BONDS DEFAULT

Hokitika Guardian, 29 December 1933, Page 6

BONDS DEFAULT

MONACO PRINCIPALITY’S CASE

AGAINST MISSISSIPPI STATE.

WASHINGTON, December 26.

The Principality of Monaco is to 'sei-vc ho Gee on '.the of. its intention to sue the State,, of -Mississippi! on a claim for 100,050 dollars for default on bonds for 90 years part. . •: ' ' * Three unnamed/ ‘individuals were unable to collect on the bonds recently gave them to Monaco, which has instructed 3t s legal advisers Here to sue for collection of the amount they .represent. - , / • The- Consul-General for Monaco Washington w,ill ask for leave to state, a case to th e ’ Federal .Supreme Court. ett is not known whether the bonds were given to Monaco in settlement of a . debt rdf honour. /They are of two issues,/..and -were floated hv ' Mis-, srssippi'. in 1831 - " and .1838'in .London anil Holland, for .. a total of 7,000,0C0 dollars--/ / - -

Monaco'claims, that liTisSissippi .yio(the state law. of. lßfs, ..which . halted and ' ’’; "‘ In Joiie last, v-hon the war 3ebfa ~ question ■’■ wa)s:-acutey •; a : European journalist 'wrote :-- ; “In 1838 £1.000,000 of .‘Special and, British gold" was invested in Mississippi Union . Bank bonds. Fifty years llatlr ‘that . .investment, with other*, repudiated; by the state,•• amounted* to^£7s;poo,oo0 v ' and 40 ..years’ ■ more of compound interest have still to be added.” ;■ ’ '' .