The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1866-10-16 00:00:00

BRIDPOET OLD BREWERY COMPANY
(LIMITED.)

Before Kr. Hall (Vies Charm*liar Stuart's Chief Clerk.)

(Prose or Special Reporter.)

An adjourned application for the appointment of •
provisional liquidator to protect this comtsny's pro-
perty, on the ground that executions were already
Vaned against the isompany, was heard on Tuesday last.
Mr. Lewis (Harrison and Lewis): There are two sum-
mon.% in this matter, but they will practically cease to
be considered am one. In this ease questions will not
aria which frequently do. Both of us agree that the
company must be wound up. and that it is for the
interests of all parties that • provisional liquidator
should be appointed. My petition is first in point of
time ; and I represent creditors to the amount of 0300.
I ask you to appoint Mr. Price, of the firm of Price,
Holyland and Co., aceountanta of Greaham-street,
London. . .

Mr. Hall : Who ere the petitioners?
Mr. Lewis: They en bankers, at Dorchester.
Mr. : How was it this brewery did not answer?
Mr. Lewis: This was • failing eoncern wethink before
it was turned into • oornpany. The question now is
who is to be the liquidator.
Mr. Cooper (Payne and Langton); I don't soy that
Mr. Price is not • ID person to be liquidator of many
companies, but not of this.
Mr. I•owis: The other gectleman nominated is a Mr.
Jame. Williams, who is vanously described sa clerk and
manager to • pritl-man in business at Bridport. He is
called in the summon+ an accountuit, but I think that
is rather • figure of speech.
Mr. Cooper: No doubt he is not a public aoeountant.
... .

Mr. Le.is :He is. clerk. The n'oulisatiou of Mr.
Williams was by a section of the shareholder. and direc-
tors. All the capital is called up, and the shareholders
are not liable to pay a farthing. I say, thervfore, that
the creditors are the persons interested in the &meta of
the company, and they ought to be first consulted with
regard to the liquidator. They are interested in es
spaely • realisation as namable. Kr. William. was
nominated at • recent meeting of the .hereholdera lwAd
In London • few days batik, to which the creditors were
not invited.

Mr. Hall: Flays all the shareholders paid?
Mr. Lewis : There is my little in snobs.
Mr. 11.11: Where is the necessity for a provisional
I i luidaror ?
Mr. Lewis : Although the business has been oarried
on st a serions loss. It is neesossry to look aftei the peo-
perty to get in the debts.

.
M. Cooper: There are casks also to a large value.
At • meeting of the shareholders they have screed to
wind up voluntarily, and at that meeting Mr. Williams
was arpointed.
Mr. Lewis : The misfortune was that the shareholders
without consulting the creditors thought proper it
nominate • clerk of somebody else, being a relative of
the vendor of the company. was originally Oundry,
Downy, and Co. Mr. Williams is in the service of Mr.
uttarl. I LP Pear for the petitioner and five of the largest
creditors, whose debts amount in the aggregate to about
£4,000. The registered °Moos of the company are in
London, at Belvederitiro•d, Lambeth. It is true there
are debts in the country, in Dorset and Somerset; but
book debts eau be collected from • central source,
whether that be one district of the penny poet or another,
and it is necessary the liquidator should be • London
man to whom the oourt looks. It is only two years ago
that this company was formed, namely in August. 11161.
I am not going to say that anything was given for the
good-will, but about £45.000 was given for the properly.
It is alleged in one petition, and sworn to, that the
directors, of whom one of the Clundrys is one, in no way
investigated the business; and therefore, did not disoover,
as the fact is, that there was • loss of £Bo,oho on the
three previons years' trading. They declared • di, idend
in June, 1865, of 5 per cont, upon an alleged net profit
of £44500, whereas there was a loss at that time of
810,000; and since then the tinniness has been carried
on at a loss of £20,000. Hr. Price was originally ap-
pointed by the shareholders at a previous meeting to
Ifivestigate and report upon the amounts and condition
of the company. which he has done. He is, therefore,
thorotighlir au fad at everything. I observe that Mr.
Williams is dignified in the afiltavits with the title of
" actuary," but it seems he is aatuary to the Bridport
Savings' Bank, which is open one evening • week.
Mr. Hall.: Bridoort is a large place.
. . . . .

Mr. Lewis: At 'all even.," that is the extent of his
duty . "actuary." Then the gentlemen who propose
Mr. Williams are solicitors to the company.
Mr. Hall There is no great harm in thaa
Mr. Lewis: But the creditors natorally look with
suspicion on • gentleman who has been interposed, and
upon as attempt to put Mr. Price on one side, when the
state of affairs is elicited. There seems to me abundant
reason for asking you to appoint Mr. Price.
Mr. Cooper: It is so; the shareholders have not to pay
any more, and, therefore, have no interest. Bat I
cannot agree to that; because Mr. Price's report which
has been mentioned shews that after paying all the
liabilities there is a earplug, and the shareholders are at
east as much interested in that as anybody else.
Although the business has not been prollteble, they
have not lost all their capital. The capital was £60,000,
and probably half of it is gone. lam also instructed by
cred tors to the extent of £4,000. I delire to say
nothing against Mr. Price aul if the shareholders
had selected him well and go:od, but they did not. Mr.
Williams' appointment was carried by a large majority,
and be is also supported by the Company's limiters. I
have an affidavit in snpport of Mr. Williams, from Mr.
Hotipon, sir. for Bridport, who is a liol4er of twenty
fully raid up shares in the Company.
Mr. Lewis: Mr. Hodgson is • shareholder, and he
endorses the character of one of his tionatitutenta
Mr. Cooper: Mr. Hodgson waa the mover or seconder
of the resolution appoiettag Mr. Williams. I have also
affidavits from Mr. Julius Smith, the Secretary, and Mr.
J. C. Crawford, the manager of the Company, in favour
of Mr. Williams.

Mr. : You west somebody to take possession of
the stook.

Mr. Lewis : The maneger would be continued. Any
liquidator would base to take advantage of his services.
Mr. Cooper: Who would enemies moat control—
Mr. Williams at Bridport, or Mr. Pen:win London ? The
amens of tbe compuly consist of a freehold brewery,
nod freehold puMir homage, which are represented ea
worth £30,000. or thereabouts; makes Au, £10,000;
book deli., £I0,000; the stock of beer, malt, hope, Ac,,
£10,000; altogether about 000,000. 1 should think a
person rcsident et Biiaport ought to be appointed. The
liebilitlea amount to about C. 2,000 ; and the wets are
believed to be moob more then sufficient to discharge
them. _ . _

Lewb : I bass only to remark farther th.t it is
the Int time I have bmrd of a clerk to solos one else
being asked to be appointed a liquidator.
jge. Hall: I don't yes any objection to that.
111. Lewis: We want • liquidator who shall be free
from all local bias and ioluenoe in ass of any steps
being taken for the purpose of calling on those who hare
hum guilty to amount. I should much prefer that lair.
Williams should sot on lds own authority, II at all, and
not be appointed.
Yr. Hall: I do not ere any necessity for a provisional
liquidator. The manager can go on, and the assets
will be quite safe. In three weeks time the petition
will be heard.

-Mr. 600P0-1 Hr. Williams ivas appointed liquidator
by ths shareholders; what is be to do!
Mr. Lewis: The manager ten set.
Mr. : Until an order is mods you are in pre-
cisely the same position as if there were no winding up.
Mr. Cooper: We here resolved on winding up, and
appointed this gentleman liquidator.
Yr. Lewis : The resolution is invalid in its terms.
Mr. Hill: I shall ailjourn the matter generally
until your petitions are heard; but, in the meantime,
you eon apply if any neeemity vibes.