The Sun.
London, England, 1844-11-23 00:00:00

MONEY MARKET and CITY NEWS.

FROM TUE MORNING PAPERS OF TiflB DAY.

CITY, FRIDAY EVENING.
POST.—It is stated in well informed circles that Mr.
Cubitt has had a misunderstanding with the Soiith-
Eastern and Dover Company, and that he is surveying
a line from Croydon to Maidstone and Ashford, in oppo-
sition to the South-Eastern, a line which kg. has himself
executed. The county of Kent will give ample occupa-
tion to the Board of Trade, independently of all the
other counties, and there it would appear to be that the
national utility of railways will have to be tested in eon-
junction with the district between Rugby and Man-
chester by the Churnet Valley. We were quite right in
stating that Mr. Robert Stevenson, of the London and
Birmingham Company was appointed engineer of the
Churnet Valley line, only that it is, as it turns out, with
Mr. Cubitt also. This combination of scientific ability
in its behalf is alone sufficient to show the im-
portance of the undertaking, for, were it regarded
as an ordinary line, two such eminent men would
not be found acting together in it. It is, in
reality, the key-stone to the national principle, and it is
imperative on the London and Birmingham Company to
deal with it openly, so as to satisfy the public that they
look to the general interest—short, direct, cheap, and
quick communication being deemed the life and soul of
our commerce, and as indispensable to the extension of
our manufacturing system. The published correspon-
dence between the Grand Junction and London and Bir-
mingham Companies only goes more strongly to prove
the necessity of the latter following the plan we have
felt it our duty repeatedly to point out and to recommend.
In the struggle for agricultural improvement and the
maintenance of our landed interest, cheap and rapid
transit is surely essential, as much so, perhaps, as it is
to our manufacturers, for there is, in fact, an evident
identity of views and requirements. The construction
of such cheap and direct roads as will give effect to the
objects, both of the one and the other, may, therefore,
always be safely urged as the only ones that will, in
these days of progress, be tolerated.
The following correspondence on Spanish finance has •
been sent to' usfrom the office of Mr. R. Thornton, as
chairman of the committee of Spanish bondholders, and
which is recognised by that gentleman as " establishing
the exact amount of Three per Cent. Spanish stock at
present in circulation."

THE COMMITTEE OF BONDHOLDERS TO THE LONDON
AGENTS OF THE SPANISH GOVERNMENT.
" Committee of Spanish Bondholders,
Old Swan Wharf, Nov. 21.
" Gentlemen—The attention of the Committee of
Spanish bondholders having been called to sundry re-
marks from anonymous correspondents which have ap •
peered in the daily papers, charging the Spanish Go-
vernment with converting coupons into Three per Cent.
stock (which coupons ought to have been cancelled) and
the consequent creation of stock that should not exist ;
and the letters from Senor Borajo, the Finance Com-
missioner of the Spanish Government, having failed to
satisfy the parties making such charge, I take the
liberty of addressing you, as agents for the conversion,
to request the favour of your furnishing me with the ne-
cessary information in elucidation of the matter by an-
swering the following questions :
" Ist. What amount of Three per Cent. stock has
been issued in lieu of a corresponding amount of coupons
due on the Active Bonds up to the end of 1840 ?
" 2d. What amount of Three per Cent, stock has
been issued as an equivalent for Treasury bonds ex-
changed on terms agreed upon ?
" 3d. What amount (if any) of coupons were deposited
by the Government as a collateral security in the hands
of the agents or contractors ; and if such securities 're-
main intact and inviolate ? and
" 4th. As anonymous writers attempt to establish this
charge against the Spanish Government by adducing, as
a fact, that the amount to meet the dividends on the
Three per Cent. Stock at present in circulation consider-
ably exceeds the amount previously required, it is of the
greatest importance that this point should be satisfac-
torily explained.
" In conclusion, I feel it my duty, in soliciting this in-
formation at your hands, to state that the contradiction
given by M. Borajo to the charges referred to, and his
voluntary offer personally to explain to and satisfy the
most incredulous on the subject, is, to my mind at least,
perfectly satisfactory, and I feel it only due to that gen-
tleman to state that the Committee have on all occasions
received the greatest courtesy and attention from him,
and I place the most implicit confidence in his character
for strict integrity and honour. Begging the favour of
an early reply, I remain, with respect, gentlemen,
your most obedient servant,
"RICHARD THORNTON, Chairman of the
Committee of Spanish Bondholders.
" Messrs. Reid, Irving, and Co."