The Express.
London, England, 1851-09-16 00:00:00

I or as to any other cause or circumstance ; but, nevertheless,
it is to be understood that for better securing such payments
and remittances the executive government, in conjunction
with Mr. Chatfield or his successor, will, from the lst of
January, 1852, until lit Jan., 1858, assign and from time
to time remit to the agents in London, on account of divi-
dends and oinking fund, one-tenth of the maritime Calm-
vale duties ; and from the Ist January, 1858, until the said
bonds shall be redeemed, one-sixth of such duties shall be
so assigned and remitted for the above p
"3rd. That fur the redemptionof the bonds to issued by
Guatemala, that republic, or its executive government,
shall arrange with Mr. Chatfield such an amount for a
sinking fund to be remitted to and applied in London, as
will redeem the whole of the bonds within years
from the Ist February, 18.52, with power to Guatemala to
redeem the new bonds in London at an earlier period, and
in case such new bonds should, during tho period of re-
demption, be at or above par, then a power to redeem
at par on giving six months' notice.
" 4th. That the new bonds to be issued for the 100,0001.
sterling and interest shall be as near as possible in feria and
to the effect of the existing bonds of the late republic of
Central America, and such new bonds shall be issued at
the expense of Guatemala, and shall have attached to them
Icoupons or interest warrants for each half-year's interest, to
fall due from the Ist of February, 1852, and the period
tiled for the total redemption of the bonds, such coupons or
warrants being made payable in Loudon to bearer free of
expense.
sth and lastly. That each holder of the existing bonds
of the late Federal Republic of Central America, on re-
ceiving his proportionate share of the new bonds to be issued
in consequence and in fulfilment of this arrangement shall
allow an effectual discharge to Guatemala to be written or
stamped on his amount of such existing bonds of the late
Federal Republic, so as fully to exonerate Guatemala from
all liability thereto."
On the motion of Mr. IlamstoNn, the report was adopted,
and tho resolutions having been proposed seriatim, were
unanimously' agreed to.
A veto of thanks was then passed to Mr. Hammond and
the chairman, and the proceedings terminated.

LONDON AND NORTH - WESTERN AND

GREAT NORTHERN.

The great part of the correspondence referred to
yesterday consists of certain propositions of the compa-
nies for a division of the traffic. Mr. C. E. Stewart, the
secretary of the London and North-Western Company, on
the 31st of March, in a letter to Mr. Muwatt, the secretary
of the Great Northern Company, after adverting to a
minute passed on the 22nd of Match last by a committee
representing the Midland and Loudon and North-Western
Companies, which was placed in the hands of Mr. De-
nison, the chairman of the Great Northern Company on
the morning of its date, by Mr. Ellis, the chairman
of the Midland Company, and Mr. Smith, the
deputy-chairman of the London and North• Western,
who both urged upon Mr. Denison the acceptance
of the offer to continuo the existing arrange-
ment of equal fares, rates, &c., for passengers
and goods between all places to which the respective
companies compete. Alter much negotiation it was agreed
to refer to Mr. Gladstone the question of an equitable divi-
sion of the traffic receipts to certain specified towns ; the
only question on which a serious difference of opinion
existed was, whether the traffic beyond those towns should
be competed fur at equal rates. The joint committee state
they have it in evidence that the first reduction of fares
was made by the Great Northern Company carrying pas-
sengers, in conjunction with the York and North Midland
Company, between Milford Junction and London, at rates
so low as to divert the traffic from the Midland line ; to
counteract this, it became necessary to make a reduction at
Normanton. The Great Northern then reduced at knot-
tingley, which, being within a few miles of Leeds, a reduc-
tion at that town necessarily followed; and finally, the
fares being at the rate of ds. for 400 miles, the Great
Northern issued a notice, to the effict that the rates on their
line would be tid. lower than the tares via the Midland and
London and North-Western route.
In consequence of some misunderstanding as to the con-
ditions upon which the arbitration between the companies
was to proceed, the following letter was sent b;• the Right
lion. Mr. Gladstone in reply to one from Mr. Swift on the
subject:

July 29.

My dear think that the case stands nearly as
follows, so far as it depends upon our meetings at Mr.
Baxter's house and yours : Mr. Baxter, on the part of the
Great Northern, declared himself not authorised to include
points beyond the towas named. You hereupon stated that
you were still prep: retl to proceed with the arbitration,
adding that you thought the result would, in all probability,
be illusory. I said that there acre two conditions without
which I was not prepared to proceed ; the first, that the
parties should be agreed as to the exact matters to be re-
ferred ; the second, that they should he agreed in looking
for a substantial result from the arbitration, and that it
appeared to me that the second of these conditions was
wanting. The immediate occasion, therefore, of our failure
seems to hare been my declaration, founded upon the joint
effect of what had been stated by you and by Mr. Baxter.

—I remain, faithfully yours,
"J. Swift, En." " W. E. GLADSTONE.
The correspondence concludes with a resolution of the
Midland and North-Western joint committee, passed the
ith of August, to the following effect:
"Resolved—That this committee are still willing and
desirous to bring about an immediate restoration of ' rea-
sonable rates' at the six towns, and generally; and sin-
cerely regret that the Great Northern board, by its con-
tinued refusal to agree to the principle of equal gross
charges' to all places, without reference to distance or
other circumstances, and with' arbitration in case of dif-
ference,' and penalties in tho event of breach,' renders
futile all attempts to restore and maintain at the six towns
rates which are necessarily affected by the rates which the
Great Northern Company insist upon the power of fixing
to places beyond."

TILE
AGRICULTURAL DISTRICTS.