The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1879-05-10 00:00:00

MEETING OF MOBBERLEY AND BAYLEY'S
CREDITORS AT BRIERLEY HILL.

The first general meeting of the creditors of the
above firm was held on Monday, at the Bell Hotel,
Brierley Hill. Mr. Richard Deeley presided, and,
besides a large assembly of creditors, th• re were
present, Mr. Beale (Beale, Marigold, and Beale,
Birm.ngham) attended on behalf of the Birmingham
and lidland B nking Company; Mi a. Hornf ray
and Holih2rto.l (Brierle,y Hill) app ared for the
btors ; Mr. Jeffrius, for t e Earl of Dudley; Mr.
G. King Patten accountant; and Mr. C. Evers
(Stourbrilge), receiver. Mr. T. Homer represented
the Whitehall Colliery Company, and Mr. C. W.
Collis other creditors n, 4 present.
Mr. Homfray read Vie following statement of the
accounts of the firm on the 7th April, 1879 :
Liabilities : To creditors unsecured, £4,139 5s 8d
credit re fully secured, £11,334 4s 3d; estimated
value of securities, £17,350; surplus to contra,
£6,015 15s 9d; creditors partly secured, £722 143
6d; less estimated value of security, £410—.2312
14s 6d; credit.,rs for rent, rates, taxes, wages, So.,
£572 18s 8,1; total, £4,452 Os 2d.

ASEINS ; By railw iy wagons stock-in-trade, at
Thorns Brick Works, the Lye, at Cradley Brick
Works, and '[horns Farm, estimated at £2,687 12s
book debts, about £2,076 6s, -atimated to pro.
0;*Ô1,7 171 14 ; fads #4 Mod, lib; mpg,

from securities in the hands cteditors fully secured
(see contra), .416,015 15s 91—X10.473 4s 7d; less
creditors for rent, rates, taxes, wages, kc. (see
contra), £572 18s 8d; total £9,900 6s lid.
Mr. Romfray explained th t the debtors had
recently had a suit with the Whitehall Coltiery
Company, and it had beat decided against them.
The Whitehsll Company had become entitled to
£1,426 9s 6d, for which sum they had served an
order upon the debtors, and negotiations with
terms having failed, it bccame his duty as solicitor
to the debtors, to tell them that they could not
really be so unjust to their other creditors as to
give the Whitehall Company the preference, be-
cause they could not thee go on and pay the other
creditors 20s in the pourd. The estate was about
the best that had ever leen submitted to a liquida.
tion meeting in the district. The debtors' pro-
perty consisted, first of a clay mine, under Lord
Dudley, which his lcrdship had re-entered upon
under the powers of his lease in consequence of the
present proceedings, and which was, therefore,
considered as of no wale to the creditors; secondly
there was the Caledotia Fire Brickworks, at the
Thorns, put up at }Teat expense, and now valued
at about £3,000. Another property was the
Netherend mines condsting of about seven acres
of the very best clay, with all the machinery and
plant for getting, rnd valued at about £3OO.
Thore was another •aluable property at Cradley
statio •, of which the ?urchase money was payable
by instalment' of 60 a year, i:200 being overdue
now and, £2OO due next Octobet. Upon that
property he and his iartner lent the debtors £2,000
,on mortgage. The hank held a valuation of the
Cradley property pt £B,OOO. If any arrangement
was come to that day, they (Messrs. Homfray and
Holberton) were not disposed to enforce any powers
of sale or foreclosuye they might have, but to allow
it to go on for the lenefit of the creditors generally.
There were also 3ertain cottage properties and
other property in the joint estate. As to their
private estates, tnere would be a meeting of
creditors of each after the present meeting.
Mr. Evers, receiver, read his report, showing a
, small balance in hand.

Mr. Collis The business has not been losing
since it has been in your hands?
Mr. Even: No Sir.

Mr. Hontray remarked that it was in fact the
Whitehall Jolliery Company who had called the
creditors to;ether, and it was for them to say what
they wishec to be done. In reply to a question Mr.
Homfray add he did not see how the debtors could
buy the eshte.
Mr. Hotter understood the debtors were willing
to pay 20s n the pound if they had the estate. The
question wis how the money was to be secured.
Mr. Honfray said they could offer no security
except on the estate. They were willing to go on
and work if their contracts and everything else
under the nspection of a proper committee.
Mr. Honer asked whether there was anything
coming ow of the bankrupt's private estate tor the
benefit of the creditors in the partnership?
Mr. Honfray said there was nothing in Bayley's
private estxte ; from Mobberley's there would be a
consideratxe sum coming. Mr. Mobberley and
several otters entered into a covenant in the ar-
rangement of Mr. Samuel Leonard's affairs, guar-
anteeing s certain t.um in the pound, and the
estate p-osing such that the engagement could not
be met, he and his partner (Homfray and Holber-
ton) advarced the money, and now claimed £l,lOO
odd and crate.
Mr. Hotter observed that Mr. Mobberley was
bo.and only as far as .£5OO
"ilr Collis said the statement showed a balance
of £5,448 on the right side; and, supposing that
was discounted to a considerable amount, the
debtors would be perfectly solvent. He therefore
deprecated any "remorseless" action, especially as
they had a probability of trade improving in the
next six months. He suggested that the estate
should be vested in trustees—one for the bank,
one for the Whitehall Company, and one for the
other creditors—with power to carry on the
business.

Mr. Homer said they were perfectly satisfied in
their own minds that the petition ought never to
have been filed. The Whitehall Company were
the greatest creditors, and had the greatest risk,
but they only wished for 20s in the pound for
themselves as well as the other creditors, and had
no vindictive feeling towards Messrs. Mobberley
and Bayley.
A Creditor; It has been a swindle from the first.
Mr. I tomer went on to say that the Whitehall
Company must either have their money, or one of
their number must be appointed trustee to carry
on thP estate for the benefit of creditors.

Mr. Holberton said that v 4 as an altogether one-
sided view of the matter.

Mr. Beale suggested that there should in any
case be a proper investigation by the committee.
Mr. Homer reiterated his demand

Mr. Homflay suid there could be no objection to
it provided that the Whitetail Company's trustee
did not represent the Whitehall Company to the
exclusion of ot..e! creditors. It seemed to him
they had a direct interest in acquiring the Cradley
property as quickly as they possibly could—as a
matter of businf as. -

Mr. Beale: Assuming that the trustee is going
to be ac ually dishonest.
Mr. 11 ,mfray said the trustee should be free
from all suspicion.
Mr. Collie suggested that the debtors should
give an undertaking to pay 20s in the pound by
instalments, and power should be given them to
carry on the business.
After some further discussion several gentlemen
conferred privately, and on re-entering the room,
Mr. Homfray said he thought the affair had been
brought to a termination. It was suggested that
Mr. Thomas Seen (of the Willenhail Company)
should be nppointed trustee, with a committee of
inspection consisting of Mr. Deeley, Mr. Perry
(Bank), and Mr. A. P. Broughton.
Mr. A. Been, on behalf of the Whitehall Com-
pany, assured the meeting that the company would
instruct his nephew if appointed to avoid preference
in any shape or form.
Mr. Beale said the alternative to the suggestion
was bitnkrupta.
Mr. ifoinfray's suggestion was unanimously
agreed to, and a resolution was passed ;hat the
matter be liquidated by arrangement and not in
bankruptcy. . nd that, the dl,,ch trge of the debtors
be g anted whan the true eo and committee of
inspe tion cerlitie that Li3,y were entitled to it.
The eredito4 of Mes:rs. Mobberley and Bayley
severally met afterwards, and in each case res,,lved
upon liquidation by arrangement.