Sir,--Will you permit me, in your columns, to call the attention of the divisional bondholders of this railway to a matter which vitally affects their interests? By an advertisement which appears in to-day's papers we are asked to send our unpaid coupons for two or three years to the board of directors, to be exchanged for "Income Bonds," in pursuance of their scheme of arrangement; and we are at the same time promised that--"all coupons are to be placed in trust as a guarantee for the due payment of principal and interest of the Income Bonds." Truly a most necessary precaution, without which our Income Bonds are so much waste paper. Yet the board of directors seem to expect us to be so weak as to deliver up our coupons to them before any trustees are appointed, or even named. If they wish their plan to be generally accepted let them call us together to appoint trustees in whom we can really trust, and to discuss the details of their scheme.--I am, &c.,

Alfred R. Wallace.
9, St. Mark's-crescent, N.W., July 28.