The following Statement has also been published with regard to the service of the Uruguay Five per Cent. External Loan of 1896 The following Tables, taken from the Board of Trade Journal, show the value of the Foreign Trade of Uruguay during the year 1902: 1834. By the Convention of 1834 Venezuela became responsible for 28 per cent. of the original Colombian Debt, or £1,888,396, upon which the arrears of interest amounted to £906,430; total, £2,794,826. No interest was paid by Venezuela till 1841. 1841.-A Settlement was made on the following terms: The above principal of the Debt to be converted at par into "Active" Bonds which were to bear interest at the rate of 2 per cent. for the first seven years, increasing per cent. annually, until the maximum rate of 6 per cent. should be attained. "Deferred" Bonds to be issued in satisfaction of the arrears of interest to an amount equal to the original capital. These Bonds were to carry interest from 1st October, 1852, at 1 per cent. per annum, and to increase per cent. annually up to a maximum of 5 per cent., when a Sinking Fund of per cent. should also come into operation. It would appear that £1,857,159 "Active" and £1,847,500 66 Deferred 27 Bonds were issued under the terms of this arrangement. "Active" Bonds to the amount of £150,000 were subsequently issued in settlement of the "Macintosh Claim," bringing the total issue of these Bonds up to £2,007,159. 1847.-Default took place in October. |