The Sun.
London, England, 1867-03-05 00:00:00

AMERICA.

NEW YORK, March 4, 5 p.m.
The fortieth Congress met for the first time this

afternoon.

COMMERCIAL INTELLIGENCE.
CLOSING PRICES.

Gold, 138 f. Sterling Exchange on London,
1081. 5-20 United States Bonds, 110 k. Illinois,
1154. Erie, 54g. Cotton—Middling Upland, 32.

(Per the Australasian.)
NEW YORK, Feb. 19 (Evening).
The bill originating in the House of Representa
tives, known as the Southern Military Government
Bill, is understood to have been framed under the
inspiration of Thaddeus Stevens, and embodied the
reconstruction policy of the extreme Radicals, with
such modifications as were considered absolutely
necessary to secure such support from the more
Conservative Republicans as would insure a two-
thirds vote in both Houses of Congress.
The bill was somewhat unexpectedly rejected by
th 6 Senate, and a substitute offered by Mr. Sher-
man, of Ohio, was passed.
The substitute differed from the House Bill
principally in that it empowered the President
to appoint the military commanders of the districts
into which the South was to be divided, and to
detail the military forces for service in such districts.
This power the House Bill conferred upon the
Lieutenant-General.
The substitute also prohibited the enforcement
of the death penalty in the South without the sanc-
tion of the. President, and provided for the forma-
tion of new State Governments and their right to
Congressional representation when they adopted the
Constitutional Amendment.
The house Bill was opposed in the Senate, prin-
cipally on the grounds that it permitted the estab-
lishment of military rule without imposing such
restrictions as were necessary to prevent despotism.
Mr. Sherman's substitute encountered great oppo-
sition from the extreme Radicals in the house, and
was finally rejected, Radicals voting with Democrats
against it. As the matter now stands, reconstruc-
tion seems to have made no progress unless a joint
committee of conference may be appointed, and
further consideration of the measure determined ou.
The debates elicited have, however, thrown much
light upon the actual temper of Congress regarding
reconstruction, and have discovered considerable
dissension in the Radical ranks.
It is reported that several Radical members of
Congress have recently been closeted with the
President, and a resolution has been passed by the
House appointing a committee to inquire into what
transpired at such interviews. A preamble to the
resolution intimated corruption in the way of bar-
gains to defeat measures pending in Congress.
The Senate has finally, after reconsideration,
made an appropriation for the payment of the
salary of Mr. Harvey, United States Minister to
was deprived of his salary under
Portugal, who
recent enactment in consequence of his having de-
nounced the course of Congress.

ARRIVAL OF THE RHONE.

SOUTHAMPTON, March 5.

The Royal Mail steamship Rhone, with the above
mail, has arrived here. She brings 34 passengers,
£44,370 (of which £41,565 is gold and the remainder
silver), 4 packages of diamonds, value not stated ;
and 4,161 packages of cargo, consisting chiefly of
tobacco and cotton.

She experienced heavy north-easterly winds and
a head sea across the Bay of Biscay and up

Channel.

On the 12th ult., when off Bahia, she passed the
English ship Melbourne, bound for Pernambuco ;
on the 17th, the brig Clothilde, bound for Bremen ;
on the 20th, spoke the ships Benefactor and Croy-
don ; on the 26th, the Jane Porter ; and on the Ist
inst. the steamer Una, off Vigo.

The Mail steamer Celt, for the Cape, arrived at
Vincent on the 21st ult.

At Bahia sugar was more active, and prices had
improved. The sales of coffee were unimportant.
Cocoa scarce. Exchange on London, 23d. to 24d.
At Pernambuco sugar sales were small. Entries,
40,000 bags. Exchange on London, 231 to 24.
The sheep farming interest at Buenos Ayres was
improving. Wool, good Mestiza, sold at $92 per
arroba. The railways were prosperous. The Sala-
deros were in full operation ; National Bonds had
fallen to 40g., and discount from 2i per cent. per
month to 10 per cent. per annum. Exchange on
London, 501.
At Rio the elections occupied public attention,
but had passed off quietly.

Munitions of war were being continually sent to

Paraguay.
The British ironclad Zealous arrived at Rio on
the 25th ult. Business was restricted in imports
and exports. The arrivals of produce were scanty.
The stock of coffee was small. Exchange on Lon-
don firm, at 231 to 23k.

Atlantic and Great Western Railway
Meeting—This Day.

A very large meeting of the bond, debenture, and share
holders, and othor creditors in this undertaking was held
to-day at the London Tavern, for the purpose of consider-
ing what steps should be taken to carry out the recommen-
dations of the committee of investigation; Sir W. Russell

in the chair.
The CHAIRMAI said they had met there that day to con-
sider the best course of action to be adopted in the
present unsatisfactory condition of their property. They
were all deeply interested in this meeting, which had been
grossly mismanaged. (hear, hear.) He did not despair
that by good management it was quite possible to restore
the railway to that position which it ought to occupy, and
also to make it in a condition to give a fair return for the
capital invested. In appointing a committee to carry out
the wishes of the meeting, the one great duty of that com-
mittee would be to reduce their expenditure to the lowest.

possible point, and to bring down the cost, which was most
extravagant and excessive. (Hear.) Th e present expenditure
was 78 per per cent., instead of what it ought to be, viz., 55
per cent. They had ten men engaged in place of six on
every mile of railway, and they had other companies feed
ing on their capital, which ought to go into the pockets of
the creditors. (Hear, hear.) The committee would also
have to take active stops to develop the traffic, which has
never yet been properly done. Another of the objects the
committee would have to keep steadily in view was to
take care that the whole of the receipts came into their
possession, and it would be their duty to see
that it was distributed amongst those who had
a legal priority. The provisional committee over which
he had presided recommended that there should be a com-
mittee of investigation appointed, to act for the different
interests of the parties vitally interested, viz., the consoli-
dated bondholders, the debenture holders, the debtors, and
the general creditors. It was thought that if ono gentle-
man was appointed to act for each of the interests be had
mentioned, the result would be that their property would
be restored to prosperity. He concluded by moving a re-
solution to the effect he had stated.

Mr. CAVE seconded the motion, and said ho would only
impress on the gentlemen who might be appointed the
importance of avoiding as much as possible becoming in-
volved in legal matters. (Hear, hear.)
Mr. MoitiNct said he felt that no good could be done until
the whole of those now forming the board were removed.
(Hear, hear.) There were those in America who had no
other than their own interest to look after, the debenture-
holders and creditors in this country being entirely over-
looked. (Hear, hear.) If they sent over honest men to
America they would soon see that a favourable change
would take place in their present dark prospects. (Hear.)
Mr. CUNNINOTON said he had just been presiding over a
meeting of debenture and bondholders, and he thought it
would be better that three gentlemen instead of one should
be appointed to act for tho different interests, because if
they only sent one he might from a variety of causes be-
come unable from acting, and then the interest ho had to
look after would be unrepresented. (Hear, hear.)
A SHAREHOLDER said he should like to know who got the
£lO,OOO a year for the lease of the Frankland Railway.
There were enormous salaries paid, and no one seemed to
know who received them. (Hear, hear.) They had a
bond of contract, and he thought he ought to know who
got the money. (Cries of " Sir M. Poto," and hisses.)
The CHAIRMAN said the question of who received the
rout of the Frankland Railway was a very plain question ;
yet, as ho had only been ten days in making inquiries, he
could not tell them.
Mr. BIRD was understood to say that Messrs. M'Henry
and Ferrand received the amount of the lease of the Frank-
land Railway.
A very stormy discussion ensued, during which amend-
ments were moved and all sorts of questions were asked
the chairman. Some of the shareholders wished to know
whether Mr.lPlieury and his committee in America would
have power to control the action of the committee to be
appointed. -Others condemned the accounts and the con-
duct of the board of control as being disgraceful.
The CHAIRMAN said he had been asked whether the un-
secured creditors rank as mortgagees ; that was a. legal ques-
tion, but, as at present advised, he believed not. If they
seized the line they would do so, subject to all the mort-
gages. With respect to the power of the committee being
subservient to those in America, it was of the utmost im-
portance that the committee should have unlimited power,
and to take the entire control of the railway. They would
get that amicably if they could, but if not then there was
machinery that could be put in motion, which would
secure them the power at very little outlay. (Hear, hear.)
With respect to the manner each interest would be dealt
with he could only say they would be treated in
every way that they were legally entitled to. The other
questions relative to leases and agreements would all have
to be inquired into. (Hear, hear.) He was not there
either to condemn or whitewash anybody. They ought
first to inquire, than state all that followed. It was of the
utmost importance that all should pull together. (Hear.)
A SHAREHOLDER said he should like to know what Mr.
M'Honry would do under the circumstances; would he
oppose the inquiries, or would he render them all the
assistance he could give ? As the gentleman was present,
he begged to ask him the question.
Mr. MilENnr said he should throw all the power he
had into the committee. The only hope of getting any-
thing for the shares he hold was the making them of some
value.
A SHAREHOLDER would like a more definite answer.
Mr. M'HENRY said all his prophecies with respect to the
railway had been fulfilled. Enough was earned to pay
every shilling of the interest, if they could only get it.
(Loud laughter and cheers.) He begged to state that all
the powers he ever had, or should have, would be at the
disposal of the committee. (Loud cheers.)
The amendments were then withdrawn, and the original
proposition of the Chairman, viz., the appointment of a
committee of four, was carried unanimously.
It was then moved that the committee of investigation
consist of Sir W. Russell, M.P., Thomas Cave, Esq., M.P.,
John Filders„ Esq., M.P., and Crawshaw Bailey, Esq.,
M.P.
The motion having been seconded, was carried unani-
mously.
The proceedings terminated with a vote of thanks to the
chairman.

THE USE OF GREENWICH HOSPITAL.—A most
influential deputation from the Seamen's Hospital Society,
with reference to the occupation of Greenwich Hospital,
had an interview with Lord Derby yesterday afternoon at
his official residence in Downing-street. The deputation
was accompanied by Mr. Kemball Cook, the secretary, and
introduced by Admiral Sir William Bowles, K.C.B. It
consisted of the Right Hon. G. J. Goschen, M.P., many
members of the House of Commons, and of the committee
of the society. Admiral Bowles shortly explained that the
Seamen's Hospital Society, being urged by sanitary con-
siderations to remove the hospital from a ship, had pur-
chased a site for the erection of an hospital ashore, but as
Greenwich Hospital had become nearly empty they begged
to prefer a request for the loan of a portion of that build-
ing for the purposes of the society. Lord Derby, who was
accompanied by Sir John Pakington and Sir Stafford
Northcote, stated in reply that her Majesty's Government
were perfectly willing to grant the loan of a part of Green-
wich Hospital to the Seamen's Hospital Society. Tho
deputation, having returned thanks for the satisfactory
answer they had received, withdrew.