The Sun.
London, England, 1846-06-04 00:00:00

ebtrll Wri-ttton

SUN OFFICE, Seren o'clock.

RAILWAY COMMITTEES
(THIS DAY.)

HOUSE OF LORDS.
GROUP I.
LO 'DON AND YORE (THE EASTERN
COUNTIES).
(Continued from our Afternoon Edition.)
Mr. AUSTIN was all day engaged in addressing their Lord-
ships. The Learned Gentleman went into the traffic on both
lines of railway, and contended that the coal traffic of the
London and York was made out on a false estimate, inas-
much as coal was to be had cheaper in London than that which
would be brought by the London and York Railway. This he
sought to prove by comparing the returns of coal brought by
the Eastern Counties line with the assumed returns of the
proposed London and York line. The Learned Counsel con-
cluded by calling upon the Committee to declare the preamble
of the Eastern Counties' Bill proved.
The Committee wished to learn whether the parties on
both sides were ready to make any arrangement with the
landowners.
Mr. AUSTIN said that there had been no proposition made
to his clients by the landowners.
Mr. Sergeant AVRANGIIA3I said that his clients were wil-
ling to do everything towards an agreement with the landed
proprietors. They would be willing to place the case in the
hands of Mr. Edwin Lasceltes, who would settle the amount
of compensation without going to iur3
Sergeant
W
It was then announced that Mr. rangham
would address the Committee, in reply to the whole case, at
eleven o'clock to-morrow.
The Committee then adjourned.

HOUSE OF COMMONS.
GROUP XVII.
MANCIMSTER. AND SOUTHAMPTON.
(Continued from our Afternoon Edition.)
Mr. Samuel Price Edwards, collector of the port of South-
ampton for the last three or four years, and connected with
other ports in a similar capacity for the last 22 years, was
then called and examined. He was acquainted with the
route of the proposed line, which ran from Southampton
by Romsey, Andover, Marlborcugh, Cirencester, to Chelten-
ham, where it would form a junction with the Birmingham
and Gloucester Railway. Such a line would be of great
advantage to Southampton, as it would afford direct commu-
nication from north to south, and thus connect the important
manufacturing districts with a commodious exporting port
in the south of England. The trade of the port of
Southampton had been trebled within the last five years,
and was increasing. During the year ending the sth of
January last, 150,956 tons were entered inwards, and 91,133
outwards. The imports consisted of foreign silks, Mohair,
worsted ✓ arn, wool, gums, saffron, goats' hair, &c. The
value of raw silk imported was 700,0001. Out of 313 tons
800 would go to Manchester, which was the great depot of
raw silks, as also was Macclesfield. Wool went to York-
shire, and the other commodities principally to the
north of England. If the line was made the whole of these
articles would go by it as being the cheapest and quickest
mode of communication. Large quantities of coffee' were
also imported, and 16 tons of cigars were imported per
month. Southampton was the principal packet station of
the Penninsula and Oriental Steam Packet Company, and
for vessels to all parts of the world. The importation of
coffee was limited, owing to the want of efficient and cheap
communication with the north, where the consumption was
greater than in the south. The present expenseof transit was
greater than the article could bear ; it was consequently sent
to the dearest market, London. The Peninsular and Orien
tal Packet Company intended shortly opening up communi-
cation with several ports of the Mediterranean. Southamp-
ton was the fittest port in the country, and possessed
great pecuniary advantages over other towns in respect to
dues and other charges incidental to the navigation.
The circuitous route to the north was a great drawback to
the prosperity of Southampton. At present a ton of goods
to Manchester cost 3/. Is. ; by the proposed line the same
quantity would not cost more than 11. He anticipated that
large quantities of corn would be landed at Southampton for
consumption as far north as Birmingham. The value of ex-
ports last year, ending, the sth day of April, 1846,
was 2,192,0551. The opening of the -Rouen and
Havre Railway I would increase the general traffic.
60,000 persons, including those who attended them, em-
barked annually. The witness then went into detail with
respect to other towns, and observed the advantages which
the proposed line would confer upon the town. With this
railway to the north the trade of Southampton would be
greatly increased. In 1844, the goods conveyed by railway
amounted to 4,225 tons ; in 1845, the quantity had increased
to 12,668.

The witness was subjected to a lengthy cross -examination
by Mr. HILL, but his testimony was not shaken. He
considered that a railway, running along the pier, and com-
municating with the docks, would possess a double advan-
tage, as it would embrace them both. To get to the docks at
present persons had to cross the South-Western Railway.
They would also have to cross the proposed line.
This witness was also cross-examined by Sir T. PHILLIPS
on behalf of the Great Western Company. He said he was a
shareholder in the Manchester and Southampton line, and
that the prospectus issued by the promoters correctly set
forth the advantages which it would confer on the districts
it ws proposed to traverse.
Mr. ALEXAXDItR interrupted the Learned Counsel by ob-
jecting to his examining the witness with respect to the
whole line, when the land belonging to that company was
Only affected for a few yards at Swindon.
Sir Tao-Nuts PHILLIPS contended that the Great Western
Company had a right to appear and examine witnesses, with
respect to the whole project, although they were only affected
for a few yards, and quoted the case of the South Wales,
which was proposed to cross the Severn by a tunnel, but
which was thrown out, because it interfered with property in
another and distant part of its route.
After considerable discussion the Committee decided that
the course of examination should be pursued.
The witness was further cross-examined, after which the
Committee adjourned until 12 o'clock to-morrow.

MEETING OF MEXICAN BOND-
HOL DE EtS.—( THIS DAY.)
A meeting of the Mexican bondholders was held to-
day at the London Tavern at one o'clock, G. C. Robin-
son, Esq., in the chair, when there was a large assem-
blage of the proprietors of this stock.
The CHAIRMAN opened the proceedings by alluding to
the last meeting, whichhe stated had been so interrupted
that he did not conceive that a right conclusion, and
he trusted, therefore, that no such interruption would
now take place. Mr. Robinson then read the corres-
pondence with, Mr. Slider and with the other agents of
the Mexican Government, the substance of which was that,
the Mexican Government, feeling itself unable to meet
its engagements, had determined to propose a consolida-
tion of the debt into one general stock, after the follow-
ing portions:—the whole debt, amounting to 10,241,6504
to the purposes of the active debt ; 5,961,651/.
to the debentures on debt created sth March last,
4,650,000/. The means to be provided would then be
applied to the active stock, 5,032,485 L, and 3,074,400/,
to the deferred bonds. The amount of the redemption
fund, for the purpose of satisfying the hypothecations
on the tobacco revenue, would be 2,134,7651., but on this
latter revenue there would also be the charge of the
political expenses of the State.
The report then went on to state that, considering the
present position of Mexico, the Committee did not hesi-
tate to recommend that this proposition for the Mexican
Government should be accepted. but with the under-
standing that this was to be a final arrangement, and
that no circumstances whatever should hereafter inter-
fere with the application of the state revenues to the
satisfaction of this debt ; with respect to the
application of the several portions of the revenue
to the active and deferred bonds ; considering
that an equitable sacrifice was to be made, the appro-
priation was as fair as possible. With these observa-
tions, the Chairman would conclude with stating that be
was quite ready to answer any questions that might be
put to him.—(Cheers.)
Mr. CARD then addressed the chair, contending that
it was unfair that the claims of the active bondholders
should come on the 20 per cent. revenue. The speaker
continued amid much interruption, till at length
the Chairman obtained a hearing, and he concluded by
moving that the proposition be accepted.
The motion having been put,
A SHAREHOLDER stated that he would have no objec-
tion whatever to accede to the proposition, provided
Baron Rothschild, Mr. Baring, Mr. Thornton, or any
other parties, would become security for the half-
Yearly dividends.—(Laughter.) But when he recollected
that Precisely the sameo premises had been made twelve
or thirteen years ago, then Le saw that one-fifth of
the revenues of
pa yraVeergant,Crfuz and Tampico were to be
- applied for theinanguaentov the in.terest, mud this he be-
lieved a very
„wrortiohn of the whole ?ere-
country.
nues of the
recollected espe-
cially that. the population n ofe the country was
eight millions, and the
revenues upwards of
5,000,0001., he thought that it was no reply that
there had been a war between Mexico and 'rajas for
that was a bloodless and inexpensive war. It wilts a
paltry sum to apply
only 460,000/. a year out of the
tobacco revenues for such a country as this ; and he
thought that some better agreement than this ought to
be made. lie should, therefore, oppose any such settle-
ment as that which had been moved.
An amendment was then moved that the recommenda-
tion of the committee should be agreed to, provided
a full payment of the three last dividends could be
made
in stock, which would have the effect of substituting for
every 100/. 3 per Cent. coupon an amount of 974 10s.
stock.

It was then stated by a bondholder that he appeared
for a very large proprietor, and he wished to know
whether the recommendation of the committee was
unanimous ?
Mr. CAREL stated, before the news of the war between
Mexico and the United States arrived the committee
had been unanimous.
A BONDHOLDER wished to know whether there was
any guarantee for the safety of this proposition ; whe-
ther, in fact, there was any surety that the amount of
tobacco hypothecated would be paid. For his part he
would rather that there should be a reduction of interest
rather than of capital.
To the question proposed the CHAIRMAN replied that
whatever might have been the violations of their enjoy-
ments by individuals those of the Government had
always been respected. By the Bth article it was stipu
latcd that 96,875 doallars should be applied to the de-
fraying the 1,162,500 dollars annual interest, and 20,833
dollars to the 200,000. As reg.rded the probability of
their being any power of a British Minister to interfere
hi the event ui the Americans seizing upon the revenues
of the country, he could not say, but he might remind
the meeting that according to the agreement these sums
would be paid monthly into the hands of Manning and
Marshall, who are British subjects resident in the coun-
try, and who are agents of the country, so that inter-
national law would appear to be :in favour of such a
right.
To this remark of the Chairman Arr. CABELL replied
by stating bis belief that tile security was not sufficient;
and as circumstances might arise which would alter the
ate of the case materially, he should, therefore, suggest
that the meeting should adjourn till after the arrival of
1403 next American packet.
VIDA decided that this suggestion could not at pre.