The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1858-03-16 00:00:00

BLANDFORD.

BANKRUPTCY OP THE OLD BANE.

On Thinsday • second meeting of depositors and credi-
tors of the Blandford Old Bank, lately carried on by
Oak and Snow, was held at the Crown Hotel, Blandford,
for the purpose of receiving • report from the dom.
raittee appointed at the former meeting to investigate
the affairs of the insolvent firm. Before 12 o'clock, the
hour named for holding the meeting, the large room of
the Hotel was well nigh filled with anxious creditors,
some of whom were in humble garb, and many were
women and aged persona. Amongst those at the bead
of the room, in addition to the committee, were
J. J. Farquharson, Esq., Rev. Robert Fiuquhirson,
Sir John H. D'Oyly, Bart., Colonel Male; Rev. W. Rad-
cliffe, Rev. W. Harts, rector of Blandford, Colonel
Rev. W. Churchill, Rev. B. Visard, Rev.
W. L. Steward, Rev. J. Watts, and the Rev, A. flux-
table. The committee were :—The Right Hon. Lord
Portman, The Hon. and Rev. Sidney Godolphin
Osborne, 8.A., Thomas H. Bastard, Malachi Fisher,
and A. S. Hodges, Esqrs. Mr. H. K. Welch, of Poole,
solicitor to the committee, and Mr. J. Randall, of
Wimborne, their accountant, together with Mr. F. T.
Johns, solicitor to the bank, and Mr. Maynard, amount-
ant to the bank, were present; and on the opening of
the business the room was densely crowded, some re•
commending an adjournment to the Townhall. The
Right Hon. Lord Portman was voted to the chair, on
the motion of J. J. Farquhiuroon, Esq.
The Noble CHAIRMAN said, that at the last meeting
of creditors • resolution was passed appointing a com-
mittee who, with solicitor and accountant, were to in-
vestigate Oak and Snow's affairs, and report to the credi-
tors as early as possible. The committee had met and
would now lay • report they had agreed upon before
the meeting. His Lordship Galled on

Mr. M. K. Welch, the Committee's solicitor, to read
the following
REPORT
of the Committee, appointed _ 23rd February, 1838:

Your Committee having forthwith met, appointed Mr.
' Martin Kemp Welch, of Poole, solicitor, and Mr. John Randall,
'of Wimborne, accountant, for the purposes of the Investigation.
It ma the clear and distinct impreesion of the Committee that
the solicitors representing ?dears Oak and Snow at the public
meeting not only assented to the books of account being im-
pounded at the bank, but offered every facility to the Com-
mittee for • full and complete investigation of affair.; the
CousinMee were not, therefore, prepared for a preliminary
objection through Mr. Jokum, immediately after the public
meeting, to the production of the ledger. of the firm on the
ground of an implied obligation on banker. not to divulge the
secrete of their customen, accompanied bye threat of voluntary
bankruptcy if the Committee should !mist on the production.
Your Committee, accompanied by their solicitor and acumen.
tent, on the 24th ultimo, met Mears. Oak and Snow with
their solicitors at the hank, when the stleot of an inspection
of the books of the firm wan more forma brought
forward,
your Committee contending that the ri amen representing
Messrs. Oak and Snow at the public meeting had commuted to
place all book. and documents connected with the hank at
their service, at the lame time pledging their principals te do
no act as bankers pending the Investigation, and report to the
creditors. Your Committee, however, regret to add that the
objection to an inspection woo adhered to, accompanied by en
intimation that if punned in the Court of Bankruptcy would
he the only alternative; the utmost leave, after much diacus-
Eon, that could be obtained was, that Mr. Randall only Mould
have free acmes to the book., with permission to consult Mr.
Welch on any particular CYO requMmr legal adrift, such ill-
veotion by Mr. Welch being in the presence of the soliciton of
Menem. Oak and Snow. In aceediw to this restricted and
qualified Inspection of hooks your Committee were chiefly
actuated by the appeal made to them on the ground of the
confidential nature of banking amounts.
Your Committee then in arriving at the conclusion., which It
will be their duty this day to lay before the creditor., must be
understood to have done no on information les, full than they
had been led to expect would have been at their disposal.
Your Committee at their first meeting requested Messrs.
Oak and Snow to state whether by themselves or through other
parties, they were in • position to make an offer to their credi•
tore of 7s. dd. in the pound. It was replied they were not in
• position to do more than repeat the offer already made at the
meeting of creditors; this it will be recollected was as fol-
lows, v&—to make an assignment to trustees for the benefit of
creditors, requiring the assent of am-seventh, in number and
value, which would enable such trustees, with the assent of the
debtors themselves. to select and hand over to the National
Provincial Bank a sufficient amount of debt. to produce • sum
equal to 54. in the pound on the total liabilities of the Arm,
leaving the unseleoted debts and other available assets to pay
such further dividend as the amount would extend to. Your
Committee finding this carried the matter no further than was
done at the public meeting, stated that Messrs Oak and Snow
were at perfect liberty to make a proposition, having reference
to • composition of • Axed and guaranteed sum at any time
pending invest
ary =l;:l.Prs.lng
.0
inr
been
ad
justed, Mr. Ran-
proceeded with his Inquiry, going through and checking
the bathers in the account books, and making a statement
and report, both of whir& will be found appended hereto. In
wetting the invedigation your Committee found themselves
oonfted (except as hereafter appears) to the commencement of
the partnership between Means. Oak sad Snow, whit% is re-
presented to have been on the 2040 of November, 1845; it did '
however appear mential that your Committee should come no
pain, to imertain the state of the bank at that period, and the
mere se, that in the balmse sheet submitted to the public
meeting by the clerk of Mr. Maynard, • ea= of 41,608 was
credited to the concern as capital then advanced and brought
la by Mr. Snow. On close inquiry it however proved that this
£1,400 never formed any eapital to Messrs. Oak and Snow, In-
asmuch as it passed to Mr. Oak, and we, by kim paid to the
executors of the late Mr. Percival North Renard, in disarm
of a like sum which that gentleman's executors were entitled
to receive from Mr. Oak as due from him, in case he survived
Kr. Bastard.

Having tlus dhsposed of all capital alleged to be brought
Into the firm of Oak and Snow, it naturally occurred to your
Committee to inquire into the nate of the bank of Bastard sod
Oak with third parties on the 20th of November, 1848, where-
upon • book was produosd (elthough not put into the hands of
your Committee) from which we were led to conclude that the
estate of Oak and Snow commenced not only without capital,
but practically insolvent to the extent of the debts of Bastard
and Oak, then reckoned good, but eventually proving bad.
Your Committee considered it their duty to direct the !special
attention of the bankers to the point whether in fact any of
such debts proved bad in the hand. of Oak and Snow; the in-
quiry resulted in establishing beyond doubt such an amount to
the extent of £1,218 Oft. Id. Your Committee however are by
no means srisfied that the entire lor to the irate of Oak and
Snow from the bad debta of Bartard and Oak Is covered by the
mm mentioned, but inasmuch ea an extended Inquiry on this
point would bring no rear to the present creditors, the Com-
mittee have not felt Justified in making such inquiry operate
ass reason for delay.
The fact of insolvency, at the commencement of the preeent
partnership, being rtablished, your Committee directed their
attention to the course pursued by Merin Oak and Snow in
carrying on their bueiness, and here your Committee foal com-
pelled to offer acme obeervations, and
in. On a lint furnished them of lows on stocks, shame and
investments. It appears from this paper that meoulstions in
!Secant and eharts of various derription• were entered into by
the Ann, and also individually by Mr. Oak and Kr. Snow, and
that between lea and the suspension of the bank no ler a
sum than £43,185 10.. Bd. wee Met.
Sod. On • list of lame by bad debt, on discounted bills and
current account, during the partnership. In going over this
lift your Committee feel compelled to draw attention to the
name of the late P. N. Chitty, of Shaftesbury, who in the sha
either of current account or bills amounted would appear to
have died indebted to the bank in • mm amounting to
£4,910 0.. Si, the whole !security for which is o:ltiatinsated
by the hankers ma amounting to 5.600. [Sensation.
Without flopping to °hearse on other cans h pr.eat
themselves in this lint, your Committee feel eompelled to al-
lude to the large debt due from Mews. Barnes and Son. Your
Committee do not find this to here always been an overdraft
manna, nor do the transections, no far.. your Committee are
Informed, appear otherwise then umal tad, dealings, es be-
tween Marrs Barnes and Son and their debtors and creditors;
It may, therefore, be that the amount Ina of anature to be le-
gitimate with a hank poreesed of sufßolent capital to warrant
• risk en heavy bill, at a high rate of filtered, but the Com-
mittee feel no hedtation in pronouncing en opinion that under
the circumstanoes of Nam. Oak and Snow, the flak of the
dm* reurlty of the framers and acceptor. to bills of so 'ergs
an amount was wholly (negotiable, nor is It neceesary to go far
in judifirtion of this opinion, inasmuch an the
Barnes end Son, and the knowledge of their indeb= of
to
Marrs. Oak and Snow, produced. prerure by their creditor.
smutting in the suspension of payment,
• Your Committee fen it necessary, before dismining this
breach of the subjeot, to observe it he. not been thown that
Marra. Oak and Snow did at any time, during the partnership,
=eke up • balanee-sheet, K. as to ascertain that profita heel
been made, and therefore the ulnae] drawing of ZOO by each
partner, ea shown by Mr. Maynard'. clerk, WM not warranted
by any entertained galas to the concern. [lronical cheer..]
But this was not all : for it appear. that in two years an extra
£6OO was annually placed to the credit of each partner', no.
eount ; but Kill snore—that alter crediting each partner'. pro-
fits whether of 4.600 or ,Ll,OOO paid him, Mr. Oak'. account re-
mains overdrawn upward. of £B,OOO, and Mr. Snow's upwards
of 4.2,000, tasking altogether the large sum of upwards of
£19,000 drawn out by Mears. Oak and Snow during the part-
nership. [Loud groan. and sensation.] It I. Limon unneosa
sary to add that the sum of £9,428 Sa. Bd., sired by Mr. lazy-
nerd's clerk to be profita in trade, la not justified by the &eta of
the ease.
_

—iaanirfg the whole eubject in review, so far Is your Com-
mittee has had the opportunity of examination, Moore. Oak
nod Snow are proved to have pommeled • very large Ware of
tbs csanfidence of all nonce In thie neighbourhood so well in
levied to the chersater end position of the parkas who had
secounte open with them, as in the confidence shown through-
out in the nine of theft trued notes, and there is abundant
evidence that as beakers they were much respected, and im-
plicitly trusted.
It Is, however, the painful duty of this Committee to declare
their conviction that, poisemed of this confidence, Ilears. Oak
and Snow have not proved themselves worthy of It; the nature

of too many of the transactions of the firm, throughout the
whole course of its exhitence, having betrayol a course of reck-
less speculation and dealing, in a responsibility &monied, with
an utter disregard of common prudence as to securities they
were content to take, not for capital accumulated, but for debts
to which they were themselvm liable, The confidence shown
in klesirs, oak and Snow throughout their partnership, de-
served at least at the hands of those gentlemen that at the elms
of the year 1057, they should have sutpeuded payment; but at
all events, when on the oth of February, 18.58, they knew the
circumstances to he hopeless, they should at once hex° done
so, and thus preserved to their creditors generally the whole
of the property of which they were then possessed, as well ats
saved the pardon who signed the guarantee, from all reopen-
sibility.

--itM.Ohing the proximate cause of the suspension of porn=
by the hank, your Committee are of opinion that It Is lint
=ornately attributable to the failure of Mesas. Barnes and
Son; the fact of the very heavy diwounte to whom, as it be-
came known to individual customers, producing a pressure on
Messrs. Oak and Snow.
. . . .

The duty devolves' on your Committee would be imperfectly
performed without recording the feet that in the few dam lee.
roodiately preceding the suspension many transactions
paned, some of whkilt may, in the event of bankruptcy, be
construed into undue preferences The narrow technical
difference in law between fraudulent preference and the proper
ooncretion to prewmre made by customers, renders ft difficult
for the Committee to go into individual came, but instances
exist whkh require estreftd silting, and will possibly result
In augmenting the meets.
Mr. Randall has used all possible diligence, having bad every
aid from Mr. Welch, to melee at correct result.. The Com-
mittee on their part have spared neither time nor pains in the
Inquiry. Mr. Randall informs the creditor., by • foot note to
Ms report, In what respect he bi Ole to vouch his figure., and
to what extent (having reference to the value of securitied and
debts) he has been obliged to take the statements of others.
The committee find that securities lodged with the tanker, for
debts due to them have recently been re-deposited by them to
Individual creditors, thereby diminishing mete for the body of
ereviltors at large. [lronical chasm and sensation.] Referring
to the assurance given by the bank eolicitore at • public meet-
ing, that no business should be tranracted by Meters. o.k and
Snow pending the Inquiry, the Committee think it right to add
It has come to their knowledge that some of the debtors have
since paid to the bankers the eums due and received the WU.
titles, lodged by them.
With them remarks your Committee will now proceed to
deal with the present aspect of affairs, as touching that which
I,
r icl-rdTXduenntd isT%t before doing dthol'ng 001'3% your te
Committee t. avail-
ablee.
deeirous of taking you back to the proposal made at the public
meeting, inasmuch ee different imprersions appear to exist on
the subject. On that ocesaion a deed of assignment from
Mews. Oak and Snow wee laid on the table by which it Ina
Emceed to reset the whole of their seek and effect, in the
of three gentlemen (to be named) for the benefit of
themselvm and the other creditors. It was dated that the
National Provincial Bank was prepared to take off a elected
number of accounts, the aggregate amount of which would
produce sufficient funds to pay an immediate dividend of be.
In the pound. It wale further suggested that the tmselected
residue of the estate might prove equal to a postible further
Pa. ad.; let it be observed, however, that in order to bring such
an arrangement to • practical result, it would have been first
memory six-seventhe of the body of creditors (amounting
without the holders of notes to SOO) should have executed the
deed put on the table. With this explanation (still haring re-
ference to dividend) we now proceed to the figures as sitcom by
Mr. Randall. Tbess (spoeng the toll amount of ertimated
value of debts to be realised, and no expensed Mourned) would
scarcely afford 7s. fkl. In the pound.
In mentioning 7s. fid, at an outside possible dividend, ram
COUgoltile have Deli, however, taken into calculation • sum
eilleCo as counseled with an edemas of that amount era
guarantee by various parties to Mmes. Glyn; should this man
prove meek for the creditors (as your Committee are advimed
1.. be* falrbEassuraption) the dividend would be thereby
Improved ed. In the pound. It is clear, however,
tbst &fly, y, and low meet oceur in. realizing an estate
of this natant, aad it Is also certain that considerable expense
would be Incurred ; and your Committee venture also to
think that II would be menhir, to all experience end leaden.
Ottredlectotti°nltao suppom
be brought to sZen • ded"of usiganmbtl
unless It acmes-WM • guarantee.
Your Cornetittee would, therefore, recommendjthat so for-
lorn • Wipe, Invoking in the attempt a large amount of ex,
pause Mould be at one. abandoned, and that at the general
meeting of creditors • reeolution should be entered into non-
menet* to receive a oompontion of not le. than 7s. In the
pound In lull discharge of the erten,.
In default of compliance with the proposition your Com.
mittes recommend, ma the only practical remedy, that the
affair, be at onoe wound up under the Court of Bankruptcy
[commotion]; the creditor, uniting in the &Mee of • trade
assignee who will spare no trouble or palm in thoroughly
sifting all the circumstanced of the case.
In conclusion, your Committee are bound to add, that they
are quite ratbdied that such no Inveatigation as that which
they have carried out was absolutely neceseary In order that the
creditors of the estate might arrive at the oonclurion with re-
gard to the condition, past and present, of the bank ea needful
to their common Interest.
On eome pointathe Committee have expressed strong censure
In relation to particular transactions, and the general course of
buenae an pursued by Messrs. Oak and Snow; they have done
so on grounds which the Committee are prepared to explain,
and in strict accordance with the terms of their appointment.
(Signed) PORTMAN.
SIDNEY GODOLPHIN OSBORNE.
THOS. H. BASTARD.
M. FISHER.
A. S. HODGES.

Statement of the affair! of Meeere.,,Ctak and Snow, 12th

February, 1868.
LIABILITIES.
Creditor, uneecured. s. d. E. d.
Deposit aooounts
Current amounts
Notes in circulation

,
46,198 6 I
Creditors partly mewed
Lees value of securities 4,900 0 0 a .

Oil 0 0
Probable to on bilis running at Glyn's,
amounting to E 1.6,262 7s. 6d. at the least 2,000 0 0
Unpaid aiße on Donet Central RsSlimy
Mara 240 0 0

62,060 6 2

ASSILTB.

Valued by
0. &R. at
A. ad. A. s.d. A. s.d.
Debtors unsecured 16,1110 9 7,794 17 11
Partly secured.. 9,022 14 7 8,819 10 1
On dishonoured
bills 9OOB 411 2,209 9 8
10,903 17 1
92,887 8 9
Sae of Exchange on hand, good
Cash in hand
Property unencumbered, pollolas 646 0 0
Ethane in Dorset Central Ullway 100 0 0
706 0 0

18,340 16 6
Deficiency

49,069 6 •
checked the do here
balancee ibnyttctistrtify thatt I Itiveotgomne thretzl:
and Snow, and have found the debt, and credits to result u
above set forth. I hue Ind, however, no means of forming •
Judgment on the Item of 54,4100 alleged value of neuritlea,
neither can I of my own knowledge speak to the neuracY of
the probable lose on bills running at Glyn's. Al repack the
unto, I have had no information of the accuracy or otherwin
of the eirtimated value of the debts due to Mean. Oak and
Snow, and have therefore adopted the valuation of those gen-
tlemen. I should also add that my attention has been confined
to the period of the commenoement of the present partnership
In November, 1848.
(Signed)

JOHN ILkNDALL.

The CHAIRIKAN said, the advice the committee took
the liberty of giving was this:—that the creditors
should either hue • guerantee of 7s. in the pound from
Oak and Snow, and any sufficient parties who would be
disposed to join them; or that the creditors should
resolve to go into the Court of Bankruptcy. If any
gentleman had any other mune to propose, now was the
time to make the proposition. If no other plan wee
suggested his Lordship thought it best to ask those who
represented Marra Oak and Snow whether they were
now, or were likely to be, in • a position to offer such
a valuate.. (Hear, hear, and applause.)
Mr. Jenne, in simply answering this question, would
at once my that Oak and Snow were not
to give any guarantee as required by the oor=re:l
report (a voles . Oh I Lord" and sensation). Speak-
tft as the legal adviser of the bank, he had no doebt
whatever that 7s. in the pound might be regaled for the
creditors, but he aouldnot say that Oak and Snow ooald
guarantee it. II bankruptcy were to be the other
alternative, in default of the guarantee, they were
themselves prepared to take the step. Referring to the
statement he made at the former meeting, he mid it
seemed several went from that meeting with an im-
pression that 7.. 6d. in the pound was to be offered
and nothing more. Now what he did say, as well as he
could recolhut, was that 6s. in the pound would be paid
aip a first dividend within • fortnight, and that the re-
mainder of the estate of Oak and Snow, joint and
'operate, should be transferred and assigned to trustees
approved by the meeting, for them to make the beat of
that residue. On the present occasion he would not come
forward to make any further offer. They felt they
could do no more. They had offered all, and under the
deed of assignment proposed, it would be more for the
benefit of the creditors than going into the Court of
Bankruptcy, where was so mush delay and expense.
Mention had been made of a threat of voluntary
bankruptcy, and he explained that after the former
meeting he told his clients that the deed had been re-
fused ands committee appointed. They mid "we can do
no more; we will make ourselves bankrupts." He ad-
vised them that such • step would be contrary to good
faith, and they ought not to take it until the committee
had reported. Some of the committee yet remained in
the room convening lifter the meeting, though not
holding • committee meeting, and those gentlemen at
ones agreed with him that a bankruptcy at that time
would be a hreaah of faith. He denied at any time us-
ing any threat of voluntary bankruptcy, advising rather
that such a course would be a breach of good faith.
The CHilltl(Vi : I am bound to say Mr. Johns kept
extreme good faith on his part. (Cheers.)
Mr. JOHNS : Then another impression the committee
and the meeting had was that every somas to the books
would be granted. He did not think such a liberty
would be fair; and, though he quite believed in the
full honour of the committee and their solicitor and 10-
*mutant, he held it was contrary to hymen nature that
many things in the present accounts mixed up with the
bank should not go forth if exposed. The committee's
accountant, however, had had full amen to all the books
and papers, and had every advice that either of the
partners could give him. This was thought to be as
much as could be expected, and therefore there had
been no breach of faith on the part of Oak and Snow
relative to inspecting books and papers. Mr. Johns
then read the resolutions come to at the first meeting of
the committee on the 24th tilt. The committee's as-
mountain was directed to teat the balance sheet pro-
duced on behalf of Oak and Snow at the last •meeting of
creditors, going as far back as he deemed necessary, and
he only being glowed to examine the books, being bound
to searecy ; nothing was to be taken away from the bank
during the inquiry, and that the accounts should be
generaliaed in a genera balance sheet; the committee
to have the :power after receiving their accountant's
report of fixing what other matters in their judgment
might be necessary to elucidate the position of the
bank. These resolution' had been acted upon after
mutual agreement. If, then, creditors were finally de-
termined that there must either be • guarantee of 7s.
in the pound or • bankruptcy, he at once said Oak and
Snow could not guarantee 71., and must consequently
go to the Court of Bankruptcy.
A DVOISITOII What can you guarantee?
Mr. Jonne ; We have no guarantee; we don't
parent..gu anything. (Ironical cheers. A voice:
That's what you said before.") With regard, gentle-
men, to what took place at the kroner meeting. There
was a guarantee by the National Provincial Bank.
There was no guarantee that that should be paid, but I
undertake to say at this present meeting that if the
resolution of that meeting had been that the offer of
Messrs. Oak and Snow should be accepted, and the
deed of Assignment had been executed by the requisite
number, I take it upon myself to say that that Se. would
have been paid and within the time mentioned. Gentle-
men, you would have received that first dividend, I take
it upon myself to nay so; but I say too, that there was
guaranteeno that it would have bean so. (A voice :
about the R 35,00) busked 1") j presume thus*

is no other alternative. It seems to be the opinion of
this meeting that we should go to the Court of Bank-
ruptcy.
A DePoarron : They ought to be punished. Are
you prepared to pay the 5e.?
Mr. Joerze : No, 5ir.....

Thiio—teii:o"6-:.-Wh—idid'ut you pay that 5e., then?
J. J. FARQUHARSON, Eaq. : Why didn't you take that
55. ?

The Hon. and Rev. S. G. OPBORNI : Allow me to
answer that. I am very glad to answer that question,
and now, if you please, we will go to that part of the
business. At the last meeting of creditors it was dis-
tinctly slated to you that • certain sum would be gua-
ranteed as certain—and another sum left rather uncer-
tain whether it would be got or not—but that the
National Provincial Bank did guarantee that sum.
(A. voice 'Decidedly.") It is now admitted, for it
cannot be denied, that there was no such thing as a
guarantee on the part of the bank at all. There wee no
such thing. You have produced • gentleman standing
there upon the faith of • circular that Mr. Maynard, the
accountant of Bread-street, made the account. It was I
not Mr. Maynard, it was a clerk of Mr. Maynard or
some one sent to represent him under his name. He
produced a balance sheet. On that sheet you were in-
vited to sign a deed to make good • fruarantee that
neeer existed, for the National Provincial Bank never
gave any authority to mare it at all. Now, on what
ground was that balance sheet made out, I beg to ask?
Gentlemen may be aware of certain advertisements
offering facilities to those who wish to pas the Court of
Bankruptcy or Insolvency, and saying how easily the
advertisers will do it for them. I take it that that balance
sheet was cooked for that purpose. (Hear, hear and
applause.) It was a balance sheet made to pass the
Court of Bankruptcy. And if when you had agreed to
he bound by that nominal guarantee you had left this
room, and then the guarantee had broken down, as it
mod assuredly would (hear, hear, hear), the answer
would have been given: "You have driven us into
bankruptcy and now you present us a sheet which was
passed, you say, without notice at • meeting of creditors,
and nobody objected to a single item of it." Now, let
me look at it. The • aker then considered the bank's
balance sheet. £l,. II was put down as capital by
Snow; but it turned out that that stun had no more to do
with the bank than with the speaker. It had simply
been paid to Oak to admit Snow to the firm, as Oak
had paid a similar sum previously on joining Mr.
Bastard, and the sum passed to the executors of • will.
Then s sum of £6OO had been put down as dravrn by
the partners for private expenses; and it had been used
against the speaker, and others, by persons who said
how quietly these gentlemen lived, only taking out £lOO
• year each, and it must have been • course of una-
voidable misfortune that had brought on the suspension.
But the fact showed it was not a case of £BOO • year.
The account made it so, but the speaker defied it to be
proved so in the Court of Bankruptcy. It was per-
fectly well known that those two gentlemen had over-
drawn their amounts to the extent of £19,000. ( " Oh,
oh !" "pretty fellows," and sensation.) Could this be
denied? The meeting was told the figures had resulted
frees • squared amount. It was no such thing as a
muted aecount—debts du to the firm had been wanted
good which had not proved to be the cue by £l2OO. Still
the bank had the confidence of the neighbourhood, and
their notes were issued anclthe creditors had been led to
believe the trepanations were every-day erinsactions of ,
bankers. He was sorry arch • kind of dealing in bank-
kg matters had grown to be called an every-day transmits-
Sion, and wait tha red petticoat of commerce-4o be seen
everywhere. Oak and Snow had been said not to have I
speculated at all; yet it appeared that between 1849 and
18511 losses amounting to £1,386 had occurred on trans- '
actions in railway matter'. Each individual, too, had
his system of small speculation, and under the head of
losses on sale of stook, by both partners, :stood a total of
£6,136 speculative dealings. Add to these items—all
taken from their books—losses by late P. hi. Chitty
£4,910, and another by a man living of £l,OOO the
seourityfor which had been transferred, and Mr. Barnees
£lO,OOO discounted, a total of £22,044 was arrived at.
Add the overdrawn £19,000, and £41,044 was amounted
for. Would it have done to have taken that gua-
rantee, gone away from the room, thankful, and for all
he knew, passing • vote of confidence and condolence on
those who had brought unhappy ruin upon so many?
With regard to going on banking, under every principle
that should govern a man as a man of honour they
ought to have left off. As to the guarantee mentioned in
the report, he was prepared to state that a guarantee
was demanded by the Glyns of Oak and Snow days
previous to the stoppage; not for payments yet to be
made but as • covering guarantee for existing liabilities.
Oak and Snow wens then, to all intents and purposes, ,
insolvent. From the result of the committees in-
vestigations he could appeal to the best accountant in
England to put his finger on • single time this year
when those gentlemen had been truly solvent. That was
the feet. On Wednesday the 10th ult., they received
a written order from • gentleman having an account
there to transfer • large sum, £2,000, to Glyns. Although
then so compromised with their London agent that for
days before a covering guarantee had been asked, and
they could not go on further unless such a protection
were given, Oak and Snow accepted the order, without
question, and for all the gentleman knew the transfer
would have been made that night and the advice sent.
That advice was not sent, that money was not trans-
ferred, and he (the speaker) asserted that on that
Wednesday they did pay to others. Presently he would
ask whom did they pay to. (Hear, hear and ironical
cheering.) On Thursday • respectable 1111111 of Blend-
ford, whose almost entire earnings of a long rife were in
their hands, asked for his money; his wife was sent back
with • distinct promise that she should be paid in gold
or notes on /Saturday. On that same Thursday that she
was refuted he (the speaker) asserted the firm paid
others- and presently be would ask who. (A voice:
"I seed 'ens pay; I seed 'em changing.") On Friday
afternoon they took large sums from various cus-
tomers, giving hills on London at 14 dap sight. Now,
On Thursday they could not transfer money because
they had none, they said, and yet on the Friday they
were giving bills they knew must be dishonoured and
taking the cash for those bills. (A voice: "They took
in cash on Friday night.") On the tame Friday they
changed notes and paid notes over their counter, and yet
creditor. were told the blink had suspended payment.
So far they had they paid those whom they
chose to pay, and refused payment where it
inconvenienced them. (Hear, hear, hear.) Well, a gua-
rantee was obtained and they went to London on the
Friday night. Those sovereigns were in the possession
of at least one partner of the firm, or of the firm, he
would say, who had been—they must have been—dis-
cussing all day the condition of their unhappy firm;
and while knowing that condition they were content to
take of seine of their oldest and best customers money
to a large amount, still giving bills on London at a date
which they must have been certain would render those
bills scarce worth the paper they were written on.
(A voice: "Swindling, Sir.") An old client of the
bank found it for his convenience to guard his account
by giving a bill for £3OO at 4 months. This was to be
used in case he should overdraw his account. He had
never overdrawn; indeed, he was now a creditor. That
same customer's money and bills they took on the
Friday. paying him with the questionable paper; and
what became of the security? He had no occasion to
use it, he had money still in hand—and they had
with that bill. (Hisses and sensation.) Was parted
that
banking transaction? and was he (the speaker) to be run
down and anonymously threatened because he chose to
take the part of such sufferers? Oak and Snow held •
position in that town of the aloft respectable nature;
they had the very best connection which two bankers
maid paid* have; and they had abused, in his
opinion, most reedy, the confidence reposed in them.
(Hear, hear, and " That's true.") Where the rich went
the poor followed, with regard to the deposit of their
small earnings because, not able to understand the
nature of things themselves they were ready to watch
the actions of thou above them, believing that where
the large man's thousands were deposited at least the
small man's hundreds would be safe. (Hear, hear.)
The bank advertised the very nature of their connection
with the rich, as it were, by placing their names on the
notes; amid that bank went on after knowing themselves
hopelessly insolvent. The firm went to gentlemen in
the neighbourhood who personally respected them, and
asked them to give • guarsatee--not against existing
liabilities but against liabilities they were to incur—in
order that they might tide over • temporary run; and
he put it to the representatives of the bank to say
whether it was ever meant for temporary help or not?
(A voice "Why don't they come and answer for them-
selves ?") On the 6th of February, had the accounts been
placed before any man of honour, or accountant of prin-
ciple, would they not have said it was utterly im-
possible to go on? Then why did the bank goon? He had
said he would presently ask who were paid in those
days. (Hear, hear. A voice "Hold hard; there you
go.") This was a most serious question. As • member
of the committee he had requested that the committee
should be given an account of cash payment' between
the 6th and 13th. He quoted no names; but he
solemnly asserted his conviction that, if the amounts
when they went into the Court of Bankruptcy were
properly and thoroughly Bitted, it would be proved that
many who had amounts with the hank in one way or
the other had gained sufficient knowledge of its utterly
rioketty condition as to make themselves safe by one
transaction or another. (Voices: "Capital.") From
these facts he asked gentlemen if they at the last meet-
ing had &emoted the balance sheet of Mr. M•ynard's
clerk, with its £6OO drawn annually, and ita other little
items, and had agreed to sign that deed afterwards,
could creditors contest the principle on which the bank
had been carried on? He was prepared to say that if
they did go into the Bankruptcy Court he hoped and
trusted, for the honour of the neighbourhood, and for
the honour of every person concerned in the bank, that
there would be • thorough and searching investigation.
(Hear, hear, and applause.) Names of gentlemen he
highly respected, and should respect, till proved to be
unworthy, were in every cottage and on the way side as
having in those last few days, by some transaction,
managed to change their sides from debtor to creditor,
so as to put themselves in what was called "the right
box." It would be highly to the benefit of all to have •
thorough search into the transactions of those few days.
He denied being actuated by any spiteful feeling towards
any one in the course be had taken in the matter, and
thought the time had arrived when it would not do to
call transactions he had alluded to every-day transac-
tions, nor those who acted dishonestly honest men.
(Applause.) What he had done had been from public,
and not private reasons. He concluded by quoting Lord
Campbell, at the recent trial of British Bank directors, to
the following effect :—I regret to say that in mitigation
of your offence it was said it was • common practice.
Unfortunately, a laxity has been introduced in certain
oommercisl dealings, not from any defect in the law but
fronf the law not being put in force, and such practices
have been adopted without bringing a consciousness of
shame, and, 1 fear, without much loss of character. It is
is time a stop should be put to such a system. (Hear, hear.)
Mr. it•YNARD said, he did not know whether it was ne-
cessary to follow the hon. gentleman through all his ad-
dress, for it appeared to him (Mr. Maynard) that the
decision of the meeting was a foregone one—to ac-
cept the ultimatum of bankruptcy in preference to any
compromise. (Cries of "No, no.") Unfortunately
there was no guarantee forthcoming, and whether
such a thing amid be got if the meeting were ad-
journed for 10 days he did not know.
Mr. JOHNS No, no.
Mr. MAYNARD proceeded to discuss the question of
his clerk's balance sheet. He regretted the time had
been so short; the time between the appointment of
the day of meeting and holding it was too short to
allow justice being done to the amounts. Had it not
been for his hands being full of subpoenas for the
trial of the British Bank directors he should have been
attending to the Blandford Bank amounts. However,
the faithfulness of the first balance shoot had been

endorsed by that of the oommittee'e sceountant, whose
statement differed only about £lOO from it. Substan-
tially both accounts were correct. In regard to Mr.
Randall'sfootnote about the securities, £4,900, he had not
been able to testl the item to the amount of £2,000
was very unoertam, consisting of • charge the bank
had over some property mortgaged by Mr. Thomas
King. As to the value of debts Mr. Randall said
he took from other valuations, it should be remarked
that it was not for him nor for the speaker to take
the books of another and say, there is a certain sum,
I know it is worth eo mach. Of course those only
with whom the transaction had been made could say
the value of it. There were bills to a considerable
extent running at Glyns, and it was believed that all,
with the exception of the unfortunate house of Barnes,
would be met by other parties, causing no claim upon
Oak and Snow. He believed that no such covering
guarantee as that stated by Mr. Osborne had been asked.
Tbe acoobnt of Barnes was then considered. It had
been very oscillating, fluctuating considerably. At
one time it was upwards of £30,000, and the fact that
a debt of that amount had been paid by Barnes
ought to serve in extenuation of the very large credit
given to that house by Oak and Snow. Whilst Mr.
Maynard was detailing transactions between Barnes
and Oak and Snow, and remarking that the latter
were not present to speidc for themselves and ought
to have jtudice done to them ; a voice called out,
" Send for them 1 send for them That's the best
way. Bring them in 1" whereupon
The Rev, G. ABBOTT deprecaW the use of what
he thought uncalled for expressions, on the part of •
clergyman or others, towards the bankers. In justifica-
tion of his observation, he said he was a considerable
loser by the failure.
Mr. MAYNARD continued to trace out the causes lead.
to the failure of Barnes. The account of the late Mr.
Chitty might be regarded in a similar light, he having
at various times large sums in the bank, large enough
to induce commercial men to credit him to a consider-
able extant ; and his executors had large sums in the
bank, though the bankers could not touch that money.
In reference to the amount paid into the bank by Mr.
Snow, and which had been described as not capital, he
(Mr. Maynard) stood there as a public accountant ready
to stake his reputation on the point that it was capital.
The Hon. and Rev. Mr. OSBORNE said, Mr. Oak
told them it was as he had described it.

Mr. MAYNARD proceeded to say that he thought the
allegation of the firm being insolvent when Mr. Snow
was taken into partnership, would break down as other
assertions had broken down. Certain persons who were
large debtors to the estate were represented not to have
paid. He had seen that those debts had been paid, and
that the £1,200 therefore was not • deficiency of £1,200.
No man of business could have said that those debts
were bad debts at the time. There was a small balance
to Mr. Snow's credit at the time of the partnership,
the firm wild not, therefore, be said to be then insolvent.
The Hon. and Rev. Mr. OSBORNE : He gave us an
account, which account we give.
M Mr. AYNARD : These things are fade.
The Hon. and Rev. Mr. OSBORNE : They are con-
tradictions of the fade given In.
MY. MAYNARD went 011 to remark that profits had
been Made by the firm. Mr. Osborne had assailed his
balance sheet in • way hardly to be expecied from any
gentleman before bearing tam (Mr. Maynard); it had
been cooked, the hon. gentleman said, by advertising
agents.
The Hon. and Rev. Mr. OSBORNE Said Mr. Maynard
had never seen the balance sheet, and that he (Mr.
Osborne) asked the meeting if they had ever heard ef
advertising agents.
Mr. MAYNARD thought the way in which the words
had been put were calculated to throw disrepute upon
any one in his position. He did not come there as the
partizan of any, but to give the result of a short investi-
gation of the bank's affair. His clerks had done the
lest they could, and as correct an &mount as could be
had been produced. The books had been fairly kept.
He had seen books better kept and worse kept; but let
justice be done. (A voice : "flat's what we say.")
He (Mr. Maynard) did not say Oak and Snow were blame-
less,, and entirely immaculate; but had they done as
London men would have done in similar instances the
bank would not have failed. He himself would have
charged three times what Oak and Snow had charged in
some instances. He thought the bank had fair and rea-
sonable ground for hoping assistance towards the close
of their career, and in support of his remark, quoted
the position of the bank for three weeks preceding its
suspension. As to who was paid and were any prefer-
ence given, he could only say that the business was con-
ducted in the ordinary way, that no preference appeared
to be given. An arrangement had been made with the
drawer of the £2,000 by which it should stand over, and
thus the business was not impeded. (" Another case.")
Others presented notes at the counter which the bank's
funds would not admit of cashing, and mutual arrange-
ments were consequently made with the holders that
they were to stand over for the next day or so. There
was nothing extraordinary. in the payments as compared
with corresponding days in three previous weeks. As
to whether the bank had reasonable hope for going on it
was not for him to say; they were evidently expecting
aid. In !nerd to money having been taken in, put into
the till, and bills given out on London, at first right it
presented • very black front when named to • public
meeting, but those bills would not be paid the same day,
and of course when the bank had come to its resolution
, geureski)ns• thing were
unTfietunatelylt anmrtthbee suffeank wreemre
, not answerable for it.
__ prevented_

The Hon. Mr. ospoßsz Did'ut they give
bills on Friday payable in London next morning?
Mr. MAYNARD: That does not matter. (A voice:
"Swindled out of it.") At this stage of the proceed-
ings • person fainted—a voice saying "Astounded at
the statements." Mr. Maynard reiterated that some
must be last before the bank doors were shut;
but could not the gentleman who paid in the
bill spoken of draw cheques against that bill?
He did not do so. The bill was sent to London
in the ordinary way, and the bank suspended payment.
Men of business could not hold the bank responsible for
that. (A voice : "Give them a vote of thanks.") He
then traoed the connections of the firm. The bank
had been established upwards of 80 years and had
always had great credit. They had done nothing of
themselves to win that credit—it was voluntarily of-
fered them. In tracing the issue of their notes, he
found nothing to criminate them in his judgment or
brand them as dishonest. (Ironical cheers.) The issue
of notes, from 1841 to the passing of Sir R. Peel's Bill,
had been about £7,500 ; and from 1845 to 1858 the
issue had sunk from £8,200 to £6,500. This did not
look like dishonesty.
The Hon. and Rev. Mr. OSBORNE asked him if he
took the whole responsibility of the balanoe sheet pre-
pared by his clerk?
Mr. MAYNARD : Undoubtedly; I must take the re-
sponsibility.
The Hon. and Rev. Mr. OSBORNE : Had you seen it?
Mr. MAYNARD : How could I, Sir Certainly not.
The Hon. and Rev. Mr. OSBORNE repeated that what
he said relative to Mr. Snow's capital had been derived
from that gentleman. As to Mr. Chitty having once or
' twice a balance of £1,500 in the bank justifymg large
credit to him, it should be asked how long he allowed
such sums to remain in the bank? How often it hap-
pened that a client's mortgage money might remain m
the bank but a day or two.
Mr. MAYNARD replied that the bank could have paid
.themselves had they liked, if the money was there but
half an hour.

TneTlic-a;:ned Rev. Mr. Osooows said, the argum. ent
was not worth& farthing, whether applied to Chitty or
to Barnes. It was the old story of going to the well so
long and at led the pitcher got broke. It might be
commercial or it might not to grasp at the money as it
was grasped during the last few days; but was it the
right thing to take the earnings of a poor woman from
the Savings Bank the same day as the bank refused the
nobleman in the chair the £2,000? Justice would not be
done to the public unless all the accounts were most
thoroughly searched. He admitted he had spoken
warmly to-day, and because he felt most hotly.
Mr. RANDALL corroborated the last speaker in regard
to the £1,500 said to be capital, the committee being in-
formed that the sum ought not to have been so entered.
As to the state of the bank when Mr. Snow joined it,
Mr. Oak produced a statement at the second meeting of
the committee which statement turned out to be, to the
accountant's great astonishment, a completely balanced
debtor and creditor account; there was not a farthing
due to or from the estate. (Ironical cheering.) Mr.
Randall immediately asked if the debts had all been
brought in and had all turned out good. Mr. Oak said
no—£l,2oo had turned out bad. There was no doubt
in the world the estate of Oak and Snow commenced in
insolvency. The balance sheets of the two accountants
differed in only £193. But what was the fact? The
gentlemen who made out the deficiency amount found
the bad debts were £lB,OOO. Mr. hfaynard'e clerk found
a deficiency of £30,000, and said, "how are we to get
over that?' (Hear, hear, and applause.) After ex-
amining the account in detail, Mr. Randall said he
thought the amount had been concocted for the occasion,
for Mr. Snow had admitted to him that the amount of
profits had been put down just to balance the deficiency.
(Ironical cheers.) £lB,OOO was the amount of bad
debts ; 1..10,000 was the deficiency: what had become
of £12,000 and the profits? That was the point. He
then read a statement to the following effect—
Losses on bad debts... £17,953 11 6
policies... ... 252 19 4
Drawings by partners 19,000 0 0
(Hear, hear, hear.)
37,206 10 10
Deduct deficiency 30,718 9 8

Profits. £6,48 1 2
Mr. MAYNARD again repeated his opinion about the
£1,500 being capital. The profit amount had not been
jumped at ; the books disclosed it. Mr. Oak's drawings
and Mr. Snow's were augmented by interest and losses.
The Hon. and Rev. Mr. OSBORNE, here read an ex-
tract of a letter from which he had drawn his statement
relative to the guarantee for covering existing liabilities.
Being naturally anxious about the matter he had written
to his nephew (of the house of Glyn and Co.), whose
reply said :

it is for Oak end Snow to explain under what conditions
they obtained the signatures themarives between themselves
and the gentlemen who signed it. There need be no doubt as
to the circumstances end conditions under which it was lodged
with us. The correspondence of Oak and Snow some days pre-
view to their failure will show that. enraging guarantee for
eliding liabilities had been demanded and promieed. We can
have no difficulty in %hue letting you have our case.

Mr. MAYNARD explained that a covering guarantee
merely meant that the hankers feeling themselves in
advance too much said to Oak and Snow "you must
cover us," and they were covered by bills of exchange.
T. H. BASTARD, Esq., said that when at the last meet-
ing he requested that an inquiry should be made by •
committee, he had little calculated what the investiga-
tion imposed. However, the committee having been
formed, he in conjunction with his colleagues set to work.
Their duty had been anything but pleasant. As far as
his impression went he believed the investigation was a
necessary work to do in somewhat the way in which it
had been set about. The facts and circumstances which
had come out in the course of that inquiry justified the
remarks Mr. Osborne had made. (Applause.) He was
sorry to say, as far as his information went, he could
corroborate those remarks • and were the other mom.
n be of the committee to state their opinion they would
be all found to be unanimous. (Hear, hear.) If they were
wrong it must be attributable to the small amount of
information plaoed before them, and to notbeing allowed
to examine books and cases. The accountant maw oases
and reported them to the committee without names,
whence the committee deduced their opinion. He was
sorry that that opinion was that there had been great
in the management of the eoneern, and that
the affair, ought to have been wound up, certainly, at

the end of 1857. Most usureclly, there was no justifi-
cation for going on till February 6, when it was clear to
men of ordinary capacity that the circumstance' of the
bank were hopeless. The pressure that took place at
the bank in reference to Barnes's affairs was in oonse-
quence of the knowledge that leaked out to certain par-
ties who hence instituted the pressure they did upon the
bank. Upon the 81,500 of which so ninth had been
said, he must positively state that a paper was put be-
fore his eyes showing that the trim was paid by Mr. Oak
to Mr. Percival Bastard's representatives (bear, hear) ;
and he could not look upon it other than as • &weer
from Mr. Snow to go into the business, which douseur
immediately went out of it. (Applause.) The clerk's ac-
count at the last meeting did not show half what the
partners had drawn out; was that right or wrong!
(Voices: "Wrong.") Finding instead of £9,000
£19,00) had been drawn out time committee were led to
the conclusion that made them use the hard words in
the report; and, although ffir. Osborne might perhaps
give an exaggerated view of the matter by his warm feel-
ing, there was enough on the face of the cage to justify
a very censurable report from the committee.
The GR UNMAN : At last you mast come back to busi-
ness. (Hear, hear.) You, have had, it seems to roe,
very good proof of the differenee between figures and
Note. I have lived long enough to know that figures
may be made to tell anything, and I would rather have
facts. Here we are—withoutkefarenee to figures—in an
immense deficiency, and the qaution for you as men of
sense and business is, to say Which of two alternatives
will you take-7s. in the pound if guaranteed to you by
anybody, and leave the parties who give the guarantee
to make the best they can out of the estate; or, will
you determine to go into bankruptcy at once? I under-
stand it quite distinctly that nobody is prepared to gua-
rantee any sum. (Hear.) Now N. in the pound, some gen-
tlemen had thought, had better have been accepted at
the last meeting, and the chance taken whether the
other half-crown could have been realised or not. But
just let me warn you of this. If • selected list of debts
had been placed in the hands of the National Provincial
Bank, or any other body, of knoivn character and high
respectability, who were willing to take upon themselves
the trouble of colleoting that list of debts and distri-
buting among the creditor, sa, in the pound; if you
had taken that you would have left them to work out
the other half-crown upon a doubtful sum of half-
crowns. If the selected Sc, is taken away you have
nothing left but a doubtful half-mown to get a half-
crown upon. If you put the whole together, my belief
is that you may get—supposing the 83,000, which is the
doubtful, is available as assets—you may get Bs. 3d. in
the pound, deducting the expense of working in bank-
ruptcy. We have calculated as well as we could what
it would be likely to cost any parties to work out this
result, and our impression it—that if any parties were
disposed, as men of business, to take up this whole con-
cern, and we as creditors were prepared to receive 7s. in
the pound, and my own impression is, that parties taking
it up would not lose by the transaction, but would get
enough to pay them for their expense and trouble. If the
guarantee comes into the transaction they would get •
few pence in the pound over the expensea. That, gen-
tlemen, is, I believe, the plain ample matter of business
which you have to discuss this day. If you take my
hatable advice it would be, to throw aside all matters of
feeling and all questions of Nits and figures, and work
together, and make up your own minds whether you will
content to the one proposition or to the other. If the
guarantee of 7s, is refused to you, then you will say let's
go into bankruptcy, and let the witele matter be wound
up according to the law. (Applause.) I believe this is
the real business view of the MB, And I think that,
lamenting most deeply as I do, and As I am quite sure
every other man must do who has felt that any other
individual has placed reliance on him; I lament moot
deeply that I should have been in the position to have
been a depositor in s bank which in my honest convic-
tion has never been worthy the confidence I reposed.
(Hear, hear.) I say that I have, I know, upon my shoul-
ders a great responsibility and a mod painful one, be-
cause I know that many men, believing that I would not
risk what I had to put there unless I were satisfied that
the men were honourable and honest men—never having
had any reason to doubt their integrity and solvency—have
followed in my wake. And I will say more than tlus, I will
say that it is the responsibility of all of us round about
here who have the character of being cautions, careful,
steady men of business, which has induced others to fol-
low the course we have taken, and thereby we are all in
one boat, and all in one calamity. I hope, however,
they had no reason to have formed any other opinion
of the bank than I had. I feel most deeply that
responsibility, though I hope that we shall none of us
flinch hereafter from carrying on the transactions of
life in the regular course of business, and not fancy be-
cause this bank has failed that we are never again to be
mixed up in banking tranaactions. Because, if the
capital, large and small, which is collected together in a
district is allowed to pass out of that district and not to
fertilize that district by passing among the people, the
panic created will lead to increased distress. We shall
find by individuals declining to bank with the bankers
among us that we shall really be doing great mis-
chief teatime we are frightened by the proceedings of
this bank. As far as lam concerned I hope no one will
put the least reliance upon what I do. I hope that be-
cause one bank has broken it will not be thought others
are not to be relied upon. I must wind up by saying—
make up your minds: If no guarantee is given, will
you risk the chance of the money being paid without a
guarantee; or, will you go into bankruptcy?
The Rev. ROBERT FARQUHARSON, as one of those
who signed the guarantee to Myna, asked if the sum of
£3,000 was included in the assets Mr. Randall had given?
The CHAIRMAN: The answer, Mr. Farquharson, to
that is, that we have in the 7s. not assumed the £3,000.
We believe that there are Is. to be obtained without the
83,000 guarantee; but, supposing the guarantee to be
available, then we think that la. 3d. more may be had
to the 7s. For every hundred pounds of meta thereto
an additional halfpenny in the pound of dividend.
The Rao. MT. FARQUHARSON said, that with regard
to this guarantee it had been given solely for the pur-
se of enabling the bank to go on so that the awful and
dreadful catastrophe might be avoided. He could not
afford to lose his £l,OOO. If it went he would be a
half-ruined man. He did not think that as honourable
men they could make use of it.
The lion. and Rev. Mr. OSBORNE said he believed the
money was advanced prospectively; but it would be
seen by the letter from Sir George Glyn that they had
demanded • guarantee to cover existing liabilities.
J. J. FARQUHARSON, Esq., said as he was s party
concerned in the matter he would read the guarantee that
creditors might judge for themselves. If they decided
that the money was to be paid he would pay it directly;
but he was sure they would not. He was sorry the
matter had been brought forward. The guarantee had
been given for the most honourable purpose, but under
existing circumstances the law most decide whether it
was to be paid or not. It ran as follows :

To Messrs. Glyn and Co., bankers, London. Gentlemen, in
consideration of your agreeing to advance money and Myr
credit to Messrs. William Coventry Oak and Charles Flutings
Snow, of Blandford, on the guarantee hereinafter contained
we, the undersigned, hereby jointly and eeverally guarantee
you the payment of any monies which shall become due to you
from the said William Coventry Oak and Charles Hastings
Snow, provided that we are not separately or individually
to be liable for more than £l,OOO each under or by virtue of
this guarantee.

The CHAIRMAN said that on February 9 Oak and
Snow wrote to Glyn and Co.: we are prepared to send
• covering guarantee which we think will be amply suf-
ficient, and which you may think it necessary to draw
for. On the following day—the 10th—Oak and Snow
said: the guarantee we referred to in our private letter
yesterday has been signed by five of our friends for •
thousand pounds each, and has been agreed to be signed
by three others. We propose asking eight or ten to
join, and we hope to forward it by Friday or Saturday's
post. Messrs. Glyn warned the parties that they had
already drawn so near the margin when the £3,000 was
taken to Blandford and they had better not draw beyond
it. The question of the guarantee, continued his Lord-
ship,! am bound to say divides itself into two parts.
The guarantee is between Messrs. Glyn and Messrs.
Oak and Snow and the gentlemen who signed it. We
have nothing upon earth to do with it. But there is •
certain sum of 213,000 which was paid by Messrs. Glyn,
as they say, on the faith of that guarantee. That £3,000
was brought to Blandford and taken back ; and it is
urged that that £3,000 are assets available for the
creditors. Messrs. Glyn hold that £3,000, and when the
law determines to whom it belongs they are prepared to
pay it to the proper parties. I believe that, as honest
and upright men of business, Messrs. Glyn had taken
the only proper course, and that, for the security of all
parties, they are bound to hold it.
The conversation continued a little longer, when
Mr. WELCH acknowledged the responsibility of ad-
vising the winding up the concern as mentioned in the re-
port. The best thing wonld be for the creditors to receive
a sum down and have done with the matter. If this
could not be done, and 30 years' experience made him
unhesitatingly say that that course could not be adopted
in this case, s deed of assignment would be the next
consideration ; but the large number and the character
of creditors precluded this turning out otherwise than a
failure, while great expense would have been incurred.
Then, the least expensive and the beet way to wind up
was to go into the Bankruptcy Court. (Hear, hear.)
Mr. JOHNB expressed great regret at the meeting re-
sulting in the alternative of Bankruptcy; but he was
not in a position to offer any guarantee. He must there-
fore proceed to make Oak and Snow bankrupts.
Mr. ABBOTT inquired if the National Provincial Bank
had, in any way, deceived Oak and Snow in regard
to the proposal of 54?
Mr. JOHNS said, certainly not. Negooiations had gone
on, which authorised his making the statement, and
he believed the offer to have been made in good faith.
In consequent* of the delay, that Bank had not author-
ised him to make any proposal to-day.
Mr. ABBOTT: Have not they had access to the books?
Mr. Jones No; they had • list of debts to form
their judgment upon.
Mr. MALACHI FISHER: That list contained names
which were not given to the committee, and which
were necessary for • rufficient investigation?
Mr. JOHNS admitted that he mast take the responsi-
bility of that proceeding. It would not have been fair
to let the committee see every account in the bank
books. If any other hank had come forward a similar
list would have been given to them. He pledged him-
self that every proper facility had been given to the
committee. It would have been wrong to have allowed
them further toms to books and papers.
The CHAIRMAN supposed Mr. Johns must take the
necessary steps to put the affairs of Oak and Snow in
' Bankruptcy. Voices:( "Just so.") That being so, his
Lordship hoped creditors would take one more waming
by the committee. In case of the affairs being wound
up, creditors should unite in the choice of trade
assignees, who would spare neither pains nor trouble in
thoroughly sifting the concern. The tune of electing those
&aligning had not yet come, but it was of the utmost
Importance; the dividend, indeed, depended upon the
unanimous choice of two firm, independent men, who
would turn neither to the right nor left; such men would
get the largest dividend, and make all assets available.
(Hear, hear, and applause.) Creditors, in their discre-
tion, must take care to sign no names, and give no
promise, until all candidates were before them. When
two suitable men were chosen, let creditors be united
in desiring • thorough investigation—for all depended
thereon.

Mr. ZLCH, in reply to & depositor, said it often hap-
pened that the official assignee relieved the trade
assignees from all work; but It was possible, with such
trade assignees as the noble Chairman had ponrtrayed,
that they would not be inclined to let the official
assignee do every thing himself.
Mr. MATNAILD proposed, and Sir JOHN H. voyLy,
bort, mecmded, • vote of thanks to Lord Portman for
presidiag, sad the meeting broke up about 3 o'clock.

tiOie4

(BY ELECTRIC TELEGRAPH.)

METROPOLITAN CATTLE MARKET.

LONDON MARKETS.

MAR-LANE, MONDAY, MARCH, lb.

The supplies of wheat at our market to-day
were small, but the arrivals of barley and oats
were pretty liberal.

Trade was tolerably active, and last Monday's
quotations for all descriptions of grain were fully
maintained.

•••”!'lle