The Sun.
London, England, 1846-10-14 00:00:00

MEXICAN BONDHOLDERS.

The rumours that the Mexican Government had re-
pudiated the bonds created by the new conversion, when
more extensively spread, took the public completely by
surprise, and they were unwilling to believe in a change
so formidable. Hence, though there was a fall of nearly
1 per cent. in the course of the day, there was a constant
disposition to rally, which might be looked upon as the
measure of public incredulity.
On investigation, however, it turns out that the ru-
mours in question are no idle fancies. Copies of the dis-
patch addressed by the Mexican Government to Mr.
Murphy, and brought to the latter by Senor Gomez Fa-
.rias, the younger, are in the city, and these clearly show
.that all that has been said on the subject of Mexican re-
pudiation has fallen short cf, rather than exaggerated
the truth. According to that doe ,meet, the new Go-
vernment has actually repudiated the new bonds, and
does not contemplate any reparation to the bondholders,
who have parted with their former securities. The dis-
patch declares that the creditors had sufficient means to
examine into the powers by which the. conversion was
made; and that if they did not use the facilities afforded
them, they must put up with the cousvquences.
The Mexican bondholders will clearly remember that
a plan for converting the debt was put forward before
the one on which the present bonds are founded, and
was rejected, on the ground that it was too disadvan;
tageous to the holders of the deferred stock. Very
shortly after this another plan was beoucht forward,
which was accepted, and which was the plan now in
operation. At the time when the matter was under dis-
cussion many cautious holders were unwilling to accept
the new. scheme, thinking that it had- made its appear-
ance too soon atter the rejection of the preceding one,
and that it was a strange proceeding on the part of the
'Mexican Government to have a succession of decrees at
hand, so as to be ready with a second as soon as the
first had failed.

This is the point taken up by the dispatch, which de-
scribes the rejected plan as authorised by the Mexican
Government, but the second plan as cmauating from Mr.
Murphy alone, without any authority from the republic.
It is merely an affair of his own, with which Mexico
has nothing to do.
The case, then, after inspection of the dispatch, looks
infinitely worse for the bondholders than it did while
the story was the subject of mere rumour. The repu-
diation by a Government of the acts of its predecessor
was so utterly monstrous that it seemed an impossibility;
but now it appears that the new Government does not
repudiate the bonds because created under the over-
thrown Paredes, but because they were made by the act
of an agent who had no authority to make them. What
will be done in such a state of things it is impossible to
conjecture.
It is to be repeated that copies of the dispatch are in
existence in the City, in spite of all assertions to the
contrary, and in all probability its official publication in
a day or two will open the eyes of those who utter doubts
on the subject.—Tines.

DISASTER TO THE ENTER-
PRISE STEAMER.

About a month since a steam-vessel, called the Enter-
prise, commenced a series of trading voyages between
the ports of Yarmouth, in Norfolk, and Rotterdam, in
Holland, once a week, in the same manner as the Nor-
folk steamer, which has now been several months en-
gaged in trading between these two places, and it has
been said that the trade is now so considerable that the
proprietors of the Enterprise contemplated making
double voyages during the remainder of the autumn.
We regret, however, that a.sad disaster befel their vessel
very early on Friday morning, which, in the infant state
of the trade, may have a tendency to damp the ardour
which the somewhat shining prospects had begun to in-
spire. On her homeward passage, on Thursday evening,
she had to encounter a very heavy sea. The cargo was
partly bullock& and sheep, there being near 100 of the
former and 4M of the latter on board. The violence of
the waves, and the heaving of the vessel, threw the bul-
locks about, and ultimately on one side. This caused
the vessel to luff, and the seamen could not for a long
time get her righted. Some of the beasts were thrown
down the hold amongst the sheep and crushed them,
and others were thrown overboard. The scene became
a very disastrous one, and we understand that from 40
to GO sheep (some say a vast many more) were mangled
and trodden upon. Some had their legs and some their
necks and backs broken, and near a hundred had to be
thrown into the sea, or escaped from the vessel. Twenty
or more bullocks were also thrown into the ocean, and
these appear to have been all lost. The vessel afterwards
righted, and soon after reached Yarmouth harbour,
where she arrived with all the passengers and crew safe
early on the Friday morning. The loss, however, of the
sheep and cattle is of a serious kind.