APPENDIX.
351
Lordship our letter of the 13th August, 1866, stating the
facts,
and send-
ing copies of several dociunents.
On
the 24th September, 1866, the
Government resolved that the
pension of the payment of the duties should cease fi-om the 1st following (see copy of Resolution herewith,
ton
&
Co. wrote on the 9th
November
sus-
November
marked H), but Messrs. Boul-
stating that the Resolution
had
not been acted iipon, and that they believed the Government contemplated reducing'the duties
haK with a new It
was
half,
and charging part of the other
at this stage of the proceedings that
ship our letter of the 11th
The
by one
loan (see copy of this letter herewith marked
December
decree which followed
we
I).
addi'essed to yoiu* Lord-
last.
dated the 30th November, and imder
is
the Export Duties were reduced to two-thirds of the old rates, and
Resolution of the same date 75 per cent, of the to
new
it
by a
duties were ordered
be applied to the payment of the Loan of 1864, and the remaining 25
per cent, retained by the Government to pay
off
a domestic Loan (see
copy of Resolutions and Decree herewith marked K). Tills
arrangement reduced by about 50 per cent, the duties which the
Bondholders were entitled
From
this
time
to receive.
March, 1867, Messrs. Boiilton
till
&
Co. received the
duties only at the reduced rates (see copy of their letter to us of the 8th
December, marked
L).
Translations of these documents of the 30th November, were trans-
mitted by Her Majesty's charge
was good enough
d'affaires at Cai'acas,
to inform us thereof
and your Lordship
on the 23rd January
last.
Then, on the 15th March, the Government proceeded to the extremity of again entirely stopping the
payment
of the diities, reduced as they
were by the Decree of November.
We
enclosed a copy of the translation of the Decree and of the letter
from the Government
to the
General Credit
Company
referring thereto,
dated the 23rd March last (see the copies herewith marked M. and N.),
and of extract from
March (marked copy of their
letter
from Messrs. Boulton
0), referring to the
letter to
&
Co., dated the
25th
same transaction, and enclosing a
Mr. Pagan and his reply (marked
P).
Diuing the time the General Credit Company were in receipt of the full amoimt of the duties, they were more than sufficient to meet the annual charge upon them of ÂŁ120,000 as proAaded by the contract, and indeed at the end of each of the years 1864 and 1865, there was a sm-plus balance paid over to the Government after meeting all exj^enses.