Star.
London, England, 1826-10-24 00:00:00

MEETING OF GREEK BOND.OWNER&

Yesterday, a bfeeting,of the Greek Bond•ownets was
held at the City of London Tavern, to take into eonsi-
deration the Report of the Committee appointed to en-
quire into the appropriation of the Greek Loan. There
were about 50 persons assembled. Upon-the motion
of Hr. William Clark, Colonel STANHOPZ was called
to the Chair.

The Guzman briefly stated the object of the Meeting, and re-
quested its indulgence while the Secretary read the Report.
• Gentleman objected to the Report that being read in so thin
s Meeting.
Mr. Manes thought the thinness of the Meeting
ought not to be any obstacle to the business of the day,
for a!though they ,were few in number, the eyes of the
Public were upon them.
The objection being overruled;the Report
,was read
by Colonel Jones. It was of great length, and related
that Mr. Ricardo had thrown every difficulty in the
way of the Committee ; whilst on the other side,
Mr. Spaniolacki and Mr. Luriottis had given every
assistance that lay in their power. The Committee
bad, however, been disappointed of that co-opera.
tion, which would have enabled them to sift the
question td` the bottom. The me ins which had been
taken to secure the proper application of the first
loon, had not been resorted to as regarded the second.
There was one Letn which wanted- explanation; that
item regarded the amourt of stock (50001.) standing in
the name of Mr. Orlando, who had now left the country;
and Mr. Luriottis could not give the Committee any
information on this point. This was only as regards
the first and original loan. The second loan was two
millions, and the. Report proceeded to detail fully its
application, as already before the Public. There were a
few items, however, which demanded investigation-
-64,0001. commission allowed to Mr. Ricardo, and 40001.
charged as brokerage upon the bonds. The excuse for
this expenditure was, that n was incurred in carrying on
operations,for the sole purpose of keeping up the prices of
the bonds, or in other woe ds, enabling the Greek Govern.
Meet to get a new loan on more advantageous terms.
'Nis was effected under the entire guidance of the Messrs.
Ricardo. The Depinies had not attended to the advice of
the Committee, who had done all they could to impress
upon them the necessity of having the Bonds placed in
the Bank of England. The Committee also thought
that, sums allowed to various individuals, required
explanation, particularly 1,0001. entered to Mr. Court.
They also objected to the purchase of Stock at 54, when
the value did not equal that sum. The Committee were
desitous of learning why these purchases had not been
made, but did not succeed. There was a sum of 22001.
seqt from Calcutta, but it appeared, that of the sub-
scription, only 1,2001. was.placed to its proper account.
—The Committee had constantly tried to get a pro.
per account of this transaction, but bad not been able.
The most extraordinary and most weighty ezpendie
tore to be looked at, however, was 150,0001. foe build-
ing two small frigates in America, and a demand of
50,0001. more to render them complete for service.--
The Committee could not but express their surprise that
these vessels had not been taken from some Eutopean
port, as repeated offers had been made to the Deputies
to that eff, et, but the offers had been rejected. At last,
however, there was a hope that one of the vessels would
soon be ready for sea, but that object would be gained
only at the expense of sacrificing the other ; but even
then the Committee were by no means sure of being
furnished in time to achieve anything. The Committee
refrained from going into further particulars, lest they
should frustrate the great work with which they had
been entrusted. They were happy to say, that large
sums of money might still be obtained, if a proper con-
troul could be placed over its expenditure. The Com-
mittee were happy to say, there yet remained 20,0004_
in the hands of Messrs. Ricardo. The inquiries of the
Committee had been considerably impeded by the
tardiness and disputes among the Greek Deputies.—
The Report went on farther to state, that Large sums
were still due to the Bond-owners, and Messrs. R'mrdo
had allowed about 75001: out of their commission and
brokerage. The Committee had held numerous meet*
ings in support of their inquiries, which they bad exe-
cuted with great earnestness ; and by so doing bad
exposed themselves to much unmerited obloquy and
Censure. They acknowledged that they bad been ob-
liged to proceed kequently an very imperfect evidence,
but they had been compelled to do so by circumstances.
The Committee then Went on to state, that fonds judi-
ciously applied would do much good, and the hopes

I

c

- .
held out ei emancipation to Greece might still in the
.
end be realized. 2.
The CHAIR N wished' to call the attentidn of the
(h bira ii
Mien to e st.. ' The chief cause of that loan
ski
being ill applie , was the entire want of a proper con-
trol over it at first. Me objected to the sum of 28,0001.
of that loan being placed in the hands of Messrs. Rica&
and Ellice. He deprecated the inattention which had been
paid to the intimations of the Greek Committee, who had
recommended the use of steam vessels and other means
of defence, which would have carried on the war effec- ,
tively. In the other points of mismanagement, he re-
gretted that the Calcutta subscription had been placed
in the hands of the contractors for the second loan. He
had requested Mr. Alexander not to place the money
in the hands of the seconcl contractors without a
proper control ; for, to do so, was only like throwing ,
it into the sea. The mismanagement of the second
loan had arisen from a want of proper control. Another
error arose from Mr. Ricardo insisting that he was a
mere banker, and conducting himself towards the Greeks
as if he had been acting with one of the old Settlements
of Europe ; he had, however, ultimately been compelled
to adopt the course which had been' at first recom-
mended. The first loan had been contracted for at 59,
the second at 5.51 t. thereby occasioning a difference of
upwards of 70,0001. ; three years interest had been
reserved on the first, but only one on the second. On
the first loan only the customary commission was
allowed, en the second loan the Contractors made
purchases, and audited their own accounts There was
a wide difference between the first and second loans;
on the second loan, without including the usual broker-
age, the Ricardos had the interest upon all the cash in
their hands, and a commission upon every sale. By the
first loan, the money was left in the hands of the Con-
tractors ; by the second, Mr. Ricardo gave 7,0001. up
to the Deputies, which was setting up their private
interest in opposition to their duties. In the second
loan no person had been held responsible. He severely
censured the conduct of Mr. Ricardo, and observed that
he had been far from giving satisfaction. When he wax
called upon respecting the loan, he appeared in the
dress of a merchant, and said, " Oh dear, Sir,
I'm only your broker ;" but if he was attacked
upon the naval armament, he instantly appeared clad
in armour, and knocked his assailant down with a
truncheon of authority. He, however, begged to
acquit Mr. Ricardo of intending to injure the cause.
In acting obstinately he bad only erred in judg-
ment, for he (the Chairman) believed him to be as
honourable a man as any in London. With regard
to the naval armament as proposed, nothing could
be better conceived than its plan—nothing worse
than its execution. Surely nothing could have been
more injudicious, when the Greeks were at their last
gasp, than to send a French Colonel of Dragoons from
this maritime place to America. The American ship-
hnilder had been unable to complete his contract.
160,0001. was to be given for, the two vessels he had
before mentioned, at a time when Messrs. Goldsmid
offered two excellent Swedish vessels for 47,0001.
and 100,0001. was thus to be thrown into the sea.
This failure of obtaining the ships arose out of the
mania of expetimentalists. He disagreed with some of
his friends as to the publicity to be given to these
circumstances, as he was of opinion that such a course
as had been pursued was most desirable whilst this Go-
vernment pursued its present principles of neutrality,
though he was far from thinking that Mr. Canning and
the rest of his Majesty's Ministers did not wish well to
the cause of Greece from the bottom of their hearts.—
Amongst other evils which tended to injure the cause,
wis the existence of only one Paper, a Government
Gazette, in the Islands of Greece. Nothing would do I
snore for the Greek cause than the Establishment of a
free press in that country. He concluded by attributing 1
the existing difficulties to the misapplication of the
funds. and he hoped the Resolutions he should have to
submit would meet with the approbation of the Meeting,
though they might not be carried into effect. The
Resolutions were as follow :

Ist—That the Greek Committee be requested to reassemble;
and that application be made to such Committee to take into consi-
deration the necessity to dispatch a naval armament to Greece, and
to adopt measures calculated to secure the defence of Athens,
Napoli di Romania, and Hydra.
2d—That in order to provide for the salvation of Greece, to raise
the value of Greek Scrip, and to secure the future payntent thereon,
it is desirable that Bond-holders should lend to the Greek Govern-
ment one half of the next dividend, amounting to 23,0004
3d—That the Greek Committee be solicited to continue every
exertion to obtain subscriptions in England, in British India, and
from the Foreign Committees.
4th—That the funds obtained for Greece, and the appropriation
of them, be placed under the absolute command of five persons,
who shall be named by the Bond-owners.

Mr. RosERTSON was willing to receive the Report,
though he had been no party at all to the getting of it
up. He had explessed his opinion at the last meeting,
that at the meeting which was this day held, it would
be apparent to whom the blame was justly due; but he
regretted to say, the meeting was yet uninformed
upon the subject. He bad preferred resigning his
seat among the Committee, to lending himself to a
Report to the Bond-holders which should noir be
deemed satisfactory. It was surprising, that the Com-
nsittee should fear publicity. If blame was to be at-
tached to any party, it was certainly to those high sta-
tioned patriots, who had undertaken what they could
not perform. [Mr. Robertson here read several long
letters between the Greek Deputies and some Members
of the original Committee, mutually recriminating
each other, and in which it appeared that the non-
success of Lord Cochrane's expedition was attributed
to the failure of Mr. Galloway's machinery]. He
considered that if the interest of Greece was effec
tually to be auended to, it could not be done but by
Gentlemen who had time to devote to it. He agreed
with the Chairman, that Mr. Ricardo had done nothing
criminal, having only undertaken mote than he could
well do. He thought, in opposition to what had been
frequently said before, that Lord Cochrane could not
return from the expedition with honour• to himself; he
had received the Greek money, and his fame and cha-
racter were at stake. It was not for him to urge as a
reason the non-success of the steam-boats. With re-
spect to the Greeks, they appeared in the dark as much
as ourselves ; for a Commission had come over to this
country (directed to Sir F. Burdett, Spaniolacki, and
others), for the sole purpose of enquiring into their
own accounts. The proceedings at home had been.
equally silly. It was monstrous to send a host of Ca-
valry Officers to fit out an American vessel. We might
with equal propriety have sent a batch of jolly sailors
to regulate a Regiment of Dragoons—(Loud laughter),
• He meant no disrespect to the Hon. Mr. Cochrane, but
he sincerely wished that he had the same spirit and
enterpi ize as his brother.
Mr. MERLE inquired what had been done with the
muskets and other implements of warfare, which bilk'

LONDON.

TUESDAY, OCTOBER 24, 1826.
STOCK EXCHANGE, TWELVE O'CLOCK.

Consols, which left off yesterday at 811 1 for the Account,
opened at the same price this morning, with little doing at present ;
since which they have been done at 811.
In the Foreign market, South American Securities have lowered,
and the chief speculation is in Mexican, which have been done at
611 62, in corsequence of a report that the Five per Cents. is
going to be taken into the Six per Cents.
Current prices: Colombian 381 381, Greek 141 15.
PRICE OF STOCKS AT TWO O'CLOCK:
Bank Stock 202 203
3 per Cent. Red. 80%8 5/,
3 per Cent. Cons. 81% 14
3i per Cent. 88%
Si per:Cent. Rod. 87 % 14 et-div.
4 per Cent. New 973 %
4 per Cent. 1826, 9634 96
Long Ann. 1914 ex-die.
India Stock 21534 246
Do. Bonds 37 59 38 40
£l,OOO Excheq. Kills 24 26
1:500 ditto 24 27
£lOO and £2OO ditto 25 28
Cons. for Account 81% %
EXCHANGES.
Haustracn Orr. 20.—0 n London, 36. 111. 2M. 36. 81.
Basun. 04:e. 17.—0 n London, M. 6. 291.
Luesic, OCT. 16.---On London, 3 M. 6. 171.
Vienna, OM il.—On London, 3 DL 10. 6.
FRENCH FUNDS, Pam, OC2OIIIIIII 21.
Five per Cents. • . . 99f. Sc.
Three per Cents. . . 68f. 30c.
Bank Actions -2042 f. '

Rentes de Naples
Royal Spanish Loan

50c.
. 75f. sc.
. 481 f.

The Londbn Papers of this morning, copying from
those of Hamburgh, state that a signal victory had
been obtained, off Carabournon, by the Greeks, over the,
Turkish fleet, and that the latter had been -obliged to
retreat towards Smyrna. Unfortunately for the cause,
and the friends of Greece, the above statement is al•
together incorrect, as appears by the following letter
received by a most respectable Gentleman in the City,
from his friend at Smyrna.
EXTRACT OF A LETTRR FROM SMYRNA, lIRP-r.

K We cannot learn, with any degree of certainty,
where Lord Cochrane is; in the meantime the Turkish
and Greek fleets have had some skirmishing between
Myteleneand Cape Carabournon on Sunday and Mon-
, clay list, in which two Greek brulots, (some accounts

say three) were destroyed, without doing any mischief
to the Turkish ships, and four Greek brigs of war were
sank, and all the rest were so much ihjuretras to escape
tolpsint with difficulty. The Captain Pacha was not
presene—he remains with a frigate at Fogia. •
" Piracies are still carried on ; the Enchantress, an
English vessel, is arrived this morning in ballast, but
robbed of all the ship's stores, &c.
" We regret to state, that in consequence of plague,
the fruit ships will be obliged to wait a considerable
time, or depart with foul Bills of Health."

An Express from Vienna, received at Berlin on the
18th, repeats, that on the 19th a report prevailed, that
all differences between Russia and the Porte had been
adjusted. If our readers will take the trouble to recur to
our Journal of the 6th inst. they will find it there stated,
on no common authority, that private letters from most
respectable sources asserted, positively, that there was
no likelihood of any rupture between the Turks and
Russians at present.

The Allgemeine Zeitung of the 17th, and other German
Papers, were received this morning. The following are
extracts :

ROME, SMIRKS= 7.

By an edict of his Eminence the Cardinal High
Chamberlain, it is ordered, that whoever shall publish
in the Papal States, by means of the Press or any kind
of engraving, works of science, literature, or art, of
which he is the author, shall have the property of them
for the term of his natural life, and may transmit it to
his heirs for the space of 12 years, in the performance of
certain conditions which are prescribed. This gracious
regulation of the Government bas been received with
transport and gratitude by all the literati and artists.