The Press.
London, England, 1856-03-08 00:00:00

THE TIPPERARY JOINT-STOCK BANK.

THE petition to wind up the affairs of the Tipperary
Joint-stock Bank, in which Mr. Sadleir was concerned,
was heard on Tuesday at the Rolls Court, Dublin,
and the disclosures then made in evidence before the
Master of the Rolls exposed as gigantic a planned
system of fraud as was ever practised by any one
man, or connived at by others.
The question for the court to decide was who
should have the carriage of the proceedings. On the
one hand it was proposed that the confidential
solicitors of the Sadleirs should have the winding up,
but the creditors petitioned strongly against this.
The Master of the Rolls, in delivering his opinion
upon the question, briefly reviewed the leading facts
of the case:—

Why, I believe, in the recollection of no living person
has there been a case of such gigantic fraud upon the com-
munity at large; and it appears from the statements before
the court that the late John Sadleir was permitted by his
brother, the sole director and manager of the bank, to
overdraw his account to the extent of 200,0001., without
the knowledge, consent, or privity of a single other contri-
butory or creditor, so far as the court has heard or knows.
The liabilities of the bank are altogether, in round num.
hers, 400,0001.—it was in a state of the most hopeless in-
solvency on the Ist of February last—and the assets are
not pretended to be more, in round numbers, than 30,0001.
Yet a report was issued from the Tipperary Bank to every
person in Ireland through the columns of the public press,
the effect and result of which was, that on that very Ist of
February, 11;06, the Tipperary Joint-stock Bank was in
such a flourishing state, that it was not only enabled to
divide six per cent. among the unfortunate, deluded, and
defrauded contributors, let also to give to each proprietor
a bonus of three per cent. upon a paid up capital of
100,0001. ; and after the payment of such bonus and
dividend, that a surplus of 3,3031. 12s. 4d. would still
remain to be added to the existing reserve fund, which
would amount to 17,3751. 12s. 10d. Was there ever, if
that state of things be true, so gigantic a fraud committed
by any man or body of men ? The unfortunate contribu-
tors have been defeated and swindled out of their property
by a proceeding of this kind, and it is most horrifying to
think that one's property may be brought into such a state
of jeopardy if they happen to subscribe to a bank on the
faith and supposition that its proceedings will be carried
on with common honesty and integrity. We have heard a
great deal of the failure of a bank in London lately, and
we have had the circumstances of that failure detailed ; but
was there anything which occurred in that case to be com-
pared for one single moment to the fraud here disclosed ?
And yet those bankers are now suffering from the conse-
quences of their acts.
The proposition that he should permit the confi-
dential solicitor of the late John Sadleir to carry on
the proceedings of the case, the Master of the Rolls
characterised as one of the " most monstrous propo-
sitions he had ever heard "
I think (observed the Master) the conduct of this bank
ought to make every person cautious how they deal with
such undertakings ; and the report which l will read, and
which it must be recollected was published at a time when
the bank was utterly insolvent—when Mr. Sadleir, with
the knowledge and connivance of his brother, had over
drawn his account by 200,000/..—and when the total debts

231

and liabilities of the bank amounted to -100,000/.—must
stamp with dishonour and disgrace all who either directly
or indirectly were implicated in its issue.

The report of the bank, published on the Ist of
February last, when the bank was hopelessly insol-
vent, alluded to by the Master of the Rolls, was as
follows :

At the seventeenth annual meeting of the bank the
directors beg to lay before the shareholders the following
report :—The directors are happy to have it in their power
to report to the shareholders that the course of the bank
continues satisfactory, and the improved aspect of affairs
in the country induces them to feel confidence that the
business of the bank will go on extending, and that the
annual profits will be thus steadily increased. The direc-
tors have the honour to lay before the shareholders the
usual detailed statement of the accounts of the bank, with
the assets and liabilities, for the information of the

Then follcwed a detailed account, hy which a surplus
of 3,303/. 12s. 4d. was made to appear to be carried
to a reserved fund of 17,375/. 12s. 7d.

The real state of affairs at this very time may be
thus briefly stated :—Liabilities, 400,000/. ; cash in
hand, 5,4001.; available securities, about 30,0001.
more.

The Master of the Rolls ultimately resolved to
appoint as solicitor a person entirely unconnected
with either of the Sadleirs or the bank, and recom-
mended the creditors to meet and select some soli-
citor subject to his approval.

THE GRAND JURIES of Longford and Westmeath
have presented addresses of congtatulation expressing
their undiminished confidence in the great intellec-
tual powers, the impartiality, ability, and acute dis-
cernment of Chief Justice Lefroy, Baron Penne-
father, and Justice Torrens. The judges returned
suitable supplies. Numerous addresses were in pro-
gress of signature.

A DREADFUL MURDER had occurred in the county
Galway, at Whitegate, near Woodford. Mr. Cal-
laghan, a solicitor who had lately bought the property
of Whitegate, was cruelly murdered yesterday week
on the high road within a few yards of his house.
Mr. Callaghan, unhappily, had ejected many of the
old tenantry and threatened others, which is sup-
posed to have engendered a conspiracy that led to
this result.

DARTEY CASTLE, the seat of Lord Cremorne, was
destroyed by fire last Saturday morning.

THE TRIAL of the murderers of Miss Hind is post-
poned to the next assizes.

6lution (Inttiligtntt.

RuTTAND.—The Hon. G. H. Heathcote was re-
turned for this county without opposition on the 4th
inst. In his address to the electors, the hon. mem-
ber expressed himself in favour of moderate reforms
and of retrenchment in public expenditure, but de
cidedly against the ballot and opening of the public
institutions on Sundays. With reference to peace,
Mr. Heathcote was of opinion that no peace but one
real and likely to be lasting should be concluded.
In event of peace ho should object to any great re-
duction of our army.

BOSTON.—The resignation of Lieutenant. Colonel
Sleigh left the field open to Mr. Adams and Mr.
Ingram. A poll was held on Friday : at the close
Mr. Ingram had obtained a majority of 225.

NEw Ross.—The writ for the election of a new
member in the place of Mr. G. R. Duffy has been
issued.

Swoo.—The nomination took place on Wednes-
day. The Right Hon. John Wynne, in the Conser-
vative interest, and Mr. Somers, as a Liberal, were

Phi an glilitarg

The result of some careful experimenta with
various kinds of gun-metal, has proved the Nova
Scotia iron to possess qualities far superior to all
other descriptions, including Swedish and Russian.
The Government have entered into large con-
tracts with the Acadian Iron Company for a constant
and regular supply of this material.

- -
Captain the Hon. James R. Drummond, C. 8., has
been appointed to succeed Captain G. T. Gordon as
flag• captain to Vice-Admiral Sir George F. Seymour,
K.C.8., G.C.H., Commander in-Chief at Portsmouth.
Captain Gordon has completed the required time for
his flag on the active list.
It is stated that the Crimean Commission Board of
General Officers will meet for business at the office
of the late Clothing Board, Whitehall yard.

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