The Express.
London, England, 1851-07-28 00:00:00

SUMMER C.ARKIAGES. NEW AND
BEM' DESCALIT

0, or 11111

MESSRS. ROBSON 64)., SOUTH
AUDLET STREET, *Draw of Akeat-areeti G tootnno-tquart,
tato wady Ur War dale we wows! step piece hwwcna, with
tad *Owl Ow tad wader @prima, °mitts
sad lattsolkta. Alm way -ad ay& Giwrie..th.jewedi
Passitaa. Webs Mom. log Notiatito, ante tad
dosidatiLdWdt StWfitewtt tad vii
tot oat re tip=
Wks sa=lth mem to gears. w
twelve
tiewttl taltadlwel Ned 1110111wwa *on is oakum to it 'Wawa

JEWELLERY. - DOI)D, BROTHERS,
Catskill (Mstrikiwitesm 410, lowittors, gliterrniths.
tratebstalter. bow to sellak latputilist *Amami.. ASS' ORT.
NUM of JET ORSAMINT A. • Osaka( the eltatoro make
sad motet demises is tbatr... Imp este. agit, ask
to b• net salt Is Loudon

rudiA APIRR-MAC sail IRON TRA-TRAYS.I
An ~Raw t of Ti. Trays Owl Walters, wholly ontweema•
Ifnelnel," to astral, Misty. or novelty, i• now wow b,
WILL ‘1,,4 n,*41•1224, at pities meth lower titan usual. in Dem
=of km .11,4 e need sash papa.
fltsPe r epter-wearat Trays, pot ate(
his
ACM Ns OS. to In fahoos.
Ditto, Iron t. At° kola 15s. Gel. to 4 &sm.
Canes alia r., dim from 7e. oil
An Wm.., nee quantity of mall papirmathab4 and Iron trays, sway
of Own. • emoted la the highest stole ot set, at about a quarter al
their 01,14inal post ; being odd, or aliebtly out .4 condition. Tim
or. •fassually worthy the atteadee of tavern and en hoses
1MP,27 a. Road sad Goads waiters, sale and basedters, baste%
egio'. tow.
't ILLtAtt S. BURTON'S Moak of GENF: RAL FURNLIRINO
IfUJNNIONGERY (Including Cutlery, NNW Weer, art Plated
W area) is literally lb* largest in the world, detailed Catalogue
'4 MI6, with engravings, vol (per poet) tree The money in.
Inenee4 for every Wide not approve 4 of.—A9. OXFORD-STREET
=ofNewmaicetreet:. No. 1 an-1 2, NEWMANATKEET and
NV-PLACE. LONDON. reitablbecil in Write-street, WO.

EL:MT-PEG REQUIRED for BARLOW'S
Mier VITIVITILD SPAY-ACTING PT PIION TAP, teldeb
elel bier, eldar, t ebbe liquor., boot beouresag
Set er ear gpair mtee is. et; dills Mean Plead, fur Sherry, be.,
M. Pc Wag wilds a groat wise viii be ',fem.,. The
IDIOM lift =es toad eft WNW it beta the oak eutticket
he are Ile liquor he bob asd Masan: eel via the tap
le tureen of the sir sea se Yew oaten. The edeaatases sty ob.
=eh The leo putt taw leer= he obi= eed ler andlelee le
via the MIA vs AM =peal The Ifteweemee of mantle tram
rift the Seta we ireltemee be evemeed. le le a tie laws
taah, *Malin tar an slew Ib per/lapesess wen et eielen,
eke mg tie bets girt =ay of sop*, lege al sworn
BMA', tarldebbe tremeeper. lA, Wil.
arlanebroose. tAtabliiiel ISM. The above tar war-
mest le =dee edidesties. Nies emir =lan stamped with
J. nem 11 eileaut —Tr Neil =penal—J. I. tenable
Iffv•l •um laaneei leepaer en= N.B. -Itis be the Greet
• biti " aate I, Ne. 111. By a saw matt eon= It.

1)./ARLY TENTH.-ROWLANDB' ODONTO,
or PURL DINTIPEICII, a while powder, flangeseried of the
and meat /Knecht Lenedienta of the Oriental herbal. It
indicates tartar teem the teeth, removes epob of Inetpirat daisy,
pollahev and preserees Oneonta.•t, impart in; the non pus sad pearl.
like whiten.. and liven *ninnies and perfume to the breath.
Scurvy in by Ito men. eraditu•tvi from the puma, and a healthy
seam aad redeem are Punned ; no that the teeth (4 IOW) are thus
rendered lITIS in their anthem. Its truly efbeitat and fragrant are.
1114!K properties have obtained Its teleetini by the Queen, the Wert,
end the Mini Family of Great Britain, and the linereigen sad
N•lithty throwthent Europe. Prieto 2a. lal. per lica.—Cautinn. The
word.% " Sonacnis' 1E13010" err on the Libel nixed on nab tos.-.-
And by A. lb AVIAN nodMO!I3,AI Ilatan.,pintett, uver.er ;.t .:a
by all ehamika And perfumer&

• Hsi' •
tft
• -ty: •

MARQUEES, Tent., Flip, San Blinds, and
nominee. WILLIAM PIGGOTT, Manufacturer to the
lonootrabio Weird of Ordnance. bad preparwl for the mama • tarp
fiTtlefi of MAKQUEVA, TENTS, and VLAG.', for HOLE or PLR.
CRAMS afro Tents fur Crieketelutn. Awniao and temporary roccno
emoted nod elegantly fitted up. Klee c10th...1%4 waterproof waggon
and cart toren cold on rearonable tem.. Toriuultne on hire for
horn =der repair. Orders per poet immeihatelr attended to by
WILLIAM PIGGOTT, Ilk. Forewtreet, Ininclon.—Einierante Tents,
64 U.

RI? BARRY'S REVALENTA ARARICA FOOD.
Core Na. 71. a dyopenno: ham the Inca Hon. the Lord
di Dodos 1 hate derived aosiderabto basil tram year
hairs Asians Food, and earalwr lit dr to issorhoo art the
bablbilsonestlio W publloollas of Na. Nm...,-111onet do Dodes.
yksa ossos,—• nit, yetis' iniatolbablo...mpow WPW=ow.
voomann Gabs% wash. cortlindon. at
the obtonsb. tad tend3l.lll. boss boos k,irllstea Gas&
Int D001...--ilook lolly Wad. Uss, ran 1011. Core
Dan 4.11111t—k 111.4 pave dpagnyolo, sonarnotti dMNty, slab
mop. owe% ad tit .y tenant bad eoaaallod die
Yobs of man Iwo bus assovcd by Dn lanyiddltdom
*id Is a wry abortlints lima be bow to maws aay lasdelso."
Dam Jobs W. Warn& Slibtabon llosOory. 14•0*.--tiold Is onsia.
toas ta edo/isi Ilb.. at In SC; 21h, at dada.;
at 1ln; 121 b., et Ws. dogeodolsed quoin/4 tOtta, at Ws; Ws.
at Oa.; the lolb. and 1410. ionare sent ton ot .see aso on no.
Nip of Pos.olliee orders by DO BARRY Sid CA/4. 127, Now Dr&
Mrs, Lands; and all chemists

DIR V EARSIXTV PAPHIL4 ON nIX
NEW MODE of TREATING DEAFNESS,
'Owe atterk,l by Lem el the Nutlet the Ike, llONlelated or !tot
diettarin sn. eeplaleirsik
ulastast."* the ttl •
Palleurt_ bevri=o2 'Wan: 11;
went ewe • Mt.weird.lemb...
CY.a the clue;
Aimee d•ceetey so
hematite and rtepeet-
Jobe CTurdW, ;

AND CLERICAL.

Rev. R. N. D. Brown, iO St. Jam--"es 'a Perpetual Curacy,
Bermond.ey, Surrey ; ♦alue, 3001. ; patron, the Rector of
Berniond‘ey.
Rev. T. Burbidge, LL.D., to be Principal of Leamington
College.
Rev. 11. Murray, to be Chaplain of Colney Hatch
Asylum.
Rev. —. Noel, to Cropredy Vicarage, Oxfordshire ;
patron, Bishop of Oxford.
Rev. F. Oliver, to St. Martin's Curacy, Birmingham.

Olenatry Iteetory and V' , Ireland; diocese, Connor;
patron, Martinis of llertford ; Rev. R. Jebb, deceased.
High Ham, Somerset; dioeme, Bath and Wells ; value,
MIX. and residence ; patron, Worcester College, Oxford ;
Rev. J. Shaw, deeeaaed.
Toronto Township Rectory, Canada ; Rev. J. Magratb,
deceased.

—EliTidcin Curacy, ?dolling. ton Curacy. Wardington Curacy
county and diocese, Oxford; patron, Bishop of Oxford
Rev. ). Ballard, deceased.
Donative C of Cambridge Borough Gaol; patrons,
the justices of the ugh; Her. J. 11. Thurling, resigned.
Principalship of Dollar Institute, Scotland ; Rev. Dr.
Burbidge, promoted.

Tt'RKIT. A telegraphic despatch, dated Con-
stantinople. July 12, stabs that a great conflagration had
taken place at that oapllal. One hundred and forty-four
houses had fallen a posy le the tunes.
MAKArilou.—Threaghaprivatelet tcr from Athena,
we teens that we/Maw employed four miles from the city,
in &Mates the aid of lbrathon, found the place of sepul-
ture of the warden whir Ml there in the memorable battle
480__yy.err.a bake the teedi Cl Christ.
Halloof 8170 alt IN Flume.—From the tables
jest published is Paris of the pusduction and consumption
abatis.' mpg dare the commoncement of the season of
19111141, it sipper. that, as computed with the corre=t2
of emeon, the msnafacture has
bilegromases. Tim lasers in the quantity put
be sonsempllass is 3,786,740 kilessemems. The number of
memillasmehe at week, which at the red of June, 1850, was
ally Mk hes ineressed et the relent time to 304.

•
KIINDAL AND WINDERMERE RAILWAY COMPANY.
The ball-yearly meeting of this company was held as
Thusugay, the 24th inst., at the *Sees in Loagpool. The
&airmen of the company, Mr. John Gandy, presided. It
=6lllll the report and statement of accounts that
as an increase in the receipts of 9W. ss. Bd. over the
same period Last year, and that there wu a sum of 9Pat
he appropriation by the meeting. A dividend of 6a. •
skim wu declared, and the meeting separated.—kendsi
liertlery.
THE CONVICT SARAN BARDEIL—The execution at
this woman, whose condemnation, without hope of mesh
waspronowieett on Friday evening by Mr. Baron PM*
at licaltskam, will take phaim frost of the seemly
Hash
tivestbss town an Widen/ay amiss n_ext,_st II Welsch.
slap wal bo Mb= by dr hib slang Mr. John
rnitablis. as pavane the sossoess• at pp* Mooning so
sessenst se an heap tweasions.

NY THE TUNDRIDGE Wrixo
Toes Rianur—The total of the dollillahlia from
the soliesimemmis of Benjamin Low* ea at
Wag, hays as
eft
bun oneohaltbzed
ailaartlir the onomeas ef i.. 00174 • the 'hid
am Ito gas and glair Mll.lllllkk to 'whena ha aged as
eallallar. Mr. Ilugedalandint Merlon timed kin to God-
aliame all alum was hot. It is belimed that he has
maxsash Is Ids flan.—Dorer .ahletaida.
Masuscittwri•--deed Johrt Rummell has
just mew (Thareday 1 stabil& soasent to psiat • cool-
Loh% esomisau, as I an himed, of the 134 Y. Dr. Todd,
smil tin Roy. Mole Oases, F.T.C.,. to ennaho
and aim. the MB& Is Ile Libraries of the Bzt
irlinaland Oadari and DADA Oallogoe, as wmU aa the
Aemisq, of thokiwi, with a view to
Wlsmetmlipllsm sal publismilme. Roams
T sullen Is a out
kairmiki mull Ile Maims es demi the misallw
ssedisd ate) the ratio nest emersimme le lie
landertaklar—Doblios Bum" Mail

TIIE MADRID AND VALENCIA RAILWAY.

On Saturday a numerous mwting in this matter
was held before the blaster in Cbancery Blunt, to consider
the terms of compromise proposed by the directors of this
company, for settlement and compromise of all claims and
demands upon them, and to hear any objections of the
; shareholders thereto.

Mr. Tibbetts, of the firm of Sharpe, Field, and Co.,
solicitors to the official manager, said the main object of the
compromise was to settle the long-pending litigation be-
tween the directors and the shareholders, upon what, after
considerable negotiation, was deemed an equitable basis.
Mr. Edwards, the chief clerk, then proceeded to read the
report et Mr. Quitter, the official manager, who was sworn
Ito its contents. This voluminous document set forth in sub-
stance that about 305 persons, representing 26,550 sham,
I had registered their scrip with him, in pursuance of the
order of the court, and 178 of these were original allottees,
holding 10,000 shares. All the account books and moat of the
papers of the company were still in the custody of Mr. Chad-
wick, the chairman, or of Mr. .1. A. Rose, his solicitor. The
order of Vice-Chancellor Bruce, for committing Mr. Chad-
wick to the Queen's prison for contempt, was still uncle-
cater!, in consequence of the continued absence of that in-
dividual from this country ; and the order upon him for
payment of 25,0001., which had been paid over to him by
Messrs. Mastermans, on 13th September, 1849, and which
the official manager had discovered Mr. Chadwick had ap-
plied to his own private purposes, but to which the share-
holders were entitled, had not been responded. The pro-
ceedings taken against the other directors, charging them
with the amount of the deposit money of 106,0301., origi-
nally paid by the shareholders, had caused the present com-
promise to Ise proposed, and after protracted negotiations
with the solicitors fur the various directors, the official ma-
nager had receised from the said William Chadwick and
Solomon Jacob Waley, the proposition of compromise given
in the Express of blouday last. These terms had received
the approval of 174 persons, or 17,480 shares, only three per-
sons holding 885 shares expreseing dissent out of the total
305. Out of the 53,0tkl shares originally allotted, 23,600
shares in the hands of Mr. Chadwick a solicitor, were
proposed to be given up, also 460 held by Mr. John Knill,
JOO by Mr. John Capper, and 130 by Mr. Walcy, directors,
fur the benefit of the company. From inquiries, and the
information of his solicitor, the official manager had been
informed that up to the year 1845, the said W. Chadwick
was possessed of very large property, but that since that
time he had been engaged in numerous speculations con-
nected with railways and other public companies, by which
he had sustained heavy losses, and either lost or charged
his property with mortgages to a very large amount, and
that in consequence tberrad he left England shortly atter
the proceedings were commenced in this court. Since his
departure, his various mortgaged properties had been sold
by the mortgagees, to several of whom notice of the order
fur payment of the 25,0001. was given; but in no case, it
was stated, had there been any surplus applicable to the
payment of that sum, besides which there were judg-
ment debts registered against the said W. Chadwick
for upwards of 6,0001. prior to the order, and which
consequently took precedence. The said W. Chadwick was
also indebted in a very. large amount for unpaid calls to
various public companies, and particularly to the London
and South Western lilway, besides being indebted to
various bankers fur balances to account, in the aggregate to
14,0001. and upwards, together with various large sums on
simple contract debts and bills of exchange to a very largo
amount. The official manager had not been able to dis-
cover any property nut mortgaged or otherwise charged,
and believed that, though the debts of the said Wm. Chad-
wick, irrespective of the debts due to the Madrid and
Valencia Railway and the South Western Railway, ex-
ceeded 40,0001., yet that many of such debts were colla-
terally secured ; so that, although the said W. Chadwick
might be primarily liable to pay them, many of such cre-
ditors would rely on their securities for payment and would
not molest him in respect of such debts. Ile believed that
although the said W. Chadwick had become involved in
great pecuniary difficult/el, yet he was informed that the
individual in question was " a man of considerable ability,
of great energy and perseverance, and that if he should be
enabled to return to England and apply himself personally
to the supervision of his affairs he would fulfil the conditions
of the proposed compromise; at all events, it was urged that
by his continued absence abroad all chance of his affairs being
brought into such a state as that he should be able to pay
the 25,0001. would be wholly dissipated, and probably no-
thing be recovered." On the other hand the defences of
the other directors to the charge instituted against them
were various. Some of them denied that they ever were
directors ; others admitted, or claimed to have long since
resigned, or ceased to act. The proceedings against them
were attended with great expenac —if prosecuted must Se
very protracted, and it was evident that appeals would be
made from the Master's decision, whichever way he might
decide, which would be conducted at vast expense to all par-
ties, and such litigation would only be decided, after years of
coldest, by the House of Lords on ultimate appeal, which
latter might give rise to new questions and renewed litiga-
tion, which would probably end in the expenditure of the
whole or larger part of the 17,0001. now in hand, recovered,
as the amount of caution money from the Spanish govern-
ment. If the legal preccedings against the directors were
successful, and every question determined in favour of the
shareholders—a thing improbable in the present un-
determined state of the law iu the winding up of joint
stock companies—a compromise would be highly Advents.
groin to all except the lawyers, as with unc or ta o exceptions,
the directors could not make good deficiencygestabliblied,
and even if the charge against them for the whole 106,000 L
were successful, that success would lead to an individualised
litigation on every item of account and act of the respective
directors, and which, as matters of intricate account in
Chancery usually occupied many years, would not be pro-
bably terminated during his, the official manager's, tenure
of office. There were actions pending for 3,5001. by Mr. J.
Beatty, engineer, and Mr. Rose, for 5,0001. for costs, the
settlement of both of which were to be Included in the
compromise ' • Mr. Rose consenting on his part to releareleasethe
company, and to trust the said W. Chadwick for payment,
and also to deliver up the 23,600 shares. Although
106,030/. was paid as deposit on the shares, yet the direc-
tors remitted 20,0001. to Madrid for caution money, pur-
suant to the terms of concession granted by the Spanish
government, and a large portion of the 23,000 shares were
purchased out of the funds of the company, and mast have
cost a considerable sum, and large sums must have been
expended by the directors in management expenses in
England and Spain ; and although after giving the direc-
tors credit for these sums and unpaid demands, a larger sum
than the 18,0001. now proposed to be paid would be due
from the directors, yet under the advice of counsel, he, the
official manager, was of opinion that it would be beneficial
to the shareholders to accept the terms of compromise. The
3,0001. to be paid by Mr. Chadwick, and 4,0001. by Mr.
Waky, would, with the 17,000'. in hand, constitute a fund
of 24,0001., less costs, for :distribution among the share-
holders, Mr. Chadwick securing by bond 12.0001., payable
by instalments of 3,0001. per annum.
Mr. D. W. Harvey, then, as the representative of 700
shares, but of which 200 only belonged to original allottees,
said that in one sense he appeared as a reluctant opponent
to the proposition, being desirous to bring a long vexed
litigation if possible to an equitable conclusion.
Mr. Williams, bolder of 1,295 shares, but not an original
&otter of any, said he had been induced, under represeata-
tions that if he did not, it would vanish in law, to assent
tothe terms of compromise, but he now intended to dissent
having learned that all parties, as one of the conditions,
were to be compelled to pay their own costs.
Dr. Drury, an original holder of twenty shares, dissented,
and characterised the proposal u contemptible.
Mr. H. Scants, bolder of 8.5 shares, opposed the terms of
eoßpiromise.
Mr. W. A. Wilkinson, original allottee of 100 shares,
, also entered protest.
I Mr. Alderman Wire, as representing original allottees of
i 70 shares and others, also objected at gnat length to the
adoption of conditions that might be valuable or utterly
worthless • and the question still remained how far the
other direitors were discharged ?
Messrs. Gregory. solicitors, dissented for 100 shares. Mr.,
Forrestal, as boldusg 350 original shares, Mr. Charles Altai*
for 60 original, Mr. 0. Webster tor 120, Mr. 0. Purbory
for 80 original, Mr. Casein and others.
Mr. Field, solicitor for the MUM maw, then directed
the Master's attention to the usiensose of menu over
absents to the terns of oswoossW. Nom the until aol•
osiolisa of Mr. Quilisr dose smoking his sem% la•
drias. all the shessirts that lei been heard the maim of
osoemb were 18,000 shores, ha l by 275 shareholder:=
bang 28,000 shores out analog the public; the
=l/24, 3000 shares, held by only 14 persons. Though
is the matter, he recommended the edigelea al
essapsenios, believing that continual litigation Wail bed
josblemodeol results, and that they could ast nraWb
a estklestalmost -

IIL Rimier the linter mid he should be guided in the
datermineMse he ewes to by all that balkiest! asd, and
&odd thisk it assail:Terms fez as gligells Wt.
!eeriese Neu fun inquiries WM the Were of this
al sessn'ty Wm% Stab
meadering the
empesmise Memo. esedrosa vibe lei spasm
peessiell ee Ike injelakAß sesumptise set sjeollipsest
bet ben dithered deekiin the directive liable he this
180 Y *dr mgoeity as du vctors and tneMes. Now,
I als efen ea the subject, which was aaaigt: 061,
and widest peeesdent, had been jives la Point_de-
oldie( ea the liability of directors omPsal of this
kind in respect of ameasys into the banker's hands.
For this reason he ahesli hate m judgment In the
matter with difleulty and ; and there was no
dash. As; wiesbever miff bk r vent, it would be
embed at gram esteem Seine emsbor 131101011, and this
reees, bellreegbk lei ben peepidy he tit forward by
the emir sasmaw which ter
of empresise &Rabb be entest TG- co leslatites of
assents and dumb Awed he
Iwo Ten
erne
m
many assents se them MN he temere
promise, there heW shunt tee sham_ gag
MIMI of which gave se egaisa-4be ematbsi mom
being 18,000 in opposition in 11,000 he eurylag out the
terms. It had been said that he, she Master, ought to 9:0-

test the shareholders even against their own assent, but he
was bound also to protect those who had embarked, it might
be inconsistently with their own interest, their feelings,
rather than their judgment, in the consideration of the
matter, which ought to be considered as a money question,
the terms of compromise being intended to stem the tide of
litigation, that must inevitably flow if they were not com-
plied with. He should not think it necessary to call the
shareholders together again, but would signify to them in a
formal manner, whether be confirmed the proposed com-
promise, or not without qualification—thinking it right, at
the same time, to throw out these remarks, in order that all
parties might understand the grounds on which he arrived
at his decision.
The meeting then broke up, having lasted from half-past
10 o'clock until 3.

MONEY MARKET.

TIIIS DAY.

Two o'Czocx.
The English stock market continues well sup-
ported, and prices have to-day. been firm, at the full
rates of Saturday. There is still no symptom
of a revival of speculation in this depart-
ment, nor is any such likely to occur during the pre-
sent week, unless in the event of some unforeseen
circumstance, as the attention of speculators will
mainly absorbed by tho settlement of the foreign
stock and railway share accounts, which will be
brought to a liquidation on Thursday. The settling
in the latter market is especially looked forward to
with interest, as the operations of the fortnight, be-
sides being chiefly one-sided, have been to no im-
portant extent.
Consols are quoted 961 to Z, both for cash and the
12th August. The official report of the day's busi-
ness is : Three per Cent. Consols, 961, 1 ; ditto for
account, 961. Three per Cent. Reduce, 97L 1;
Three and-a-Quarter per Cents., 99, 99a. South
Sea Old Annuities, 974. Bank Stock, 2151.
Exchequer Bills moved back ls. on Saturday after-
noon, and at this decline they remain, being quoted
48s. to 31s. prem. India Bonds under 1,0001 mark
68s. prem.
The aspect of the foreign stock market is firm, and
the tendency of prices is towards improvement.
Mexican Bonds are held steadier to-day, though the
tenor of the advices by the African are the reverse
of encouraging, as confirming our views of the
delaitated state of the funds of that country, and
the desperate schemes to which the government is
obliged to have recourse to recruit the exhausted
treasury, schemes which many parties apprehend
will, if put into execution, lead to much
exasperation and jeopardise the tenure of office
of both the President and the cabinet. Indeed, ru-
mours of a revolution are very rife. Spanish stocks
show an improvement to-day, and Brazilian have ad-
Ivanced 1 per cent., whilst Dutch and Russian are
firm, being gradually absorbed by the demand for
investment. To-day s business list is as follows
Brazilian Old Five per Cents., 901, 92, 91 ; Belgian
Four-and-a-Half per Cents., 94. Dutch Two-and-a-
, Half per Cents., 691, 60 ; Mexican Bonds for account,
31st July, 301, a cx div ; ditto small, 301 ; Russian
Five per Cents., 1141 ; ditto Four-and a-Half per
Cents., 101; ditto small, 1014 ; Spanish Active Five
per
Cents., 214, 21 ; ditto for account, 21, ; ditto
Passive, 6.

SATURDA Y EVENINO.
A statement having appeared in some of our con-
temporaries that the Dutch lthenish Railway, in
consequence of the projected junctions with the
Prussian lines, arc about to make a call, we believe
we are justified in observing that such a measure is 11
not necessary.
The Mexican committee have addressed to us a
copy of Mr. l'ayno's letter, dated 16th July, which I
was surreptitiously and partially made known on
Tuesday last, but which now cannot reach the bond-
holders until twelve days after its date. As great
interest is felt on the subject, and as Mr. Payno's
express object is " to stop any decline in the price of
the Mexican bonds to the prejudice of the holders,"
we feel bound to give the letter at length. We can-
not, however, refrain from saying that this document
is not calculated to give satisfaction to the bond-
holders, to do justice to Mr. Payno's reputation as a
financier, or to uphold the credit of .Mexico. The
bondholders will see with regret that Mr. Falconnet
and the committee arc still further compromised by
the tenor of this letter. Whatever good it may do in
Mexico, as showing the zeal of Mr. I'ayno, it will
do very little good here.
[TRANSLATION.]
London, July 16, 18.51.
I read in Edinburgh a newspaper of the 7th and 10th
instant, and I immediately determined to return in order to
offer the committee some explanations, which appeared to
be required, to stop any decline in the price of the Mexican
Bonds to the prejudice of the holders and of the credit of
the republic, whose punctual fulfilment of its engagements
is, I regret to see, not appreciated as it ought to be.
I shall commence with the document for 2,600,000 dohs.
now in your possession. It is now several months ago that
Mr. Domingo Marks, a citizen of the United btates of North
America, presented himself in Mexico, stating that by virtue
of his connexion with the persons composing the cabinet of
General Taylor (the then president), he would be able to
get the drafts of the Mexican government on that of the
United States for the balance of the indemnity money due
under the treaty of peace accepted, and that having been
done, he would furnish the government with such advances
on them as it might require at only 8 per cent. interest.
This proposal was cestainly welcome because the govern-
ment had hitherto had to pay at tho rate of from 15 to 20
per cent. Nevertheless as the Mexican Congress had de-
termined nothing about manner of investing the indem-
nity money, Mr. Marks was for some time left with-
out an answer. It was only about the time of the promul-
gation of the decree for the adjustment of the domestic debt
that the President in a cabinet council accepted Mr.Marks'
proposal, if the domestic creditors, for whom 2,100,000 dol-
lars were intended, should agree to it, and the agree-
ment of the majority of them having been obtained,
the drafts were made and sent to Senor Don Luis do la
Rosa, minister plenipotentiary in Washington, instructing
him that the government had entered on this operation
because it appeared advantageous both to the Mexican and
to the United States governments, but that it of course al-
together depended on what view the latter might take of
it, as the Mexican government put forth no pretensions to
attempt to obtain other terms of payment than those stipu-
lated in the
i treaty of peace without previous consent. The
2,600,000 dollars ntended for the English creditors were
expressly excepted in the contract with Marks, because at
that time the government neither knew the wish of the
creditors, nor indeed what they would say to the decree of
the 14th of October altogether. At this juncture General
Taylor died, the cabinet was changed, and Mr. Edmund
Forstall arrived in Mexico as agent of the houses Baring
and Corcoran. For many days he kept the object of his
arrival in Mexico so profound a secret that not even Mr.
Titcher, the minister of the United States in Mexico, had
any tangible information respecting it. Marks therefore
proceeded to Washingtor, and did- what he could to carry
his plan into effect, but without success, owing to the
change in the administration. Aa to the Mexican govern-
ment, ea soon as the said Mr. Forstall commu-
nicated to it a copy of the contract, which Mr. Webster bad
made with the houses Corcoran and Baring, it immediately
instructed the Minister plenipotentiary at Washington not
to present the draft, if Mr. Marks had not been able to
carry out his contract, as Mexico did not by any means wish
to act contrary to what so reputable a man as Mr. Webster
had done, especially u it was in strict conformity with the
Treaty of Peace. There the matter ended is far as the
Mexican government was concerned, though Mr. Marks, oa
his own hand, and exercising the right which every one has
to endeavour to push his own business, appears to have
taken some further steps in Congress on the subject. The
bills which the Mexican government had drawn still
are is the hands of its Minister in Washington, and of no
effect.

The iseniasittee will thematic, see that the certificate for
tr kiBB,ooo glob., which they bold from the general treasury,
almehialy the same sort of document which has hitherto
hem awaited in Mexico, by Messrs. Seeker, Tone, and
Cm ; Rothschild, Baring, Corcoran, Yturbi, and Aguero
(arises and Co. None of those certificatn were ever se-
espied by the government of the United States, but paid at
maturity without having had any other previous security or
c= tee than that confidence which the strict and coni-
meaner in which the government of the United
States have hitherto carried into effect the stipulations of
the Treaty of Peace must justly inspire.
I am surprised, therefore, to find it stated that the com-
mittee are unable to nate the certcated which they
hold, when 1 know that sodate as towards the end of bet
month the government has negotiated with Mr. Edmund
Foretell, the agent of the houses of Baring and Corcoran,
certificates of exactly the same character. It would seem
to be desirable that the committee should bring this to the
knowledge of the bondholders, stating to them that that
document is negotiable whenever they like, because it is as
good as United States Stock, which is worth 108 per cent,
and that the consequence of throwing doubts upon this
security will probably be to subject the bondholders to the

The Boa enrolee
The Peeeleeki Beek
The Siert
The Neremaikeial=
The Chew Bakke
Beiked Bart ell=
The Oiewlelasaadr !Waal
lb& 'MOM
nre Omni Mimi Beak 01

3,718,431
417,807
281,811
243,440
311,079
781,737
24,084
86,438

2r541,7160
540,343
216,347
154,630
201,430
633.947

397,912
154,060
129,936
12,119
59,363
163,097
2,990
10,133

8,768
29.009

I 054.04 17.017274 1.1,2811,633
Upon oomparing these figura with the last month's
return, it will beperceperceived that the downward pro-
gress of the circulation continues uninterrupted. At
the former date the circulation was 4,268,9181.,
which shows a diminution within the last month of
212,6441. There has been also a diminution in the
amount of bullion of 19,6221. within the same
period.

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