The Express.
London, England, 1864-03-24 00:00:00

THE NEW MEXICAN LOAN.

Some further details of importance have trans-
pired with regard to the coming Mexican loan. It ap-
pears that the government of the Emperor Maximi-
lian has selected Messrs. Glyn, Mills, and Co., as ite
agents for the negotiation of the loan, and that firm
have made arrangements with the International
Financial Society for its joint issue. Influential
firms in Paris are likewise connected with the
operation, which is to be carried out on commission.
The loan will be for 5,006,0001. cash, in 8,000,000/.
of 6 per cent. bonds at 63 per cent. Throughout
the negotiations the government of the Archduke
Maximilian has, it is understood, shown an en-
lightened desire to combine with the conditions of
the loan a measure of justice to the old bond-
holders. With a view to give some satisfaction to
these existing interests, it is proposed to apply out of
the proceeds of the loan sufficient to make up the
amount of the half-yearly coupon on the old bonds
due in January last ; also, to set apart sufficient
for dividends for two years on the old
bonds ; and, in the next place, to convert the over-
due coupons into an active Three per Cent. stock,
the dividends on which for two years to come will
likewise be retained in hand out of the loan proceeds.
It is an important feature of the arrangement, as
proposed, that the old bondholders shall be left in
undisturbed possession of the special revenues now
held by them. It is understood that the proposal
for converting the arrears of dividends into a Three
per Cent. stock bearing immediate interest has been
contemplated by most of the combinations at-
tempted by others of the first capitalists in Europe.
The next stage of the affair will consist of the pre-
sentation of these proposals to a meeting of the
holders of Mexican Bonds, which has been invited
by Mr. James Capel for Wednesday next in the
subjoined advertisement :
To the holders of Mexican Roads.—Having received a
notification that a new Mexican loan is about to be con-
tracted for, with certain provisions for the claims of the
exiatiog bondholders, I have been requested to call a meet-
* of them, at the Loodoe Tavern, Bishopagatastreet, on
Wednesday, the 30th instant, at 1 o'clock precisely, to con-
sider the terms which will then be proposed.
London. March 22. J.inre Cara.
In the event of the old bondholders dissenting
from the terms proposed, we gather that the loan
will be brought out exclusively on the continent,
instead of simultaneously in the markets of Paris
and London [and perhaps Amsterdam] as at pre-
sent intended. From the Paris advices it seems
certain that the loan if issued there would be ins-
mediately successful, the more especially as it is I
understood that this will be the first Mexican stock
to be officially quoted on the Paris Bourse. In
view, however, of the advantages anticipated
from the enlightened policy of the Emperor
Maximilian, who is stated to be strongly
imbued with the most liberal commercial
principle's, and of the advance which a strict
adherence to the financial obligations of the new
empire may be expected ultimately to cause in the
prices of its securities, the more general impression
appears to be that, though the arrangement pro-
posed may produce a temporary feeling of disap-
pointment amongst the more sanguine of the specu-
lators, it will be accepted by the largest and most
influential of the bona tide holders of the old bonds.
Possibly, some slight modifications of the arrange-
meat may yet be found practicable. Meanwhile,
the decision of the meeting of bondholders on Wed-
nesday next will be looked forward to with great
interest.

THE SHEFFIELD ISIINDATION.

THE INQUEST._

The inquest on Thomas and Slizabeth Elston,
Banish Edon, and Thomas 'alert, wbo lest their lives by
the disastrous flood on the nth of March, sou re-opened
yesterday morning, in the Sheffield Town-hall, before Mr.
John Webster, county =neer.
Mr. 8.. liewlinson, C.E., and Mr. N. Beardmore, C.E.,
watched the inquiry for the Hoemeoffies ; Mr. Enrolee
Thompson (banister) for the Sheliaki Waterworks Com-
pany : Mr. Broadbent (solicitor), for some of the property
fawners who have suffered from the flood; and the Mayor
and Mr. Yeoman, the town clerk, for the corporation.
There were also several engineer, present, amongst them
being Moos. A. Mille, engineer in chief of bridges and
causeways to the French government, who had come over
from Paris on purpose to inquire into the canoes cf the
disaster; and Mr. W. Lindley, engineer of the Hamburg
Sewerage and Water Works. The general public were very
poorly represented, there being not a dozen persons present
ante° o'clock, when the coroner took his seat.
The Corooer read over the evidence previously given
which, it will be remembered, merely identified the bodice;
of the unfortunate deceased ; and in a brief address stated
that the inquiry would be confined to the ore el Thomas
Elston, the verdict in which would decide the others. if
the evidence of the engineers and contractors was not satis-
factory, the evidence of Mr. li. iinwlinsoa, the government
engineer, would be taken.
John Towlerton Leather, Leveothorp, near Leeds, civil
engineer, and the consulting engineer of the Sheffifisid
Waterworks Company, was examined.
The Coroner, in questioning Mr. Leather as to whether it
was not pouible to have provided an additional outlet for
the water at Bradfield. expressed a strong opinion that the
outlets existing at the time of the accident were insufficient
Mr. Leather persisted in saying that every precaution
wee provided.
Mr. Itawlineon read extracts from the report of the
Society ot Eagineers published in 1859, to prove that pipes
were oome'ily broken by unequal compression ; but Mr.
Leather said the came quoted did not apply to the present

In reply to questions from the jury, Mr. Leather said
there was no evidence to lead to the supposition that the
pipes up to the time of the aocideat were at all defective.
The presnmptioa was the other way.
- - -

Mr. Perroaei Thompson aces-examined Mr. Lea-
ther, but nothing material was elicited beyond • con.
firmatioo of the previous evidence It was, however, stated
that the Bradfield reservoir was constructed on the lame
prisciple as the other reservoirs which had been need for
thirty years, and the puddle wall was meant to keep in the
water, and the embankment to support the puddle wall.
The Coroner—Then if your banks badly constructed the
puddle wall will fall!
Mr. Leather—ls might.
The Corouer—Have you seen the embankment since the
accident, and if so is it properly made?
Mr. Leather—lt ie.
The Coroner—Theo, Mr. Leather, what, in your opinion,
is the muse of this embankment bunting !
Mr. Leather—Well, I really don't know.
. .

The Coroner—What is youiconjecture !
Mr. Leatber—l have had peat difficulty in forming an
opinion at all; end I can only form a conjecture, which is
not worth much. There is the possibility of a landslip
nodose the seat of the bank. Ido not believe the embank-
ment Adolf would first slip, but the stratification beneath
mißhc
. . _

The Coroner—Have yen any other conjecture
Yr. Leather—lt has been suggested that there was a
fracture of the pipes. If the pipes had broken it alight
have caused it, but I do not think they did.
The Caner—Why do you suggest a landslip!
Mr. Leather—Becams landslips have occurred before in
this or ether valleys. . . .

The Coroner—Then you do not moribe the bursting of
the rueervoir to unsound engineering principles, or to bed
workmanship!
Mr. Leather—Certainly not.
In reply to Mr. Rawlineon. Mr. Leather said he was not
aware that say precautions had been taken to prevent the
creep of the water along the pipes, by means of collars and
washer frills.

John Condone, acting engineer to the Sheffield Water-
works Company, in the course of his evidence, said—l went
to the reservoir three or four days • week. Os Friday, the
11th of March, I was there about three o'clock in the after-
nom. The dam era then full to within a few inches of the
weir. It was a very stormy day, and that was the rinseof my going to visit it, I wished to see the effect
of the wind upon the waters. My immediate reason was
that at ast-time I had read in the paper that Admiral
Fitzroy had telegraphed agile. The wind was blowing strong
down the valley, but I did not think it would have any bad
effect upon the embankment. I stood by the weir nearly
the whole of the afternoon, bet did not observe the slightest
sinking of the embarkment If there had keen any sinking
I moat have seen it as I was standing in • line, and on •
level with the top of the embankment. I did not go emcee
the embankment that afternoon on account of the spray
which was blowing across is ; I had no chance,
therefore, of easing that crack in the embark-
ment which was seen afterwards. But I could not
have saved it if I had. Opening the pipsas bad no affect, for
that was adopted. I have no idea what caused the crack.
When 1 first saw it, a little after eight in the evening, I
thought it OM the action of the wind and waves which bad
been playing against it all the afternoon, end which might
have lonseced the materials of which the inner slope above
the water line was composed. I thought this caused the
puddle wall to lean inward and cause the crack oa the out.
side. This was in the evening, but is the daemon I went
home, convinced that all was safe. It is not true that
during the day 1 roads any remark about this embankment
falling, or the dam bursting. After I bad beau home in
the afternoon a little over an hoor—aboat eight—
I received a message that I and Mr. Cravat wen to
go up to the reservoir immediately, as some one had sees
the crack. We went there at once, sad found that the
pipes were open and running freely. I did sot notice the
slightest escape of water through the pipe trench. It
would take nearly nix months to bare the remnants of these
pipes
2 for a thorough
3, eternisation, sad the co I
did odd be
between ,000/. 0004 The first g when I
got to the reservoir on the Friday evening was to look after
the workmen. On getting to the embankment I found them
and a number of people from the neighbourhood waiting for
me with lanterns. I went over the embankment and they
poieted out the track, which I theoretically explained
as I have before described. The crack was 10 or
12 feet down the slope from the top of the em-
bankment I could just get my fingers in edgeways.
It was somewhere is the centre of the embankment. The
water was sot coming over the top. We then passed over
to the weir, and I thought if the crack was near the surface,
as I supposed, it would be useful to relieve the embankment
by blowing off a few stores from the top of the weir.
While the men were attempting to blow up the weir the
water went down. I then took a lantern, and looking up,
saw the water coming over into the crack. By and by I
saw then was an opening in the top of the embankment
30 fast wide, as if we had placed the weir io the middle.
bly men got me away. In a short time the ground
shook under me, and I knew it was all up. I
sent • tins down to warn • man living near and
he seat others. None of the men on the embankment
were lost It was about half-past eleven whim
the embankment burst. The embankment moat have sunk
to allow the water to how over.

Cross-examined ty the jury—The inclination of the river
from Bradfield to Sheffield is about 90 feet per mile. On the
10th of March the water was 2 feet 3 inches below the weir,
and on the 11th, 1 foot 3 inches. The valves were raised
about half•paat seven o'clock. The water had never stood
so high before. The depth of snow and rain that week was
nothing extraordinary.
Cross-examined by Mr. Perronet Thompson :—I have
been connected with- the Sheffield waterworks for 33 years.
After all my experience I can say that everything that could
be done for ensuring the safety of the reeervorrhaa bees done.
I can suggest no meats except some additional outlet for
letting off the water ; but in the present cue I do not know
of anything practical that could have bees done. I superin-
tended the construction of these works most carefully during
the progress of the works. The alteration of the embank-
ment from the original plan entailed a great lose in money
and storage to the company. Piruf:ting into socket& are
preferable to those faateoed by
The inquiry was adjourned at half-past five. It will
probably Let two or three days.

TB Z LIABILITY OF THZ WAITE COMPANY.—
The Mariiithi In4,pelident asys:—" The committee of
sufferers by the late flood have obtained the opinion of Sir
Hugh Cairns. and of Mr. Brown, of the common law
bar, u to the liability of the water company for the
damage caused by the flood. Their opinion is to the effect
that the company are liable to make compeziatioe to every
person, without distinction of clan, who has sustained any
legal damage or injury by the flood. The learned counsel
also think it is clear that section 68 of the act of 1853 im-
poses this liability on the company without proof of
negligee*e on their part, and though there should have been
no negligence. They are also of opinion that the sufferers
can only take the property of the company in satisfaction
so far as it will go ; they cannot touc► the propeity of
individual shareholders, or sue them, except that they may
compel those shareholders who have not paid up the full
amount of their shares to do so. under 8 and 9 Viet.,
cep. hi, 5ec.36."