Officers thought proper to
cause the woollen goods imported in her to be
examined, and actually measured by the square-
yard ! They inspected the quality, and decided
upon the valuation, in order to test the integrity
of the invoice. The practice had previously
been only to examine a certain portion of the
packages while the cargo was unlading. But
the present strictness is said to be in consequence
of some complaints being made to the Treasury
Department, that woollen goods were entered
below their actual value. If that were true, the
Americans are justified in seeing that no fraud
is practised upon their revenue ; but, if otherwise,
we think that any vexatious or frivolous scrutiny
is not only impolitic on the part of the Ameri-
cans, but will prove prejudicial to their own in-
terests, by disgusting merchants with sending
their goods to a market where they are subjected
to unnecessary restraints. The above intimation
will, however, be a caution to any merchants who
may in future ship goods to the United States.

Mercantile letters from Odessa have reached
us this morning as late as the 11th of July. The
plague `vas fast diminishing in the Lazaretto.
Several vessels lately arrived from the conquered
ports had been put under separate and distinct
quarantine.

Tobago Papers to the 19th June have reached
us. A new Slave Act has been introduced into
the House of Assembly, by which it was pro-
posed to extend to Slaves the benefit of Trial
by Jury, in cases of a higher nature than mis-
demeanour. This Bill had been read twice, and
ordered to be printed.

THE FUNDS.-(THIS DAY.)

CITY, TWELys o' CLOCK.

Consols opened this morning at the same price

they left off yesterday, 88i / for the Account, and
soon after were done at 88 and 88/ for money.
The market appears firm at present. With regard
to arrivals this morning, we have but few, and most
of them of old dates, except one from Rio Janeiro,
by which accounts are said to be received of the
4th June, bringing the exchange at 25. No political
information.

Accounts from Smyrna, of the 20th of June, men-
tion that the Hellenists are nearly masters of the
ancient Crete, some few strong places excepted,
which are in the hands of the Turks. In the va-
rious desperate engagements which have taken place,
the unfortunate prisoners taken by either party were
immediately put to death,—even the women and
children ; but, fortunately, during this war of exter-
mination the French ships are cruising off the coast,
and the officers snatch the women and children from
the contending parties.
In the Foreign Market scarce a bargain doing at
present; prices, as yet, the same as yesterday. No
tidings to this hour of the arrival of the Hamburg
steamer.

Three per Cent. Consols, for August Account, 681 j;
Three per Cent. Reduced, s9a ; Three and a half per
Cent. Reduced, 981 i; Four per Cent., 1021 b ; Ditto,
1826, 1051 -a; India Stock, 226 - 71; Bank Stock, 213
14; India Bonds, 58 59 ; Exchequer Bills, 75 6.
FoßElGN.—Brazilian, 581 a ; Buenos Ayres, 20 1;
Chilian, 16 17 ; Colombian, 151 161; Danish, 691 a;
Greek, 12 13; Mexican, 171181; Peruvian, 101 111;
Portuguese, 441; Russian, 1001 a ; Spanish, 8/ ;
Brazil Mines, 69 71.

TWO 0' CLOCK
We have been exceedingly dull during the morn-
ng, for want of some information to cause an energy
n the Consol Market. Consols have continued
firm after the opening price, which was 88t to
SBi to the present time, with scarce any busiuess
doing.
The Foreign Market is very languid, nothing doing
except in Bonds,which have a little improved. By the
information received from Rio Janeiro by a ship ar-
rived at Guernsey, it appears that unfavourable ac-
counts have been received of the Brazil Mines,
which have only produced in eight days 841 b. of
gold, which is a falling off since the last accounts.
Brazil, 581 ¢ ; Portuguese, 441; Russian, 1001 4 ;
Mexican, 174 181.
THREE O' CL CK.
Consols for Account, 88 :1.