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SOVEREIGN 
 
 AND 
 
 QUASI-SOVEREIGN STATES: 
 
 THEIR DEBTS TO 
 
 FOREIGIV COUNTRIES. 
 
 BT 
 
 HYDE CLAKKE, V.P.S.S. 
 
 lUjjrii^txl fmm the JoDRNAL OF THK Sx^TIBTlCAL SooA^^,^^ 
 
 June, 1878. // ; *' ' ^ 
 
 ^NIVEESITY' 
 
 SECOND EDITION. 
 
 ^-^^POB,^ 
 
 LONDON : 
 EFFINGHAM WILSON, ROYAL EXCHANGE. 
 
 1879. 
 
^'\ 
 
 K^ 
 
 3t^(r1i 
 
 V 
 
On the Debts of Sovereign and Quasi-Sovereign States, Owing 
 by Foreign Countries. By Hyde Clarke, V.P.S.S. 
 
 [Read before the Statistical Society, 16th April, 1878*.] 
 
 CONTENTS : 
 
 PAGE 
 
 I. — History of the Foreign 
 Loan Markets, Jews, 
 Lombards, Antwerp, 
 
 Amsterdam, Paris 1 
 
 II. — London as an International 
 
 Money Market 6 
 
 III. — Amount of holding in 
 
 Foreign Loans 9 
 
 IV.— iMues of Foreign Loans in 
 London from 1794 to 
 
 1878: Table 15 
 
 V. — Principles of Home and 
 Foreign Investment ; 
 Amounts Invested 
 1872-76 21 
 
 VI. — Do Foreign Investments in 
 Loans promote thrift or 
 extravagance ? Effect on 
 the country 26 
 
 VII. — Amount of • Loans in 
 Default, 1878, and Esti- 
 mate of Default 31 
 
 VIII. — International Law and 
 Proceilure against Sove- 
 reig^n Debtors 33 
 
 IX. — Division of National 
 Debts among Conquered 
 States: Cases 10 
 
 I. 
 
 It is amidst the growth of many States, and the wonderful develop- 
 ment of the world, in America, on the Pacific, in Africa, and in 
 Australia, that a vast extension of commerce has been seen. 
 Among other things, large loan operations have been engaged in 
 with various Governments, in which all the saving classes of 
 England, France, Holland and Germany, have taken part. Means 
 have thus been found for the constniction of railways and public 
 works, in the United States, Mexico, Cuba, Peru, Chile, the 
 Argentine States, Russia, Roumania, Turkey, Egypt, Java, China, 
 and Japan. The permanent advancement of prosperity throughout 
 the world has been promoted, accompanied by an enormous increase 
 of production, and the opening of many markets for the consumption 
 of manufactures. 
 
 At the early period after the formation of the European States, 
 loans were made to kings and princes by the Jews, on a system of 
 copartnership lately termed syndicate. At a later period, these 
 loans were made by the Lombard and Italian money-dealers, and 
 the descendant of a Florentine banker, Peruzzi, still claims a 
 principal sum, repudiated by one of the Edwards, and the compound 
 interest upon it. 
 
2 Hyde Claeke — On the Belts of Sovereign and 
 
 Among other operations, the Greshams, nnder the title of the 
 king's exchanger, appear to have been engaged in raising temporary 
 loans at Antwerp, and its allied bourses. As late as 1800 United 
 States dividends were paid at Antwerp, and there is still a small 
 foreign bourse, but supplanted by Brussels. 
 
 The merchants of the Hanse Towns and Low Countries had 
 already been engaged in these operations in succession to the 
 Italians, when the independance of Holland concentrated them in 
 that country, which likewise became a refuge for the Jews driven 
 out of Spain. 
 
 The accession of William of Orange to the throne of England, 
 by putting a stop to the naval rivalry, brought England again into 
 its old and close relation with Holland, and on the establishment of 
 the funding system here, the Hollanders took a large part in our 
 consolidated debt, bank stock, and in India stocks. 
 
 All through the last century, Holland was the great centre for 
 the trade in foreign loans, one means by which that country was 
 much enriched. In 1778, Holland was reputed to hold 62,000,000/. 
 in the stocks of France, England, &c., bat this is doubtful. 
 McCulloch in his " Taxation," p. 412, is wrong in his deductions 
 from this as to the position of Holland, for the people of Holland 
 continued to accumulate capital down to the French Revolution, 
 but other countries grew more rapidly in population and production. 
 The French Revolution, attended by wide repudiation, to a great 
 degree destroyed this branch of accumulated capital, and the yoke 
 of the Empire still further impoverished Holland. At the Great 
 Peace, Holland was restored, but it was no longer in the same 
 relative position, England in particular having largely grown. 
 
 One class of operations of which we have an account, is for the 
 then new United States, for which Holland was for some time the 
 money market, and where United States railway bonds are still 
 placed in conjunction with Frankfort. 
 
 During the war the United States borrowed in Holland at 4 per 
 cent., under the guarantee of the French court, 400,000/. This 
 serves to show how moderate the rate of interest then was, and how 
 the credit of France stood. 
 
 Besides this loan before 1790 the United States had borrowed in 
 Holland : — 
 
 £ 
 
 First loan, 5 per cent 440,000 
 
 Second „ 4 „ 200,000 
 
 Third „ 5 „ 100,000 
 
 Fourth „ 4 „ 100,000 
 
 It will be seen that the United States also had a good credit, 
 and they upheld their engagements in Holland, although their 
 
Quasi- Sovereign States, Owing hy Foreign Countries, 3 
 
 finances were mnch embarrassed. In 1800 the foreign debt of the 
 United States of which the dividends were payable at Amsterdam 
 and Antwerp, was $10,000,000 (2,000,000/.) 
 
 The last United States instalment on the Dutch debt was due in 
 1809. 
 
 It may here be well to state that the Hollanders maintained their 
 own integrity. While under the yoke of the French King, Louis 
 Bonaparte, he reduced the debt of Holland to one third. On the 
 Prince of Orange becoming king in 1814, one of the first acts was 
 to restore the debt to its integral amount, although the Hollanders 
 were not in a state to meet the whole interest. 
 
 Holland still took part after the peace in foreign loans, 
 particularly under the auspices of the Hopes, and the thrift and 
 enterprise of its men and women, have furnished large means for 
 such investments to the present day, but it has been in subordina- 
 tion to England. One cause has been, that the individual loans 
 have been beyond the compass of the market of Holland; and 
 another, that the business of Frankfort and Hamburgh was 
 carried on directly with London or Paris. 
 
 Paris too became a rival in this branch of enterprise to Holland. 
 After the revolution of July, Paris became a resort for the wealthy, 
 not only as a city of pleasure, but as a refuge from the revolutions 
 of Europe and the Spanish-American continent. It has been at 
 times a capital of the Spanish-American race beyond Madrid. 
 Habits of speculation, accompanying those of work, led the French 
 middle class to afford means for such operations, and the more so 
 as the solid advance of France reduced the home returns on money. 
 Thus small loans could be placed on easier terms in Paris than in 
 London, and Paris was always available to take a portion of a 
 large loan. Paris too became the first stage in the advance of the 
 German- Jewish money operators, who in time competed with the old 
 financial houses, and launched schemes of a character most disastrous 
 to the victims. In this again they were assisted by the formation of 
 large institutions in France, nominally for banking, but in reality 
 engaged in gigantic speculations in association with their directors. 
 
 It may not bo out of place to say some words as to the Paris 
 market. Under the first Napoleon it supplied large funds for the 
 Empire. 
 
 An operation recorded of that time, is that in 1811, the King of 
 Saxony negociated there a loan of 12,000,000 frs. (480,000/.) on 
 account of the Grand Duchy of Warsaw, on the security of the salt 
 mines of Wolisla. He appears to have placed about 280,000/. 
 
 On the restoration, the Paris market became quite prostrate, and 
 could not find money for local purposes. 
 
 On the 18th February, 1817, a contract was concluded by the 
 
 b2 
 
4 Hyde Clarke — On the Debts of Sovereign and 
 
 Frencli Government with the houses of Baring and Hope, for the 
 sale of 400,oooZ. 5 per cent, rentes at the gross price of 55. On 
 the 11th March a second agreement was made for 345,200?. on the 
 same terms, and afterwards a third agreement with the two houses 
 and with two French banks, for the sale of 360,000/. at 64 per 
 cent. 
 
 The commission on these transactions was 534,200/. at 2 J per 
 cent., which came chiefly to the Barings and Hopes (Bernard Cohen, 
 " Compendium of Finance," 1822, p. 11, and Wellington's Supple- 
 mentary Despatches). 
 
 On the 9th August, 1821, tenders were opened at Paris for 
 500,000/. rentes 5 per cent. The houses that tendered were 
 
 Delessert and Hobtinguei* 85*55 
 
 Sartoris and GrefPulhe 84-60 
 
 Rothschild and Laffitte 84*25 
 
 Eicardo and Groves 84*02^ 
 
 (Bernard Cohen, "Compendium," Appendix, p. 89). 
 
 This shows well enough the nature of such operations, and what 
 large resources they furnish for the houses engaged in them. 
 
 By 1820 Paris had so far rallied that the house of Ardoin in 
 conjunction with Hubbard, engaged in the series of Spanish loan 
 operations. The Paris house of the Rothschilds placed its loans 
 almost exclusively on the Paris market. 
 
 Brussels may be regarded as a dependency on Paris and Frank- 
 fort is closely in connection wdth it. 
 
 Coming to England, we find that during the great war, the 
 Stock Exchange was largely occupied with new English loans of 
 all denominations, omnium, scrip, lottery tickets, long annuities, 
 short annuities. One form of aiding foreign States was by loans, 
 commonly guaranteed by England. 
 
 On the peace, some foreign loans were issued for the adjustment 
 of obligations, but it was the establishment of South American 
 independence which led to the formation of numerous loans. It 
 was the influence of Mr. Canning which largely affected the 
 country. Great hopes were raised of the results to be obtained 
 from enterprise in the countries of gold and silver, such as arose 
 afterwards on the opening up of California and Australia. The 
 results, indeed, ultimately proved great and remunerative. 
 
 The loans for Mexico, Central America, Colombia, and Buenos 
 Ayres, as weU as for Greece, were at a very early period repudiated. 
 It was very easy to call a country a republic, but it was difficult to 
 create citizens, and none the less so to constitute statesmen and 
 administrators. Speedily the countries were the prey of political 
 distractions and civil war. The money subscribed by the investors 
 
Quasi' Sovereign States, Giving hij Foreign Countries. 5 
 
 in England and Holland seldom got into the hands of the Govern- 
 ments. The loans were manipulated by the secondary mercantile 
 houses contracting them, and at the most some military stores or 
 ships reached the nominal borrowers. 
 
 The social misery produced by these defaults was great, for 
 many families attracted by the high interest imperilled the greater 
 part of their fortunes. Since then, although individuals have 
 committed the same error of putting too many eggs into one 
 basket, the main body of investors in England, Holland, and 
 France, appear to have adopted the practice of distributing their 
 risks. 
 
 So far as the general English public were concerned, the foreign . 
 loans of 1822-25 were a warning and a deterrent for some years, 
 but other circumstances tended to make London a great money 
 market. The revolutions following that of July, 1830, in France, 
 drove many of the nobles and traders to look more to this country 
 as a place of shelter for their wealth, nor was this effect lessened 
 by the energy and prosperity which followed those events. Tlie 
 emancipation of industry attendant on the reform administration in 
 this country gave a greater impulse to our own operations, and 
 strengthened the general spirit of enterprise, and forgetfulness of 
 the old repudiatory tendencies of our American correspondents, 
 and the manifold material progress of our kinsmen, rendered it 
 possible again to appeal for funds for various loans and under- 
 takings. 
 
 II. 
 
 Thus for the last half-century this country has become the 
 chief centre for foreign loans. This is not on the vulgar faith that 
 John Bull's enormous wealth enables him to supply money to all 
 foreigners, but because this has become the great centre for lending 
 the money of foreigners to foreigners, as Holland formerly was. 
 
 One chief element of this condition, is the peace and the 
 attendant political stability of England, a« compared with the 
 cotmtries of the continent. The great material prosperity of 
 Europe until the late crisis does not diminish this influence, but 
 provides further funds for its maintenance. The greater a market 
 the greater it must under the same circumstances become. 
 
 London is consequently, notwithstanding the attractions of 
 Paris, the chief seat of the money-dealing houses, and the greater 
 facility of the naturalisation laws, the emancipation of the Jews, 
 the power of purchasing lands, the non-existence of a close nobility, 
 the absence of social obstacles, all tend to encourage the residence 
 of those, whom a disagreeable climate and the want of Parisian 
 attractions might deter. 
 
6 Hyde Clarke — On the Debts of Sovereign and 
 
 The reception on the continent of the pound sterling in gold as 
 a fixed standard has very much to do with the preference of 
 London as a seat of financial operations. The attempts to place 
 other countries on the same footing as England by the demonetisa- 
 tion of silver in Germany, France, &c., have not been attended with 
 a feeling of assurance as compared with England. There is also no 
 fear abroad of the displacement of the pound sterling by a paper 
 currency, which has played so disastrous a part in many countries. 
 
 While England was still regarded with respect on the con- 
 tinent as a power able and willing to maintain her own rights, there 
 was always a belief that any undertaking under the English name 
 was safe. Although this belief is diminished so far as the English 
 Government is concerned, there is a feeling in favour of an 
 English status for international loans on other grounds. 
 
 In Paris the Bourse is a dependency of the ministry, attended 
 by a commissary of police, and requiring the fiat of the minister 
 for the resolutions of its committee. Elsewhere the bourses, 
 except at Amsterdam, cannot rely on freedom from adminis- 
 trative intervention. In Paris and other places the restrictions 
 of the police on political meetings, constitute an impediment in 
 the holding of assemblies of aggrieved bondholders, and interfere 
 with organisation. The newspapers not being provided with short- 
 hand writera, give no adequate report of the proceedings. In 
 London the powerful daily papers (the " Times " not allowing 
 political topics to prevent the discharge of such a duty), and the 
 financial papers give more space to such proceedings than a 
 Parisian journal does to those of its legislature. 
 
 The Stock Exchange in London, being free from administrative 
 intervention, is able to act with effect. When in 1868 the 
 Austrian Government made an arbitrary conversion of the two 
 Anglo- Austrian loans of the Messrs. Rothschild, and of a Franco- 
 Austrian loan, the Council of Foreign Bondholders was able to 
 obtain from the Stock Exchange the removal from the ofiicial list 
 of all Austrian securities as a penalty in 1869. The French 
 ambassador was pretending to make the most violent representa- 
 tions at Vienna, and the Syndicate of the French Bourse were 
 allowed to proceed with the case of grievance ; but when they 
 passed the like resolution as the Stock Exchange, the whole matter 
 came to an end. The minister did not give his signature, and the 
 resolution was abortive. It was supposed that the Emperor 
 Napoleon had used this affair as a part of his system of concessions 
 to the court of Austria to engage them in the French alliance, and 
 the interests of holders of French bonds were consequently 
 abandoned. 
 
 England having taken the chief hand in ocean steam navigation, 
 
Quasi- Sovereign States, Owing by Foreign Countries. 7 
 
 it became the main seat of the gold and silver market, and the 
 extended use of gold has favoured this tendency, notwitnstanding 
 that French subsidised steamers now compete with ours n tne East 
 and the West. The bullion is, however, largely imported on foreign 
 account, and passes of course to the continent, which gives rise to 
 ill-founded comments and statistics as to gold leaving us or being 
 taken for the continent. The small French, Genoese, and Catalan 
 shopkeepers of South America, as they cannot ship produce, prac- 
 tically ship bullion, which in the end has other destinations than 
 London. The operations of London as a bullion market, have a 
 further tendency to give it supremacy as a money market. This is 
 also favoured by exchange on London being preferred by bill pur- 
 chasers abroad to exchange on Amsterdam, Hamburgh, or even on 
 Paris. 
 
 London has, in fact, such advantages as a market, that in cases 
 where the loan is really a foreign one,* and taken up on foreign 
 account, it has been found worth while to pay an English house a 
 very large commission to lend its name for the issue. This was so 
 with an Hungarian loan which had been taken by a German 
 syndicate, and which, by being made of London issue, became 
 worth 2 per cent. more. Other cases of this kind have occurred 
 when an enormous price has been paid for the loan of a London 
 name, ten times more than would have been given for an ordinary 
 commercial transaction. In most instances, parties who have 
 received such commission, have bitterly regretted it. One of the 
 largest houses was offered 80,000/. for lending its name to a loan, 
 which was all subscribed, and on which there could be no apparent 
 risk. 
 
 Such practices of using names have been consequent on what is 
 called the " syndicate " system. The name is new, but the practice 
 has always subsisted ; but, in reality it is now applied under such 
 circumstances as to bring about some new results. The practice 
 was in Holland, and in this country, to form combinations of 
 houses for a loan transaction. Then each house applied to friends 
 and customers to co-operate, dividing conmiissions with such sub- 
 scribers. Such was the case in competitions for English loans in 
 the beginning of this century between the Goldsmids and the 
 Barings. The great houses continued this practice of making a 
 list for a new loan, and giving their customers the opportunity 
 of becoming original subscribers. The consequence was, that the 
 Barings or Bothschilds were, by the very nature of circumstances, 
 bound to stand by their friends and customers. 
 
 It will be seen that the old lists were formed of investors 
 customarily associated with a firm of standing and reputation. 
 The later syndicates consisted of capitalists and speculators all over 
 
8 Hyde Claeke — On the Debts of Sovereign and 
 
 Europe, -wliose object was to pay no money, and make the largest 
 amount of profit by every means. The chief of the operators was 
 possibly not in a position to bring out the loan, even if the publi- 
 cation of his name would not have been a sufficient warning to the 
 public to have nothing to do with it. Hence originated the practice 
 of getting a mercantile house to issue a loan for a commission, as 
 they would have carried on the shipment of produce, its assurance or 
 any commercial transaction. 
 
 While the old financial firms called themselves contractors for 
 the loan, the firms acting on commissions styled themselves agents, 
 and scrupulously professed to be no more, and to be acting only on 
 the account of others. The public did not know the difference, but 
 when the early default took place, the bondholder on application 
 was told that the house were only agents on behalf of someone in 
 Frankfort or elsewhere, and that they had had no original con- 
 nection with the loan, knew nothing of the country for which it 
 was raised, had no influence there, and left to others to exert 
 themselves for the fulfilment of the conditions. 
 
 Whereas formerly only a few houses of stability were engaged 
 in loan transactions : of late, all kinds of persons have been so 
 occupied, not to the public benefit. 
 
 A circumstance which has favoured the issue of foreign loans in 
 London, as compared with other markets, consists in the facilities 
 offered by the London Stock Exchange, and the lax administration 
 of the criminal law. While the Stock Exchange has justly earned 
 the confidence of continental investors by its severity on foreign 
 governments guilty of breach of engagements, it has afforded 
 facility and even countenance to the operations of adventurers. 
 The unchecked freedom of transactions is seldom surpassed in any 
 foreign market, but the constitution of the London Stock Exchange 
 as a close market has enabled its committee to give currency to loan 
 transactions supposed to have been examined and approved. The 
 representations made to the committee as to amounts subscribed, 
 are now known not to have been always well founded, and its 
 machinery has consequently been applied to cover fraud. 
 
 These facts were too well known to persons on the continent, 
 and the absence of a public prosecutor, or rather the non-execution 
 of his functions as such by the Attorney- General and Lord Advo- 
 cate, gave this country the preference for the issue of any schemes. 
 Even in Paris, lax as was the administration of the Empire, the 
 authors of one of the defaulting loans were placed in custody. 
 
 Unfortunately all the loans issued in London were not raised for 
 reproductive purposes, or under honest agency. This class of 
 business attracted the attention of a set of unscrupulous prac- 
 titioners who found London and Paris convenient centres for 
 
Quad- Sovereign States^ Owing hj Foreign Countries. 9 
 
 action, and whose proceedings in some instances were nothing 
 bnt swindling. The fair conduct of those governments, which 
 had raised loans through the great houses of the Barings and 
 Rothschilds, or other respectable mercantile agencies, had induced 
 many to place their money with advantage in foreign loans. 
 
 The new competitors for this business also assumed an English 
 garb ; abroad they passed as English bankers and merchants ; in 
 reckless scheming, they were abetted by unprincipled adventurers 
 from the United States. Agents of the so-called London houses 
 offered enormous bribes to the presidents and officials of the South 
 American States, and to the ministers of European Powers, to 
 grant railway contracts or to issue loans. The looseness and 
 corruption of the imperial regime in France, and the indifference of 
 the English police authorities, allowed nefarious frauds, by persons 
 of criminal antecedents, to pass unchallenged. Thus the materials 
 were laid for a scene of unparalleled disaster, which is most inade- 
 quately depicted in the report of the House of Commons Committee 
 on Foreign Loans (from the investigations of which Committee 
 several notorious cases were excluded), and which has inflicted not 
 only pecuniary, but moral and even physical distress, on every 
 family of Western Europe which had the industry to secure and the 
 thrift to save. 
 
 Of the extent of this disaster no statistical estimate can be 
 truly formed, figures may be given, but their true bearing at 
 present we do not know. 
 
 The evidence of abuse has no necessary connection with use, nor 
 is it in contradiction to it. The heavy losses of individuals 
 throughout Western Europe, from investments in foreign loans, 
 have called attention strikingly to the subject, but they are not 
 conclusive as to the commercial relations of foreign loans. Indeed 
 the most serious losses will be found to be consequent on fraudu- 
 lent transactions ; and whatever freedom may be allowed to trade 
 in a well-ordered community, it is an agreed principle that no 
 freedom should be allowed to fraud ; which is not to be dealt with 
 by economical principles, but is within the domain of politics, to be 
 dealt with on other considerations. 
 
 IIL 
 
 In 1871 the late R. Dudley Baxter, F.S.S., read before the 
 Society a paper on National Debts. This contains some interesting 
 matters on the growth of the debts of several States. 
 
 With regard to the amount invested in foreign loans, Mr. Qiffen 
 has attempted to ascertain this in his paper on recent accumulation 
 of capital in the United Kingdom, read before the Statistical 
 Society, 15th January, 1878. 
 
10 Hyde Clarke — On the Debts of Sovereign and 
 
 This he has not succeeded in to his own satisfaction, and if the 
 subject has baffled one so well able to deal with it, it may be 
 conceived there are difficulties. 
 
 In his Table V, he makes the total amount of interest in 1878 
 in foreign funds, to be 40,250,000/.; it appears he takes the value at 
 about 400,000,000/. This to my mind does not appear to be any 
 exaggeration for any practical purpose of general comparison. It 
 is most likely 500,000,000/. or 600,000,000/. nominal. 
 
 Mr. Ernest Seyd (paper on " Our Wealth, in Relation to Imports 
 " and Exports, and Causes of the Decline in the Latter," " Society 
 "of Arts Journal," 5th April, 1878, p. 406), says of our "inter- 
 " national " wealth in foreign State stocks and colonial stocks, that in 
 1872 we held an amount which may be stated at 650 millions. In 
 colonial, continental, American and other railway and public works, 
 shares or debentures, the amount held by us is estimated at 210 
 millions. 
 
 The " Economist " (6th April, 1878, p. 396) says that it would 
 appear from the statements published from time to time in the 
 " Investor's Monthly Manual," that the amounts invested by the 
 English public have not been less probably than 275 millions in 
 the last four years. What this means does not, however, appear, 
 for in the same time a large amount of stock has been disposed of. 
 
 Mr. Giffen, it will be seen, rates the annual income on foreign 
 funds at 40 millions. We shall now see what the holders are repre- 
 sented to return to the Government. 
 
 While writing this paper a parliamentary return has appeared, 
 being a return of the Annual Value of property assessed to income 
 tax under Schedule C, distinguishing the amounts assessed on 
 dividends from British, Indian, Colonial, and Foreign stocks, in the 
 years 1876-77, in continuation of Parliamentary Paper No. 209 of 
 session 1874. 
 
 The return has not come into my hands, but it is published in 
 the "Economist," with the parallel returns of 1874 (6th April, 
 p. 396). This I reproduce with several corrections of my own, 
 which put it in a better shape, and alter the figures of increase and 
 decrease. 
 
Quasi- Sovereign States, Owing hy Foreign Goimtries. 11 
 
 Colonies and Coontries. 
 
 Year ended 6th April, 1877. 
 
 Amount 
 
 of Dividends 
 
 and Annuities 
 
 Charged to 
 
 Income Tax 
 
 under 
 Schedule C. 
 
 Total. 
 
 Year ended 5th April, 187S. 
 
 Amount 
 
 of Dividends 
 
 and Annuities 
 
 Charged to 
 
 Income T;uc 
 
 under 
 Schedule C. 
 
 Total. 
 
 Increase 
 upon 1873. 
 
 British 
 
 Indian 
 
 Colonial, viz. — 
 
 Canada 
 
 Gibraltar 
 
 Cape Colony 
 
 Natal .: 
 
 Sierra Leone 
 
 New South Wales 
 
 Queensland 
 
 South Australia .... 
 
 Victoria 
 
 Western Australia 
 
 Tasmania 
 
 New Zealand 
 
 Ceylon 
 
 Mauritius 
 
 Antigua 
 
 British Guiana .... 
 
 Dominica 
 
 Grenada 
 
 Jamaica 
 
 St. Kitts 
 
 St. Lucia 
 
 Trinidad 
 
 St. Helena 
 
 Foreign, viz. — 
 Europe — 
 
 Austria 
 
 Belgium 
 
 Denmark 
 
 France 
 
 Greece 
 
 Italy 
 
 Netherlands 
 
 Portugal 
 
 Rouraania 
 
 Russia 
 
 Spain 
 
 Sweden 
 
 Turkey 
 
 Asia — 
 
 China 
 
 Japan . 
 
 Africa — 
 
 Egypt 
 
 Morocco 
 
 Tunis 
 
 £ 
 
 i,oi6,8i6 
 
 1,104 
 
 H7,835 
 
 33.429 
 
 3,000 
 
 475.343 
 280489 
 167,308 
 694.239 
 70 
 
 45.977 
 752,987 
 
 34.728 
 
 62.374 
 1,710 
 4.092 
 
 300 
 
 280 
 14.492 
 
 324 
 1,851 
 5.371 
 
 987 
 
 644,778 
 
 8,u6 
 
 8,664 
 
 60,907 
 
 2,000 
 
 144.965 
 
 475 
 
 438,723 
 
 96,784 
 2,360,872 
 
 169,505 
 
 92.530 
 
 386,604 
 
 44.698 
 212,833 
 
 .739468 
 
 6,992 
 
 347 
 
 £ 
 
 20,829,281 
 
 7,068,327 
 
 8,765,106 
 
 755,089 
 
 1.320 
 
 119.390 
 
 17,214 
 
 1.491 
 
 447,777 
 
 186,244 
 
 102,914 
 
 582,247 
 
 48,761 
 436,389 
 40.959 
 64,818 
 1,608 
 13480 
 
 280 
 14,010 
 432 
 720 
 3.867 
 766 
 
 115,942 
 
 28 
 
 16,662 
 
 259.194 
 2,130 
 
 157.271 
 1,496 
 
 350,480 
 
 118,972 
 
 1.825,355 
 759.066 
 
 57,795 
 1.747,657 
 
 73.440 
 
 1,308,311 
 
 12,093 
 
 75 
 
 £ 
 
 21,160,480 
 
 7,032,247 
 
 2,830,776 
 
 £ 
 
 36,080 
 
 271,727 
 
 28445 
 16,215. 
 
 1,509 
 
 27,566 
 
 94.245 
 
 64.394 
 
 111,992 
 
 70 
 
 316,598 
 
 300 
 
 J^82 
 
 1,131 
 
 1,504 
 221 
 
 528,836 
 8,088 
 
 88,243 
 
 535.517 
 
 34,535 
 
 44,698 
 139.393 
 
 431,157 
 272 
 
12 
 
 Hyde Clarke — On the Debts of Sovereign and 
 
 
 Year ended 5th AprU, 1877. 
 
 Year ended 5th April, 1878. 
 
 Increase 
 upon 1873. 
 
 
 Colonies and Countries. 
 
 Amount 
 
 of Dividends 
 
 and Annuities 
 
 Charged to 
 
 Income Tax 
 
 under 
 Schedule C. 
 
 Total. 
 
 Amount 
 
 of Dividends 
 
 and Annuities 
 
 Cliarged to 
 
 Income Tax 
 
 under 
 Schedule C. 
 
 Total. 
 
 Decrease 
 upon 1873. 
 
 America — 
 Argentine Republic . . 
 Brazil . , . 
 
 £ 
 476,923 
 737,910 
 351,950 
 
 62,529 
 
 8,426 
 
 24 
 
 171 
 
 256,820 
 
 1,749 
 
 £ 
 8,315,563 
 
 £ 
 
 402,190 
 
 533,398 
 
 217,359 
 
 44,646 
 
 2,220 
 117,652 
 
 450,474 
 209,095 
 161,205 
 
 101,013 
 
 107,323 
 10,781 
 
 152,659 
 
 6,687 
 
 18,324 
 
 £ 
 9,340,993 
 
 £ 
 
 74,733 
 
 204,512 
 
 134,591 
 
 17,883 
 
 6,206 
 
 47,725 
 
 £ 
 
 Chili 
 
 
 Colombia (South "1 
 
 America) J 
 
 Guatemala 
 
 — 
 
 Paraeruav 
 
 117,628 
 450,303 
 
 Peru 
 
 United States 
 
 Uruffuav 
 
 159,456 
 
 101,013 
 
 107,323 
 
 10,781 
 
 152,659 
 
 6,687 
 18,324 
 
 Eeturns given in 1874 
 hut omitted in 1878. 
 Foreign — 
 Bolivia 
 
 Costa Rica 
 
 
 
 Xiiberia 
 
 St. Domingo 
 
 
 
 
 
 
 Total . . 
 
 39,968,277 
 
 40,373,496 
 
 3,268,970 
 
 3,674,189 
 
 
 In this case we have an exhibition of figures in great detail, but 
 they only aggravate our difficulties. It is evident the return of 
 United States stock cannot be correct, nor that of French ; and 
 those for the Netherlands, Belgium, Germany, and Denmark are 
 very doubtful. 
 
 Figures possibly nearly correct are China, Japan, Morocco, 
 Tunis, Argentine, Brazil, Chile, Columbia (less Dutch holding), 
 and Uruguay. 
 
 As against decrease allowance must be made for sinking fund 
 operations on Russia, China, Japan, Egypt, Morocco, Argentine, 
 Brazil, Chile, Columbia, and purchase by the United States. 
 
 From the return it is impossible to ascertain how far railway 
 stocks are included under Russia, Roumania, Sweden, Argentine, 
 Brazil. 
 
 These figures, including loans in default, only account for about 
 200 millions capital and 1 1 millions of yearly dividends. Accord- 
 ing to these figures the yearly loss at present would be only about 
 3,000,000/. 
 
 Any calculation of profit or loss must be in proportion to the 
 
Quasi- Sovereign States, Owing hy Foreign 
 
 relation of these foreign investments to the whole 
 country. 
 
 The precise nature and extent of the operations carried on in the 
 London loan market cannot be ascertained or appreciated. In the 
 tables included in this paper, large figures are dealt with, but 
 they afford no totals, for the real value of the figures cannot be 
 ascertained. If for instance we know the amount of a loan issued 
 in this market, it does not help us, as a considerable portion has 
 always been on foreign account, for Hollanders, Spaniards, &c., and 
 of late years for Germany. Then as an international exchangeable 
 paper is created, this is always floating to and fro. 
 
 The mode in which money has been taken up is sometimes 
 obscure, for it has not been always by direct subscription here. In 
 the case of some of the American State loans, dollar bonds have 
 been mortgaged here, and a portion sold to private holders, which 
 have never come into the market. One highly respectable firm has 
 during many years placed among its own connections many small 
 American railway and town loans. 
 
 In 1837, if not before, a system was in operation in the London 
 market which has since been carried out directly and indirectly on 
 a large scale. Already the stability of England had drawn atten- 
 tion to the advantages of this market. As most of the stocks of 
 Europe were what is called internal stocks, like consols, they were 
 only payable in the national capitals. They were in bonds to 
 bearer, then little used in England, as the policy of fiscal admi- 
 nistration and of legislation favoured nominal subscriptions, or 
 holdings in the name of the investor, only changeable by a formal 
 transfer ; whereas in France and on the continent bonds and shares 
 to bearer were largely adopted. It is right to note that the 
 facilities since given in this respect have produced the same result 
 here as on the continent, in favouring investment and consequently 
 enterprise and thrift, and also as a consequence, fraud. *' Nominal " 
 holdings, it is to be noted, can only be redeemed by purchase in 
 the market, or by redemption of a whole loan. Thus the process 
 of redemption is not encouraged. With bonds to bearer, besides 
 the other two modes of redemption, redemption can take place by 
 drawings, large or small. 
 
 It occurred to financiers here that foreign internal stocks might 
 be made available here, and at the same time an opportunity be 
 afforded for English operations in them. Mr. John Field, in his 
 able edition of " Fortune on the Funds," for 1838, observes with 
 regard to Dutch Five per Cents.: — 
 
 " Many persons entertain an oltjection to any fluctuation in the amount of 
 their dividend, and such may secure the payment of their coupons at the fixed rate 
 of zl. IS. 3(2. each, by the purchase of bonds with an English sheet attached to 
 
14 Hyde Clarke — On the Debts of Sovereign and 
 
 them, in the following form: — 1837. Dutch Five per Cent. Loan. Fl. i,ooo 
 capital, payable half-yearly, on the 1st April and 1st October of each year. The 
 undersigned hereby give notice that the coupons or dividend-warrants belonging to 
 the accompanying bond, payable in Holland, commencing October 1st, 1837, and 
 ending April Ist, 1847, will, after receipt of the interest in Holland, also be (at 
 the option of the holder) payable at their office in London, at the fixed rate of 
 two pounds one shilling and three pence sterling for each coupon of twenty-five 
 guilders of the present currency of Holland. — Signed, D. & J. Salomons. " 
 
 " It will be observed," says Mr. Field, " that the advantage of any alteration 
 in the exchange above the fixed rate is hereby given to the holder of these bonds, 
 the premium on which ranges at present from i to i i per cent.*' 
 
 This process was largely adopted for the sale of what were called 
 Russian Metalliques. For several years portions of successive loans 
 to cover the deficiencies in the Russian budgets were thus made 
 saleable in this market, exclusive of direct loans. After the Crimean 
 war numerous loans and railway loans were issued in a direct form. 
 
 This process was adopted for an Austrian loan by Messrs. 
 Rothschild, and is thus described in 1838 by Mr. Field, in " Fortune 
 " on the Funds :"~ 
 
 "Austrian Five per Cents. — Dividends due 1st May and 1st November, 
 payable at Vienna and at "N. M. Rothschild & Son. Bonds of i,ooo florins each, 
 or 100^. sterling, at the Jixed exchange ofjl, lo per pound sterling. 
 
 " The dividends on this stock are payable at the Treasury, Vienna, in effective 
 conventional florins ; but the plan of a fixed dividend, payable at appointed agents, 
 has been found so palatable to the English public, that advantage has been taken 
 of it to circulate, from time to time, portions of tlie Metalliques by attaching to 
 the German bonds an English sheet, containing an engagement on the part of 
 Messrs. Rothschild to pay the dividends, when due, at the said fixed exchange of 
 fl. lo per pound sterling, or 2Z. 10*. per coupon." 
 
 The Italian loan of 1863, raised by the House of Rothschild, 
 was only offered on the London market to the extent of 3,000,000/. 
 The loan, however, was for 28,000,000/., and as the coupons were 
 made payable in Turin, Paris, and London, at the exchange of 
 25*30 frs. per pound sterling, the effect is that the whole of the loan 
 of 28,000,000/. is available for sale in this market, or the whole of 
 a half-year's coupons of 700,000/. may become payable here. This 
 is a very good illustration of many of the later operations, and of 
 the consequent diflBculty in dealing with the figures. 
 
 The London market has great advantages for transactions in 
 which security and convertibility are the chief requisites. It has 
 thus happened for a long period, and more particularly since the 
 prevalent use of bonds to bearer, that the preference is given to 
 paper having coupons paid in London. 
 
 In ordinary times the paper is kept at home, and the coupons 
 sold or remitted to London. In times of political alarm the paper 
 is deposited in London, and the coupons received there on holder's 
 account and at his disposal. 
 
 At all times the bonds are a convenient document for remittance 
 
Quad- Sovereign States, Ovnng hy Foreign Countries. 15 
 
 from market to market, being of general acceptance, and having 
 the London standard. 
 
 There is, however, one possible danger in times of panic here, 
 that it may be impossible for English holders to sell in the London 
 market, as a number of foreign sellers offering may still further 
 depress prices and paralyse the market. 
 
 IV. 
 
 The following table shows the issues in the London market, so 
 far as it is possible to describe them : — 
 
 [OOCt omitted.] 
 
 Tear 
 
 of 
 luae. 
 
 1794 
 1797 
 
 1803 
 
 1810? 
 
 1^17 
 1818 
 
 1823 
 
 1824 
 
 Bate 
 
 of 
 
 Interest. 
 
 Per cnt. 
 3 
 
 3 
 6 
 
 Name of State. 
 
 Total Amount 
 
 of lioan 
 Contracted for. 
 
 Germany, Empire. 
 Germany, Empire. 
 
 United States 
 
 Portugal 
 
 France 
 
 Prussia 
 
 Chili 
 
 Colombia 
 
 Denmark 
 Peru 
 
 Austria .. 
 Portugal 
 
 Brazil 
 
 Buenos Ayres 
 
 Colombia 
 
 Greece 
 
 Mexico 
 
 Naples 
 
 Peru 
 
 £ 
 
 4,6oo, 
 
 1,620, 
 
 895. 
 
 5»ooo, 
 
 1,000, 
 2,000, 
 
 3.000, 
 
 I,iOO, 
 
 3.5oo» 
 
 3.300, 
 1,500, 
 
 1,686, 
 
 1,000, 
 4.750, 
 
 800, 
 3.200, 
 2,500, 
 Balance 
 
 182, 
 
 Amount of 
 Loan Issued 
 in l.#ondon.* 
 
 £ 
 4,500, 
 
 1,620, 
 
 1,000, 
 2,000, 
 
 2,000, 
 
 450, 
 3,500, 
 
 3,600, 
 1,500, 
 
 1,686, 
 
 1,000, 
 4,750. 
 800, 
 3,200, 
 2,500, 
 
 • 750, 
 
 Price 
 
 of 
 Issue. 
 
 Per cnt. 
 
 {Ts} 
 
 70 
 84 { 
 
 77* 
 
 82 
 87 
 
 "{ 
 
 85 
 
 m 
 59 
 
 58 
 
 9»* 
 
 82 
 
 Agents for Issue. 
 
 Boyd, Benfield, and Co. 
 
 Boyd, Benfield, and Co. 
 
 London, Amsterdam, and 
 Paris, for Louisiana 
 
 Appears to have been made 
 from Sinking Fund, but 
 sold separately 
 
 Sale of Rentes by Barings 
 and Hopes 
 
 Rothschild and Sons 
 
 ITullett Brothers and Co. 
 Herring, Graliam, and 
 
 Powles 
 r A. F. Haldemand and 
 1 B. F. Goldsclmiidt f 
 Fry and Chapman 
 Rothschild and Sons 
 
 Rothschild and Sons 
 
 Rotliscliild and Sons 
 Thomas Wilson and Co. 
 Baring Brothers 
 B. A. Goldnchmidt and Co. 
 
 A. Lauglnnan and Co. 
 
 B. A. Goldschmidt and Co. 
 Rothschild and Sons 
 
 Fry and Chapman 
 
 • When the exact amount is not stated, the full amount is giren as issued in London. 
 t Partly issued in 1845. 
 
16 Hyde Clarke — On the Debts of Sovereign and 
 
 [OOO's omitted.] 
 
 Rate 
 
 of 
 
 Interest. 
 
 Per cnt. 
 
 5 
 3 
 5 
 5 
 6 
 6 
 6 
 
 5 
 
 5 
 
 5 
 
 5 
 5 
 
 5 
 5 
 5 
 6 
 
 6 
 
 5 
 
 6 
 
 5 
 
 3 
 
 5 
 
 5 
 
 5 
 4^ 
 
 5 
 
 4i 
 
 4 
 
 4^ 
 4i 
 
 Name of State. 
 
 Total Amount 
 
 of Loan 
 Contracted for. 
 
 Brazil 
 
 Denmark 
 
 Grreece 
 
 G-uatemala. 
 
 Mexico 
 
 Peru 
 
 Spain 
 
 Brazil 
 
 Portugal.. 
 
 Russia .. 
 Portugal 
 
 Greece .. 
 Portugal 
 Russia .. 
 Portugal 
 
 Spain-Cuba 
 Spain 
 
 Portugal 
 
 Belgium. 
 Florida' . 
 Portugal 
 
 Portugal^ .. 
 Spain-Cuba 
 
 Brazil 
 
 ChiK 
 
 Brazil 
 
 Denmark 
 
 Denmark 
 Russia .. 
 
 Sardinia, 
 
 Austria 
 Brazil... 
 Sweden 
 
 Peru 
 
 £ 
 
 2,000, 
 
 5,500, 
 
 1,000, 
 
 2,000, 
 
 1,429,8s. 
 
 3,200, 
 
 616, 
 
 600, 
 
 800, 
 
 2,000, 
 
 6,000, 
 600, 
 
 2,344, 
 2,000, 
 3,000, 
 1,000, 
 
 450, 
 4,000, 
 
 6,000, 
 
 1,200, 
 200, 
 900, 
 
 1,000, 
 113, 
 
 313, 
 
 757, 
 
 732, 
 
 800, 
 
 800, 
 5,500, 
 
 3,563, 
 
 3,500, 
 
 1,041, 
 
 450, 
 
 2,600, 
 400, 
 
 Amount of 
 Loan Issued 
 in London. 
 
 £ 
 4,000, 
 3,500, 
 
 2,000, 
 167, 
 
 3,200, 
 616, 
 
 600, 
 
 800, 
 
 2,000, 
 
 600,* 
 
 2,344, 
 2,000, 
 3,000, 
 1,000, 
 
 450, 
 4,000, 
 
 6,000, 
 
 1,200, 
 200, 
 900, 
 
 1,000, 
 113, 
 
 313, 
 
 757, 
 
 732, 
 
 150, 
 
 800, 
 5,500, 
 
 3,563, 
 
 2,250, 
 
 1,041, 
 
 450, 
 
 2,600, 
 400, 
 
 Price 
 
 of 
 Issue. 
 
 Per cnt. 
 
 85 
 75 
 
 56i 
 73 
 89i 
 78 
 
 54 
 48 
 
 94 
 
 60 
 70 
 92 
 80 
 
 78 
 
 85 
 86 
 
 90 
 93 
 
 85 
 
 90 
 95 
 93 
 
 Agents for Issue. 
 
 Rothschild and Sons 
 Thomas Wilson and Co. 
 See 1822 
 Ricardo and Co. 
 Barclay, Herring, and Co. 
 
 ,, 
 Pry and Chapman 
 
 Thomas and William King 
 
 Ricardo and Co. 
 
 Baring Brothers 
 Ricardo and Co. 
 
 Rothschild and Sons 
 Ricardo and Co. 
 Baring Brothers 
 I. L. Groldsmid 
 
 Wright 
 
 Ardoin and Ricardo 
 
 Rothschild and Sons 
 
 T. Wilson and Co. 
 I. L. Groldsmid 
 
 I. L. Goldsmid 
 
 Thomas and Wilham King 
 
 Baring Brothers 
 
 Sir I. L. Goldsmid 
 
 C. J. Hambro and Son 
 
 C. J. Hambro and Son 
 Baring Brothers 
 
 C. J. Hambro and Son 
 
 Rothschild and Sons 
 Rothschild and Sons 
 Palmer, McKillop, and Den 
 
 C. de Murieta and Co. 
 C. J. Hambro and Son 
 J. Hegan and Co. 
 
 * Indemnity of bonds issued to meet claims. 
 
Quasi- Sovereign States^ Omng hy Foreign Countries, 
 
 [fX)0'8 omitted.] 
 
 17 
 
 Rate 
 
 of 
 
 Interest 
 
 Per cut. 
 
 4 
 4 
 
 4i 
 4i 
 4* 
 
 3 
 5 
 
 4i 
 4i 
 
 4 
 7 
 7 
 5 
 
 4i 
 
 3 
 5 
 6 
 
 4i 
 6 
 
 5 
 3 
 
 5 
 5 
 7 
 
 4* 
 
 5 
 5 
 
 Name of State. 
 
 Turkey . 
 
 Turkey . 
 Sardinia , 
 
 Brazil... 
 
 Chili ... 
 Sweden 
 
 Turkey 
 
 Russia .. 
 Alabama 
 
 Brazil.. 
 Ruseia 
 
 Denmark 
 
 Egypt (first issue) 
 
 „ (second „ ) 
 
 Italy 
 
 Morocco , 
 
 Peru 
 
 Portugal 
 
 Russia 
 
 Turkey 
 
 Brazil 
 
 Colombia 
 
 Confederate States 
 
 Italy , 
 
 Portugal 
 
 Danubian Princi- 
 palities 
 
 Denmark 
 
 Egypt.. 
 Mexico 
 
 (Anglo- 
 
 French) J 
 
 Russia (Anglo- \ 
 
 Dutch) J 
 
 Sweden 
 
 Brazil. 
 Italy . 
 
 Total Amount 
 
 of Loan 
 Contracted for, 
 
 3, COO, 
 
 2,000, 
 
 1,5*7, 
 
 1,229, 
 
 5,ooo, 
 7,ooo, 
 
 lOO, 
 
 i,373» 
 8,ooo, 
 
 2,195. 
 1,098, 
 1,782, 
 
 501, 
 
 5,000, 
 15,000, 
 
 8.000. 
 
 3,820, 
 200, 
 
 3,000, 
 
 28,000, 
 2,500, 
 
 916, 
 
 1,200, 
 
 728, 
 
 5,704, 
 
 12,365, 
 
 6,000, 
 2,223, 
 6,800, 
 8,000, 
 
 Amount of 
 Loan Issued 
 in London. 
 
 3,000, 
 5,000, 
 
 1,527, 
 1,555, 
 1,229, 
 
 f 4,380, 
 I 620, 
 
 4,000, 
 100, 
 
 1,373, 
 6,000, 
 
 660, 
 2,195, 
 1,098, 
 1,888, 
 
 601, 
 
 6,600, 
 
 6,000, 
 
 16,000, 
 
 8,000, 
 
 8,820, 
 200, 
 
 8,000, 
 
 8,000, 
 1,260, 
 
 916, 
 
 1,200, 
 
 728, 
 
 6,704, 
 
 8,000, 
 
 6,000, 
 2,223, 
 
 6,800, 
 8,000, 
 
 Price 
 
 of 
 Issue. 
 
 Per cut, 
 80 
 
 102I 
 100 
 
 96 
 92 
 94i 
 85 
 
 62i 
 
 66\ 
 
 90 
 92 
 
 91 
 
 84i 
 74 
 
 S5{ 
 
 93 
 44 
 94 
 68 1 
 
 88 
 86 
 
 90 { 
 
 71 
 48 
 
 86 j 
 
 93 
 
 94i 
 
 93 
 
 ..{ 
 
 •'{ 
 
 92i 
 
 74 
 77i 
 
 Agents for Issue. 
 
 Dent, Palmer, and Co. 
 Rothschild and Sons 
 
 Rothschild and Sons 
 Baring Brothers 
 Ricardo and Co. 
 
 V Dent, Palmer, and Co. 
 
 Thomson, Bonar, and Co. 
 Reid Irving and Co. 
 
 Rothschild and Sons 
 Baring Brotliers 
 
 C. J. Hambro and Son 
 Friihling and Gosehen 
 
 », 
 C. J. Hambro and Son 
 Robinson and Fleming 
 P. P. Blyth 
 
 Heywood, Kennard, and Co, 
 Knowlea and Foster 
 Rothschild and Sons 
 Ottoman Bank 
 C. Devaux and Co, 
 
 Rothschild and Sons 
 London and County Bank 
 Schroder and Co. 
 Erlanger and Co. 
 Rothschild and Sons 
 Stern Brotliers 
 
 Ottoman Bank 
 
 Stem Brothers 
 
 C. J. Hambro and Son 
 
 Raphael and Son 
 
 Friihling and Goechen 
 
 Glyn, Millsj and Co. 
 
 Int. Fin. Society 
 
 Credit Mobil ier Society 
 
 Baring Brothers 
 
 Hope and Co.* 
 
 J. H. Schr5der and Co. 
 
 Rothschild and Sons 
 
 r General Credit and Fi- 
 
 \ nance Company 
 
 • Partly issued in Amsterdam. 
 
18 
 
 Hyde Clarke — O71 the Debts of Sovereign and 
 
 [OOO's omitted.] 
 
 Rate 
 
 of 
 
 Interest. 
 
 Per cnt. 
 
 5 
 6 
 
 4i{ 
 
 .i{ 
 
 Name of State. 
 
 Total Amount 
 
 of Loan 
 Contracted for. 
 
 Peru 
 
 Turkey 
 
 Austria 
 
 Argentine Con- "1 
 
 federation J 
 
 Chili 
 
 j> 
 
 Egypt 
 
 Egypt (by deben-1 
 tures) J 
 
 Russia 
 
 Chili 
 
 Danubian Princi- 1 
 palities J 
 
 Egypt 
 
 Honduras 
 
 Holland (Dutch- "I 
 Indian E ail way) j 
 
 Portugal 
 
 Russia (Nicolay | 
 Railway, first > 
 issue) J 
 
 Russia (railway) .... 
 
 Tunis..! 
 
 Massachusetts 
 
 Argentine Con- "I 
 federation j 
 
 Egypt 
 
 Hungary 
 
 Italy 
 
 Russia (railway) .... 
 » •••• 
 
 Sweden 
 
 Alabama ;. 
 
 Guatemala 
 
 Italy 
 
 Holland (Dutch- 1 
 
 Indian Railway) J 
 Peru (Pisco to Yea \ 
 
 Railway) J 
 
 Portugal 
 
 £ 
 
 lOjOOO, 
 
 6,000, 
 
 14.584. 
 
 550. 
 450. 
 
 1,121, 
 
 3.387, 
 3,000, 
 
 6,000, 
 
 2,000, 
 1,264, 
 
 2,080, 
 
 339, 
 
 12,000, 
 
 1,694, 
 
 4,500, 
 
 4,000, 
 
 413, 
 
 1,950, 
 11,890, 
 8,512, 
 9,405, 
 1,920, 
 
 4>349, 
 1,716, 
 
 1,150, 
 
 1,044, 
 
 500, 
 5,200, 
 
 398, 
 
 290, 
 12,000, 
 
 Amount of 
 Loan Issued 
 in London. 
 
 £ 
 9,000, 
 6,000, 
 
 550, 
 
 450, 
 
 627, 
 
 1,694, 
 
 3,000, 
 6,000, 
 
 2,000, 
 1,264, 
 
 2,080, 
 
 1,000, 
 
 339, 
 5,500, 
 
 12,200, 
 
 4,500, 
 
 4,000, 
 
 413, 
 
 1,950, 
 
 11,890, 
 8,513, 
 9,405, 
 1,920, 
 2,000, 
 1,300, 
 1,150, 
 
 1,044, 
 
 500, 
 
 5,200, 
 
 398, 
 
 290, 
 12,000, 
 
 Price 
 
 of 
 Issue. 
 
 Per cnt. 
 
 83* 
 
 66^ 
 
 92i 
 
 9i 
 
 90 
 
 92 
 86| 
 
 84 
 71 
 
 90 1 
 
 80 1 
 
 89 
 38i 
 
 6,1 
 
 77i 
 
 63 
 
 77 
 
 72^ 
 
 75 
 
 7it 
 
 81^ 
 
 78 
 
 80 
 
 80 
 
 90 
 
 81 
 
 7oi 
 
 73i 
 
 912 
 
 71 
 32i 
 
 Agents for Issue. 
 
 Thomson, Bonar, and Co.* 
 Ottoman Bank 
 Agra Bank 
 
 Baring Brothers 
 Hope and Co. 
 Thomson, Bonar, and Co. 
 Morgan and Co. 
 Anglo-Egyptian Bank 
 
 Friihling and Q-oschen 
 
 Baring Brothers 
 Hope and Co. 
 
 J. S. Morgan and Co. 
 
 Friihling and Goschen 
 
 Ottoman Bank 
 Oppenheim and Co. 
 Bischoffsheim and Gold- 
 schmidt 
 
 Holstman and Co. 
 
 Stern Brothers 
 
 Baring Brothers 
 Hope and Co. 
 
 Baring Brothers, Continen- 
 tal Firms t 
 Thomson, Bonar, and Co. 
 E. Erlanger and Co.J 
 Baring Brothers 
 
 J Baring Brothers 
 
 \Hope and Co.§ 
 
 Ottoman Bank 
 
 London and County Bank 
 
 Stem Brothers 
 
 Baring Brothers 
 
 Raphael and Sons 
 
 J. H. Schroder and Co. 
 
 Raphael and Sons 
 
 J. H. Schroder and Co.jj 
 Thomson, Bonar, and Co. 
 Anglo-Italian Bank 
 
 Samuel Montague and Co. 
 
 Thomson, Bonar, and Co. 
 Stern Brothers 
 
 * A conversion operation. f Placed chiefly abroad. J A conversion. 
 
 § A conversion of 1866 loan. || Partially issued in America. 
 
Quasi- Sovereign States^ Owivg by Foreign Countries. 
 
 19 
 
 [OOO's omitted.] 
 
 Rate 
 of 
 
 Interest 
 
 Vtme of State. 
 
 Total Amount 
 
 of Loan 
 Contracted for. 
 
 Amount of 
 Loan Issued 
 in London. 
 
 Price 
 
 of 
 Issue. 
 
 Agents for Issue. 
 
 Per cut. 
 
 '{ 
 
 6 
 6 
 
 "{ 
 
 ] 
 
 Boumania (Bu 
 charest to Giur 
 gevo Railway) 
 Roumania (railway) 
 Russia CNicolay "j 
 Railway, second V 
 issue) J 
 
 Santo Domingo 
 
 Turkey 
 
 Alabama (gold). 
 Buenoe Ayres . 
 Cliili 
 
 Egypt 
 
 France 
 
 Honduras 
 
 Japan 
 
 Peru 
 
 Massachusetts 
 
 Roumania (iron "I 
 
 bridges) J 
 
 Boumania (rail- 1 
 
 way bridges) .... J 
 
 Russia 
 
 Spain (quicksilver) 
 
 Argentine Republic 
 
 Brazil 
 
 Costa Rica (first! 
 
 issue) J 
 
 Costa Bica (second 1 
 
 issue) J 
 
 France 
 
 Hungary 
 
 Liberia 
 
 Louisiana (LiTie) 
 Holland (Dutch- 1 
 
 Indian Bailway) j 
 
 Paraguay 
 
 Bussia 
 
 Spain (national 1 
 
 lands) / 
 
 Turkey 
 
 Uruguay 
 
 Bolivia 
 
 Costa Bica. 
 Entre Bios. 
 
 £ 
 
 1,500, 
 11,110, 
 
 758> 
 22,222, 
 
 400, 
 J.035, 
 J.OI3, 
 
 7,i4»i 
 10,000, 
 
 3^.500, 
 
 1,000, 
 
 11,920, 
 
 620, 
 
 434. 
 
 600, 
 
 1 2,000, 
 2.318, 
 
 6,122, 
 
 3.400. 
 
 500, 
 
 500, 
 
 80,000, 
 
 3,000, 
 100, 
 400, 
 
 189, 
 
 1,000, 
 1 2,000, 
 
 2/23, 
 
 5.700, 
 3.500, 
 
 1,700, 
 
 2,400, 
 
 ii7. 
 
 £ 
 
 435.V- 
 1,500, 
 11,110, 
 
 758, 
 
 22,222, 
 
 400, 
 1,035, 
 1,013, 
 
 7,142, 
 
 10,000, 
 
 2,500, 
 
 1,000, 
 
 11,920, 
 
 620, 
 
 434, 
 
 600, 
 
 12,000, 
 2,318, 
 
 6,112, 
 8,400, 
 
 600, 
 600, 
 
 3,000, 
 
 100, 
 
 4,000, 
 
 189, 
 
 1,000, 
 12,000, 
 
 2,623, 
 
 6,700, 
 3,500, 
 
 1,700, 
 
 1,496, 
 
 227, 
 
 Per cnt. 
 
 90 
 71J 
 
 -{ 
 6oi 
 
 94* 
 
 88 
 
 83 
 78* 
 
 80 «{ 
 
 98 
 
 82i 
 
 87 
 
 86 
 
 72 
 
 80 
 80 
 
 SH 
 89 
 
 1 
 
 74 J 
 
 82i 
 
 81 
 
 ^K 
 84! 
 
 90* 
 
 80 
 8it 
 
 80 
 
 73 
 72 
 
 68 
 90 
 
 C. Devaux and Co. 
 
 Anglo-Austrian Bank 
 
 Baring Brothers 
 Hope and Co. 
 
 Lawson and Son 
 E. Hartmon and Co. 
 r Comptoir d'Eseompt^ 
 \ Louis Cohen and Sons 
 
 J. H. Schroder and Co. 
 C. de Murrieta and Co. 
 J. S. Morgan and Co. 
 
 {Bischoflsheim and GK)ld- 
 schmidt 
 J. S. Morgan and Co. 
 Bischoffsheim and Qold- 
 
 sclimidt, Lefcvn> 
 J. H. Schroder and Co. 
 
 » 
 Baring Brothers 
 
 C. Devaux and Co. 
 
 Anglo- Austrian Bank 
 Rothschild and Sons 
 
 C. de Murrieta and Co. 
 Rothschild and Sons 
 
 BischofTshcim and Gold- 
 schmidt 
 
 r Baring Brothers 
 \ Rothflcliild and Sons 
 Kaj)hiiel and Sons 
 Holderncss.Nott, und Co.f 
 Robinson and Fleming 
 
 Samuel Montague and Co. 
 
 Robinson and Fleming 
 Rothschild and Sons 
 
 Stem Brothers 
 
 Dent, Palmer, and Co. 
 Tliomson, Bonar, and Co. 
 
 Lumb, Wanklyn, and Co. 
 Knowles and Foster 
 E. Erlangcr and Co.f 
 C. de Murrieta and Co. 
 
 • Withdrawn. There was no published agency liouse for this loan, but Messrs. Bisclioff- 
 hoim and Goldschmidt were employed to lake charge of the bonds. f Not wholly placed. 
 
20 
 
 Hyde Clarke — On the Debts of Sovereign and 
 
 [OOO's omitted.] 
 
 Rate 
 
 of 
 
 Interest. 
 
 Per cnt. 
 8 
 
 5 
 5 
 
 5 
 9 
 
 6 
 
 5 
 
 3 
 6 
 
 7 
 
 5 
 
 5 
 
 5 
 
 4i 
 4i 
 
 4^ 
 4i 
 
 5 
 
 4i 
 
 6 
 3 
 5 
 4 
 
 4i 
 44 
 
 Name of State. 
 
 Paraguay 
 
 Peru 
 
 Russia ... 
 
 Honduras 
 
 loan) ... 
 
 (ship 
 
 Russia (railway) 
 Turkey 
 
 Buenos Ayres 
 Chili 
 
 Egypt .. 
 Hungary 
 
 Japan 
 
 Russia 
 
 Turkey 
 
 United States 
 
 Argentine Republic 
 
 Belgium 
 
 Hungary 
 
 Santa Fe 
 
 Turkey 
 
 Brazil 
 
 ChiU 
 
 Russia 
 
 Sweden 
 
 Massachusetts 
 
 Total Amount 
 
 of Loan 
 Contracted for. 
 
 China 
 
 Sweden 
 
 Norway 
 
 Portugal 
 
 United States 
 
 China 
 
 Hungary 
 
 Portugal 
 
 Turkey 
 
 United States 
 
 Sweden 
 Norway 
 
 2,000, 
 36,000, 
 I5.COO, 
 15,000, 
 
 1,760, 
 11,126, 
 
 2,041, 
 
 2,277, 
 
 32,000, 
 
 5,400, 
 7,500, 
 
 2,400, 
 
 15,000, 
 27,778, 
 
 1,440, 
 
 7,500, 
 
 300, 
 
 40,000, 
 
 5,000, 
 
 1,900, 
 
 15,000, 
 
 ' 982, 
 
 310, 
 
 275, 
 2,000, 
 1,320, 
 
 Amount of 
 Loan Issued 
 in Loudon. 
 
 306, 
 
 1,604, 
 
 8,000, 
 6,500, 
 5,000, 
 
 343'i6 
 
 i'7oo 
 
 562, 
 15,000, 
 15,000, 
 15,000, 
 
 1,760, 
 11,126, 
 
 2,041, 
 
 2,277, 
 
 5,400, 
 7,500, 
 
 2,400, 
 
 15,000, 
 8,000, 
 
 358,^ 
 1,440, 
 7,500, 
 
 300, 
 15,900, 
 
 5,000, 
 
 1,138, 
 
 15,000, 
 982, 
 310, 
 
 275, 
 
 1,500, 
 ] 3,200, 
 
 306, 
 
 1,604, 
 
 8,000, 
 6,500, 
 5,000, 
 
 Price 
 
 of 
 Issue. 
 
 Per cnt. 
 
 85 
 77i 
 89 
 80 
 
 874 
 98i 
 
 98* 
 94 { 
 
 84i 
 
 92i 
 
 93 
 
 58! 
 
 I02f 
 80 
 
 75i 
 912 
 92 
 432 
 
 34316 
 
 1-700 
 
 96i 
 
 92 
 
 964 
 964 
 
 834 
 
 98 { 
 
 83I 
 
 50 
 
 52 
 
 97-2- 
 95 
 
 Agents for Issue. 
 
 Robinson and Fleming 
 / J. H. Schroder and Co. 
 \ Stern Brothers 
 Rothschild and Sons 
 
 C. J. Hambro and Son 
 Raphael and Sons 
 
 Baring Brothers 
 Oriental Banking Corpora- 
 tion 
 f Bischoffsheim and Gold- 
 \ Schmidt 
 Raphael and Sons 
 RothschUd and Sons 
 /Oriental Banking Coi-po- 
 \ ration 
 
 Rothschild and Sons 
 Ottoman Bank 
 Baring Brothers, «&c.t 
 
 Stern Brothers 
 Baring Brothers 
 Rothschild and Sons 
 C. de Murrieta and Co. 
 Ottoman Bank 
 
 RothschUd and Sons 
 
 J Oriental Banking Corpo 
 
 \ ration 
 
 Rothschild and Sons 
 
 E. Erlanger and Co. 
 
 Baring Brothers 
 
 Hong Kong and Shanghai 
 
 Banking Corporation 
 C. J. Hambro and Sons 
 
 ,, 
 r Societe des Dep6ts et 
 \ Comptes Courantes 
 Baring, &c.J 
 
 Hong Kong and Shanghai 
 
 Banking Corporation 
 Rothschild and Sons 
 Baring Brothers 
 Ottoman Bank§ 
 Baring, &c.l| 
 
 Erlanger and Co.^ 
 C. J. Hambro and Son 
 
 * Withdrawn, There was no published agency house for this loan, but Messrs. Bischoff- 
 sheim and Groldschmidt were employed to take charge of the bonds. 
 
 t A portion of conversion in this market. % Funding operations continued. 
 
 § Supposed not to have been subscribed. || Funding operations continued. 
 
 ^ Chiefly abroad. 
 
Q>M8t' Sovereign States^ Owing by Foreign Gountries. 
 
 21 
 
 The amount of the national debts of Europe in 1788 was about 
 540,000,000/. Mr. Dudley Baxter makes those of the whole world 
 in 1873 508,900,000/., but then he has taken the debt of France at 
 the forced reduction of 32,000,000/. 
 
 Mr. Ernest Seyd (*' Society of Arts Journal," p. 406) makes the 
 total amount 4,500 milHons. Using the figures he gives, but in a 
 different way, the holdings would be : — 
 
 England 
 France...., 
 Germany 
 Holland . 
 Belgium 
 Austria . 
 
 Own Debt. 
 
 Mlna. 
 785 
 
 80 
 
 36 
 
 346 
 
 Others. 
 
 Mlna. 
 
 650 
 
 450 
 
 400 
 
 50 
 
 20 
 
 20 
 
 Total. 
 
 Mlns. 
 1,500 
 1,200 
 
 120 
 300 
 
 The same distinction, as Mr. Seyd makes, must be drawn 
 between holdings of our debt or mortgages on one's own property 
 and holdings of " international " property. Still, for certain pur- 
 poses, the above figures give some relative ideas of the wealth of the 
 monied classes. It is however most likely that France is thus placed 
 too high, as perhaps also Germany and Holland too low. These 
 should at all events be 500 millions and 100 millions. 
 
 V. 
 
 It has been suggested that it would bo far better were the 
 national capital employed in home works, instead of being lent to 
 foreign countries. So far as an individual is concerned, whether 
 he loses 1,000/. in a bubble company here or in a swindUng 
 foreign loan, the operation and the sequel are the same, but so 
 far as the economical operation is concerned, home investment for 
 public works, and the transactions of foreign loans, are under very 
 different conditions, as I have explained in my treatise on " The 
 *' Theory of Railway Investment," 1846. Our whole population, 
 under the institution of the poor laws, must be fed, and in this we 
 differ from many continental countries. Although the feeding of 
 the population is provided for, there is no provision for the effective 
 application of its labour. Thus there is commonly a surplus of 
 labour beyond the labour employed in the production of food and 
 other recognised products, and particularly during a period of 
 famine. 
 
 Additions to the permanent capital and working plant of the 
 country are made from this surplus labour, as the Pyramids and groat 
 undertakings of Eg3rpt were made from the surplus labour of that 
 country. Were there any adequate organisation in a period in 
 
22 Hyde Clarke — On the Debts of Sovereign and 
 
 which other employments were slack, the national industry would 
 be employed in improving the dwellings and public buildings of the 
 people, in draining the soil, in embanking the rivers, recovering 
 lands, promoting fisheries and mining, making harbours, and other- 
 wise adding to the yearly production and permanent plant. 
 
 The conduct of foreign loans or of any branch of trade with our 
 colonies or abroad, for obtaining new materials or food for the state 
 of our produce, has no necessary connection with our home work, 
 and could and should be carried on apart. Indeed, if there be a 
 profit obtainable from, our business in foreign loans, its abandon- 
 ment would be a loss and not a benefit to our resources. At this 
 time, and so long as we retain the position, we have an international 
 money market, and it is desirable we should retain its advantages. 
 Although this paper is chiefly devoted to loans of foreign states, 
 no such line can really be drawn. The loans of foreign cities, for 
 instance, approximate to these in character. A larger amount of 
 allied transactions is constituted by the issue of foreign railway 
 shares, but to a greater extent of foreign preference shares, deben- 
 tures, or obligations. 
 
 Town loans are always to a great degree locally subscribed, but 
 Canadian, United States, and colonial town loans are likewise 
 brought here. In such cases the dividends are rarely payable in 
 London, so that a character naturally to be found in foreign loans is 
 here wanting. 
 
 The continental town loans being mostly lottery loans, redeem- 
 able by prizes, are negociated abroad, as they cannot be issued in 
 this market, any more than the railway lottery loans. 
 
 The lottery or premium drawn by lot is a characteristic of foreign 
 markets, it being considered that the lottery laws forbid their being 
 advertised here. 
 
 Railway loans are of many kinds, and properly speaking, the 
 Indian railway operations should be embraced under this title. In 
 some cases the companies are English or quasi-English, and managed 
 here. Others are nominally foreign companies, but in reality 
 domiciled here, and having a foreign guarantee. All such dividends 
 are payable in London. A large amount consists of debentures 
 made payable in London, and issued by some house here either 
 directly on account of a Government, or indirectly in the name of a 
 company. 
 
 Such railway loans are in most cases, with such an exception as 
 the Lombard, &c., to be distinguished from State loans, because 
 railway and State loans, being limited in amount, after a time, and 
 particularly after absorption by local holders, cannot supply stock 
 enough to work more than one market. 
 
 Colonial and Indian loans are not to be distinguished for most 
 
Quasi- S&vereign Stat^, Owing by Foreign Countries. 23 
 
 purposes from foreign State loans, but it is convenient in the present 
 inquiry not to include them, as their features may only distract 
 attention. They, however, present these circumstances, that they 
 are largely connected with the employment of English iron and 
 produce, and are partly supplied by the capital of those who have 
 lived in the countries concerned. Some of the colonial loans are 
 already being employed for local investments. 
 
 Of the extent of such operations, as already said, we are in no 
 position to form any true appreciation. The first difficulty is that 
 the nominal amounts are not of common standard. First with regard 
 to price of issue, and this applies to State loans also, the nominal 
 amount of the loan is higher than that subscribed by the public. 
 Thus, instead of lOo/., the subscribed amount may be 90/., 80/., 70/., 
 60/., 50/., &c. 
 
 So far as economical considerations are concerned, the materials 
 are still leas practicable, for the figures do not show us what the 
 foreign Government or company received. In many cases it was a 
 very small portion. In the cases of Honduras, Liberia, and St. 
 Domingo, the foreign Government received next to nothing. It 
 becomes a question whether these are to be regarded as foreign 
 loans, or as loans from the public to the persons concerned in their 
 concoction. So far as Peru is concerned, Peru has remitted the 
 goano hypothecated to the bondholders, but it has been sold on 
 contractors' account. 
 
 Thus although in the name of an Honduras or Liberian bond, 
 our English subscriber may have parted with his money and lost it, 
 and be involved in utter misery thereby, yet as another person has 
 got possession of his money, there is no national loss, though that is 
 no satisfaction to the victim. 
 
 The figures given in such estimates of issues include conversions 
 of former operations, which do not constitute effective amounts of 
 capital raised. 
 
 There is, however, always a demand for such figures, and they 
 have been yearly supplied by a Brussels paper, the " Moniteur des 
 " Int^rets Mat6riels " (quoted in the " Economist " of 12th January, 
 1878), and these are reduced in " Herapath's Journal," from which 
 they are reproduced. 
 
24 
 
 Hyde Clarke — 0)1 the Debts of Sovereign and 
 
 Financial 
 
 Countries. 
 
 Loans 
 
 of States and 
 
 Towns. 
 
 Financial and 
 
 Credit 
 
 Companies' 
 
 Issues. 
 
 Railway 
 
 and Industrial 
 
 Companies' 
 
 Capital. 
 
 Comparative Total. 
 
 1877. 
 
 America (all) 
 
 Asia 
 
 Austro-Hungary 
 
 Belgium 
 
 Danubian Principalities .. 
 
 Denmark 
 
 France 
 
 Germany 
 
 Great Britain and colonies 
 
 Greece 
 
 Holland and colonies 
 
 Italy 
 
 Luxemburg, Grand Duchy 
 
 Norway and Sweden 
 
 Portugal 
 
 Bussia 
 
 Spain 
 
 Switzerland 
 
 Turkey and Egypt 
 
 Totals, 1877 
 
 „ '76 
 
 Increases in 1877 ... 
 
 £ 
 
 140,051,350 
 
 1,604,276 
 
 8,000,000 
 
 175,600 
 
 6,434,488 
 6,199,700 
 7,645,100 
 400,000 
 833,758 
 3,878,869 
 
 6,500,000 
 43,600,000 
 
 605,920 
 5,000,000 
 
 230,929,061 
 117,827,091 
 
 113,101,970 
 
 £ 
 
 11,304,480 
 1 50,000 
 
 55,120 
 
 1,600,000 
 
 2,800,000 
 
 118,902 
 
 £ 
 850,000 
 
 142,106 
 
 57,333,926 
 
 1,982,550 
 4,245,550 
 
 1,156,374 
 185,000 
 
 350,000 
 
 40,000 
 
 2,254,280 
 
 697,960 
 
 16,028,502 
 3*3^2,343 
 
 69,237,746 
 24,944,280 
 
 12,706,159 
 
 £ 
 
 140,901,350 
 
 1,604,276 
 
 8,000,000 
 
 317,706 
 
 75,072,894 
 
 8,332,250 
 
 11,890,650 
 
 400,000 
 
 2,045,252 
 
 4,063,869 
 
 350,000 
 6,500,000 
 45,240,000 
 5,054,280 
 1,422,782 
 5,000,000 
 
 316,195,309 
 146,093.714 
 
 44,293,466 
 
 170,101,595 
 
 Unfortunately sucli figures do not afford totals, nor do they even 
 admit of yearly comparison. They scarcely afford evidence of 
 phenomena. It is the business of the statistician, not to deal with 
 such figures, but to let them alone, except so far as it is necessary 
 in the commencement of an investigation, to collect any materials, 
 however imperfect, so as gradually to prepare the way for bringing 
 together adequate data. It is, however, a serious injury^ to statis- 
 tical studies, to manipulate such figures, and in no respect have 
 such studies suffered so much. It is necessary to know when to 
 exercise the discretion of letting imperfect materials alone. As it 
 is, these Belgian materials have already supplied several leading 
 articles, because to many persons figures are figures and facts, and 
 when in print are invested with the highest sanctity. 
 
 Another specimen of figures difficult to deal with is given by 
 the " Standard " (11th January, 1878). 
 
 " The Westminster Association (Limited), have issued their monthly report, 
 relating to public securities, in which special reference is made to the position of 
 holders of Egyptian securities. Attention is called to the fact, that of the 
 i6,8oo,oooZ. of the preference stock, not less than ii,ooo,oooZ. is in English 
 hands, and that out of the total of 56,700,000?. unified stock, 2i,ooo,oooZ. is 
 held here.'' 
 
Quasi- Sovereign States, Owing hy Foreign Countries, 25 
 
 Issues of 1877. 
 
 
 Ck)mparative Totals. 
 
 Countries. 
 
 
 1876. 
 
 1875. 
 
 1874. 
 
 1873. 
 
 1872. 
 
 
 £ 
 
 62,650,000 
 
 274,800 
 
 4,025,000 
 
 969,980 
 
 1,031,190 
 
 88,960 
 
 19,636,411 
 
 17,451,805 
 
 13,658,040 
 
 1,307,624 
 1,865,142 
 
 1,320,000 
 
 306,400 
 
 16,360,000 
 
 1,676,000 
 
 3,472,362 
 
 £ 
 
 8,857,303 
 
 6,097,300 
 
 1,184,683 
 
 989,9*0 
 
 3.*5849* 
 17.317,750 
 i3.3*3.*4o 
 
 1,769,640 
 
 5.38*.904 
 
 5,600 
 
 990,000 
 
 3,684,000 
 1,095,240 
 3.1*3.748 
 ij 100,000 
 
 £ 
 39,684,360 
 
 10,538,140 
 
 7,939,736 
 
 680,000 
 
 9,120^797 
 11,851,190 
 38,770,560 
 
 4,407,534 
 
 2,350,340 
 
 5,600 
 
 2,159,000 
 
 60,000 
 
 10,936,855 
 
 12,611,340 
 17,418,750 
 
 £ 
 190,620,640 
 
 23.970,375 
 
 14,487,056 
 
 1,260,160 
 
 3,354,804 
 
 48,590,475 
 58,792.430 
 
 3,709,933 
 8,205,250 
 
 67,500 
 — 
 23.790,5*8 
 460,000 
 
 3.575.9** 
 55.439.780 
 
 £ 
 80,988,900 
 
 39,541,890 
 2,166,820 
 1,253,932 
 
 158,946,246 
 54,874,418 
 57,579,290 
 
 2,298,294 
 22,923,523 
 
 31,013,680 
 
 10,224,000 
 
 4,211,990 
 
 39,419,200 
 
 America (all) 
 
 Asia 
 
 Austro-Hungary 
 
 Belgium 
 
 Danubian Principalities 
 
 Denmark 
 
 France 
 
 Gterm&nj 
 
 Great Britain and oolonieB 
 
 Greece 
 
 Holland and colonies 
 
 Italy 
 
 Luxemburg, Grand Duchy 
 
 Norway and Sweden 
 
 Portugivl 
 
 Russia 
 
 Spain 
 
 Switzerland 
 
 Turkey and Egypt 
 
 
 146,093,714 
 
 68,179,820 
 
 168,624,202 
 
 436,324,853 
 
 505,442,183 
 
 Totals, 1877 
 76 
 
 
 — 
 
 — 
 
 — 
 
 — 
 
 — 
 
 Incronses in 1877 
 
 Unhappily these figures show nothing of the kind, they only 
 show, if correct, that so much stock has been converted in London 
 on English and on foreign accoant. 
 
 Thus the figures of the last conversion of Spanish external bonds, 
 would show that not less than 45 per cent, is held in London, 
 leaving the other half only for Spain and the whole continent, 
 including Paris and the Spanish American colony there, and 
 Holland. In Spain there are many holders of external bonds, but 
 which come to London, as well as to Madrid, Paris ; and throughout 
 the continent many conventual establishments still hold Spanish 
 stock. 
 
 Out of 12 millions of Austrian stock issued in London, at the 
 conversion of the amount left unredeemed by the sinking fund, 
 only about a million was converted in London. 
 
 Many of the loans have been raised at rates of interest 
 nominally moderate, at 5 or 6 per cent., in reality 8 or 10 per cent., 
 which is still, in many cases, lower than the local rate of the bor- 
 rowing country. A further premium is in most cases given by a 
 provision for redemption at par, the loans being issued at a lower 
 rate. 
 
 In most cases of foreign and colonial loans, the wholesome 
 
26 Hyde Clarke — On the Debts of Sovereign and 
 
 provision of a sinking fund lias been adopted, whicli, nnf ortnnately, 
 has not )3een adequately applied to our home debt, nor so fully as it 
 might to the colonial and American debts. It may be that the 
 example of the foreign loans has not been without its influence in 
 the new general stipulation of redemption for our municipal loans 
 within a limited time. 
 
 Wherever — as in the case of many foreign loans — there is a 
 risk of loss, the amortisation was a necessary condition. The 
 result has been, as stated in this paper, that the working of the 
 sinking fund has brought many investors safe home where there 
 has been an ultimate default in the loan. 
 
 Somebody has stated that the issue of a loan below par, on 
 which basis most of our own national debt was raised, and redemp- 
 tion at par, is nothing but a lottery, and a dangerous encouragement 
 to gambling. In practice an investor takes a sufficient number of 
 bonds to give him a fair chance of participating year by year in 
 the drawing. 
 
 The redemption ought to be shortened according to the credit of 
 the country, and thus the Morocco loan, now largely redeemed, the 
 Japanese, and the Chinese loans have been constituted. 
 
 The redemption clause was not neglected by the manipulators 
 of fraudulent loans, in which the highest rate of interest and the 
 highest rate of redemption were combined. 
 
 VI. 
 
 It may be well at this point to refer to a consideration, not 
 without interest, whether investment in foreign stocks, so far as the 
 nation is concerned, promotes speculation or thrift. 
 
 In what relates to the Stock Exchange, foreign bonds are 
 made, as everything else is, instruments of speculation, that is of 
 gambling, and many persons outside are led to engage in such 
 operations with the almost unavoidable result of their funds being 
 ultimately absorbed in commissions and differences to the members 
 of the Stock Exchange. Although one gambler may gain from 
 another and casually retire, yet the general history of speculators 
 is that of the final loss of the capital staked, because at each 
 account twice in a month the fund, or common stock, of the 
 gamblers must be diminished by the portion pared off by the 
 members of the Stock Exchange and passing into its precincts. So 
 with the individuals, fortunes of several hundred thousand pounds 
 are recorded to have been dissipated to the last farthing. 
 
 This is a sufficient comment on the nature of these transactions, 
 which have no warrant on the ground of mercantile or market 
 character, and can find no excuse in abstract doctrines of political 
 economy occasionally quoted in their defence. There can be no 
 
Quasi- Sovereign States^ Owing by Foreign Countries. 27 
 
 doubt that great financial houses do make profits by such operations, 
 but then these are really mercantile operations, which they have th3 
 funds to meet. In the case of the individual, he can seldom take 
 up and hold his stock, and an operation good in its inception, 
 cannot stand against the charges for the recurring account days. 
 
 In their first transactions, many persons are drawn into foreign 
 loan investments by the bait of a high rate of interest, not 
 unattended with disastrous consequences ; others, however, invest 
 on the advice of friends, and in a sober way. As, however, investors 
 are drawn from the class of savers, saving instincts predominate in 
 the long run, and prudential considerations restrain greed. There 
 is, however, a disposition to encounter a possible risk with gain. 
 
 Within the limits of this paper it is impossible to discuss all 
 the subjects connected with foreign loans. Among these subjects, 
 one of the principal is, in fact, connected with tliat discussed by 
 Mr. Robert Giffen, Mr. Stephen Bourne, Mr. Rathbone, Mr. Mun- 
 della, Mr. Ernest Seyd, and others. It is the question how far 
 these operations affect our national condition. For the considera- 
 tion of this topic materials have already been given hero, but on a 
 question of such difficulty, which has engaged my attention for 
 years, I am obliged to give opinions as well as facts. So far as I 
 have seen, the funds for foreign loan operations, though originally 
 contributed from the general national savings, and still partially so, 
 are mainly contributed from the savings made from foreign loan 
 operations. 
 
 This appears to be the case in France, and notably in Holland. 
 Any losses that are made fall primarily on this fund, and diminish 
 itfi means for new operations, and only partially affect t,he general 
 resources of the community. As a rule, however widely distributed, 
 investors in foreign loans must be regarded as constituting a class, and 
 although many new adventurers may be deprived of their property 
 by others, for Honduras bonds, or suffer a diminution of interest in 
 their Spanish dividends, on the whole, the statement hero made 
 will hold good, for the class begin by applying the whole or main 
 portion of their early savings in investments at high rates. 
 
 A limit, however, is set up in time, as it is necessary that there 
 shall be some safe provision for a wife and family. Thus the pro- 
 portion of risky ventures is by-and-bye curtailed, and securities are 
 carefully chosen. Two circumstances tend to govern investments. 
 As for the sake of drawings it is customary to divide the bonds 
 and to take ten hundreds instead of one thousand ; so it becomes 
 habitual to distribute the investments among several descriptions 
 of loans, so as to avoid " having too many eggs in one basket," 
 in case of those casualties which are always borne in mind. 
 
 As savings are applied to those investments, so interest received 
 
28 Hyde Clarke — O71 tJie Debts of Sovereign and 
 
 and the bonuses on drawings are reinvested, and in very loany 
 instances the income is never spent. Where, too, persons have 
 retired from business and are living on their savings, it has become 
 habitual and recognised not to spend more than common interest 
 on the foreign bonds held. 
 
 Thus, in the long run, the tendencies are decidedly those of 
 thrift, and this is confirmed by long experience in Holland, and by 
 what takes place in France. 
 
 One operation by which large fortunes have been made is the 
 purchase of depreciated bonds at low prices, which are held for 
 years until they bring double or greater return. 
 
 Mr. Giffen has, in " Stock Exchange Securities," dealt minutely 
 with features in the late crisis, that I prefer reproducing some of his 
 remarks in his words, to repeating the same matter in my own 
 words. He says, in Section 2 : — 
 
 " The order of events in the crisis aflEbrds of itself a very striking confirmation 
 of the assumption. The difficulties commenced in the countries more or less 
 farmed by the capital of Enejland and other old countries, whose industries are 
 nourished by public loans from England and by the investment of private English 
 capitalists within their territories, principally in the form of English iron and 
 manufactures. The crisis in Austria, which was the first in the whole series, was 
 a crisis in a country answering this description to some extent. To the United 
 States, where the next great crash occurred, the description is still more applicable. 
 The South American countries, whose prolonged suffering was the special feature 
 of 1874, are almost a domain of England ; and Russia, too, is largely • developed * 
 by English capital. Some of these countries, especially Austria and Russia, have 
 not been exclusively dependent on English capital. They have also benefited by 
 the accumulation of capital in Holland, Belgium, and France, which had been 
 drawn largely to Germany before 1873, through the French indemnity, and had 
 overflowed thence into Austria and Russia; but the indemnity payments, though 
 they helped to precipitate and aggravate the crisis in Austria, did not alter the 
 power of that crisis to react on England. No doubt in 1873, as already noticed, 
 the collapse of the foreign loan financing had been foreshadowed ; but the antici- 
 patory events of that year were in themselves comparatively unimportant, so that 
 down to 1875 what chiefly happened was a succession of monetary and commercial 
 crises in countries dependent on England, but from which England by comparison 
 escaped. In 1875 these crises were succeeded by a crisis in England itself of very 
 great intensity, naturally leading to a renewal of crisis and distress elsewhere, 
 though not of actual panic, and the whole culminating in the financial disorders 
 of the foreign loan collapses, which will probably form in after years, the most 
 conspicuous feature of the whole scries of liquidations. There appears to have 
 been a natural order, therefore, in the successive crises to which the countries 
 dependent on England have been subjected, leading to a crisis in England itself, 
 and finally to a financial as well as a commercial collapse.'* 
 
 There is this observation further to be made in confirmation, 
 that when English capital is sent to a country for public works it 
 stimulates enterprise, but on its cessation a very serious relapse 
 takes place, just as if an artificial bounty were withdrawn. Thus a 
 country, the permanent prosperity of which has been advanced, is 
 subjected to the sufferings of poverty, just as Germany was after 
 the expenditure of the bounty of the French indemnity. 
 
Quasi- Sovereign States, Owing hy Foreign Countries, 29 
 
 The connection of loan operations with our foreign trade is 
 sufficiently illustrated by Mr. Giffen : — 
 
 *' We have next to adduce in evidence the fact of the great expansion of the 
 business of investment in foreign countries previous to the depression. The great 
 multiplication of foreign loans in the period is now familiar. Not to speak of 
 Txirkish and other loans, which were so largely mere lx)rrowing8 to pay interest, 
 there was a loan of 32 millions for Egypt after there had been large loans in 1868 
 and 1870. Chili in the same time (1867-73) borrowed 5^ millions; Peru, 
 14 millions; Brazil, 10 millions; Russia, 77 millions; and Hungary, 22 millions, 
 exclusive of minor borrowings by guaranteed companies and othenvise. These 
 were the nominal amounts of the loans, and the real money or money's worth 
 ever transmitted to those countries in respect of them must have been much less ; 
 but, making all deductions, they indicate immense direct credit opened up in this 
 country in favour of the States named. The minor borrowings we have referred 
 to were equally important, if not more important, and especially in the case of 
 the United States, tlie aggregate of small loans for railways and other purposes 
 was immense. All this direct borrowing likewise implied a great investment of 
 capital privately in foreign countries. Merchants and traders were induced to 
 set up establishments abroad to facilitate the business which the loans brought 
 into existence, and accommodate the wants of emigrants to the new fields of 
 industry. The result was a luxuriant industrial growth in the new countries by 
 means of this vast direct and indirect credit, which old countries were giving. 
 Thus in the United States, immediately before 1873, the length of the whole 
 railway system had been doubled in seven years; in Russia almost the entire 
 system of 12,000 miles has been created since 1868; in Austria there had been an 
 increase from 2,200 miles in 1865 to over 6,000 miles in 1873, and in South 
 America, Brazil, the River Plate Republics, Chili, and Peru had all been endowed 
 with railways in a very few years. The loans for these countries above enumerated, 
 and especially the above loan of 24 millions for Peru, being avowedly all for 
 railways. And never was there a more rapid development of the foi'cign trade of 
 the United Kingdom. The total import and export trade, which was 500,986,000/. 
 in 1867, had risen in 1873, or in six years only, to 682,292,000/., or 36 per cent.; 
 and the trade per head from 16/. i#. 3d. to 21/. 4*. 9^., or 32 per cent. Tlie 
 exports of British produce alone, to take the two extreme years, had risen from 
 179,678,000/. in 1868, to 256,257,000/. in 1872, or 42 per cent, in four years; 
 the increase per head being in the same pericxi from 5/. 17*. 4^/. to 8/. i*., or 
 37 per cent. All this had followed a rapid rise in previous years; for the panic of 
 1866 was chiefly the collapse of a home company mania, and had not brought with 
 it discredit of foreign loans, or a collapse of the business of lending to foreign 
 countries; and in one or two trades the increase of business was even greater 
 than the general increase. Tlius the quantity of our iron and steel exports rose 
 from 2,042,000 tons in 1868 to 3,383,000 tons in 1872, or 66 per cent, in four 
 years; while there was simultaneously a rise of price which made the increase in 
 values immense, not only in these but in other articles where there was no sach 
 increase of quantity. It is sometimes said that the burst of trade which culmi- 
 nated in 1872-73 was largely due to the extra demand for our manufactures 
 created by the PYanco-Oennan War. This war checke<l manufacturing on the 
 continent for nearly a twelvemonth, besides causing a war demand for certain of 
 our manufactures ; but the comparison we have made is of a year when the war 
 was long over with a year quite before the war, while the most conspicuous instance 
 of increase in our exports was in iron and steel, which was clearly in connection 
 with increased railway construction abroad. The expansion of our foreign trade 
 was thus manifestly in connection with the general expansion of our foreign invest- 
 ment business, and not the result of the accidental or temporary causes which 
 have been assigned." 
 
 This same subject of the effect of foreign loan investments on 
 
30 Hyde Clarke— O^i the Belts of Sovereign and 
 
 the national capital was included in an article of the " Economist," 
 of 22nd December, 18/^7:— 
 
 " The facts which we have endeavoured to lay before our readers, show that, 
 taking the whole bearings of the case into consideration, with an enormous apparent 
 balance of imports over exports against us, there has existed nevertheless, on an 
 average of years, at least a practical equilibrium. We say, at least a practical 
 equilibrium, because it is certain that tlie balance of advantage from foreign trade 
 has hitherto been generally largely in our favour. This average apparent balance 
 against Great Britain has been maintained, comparatively speaking, on something 
 like a level, down about to the end of 1873, or 1874. There is reason for thinking 
 that at that date a much larger balance, apparently against the country, might 
 have been met out of its resources, in the shape of income. Since that date, the 
 resources of this class, the sums which other nations have had to pay to us for 
 interest on money borrowed, must, for a time at least, have greatly increased. 
 
 " Though some of our recent investments as a nation in foreign securities 
 turned out badly, others turned out well, and the amount of interest which we are 
 entitled to draw, and do draw, from foreign countries, undoubtedly, notwithstanding 
 all drawbacks, increased greatly in the last few years. But more recently still, as 
 is well known, in consequence of events, of which there is no need to allude here, 
 the confidence of the British investor in foreign securities has been largely shaken. 
 It is difficult to estimate the exact amount, but we are led to the conclusion, that 
 as our export was in the years from 1871 onwards undoubtedly largely stimulated 
 by the amounts raised in this country as loans to foreign nations, so our import 
 trade during the last three years may most likely have experienced a similar 
 stimulus, through the drawing back, in some considerable degree, of the advances 
 made at the earlier period. It is quite possible that the amount of dividends 
 which this country is entitled to draw from other countries as interest on money 
 lent, plus the amount of capital brought home, may have been sufficient to pay for 
 a very large proportion of the whole, or perhaps the whole, of the increased 
 importations of the last three years or so. The values of foreign bonds remitted 
 within a comparatively recent period from this country to other countries, have 
 been so very large, that they may well have been sufficient to stop the gap for the 
 present, though a considerable loss has beyond doubt been experienced in realising 
 many of our foreign securities." 
 
 With regard to the farther deductions of the " Economist," they 
 certainly require a limitation. The writer says : — 
 
 " One deduction, and that a very serious one, must be made from this. A very 
 great loss, or what comes virtually to the same thing, a very great depreciation 
 of property, has no question been experienced recently by many of those who, 
 tempted by high rates of interest, have placed some of their money in securities 
 which have either ceased to pay dividends, or have been sold during a time of great 
 depreciation. To form an estimate of this loss is impossible, but taking into 
 consideration the enormous amount of foreign securities held in this country, the 
 aggregate depreciation must have assumed corresponding proportions. So far back 
 as April, 1876,* the depreciation in three classes alone of foreign securities, 
 Turkish, Peruvian, and Egyptian, was estimated in the ' Economist,' as having 
 been during the twelve months previous, no less than 90 millions, and there has 
 been a very great drop in their value since that date. This loss was undoubtedly 
 distributed over the holdings of a vast number of persons, and probably has 
 affected only a portion of the income of most of them. It is impossible to say how 
 much of it may have extended to Great Britain, but it is quite possible that the 
 loss this country may have experienced in this manner, and in other ways, during 
 
 » See "Economist," of 1st April, 1876 
 
UNITERSITr 
 
 Quasi- Sovereign States, Owing hy Foreign d 
 
 the last three yeaw, may have heen sufficient to consume, at least, 
 
 have been saved in other ways, on an average during one year out of the three. 
 In support of this statement, it is only needful for the reader to bear in mind how 
 great the drop in value of investments in many industrial undertakings has 
 recently been. 
 
 " To put it plainly, it is quite possible that the loss on foreign investments, and 
 in other ways, during the last three years, may have amounted to fully as large a 
 sum as the savings of a country during one year." 
 
 The writer, it is true, includes with foreign loans other losses, 
 but from the statements already made, it is questionable whether 
 foreign loans can in any way be regarded as having lost the savings 
 of the country, to any effectual extent, when compared with those 
 savings, with the income of the country, or with its capital. 
 
 In any enumeration of these, whether treated by Mr. Robert 
 Giffen, or Mr. Ernest Seyd, the amount involved in foreign loans 
 will be found to be very small in proportion to the total. Adopting, 
 as Mr. Ernest Seyd does, 6,248 millions as the value of the national 
 wealth, the loss of capital by defaults must be under i per cent., 
 and the same appears from the figures of Captain Craigie (Journal 
 of the Statistical Society , vol. xli, p. 35). 
 
 It is also to be observed, that the amount employed in foreign 
 loans is to a great extent not to be regarded as a simple dead 
 investment, but as a working or trading capital. 
 
 Mr. Giffen has also in his own way stated views the same as 
 my own, with r^ard to the nature of some of the illegitimate loan 
 operations, in his work on Stock Exchange securities : — 
 
 " The uglier features of the collapse of foreign loans also Aimish evidence of 
 the characteristic mark of the crisis with which we have been dealing. In 
 addition to the issue of loans, which involved the investment of capital in a fixed 
 form to an extravagant extent, so that immediate loss and ruin could not but 
 ensue, there had taken place in a few years before 1872 frequent issues of loans 
 for foreign countries so called, which were only disguises to plunder the public. 
 We refer to the loans for Honduras, Paraguay, San Dominrro, and Costa Rica, 
 which were investigated by the Foreign Loans Committee, and to a nuniorous class 
 of which these were perhaps the most flagrant specimens. These were simply 
 issues by knots of speculntors, usually on the plea that they were for some 
 public work — to which a small portion of the money raised was perhaps, in fact 
 devoted — but really with the design, ns carried out by those concerned, to pay 
 themselves large sums in commissions and otherwise, so long as the public could 
 be got to believe in such things, by the payment of interest out of the funds 
 they bad themselves advanced. All this was very natural. The peculiarity of the 
 time being the development of foreign countries by loans, it was only natural 
 that the illegitimate financing of the time should also consist of so-called loans. 
 As there had been bogus companies in the days of the company mania, so now 
 there were bogus loans." 
 
 VII. 
 Of the extent of the defaults which have lately occurred it is 
 again to be observed that totals cannot be obtained. In some cases 
 the defaults have been temporary, and payment has been or will be 
 resumed. 
 
82 Hyde Clarke — On the Debts of Sovereign and 
 
 The following is a table of the loans in default : — 
 Loam in Default. 
 
 Bolivia 
 
 Costa Rica 
 
 Ecuador 
 
 Greece 
 
 Guatemala 
 
 Honduras 
 
 Liberia 
 
 Mexico 
 
 Paraguay 
 
 Peru 
 
 Santo Domingo 
 
 Turkey 
 
 Uruguay 
 
 Venezuela 
 
 "Virginia and West "1 
 Virginia J 
 
 Principal. 
 
 1,654,000 
 
 3,304,000 
 
 1,824,000 
 
 2,400,000 
 
 542,200 
 
 5,398,570 
 
 100,000 
 
 27,905,800 
 
 1,505,4^0 
 
 32,953,000 
 
 714,300 
 
 140,000,000 
 
 3,164,800 
 
 6,616,800 
 
 5,521,000 
 
 Interest. 
 
 £ 
 
 300,000 
 700,000 
 183,000 
 
 all 
 80,000 
 
 all 
 
 28,000 
 
 10,388,000 
 
 350,000 
 
 2,800,000 
 
 236,000 
 
 22,000,000 
 
 380,000 
 
 2,817,862 
 
 5,521,000 
 
 An arrangement for Venezuela is in operation. The default of 
 Virginia State is partial, but affecting more or less the various classes 
 of bondholders, and most seriously injuring the credit of the State. 
 "West Virginia has made no settlement for her apportionment of the 
 debts, but in both these cases something will be received. In 
 Bolivia and Uruguay there is a prospect of composition, and so also 
 in Ecuador. The cases of Costa Rica, Mexico, Liberia, Paraguay, 
 and Santo Domingo are not desperate. Some composition may be 
 expected eventually from Peru and Turkey. Guatemala is making 
 occasional remittances. 
 
 The hopeless cases are those of Greece and Honduras, and it is 
 useless to keep an account of unpaid coupons which will never be 
 redeemed. 
 
 The heavy amounts of Turkish, Peruvian, and Mexican stocks 
 are shared in by French, Dutch, and other holders, as also Ecuador 
 and Venezuela. The English amount at stake does not exceed 
 60,000,000/., subject to realisation. Insignificant as the amount at 
 stake is relatively, I must say on the general question that I can- 
 not believe it possible that we have lost 500,000,000/. in the last 
 five years by the balance of trade against us, or that we are now 
 losing ioo,ooo,oooZ. a-year. The more the subject of the difference 
 between exports and imports is examined, the more does it come 
 out, after allowing for yearly variations, that there is a general 
 trade charge of from 10 to 15 per cent, (freight, &c.), which is a 
 constant in the operation. 
 
Quasi- Sovereign States, Owing hy Foreign Countries, 33 
 
 YIII. 
 
 One of the practical points bearing on the consideration of 
 foreign loans which it is here proposed to bring forward, is connected 
 with the means of enforcement against foreign States in case of 
 default. 
 
 The conditions of international law have always been affected by 
 the existence to a greater or less degree of a number of sovereign 
 and semi-sovereign States. Such we find in the earliest stage of 
 their relations in the numerous Greek States and republics. During 
 the middle ages the feudal States of France, and the numerous 
 ecclesiastical and civil dependencies and free cities of the Holy 
 Roman Empire, as well as the duchies and republics of Italy, played 
 a like part. It was on the observation of these relations that doc- 
 trines of public law were formed, which were brought into system 
 by the writers of the sixteenth and seventeenth century, and which 
 in the last century were taught in the text-books of Grotius and 
 Puffendorff. In England these relations were less studied, on account 
 of the union of our kingdoms leading to greater internal simplicity. 
 
 The establishment of the American federation under the prin- 
 ciple that each State was sovereign, prepared the way for a new series 
 of historical incidents, and for the foundation of a school of inter- 
 national law producing English text-books, which not only influenced 
 students of this country, but also the principles of international 
 law throughout the world. 
 
 The French Revolution in its consequences again altered the 
 frontiers of the European States. The small sovereignties were in 
 every direction swept away, the Seven United Provinces of Holland 
 disappeared, and the abolition of the Holy Roman Empire preserved 
 only a few of the larger principalities of Germany. Thus what may 
 be called the European school of international law had only to regard 
 the operations of a limited number of States, and these greatly 
 influenced by the proceedings of the Holy Alliance or of the five 
 great powers. In Europe everything has long tended to the sup- 
 pression of small sovereignties and nationalities, and to the creation 
 of great powers, except so far as this has been interfered with by 
 the promotion of revolution in Turkey from without. . 
 
 In America, however, the wara of independence had created a 
 uamber of Spanish- American republics, which under the favouring 
 Msistance of England and the United States were received as sove- 
 reign powers, without the smallest regard to their origin or consti- 
 tution. A country with a population of Indian blood, of which a 
 large portion was in a condition of serfdom, and has remained 80, 
 was, under the holy name of liberty, constituted a republic, and 
 allowed to regard itself as on a par with the highest communities 
 
 D 
 
.34 Hyde Clarke— 0?^ ilie Debts of Sovereign and 
 
 of Europe and America. No distinction has been made between 
 well conducted States like Chili and Columbia, and others like 
 Venezuela or San Domingo. The inconveniences of this state of 
 affairs were made apparent, even to the stage of ridicule, by the 
 bloodthirsty despotisms of the Emperor Iturbide, of the Emperor 
 Soulouque, of the President Rosas, and of the Dictator Francia. 
 Of such examples many are still in existence, the constitutions 
 being merely a theory, and the lives and liberties of the so-called 
 citizens being at the mercy of a military despot. 
 
 In time, imitating the institutions of the United States, the 
 republics, ever federating and ever dividing, adopted the principle 
 of state sovereignty, which has been applied to Columbia or 
 New Granada, to Venezuela, and to the Argentine Confederation, 
 thereby introducing new sources of political weakness, of internal 
 dissension, and of danger to the foreign capitalist, merchant, and 
 investor. 
 
 It is to be observed that the application to every State indis- 
 criminately of the whole of the rights conceded to the highest, 
 rather rests on a theory of schoolmen than on the results of prac- 
 tice. It has been assumed that for purposes of contract. States, 
 whether great or small, must be reciprocally equal. It is left out of 
 consideration that there has always been a discrimination as to the 
 basis of comity. There has always been a distinction between 
 great States and small, and seldom has a congress been held but 
 this distinction has been made known. The Romans constantly 
 made a distinction as to barbarous nations. The relations between 
 the Mussulman and the Christian States were not admitted by 
 either to be on a footing of reciprocity. The most marked distinc- 
 tion, however, was in the different treatment apportioned by 
 European powers to the Barbary States. 
 
 The principle of discrimination between State and State is 
 therefore clearly admissible, and it must not be regarded as a matter 
 of course that because the freedom of a State is recognised by the 
 comity of nations, it is thereby indefeasibly endowed with all the 
 privileges of those most highly constituted. 
 
 The variety of sovereign and semi- sovereign States is very little 
 known even to the geographical student. Its scope is not limited 
 by the Principality of Monaco, or the Republics of Andorra and 
 San Marino in Europe. 
 
 Taking the States of North Africa, Egypt, Tripoli and Tunis, 
 for certain purposes, are allowed to be sovereign, and for others are 
 not recognised. 
 
 The States of the German Empire, although endowed with the 
 name of sovereignty, must be regarded as having been divested of 
 the substance. 
 
QiMsi- Sovereign Statef:, Oun'vg hy Foreign Countrief. 35 
 
 The Confederate War has altered the real conditions of the consti- 
 tution of the States of the American Union. They are denominated 
 sovereign ; they retain privileges under the American constitution ; 
 but these privileges have become anomalous, and even dangerous to 
 American and foreign citizens. 
 
 If one of these States refuses to perform its obligations to a 
 foreign citizen under contract, he is practically without redress. 
 His own Government cannot help him, because it is not in direct 
 diplomatic relations with the State, and the Federal Government 
 will not intervene, as it alleges it cannot coerce a sovereign State. 
 The same takes place in other federations. Before the Supreme 
 Court of the United States the State cannot be held as a defendant, 
 because it is as a sovereign State expressly privileged from process. 
 
 In this survey our own colonies must not be left out. Under the 
 new system of colonial administration, all except the crown 
 colonies, that is, all those possessing responsible government, are 
 practically semi-sovereign. It is not difficult to foresee that in case 
 of pecuniary liability, that there would bo no more real remedy for 
 creditors of the Dominion of Canada, of the federation of New 
 Zealand, or of that of South Africa, than there is against Virginia 
 and Louisiana. 
 
 In referring to the want of remedies for creditors now felt, it is, 
 however, to be pointed out, that while some of the States of the 
 American Union are protected by sovereignty against the juris- 
 diction of the Supreme Court of the United States, they allow the 
 State to be sued before its own Supreme Court. In this way 
 creditors of Virginia obtained redress against the legislature by the 
 independent decision of the Supreme Court of Virginia. It is not, 
 however, to be denied that such a recourse would be found very 
 precarious in many States of the Union and of Spanish American 
 republics, and that by votes of the whole constituency, including 
 the non-tax-paying citizens and negroes, laws have been passed 
 rendering it impossible for legislature or courts at any time to pay 
 the just debts of creditors. 
 
 In following these pages of shifting history, it has to be pointed 
 out that the remedy of the English citizen, so far as the protection 
 of his own Foreign Secretary, is virtually effaced. The Foreign 
 Office has had to contend with parliamentary agitation, tending to 
 reduce the efficiency of its establishment, and with spasmodic 
 restrictions by the doctrine of non-intervention and by epochs of 
 national cowardice. Thus the Foreign Office was led to abandon 
 its protection of our citizens to a very great degree, and at length 
 to proclaim to every petty State that such was its avowed condi- 
 tion of impotence. There is consequently no such State, however 
 contemptible, which is not aware of its prerogative of defiance, and 
 
 d2 
 
36 Hyde Clarke — On tlw Debts of Sovereign and 
 
 that it has only to regulate the exercise of it by its own judgment, 
 being perfectly safe in violating the seals of an English consulate, 
 and almost affecting the expression of injury, when called to account 
 for flogging a consul. 
 
 At the same time the American Government, which was a rival 
 patron in favouring the southern republics, has attained a sterner 
 attitude, will allow no spoliation of American citizens, and has 
 declared that it will not allow a State to plead inability to pay 
 compensation by the dissipation of its revenues in the practice of 
 civil war. 
 
 The difficulties of our Foreign Office in dealing with applications 
 for protection have been very great. If desirous of resorting to 
 necessary force, they have been subjected to the imputation that 
 they would attempt to coerce a small State, while they would not 
 dare to apply the same measures to a large one. There is no parity 
 between a reclamation on a large power like the United States, at 
 the highest pitch of development, having its credit at stake, and 
 having a moral responsibility, and a reclamation on a small power 
 like San Domingo, which is destitute of a stable government, or of 
 the elementary constituency of a real body of citizens. 
 
 Under a partisan government, in subservience to pailiament, a 
 Foreign Secretary, if he possesses patriotism, consistency and 
 fortitude, may well hesitate when he has to encounter suchan or deal 
 on the simplest measure of coercing a barbarous despot and usurper, 
 entitled president of a republic, or an ignorant mob of dishonest 
 and superstitious savages. 
 
 It is to be observed that efficient protection of the interests of 
 European citizens would be obtained without expensive and disas- 
 trous wars, by judicious operations in the predatory States. The 
 jealousy of the United States no longer exists against English 
 action, and, indeed, it is by the co-operation, the good offices, or 
 the good-will of the United States' minister, that an English citizen 
 often obtains redress. The blockade of a port, the occupation of a 
 ctf^tom house until the receipts provided an indemnity, or the arrest 
 of a Government vessel, would, in many cases, put a stop to the 
 proceedings of some of the offenders, and be an example to others. 
 Venezuela has set this country at defiance for years, but the United 
 States has lately obtained a settlement of a much larger claim. 
 
 The mercantile interests of this country are never in favour of 
 war, but they feel sensibly the great disadvantages they are placed 
 under in most parts of the world in contrast with the care shown 
 for the mercantile protection of other countries. 
 
 With the nature and extent of these defaults it is not my inten- 
 tion at present to deal, my object being to call attention to some of 
 the incidents for which remedial measures in one direction may be 
 
Quasi- Sovereign States^ Owing hy Foreign Countries. 37 
 
 applied. It must be distinctly understood that the question of the 
 liability of sovereign and semi-sovereign States to municipal law 
 will give very little relief to creditors under foreign loans, and that 
 it is quite as much a matter of general commercial interest. 
 
 In the middle ages, where the germs of international law are 
 to be traced, no idea existed of allowing a foreign State or a 
 foreign citizen to get off scot free from obligations on any pretext. 
 The system of reprisals was fully recognised. If the property of 
 the debtor State could not be got at, then the pixjperty of any 
 citizen coming within jurisdiction was impounded. The memory 
 of reprisals is still preserved here by the name of the process of 
 foreign attachment, under the court of the lord mayor of London. 
 
 Of late years, sovereign States have been allowed to obtain pro- 
 cess as plaintiffs against native citizens or foreign residents in the 
 municipal courts of England, France, Belgium, Holland, &c. 
 
 The municipal courts of England occasionally require, as in the 
 case of other foreign litigants, that the State shall deposit or give 
 security for a sum assigned by the court to protect the defendant 
 citizen in the recovery of his costs. 
 
 This is a sufficient illustration of the right of the court in the 
 exercise of its procedure, of the amenability of the foreign sovereign 
 to it, and of the fact that he has no privilege in such respects, 
 having once conformed to the procedure. 
 
 It is well to notice this fact, that should the sum assigned by 
 the court for costs prove insufficient for the costs to which the 
 defendant has been put when the judgment of the court has been 
 given in his favour, he has no remedy against the sovereign State 
 which has aggrieved him, not being allowed to sue. 
 
 In this way English merchants have made serious complaint of 
 being aggrieved by the litigation of foreign sovereign States, per- 
 mitted to sue in our courts. 
 
 The States cannot be sued as defendants. Against any such 
 attempt they are allowed by the courts to plead their quality of 
 sovereigns. 
 
 It is necessary at this point carefully to distinguish between the 
 privileges of sovereign States, and the personal immunity of ambas- 
 sadors, or of sovereigns visiting this country. This latter immu- 
 nity exists on different grounds, but in England, besides its common 
 law relations, it is complicated by the statutory prescriptions of the 
 statute of Anne for the protection of ambassadors from process. 
 
 As matters stand, a State as a creditor can sue as plaintiff in 
 Europe or the United States, but no citizen, being a creditor, can 
 sue it as defendant. Where a suit has been instituted by a State 
 cross claims in the same cause are in some courts allowed to be 
 made matt€r8 of the litigation. 
 
38 Hyde Clarke — On the Debts of Sovereign and 
 
 So far as appears, there is no right or privilege by the law of 
 nations, that a sovereign can sue in a municipal court as a plaintiff. 
 It is a matter of comity, and the important consideration is this, 
 that it is subject to the municipal procedure of the country. 
 
 That is, if the king of Spain or the republic of Peru sues in a 
 court in France or Belgium, it is under the same conditions of the 
 code of procedure of the code Napoleon as any other litigant, and 
 so in our High Court of Judicature, under its own rules of pro- 
 cedure. 
 
 This appears to give a starting-point for affording relief, whether 
 here or in France, without the intervention of the legislature. 
 
 As the case now stands, the bondholder creditor may find the 
 republic of Peru or of Costa Rica litigating in England or France 
 against the contractor of a loan, but he cannot litigate with the 
 republic which is his debtor on the same subject of action. 
 
 Many States maintain in this country a fiscal or financial agent, 
 with an office, so that the State, which is truly carrying on business, 
 and has a domicile, cannot nevertheless be served with process at 
 such domicile and place of business. 
 
 What makes the hardship to the English creditor none the less 
 is, that the contracts for foreign or external loans are by the general 
 assent of States, and of foreign capitalists made, not in the foreign 
 State or capital, but in London, in the English language, in English 
 money, with a London agent of the State, with a London place of 
 payment. 
 
 A distinction is drawn between an internal loan, like consols or 
 French rentes, although it may be held by foreigners, and an 
 external or foreign loan. In the former case a State raises money 
 under its own municipal law, and with the full prerogative of 
 imposing such taxes or making such reductions and modifications of 
 the amount or currency as the exigency of the State may render 
 necessary. 
 
 A foreign or external debt is one which is raised by a State 
 under contract with foreign citizens, and the conditions of which, it 
 is held, can only be modified by mutual consent. When Russia 
 made default on the payment of the interest on her foreign debt in 
 the years 1813-15, she nevertheless offered terms to her foreign 
 creditors on the return of peace, and gave them paper bearing 5 per 
 cent, interest. (Bernard Cohen, " Compendium of Finance," 
 p. 257.) 
 
 Nearly every foreign or external loan is supposed to be in its 
 essence subject to the municipal law of England. 
 
 There is nothing to prevent the English Government from inter- 
 vening in claiming of the foreign debtor the fulfilment of such loan.. 
 
 In practice such loans are enforced by the action of the com- 
 
Quasi- Sovereign States y Owing by Foreign Countries. 39 
 
 mittee of the Stock Exchange of London, or the intervention of the 
 Council of Foreign Bondholders. 
 
 The moral action of these latter bodies would be much 
 strengthened, if the decision of a court of municipal jurisdiction 
 could be obtained. 
 
 To these anomalies the attention of the Council of Foreign 
 Bondholders has long been directed, and in particular of the Right 
 Honourable E. P. Bouverie, the chairman, who, in his address at 
 the annual meeting of the members of the corporation in 1877, 
 referred to the subject as being under his consideration. 
 
 If a State has no absolute right to take proceedings as a 
 plaintiff, it is competent for the High Court of Judicature, the 
 Supreme Court of the United States, and the courts of France, 
 Belgium, and Holland, to require of such State, that if permitted 
 to act as plaintiff in one action, it shall, as a condition of admissioii 
 to the court, accept process likewise. 
 
 In the first instance, very few States would accept such a 
 condition, but as such an arrangement would give an opening for 
 the introduction of stipulations in loan and mercantile contracts 
 before long, many States would have complied, and in the end few 
 would be able to hold out. 
 
 With regard to the service of process, it has always been 
 assumed that the ambassador is the person to be served with pro- 
 cess, and as the ambassador is protected against process, effective 
 action is impeded. 
 
 In some cases there is no ambassador or diplomatic repre- 
 sentative. In all cases, h(iwever, there is a consul, who is the com? 
 mercial representative, and in some instances there is a fiscal agent, 
 who is the proper representative in loan transactions. Process 
 should therefore be directed to be served on the consul or fiscal 
 agent, at the consulate or at the fiscal agency. 
 
 In such arrangements of procedure no such stretch is made 2^ 
 might be imagined. The inconveniences of the existing state oi 
 affairs demand a remedy, and such is sometimes found. If a State 
 enters into a contract here for the building of a ship, for engines, 
 or for ordnance, it is a condition that the State shall name some 
 mercantile house in London which shall engage to perform the 
 obligations of the Government. Therefore States do come under 
 SQch contract, and under jurisdiction in such way, and the arrange- 
 ment proposed would offer further facilities to Governments in 
 carrying out contracts and purchases. 
 
 In the course of the session of 1876, a proceeding was devised 
 by Mr. John Morris, of Messrs. Ashurst and Morris, which points 
 to a practical mode of dealing with one of the grievances of creditors. 
 
 It was proposed by Mr. Morris, as a means of relieving the 
 
40 Hyde Clarke — On the Debts of Sovereign and 
 
 bondholders of tlie 1854 and 1871 Turkisli loans, who were deprived 
 of half of their dividends by a formality not matter of contract. 
 As a formality of the Bank of England, when the account of the 
 remittances of the tribute of Egypt was opened, some person was 
 required, as it is termed, to "operate" on the account. The 
 Turkish ambassador was named by chance, and at length refused to 
 give this authority, so that the bondholders might receive their 
 money. Mr. Morris therefore drew up the Bill which follows, but 
 which was not proceeded with in Parliament. 
 
 *' A Bill for facilitating the administration by the supreme court of judicature 
 of funds and property hypothecated as security for foreign loans. 
 
 " Whereas difficulties have arisen in procuring the administration of funds and 
 property within the jurisdiction of the supreme court of judicature in England, 
 charged with or hypothecated by foreign sovereigns and States as security for the 
 payment of their obligations by reason of it having been considered that no foreign 
 sovereign or State can be served with any writ or other process, or be subjected to 
 the jurisdiction of the said court. 
 
 " And whereas it is desirable that facilities should be given, enabling the said 
 court to decide questions arising as to the rights of all persons having or claiming 
 any interest in such funds and property, and to administer the same. 
 
 " May it therefore please your Majesty, that it may be enacted, and be it 
 enacted by the Queen's most Excellent Majesty, by and with the advice and consent 
 of the Lords Spiritual and Temporal, and Commons, in this present Parliament 
 assembled, by the authority of the same, as follows : — 
 
 *' In any action commenced after the passing of this Act in the supreme court 
 of judicature in England, relative to any fund or property within the jurisdiction 
 of the court, of, or belonging to any foreign sovereign or State, or in, to or upon 
 which any foreign sovereign or State may have or claim, or may be considered to 
 have any interest, or right, and which has been specially hypothecated, charged or 
 assigned, as security for any loan to, or any bonds or obligations of such foreign 
 sovereign or State, or for the hypothecation, charging, or assignment of which for 
 any such purpose, any agreement has been entered into by such foreign sovereign 
 or State, either directly or through any agent, in case the foreign sovereign 
 or State, interested or claimed, or considered to be interested in the fund or other 
 property to which the action relates, has not been served with the writ, or 
 Laving been served, does not appear, the action may proceed as if such foreign 
 sovereign or State had appeared, and submitted to the jurisdiction of the court. 
 
 " Provided that the court or a judge may at any stage of the proceedings, and 
 from time to time, either upon the application of the plaintiff in such action, or 
 without such application, direct such notice of the proceedings as he may deem 
 fit to be given to any foreign sovereign or State made a defendant therein, 
 either through his or their representative in England or otherwise," 
 
 IX. 
 
 A matter of interest is the liability under international law of 
 the portions of a divided State for its debt towards home and 
 foreign creditors. 
 
 The cases have been well brought together in a letter of Mr. H. 
 Guedalla. 
 
 " ' The conqueror who takes a town or province from his enemy cannot justly 
 acquire over it any other rights than such as belonged to the sovereign against 
 whom he took up arms.' — Vattel, p. 387. 
 
 " * The property belonging to the Government of the vanquished State passes 
 
Quasi' Sovereign States, Owing by Foreign Countries. 41 
 
 to the victorious State, which also takes the place of the former 8overeio:n in 
 respect of the eminent domain. In other respects, private rights are unaffected 
 by conquest/ — Wheaton, vol. ii, p. 82. 
 
 " As to such rights (of neutrals) Vattfl says (p. 322) : — 
 
 " • It is not the place where a thing is which determines the nature of that 
 thing, but the character of the person to whom it belongs — things helongitig to 
 neutral persons which happen to be in an enemy's country/, or on board an 
 enemy's ships, are to be distinguished from those which belong to the enemy/ 
 
 *' Again, the money lent was a deposit confided to the public faith. 
 
 " ' This deposit being found in our hands only on account of that confidence 
 which the proprietor has reposed in our good faith, ouglit to be respected even in 
 open war/ 
 
 " * Such is the usage in Prance, in England, and elsewhere in respect to 
 money placed by foreigners in the public funds/*' — Wheaton. vol. ii, p. 17, 
 quoting Vattel. 
 
 As between belligerents, Russia during the Crimean War honourably fulfilled 
 this obligation in the regular payment of the dividends due on lier foreign 
 debt. A fortiori would the obligation attach as between belligerents and 
 neutrals. 
 
 " The debt due to such neutrals may be likened to neutral goods under the 
 enemy's flag, which by the Declaration of Paris in 1866 are declared to be exempt 
 from confiscation. 
 
 *' Or, applying the principles of law and justice in tlie ordinary transactions 
 of dvilised life, the foreign creditor may be considered as standing in the position 
 of a mortgagee whose claim must be satisfied before the mortgagor or his assigns 
 can make i^id title to the estate charged with the debt, and such creditor 
 would have frill right \o refuse to accept any lessened part of or substitute for his 
 mctnal security. 
 
 **No change of proprietorship of the territories pledged for the payment of 
 the debt could justly, or in accordance with international usage, impair or even 
 vary the security without the consent of the bondholder, direct or indirect. 
 
 " And it may even be urged in the present case that the bondholders ought 
 to have priority of claim over any ftesh debt, be this in the form of a war 
 indemnity or of any other charge posterior to the creation of the original one.** 
 
 " Should, then, any cession of Turkish territory be proposed, it will be the duty 
 of the Governments of the various countries whose respective subjects are interested 
 in this question, to protect their rights and secure them from loss, by ensuring a 
 just and proper provision for them in the treaty of peace which, it may now be 
 expected, will be made, or in such other manner as will be equitable. 
 
 *' Such protection may well form one of the subjects for deliberation and a^'u- 
 dication by the European congress which most be called together to settle 
 definitely the Eastern Question. 
 
 " Many precedents enforcing the principle that debts attaching to countries are 
 to be respected — that on alienation such debts were adopted by the successive pro- 
 prietors, and that in cases of severance such debts were duly apportioned, may be 
 found in many treaties of the present century, and the following (inter alia) may 
 be adduced : — 
 
 " Ist. By Article 8 of the Treaty of Luneville, in 1801, it was determined that 
 the new posseMors of ceded countries (including the territories on the left bank of 
 the Rhine) should be charged with the debts hypothecated thereon. On the fall of 
 Napoleon it was provided by Article 21 of the Treaty of Paris, in 1814, that the 
 debts specially hypothecated in their origin on the countries which ceased to belong 
 to France, or contracted for their internal administration, should remain chargeable 
 on such countries. And in pursuance of this stipulation, it was enact^ by 
 Article 25 of the Treaty of Vienna of 1815, that the king of Prussia should, on 
 his actiuisition of the said countries on the left bank of the Rhine, take upon 
 himself all the charges and all the 8tipulate<l engagements with respect to thoee 
 countries detached from France by the above-named Treaty of Paris. 
 
42 Hyde Clarke — On the Debts of Sovereign and 
 
 " 2nd. On the renunciation by the Grand Duke of Tuscany of that duchy, the 
 debts duly hypothecated on it were passed over to its new possessor the duke of 
 Parma (Treaty of Luneville, Article 5). On the restoration of the Grand Duke of 
 Tuscany to that duchy, it was (in pursuance of Article 21 of the Treaty of Paris) 
 enacted by Article 100 of the Treaty of Vienna, that the Grand Duke should hold 
 the grand duchy in such manner as he possessed it previous co the Treaty of 
 Luneville. 
 
 " 3rd. On the separation of Belgium from Holland, a division was made of the 
 public debt of the kingdom of the Netherlands, and a part of it was, by 
 Article 13 of the treaty of 1839, transferred from the debit of the great book of 
 Amsterdam or from the debit of the general treasury of the king of the Nether- 
 lands, to the debit on the great book of Belgium. 
 
 "4th. On the separation of Texas from Mexico, the former republic, by 
 convention of 14th November, 1840, took upon itself a portion of the capital of 
 the foreign debt contracted previously by tbe Mexican Government. 
 
 " 5th. On the separation of the Ionian Isles from Great Britain, Greece under- 
 took the public debt and other engagements attached thereto (treaty of March, 
 1860.) 
 
 " 6th. On the acquisition by Italy of parts of the papal territories, a repartition 
 was made in 1866-68, whereby a proportionate part of the pontifical debt was 
 transferred to the great book of Italy, in consideration for the annexation to Italy 
 of the provinces of Romagna, the Marches, Ombria, Benevent, &c. 
 
 " 7th. On the cession of Lombardy to Italy, the latter undertook the charge of 
 portions of the Monte-Lombardo-Veneto debt and of the national loan of 1854 
 (Treaty of Zurich, 10th November, 1859, Article 7, &c. ; convention of 
 9th September, 1860.) 
 
 " 8th. On the cession of Venice, and the union of the Lombardo- Venetian 
 kingdom to Italy, the latter took upon itself the debtsj charged on the ceded 
 territories (Treaty of Prague of 23rd August, and treaty of 3rd October, 1866). 
 
 " 9th. On the annexation of Savoy and Nice to France, the latter became 
 charged with a portion of the Sardinian public debt (treaty of 24th March, 1860, 
 Article 4, and convention of 23rd August, 1860, Article 1). 
 
 " 10th. On the severance of the duchies of Scleswick-Holstein and Lauenburg 
 from Denmaik, the public debt of the latter was apportioned, and part of it was 
 charged on the duchies, and was guaranteed by Austria and Prussia (treaty of 
 30th October, 1864, Articles 8—11)." 
 
 To these cases must be added that of Virginia and "Western 
 Virginia, created during the Confederate War, but of which the 
 detailed apportionment is not complete. 
 
 Under the empire of Napoleon the First, the principle was 
 acknowledged, and an amount inscribed on the great book of 
 France. This appears to have been (Bernard Cohen, " Compen- 
 * dium of Finance ") for 
 
 Yearly. 
 
 £ 
 
 Belgium 160,000 
 
 Left bank of Rhine 16,000 
 
 Piedmont 43,600 
 
 Liguria 14,000 
 
 Parma and Placentia 2,500 
 
 Sundries 7,000 
 
 These were large amounts for that period. An interesting case 
 is that of the debt of the Grand Duchy of Warsaw. In 1811 it 
 
Quasi-Sovereign States, Owing by Foreign Countries. 43 
 
 passed into the possession of the King of Saxony, who raised a loan 
 at Paris on the special hypothecation of the State salt mines of 
 Wolisla. The Gi*and Duchy in 1814 passed into the possession of 
 Russia. This transaction is not provided for directly by the treaties 
 of 1814 and 1815, but was provided for by two additional articles, 
 which appointed commissioners for the settlement of all such 
 claims. 
 
 In the case of the claim of the German and English bondholders 
 of the Roumanian railway debentures, which were repudiated by 
 the Government of Roumania, Prince Bismarck expressed the 
 opinion that the Government of Roumania ought not to be allowed 
 to be judge in its own cause, and his support was given to a pro- 
 position that the subject should be referred to a joint committee of 
 the protecting Governments, in which Roumania and the bond- 
 holders should each have a representative. 
 
 As the German bondholders gave way to the threats of the 
 Roumanian Government, this solution was never reachedj or it 
 would have been a great step. 
 
u 
 
 Discussion on Me. Hyde Clarke's Paper. 
 
 Me. Guedalla tliought that the impression produced by the reading 
 of Mr. Hyde Clarke's paper must be a very painful one, because 
 it showed the dark side of the question. The greater part of the 
 foreign loans referred to were made to South America ; and some 
 very fine countries, such as Turkey and Egypt, were in part 
 ruined by the very outrageous rates of interest charged, these being 
 something like 12 and 14 per cent. In fact, from the outset col- 
 lapse was a perfect certainty. Countries like England and France 
 could afford to bear this rate of interest, but the other countries he 
 referred to could only live by borrowing, and must again borrow to 
 pay, and he could not but think that they were more sinned against 
 than sinning. If these countries had been charged a fair rate of 
 interest, and if the loans had been properly applied to the develop- 
 ment of the country, they would have been valuable outlets for 
 trade and commerce. What had been the consequence ? In the 
 first place the loans were at 12 and 14 per cent., and the interest on 
 the floating debts of Turkey and Egypt had been raised for a 
 number of years at 25 and 30 per cent., and that of a fine country 
 like Spain at 20 per cent. It was only now, in fact, that the system 
 was exhausted. It was not confined to this country alone, but to 
 other foreign countries. He did not think, however, that there had 
 been a very great loss, because although some of the smaller 
 investors had been pinched, some of the loan contractors had made 
 m.illions. This money had not left the country ; but in the case 
 of those who received high rates of interest, they had expended 
 it in several luxuries, such as houses at high rents in London, and 
 residences at the sea-side which were scarcely obtainable four years 
 ago. He could enlarge on the subject, but seeing several members 
 present who no doubt wished to speak, he would refrain from 
 doing so. 
 
 Mr. Newmaech, F.R.S., spoke at some length. He pointed out 
 that the only real defence against bad investments in foreign funds 
 was for the lenders themselves to exercise care and common sense. 
 He awaited with much interest the report of the Royal Commission 
 on the Stock Exchange. 
 
 Mr. L. L. Cohen thought that that portion of the statistics in 
 the paper which was based on the returns of the income tax was 
 absolutely fallacious, for the reason that many of the dividends on 
 the leans introduced into this country during late years were payable 
 in London as well as abroad ; the consequence being that it was 
 merely a question of exchange at the time, where the holder elected 
 to cash his dividends. If the lender received the dividends abroad, 
 in returning his income to the Government, he would not distin- 
 guish the particular stock from which his income was derived, but 
 would merely lump it together ; therefore any subdivision based on 
 
Discussion on Mr. Hyde ClarJce^s Paper. 45 
 
 the income tax returns was entirely illusory, and being so, lie would 
 suggest that when the paper was published it should be left out, 
 because no one knew better than the banker that such a thing was 
 only misleading. Dividends were also sent here from abroad, and 
 sometimes foreigners, rather than take the trouble to swear affida- 
 vits, paid the income tax in this country. This, on the other hand, 
 would give an exaggei*ated idea of the English holdings of foreign 
 securities. As to the amount of investments in foreign stocks 
 within the last few years, they might be put at 400 million or 600 
 million pounds, or any other figure, but all that was a pure fancy. 
 On certain days there were from 2 million to 3 million pounds of 
 stocks going from one city to another — from England to Paris 
 and from Paris to England ; so that it was impossible to say at the 
 end of the year how many millions of stock had changed hands 
 There were therefore no means of estimating the investments in 
 foreign stock during the last four or five years or at any time what- 
 ever. The amount quoted on the Exchange could be ascertained, 
 and in the foreign list it recently came to 2,2CX) million pounds. 
 But this was no test of the holdings, for of the 5 per cent, debt of 
 France there was 240 million pounds, of which probably not 5 million 
 ponnds were held in this country ; thei*efore as regards the holdings 
 in this country, the figures were entirely fictitious. It had been 
 said that foreign bonds were made instruments of gambling, but it 
 was difficult to say what was meant by a thing being of itself an 
 instrument of gambling. The reason why a foreign bond was of an 
 easily negotiable value, and had a recognised status in the world as 
 a convenient system of exchange, was owing to the modem system 
 of telegraphing, and the close connection between one place and 
 another. He was in the business himself, and he did not know of 
 any specific transaction in any foreign or continental security — 
 whether it was a transaction resulting from speculation or what 
 was called a h&iid-fide bargain. There was nothing more clear than 
 that a distinction could never be made between speculation and 
 absolute business in any trade whatsoever, and to attempt to curb 
 the range of speculation would naturally land them in difficulties 
 which their predecessors got out of when they abolished the old 
 laws of regrating and forestalling. The only safeguards for pru- 
 dence were those that Mr. Newmarch had recommended, and the 
 press he considered the principal one. Taking the case of Honduras, 
 which had about 100,000 inhabitants, he was astonished that there 
 was nobody at the time of the loan who, through the press, showed 
 what the condition of that country really was. But such a state 
 of things was not likely again to occur. Considering the present 
 freedom of the press in this country, it was not likely it would be 
 hushed into silence, as in former years. The function of the Stock 
 Exchange was that of a judge. They were bound to judge a case 
 by the documents before them, and they could not travel behind 
 these, nor consider any circumstances but those which were perti- 
 nent to the points raised, just as every tribunal had to take cogni- 
 zance only of the facts pleaded and proved. 
 
 Mr. McKewan (General Manager of the London and County 
 
46 . Discussion 
 
 Bank) said he agreed with Mr. Newmarch that dealing in foreign 
 loans was as legitimate a mode of business as dealing in any other 
 commodity. The real evil had been the pressing upon the public 
 spnrions articles as if they were genuine. He also agreed that 
 people should take care of themselves when parting with their 
 money ; but the small investors in this country had not an oppor- 
 tunity of considering all the facts connected with a loan, and were 
 entitled to every sympathy. He was, however, of opinion that on 
 many investors or rather speculators, sympathy was altogether 
 thrown away. The question was whether there was any possible 
 way by which these spurious foreign loans could be kept out of the 
 market. He thought there was enough evidence given before the 
 Foreign Loans Committee to show that the Stock Exchange was 
 not, as was claimed for it, altogether free from blame. Reference 
 has been made to the Honduras Loan ; now with respect to the issue 
 of the first loan, it was perfectly certain that out of the whole 
 subscription, amounting to 500,000/. or 600,000?. for that loan, 
 which included many leading members of the Stock Exchange for 
 large sums, there was not more than 50,000/. or 6o,oooZ. taken by 
 the public, the other allotments having all been sold, and there 
 was surely a power on the Stock Exchange to check this. He 
 quite agreed with Mr. Newmarch, that the Government could not 
 be made the collector of foreign debts, nor could a foreign Govern- 
 ment be made defendants in one of our courts of law, because, 
 even if a judgment were obtained against them, it was not easy 
 to see how it was to be enforced. This was a difficulty which 
 would always occur to a judge. 
 
 Mr. GiFFEN said they must all thank Mr. Clarke for his paper, 
 which contained a great amount of information, and was better 
 suited for reading and reference than for hasty discussion. There 
 was one incidental question which had been raised which he wished 
 to remark upon. Mr. Cohen seemed to think that the mischief 
 done by " foreign loans " during the last few years would have 
 been a great deal less if the press had done its duty better, and he 
 looked forward to the press doing that duty much better in the 
 future. But perhaps Mr. Cohen forgot a great deal of what the 
 press really did during the issue of these foreign loans. He 
 (Mr. Giffen) was connected with the press during a great part of 
 that time, and he could say that it did service in warning the 
 public against such investments ; but the infatuation of the public 
 at the time was so strong, that he did not think the strong attacks 
 on such loans deterred many people from investing in them. The 
 writing in some quarters was looked upon by many persons as 
 being the proper thing to be said by respectable journals, but as 
 very antiquated. When people were led to believe they could make 
 20 per cent., the warnings of the press were of no effect. It must 
 always be remembered that if there was any bad business on foot, 
 it would imitate some good business that had preceded it. It 
 appeared from Mr. Hyde Clarke's paper that there had been a vast 
 amount of good business connected with foreign loans, and many 
 people having made money by them were more liable to be deceived 
 
on Mr. Hyde Clarke's Paper. 47 
 
 by the inferior article. It mtist not be expected that any amonnt 
 of writing in the press conld prevent a great deal of business being 
 done in false and fictitious securities, which sometimes imitated 
 good securities. In reference to the stigma which Mr. Newmarch 
 desired to fix upon the United States, he thought there was this 
 difficulty, that it would be found that the Government of the United 
 States had never issued a loan in the London or in any of the 
 European markets at all. The bonds had been issued in the United 
 States, and the people who bought bonds in that way must be subject 
 to the contingencies of United States' legislation, and if the United 
 States did not legislate beyond the usual limits of Governments in 
 such matters, there was no blame to be attached to them for what 
 they had done. It seemed to him rather a strong thing that, 
 because the Silver Bill had been passed, the stigma of repudiation 
 should be fixed upon the United States. 
 
 The President said he was sure he was expressing the opinion 
 of everybody present, when he said the paper was a most interesting 
 and valuable one ; in some respects he thought it might even have 
 been fuller than it was. He agreed with Mr. Cohen that the 
 returns given in it on the authority of the Inland Revenue Depart- 
 ment, with regard to the investments of the people of this country 
 in foreign loans were not to be relied upon. He felt satisfied that 
 it did not by any means represent the total of foreign investments, 
 and he thought Mr. Hyde Clarke would do well to cut that part out 
 of the paper. It would be extremely interesting to know the real 
 investments of Englishmen in foreign funds and investments ; but 
 he thought it was impossible to arrive at an accurate estimate 
 as to what these were. One interesting thing would be to know 
 to what extent the funds of a country like France, which were 
 to a great extent borrowed from other countries in a time of 
 national difficulty, gradually filtered back to the country itself. He 
 believed that a large proportion of the great French loan which 
 was raised during the Franco- Prussian war in foreign countries, 
 especially in Holland, had filtered back to France, and was now 
 in the hands of Frenchmen. Adverting to another point, he would 
 say that the paper was rather a melancholy one, because it showed 
 how great the losses of the English investors had been, and 
 how foolish they had been in investing in all kinds of worthless 
 security. The two great loans which had been made in recent 
 years, and which had been most profitable to investors, had been 
 entirely neglected by the English public. He refeiTcd to the great 
 French loan and the American loan. He thought he was right in 
 saying that a comparatively small amount of these two loans had 
 been raised in England, while loans such as the Confederate loan 
 and the Honduras loan had been eagerly taken up. He agreed with 
 what Mr. GifFen had said with reference to the United States loan. 
 He thought that the United States were hardily open to the obser- 
 vations made by Mr. Newmarch. They had passed the Silver 
 Bill — no doubt an extremely unwise one, but he did not think it 
 should be described as absolutely fraudulent. If Mr. Newmarch 
 looked at the contracts made by the United States Government, he 
 
48 Discussion 
 
 would find tliat there was no positive obligation to pay their interest 
 in gold. At the same time, he (the President) thought that their 
 action in passing the law of adopting the silver standard as well as 
 the gold one was extremely unwise, and he would not for a moment 
 justify it ; but still it was not open to the charge of breach of 
 contract. As to the general tendency of Mr. Hyde Clarke's paper, 
 namely, that part in which he advocated the action of the Govern- 
 ment in regard to the recovery of foreign loans, he entirely disagreed 
 with him. He could see no folly so great as the Government of this 
 country taking such a part. It was most important to maintain 
 the principle that investors must take care of themselves, and must 
 not look for the aid of Government in recovering their money. 
 There was one remark made by Mr. Guedalla to which he would 
 take exception, namely, that Turkey had been ruined by borrowing. 
 On the contrary, he was of opinion that Turkey had rather gained 
 than lost. He thought he was right in stating that from the time 
 the first loan was raised by Turkey in England and Europe, not one 
 farthing in the shape of interest had been remitted for the payment 
 of interest ; fresh loans had been continually raised, and the latest 
 investors had paid the interest of the former investors. Turkey 
 had derived benefit, because she bad built a certain number of iron- 
 clad vessels, and filled her arsenals with equipment out of the 
 earlier loans. It could scarcely be said that she had lost by 
 repudiation. It was her unfortunate creditors who had been ruined, 
 though possibly if she had not borrowed so much she might have 
 had something of credit to fall back upon during her great emer- 
 gency. The paper showed how extremely imprudent it was to 
 lend to countries like Turkey and Egypt, who were continuously 
 borrowing in the money market. It seemed that the inevitable 
 result would be repudiation ; and he could only hope that those 
 who read the paper would become more experienced in investments 
 than they had hitherto been. He thought that the main security 
 against the fraudulent issue of loans of the kind referred to by Mr. 
 Clarke, was the publicity given to them by the press, and possibly 
 something might be done to enforce to a greater extent the criminal 
 law. It was also possible that the report of the committee which 
 was inquiring into the nature and constitution of the Stock 
 Exchange might suggest a further remedy ; but the main remedy 
 for all these things was publicity ; with the spread of knowledge 
 investors would not be so reckless in their dealings, and with 
 publicity impecunious States would find greater difficulty in im- 
 posing upon credulous investors. 
 
 Mr. Hyde Clarke, in reply, said that his object had been to 
 show that accuracy was impossible ; but it would be found, on a 
 perusal of the paper, that he had brought forward some material 
 i'acts which, on the subsequent consideration of the subject, would 
 afford the bases for obtaining fuller information. There were several 
 remarks made by the President which he would like to have 
 answered if time had permitted. He believed that the people of 
 this country had made considerable profit by their transactions in 
 the United States loans during the war. He thought that the 
 
on Mr. Hyde Clarke's Paper. 49 
 
 remarks of Mr. Newmarch with regard to the United States should 
 be accepted with a considerable degree of caution, because the 
 United States loans, as would be found explained in the paper, 
 were all internal loans, under the jurisdiction of the country in 
 which they were issued, and it was as competent for the legislature 
 of the United States to deal with the money affairs of the country, 
 as it was for the legislature of this country to pay the interest on 
 consols in bank notes or sovereigns. With regard to the question 
 of Turkey, it would be found that in the beginning she met her 
 engagements, and that a considerable part of the Turkish resources 
 was applied, not strictly to the payment of the creditors, but to the 
 payment of the manipulators of these loans ; consequently there was 
 a very great burden on the finances of Turkey, without advantage 
 to the Government or its creditors. The remark made with regard 
 to the intervention of the Government would, he thought, be found 
 very much in accordance with what he had laid down in the paper. 
 At the same time he had suggested a mode by which the Government 
 might do a little more than it now did, and might be able better to 
 accord with the professions it occasionally made to deputations. 
 Mr. Cohen's explanation, although it touched the question to a 
 certain extent, did not touch in another part, which was, that those 
 persons who sold their coupons were very apt to forget to make any 
 returns to the Government at all. These subjects had been under 
 the consideration of the inland revenue, and it was very desirable 
 these frauds should be checked. With regard to the fraudulent 
 loans, he thought that if greater supervision had been exercised, 
 more might have been done ; but he might claim the merit in the 
 case of the Hondums Loan and the Ship Railway Loan, that the 
 action had been such that it was withdrawn in a few days, and 
 he thought that the committee of the Stock Exchange might in 
 several cases have exercised a judicious action. The remarks of 
 Mr. Newmnrch were in some cases a rediictio ad abaurdum^ and not 
 strictly applicable. Investors were in too many cases deceived by 
 the names of apparently respectable houses, and by the faith which 
 was naturally given to the representations made by them. 
 
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m - 
 
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 I - I 
 
 § 
 
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: it) 
 
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LONDON : EFFINGHAM WILSON, ROYAL EXCHANGE. 15 
 
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m ~ — i 
 
 16 LONDON: EFFINGHAM WILSON, ROYAL EXCHANGE. 
 
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LONDON : EFFINGHAM WILSON, ROYAL EXCHANGE. 17 
 
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