The Express.
London, England, 1852-08-13 00:00:00

THE EXPRESS, FRIDAY EVENING♦. AUGUST 13, 1852.

MIDLAND RAILWAY.

•
The directors of this company have just issued the
statement of accounts to be submitted to the proprietors at
the half-yearly meeting on Wednesday next The total out-
lay, to the 30th of J use last, ansour.ted to 15,881,9071. Esti-
mated liabilities and further outlay (including 80,756/., au-
thorised February 25, 1852) to 186,5701., making the pro-
bable total outlay 16,068,4771. Total capital empowered to
bo raised on shams issued, 13,656,4731.; on debentures,
4,105,6861.; total, 17,762,1691. Deducing the probable
outlay from this sum, I he st•mated surplus,
1,693,6821. The capital account to the 30th of June shows
that 15,871,3641. had been received, and 15,881,9071.
experdcd, leaving a balance against the company of
10,5134. The statement of stock and share capital
showed that the consolidsted 'tack of the company
amounted to 8,895,0531., including 483,2201. addi-
tion to capital, by creation of shares at a discount ; the
Birmingham and Derby stack to 979,6331., including
147,2721. discount on shame ; Midland, 6 per cent. stock,
26,0001. ; Erewash Valley, 6 per cent. stock, 145,000/4
Sheffield end Rotherham, 6 per cent. stock, 160,0001.;
Leicester and Swann' , 8 per cent. perpetual stuck,
Birmingham, 140,000/. ; Bristol and 6 per cent. stock,
1,799,9021. Total amount received on those stocks to the
30th of June, 11,832,8731., including 103,6001. en 7,067
shares of 601. not yet divided, and 341,030/. on 70,171
16j!. shares, part of the 601. shares divided. The total
nominal amount of the above stock is 13,656,4721., of
which 239,6031. consists of calls in course of payment,
901,0,521. calls to be made, and 682,9441. addition to capital
by creation of shares at a discount. The debenture and
loan-note account shows that 3,332,796/. had been raised
on Midland debentures, of which 1,284,4.511. was raised at
6 per cent, 716,9391. at 4; per cent., 66,35/. at 41 per cent.,
883,1601. at 4 per cent., 265,9451. at 31 per c.nt., and
126,000/., at 31 per cent. The Midland loan notes amount
to 22,7501., at 41 per cent. The Leeds and Bradford deben-
tures amount to 286,0091., of which 111,4501. was borrowed
at 41 per cent., 63,0001. at 41 per cent., 25,2001. at 4 per
cent., and 86,3591. at 31 per cent. From the renewal and
permanent way account, it appears that 25,952/. had been
expended during the half-year, including the 10,0001. from
the revenue; leaving • balance to the credit of the com-
pany of 28,8211. The revenue account for the hilf-rear
ending 30th June shows that 625,8841. had been received,
including 30,9631. Wince from the last account, and
273,9691. expended, including 11,3511. rates and taxes.
7,4701. Government duty, 10,0001. permanent way and re-
newal, and 6,2.50/. for Increase of rolling stock; leaving a
balance of 351,9151, out of which 81,4881. is deducted for
interest on debentures, 109,058/. dividends on guarst.tced
shares, and 60n1. redemption of mortgage debentures, lea,-
lag a disposable balance of 160,8401. The proposed dividend
at 3 per cent. per annum on the consolidated stock will
absorb 196,9451.; on the 501. shares, 8,6901. ; on the Bir-
mingham and Derby stock, at 32a. 6d. par cent. per annum,
7,95,01.; on the Midland preference stock, 7501.; ma on the
Erewash Valley shares, 4,3501 ; total, 158,6861. ; leaving
2,1641. for the next account. The total charge for rolling
stock, ending June, 1862, is 1,783,5791., the total number of
miles worked 530, and the average cost of working stock
per mile, 3,3651.; being about the same as in December,
1846, when the number of miles worked was 273, and the
out cf working stock, 918,7081.

MARTPORT AND CARLISLL—The half-yearly meet-
ing of this company was held at Maryport, on Wednesday
last. Mr. 0. W. Hartley presided. The report, an abstract
of which has already appeared In the Express, was tam as
read. The chairman stated that the share-list now num-
bered 328 shareholders. He was glad to find that the al
per cent. stock had been taken up; the capital standing bad
been taken at par, which showed that the public had a very
good opinion of that stock. They were now 'atm log the
Citadel station at Carlisle by the new branch, and he hoped
it would turn out satisfactory. 1 bey had remitted the
Lancaster and Carlisle Rai' way Company 3,0001. on ac-
count of the bill they had against the Maryport and Car-
-1 lisle Company. The whole of the coal calls which had been
fitted up at Carlisle were let, and he had no doubtlwould pro-
duce as much interestas would cover the capital expended in
building them, and also pay for the ground on which they
had been erected. During the year ending December, 18-50,
the interest paid on loaus,mortgages,and temporary loans,was
13,400. ; there would be a mosiderable decrease this half-
year, and he hoped that in 1853 the amount would only be
11,4291. He moved that the report and statement of ac-
counts be adopted. Mr. Tyson wended the motion,
which was put and carried. The chairman moved that a
dividend or 15e. on each 501. share, and of 3s. 9d. on each
12L 10s. share be paid on and after the 23e1 inst.—Adopted.
Mr. 0. G. Mouusey and Mr. Odic, who retired by rotation,
were re-elected as directors; Mr. I'. Richardson, the reti-
ring auditor was also re-elected. The proceedings concluded
with a vote of thanks to the chairman and directors,
STOCKTON AND DARLINOTON.--The half-yearly
meeting of this company was held on Wednesday, at the
company's office is Darlington—Mr. H. P. Smith in the
chair. The report presented to the shareholders said :
The balance in band, the: providing for all current out-
goings, Mustiest and rental on the bawd liner., leaves a fund
adequate to the continuance of a dividend of 4 per cent. per
annum, which your direeton will order to be divided as
heretofore. The severe competition existing in every de-
partment of business leads to eintinued variation and
changes in the routes selected by the public for traffic.
From these contingencies your directdv hsve never at-
tempted to escape, and the current quarter year may ex-
hibit temporary fluctuations of this kind. The directors
wish, however, to be useeasingly alive to your interest, as
any casual checks or disappointments may occur to qtecken
their efforts in other channels; and they state with pleasure,
that much openings lowest themselves., and site satisfac-
tory promise of coutined proverity. The report having
been read, was sgreed to weft. no., and the dividend de-
clared. The meeting then separated.
NORTHAMPTON AND HANRURT.—The half-yearly
meeting of this company was held yesterday, at the Ruston
Hotel, Ruston-square, for the purpose of taking into consi-
deration the proper measures to be adopted fur winding up
the affairs of the company—Mr. Thomas H. Barlow, de
putt' chairman of the eompany, presiding. 'lt was stated
that the Lindon and North Western Company, who had
taken one-third ads Mario, oldionsi it and to taking
than o- •thimildf the --- '--- bad

sent femur- j more then one-tied the returnees, hut an agreement bat*
'away from bees iftermirds 4004 to that the etpenses should be di
not •ruled equally over the thareeTthit:entfioeunprot
toreibeeYortildi,w. emir;
recto.. that I awured that that settlement, if armed to, would mete a
.6"eith7i4l'ethtant' !awiettanheesTtebt .16d°14."reer for the Not thy on and n-
,,thee meat bum elmatholdere, seal
Pk. lid. for the old Chtltin
preminp. in I shares. Alter souse toeireteetlon, Chttlruthn 'itt&Ve a
ita natty revolution to the Abel that the meeting.* adjodenrei tb
to folio *lug 12tk November two, for the purpose br amicably etesing
at a ;NNW the *Wain sr the oemparry,, Math *eh nllttgid tseel, colt:
lot the prt. 1/41111DLE6POR01%11•Vinvittntill1-"The haltycaily
4 the eseen- meeting of thid eethrnhi_ty Walt blqd on Wealth& a
awed to the Houten. Mr. I.T. Phitthips piesitTed. •
orm a del*. leaved to !he Sterile 'ehtl:.titariuktbnett *
ah Wortere .eeriggirleete. 't • .
ret•*.rimtmet olt of . • _
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Law iinteitsgence.

COURT OF BANKRUPTCY.—YMITERDAY.
barons Ms. Conamvoonvit Vast
IN nit H elate AND HURL.-111,0 TTTTT JULMiNINNT.
These bankrupts were brewers in Hampstead-road, and
their case has been frequently before tbo public. Boris
has already received his certificate, and judgment was to-
day delivered upon that of Harris.
His Honour said—This was an application by Harris for
his certificate. The assignee., without opposing, thought
it their duty, as it eke* was, to call my allantion to the
particulars of the MM. They submitted three points
first, the =Cs unduct to his pantagir Berke; se
:hlas his f•genditure, sad thirdly that he had
Minas bersimrieLtibis Ye family jut before his
bwaussw. safe«aim lo burls it was no
dots% mai. Ma lima W being tO,ti:101.
into the twirls betw • —"e 1810 and
woes us could seareliev• that thus'
nu any fair prospect of the buns's& tsg rwee4ed on see-
cesafully, and the result is, that all Burls' property has been
sacrificed. But to this complaint there are two answers,
first, that this court is called on to consider the bankrupt's
conduct to his creditor., not to his partner ; and, secondly,
that Burls had had the control of the books both be tors and
after he bad commenced the advances, and therefore it
must be presumed that he wee deceived u to the
prospects of the business, and if he was, it does
not lie in his mouth to say that his partner
was not labouring under • similar mistake. With
regard to the bankrupt's personal expenditure it was stated
to be 3,3001. in two years, sahib, if correct, would certainly
have been must improper on the part of one who hail pie-
viouely onspeunded with his ere,:itors at 91. in the pound,
sad bad only paid the last instalment in 1849 with money
advanced by Burls, and not out of the pecieteds of the busi-
ness. But he offered s me explenations which, though far
from satisfactory, prevent me from founding an scheme
judgment on this point. With regard to his settling pro-
perty in his family he certainly did this, and within three
weeks of his stoppage, but his answer on this point was
that the property settled wu a lease, and that then wu
a clause in the lease of loefeiture if the tenant
became bankrupt. This answer is scarcely satisfactory, hut
the subject was not very fully discussed before me, because
it seems to have been arranged that if those claiming under
the bankrupt ceueurred in restoring the property to the
creditors the matter should not tie pressed and the property
has been restored. Looking then at the point submitted to
vie by the assignees, I cannot go the length of withholding
the certificate, though 1 must say that the bankrupt has
indulged in an espenditure unsuited to his meition, and
that he little deserves the future confidence of
the tradinz world Opposition was alto entered
on the part of one Young. Young was a mem
her of a class of persons, meet of whom were
wronged, if at all, in the same way. His case arose
out of a method of conducting business adopted
by the bankrupt. The bankrupt wan a brew, r, and to
push his trade lie got posses-ion of public houses in different
parts of the country, end then by advertisement and other
means, found persons who had accumulated small capitals
to occupy them upon these terms—that the occupant should
be &scut for the parent brewery, and conduct the bu•i-
nem to the hist of his ability; that he should di,
posit a certain sum as security against defaults or
misconduct; that he should receive a weekly salary
so long as the manager of the brewery chose
to kieji him, and that upon !he termination of
the arrangements and the transfer of the license the deposit
money should be returned, subject to such stoppages, if
any, as arbitrators should award. Upon this plan • great
number of public-houses were kept open and supplied with
beer. At the bankruptcy the deposits were not forth-
coming, and of this Young complained. The gentleman
who appeared for him made WO of tern strong language.
Ile &tiered that the deposits ought toThave been'' kept'
sacred," and that the suing them wu robaerv." I was
at first disposed to adopt these views to a considerable el-
tent, but further reflection has modified my opinion.
The question really is what wu the understanding
of the parties, or rather, had they any enderstsn. ing
upon the subject ? That the bankrupt intended to have
used the deposit in his business I have no doubt. Canital
is the very life-blood of trade. It is therefore inconsistent
with the principles of trade to have moi.ey lying idle,
and hence it is hie to presume that neither party—neither
the small mabbeen our the great brewer—meant it to have
remained unemployed. But of coulee the bankrupt ought
to have mid so plainly, that all who mule the deposit might
know the risk that was to be run. But suppose that the
bankrupt had said so, would the depositor have oh
jetted ? I really do not think that he would.
Most men who have got • little money which
they cannot themselves use are willing that others
should use it, and I therefore think that if the point
bed been put, no depositor would have objected to the use.
The written agreement is silent on the point, and the fault
of that is as much the fault of the one party as the other.
Bet if the money was to be kept sacred, what WAR to be
done with it ? Was it to lie idle in a box, or was it to be
in, ested ? If it was to be invested, who was to choose the
insestmcnt, and at whose risk was the investment to be?
and if the depositor expected it to be invested, how came he
never to ask for the interest to accrue on the investment ?
All these question, furnish difilcultier, which vanish if we
&MUMe that it was part of the understaading, though
not in the agreement, that the bankrupt should have
the use of the money as the depositors had the use of the
furniture and otter things in the premises they ocemplod,
and I really think that that must have been the true 'seder-
standing. 1 am far from saying that this is the law of the
eas, ; very likely it is not, but I am here considering •
question not of law, but of road-ace I em considering
whether the bankrupt, knowing his duty, grossly and wil-
fully violated it. Now, I really do not Minsk that he knew
it to be his duty, and if it wee really so, I cannot with-
hold the certificate on this ground. Upon the whole,
therefore, though I ass far from being satisfied
with the conduct of the bankrupt, ha must have
• certificate, hut it will be of the lowest doss. I
Mr. Bagley, who represented the creditor Your*, saieC:
Perhaps your Honour will allow us a copy of your judg-
ment ? We propose to ask she court above—and lam sure
your Honour w ill not be sorry to hoar it—whether Young's
debt is not • fit out to be exempted from the operation of
the certificate, as was done in the ease of Wakefield.
The enintinvvinovr.—Well, I have no objection to that.
I must act on my own light ; and 1 never will concur in the
doctrine that a man who is stripped of everything is to be
tuned into the world to swim with • etose round his neck.
I think • trader has always &dimity enough is getting on
is this world ; and if be is to begin afresh, with not only
the taint of bankruptcy, bat with the burdes of aid &beim
will, hanging on him, he is not very likely to sussed. If
he pays his old 14 Ws it can only be at the expense of the
new creditors. However, if Lord Justice Knight Bruce
thinks differently, I base no objectio . to your client having
the benefit of it.

_ ___....
Mr. Bagley—No doubt the view yew llouour takes is a
cornet on. es to old deb:s In untral; but here we contend
there has been a breach of trust, and a difference ought to
be made.

Mr. Li•klater (for the bankrupt)—The elf, et of the ap-
peal may be to gin the bankrupt a better class of certifi-
cate. (lAughter )
Ihe Commissioner—May be so. But I
cur in that doctrine of Mr. Bagley's. I ant of opinion that
If a man has done wrong in his previous trading, you ought
ant to punish him, as it were, in another capacity.
Mr. Bagley—But if this be trust money, as we contend,
the principle is different, and it is a question whether .uch
• man ought to be trusted again.
Tho Commissioner—lf the court thought he ought never
to b• trusted smile, the course would be to denounce him
by withholding his certificate altogether. I still believe
that if your client Young had been asked the question, he
would have mid, "1 have no objection to my 501. being used
i• your trade."
Mr. Bagley—That would h►ve been a different agree-
ment. _

The Cosantissioner —And u it stands, there is no agree-
ment one way Of the other.

SHERIFFS' COURT.—YF.sTEMAY.
Bursas W. J. Beacurnit, hi,. Ow
BAIL IP. TH2 IWT•L EXCHAIWIR ANAUKANCHCOMPANY.
1 his was • claim made by the plaintiff, • farmer, under
• polity of Murano, ter compensations ur certain property
destroyed by fire.
The dfifendants suffered judgment to go by default.
Mr. O'Mally, with Mr. Pollock, appeared for the plain-
tiff, and Mr, Clarkson with Mr. Bodkin fur the company.
The plaintiff, in 184$, was tenant of Dagnall Hail farm in
Bucks, and in June of that year • fire consumed •• large
amount of property, foe which he now claimed 4601. 18e. 10d.
The company, however, have resisted the claim ever sines
it was first le ide, and now misted it on the ground that ill
the property claimed for was not upon the premises at the
time of the fire.
There were • great number of witnesees examined on both
aides as to the real valise of the property, but their evidence
was veil conflicting.
The jury found for the plaintiff—damages, including
interest, 67.31.
P/UKLANATION or OUTLAWRY.— At the Sheriffs'
Court, Red Lion-square, yesterday, the following persona
were proclaimed outlaws The Hee. J. Prendergast Walsh,
E. H. Lane (at two suits). Sir J. Malcolm, Algernon Mae.
singberd (at tour suits), William Thomas Thornton, 0. H.
Bampayo, G. A. Laing, Aragnatas Mayhew, William Wil-
son, William D. Sheriff, F. Smith, William Burt, Sidney
William Alston, F. 8. Memnon, J. Armlet Morris, J.
Cruikshank, Walter Lockhart Scott, O. Spitler, F. Anger.
stein (at two suits). Edward Addison, H. &widely, Mar-
garet Colman, 0. Chitty, J. D. Hiazmar., Augustus Nu-
gent, and E. J. Dare.