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London, England, 1846-10-21 00:00:00

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No. 16,876. LONDON, WEDNESDAY EVENING SU Ny OCTOBER 21, 1846.

HALL OF ROME, GREAT WINDMILL-
STREET, HAYMARKET.

THE MEXICAN BONDHOLDERS

Eight doors from Coventrystreet.
Under Distinguished Patronage.—The original Poses Plastiques and

contract entered into by the :Mexican Government
with Messrs Manning and Mackintosh in Mexico. This
I have proved in my dispatches of the Ist of June and
the Ist of July to that department, of which I herewith
transmit copies; but, for the sake of affording still more
ample evidence
a palpabledenceoft demonstration.
hetruthofwh
t I have stated, I will
now
" Before the decree of the sth of March was issued,
the Mexican foreign 'debt, created through the house of
Lizardi, and recognLed in the decre of the 15th of De-
cember, 1843, was composed of the following items:-
Ist, ... £5,591,650 of Active Bonds.
2d, 4,624,000 of Deferred Bonds.
3d, ... 499,096 of Debentures.
4th, ... 419,374 of overdue Dividends.
" The decree of the sth of March set forth—' That a
new consolidated stock be created for 4,650,0001., and
that out of it there be taken a sufficient amount to re-
deem the Deferred Bowls and Debentures at 40 per cent.,
and the overdue dividends at par;' and the contract with
Messrs. Manning and Mackintosh was to this effect, viz.,
That the surplus of the new stock of 4,650,0001. which
remained after having effected the redemption set forth
in the decree of the sth of March shall be delivered to
the agents of the said house, who have bought it.'
" Thus, then, by this operation, the 2d, 3d, and 4th
items of the four which constituted the Mexican foreign
debt, created through Lizardi, as above-mentioned, dis-
appear, and in lieu thereof, a new stock of 4,650,0001.
is substituted, which, added to the first item, that is to
say, to the 5,591,6501. of Active Bonds, produces for
total of the Mexican debt the sum of 10,241,6501.
" Such in reference to the amount of the debt would
have been the practical result of the decree of the sth
of March, if the creditors had accepted it is its primi-
tive form.
"But, this not having been the case, I then took the
following view:—
" That a new consolidated stock be created for
10,241,6501., and, with it, withdraw from public circu-
lation not only the Deferred Bonds, Debentures, and
over- due Dividends of,Lizardi, but also the Active Bonds;
and thus, as regards the total amount of the debt, the
same point which the Government proposed to itself in
the decree of the sth of March will be arrived at. As to
what relates to the prices at which these distinct obli-
gations are to be redeemed, this is a proper subject of
agreement. between the bondholders and the agents of
the house of Manning and Mackintosh, because those
gentlemen having purchased the surplus which should
remain of the 4,650,0001. of new stock, treated of in the
aforesaid decree, after effecting the redemption therein
prescribed, the only thing which interests and is im-
portant to the Government is that in the result of the
operation the Mexican fereign debt does not exceed the
sum of 10,241,6501., which is that recognised by the de
tree of the sth of March.'

(From the Times.)
At last the long expected communication from Mr.
Murphy, which was to set at rest all the uneasiness
created by Senor Gomez Ferias' dispatch in the minds of
the bondholders, has made its appearance. The second
enclosed document, which is the most important one, is
of formidable length, and we cannot abstain from a wish
that brevity had been rather more consulted ; but, so
great is the anxiety of the creditors on this subject, and
so curious is the position in which the Mexican debt has
been placed since the arrival of Z-;enor Gomez Farias,
that we cannot do otherwise than give it entire. At pre-
sent we publish it without comment, since it is of itself
quite sufficient for our readers' digestion, but we have no
doubt, that when it has been considered over a little, it
will be found a fruitful source of controversy :
"TO G. R. ROBINSON, ESQ., CHAIRMAN OF THE COM-
MITTEE OF SPANISH AMERICAN BONDHOLDERS.
" Sir,—ln compliance with the intention expressed in
the letter I had the honour to address to you on the 16th
inst., I now beg to enclose two documents, Nos. I and 2.
" The first is a copy, at full length, of the c( mnaunica-
don addressed to me from Mexico, and of which an ex-
tract only was published in the Times of the 16th, ac-
companied by a letter signed B. Gomez Farias.' I
think it right that the committee and the bondholders
should have before them the whole of that document, so
that they may be able to appreciate the reasons for the
resolutions adopted as therein set forth in reference to
the late conversion.

Tableaux Pisani.

Professor TURNOUR, ever anxious to diversity the attractions at
the above splendid theatre, begs most respectfully t• inform the
Nobility, Subscribers, and the Public, that he has succeeded in en-
gaging one of the finest Models of the day, who will appear every
afternoon and evening during the week in Professor Tumour's cele-
brated groups of Venus Rising from the Sea and the Lute Player.
The new Classical Groupings, which have been acknowledged by the
press as far surpassing anything •f the kind ever attempted in this
country, will be repeated during the week, introducing the THREE
COLOURED FEMALE MODELS, natives of Hindoostan, who have
been received with rapturous applause by fashionable and crowded
houses.

Morning Performance at Three o'clock, and ETcnlng at Half-pas'
Eight.—Stalls, 2s. 6d.; Boxes, 2s. ; Pit, Is.

YORK AND LANCASTER RAILWAY.
FINAL NOTICE.
All applications regarding the affairs of this Company are to be
made at the offices of the Solicitors, Messrs. Chauntler and West-
wood, 8, Gray's Inn-square, between the hours of Twelve and Four
o'clock on MoNners and THURSDAYS.
By order,
SAMUEL lIOLDSWORTII, Secretary.

October 20, 1846.

METROPOLITAN SEWAGE MANURE
COMPANY.
The Company have obtained their Act of Incorporation.
The ALLOTMENT of the UNAPPROPRIATED SHARES in this
Company will be made on TVE.SDAY, the 3d day of November next.
No Application for Shares can be received after the 31st day of
October Inst. JOHN JAMES MOORE, Secretary.
Offices, 7, 'Waterloo-place.

ANTWERP, BRUSSELS, and the RHINE,
LONDON to COLOGNE in THIRTY lIOURS. (Sea Passag
Seven Hours only.)

" Document No. 2 is a copy of- my answer to that
communication. This answer, I trust, as I said before,
will place matters in their true light, be found satisfac-
tory to the bondholders, and justify my conduct through-
out this business.

,
The Antwerp Company's powerful, splendid, and very favourite
Steam-ship ANTWERPEN, THOMAS JACKSON, Commander,
leaves the St. Katharine's-wharf, Tower, every SUNDAY MORN-
ING, at Ten o'clock, returning from Antwerp every Wednesday
morning, at Eleven o'clock. By this steamer and the railroad from
Antwerp, travellers going to the Rhine may reach Cologne in thirty
hours. Carriages and horses may be sent to the wharf sip to one
hour before the time of starting, but all applications for the shipment
of goods must be made to the London Agents, Messrs. Lightly and
Simon, 123, Fenchurch-street, where, as well as at the Packet Office,
33, Regent-circus, Piccadilly, berths may be secured, and every in-
formation obtained.

" Allow me to add that, although the resolutions on
the conversion have been take. on receipt of my letters
of the Ist of JOy, yet the whole particulars of that con
version were forwarded by me to the Government on
the Ist of June, and, had there been any objection on
the part of the Government then existing, I ought to
have received communications to that effect by the
packet before last. To judge from letters which I have
received from a member of the Government under
which the matter originated, it would have been fully
approved of. _

THE CHEST.
MARKWICK'S PATENT CHEST PRO.
FECTORS are acknowledged by all to be the very bes,
ever invented.

" They are, in our opinion, calculated to secure general public
patronage. We have little doubt lost as this very useful article be-
comes known, it will at the same time become very popular."—
Advertiser, Oct. 13.

"I hare the honour, to be, Sir, your obedient, servan
" T. MURPHY.

Specimens and Pamphlet explaining their uses, &c., and containing
the opinions of the press, will be sent free on the receipt of two post-
age stamps. Depot, 69, King William-street, City. Liberal allow-
ance to the trade.

" London, October 19, 1846."

(Translated from the Spanish.)
" MINISTRY OF HACIENDA.
" Most Excellent Sir,—l have made a communica-
ion to the Most Excellent Senor General-in-Chief of
he Republican Army, charged with the supreme go-
vernment of the nation, of your Excellency's note of
the Ist of July last, and, after having carefully con-
sidered it conjointly with the dispatch relative thereto,
he has given me instructions to inform your Excel
lency in reply that he cannot nor ought he to consent
to the conversion of the foreign debt of the republic
lately contracted in that city, creating for that pur-
pose a new consolidation fund of 10,241,6501. sterling.
The Government, authorised by the law of the 28th of
April of last year to liquidate and settle the foreign debt,
was exclusively occapied with the settlement of that
known under the names of Deferred' and 'Debentures,'
as appears by the dispatch relating to the matter. It
was proposed immediately to withdraw the same, giving
to it a new form, by which the nation, apportioning to
itself the greatest reduction possible, might easily fulfil
its obligations, and re-establish by these means its credit.
After various operations effected for this purpose, and
of which your Excellency is well aware, it was settled
that the abatement which should be solicited should be
that of 60 per cent., and that, in order to obtain it, there
should be tendered to the holders of the bonds of the
before-mentioned debt, Deferred and Debentures, the
special guarantee of the best revenues of the republic,
such as 20 per cent, of the import duties at Vera Cruz
and Tampico, those on the exportation of specie from
the Custom-houses on the Pacific, and the monopoly of
tobacco. Thus it is that, grounded on these bases, he
issued the decree of the sth of March last, in which he
created a new consolidated fund of 4,650,0002 sterling
for the conversion of the before-mentioned debt, and of
which, in due course, an authenticated copy was for-
warded to your Excellency, in order that it might serve
for your Government in the operations which this busi-
ness would demand, subsequently fully authorising you,
in order to remove the obstacles which might present
themselves in the attainment of his said ideas upon, the
bases aforesaid.
" Your Excellency has, notwithstanding, taken no no-
tice of the principal point of the before-mentioned de-
cree, in consenting to an arrangement that prejudices
very considerably the interests of the republic, and places
it in such a position as to render it incapable of making
good its promises, provided it should allow it to pass
without annulling it.
" Because, by the decree referred to, of the sth of
11)`f ticji'ettlalN
Excellency, without any authority, has made it extend
to 10,241,6501., stipulating for the payment of the reve-
nue due upon this sum every six months, and the remit-
tance to London of 500,000 dollars annually for the
amortization of the capital. Far from consulting the
credit of the nation, your Excellency places it in a posi-
tion inevitably to ruin it, for if it has found a difficulty
in fulfilling the arrangement entered into with regard to
the Active Debt, which is the half of the new fund cre
ated by your Excellency, how can the obligations lately
entered into for the whole be complied with, without
leaving the republic without resources to meet its most
absolute necessities ?
" Furthermore, the before indicated special securities
having been offered as an indemnification to the bond-
holders who might accede to the abatement of 60 per
cent., by what authority has your Excellency reduced it
to 10 per cent, with respect to the Active Debt, of which
arrangement no mention is made in the aforesaid de-
cree, but merely of the dividends due upon it up to this
time ; and to 40 per cent, as regards that of the Deferred
and Debentures ? Is this regulating yourself by your
aforesaid instructions, in whic it is set forth that bonds
of the Deferred Debt and Debentures would be received
at the rate of 2501. for 1001. of the new consolidated
fund ?
" Your Excellency makes a calculation in your com-
munication of the Ist of June, showing that, with the
abatement of the 10 per cent, effected upon the Active
Debt, and of the 40 per cent upon the Deferred Debt
and Debentures, is obtained that of 50 per cent. that was
desired upon the latter. But, if this be so, it appears
that upon the Active we have not obtained any abate-
ment ; whereas we have injured ourselves by granting
to the holders thereof the special securities which have
been tendered solely to those of the others for the afore.
said abatement of 60 per cent., settled as the permanent
basis for the conversion of the debt into the new con-
solidated fund, and not of 50 per cent., as your Excel-
lency indicates.
"Therefore, if the transaction was not agreed to in
accordance with the terms of the decree before-men-
tioned of the sth of March, your Excellency ought to
have communicated it to the Government, to have pro-
posed to it the fresh project that had occurred to you, to
have awaited its determination, and not to have pro-
ceeded to realise it instanter, prejudicing in a most ex-
traordinary manner the interests of the nation—a condi-
tion that was imposed upon you in the ample powers that
were granted to you to carry out the intentions of the
decree aforesaid, but not to subvert them.
" Therefore and forasmuch as the holders of bonds of
our foreign debt were aware, from the aforesaid decree,
published in due course at London, how far your Excel-
lency's powers extended upon this subject, and ought
consequently to impute to themselves the losses which
may be incurred by them from such a transaction, from
not having acted with the precaution which is generally
made use of in matters of this description, the Most
Excellent Senor General-in-Chief, charged for the time
being with the government of the nation, hereby de-
clares--
" 1. That he annuls the aforesaid conversion of our
debt, effected in the consolidated fund of 10,241,6504
sterling, making your Excellency responsible for the in-
juries and losses that may arise to the republic from that
operation.
"2. That it is immediately to be thus made known to
the public through the press of that city, in order that
the bondholders of the converted stock referred to may
obtain the old bonds that they may have delivered in
for conversion as aforesaid, and return those which they
may have received in lieu of them of the consolidated
fund.
" 3. That it is likewise to be made known to the bond-
holders of our foreign debt, through the medium of the
press, that the Government of the Republic intends to
open through other agents a fresh negotiation, by which
the nation, making another equitable arrangement, may
fulfil punctually that which it may contract.
" 4. That your Excellency, being relieved by the Go-
vernment of the Republic from all trust and commission
you may have received from it, do deliver to the Secretary
of the Legation in that city the archives belonging
thereto, and whatsoever papers there may be in your
possession relative to the special commissions that it may
have intrusted to your Excellency.
" I communicate the same to your Excellency by
It is gratifying to observe that
i
there is an increase supreme command for your information, and for the pur-
•
"
ceipts during the 11a452t3q9u6£149,097
notwithstanding the 4"01
arter;
i: Poses consequent thereon.
amount of duty paid during the former upon wheat, fk God and liberty.
&c., immediately after the passing of Sir R. Peel's co " VALENTIN GOMEZ FARIAS.
measure. Mexico, 28th of August, 1846.
increasedsure.
number We understand
king advantage of tht, The Most Excellent Senor Don Thomas Murphy,
ea
nf partiestb that
tit a is accounted for by th
swing ofa attending the
linister Plenipotentiary to her Britannic Majesty."
at
sh
e wellbo bonding system,
being generally adopted by thescyosntpvereminn'iceiwnpeaheli cah:hdioslseanstaoi salts-
-11
d-alers in tobacco, tea and coffee,7wines and spirits, &c.,
in Manchester and the neighbourhood.—Manchester
Examiner.

" This I accordingly proposed, and I proposed it in
virtue of the full powers which were conferred upon me
in the instructions which I received from the Finance
Department, dated the 7th of March, to remove what-
ever obstacle might oppose itself to the execution of the
decree of the sth of March, on the basis of converting
the Deferred Bonds and Debentures at 40 per cent.
" But where lay the importance of this basis for the
Government? Was it in the per centage? No ; be-
cause this question interested alone Messrs. Manning
and Mackintosh. Was it in the redemption of the De-
ferred Bonds and Debentures solely, leaving the Active
Bonds of Lizardi in circulation? Yes, if the intention
of the authors of the decree of the sth of March was,
first, to make a profitable operation with the Deferred
Bonds and Debentures, and then, at a later period, to
attack the Active Bonds. But such views could not be
attributed to the highly honourable men with whom the
business originated and was brought to a conclusion, for,
on the contrary, the whole tenour of their communica-
tions and instructions to me prove that their principal
object was to attend to the credit of the republic abroad
by settling the foreign debt on a permanent and final
footing. It is evident, therefore, that it was immaterial
whether in such a settlement the Active Bonds of Lizardi

LADIES TRAVELLING.
Ylsiting the Sea Coast, or otherwise exposed to the scorchin rays of
the gun, will find
ROWLAND'S KALYDOR a most refreshing
preparatioi fir the Complexion, dispelling the cloud of lan-
guor and relaxation, allaying all heat and irritability, and immedi-
ately affording the pleasing sensation attending restored elasticity of
the Skin. The numerous varieties of Cutaneous Eruptions, Sun-
burn, Freckles, Tam, and Discolouratiens, are pleasingly eradicated
by the Kalyclor. and the skin rendered delicately soft and clear. Its
purifying and refreshing properties have obtained its exclasive selec-
tion by the Court and the Royal Family of Great Britain, and those
of the Continent of Europe, together with the "elite" of the Aris-
tocracy and " Haute Volee," from the sultry climes of India, and the
Drawing-rooms of Calcutta and Madras, to the frozen realms of the
Czar and the Salons of It. Petersburgh and Mesclaw.—Price 4s. 61.
and Bs. 6d. per bottle.

should remain in circulation or not; the real importance
of the case consisted in this, that, whatever the arrange-
ment might be, the foreign debt should not exceed a
total sum of 10,241,6501., that being the precise amount
it
was
the
and,object
haveof the o
not done
anythingof the
ehls of ,
March
be no doubt that it was fully within my 5t
powers to eer e tocan
be create;
pro-
pose what I did, and, my proposals having been ac-
cepted by the creditors, the said decree was fully and
punctually complied with in reference to the amount of
the debt ; because it is not to be denied that the spirit
and principle of this decree were not to redeem this or
that paper of Lizardi at such or such per cent., but to
consolidate a debt which should not pass 10,241,6501.
" I pass on to the question of interest. It has been
already explained that if the decree had been accepted
by the creditors in its primitive form, the Mexican debt
would have been composed of the following items:—
" 1. Active Bonds of Liaardi
" 2. New Consolidated Stock

Beware of spurious "Kalydors " containing Mineral astrin-
gents utterly ruinous to the complexion, and which, by their repel-
ant action, endanger health. The only genuine has the words
ROWLAND'S KALYDOR" en the wrapper, and A. ROWLAND
and SON, 90, Hatton-garden, is also engraved (py desire of the
Hon. Commissioners) en the Government Stamp affixed on each
bottle.

Sold by the Proprietors, a*& by respectable Cheraiste and'Per-
Nmers.

All other " Kalydors" are fraudulent counterfeits.

RAILWAY SHARE MARKETS.
MANCHESTER, OCTOBER 20.
STOCK EXCHANGE..—The sales are—Ambergate, Nottingham, Bos-
ton, &e., par—Eastern Counties, York Extension, 1% p.—East Lan-
cashire, 31i p.—Ditto, ditto, New, 3 3.l6p.—Huddersfield, Halifax,
—Leeds, Dewsbury, and '3lanZtrester, -3 p.—Liverpool nut Bury-,
New, I p.—Liverpool, Ormskirk, and Preston, 4 15-16 p.—London
and North-Western, New, 14% p.—London, Manchester, and Bir-
mingham, Quarters (C), 7 3-16 p.—Manchester and Southampton, 1
dis.—North British, New, % p.—North Staffordshire, 2 1-16 p.—
North Western, 14 dis.—Oldham, Birkenhead, &c., dis.—Preston
and Wyre, Halves (A), 2!4 p.—Ditto, ditto (B), 40. p.—Sheffield and
Manchester, Quarters, No. 2, 21—Shropshire Union Railway and
Canal, 1.11 dis. —South-Eastern and Dover, No. 4, % p.—West Riding
Union, 1 7-16 c. p.

10if CR
the capital of the first item, the decreelbLlVA
of thept,
sth of
March assigned 20 per cent. of the Custom-house duties
of Vera Cruz and Tampico, and the export duties on
silver from the ports or the Pacific; and for the payment
of interest and redemption or the capital of the second
item, the same decree assignee', the month!
117,708 dollars from the tobacco reven.„.. sum of
is not this precisely the same thing as to a.
payment
2 lo6f interest
identicaland
redemption2o
cent. of
t the 3 I ask,
n. ' from the a-V. r the
9
total
of o
f0,4,50the Now,.co l
Cruz and Tampico Custom-houses, the export duties on
silver by the Pacific ports, and the 117,708 dollars
monthly from the tobacco revenue?
" This is what I have actually dons. as regards in-
terest, and onsequently it remains perNti ~ demon-
strated that in this part also the decree of yhe sth of
March has been rigourously carried into effect,
411 this
important advantage., however, for the Governmet *hat
whereas by the said decree of the sth of March th
terest on 5,591,6501. of Active Bonds was to take datO
from the month of April this year, and that on the
4,650,0001. of the new stock from June, by what I have
done, the interest on the whole 10,241,6501. will not
commence until the month of July, which produces a
difference in favour of Mexico of a sum of 445,810 dol-
lars, as I have very clearly shown in my dispatch of the
Ist of July.
" It now remains to speak of the redemption fund :
" For the redemption of the new consolidated stock of
4,650,0001. the decree of the sth of March assigned the
annual sum of 250,000 dollars from the tobacco revenue,
and for that of the capital of 5,591,6501. of Active
Bonds ; his Excellency the Minister for Foreign Affairs,
in his confidential dispatch No. 8, of the 7th of March,
calculated that the 20 per cent. from Vera Cruz and
Tampico, and the export duties on silver by the Pacific,
would leave an annual sum of 162,0871 dollars.
" The committee of bondholders, before proposing to
them the arrangement contained in the decree of the sth
of March, that is to say, previous to the meeting of the
18th of May, required that this last amount should be
raised to 250,000 dollars (securing the difference on the
tobacco revenue), so as to make it equal to that which
had been assigned to the redemption of the new consoli-
dated stock in the aforesaid decree. In consequence of
this requirement I immediately consulted my powers,
and saw by them I was authorised to remove whatever
difficulty might oppose itself to the carrying into execu-
tion the said decree. The disparity which existed be-
tween what was arranged for the redemption fund of the
4,650,000/. of the new stock, and that which was calcu-
lated upon for the redemption of the 5,591,6501. of
Active Bonds, was a difficulty offered by the committee
of bondholders ; consequently it was within my power
and clearly my duty to make the concession required of
me, and I did so. This is the pure logical deduction
which, in this matter, justifies my conduct in a legal
point of view, there not being in the power so vested in
me by the official communication of the 7th of March,
before mentioned, the restriction alluded to in the com-
munication now'yeder:reply. But if the matter be viewed
under moral considerations—if it be considered that the
requirement of the committee involved no more than
a sum of 87,912 i dollars, an amount quite insig-
nificant as compared with the advantage resulting from
the operation to the nation, and which, as shown in my
dispatch of the Ist of July amounts to upwards of
_

LEEDS, OcTouxa 20.
STOCK Exclustox.—The sales are—East Lancashire, 5 p.—Black-
burn and Preston, 4% p.—Ditto, New, 4% p.—lluddersfield and
Manchester, 2 c. P.—Huddersfield and Sheffield, 4 p.—Leeds and
Dewsbury, 21. 16s. IL—Ditto, Branches, 20s. p.—Ditto, Extension,
58. dis.—Leeds and Thirek, 534 dis.—Manchester and Leeds Exten-
sions, I"- 6d.—Manchester, Buxton, Matlock, and Midland, 15s. 6d.
p.-North British,
Quarter Shares (late Carlisle Branch), 495. C. n.
p.—Ditto, Extension (scrip), 13s. 6d. p.—North Staffordshire, 465.
p.—York and Newcastle, New, 12 p.—York and North Midland (East
Riding Extension), 12U p.—Ambergate, Nottingham, and
Glasgow and Dumfries, 20s. dis. s.—Leads, Wake-
field, and M l
idland, - -s. b dis.—Liverpool, Ormskirk, and Preston, 434
p.—North Western, ..
dis.—Shropshire Union, par—West Riding
Union, 31. Bs. _
Banodsto Nett essts. R 61.1..
P...._

ttIiIEFFIELD, OCTOBER 20.
STOcK EZel/1"11*--The sales are-Eastern Counties, York Ex-
tension, 11. 65.-Great c,trims_ y
-,,,l'lverpool, Ormskirk, and Preston, 4X, p.-
Manchester, and Sheffield Quarters, 114 dis.-
and Midland, % p.-Shemeld, Rother-
mDiatntoc,heDstoecrk,su,
haro, mad Goole, 1.4 dis•-'Nth Yorkshire Coal Railway, I Is. dis.
NEWCASTLE-up
~ ON -T I'IN E, OCTOBER 20.
STOCK ExcuatmE.-7:-. e sales are--Great Grimsby Extension,
236 p.
Ltverpool, Ormskirk. and Preston 3% p.-Newcastle and
Carlisle, I cr,}4 acrib-North Ittltish 9 ' •
% p,--Ditto, Quarters, I% p.
-Ditto, Extension, 125.
Button, todnis,'Diat,l4ek,
6„(1* Pr.';''We'st Riding Union, 1 p.
OCTOBER 2O.
STOCK EXCIIANo,.-The eo,
Ditto, New Quarter. Quarters,
are-Northl3s. British, 721.-
805t0n,,,.,,, scrip, Ambe , rgate Nottingham, and
21. ..1.---e;ast Lineolnall'-
, Ire, 155.-Leeds and Dewsbury,
Branches, 185. 6d. 1..-Liverpoo', 0
, rtnskirk, and Preston, 4 p.-Man-
chester, Buxton, ah_.,
---... Matlock, .2.. 6d.
North Staffordshire, 2,i
p._Shr -North 11" astern, 22s
p. II e
°Psltire Union, 40s. 6c1.-West
Riding Union, 31' 68----Armagh, Col and r 7s. 6d eraine onrush, .
Staines and Richntond,l,,i,
. „YORK, OcTee,ft 20.
STOCK EscßAl4".Thhe sales are---.A.Thnergate, Nottingham, and
Boston, 2London anti York, 134 ex div.-Manchester, ucton.
Matlock, and Midland, 2,,
North British, Quarter Shares13
.s - , 31. 6s.
ex new-Ditto, xtensio,,
~,,, 11. 75.-North Staffordshire, 41. 65.-
North Western, Il• Is.- " est Riding Union, 3/. 75.-York and New-
castle, New, 16/.165. 3(1.-1.
-erk and North Midland (East and West
Riding Extension). 171. N. 9.1.
EDINBUhoti, OCTOBER 19.
STOCK ExenomE.-The sale. are-Aberdeen, 151.-Airdrie and
Bathgate, 41. 0.-Arbroath and Forfar, 281.-Ditto, Halt Shares,
151. 10s.-Ayr And Galloway, it. 75. 6el.-British and Irish Union,
21. 3..-Cale4roidan, 211.-Ditto, New, 11. 53.-Caledonian and Dum-
barton, 1/. Gs ~Clydesdale Junction, 321. 10s.-Direct Northern,
11. IN.-Dm-kw and Arbroath, 37/.-Ditto, New, 251.-Dundee and
Perth, 241.-xut of Fife, 195.-Edinburgh and Bathgate, 21. 101.-•_
Edinburgh and .llf,gow, 72/.-Dltto, Half Shares, 181. 10s.- Ditto,
Quarters, 181.- Dip, ditto, New, 181.--Edinburgh, Leith, and ()can-
ton, 181,-Ditto, (reference, 201. 158.-Edinburgh and Northern
101. 2s. 6d.-Ditt,,\ ewport, 21. S. 6d.-Edinburgh and Perth, 11.
181.- Glasgow and yrshire, 681. IN.-Ditto, New Stock, 361._
Ditto, Quarter Shar, 171. 15s.-Glasgow, Dumfries, and Carlisle,
11. 121.-Glasgow amDundee Junction, U. 13s. 9d.-Glasgow and
Garnkirk, 40/.-olassa and Greenock, 161. 10s.-Ditto, New Stock,
81. 155.-Ditto, Preferte, 1/. 13s. 9d.-Granton Junction, 10s.-
London and York, It. I. 6d.-North British, 321. 12s. 6d.-Ditto,
Halves, 141. 155.-Ditto, tasters, cunt new, 3/. 11s.-Ditto, New
Quarters, scrip, 11. 3s. 6d.Ditto, Fifths, 61. 10s.- Scottish Central,
191.- Ditto, New, 9/. hs.- Sckisi, central and Caledonian Junction,
11. 10s.-Scottish Midland,lo‘sB.-Stlrling and Dunfermline, 11.25.
GLASGhr OcroBER 19.
STocit EXCHANGE.-The sale.re_British and Irish Union, 425.
-Caledonian, New, 265. 6d.-leet Bonbay, and Madras, 16s. 3d.
-East Indian Railway, 15s. 9d.qutsgew, Kilmarnock, and Ayr,
681.-Ditto, Halves, 5/. 4s. p.-Glam., Dumfries, and Carlisle, 33,
-Glasgow, Kilmarnock, and Ardrovl 27,-Great Indian Penin-
sular, 6s. 6d.-Great North of Indl4. 3d.-Kilmarnock and Ayr
Direct, 295. 6J.-Madras, Nellore, a 4
n >rcot, 55.-Manchester and
Southampton, 19s. 6d.-North British,'ew Quarters, scrip, 235. od,
-Scottish Central, 18% -South-Easte, -
and Dover, New, No. 4,
575. 6c1.-Stirling and Dunfermline, 22s.,trathern Junction, 41s. 6d.

THE BONDING WAREHOTJSE&T
MANCHESTER.-
We have much pleasure in laying fore our readers the
following statement of the mot. of customs duties
received at the custom-house her luring the quarter
ending the 10th of October last. % will be seen that
there is an increase of 2,6101. aboThe receipts of last
quarter, and 38,1761. above the correkndiug quarter of
endinglast ye alor.th Theo f
October,
; during the
quarter ending 10th of October, 1845, t,644
amount
1546, receivedwas dog the quarter
; increase
on the quarter, 38,1761.
56,,1L
Comparative statement showing the a,int of cus-
toms' duties collected in Manchester en_
g the first
three-quarters of the present year, and thuTespond-
ing quarters of 1845:--

11,000,000 dollars—if it be borne in mind that these
87,9121 dollars were dedicated towards the redemption
of a debt which was incurring annual interest of great
amount—if it be remembered that the amount saved in
interest compensates for fully five years the annual dis-
bursement of this sum—and, finally, if the justice in-
trinsically involved in what was asked from Mexico be
regarded—namely, to place all the bondholders on an
equal footing ;—if all this be held in mind, it will be
seen that had I opposed myself to the concession de-
manded of me, if indeed would have been to fail in my
duty, and to misunderstand my instructions. In truth,
if those instructions did not authorise a thing so compa-
ratively trivial, it would be very difficult to say what was
their object. And mark! this money, as just stated, is
for redemption—that is to say, for the only object which
in reality interests Mexico in a loan. To the bond-
holders it is amply sufficient that the interest be strictly
and punctually paid ; therefore, if circumstances had
prevented the remission of that sum for redemption, pro-
vided adequate remittances were made for dividends, the
obligations of Government would have been sufficiently
fulfilled to have prevented any heavy disappointment to
them. There is no doubt whatever that I could in virtue
of my powers consent to the requirement of the com-
mittee. Well, then, if the redemption fund of the new
stock was by the decree of the sth of March 250,000
dollars, and that of the Active Bonds (with the addition
of the 87,9121- dollars) other 250,000 dollars, is it not
char that the redemption fund of the total debt of
10,241,6501. was twice 250,000 dollars, that is to say,
500,000 dollars? Yet this, and no more, is what I have
consented to in this matter.

1845.

1846.

-346.
£ £. .
-:e
Qr. endg. sth Aprl 11,043 sth Apr 38,427 Inc—.X
7384
„ sth July 12,689 sth July 54,030 " 1,341
„ 10th Oct. 18,464 10th Oct. 56,640 ~ ',176

(Translation.)
XICAN LEGATION CIRCA DE SA MAJESTE BRITAN-

NIQUE.

4t "London, Oct. 17, 1846.
„aterllent Sir,—By the la.t packet I received a dis-
§enoin the Finance Department (of which dispatch
packee„Benito Gomez Farias, who came by the same
ered to
newspapers of this capital certain mea-
su
t o
rpe ub lit s
,i
ia
sion of thf,ur their object to annul the last conver-
vxican debt. For the reasons which I
it had appeared to me absolutely ne-
cessaryproceed
t 0
00 s
t in,
the execution of these instructions.
Nothing has
!idnne here but what is in strict accor-
dance with the
meaning, object, intent, and pur-
pose of the deC.lt'
whid the sth of March last, and the in-
structions,ompanied it, combined with the

PRICE OF GOLD.—The premium on gold at Paris
is 16 per milk, which, at the English Mint price of
31. 17s. lOid. per ounce for standard gold, gives an
exchange of 555 ; and the exchange at Paris on
London at short being 25 70, it follows that gold
is 0.58 per cent. dearer in London than in Paris.
By advises from Hamburgh the price of gold is 434
per mark, which, at the English Mint price of 3/. 1 7s. 101 d.
per ounce for standard gold, gives an exchange of 13 91 ;
and the exchange at Hamburgh on London at short
being 13 94, it follows that gold is 0.11 per cent. dearer
in London than in Hamburgh.

" By way, then, of summary,—
" The decree of the sth of March created a debt of
10,241,650 L This same debt, and no more, I have
created.
" The decree assigned for payment of interest and re-
demption of one part of the capital of 10 241,6501. the
20 per cent. from the Custom-houses of Vera Cruz and
Tampico, and the export duties on silver from the Pa-
cific; and to the payment of interest and redemption of
the other part of the said capital 117,708 dollars monthly
from the tobacco revenue. I have sssignel to the pay-
ment of interest end redemption of the total capital of
10,241,6501., the same 20 per cent. of the Vera Cruz and

PRICE SD.

Tampico Custom-houses, the same export duties on
silver from the Pacific, and the same 117,708 dollars
monthly from the tobacco revenue, with the advantage
to the Government in reference to the period at which
the interest should commence, as already explained.
" Finally, my instructions authorise me to consent to
the augmentation of the redemption fund of the Active
Bonds to 250,000 dollars per annum, secured on the to-
bacco revenue (the only point which is not strictly
within the limits of the decree of the sth of March), but
this augmentation, as it has been already seen, did not
exceed the sum of 87,000 dollars per annum, and was
compensated fur to a certain extent by the advantage
secured on the interest account. Before leaving this
point, it is well worthy of remark that the dispatch of
the Minister of Foreign Affairs, to which I have before
alluded, owing to an error in underrating the annual in-
terest of the Active Debt by 97,9131 dollars, actually
states the amount left free for the redemption fund
of the Active Stock at 260,000 dollars; so that, in
point of fact, I did not provide a larger redemption fund
for the whole debt than was clearly contemplated by
the Government. It is therefore clearly and absolutely
proved that the arrangement adopted by the creditors,
and carried into execution, is nothing else but the same
decree of the sth of March in another form (securing the
advantage already alluded to relative to interest, and also
that very important one, of-having in circulation but one
class of paper); and that, as well for adopting such new
form as fcr the augmentation of the redemption fund, I
was fully and amply authorised. Tkat I, then, have not
in any way transgressed the powers I held from the
former Government, and that the conversion of the
Mexican debt has been accomplished in strict accordance
both in fact and principle with the decree of the sth of
March, is a thing beyond controversy. Such being the
case on one hand, and it being also unquestionable on the
other, that no Government, legitimate or not, can destroy
the acts of the preceding Government involving contracts
or agreements; that the conversion is really and i• con-
testably of transcendant advantage to the nation; that it
is now consummated, the greater part of the Lizardi
paper having been already converted and cancelled; that
to restore that paper again and recal the new bonds is
now a physical impossibility, even although the right of
doing so existed; that the creditors of the nation cannot

be made the sport of our constantly recurring revolutions
and changes; that, even had I exceeded my powers, this
would have been a matter for which I should be per-
-3onally answerable to my Government, but could not set
aside the rights of the bondholders, especially as there is
no correctness in what is alleged in the dispatch I am
replying to—namely, that by the publication of the de-
cree of the sth of March they knew the extent of my
powers, because those were comprised in a separate do-
cument, which has never been published ; that these
things all tend to lower my country more and more in
the estimation of the world ;—for all these grave and
well-founded reasons I had deemed it necessary, as
stated at the commencement of this dispatch, to abstain
from publishing the measures which have been adopted
with a view to annul the conversion, in order that by so
doing an opportunity might be afforded to the Finance
Department for a further and more attentive considera-
tion of the subject, which would no doubt lead to a re-
vocation of measures adopted in my opinion too precipi-
tately. But as another party, to whom by a most strange
proceeding a copy has been furnished of the communi-

cations addressed to me as the Minister of Mexico, has,
without any known official character, caused the same
to be published, I, who have an unsullied character to
maintain, especially in a country where I have resided so
long, and where I have received se many marks of dis-
tinction,—l, who am unjustly accused of having trans-
gressed my powers, of having set aside the cardinal
points of the decree of the sth of March, and of having
consented to an arrangement which considerably preju-
dices the interests of the republic, whereas its effect is to
reduce the foreign debt by nearly five millions, the in-
terior debt by full five millions more, and to give to
Mexico 1,600,000 dollars in money,—l shall, although
with deep reluctance, publish this very communication
which I now address to the Finance Department, becau.e
such a course is what justice and my own rights demand.
" I do not dwell on the contents in general of the com-

munications I am replying to, but I shall make a few
short observations theron. Neither in my dispatch of
the Ist of June, nor anywhere else, have I made those

calculations about a reduction of 50 per cent. which are
gratuitously attributed to me. The calculations to be

made, as Much on the decree of the sth of March as on

' the arrangements actually accepted by the bondholders
and with reference to the amount of Lizardi's debt, are
of a very different description.
" Those calculations would, in either case, show a re-
duction of 27 and a fraction per cent. As I said before,
my powers did net contain the restriction mentioned in
that dispatch under reply. So far from the object of
the former Government being to introduce restrictions, it
was their view to enable me to sotin ch. --;
+- utUeSSILy of my senoing itback a
third time to Mexico, as 1 had dune on two previous
occasions, in consequence of my fear of doing what
-1-1511=Lenitc-W out ha.striegy_atithorised to do.
The removal of a Minister Plenipotentiary is not an at-
tribute of the Department of Finance. I cannot, there-
fore, see the object of mixing up this measnre with the
others concerning the conversion.
"In conclusion, although a humble individual, I will
take the liberty of giving advice to those who may be at
the head of the Government of my country. Let this
extravagant measure be revoked, and let the engage-
ments entered into with the creditors be fulfilled, inas-
much, at least, as may be within human possibility under
existing circumstances. Thus, and by a similar conduct
in all the other affairs of the republic, a proof will be
given to the world that the object of the last revolution
is really and sincerely to enter upon a new order of
things which would be regular, just, decorous, and
worthy of respect.

"Let this be assiduously and uprightly sought for--
,here are elements in the country which will make the
ask easy, but it might be a bad beginning if the rulers
Puffer themselves to be deceived and influenced by false
‘nrsentations and perfidious counsels.
"I have the honour to be, &c.,
"THOMAS MURPHY."

R
INTELLIGENCE.
AnE oTATIt,.
Mr. Stephenson was 6 acres, The area originally, says
has been purchased, making, in fdi&ion of six acres
acres. The length of this station is 4804.0gether 12
the extension is completed it will be 757 fee When
area will be doubled by the improvements—increasc.4
from 6 acres to 12 acres. The proportion of passengers,
those going to the West-end compared with those going
from Euston square to the City, is as 9 to 6. The
length of the platform is between 420 and 430 feat ; it
is proposed to be made 700 feet long. The saving in
cartage, which would be effected by transferring the
London and Birmingham goods station to Euston-square
varies from Is. to Is. 6d. per ton. The excellence of
locality of station proved by superior facility and
economy of moving passengers to any part of Lon-
don. A cab can be hired for ls. 4d. to take passen-
gers to almost any part of the metropolis. Mr.
Locke decidedly approves of the situation of the
Euston-square station, and does not consider that
any public advantage would be experienced by an ex-
tension into the City. The company have power to
charge Is. extra on every passenger conveyed from
Camden-town station, but have never exercised this pri-
vilege. The average number of passengers who come
and go from the Euston station is estimated at 4,000
daily. The largest number of passengers who arrived
in one day at the Euston station is 3,421. The large at
number of passengers who have left the departure plat-
form in one day is 2,513. The largest number arriving
by one train 773 ; the greatest number departed 596.
There are 42 trains daily, 21 in, and 21 out. When the
improvements and extension now in progress are com-
pleted, new and different arrangements must still be
made to afford (says Mr. Glyn, the chairman) accomme-
dation for the continually increasing traffic. The York-
shire and Lancashire traffic will in future be worked at
different sides of the station. The mails for these dis-
tricts are repeatedly delayed from the confusion occa-
sioned by the immense trafie. The platform for the
Midland and Eastern lines will be perfectly distinct from
the others. The new departure platform is calculated
to accommodate 60 carriages under cover. There are
occasionally trains of 28 carriages arriving. The aggre-
gate shed-room amounts to 8,705 square yards, and is
insufficient. The average number of vehicles at Euston
station each night is about 320, of which 260 belong to
the London and Birmingham Company.
BRICKLAYERS' ARMS STATION ON THE SOUTH..
EASTERN.—There are 26 /acres of clear space at this
station for cattle and goods, and every thing requisite
for carrying on a very large railway traffic is collected.
It is most complete in all things necessary for a goods
station. The station, with the approaches, cost upwards
of 240,0001. It is used almost entirely for goods station
for South-Eastern Railway. Is quite insufficient during
the season of the hop traffic, but, according to Mr.
Baxendale, the inconvenience arising from this cause is
limited to a month or six weeks in every year. Most of
the west end passengers now stop at this station instead
of proceeding to London-bridge.
Currnics.—ln considering the question, Mr. Bendel,
engineer, is of opinion that they are far preferable to
viaducts or railroads on the level of the adjoining street.
The annoyances to the inhabitants are less by a cutting
than either of the other modes of cocstruction. In a
cutting the noise of a train passing is considerably less
than by a viaduct or level. Passage of street, in a cut
may be attained without disturbing the surface,
which is very desirable and advantageous. Founda-
tions of houses are benefited rather than injured bya
railway in a cutting, from the necessity of putting in
retaining walls in separate trenches.
CAMDEN TOWN STATION OF THE LONDON AND
NORTH-WESTERN.—Large as this station is, it isen-
tirely inadequate for the immense traffic carried on
there, upon the authority of Mr. Baxendale. It is 22
acres in extent, and quite insufficient, says another ,
carrier, Mr. Hayward. The general route into the city
is from this station. The area of the station is 30 acres,
according to Messrs. Creed and Glyn, the secretary and
chairman, rather more than one-half of which is appro-
priated to roads and approaches. In addition to *is
-pace, Messrs. Pickford have about two acres for their
own use. It is very difficult to enlarge the station.
Total number of waggons standing at thditshoseutat
30th
hh at
April,
regard
plBa4st6,th,,r,eaes
,509' l.ockT
hiins tleiomuoTtninnogt
to eoQ omiaia spaces

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