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London, through the agency of the dollars, for our services in the Messrs. Ricardo, of which it after- premises." wards appeared, that about one In the mean time, the equiptenth part had been remitted in ment of the steam boats in Lonspecie to Greece, where no satis- don did not proceed a whit more factory account of its progress successfully. By the contract for through the hands of the members equipping them, five steamof government into whose pos- vessels, within two months, or two session it came, could be obtained months and a half at the latest, The great object was, the equip- from the 17th of August, 1825,

' ment of lord Cochrane's Aeet. were to have been placed The two sixty-gun frigates were disposal of lord Cochrane, as com

? to be built in the United States, mander of the auxiliary

marine and 155,0001. were transmitted to force in the service of Greece, and new York to cover the expenses. his lordship was engaged to sail The superintendence of the execu- in the month of November : for tion of this naval contract, the the equipment of this armament, building and equipment of ships 150,0001. of the loan were set of war, was intrusted to Lalle- apart. It was the month of May, mande, an ex-general of Napoleon. 1826, before one of the vessels was The Greek deputies subsequently ready to leave the Thames; and took credit

, in their accounts, for even then,only one of them, the Per12,0001. paid to this person for severance, was fit for She his services during twelve months sailed under the command of capin a department of which he was, tain Hastings for the Morea, and and must have been known to her machinery turned out to be have been, profoundly ignorant; useless. She was tossed about this the general denied, declining helplessly in the Mediterranean, to answer personal reflections, and, having heen forced almost «

" and injurious remarks," and with to re-construct her machinery in this denial he' remained 'satisfied. Sardinia, it was not till the 14th The progress of the commission of November, nearly four months was what might have been ex- after her departure, that she was pected from the wisdom which able to reach Napoli di Romania. characterized its commencement. The other' steam-vessels The 155,0001. were expended in either in the state in which New-York; and in return, the she had left them, or, when they Greeks received, in the


end were tried in London, in Septemof 1826, instead of two ships of ber and October, it was found that war, one frigate of sixty guns the 'machinery refused to work, which was not worth one half of that it would be necessary to take the money. A dispute ensued it out, and that the whole work with the contractors, it was re- was to

do again. The machinist, ferred to the decision of three to whom the construction of the American arbitrators," who con- machinery had been committed, firmed the honesty and fair-deal- had a son in the service of the ing of the whole transaction, and pacha of Egypt as an engineer ; the first finding of whose award and inquisitive persons could not adjudged to themselves 4 4,500 be prevented from asking, what

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security would there be for the contract for, the steam boats; son $ head, if the pacha should and it was still more astounded learn, that the steam-boats which upon learning that, although

, were defeating his fleets had been scarcely any thing had been done, fitted out by the father? In the the whole 2,000,0001., raised by mean time, lord Cochrane was the loan, were disposed of! Ninelingering, in vain expectation, about tenths of this sum had never come the shores of France and Italy. into their hands; but they were Instead of leading a gallant fleet to told it was expended, and all they the assistance of Greece in No, had received in return werea sixtya vember, 1825, he had not a ship gun frigate, and a miserablesteam under his command in Nov. 1826. boat, both of which arrived too

When the Greek government late to be useful, when punctuconsented to appropriate so large ality in point of time was essential a portion of the loan to this arma- to their value. Some of the ment, it made a great sacrifice at chiefs began to clamour loudly the moment, but made it likewise for an account of the manner in for a great object. If the terms which the money had been applied, of the contract, on which they and no one of them was willing were entitled to rely, had been at that, where plunder and peculation all observed, it is difficult to be- were to be practised, they should lieve that Missolonghi would have be practised by other hands than fallen. The intended armament, their own,, In the month of June added to the Greek fleet already the government recalled from on foot, and led by an officer like London the deputies who had lord Cochrane, would have been managed the negotiation of the to Ibrahim a very different force loan, and ordered them to give in from any that he had yet encoun- their accounts. M. Spaniolacki, tered ; and the peculiar powers of another Greek, was authorized to steam yessels, enabling them to examine these accounts, in conenter the harbour, when the easterly junction with two respectable gales blew the blockading squad- English gentlemen ; and he was ron off the coast, would have in- instructed to use the utmost dilig sured the garrison against famine. gence “ from the present moment, After what had been already in examining the accounts and

। achieved by the Greek fleet on eliciting the truth.” more occasions than one, there While the deputies were prewas no extravagance in supposing paring for this investigation, a comthat it might now acquire and mittee of Inquiry was appointed maintain the supremacy at sea; by a public meeting of the bondand, in that case, the fate of holders in London. Though the Ibrahim, dependent as he entirely committee consisted nominally of a was upon Egypt for supplies, was considerable number of persons,the sealed The Greek government, pretended investigation seems to therefore, had every reason to have been conducted only by colonel complain of the mismanagement Stanhope and Mr. Bowring. Mr. of those who had received, or had Hume, though a member of the assumed the control of this loan, committee, did not attend one of

, and a clear right to annul the its meetings.

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A report was prepared in the ning of 1824.

the ning of 1824.' The Greek comname of the committee, but, in mittee appear to have sanctioned fact, by Mr. Bowring, which, on the thearrangements made with Messrs. 23rd of October, was submitted to Loughnan, Son, and O'Brien, as a meeting of the bond-holders. contractors ; the proceeds were It manifested on the very face of not controlled by the Greek depuit a strong anxiety to conceal ties, without the sanction of Mt. much of the truth, rather than to Edward Ellice, Mr. , present to the world a full disclo- and Mr. Loughnan, sure of the fraud and folly with were appointed trustees; and it which the Greek loans had been was stipulated that the monies connected : and yet it betrayed should be

be remitted to four enough to excite in the public other trustees in Greece (of whom mind strong disgust at the inca- three were Englishmen) to watch pacity and dishonesty of most of over the proper appropriation of those who had been parading on the same. the public stage as disinterested The following was given as a friends of Greece.

statement of the application of the The first loan, the report stated, first loan : -was contracted for in the begin

£. d. Interest

80,0000 60 Commission on loan,* and shipments to Greece 225,74692 Sinking Fund

16,000 0.0 Specie sent to Greece

298,726 119 Stores sent to Greece

10,063 6 5 Bills drawn from Greece

3,858 15 0 Expenses of Agents, &c.

1,027 15 10 Loan of Lord Byron, and interest repaid

4,683 6'8 Freights and Passages paid

1,624 1511

ona Mr. Orlando, for 10,0001. Bonds

5,900 0.0 Individual Expenses of the Deputation

5,045 0

0 Advertisements and Solicitors' Bills.

140 0 0 Balance paid to Messrs. Ricardo and Ralli.

27,501 0 0


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£.480,317 11 2 What those shipments were, that the whole of the first loan, which were represented as amount- though placed under the guarding to nearly 200,0001.; how the anship of Mr. Ellice and Mr. 298,0002. was remitted in specie Hume, had disappeared without to Greece--on these and similar producing even the semblance of topics the report gave no informa- benefit to Greece,

' tion. All that was known was. The report did not deal quite It was afterwards discovered that

so gently with the second loan: this commission (so curiously blended the management of which had in one item with shipments 03.ce) been in other hands. Its nono less

minal amount" was 2,000,0001. allowed nominally to Co., sterling, which had been taken at

+ who in their tarni paia 11,000% to Bowring.

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other sums had produced nearly The disbursements were 1,200,0001.


£. Interest for two years

200,000.00 Commission, *

64,000 6 0

0 0 Brokerage paid to Mr. Bonfil


0 0 Sinking Fund

20,000 o 'b Specie sent to Greece

182,401 14 4 Bills drawn from Greece

33,713 5 6 Stores sent to Greece

59,732 19 6 Expenses of Agents

2,297 16:16 Freights and Passages paid

33998 Set aside for a projected Expedition

160,000.00 Paid for Frigates building in America

156,99050 250,0001. Bonds of 1st Loan purchased

113,182 00 Sent to Colonel Gordon

15,108 '16 Due by Mr. Orlando, per his account

5,039 9 11 Due by Mr. Luriottis, as per ditto

4,552 110 Individual Expenses of the Deputation

6,716 198 Loss on Exchequer Bills, and on Money sent to Marseilles and returned

11.411 12 0 Ditto by Failure of Mr. Mavrocordato..

2,695 5 3 Penalty to Mr. Contostavlos, for the non-falfilment of a Contract for Guns

1,0000 Paid to Mr. Graham for Military Stores, not sent, on

bi account of the Proclamation.. 14

2,000.00 Sent for the relief of Missołonghi

3,350 00 Arms and Clothing sent from Paris to Greece.

10,893što Paid to Captain Miaulis and his Crew..

9150 0 Advertisements and Solicitor's Bills ..

vi lose 110 100 Assistance and Charity to Poor Greeks in London

b1 20500

bile Ho !!). Bustos! The detection of the gross mis- Orlando, Luriottis and Spanioapplication of a sum, whichi, if lacki (deputies or agents of the employed with common sense or Greeks), Hume, Ellice, Bowring, , common honesty, would have and Messrs. Ricardo, filled the ensured the liberation of Greece, newspapers with letters of pallia

filled led to squabbles among the indi- tion or recrimination. We shall viduals who had been accessory not descend into the details of the to the mismanagement of the "petty meanness and manquvring, money: and these squabbles led which the correspondence unveiled to mutual accusations little honour- 'to the public: but two or three inable to the parties concerned. stances may be given of the mode

in which the agents and trustees * of this commission, it was stated of Greece dealt with her money. that Mr. Ellice had received 14,0001, . In the first toan, Mr. Hume had Mr. Easthope, 10,000/.; Messrs. Lloyd and Co, 6,5001.; the deputies 7,5002.; assigned to him 10,0001, stock, &c.

at the rate of 591. per hundred,

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and the loss

the original price at which the 1,3001., would amount to 541. He contract was made. Some time accordingly applied also for this afterwards, the bonds having fallen sum of 541. and received it. In like to 16 per cent discount, Mr. manner Mr. Bowring took 25,0001. Hume became alarmed, and applied of stock at the original price of to the deputies and contractors to 591.percent. The stock fell, and he, relieve him from his loss. The being unable to pay his instalments, deputies at first refused, intimating made vehement remonstrances, that, if the stock had risen, Mr. coupled with representations of Hume would not have parted with his services to the Greek cause, the profit. He, however, insisted on to induce the deputies to make his demand; he was powerful, for Greece bear the loss accruing he had a control over the pro- upon his speculation. Hume ceeds of the loan; and at length the seconded his entreaties; and, partly deputies consented to take the stock by menaces and partly by perof his hands at the rate of 13 per suasion, the deputies were precent discount. Thus Mr. Hume vailed


to commit a breach of . instead of 1,600),; trust and to take back the stock at

the rate of 10 per cent discount. tuitously thrown upon Greece. The stock having subsequently Some time afterwards Greek stock risen to a premium, Mr. Bowrose above par; and Mr. Hume ring applied to have the stock remade strenuous and persevering turned to him. The answer to applications to have the 1,3001. his request was (and the answer

, returned to him. The request was supported by the production of excited considerable surprise, but, his own hand-writing) that he had from an disoblige sold the stock to the deputies. He so a friend of declared that he had forgotten or the Greek cause, this sum was misunderstood the circumstance; also given to him. Still Mr. Hume Mr. Hume again interfered in his was not satisfied. He discovered behalf: and the deputies paid him that the interest on the 1,3001., back 2,5001., to which he had no from the date when the con- right, and which was so much tractors took his stock from him money abstracted from the funds at 13 per cent discount to the date of Greece.

16!!!1 when they made him a presentofthe -- (194x9 9ifoi li pa so gain grí ods to salva nel 1! lis, Ict en baten !!

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