The limes of Tuesday published a remarkable table in its
City article. This purports to be an account of the National Debt of Spain, taken mainly from official sources. It shows that the total amount of the Consolidated Debt is £426,733,195, bearing interest at 3 per cent., or £12,700,000 a year ; and of the Floating Debt, £51,958,000, bearing various high rates of interest; together with a small sum, as yet unknown, raised since 1874. If the whole of the Floating Debt were funded at present prices, 17, and also at 3 per cent., the total Debt would be £700,000,000, and would require the whole revenue of Spain. As this amount cannot be paid, a composi- tion must be made, and the highest which would last is probably 6a 8d. in the pound for the Consols, and 10s. in the pound for the Floating Debt. The Debt would then be well under £200,000,000 at 8 per oent., or £6,000,000 a year, which Spain could pay regularly, and which, after all, if it were but regularly paid, would not be ruin for the bondholders, who, whether ruined or not, will have to submit to some such terms. Spain cannot spare more yet, and waiting for the result of fresh taxation only involves more loss.
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