The Sun.
London, England, 1845-07-02 00:00:00

DIRECT NORTHERN.

The CHAIRMAN then directed that the case of the Direct
Northern line should be gone into.

Mr. CocsaurrN said he would commence his case for the Direct
Northern by calling his witnesses at once, and reserve his observe.
tions for the close of his case.

Mr. Richard Dawson was then called—He deposed that he was
the owner of 2,800 acres of land in Lincolnshire, and has lived all
his life in that county; has no doubt but that the Direct Northern
line was the best that could be devised for that county; the cattle
traffic carried on it was immense.

Mr. Sergeant W 111.1,1611114 here contended that this case should
not be allowed to go on, inasmuch as the plan had been altered,
and was now a different one to that deposited originally.
The Committee retired, and on their return stated that they
would express no opinion upon the objection raised, but would al•
low the case to proceed, and would hope that, as the case now be.
fore them awaiting their decision was the London and York line,
the Counsel would confine himself as closely as possible to the line
now before the Committee.

Mr. COCKBURN said he would endeavour to de so, and then pro-
ceeded with the examination of the witness. He said the reason
he preferred the Direct Northern to the London and York was,
because it was a direct trunk line.

When this witness's examination closed, the Committee ad-
journed.

MEETING OF MEXICAN BOND-
HOLDERS AT THE LONDON TAVERN.
(THIS DAY.)
A large meeting of the holders of Mexican bonds was held,
this afternoon, at the London Tavern, Bishopsgate-street, Mr.
C. R. Rubinson in the chair, for the purpose of considering the
correspondence which has recently passed between the Com-
mittee nominated by the bondholders, Messrs. John Schneider
and Co., and Messrs. F. de Lizardi and Co., the agents of the
Mexican Government, respecting the dividends.
The advertisement convening the meeting having been read,
The CHAIRMAN' said they had been called together by
rather peculiar circumstances as respected the holders of Mexi-
can bonds, and the reason why the meeting had not been called
earlier was because it had been delayed from time to time in
the hope that Messrs. Lizardi and Co. would have paid the
sums of money lying in their hands to the Mexican bond.
holders, whose property it was, and not that of the Mexican
Government, as they had stated in the correspondence which
had ensued on the subject. The meeting had at length
been called, and they had now to consider what
course they ought to pursue to obtain that justice which
they had hitherto failed to obtain either from the Mexican
mGaokvee ran
Sew e n tr
eo f
rar
arrko
amtb Messrs.
respect de
toL i ztabred i and
positionCoi.a
whichH e w
theyould
stood. The Mexican Government had appointed Messrs.
John Schneider and Co. as their agents, Bein so attpointed,
the sums which they had in their
they called upon Messrs. Lizardi and Co to handbanedin over
theyt e pbuardp os e tahte t
be Mexican
ssame
time i dividends, doeunl
would
stating , awt
theybeleulrl
refuseduf ptarugdo,
would feel obliged if Messrs. Schneider and Co.
m
the balance of the account with the Mexican GoverEmayent.
( A laugh.) On this being communicated to the Commit-
tee, they called upon them to pay the money to Messrs.
Schneider and Co., or in the event of their declining.
to do so, to divide it among the bondholders, but they
had refused to do either one or the other, alleging, that
so far as the moneys in question were concerned, that they
had acted in the capacity. of agents of the Mexican Go-
vernment, and not as the agents of the bondholders,
and that they had a right, if they thought proper,
to apply the money to the liquidation of a debt which
the Mexican Government had contracted with them. Now,
was this objection a tenable one? When a certain por-
tion of the Customs duties received at Vera Cruz and Tampico
were set apart for the payment of the dividends, and when two
Commissions—one on the part of the Mexican Government,
and the other by the committee of bondholders—to see that
agreement carried out in full force, and that the money
so obtained was properly applied—( Hear)—Messrs. Liaardi
and Co. were entrusted with its payment, and bad continued to
do so until, for the first time, they set up the pretensions he
had stated. It was true they were the agents of the Mexican
Government, but it was equally true that they were the agents
of the bondholders—the joint agents of both. By documents
which he held in his hand, signed by Messrs. Lizardi, and
Co., on the one part, and by himself, as chairman of the
committee on the other, they held themselves responsible to
pay this money to the bondholders. If they denied that this
was so, he could not but characterise their conduct as most ex-
traordinary.,—( Hear, hear.) (The chairman then read docu-
ments bearing out the statements he had made.) That agree-
ment was drawn up to avoid any mistake as to the
way in which the money. should be applied, and
that it might be kept distinct from other transactions
which they might have with the Government of Mexico.
What other object could the agreement have than this? If
this was not its specific object, why did they enter into
it at all ? The bondholders supposed that the money
sent over by the Mexican Government was to liqui-
date their claims, and those who had learnt with
pleasure that the remittances were large, were doomed to dis-
appointment, for whether they were large or small made no
difference, as none of it came irito their hands.—( Hear, hear, )
They merely had it on the statement of Messrs. Lizardi that
the Mexican Government were in their debt, But what
had the bondholders to do with that? If they had paid
moneys on account of that Government they had given
them credit, and the landholders were not to be told, that if
the Government did not pay them their account, that they
must—(Hear)—that they should lay their hand on their
money. It was, therefore. for them to consider what
means they should take to compel them to act
honestly and justly towards the bondholders.
They had had just reason to complain of the last
Mexican Government, but they might expect better things
from their successors. Were they to be tad that the money
which ;was sent over to Messrs. de Lizardi and Co. wag np
more safe than if it were in the hands of Santa Anna, who pur-
loined 300,000 dots. to 400,000 dole. of the public money of
Mexico ? The Committee had considered these the most
desirable steps to adopt, and with that object in
means
view
to the c
they had framed several resolutions, which he wosild cubs
mil
h dt
oe y
.c
tobuel d
money, exercise
et
to
meeting. It was considered that there were no
Schneider
this was so. When the oe
Inc
Lel dthhealurdtlyo yli believe sts ha,
si
they had in their agreement and other statements which
court of equity P"session were considered, he thought a
object would
. be of opinion that they could effect this
The following s resolutio
Gild were carried without andiwere submitted to the meeting,
f, 'Dig this meeting has seen
voice :
ehange witich the iltlexiepl Gen with great satisfaction the
overnment has made in its finan-
cial agency.
cc 2. That the refusal of Messrs. de Lisardi and t>o
late agents of the Mexican Government, to handhe
over the moneys
remaining in their hgrids for the payment of the dividends on
apply
them Bonds, to Messrs. Schneider and Co., or topi
them to pay the dividends, is in rgrimpp to law, equity,y
and justice.
" 3. That it is the opinion of this meeting that the stacneyo
sent to Messrs. Lizardi and Co. were for the express purpose
of paying the dividends, and that they have stated in various
ways that ti-is was SG,
4. That a Special Committee pf Pundholders be appointed
to take such measures as may be expedient to compel Messrs.
de Lizardi and Co. to apply the funds in their hands for the
payment of the dividends, and that it consist of three members
of the Committee au4 three gentlemen to be nominated by the
meeting."
Mr. Thomas Thornton, Mr. Samuel Samuel, and Mr.
Richard Garde, barrister-at-law, were appointed on the part
of the meeting.
Ihe CHAIRUA g said they must be perfectly aware that if
legal proceedings were taken that they could not do so without
expense. and he should, therefore, propose,--" The.t in order
to provide the necessary funds to give effect to the resolutions
which had been passed, that Messrs. Schneider and Co. be re,
quested to deduct from the first dividend a rate in exact pro.
portion to defray the expenses."—( Hear, hear.) The expense
on each bondholder, considering their large number, would be
very trifling.