biglam/hmd_newspapers huggingface dataset:
The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1868-02-22

THE END OF AN IMPORTANT
TRIAL. .

- - -
hum of the most important among recent law trials in re-
lation to the financial management of politic companies and
the responsibility of directors, occupied the Exchequer Court
five consecutive days, and was terminated on Tuesday. The
following is an outline of the case:—
In 18.19 a concern was founded called the London
and Colonial Company, 'to carry on the business of
hop merchants, warehouse keepers, maltsters, and
coopers, to supply the Australian colonies with hope,
malt, and beer," and for that purse to take over an
existing brewery at Burton-On-fnut. Dividends
were declared at the rate of 124 per cent, per annum
until lrs;s, when a supply of 1,779 unallotted share.
were offered t, the public, and Mr. JoSeph Crossley,
of Halifax, was induced among others to subscribe for
a portion, on which,rirst and last, he paid 05,000. On
the 2nd of March, IE7, it turned out that the company
was ruined, and it was placed under voluntary liquida-
tion. Mr. Crossleythereupon instituted an investigation
through Messrs. Cooper Brothers, the accountants, and
enough having been discovered to show that the terms
of the prospectus announcing the issue of the new share,
were wholly deceptive, he instituted an action against
Mr. Frederick Thomas Elworthy, of Heathfield,
Streatham, who had acted as managing director, for
I, restitution of the i.:33,000 he had contributed, which

action has resulted In a verdict against Mr.
Elworthy for the full amount. The trial, throughout
its long continuance, excited extraordinary interest on
the part of persons connected with public companies,
and among the points which came out in evidence
were the fact that the early and uniform dividends
of 124 per cent. were more or less fictitious, and
that a surplus of £BO,OOO equally fictitious
had also been alleged to exist at the time
when the new shares were tint forth, which surplus
the concoctors of the new issue principally divided
among themselves in the shape of 6 per cent. deben-
tures. It also appeared that consignments of beer,
&c., to distant ports to the amount of r..'1.i7,000,
against which bills were drawn and which only actually
realised about 1:115,000, hail been so dealt with in the
accounts as to be wholly kept from the knowledge of
the new shareholders ; and, in fact, the entire case was
developed with so much clearness that the jury oocu-
pied but a few minutes in arriving at their deckion.
To the energy of Mr. Crossley, and his determination
at any cost of time and money to probe the affair to the
bottom as a duty to the public, the advantage of these
discloShres appears to be solely owing, since within
the past two years hundreds of such cases have been
allowed to drop out of sight from the victims 'wing
without means or courage to take proceedings.
Stourbridge, West Midlands, England, 1868-02-22

DEATH OF MR. W. HERAPATH.

We have to record the death of Dlr. Wm. Ilerapath,
the well-known toxicologist, of Bristol. The deceased
gentleman, who was seventy-two years of age, had only
been ill for a short time, and expired on Thursday cc en-
ing at his residence in the Old Park, Bristol. Mr.
Herepath was the son of a maltster, and for some little
time followed the occupation of his father. He had,
however, a strong inclination for scientific pursuits.
and he devoted himself to the study of ehymistry.
Nearly forty years ago he gained a reputation by his
analysis in a case in which a woman named Burdock
was convicted at Bristol upon circumstantial evidence
of poisoning. In the more celebrated ease of Palmer,
of Itugeley, Mr.llerapath wan a witness, and he had also
been concerned in many other important criminal and
civil trials. Mr. lierapath was also a decided politician.
In the period of the Reform agitation of 18.31, when
the disastrous riots took place at Bristol, he was the
president of the body then known as the " Political
Union," and he exerted rich power as he possessed
to stop the tumultuous proceedings which then took
! place. On the passing of the Municipal Reform Act
Mr. Herapath became a member of the Town Council ;
but with advancing years he ceased to be a democrat,
and was at last expelled from the Radical ward he
had long represented. Mr. Ilerapath was in the com-
mission of the peace, and was the senior magistrate
for BristoL