The Express.
London, England, 1848-03-13 00:00:00

niLE HIPRIBS, MONDAY EVENING, M.ULCH 13, 1848.

MARcx 11,

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sharelsehlwe to he selected by thexa, es suggested by your own meth-
od. molars
gosselumel also that idlole this orellothmeY ineetlng m
mat belea mesa SR Fitgroy
~.wp:i omortoonoo oh.,
taken At tke nott or Om re pettier mon.
"1"."..4_.,0e rail". gle"ree=i. woke
Vie.
tosid:orogeosings.:7s.rdibloweloru..redame"litoblied:ll64ln la theissiiifortt "rattli7teuegel,det arif.
tamoPo;llme= thesemtves, on
grd shill& ea dram ow est Meetly se indirectly Moan
MIR ellEshatelt histesbe as it rer intuition of the ar-
reeponsel" la this Wolfe* the Wese of M. Olyn
had been pro-
peed lie be be
the weitieseesetisso that hie, however,
Weald be "Waft WNW atabildiam persons/ interference, except
sole Ma Illerei: 0110600•114 W We eaperclty of chairman of the
LOOM iMi Meth W_WellealWIRWIFONSpay; but p's recoosiders.
*agar eimiNd /Melia te-- fletregestlon of any exception into
thee assevbe. med We amber we bet own with reopen to It.
• We mime teas pea woe haw sees abet ems reduced Into writing
"'peseta maim ese IRMO wee Jen vapseeted to consider and
I determine the whole welfierO es esaliftehod la those documents, the
they bid sapid aad, at the request of Mr.
roreC:nttrtalseg We al=
had bees reboil by Sr F.
/Lefty it to to. qosl/111111 OMB dill document propo,oll to be
Zother whose the Greet Weetern Company
by Itt think proper to soled Ye the parnme of givine that honour-
able pease With mote retoetmeseur Menu, yielded to that
ten
stop as regarded Mr. Glyn, ta nei!rto focitithe what were under-
stood to be the objecta aid basemen intenoone of all patio, iii the
iraer":"lsituresenesdrig:::for:t3s:',.
cig•hr ibMtbeetawetre:w'iwiingmegoomw"ettromtubnrateddea7.o"yhheiwtom.
Mr, for the Stet tirne, and to our asionithin, Mr. Walt was
seemed by sir Fitzroy Kelly that the offer to gum any ouch letter
a- OW" manetwunteral=rtreeltleshiewtoterme
.diirecestore. eel:,
wore.
emeenelMeils lOftit•Ao be swelWelthat the coupone were atilt to be ito-
flail Wwm. WO We akvbied that upon the term' of the
apelalawe twig, NA Mee enewially when we connect with it the
ed Ihe Welkeyour clients hove not enthlel
ceded
llMlONSlaltelbe sow &smith ; and the result of the no.
piblies MD Vallist if the Greet Wooten Railway Company
the I" elell WWII il they would hove nothing to expect ito
I roars tell lbe meet ea attempts to defeat tbe agreement on
the port el ISOM hose IMMO then ham received the fall heuefit of it.
144 .r. 11014,0effateft*, IMIIIMInted Sir Fitzroy Kelly that our clients
d•Wasq_S Warm re ars pas until the Mlle shall lame re-
alb
iftt it smile miler they shall have the written ,
Wedge ellee==i se the scout ity spinet ow:milieu to
m. which h
To this as reply hoe been liven, except your
! Mar of ths Bth batiat. If Si aorraties be cor, en, and we have
' eek that It
it 04,er,..........0.... „,2.,..theeresiitecilvdealeeen:tieowieewhoetve far
Nil memo to perform the eipew without new conditione, MOM
lbernost have kaugrolabe Ole." it cannot he forgotten [bat I
mu who became the
Osierfalie"sdrohteePcsitecrtrilovergh7l64w6nLa tla.ur if ~..far,
1 gg apes:ting the arsersome a
shirs slopped the ihrogrem of aII
bee putlawnent In the WA_
_. Or awe of the moven minds.
Isle" be sought lea The wassamemss_ the Past, themlure, boa swim
WA mew proyllmanewetes Wage ft tour clients booming es-
pied to he uence Wino ageinempliiyed to
spew the bast AM WI who hove hen acting in the in-
Mee* of the Leila V& Waders Rainey Company Mall have
propared the emeolee egOINESIOIhey are so anxious to obtain so a
pemalary adwantegeto thelnelliges, ma for which they seem now to
offer to gore merely the somisel mead of a remlution of the Bir-
mingham and Oxford Comagang. In cooclution, we meet remind you
that the prevent register of the shareholders and of the prone", given
by them discloses the feet that smog your ohenta "suggentieg an
' mumble settlement of all differences " ore to be found the DAMS of
the chairman, deputychairman, and 29 directors of the Loudon and
North Weetern Railway thoopeny, with • eumerous that of their relo.
tions; beaches all their soliamorro engincen, anti several agents and
' clerks of the company, in addition to molly of their 'coiling shun holden,
• 111 Ms roalway companion coometed with them, or under their in-
Buena, we find also nieny director', and officers emaciated in the
wens abjct, commandin by their nopective potitions, the influence,
1 if not the
mepial, of those bodice. Them ale ouuntrovertible
whitfact
arid our clients mullet, loth • knowledge of them, fail to draw,
! amoeba us, • very natural inference from all promisedOos been adverted
! to, that they would most improperly bate
to the lawns
asf their proprietors If they had seceded to the demand of your
clients, teaming them unfettered ea to future oppoeition, and certainly
that they would not have secured to the Greatt Western Railway
Company even the advantage of a peace
I ful i rom the contention.
which hem been instipted agathet them throughout by your clients!.
! —We are, toc., W.O, and W. firer. Alexander Dobie, KN.
111 r. Motley asked the chairman whether be was in poesomfon of the
heeds of the agreement which had been suggested by couneell —Mr.
Matthews replied that he was not; upon which the former .and that
ft woo quite time the ohareholders were put in fuller pod lesion of
everything that had been done, in order that they might form their
own judgment upon the propriety of the course which had been
there-
sued, and also of the conduet of the Great Western Company; be
fine auggeoted that Mr. Dobie should read the documents in his pos-
session. The chairman assented, end thereupon the heads or ago,-
went, ao drawn up by Sir Fitzroy Kelly and Mr. Rolt, were rood by
Mr. Done. 3 bese were yoretty nearly an ampliffcathan of the terms
which bad been proposed on behalf of the dianentient shareholder. •
but at a mho...pont meeting of ocniosel a cparate article was added,
, it appeered on the auggestioa of Mr. Holt, the portion of
whicb wan that • letter should be written, to he signed
by the principal
ironedtharsholdrs in this company, cc ouch
of them aa might be eby the Greet Western Com.
pony, pkelging every shareholder, either Milividually or as
wenected with any other railway,
company, not to do any act
directly or indirectly to frustrate the carrying out in ell ice integrity of
the agreement of the 12th of Noeenolor, lett. To this overate ar-
ticle hc (Mr. Dube) at onoe commonioded to Sir Fitzroy Kelly hie
opinion that it would be objectionoble, kw that due performance of the
controct ca the port of the Birmingham and Oxford Company Ind
been fully provided for in the heads of the agreement drawn up. The
threat %Ovum CoMpany, however, by short counot would not aban-
don tbio separate article, coo pt in u+ tar ao Mr. blyn W. concern! d,
'follow guarantee wee not to be required, ro that be pledged himoelt to
perform no other act than a mimeterial one as chairman of the Lou-
don and North Western Company. In couclueion, Mr. Dobie said,
thatby persisting in requiring the separate article to form port of the
condtuons by which their differenoes we rem adjusted, itecerned as if
the threat Western Company were rema getting the brood gauge
to Birmingham, or the &embolden in this company were not to get
their coupons, and tee agreement of No late, would Mind for
nothing.—Mr. *I urner, of Birmingham, deeded that the agreement of
sale might be read, for the reason that it woo therein specitied that an
soon I. the Mooch/hien had road up the full amount of their Mares
they were to be entitled to go to the Great Western Company and
demand coupons for .391. sa—The
be of the last meeker
hating been complied with, Mr. Abel Feytoo mked the chairman
whether he believed at the time the agreement was entered into that
they were not to receive theirconpons till the broad gauge wan In ought
to Birmingham?—The Chairman delivered a long speech in reply,butdid
not answer the queetion put Whim. Ile merely mid
that it c
ould
not
be be cops nod, the Great Western Company would delithe
until the agreement mu fully carried out —Mr. Peyton untie oho
peeled to the doectors. "Are we (he said) to wait for our money
until the brood gauge Is brought to hironoglaun r". -lir Charles
Maw (one of the directors in the intereat of the Great Weetem Coin-
pan)) instantly replied, " No, that was not a condition of the Role ;
neither has such an one ever been oho ken of at the board."—Mr. Mor-
ley next rooe, and addressed the meeting at great length. lie won
hopeful yet (be said) that come course might be Mooned that would
put on end to this moat unpleasant depute; he complained, however,
that the cbairman had evaded the real questiou put toand sins
an aoswer altogether . germane to it. lie demonded to know
the terms upon Toth& were lontingent the delivery of the
coupons. Was it on the payment of the full amount of
the share (20 or WO it contingent oo the chanoo of
en very improbable a thing the that which had been suelnoted I lie
demanded information from the denten as uo wbether they, •r-
-eentiog the interests of a large buds' of shareholders, had derW to
mute an agreement with another booty the performance of which was
contingent on the breach of an net of oirliament, for the limits of the
broad gauge had been axed. This hail been denied by one of their
own board, and who he (Mr. Morley) bad there complained of the
rapidity with which the money was called up, the reply he bad inn.
viably remind was, the sooner the 201. is called up toe wooer the
coupons will be received by the start holder!. The perch:acre' own
agreement, as drawn up by Mr. Talbot, confirmed this view, fer
had
it
was therein distinctly speeded that usoon as any penprielor
paid up the amount of his shame by /anticipation °r
othermite, he
would be entitled to receive a coupon for 3111. se. from the Greet
Wetter. Company. Viet agreement was waled with the seal of the
Great Western Company, and he eh: throated them to show one single
clause in it 'prettying that the periormance of it was contingent
on the carrying out of the broad gauge. Wete they to be told that
an agreement hod been entered into which contained provisions that
they had not the power to fulfill Or, suppote parliament would not
grant the broad gauge, were they never to receive die price agreed
upon for the sale the property! Such an agreement would be de-
of
void of all mutuality, became it opened on easy mode by which one
party might violate it.—Mr. Wager : 1 declare that the Great Western
Company ham never mid that the inUe of the coupons mu to be deo
pendent on getting the broad gange.—Mr. Motley proceeded to re-
mark, that by etipulating for the guarantee', in the separate article to
the beads of agreement, de w¢ up hy Sir Fitzroy Kelly and Mr. Roll,
the Great Western Company had Buono themselves; • great injury.
Such a "tipulat ion reflected on the hoour and integrity of those who
acting in good faith, weredegrees of amicobly arranging all these
differences in an honourable manner ; and it would have been the
height of folly and madness in him to hove attempted to bind down
individually a large body of shareholders, many of whom were inte-
tested in oiler lines of ralltway in dittant porta of the country, and
whose acte it would, couacquently, hove been impossible to control.
Ile concluded by moving the following resolution :
'That the letter addressed by Mr. lOabie on behalf of this company
to MC,IA. Runt am behalf of the Greet Wmtern Company, dated the
tith instant, be and the mime is hereby approved and adopted by We
company, and the letter of Memo taunt, dotel the loth instant,
hoeing bece read, it is further resolved that the Great Western Com-
pany be forthwith formally called upon to deliver to the More-
holders of this company, who have paid their cello, the securities
now due to them under the agreement of 12th of November, 1646, and
in all other respects to careo out thot agreement. And that a letter
be addressed to the Great Welters Cowl/any by Mr. Doable on behalf
of this company, requiring their compliance with ouch demand,
within one week from this date ; and further giving notice to the
Great Western
or the tailing etch complionce, ouch steps will
be forthwith takes tor the protection of the intereete of this company
under the agreement, as counsel shall advise. And Ito meeting doth
hereby authorise awl other such steps to be taken accordingly by Mr.
Dobie, on account of this company. '
Mr. Peyton wooded the resolution,and
oarlong oliscussion ensued.
In the course of it the Chairman expreseed belief that the (treat
301 W". wse,."a
pee°r metaPs'reywhwooulawas pginapare toedelongve.h"therneb'aldera declarationcouVto' the
meet that he would de all in his power tofurther the carrying out the
provisions of the ;agreement- Thin (be said) waa his individual opt-
sion.—To it the Chairmen ,s
eseveral direeton of the Great
Western Company, who sat by, said nothing.—Mr. Nicole) mid theta
all the shoreholdere would come Reward, anal of their own free will
give the guarantee required, he had on objection, aud would at once
pre bis; but suppoong three or four stuck out, or the shares be-
came pcomeseed by other parties, what was to be done ! The Grout
Westernesompany woll
cues that this was impossible, and had availed
then a wives of this A peculation to get rid of the agreement —Mr.
Saunders, the secretary of the Great Western Company, then entered
into a lengthened eaplanatioa reopening the heeds of agreement
which had been drown up by Sir V. Kelly and Mr. WOO Ile mid
that the terms of the eeparate article had arisen, not with
their camel, but with Sir F. Kelly, and that on their
part Mr. 11011 had been instructed that if • condition were given that
the broad puce wield not be opposed, and that assistance would be
afforded to carry out the terms of the ogreement, the mimeos would I
be given at once. Subsequently, however, it turned out that Mr.
Money and Die friends stipulated that all the °dicers and dooctors
of otter companies were to Se exempt from signing the agreement
required by the Great Western Company ; _ here, consequently, the
arrangement broke off. Mr. Motley
called spurn the Great Weetera
Directors to say whether they bad any purpose to carry out dm I
agreement of November, 1646 ; and whether, under it, they sad. 1
dared themeelvee legally entitled to a document of the character they I
now proposed as • «madam of paying the coupon'—Mr. Rumen, the '
chaff
and of the Greet Waters Company, replied. lie raid that a
cumin and episodic &mower to Mr. Money's question was given in the •
letter sddremed to Mr. Dobie by the
linedsolicitrs of the company with
which he was oannected. It wee their e
aspurpose and intention
to tarry out the agreement, but to the extent to ,
wtdch it was binding woo them they mutt be guided by their own '
counsel. Weer, were swim nice points and dieemetions to be
woawed, sal the noweat they were satofactorily adjusted they
Would ace as ~n beck the a moment. He did not believe that •
I nay saute( law or the ithelf would expect a great company
Ito pay way a million awl a bele et Worley until the full meditate* of
ths sweematt had taw seepilal with. We will never (he said)
gorreeder ow arms mid Mae. ear 'Desolate in powesaion of theirs ;
her will we mew labe soy diell's trace so long an your various
wit
OesselP6M4 eisbareheliMe Is Oa eherwter of Buckinghamshire, •
tandem sad Perth Weieseare. Illierlds. sad others, remain in the
1 sea softie ~. is pm* Os faft wry* out of ea agessweat
I width yes. es ItirelbSlM Mt Mint proprietors, bass IMMO be
to.—AfttT a lbw she heat
Pieelly, In repthy, l
irectors d the neolatita was pu
and carried wessaanwaq.—ite import of e urns am put
it was reamia/Meorly Ye ib bewity The attelea of the
holders Mss Mss dlr.** ft the eialahrleilies at the Lordaulasiblr.alld
they wrie mistral lo WOO hos farther eppoldeb to the owns
take* Weir dsearats. lbs eldalwle se awarsist showd a bedews to
band ISMII/1. Is, IL Oath" MAIM hr the idelelioa ed ws vq.
port, Ilr. Malta dr graidtaa lir sweauda bail set welawas
an esandnado. same tild 11111 ettatelikttehtflteettalld man
Thursday, the WO., at the Alelped Ifrfas limaysigt Ibis as
carried.

MONEY Y MARKET .
SATURDA EYRNINO.
In view of the extraordinary financial derangements
brought by every post from Paris, and on no occasion
yet of more portentous import than those brought
to day, with the natural consequence of a confusion
of stock values on the Bourse, the comparative steadi-
ness with which the even tenor of the funds holds
on in this market must seem really remarkable. The
fluctuations in Console exceeded but little the usual
differences of more quiet times and regular business.
They touched for a moment 814—the average quota-
-1 tion of the day being. about 811—at the lowest
were done at 801 in one or two bargains,
and left off 801 to 1, both for money and
account. Some sales were made in Reduoed Threes,
I though shut for the dividend, at prices ranging from
811 to 801 with the dividend ou for money. Long
Annuities, though shut also, were sold at 84. Ex-
chequer Bpremi uills, 265. to 30e. premium. India Bonds,
Sc. to 10s. m. The scarcity of money stock, it
must be observed however, is the one chief cause of
the upholding of prices.
The transactions in the funds were not of much
importance, but those in foreign stocks were of the
least possible consideration. In fact, foreign secu-
rities are touched only with much caution and a sort
of reluctance, perhaps chiefly. to square accounts,
or, in the case of ellers to raise money at an cost
for necessary purspmes,, whilst buyers deal only in
such case on the chance that at the vile rates of price
given the purchase may some day turn up a
prize. Mexican were 14 to 4, so that the report
brought by the Hibernia steamer from New York,
Mexico was about to laid before the Senatetes by the
IPresident for approval, or advice, had not the slightest
effect en the bonds, except indeed rather to depress
the price. In so eventful a period as the present in
the Old World, it is clear that the concerns of the New
are not likely to attract much interest. Spanish
Fives were done at 12, and may be called 114 to 124;
the Threes, '224 to 3; ; Passive, 21 to 31. Por-
tuguese, 15 to 17. Dutch Two-and-a-lialf per Cents.,
40 to 2 ; the Fours, 67 to 70. Belgian Four-and-a-
Half per Cents., 60 to 65.
From the Amsterdam Stock Exchange more
failures come advised, with lower prices of securities,
and otherwise much monetary embarrassment. Money
was commanding higher rates, and for interest or dis-
counts 6 per cent. was required on the best paper or
securities. The Handelamaat-chappy, or great com-
mercial association, was about, as reported, to give
public notice that its usual spring sales of sugar,
coffee, indigo, and other colonial produce, would not
take place, in consequence of course:of the extremely
deranged state of credit and money matters in Hol-
land and Germany.
The bank of Marseilles has given notice that, for
the accommodation of small traders and the working
classes, three days in the week its notes of 200 to 250
francs (81. to 101.) would be cashed in the proportion
of one note to each holder, and that in a few days
another office would be opened to effect the payments
with greater despatch.
The recent financial exhibitions of the French go-
vernment are exciting much misgiving in the City for 1
the result. The announcement of a new loan (a re-
menet of the late government) for 100 millions of
francs, with the difference of being in a 5 per cent.
stock instead of a 3 per cent, is but of discouraging
augury, when, at the same time, it is stated that the
contractors of the late loan for 250 millions of francs
have declined to proceed with it, after having already
)mid the first instalment of 20 per cent. upon it, and,
if newspaper report speak truly, 41 millions of
francs more in Treasury Bonds, which would be equal
to about 17 per cent. more. It may. be taken for
granted that no penalty has been, or is meant to be,
inflicted for the non-fulfilment of a contract made in
such good faith but falling on a crisis so terrible and
impossible to be foreseen or guarded against, if not
indeed nullified by the fact of the annihilation, politi-
cally and officially, of the other parties to the engage-
ment. It is evident that no expectation prevails o
the proceeds of a 5 per cent loan under present cir-
cumstances equalling those of the 3 per cent. loan
contracted at 74 and abandoned. Simultaneously
with this new loan, moreover, comes unfortunately a
reported resolution to increase the army by 100,000 I
men. Bat that which does and will most sensibly I
affect the credit of French and other public securities,
whilst it can hardly fail to embarrass the action of
the government, is the public statement of the inability
to meet the run upon the savings banks for the repay-
ment of deposits in specie, as made in specie.
This announcement has made a deep impression here
to the discredit of all French securities. 'f he propo-1
sition to pay the depositors, except those of the lowest
class, in treasury bonds at so many months after date,
and bearing 5 per cent. interest, and in a new 3 per
cent. stock to be created ad Me, is looked upon as the
postponement merely to a more evil day ; as having
the appearance of loading an unknown but in all pro-
bability more crippled future with obligations which
should and might be faced more properly and conve-
niently now, but for the multifarious other and
strange engagements, such as feeding and employing
a whole nation, which the Provisional Government
have, voluntarily or not, taken upon themselves. It is
only too much feared that, in consequence, the
treasury bonds, of which to the amount of about 12
millions sterling is now understood to be about falling
due, will undergo the same fate as the savings
banks, and payment be put off with other promises
to pay hereafter. It ought, however, to be always
remembered, although in money and commercial logic
the charitable allowance may be wanting, that the
present government of France inherits from its pre-
decessor seventeen years of profuse and corrupt ex-
penditure; a surplus of some 300 to 400 millions of
francs (12,000,000/. to 16,000,0001) of expenditure
over income ; and an exchequer so absolutely beggared
after all, as to be entirely dependent for carrying on
the public service upon the realisation of the loan,
payable by periodical instalments, for ten millions
sterling, contractediwith the Messrs. Rothschild, a few
weeks only previous to the catastrophe which unseated
the government contracting party.
The Spanish American committee have favoured us 1
with copies of two letters, being the latest series ofl
the correspondence betwixt their agents at Lima and I
the Peruvian government. The upshot of the discus- I
sion is little honourable to that government in the
matter of its good faith about the debt. Under date'
1
of Dec. 30 last, the agents of the bondholders, Messrs.
Maclean, Rowe, and CO., remind the government that
the Peruvian " Congress was on the eve of terminat- ,
bag its sittings" without having come to any arrange-'
ment about the funds required for satisfying the divi-'
dends on the debt, and other engagements re.-1
specting it, according to the promises and
expectations held out by. the government itself,
and its accredited minister in London. The
agents enforce the importance of an early arrangement
with much zeal, ability, and earnestness of fact and
argument. Under date of January 6 lint, Senor
Manuel del Rio, the Peruvian Minister for Foreign''
Affairs, very coolly reminds the agents of a
lion be had made on a former occasion, ths:ttgrosi;
should not presume to "examine questions
vas
in t
to the rights of the creditors,ut confine