Mr. Hay to Mr. Bailey.

No. 373.]

Sir: Referring to instruction No. 365, of April 10 last, to Mr. Hunter, in relation to the new arrangement that the council of foreign landholders in London was seeking to make with the Government of Guatemala respecting the foreign debt of Guatemala, I have now to instruct you to report to the Department the correspondence between the legation and the Guatemalan Government in pursuance of said instruction.

I am, etc.,

John Hay.