The Sun.
London, England, 1842-10-12 00:00:00

PORTUGUESE BONDS.

A large meeting of the holders of Portuguese Bonds
was held yesterday at the LoLdon Tavern, to take
into consideration the propriety of converting the pre-
sent Bonds into New Three per Cent. Bonds, to be
issued by the Portuguese Government.
Mr. Richard Thornton took the Chair.
The Secretary having read the advertisement call'
ing the meeting,
The CHAIRMAN rose and said, that on the 30th
September last the Committee of Portuguese Bond-
holders had a meeting at his counting-house ill the!
Old Swan, and the propriety of converting
.their
original bonds was then discussed. As Chairman °I
the Committee he called that meeting together, in
consequence of a letter he had had the honour of re"
ceiving from Baron Moncorvo, containing a decree
which had been promulgated by the Queen of 13°!"
tugal. At that meeting there was considerable ail;
cussion as to the propriety of recommending
Bondholders at large to convert their bonds in conse:
quence of that decree. It was but right to state thab
at that meeting some gentlemen thought right to dis;
sent from that recommendation. He (the Chairman/
thought otherwise, and the majority of that ineetill
were in favour of recommending the conversion :nes
these bonds. He (the Chairman) had great pleasn/e".
meeting them that day, as he felt some explanation Will h
due from him in consequence of his having opposed t 115
conversion upon a former occasion. He wrote to
Excellency Senor Miranda, Minister of Finance fel
Portugal. On the 13th of March, 1841, he informed
him that he was anxious to afford every accom111;
tion in his power as to the time given, but that
Bondholders expected that Portugal would grant nl.e
loans in exchange. His Excellency wrote that as rai
decree had passed into a law he could not complY
his request. He would call upon the Secretary
read that letter.
The Secretary then read the letter, which pledge,.
the Portuguese Government to a metallic currencP"
payment of the interest due on the bonds.
The CHAIRMAN, in continuation, said, they
perceive that by that letter his Excellency s° or
Miranda pledged himself to a metallic currency'''7
was not satisfactory to himself (the Chairman",
cause he stated that life was uncertain, and in 1;10
of this the honourable individual whose letter h' 1
been read was now no more. The tenure of nit
was uncertain, and there were frequent changlso,
Ministry. This letter was not satisfactory to thea
and he advised his friends, many bankers and,_°„a,
capitalists, not to convert their old and original. ,",fa
He would not be doing justice to the late 1‘110'5W... •
of Portugal, which was designated the Septeo
brists, in consequence of their having leo
some alteration in the Charter, which had.shey
granted to that country, if he did not state that
were anxious to do justice to the Bondholders to
_72
utmost of their ability, as much so as those
power. They all knew the character of that al",
lent individual the Duke of Terceira. A more,
nourable man never lived. The Minister of Fuss::'
his Excellency Baron Tojal, was. his (the Ch ho'
man's) intimate and personal friend, and a 1311800
nourable man never lived, or more capable o boa
ducting the financial affairs of any nation. eon
the pleasure .of stating to them, and he had it,841
authority, that a Court had been formed in r°r""tbe"
for the purpose of paying the dividends clue.totot
Bondholders. The money received by that oat
could not otherwise be disposed of.—(Cheem)
was not all; his last letter from Lisbon brollgut
i,ing.s
information, that at that moment there was sit"nai-
Commission for the purpose of reducing the ex13,e41,g.
ture, and bringing it within the revenue of the l'Apja
dom of Portugal. These two facts he stated to 1"700
with great pleasure, as well on their account atito
his own, for he was a holder of eight hundred tia"
sand pounds' worth, and upwards, of bonds, ,4,0
felt that their prospects had never been so brig
they were at present. He thought that,
long, their stock, which was now sellhigiviit
36k, would reach 50, or even 60—that usae
provided the country was blessed with a control the
of peace. Up to this time they had 500_0
Government of one month displaced by the
tom et
He believed, however, that the present Govelll
was firmly established. He was perfectly sate,
with the decree of Moncorvo, although many Srefcable
men saw cause for apprehension. He was aborapti,
advocate of their cause, but he left no stone unto
for in forwarding the interest of the Bondl3°o` drest.
he felt that he was only forwarding his own.tlia
In what he had done he had not comproln7;o, 'tb
smallest Bondholder; he had fought their bat'
the best of his ability, but he took no credit
soli
self, self, and he hoped they would pass the 1
agreeing to the conversion of the bonds unann°ll
Captain BRITTON said he differed fr°ll,:iiOt
Thornton altogether. He thought they w.,el
called upon to make the- sacrifice propos-II:go
nnitiscool=digc4nlgleise=o;
proposed change were' made be believed that °„"i
lle
1,0001. of stock there would be a loss of 1"" t tip
therefore believed that this scheme had been erhire
for fraudulent purposes.—(Disapprobation.)
hat
were few who thought with him there that dap_
he had a letter from a gentleman who had becoonliis
squatter in New South Wales in consequence.
connection with these bonds, and he would rfa_"let..
The Hon. Gentleman then proceeded to read the
ter, but amidst such general disapprobation thal be
fore its conclusion he desisted, and shutting 1%110
letter he said that as he never, on the part.o_ he
friends, could agree to the proposed convers!;..,-
should at once resign his seat on the Colunn
(He then left the table and the room simultalle°"l,eo,
A BONDHOLDER said, that as they had Oranaimellt
tariff he supposed that the Portuguese Grov..,eottete,
was going to send over some bales of r°":„.idec`
bonds, and he had no objection to the change,
tqhliee question—
dividends IV
the Chairman would satisfactorily wer n" tbit
ans
Gen tlelnit.llll
asshoitupldrobveidpeadidbyintLheonpdreosner Cortes
The CHAIRMAN said that if the Hon. t sue'
had read the decree, he would have found thilogsible
was the fact. He would reply as shortly as Pa that
to the argument of Capt. Britton. He believ.en sae
had it not been for revolution after revolutil, there
ceeding each other, instigated by Don Aliglleocl the
would not be one penny of interest in arrears,ohitioas
16s. sd. in arrears he attributed to the reiv otrol°
which succeeded each other, and their o's
effects upon the commerce of that countrdic.h he
now they had got a Government w stOhifl
firmly believed to be stable, not only o iclers/'
ali Ito
but one that would do them (the Bon- „t des% ,
justice. He (the Chairman) had had a gre"-tatirig;
do with Portugal, and he never found them %/ secoo"
and if the meeting would indulge him but a what
he would give them substantial proof of it. itobie
was the empire of the Brazils ? Although
tants of the Brazils were called Brazilian,
entirely Portuguese. Had not the Brazinporeir
them thousands, and hundreds of thousands ? -"jetis4
was anxious to do likewise. Portugal v00,,.°°„ VaOIP,
do this, and, by converting their bonds, ttl.
get an addition to their dividend of Bs. to tb
which would make their dividends nearly ecrlbid
il
ea
of the Three per Cent Consols.—(Cheers.) hteo.he
suppose that he would not take that ?—(1-4114'
cheers.) Not only that, these dividends the rciddr.
payable in London, and he felt satisfied thet th'it
tuguese Government never meant anything eofota
that. He would be very glad if Spain wilie witZi
the honourable example of Portugal; but „a float
to be distinctly understood that he was 11-doubt 'fr..,
fault with Spain, for he had not theslightetust her. 4 $
they would have paid their liabilities, but tat vs
venues had been destroyed by a corrupt. (~°,lO
rapacious clergy. He was glad that he e.up,Se!ts,
them some satisfactory information respect; 1103*19„,r
for he could say that Espartero was extrenlegs 2017,
to do them justice. When he advanced 00°0
in the Spanish Bonds, he did not consider hseitited , ,e 4
tion, although he did expect to befigreualeioasseciot
some future time. But if Don 1N
him to advance money, he would not haire ll Gone
011 st reletr
any price.—(Cheers.) When that loan we. 9io
some of the best suns of Portugal were in red tco :to
in a state of destitution. They were obliggreotao
their families, their properties, and their n' Afifer;
save their lives from that modern Nero LIPr to 1114
He repeated that he had done all in his P°,,vv:pma
ther the interests of the Bondholders, and the 5°
two or three clerks to answer applications 01',itholiL
ject from different parts of the countrY...4;catelti'l,
they might have had a more efficient 'no Oltecl
would say that they could not have had a t tittea
fill or zealous one.—(Cheers.) He had pot likees
to convert his bonds without first conll ibiohloo
honest English merchant, and as a man %don. ~..
before the Bondholders to state his deterinwe Govelat
felt the utmost confidence in the Portuguese to felt
ment. He had advanced his money to /31_4 he‘),,A.
country a Constitutional Government, a," iss.lr,
that in two years time, that in addition to 111°-r fa
per cent., they would have half perN.c.e"h n
He left with confidence the resolutions
to propose in the hands of the meeting, oonn"c laded w.l
1-. c
they would be cordially agreed to.
ra '. the
moving the following resolutions : e.,plante
" That in consequence of the satisfactory in.
.4
tion male, and the solemn guarantee ate the 511`0
t
decree of the Portuguese Government, „ay 1.5
onto, s.
6.to,tntto
dofivi.idtetnigdussats last,they tboe
ccoomnet i nduuee hif,uol,ll3d.'
iu 'to
meeting do now withdraw all further . oPrconforu.i.!oJ,
the conversion of Portuguese Stock, I,i,' estv's ,
with the decree of her Most, Faithful inikireea to
lia
vernment, and that such conversion is ng
;„,„
be
cordingly.
" Resolved, That a copy
transmitted to the Committee of the Sto.Fl‘-',A,,,,nri
with a request that the new convertqt..._ ton '!0
be permitted to be marked in the official
thanks be tendered for the support ano_i'ved frog'
which the Portuguese Committee have reu'
of this Iti.e3l,o7,lxuctian-