Brian Vale, a naval historian and author of A War Betwixt Englishmen, Brazil against Argentina on the River Plate. 1825-1830 has kindly allowed me to quote his comments on J. J. Costas/Coste and the notice he published in the British Packet on November 8 1828.

Jaime Costas was a Catalan, from Barcelona, who specialised in raiding the sea lanes off Rio de Janeiro.
His schooner, originally the Vencidor de Ituzaingo, carried a crew of 105 and three guns and was—as was the custom—owned on a share basis by a group of people (including the officers) many of whom had shares in a number of vessels to spread the risk.

There was in this case a principal shareholder, a well known Buenos Aires merchant called Juan Pedro Aguirre, who was the official armador—and carried the can to the authorities if the privateer broke the government's reguations.

After successful cruises in 1827, in early 1828, the vessel was refitted in Carmen de Patagones and renamed Libertador Bolivar, clearly (as one learns from Costas' advertisement) with extra money provided by Mr Bertram. Bottomry is a maritime mortgage. At the end of 1828 the war with Brazil is over and Costas, having heard rumours that the shareholders are thinking of selling the vessel off, is telling them in the advert of Mr Bertram's mortgage and warning them that they will have to repay him from the proceeds.
Brian Vale, private communication, September 2006.    back to the advertisement