The Sun.
London, England, 1856-02-01 00:00:00

from Callao.

PLYMOUTH, Jan. 30.—Wind N.E.—Sailed—Star of
Peace, for Sydney, N.S. W.
FALMOUTH, Jan. 30.—Wind N.—Arrived—Oceana,
from Matanzas; Maitland, Patagonia; Cornet, Buenos
Ayres,. with loss of bowsprit, &c., boats, sails, &c.; John
G. Richardson, New York, with part of cargo thrown
overboard, had been on her beam ends on the 7th Jan., in
40 N. 41 W. ; Anemone, from Swansea for Smyrna, leaky
31. Wind N.E.—Sailed—Lima, for Ajaccia.
SCILLY, Jan. 28.—Wind N.N.E.—Arrived—Ariel,
from Jersey, for Pernambuco, with loss of bowsprit.
POOLE.—Arrived—Nymph, from Greenspond, strained,
very leaky, and a great quantity of oil pumped up, hav-
ing been struck by a heavy sea, and thrown upon her
beam ends.

JERSEY, Jan. 29.—Wind E.—Arrived.—Telegraph
from Archangel. Sailed—Conquest, for Pernambuco.
SWANSEA, Jan. 30.—Wind E.N.E —Sailed—Anuzado,
for Cape de Verds.

Siximns.—Jan. 31.—Wind N. Sailed—Zephyr, for
Trinidad.
HOLYHEAD, Jan. 31.—Tho Cheshire Witch, from Ark.
low to Liverpool, put in hero on the 29th inst., leaky,
and wiil discharge. The schooner Mary, of Cork, from
Southampton to Liverpool, bilged outside the breakwater,
New Harbour, on the 29th inst., and is discharging.

(PER ELECTRIC TELEGRAM)
SOUTHAMPTON, Friday Morning.
Arrived—South-Western, steamer, from Jersey; Trial,
Swan age.
Sailed—Online, steamer, for Dublin ; Cicely, Sunder.
1 and.

LIVERPOOL, Friday Morning.

Wind N.
Arrived—Mercury, from Marsala.
Sailed--Cleator, for Varna;
Teresina, Naples.
QUEEN STOWN, Jan. 30.

WESTMIASTER IMPROVEMENT
COMMISSION.

The following letters have been addressed to the
editor of the Times :
" Sir,--I read with great surprise in your city article
of the 24th some observations upon the affairs of the
Westminster Improves:sant Commission, in which my
name is introduced.
"It is apparent on the face of your statement that
the sources from which your information has been de-
rived are ec parte or unauthorised documents—viz., a
bill in Chancery, which yon are probably not aware is
at present unsupported by any proof ; a petition of two
bondholders to the House of Lords, which was unsucl
cessful ; and a report which you do not appear to knot
was prepared without any communication with the com-
missioners or myself, and was immediately rejected by the
majority of the committee of investigation, and withdrawn
by the authors of it. It is not, therefore, surprising that
serious errors occur in the article of which I complain.
Among other things, it is stated that the law costs and
other charges have been set down at two sums of 100,082/.
and 148,813/. ; the fact, however, is that the total
amount of law costs ever received or claimed by me or
my firm for business transacted for the commission has
been 29,509/. 2s. 6d., and no more, of which sum a very
large proportion—about one-half—consists of money
disbursed, the remainder being the total amount of pro-
fessional charges for the law business transacted during
10 years, including the purchase and conveyance of the
property forming Victoria-street and the adjacent im-
provements, and the obtaining of five acts of Parliament.
No one at all acquainted with the'-nature and extent'of
such business will doubt the reasonableness of that
amount, and from no other source connected with the
commission have I derived any profit or advantage
whatever.

"The two sums of 100,0821. and 148,813/. referred to
in your article consist chiefly of interest on the mortgage
and bond debts of the commission, and a variety of
other payments wholly unconnected with the law de-
partment; the amount included therein for law costs
paid to me or my firm is only 28,168/. Ss. 10d., portion
of the 29,509/. 2s. 63. I have already mentioned.
" I entirely deny that I have ever exercised a control
forbidden by the provisions of the acts ; this statement
is wholly without foundation, as I have never acted
otherwise than under the direccion and authority of the
commissioners. With respect to the mortgages which
are improperly designated preferential, they were clearly
authorised by the acts, and it will be a vain attempt to
impeach them. Upon the statements which relate to
the amount of bond debt and matters of account I beg
to refer to the report of Mr. Croysdill, the eminent
public accountant, who investigated the accounts, which
were presented to the committee of inquiry in the ear!),
part of last year, and I think the suit now pending in
the Court of Chancery will afford the commissioners a
proper opportunity of explaining their proceedings and
the general management of the undertaking.
"The circumstances which have led to the present
position of the bondholders are obvious—viz., a capital
inadequate to the magnitude of the undertaking, the un-
favourable state of the money market at the commence-
ment and during the progress of the works, and the high
value of the property in the line of Victoria•street.
"As the statements in the article referred to, if un-
contradicted, are calculated to inflict serious injury, I
trust you will do me the justice to allow this explanation
to appear in your columns without delay.—l am, sir,
y our obedient servant,

"NATRAIIIEL MASON.
"Red Lion•quare, Jan. 29."

"Sir,—My attention has been directed to a statement
contained in the Times of the 24th inst., in reference
to the affairs of the Wesminster Improvement Commis•
sion.
"It will be apparent to all business men that the
object of the commission was analogous to that of a
railway company, which can only prove remunerative
when its work has made considerable progress. At
first all must be outlay—viz., in the purchase of land
and property, rents, and taxes in respect of property so
purchased ; Parliamentary and surveyors' fees, payments
to Commissioners of Sewers ; law, arbitration, and con-
veyancing expenses ; salaries, wages, assurances, eom•
rnissionere fees, interest on bonds, loans, &c. So far
the comparison with a railway holds good ; but then
comes a material difference, for, whereas ordinary
shares pay no interest till a profitable traffic has arisen,
the bonds and loans of the commission bore interest
wit'sin a very short period of its outset, although up to
this time no profit 1-:as arisen.
"The first tangible date given in the statements you
refer to is 1852. Of the bonds issued prior to the Ist of
April in that year, 200,0001. were then a charge on the
commisson. ad others of ant,:rior date having been paid
off. On the 31st of December, 1854, the total of bonds
chargeatde had increased to 680,970/e being an augmen-
tation of 483,3701. A, further melt) to the amount of
290,080/. had, indeed, been made, hut most of these
bonds were lodged as collateral security only with mort-
gagees, who took them as well as property, so that when
the property is realised the bonds are returnable to the
commission. This last item (290,080/.) must clearly be
deducted from the 977,0501. quoted in your statement as
the amount of bonds on the 31st December, 1854, inas-
much as the commissioners had received no consideration
for it, and no part of it had been publicly negotiated.
Thus, against your item of 1,030,5701., the net increase
between 1852 and 1854 was 485,3701., and the amount
in actual circulation, instead of being 977,0501., was
634,9801.

"The balance-sheet laid before the bondholders at the
meeting of the 26th of January, 1855 (quoted in the
Imes of the following day), showed that it means could
have been raised to get the ground covered the assets
would have more than sufficed to meet all demands.
The real cause of the deplorable stoppage was the im-
pos,ibility of raising capital sufficient to proceed with
the undertaking to the point at which profit could be
realised,

" The statements you quote also refer to the extraor-
dinary issue of honds to Mr. Mackenzie, the builder,
without proper security. It is not for me to defend the
act of the couainissioners in this respect, further than to
express my own conviction that it arose front au anxiety
might say, over anxiety—to get the property built
upon, and from a misplaced confidence iu the value of
the securities.

"I now came to the question of expenses. Your
items are 100,082/. from 1845 to 1852, and 148,813/.
thence to December, 1854—in all 248,895/.
"The real figures as shown by my balance-sheet are
as follows :

From 1845 to Ist of April, 1852
From April, 1832, to Decemb3r, 1t,54

S.
.• 95,531 19 6
145,991 16 1

Total 211526 15 7
"The expenses are thus distributed
,
Bond stamps
Ground rent, rent, rates, and taxes in re-
spect of properties purchased
Commissioners' attendance fees
Interest on bonds and loans, commissions,
and discounts 127,679 9 11*
Law costs, Parliamentary fees,
surveyors' fees, compensa-
tion, &c 1,27,435 9 11
Solicitors to the commission
(Bridges, Mason, and
Bridges), debit for the whole
period

3,826 16 7

14,877 2 4
8,204 17 0

55,00313 g
Assurances 1,7r8 1 9
-Wages and salaries 14,857 4 5
Rent of commissioners offices, fittings, and
fur❑iture
Payments to Sewers Commissioners, re-
pairs, ,ke
Printi❑g, stationery, and miscellanies

2,847 5 2

10,576 8 11.
9,516 3 0