17 JUNE 1882, Page 3

The Spanish Bondholders in England have accepted S. Camacho's final

offer for the conversion of Spanish 3 per cent. bonds into 4 per cent. stock, at the price of £44 12s. 6d., includ- ing commission. The effect of this arrangement is to reduce the whole nominal Debt of Spain, which exceeded £420,000,000, at all sorts of rates, from 11- per cent. to 12—the rate on the Float- ing Debt—to a consolidated Debt of £200,000,000 at 4 per cent. This involves an outlay of £8,000,000 a year, which Spain, with her revenue of £30,000,000, can pay easily enough, if her finan- ciers do not instantly begin loading her again with a new Floating Debt, at monstrous rates of into. est. Moreover, a. surplus, if her Treasury is lucky enough to have one, tells on s

reduced Debt.