The Express.
London, England, 1851-08-30 00:00:00

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lain Intelligence.
COURT OF BANRRUPTO4I{
PACY.—YESTERDAT.
lIFV.IPB Ns. CONIII.I.PII.
IN
RR birOODT.--STOCIL AND SHARE TRANSACTIONS.
road, eame up or his last examination. The balance-sheet,
prepared by r. Jones, of Basingball-street, extended over
described as a pork butcher, in Goswell-
twTobyeearsbanpknruoprtw,
amount due to trade creditors was small, a very large surn
was claimed by cash creditors, whose debts had arisen on
the failure in June last. Though the
stock and share transactions in which the bankrupt had
been extensively engaged. The items were as follow :—To
cash creditors, 13,2061.; ditto secured, '2,550/. ; trade cre-
ditors, 6671.; profits, 3,0151. By good debtors, 972/. ; pro-
perty, 7761.; ditto held by creditors, 3,6791.; outlay on
house property, 1,7261. ; ground rents, &c., for ditto, 1,4061.;
trade expenses, 8071. ; interest, 1,5381.; house and personal
expenses, 1,4991. ; losses, 3,0'321. (subsequently stated at
4,0420 ; deficiency at the commencement of the account,
2,9501.
Mr. Staining, for the assignees, offered no opposition.
Mr. Lewis opposed, on behalf of Mr. Harrop, a creditor,
chiefly on the ground that the expenditure was not suffi•
Meetly vouched, and that the bankrupt having dealt
largely in shares and stock, ought to have furnished an ac-
count of those transactions. lie complained that the assig-
nees had not properly investigated this case.
Mr. Matthews, for the bankrupt, said the trade creditors
wore comparatively small in amount; and it had been pro-
posed, on the failure, that the business should go on, an
arrangement being made for the payment of the cash
creditors. This was done at a meeting of the latter, of
which the trade creditors knew nothing. Differences arising
ameng the cash creditors, as to by whom the estate should
be administered, Moody bad been made bankrupt on his
signing a declaration of insolvency. The business had been
sold to his brother, Mr. William Moody, for 2351., a larger
sum than could have been obtained by auction. 301. had
been given for some leases, and if Mr. Lewis's client liked
to give a higher price, he might take the property.
Mr. Canaan, the official assignee, said he thought the pro-
perty had been fairly sold.
Mr. Matthews, referring to an alleged deficiency of 5001.
in the cash account, said it was to be accounted for in the
bankrupt's transactions oa the Stock Exchange, to elucidate
which it had been necessary to obtaiu an account of the
bankrupt's transaction with Mr. Walker from that gentle.
man ; and this statement fully accounted for the deficiency.
The bankrupt not being a share-broker himself, had advised
with Mr. Walker, as to the best times of buying and sellinz
shares; payments to the amount of 5001. had been made by
the bankrupt to Mr. Walker, and not entered in his books,
and hence arose the discrepancy.
The Commissioner—The fact is, be gambled, under Mr.
Walker's advice, and lost to that amount.
Mr. Matthews said it was not entirely so; the bankrupt
had sometimes made a profit, and sometimes lost.
Mr. Lewis said the losses on Walker's account amounted
to nearly 3,0001. The creditors had had no opportunity of
checking this account, and the meeting ought to be ad-
journed for the purpose. The bankrupt's balance-sheet had
also been materially altered just before the meeting—
another reason for adjournment.
Mr. Cannan, being appealed to as to the way in which
the amount of profits had been arrived at, said the amount
was largely exceeded by the trade expenses; and he under-
stood the bankrupt had spent most of his time on the Stock
Exchange, leaving his business to be managed by five or
six men, so that he could not answer fur the expenditure. I
The Commissioner—Where a man goes idling his time'
away on the Stock Exchange, he cannot expect his business
to prosper. Ile seems to have forgot the good old maxim
of Franklin—" Keep your shop, and your shop will keep
you."
The bankrupt was then examined by Mr. Lewis, as to
an item of 30/. alleged to be due to Mrs. Ilarrop. The
amount had been lent him in October, 1819, and was sub-
sequently entered in his cash-book. His gross profits ini
trade had been about 7} per cent.; it was a very perishable
business. Oce or two fowls spoilt out of a dozen swallowed
up the profit of the whole. His wife had carried on the I
trade of lace cleaner, in partnership with his sister' on
which a profit of 1201. had been realised. Books had been
kept of that business, but he knew nothing of them. He
had no money in savings' banks or money clubs. Ilad re-
ceived no money for Mr. Nicholls from any bank or club.
Mr. Canaan said that of the good debts 5001. had been
realised, and the remaining 200/. would probably be got in.
A surplus was also expected from the mortgaged property.
The bankrupt, being further examined, denied that he
had sold any horses a month before his bankruptcy. Ho
had a judgment against a Mr. Sabine for 2141., a portion of
which was due to two building eclectics. Besides this,
2021. was due from Sabine, whose contributions to building
societies he had paid to prevent the property being forfeited.
Mr. Lewis renewed his application for an adjournment
for the amendment of the balance-sheet, and to afford an
opportunity for examining Mr. Walker's account.
blr. Canaan said the chief alteration in the balance-sheet
would be to transfer the 3001., which had been added to the
personal expenditure, to the head of losses.
Hie Honour did not think this a material alteration. The
money was gone ; it was no matter whether it was called
an outlay or a loss.
Mr. Lewis contended that further accounts were neces-
sary, and that time should be given for testing Mr. Walker's
account.
His Honour granted an adjournment of ten days at the
cost of the estate, with enlarged protection, and the allow-
ance to be continued.
Mr. Lewis applied for a private meeting for the examina.
tion of Mr. Walker, stating that the account of that gentle-
man disclosed transactions to the amount of 33,0001. in six
weeks jug before the bankruptcy.
His Honour said he could not bat express astonishment
at the folly of a man who would submit to such a perpetual
drain, were it only the half-crowns for brokerage. In this
case, an investigation not being desired by the assignee ap-
pointed on behalf of the creditors, nor by Mr. Cannan,l
whom he had never known to neglect his duty, he was not
inclined to throw the expense of the inquiry on the estate.'
If any benefit resulted from the investigation, the creditor
would have his share of it. The meeting must, therefore,
be at his expense.
Mr. Cannan said ho had looked at the account of Mr.
Walker, and did not think it assisted at all in accounting
for the bankrupt's deficiency of 5001.
The bankrupt being questioned on this head, said he had
paid about 3001., early in 1850, to Mr. Napp, a jeweller and
broker, of Islington, fur some Luxembourg and Sambre and
Meuse shares. lie made this payment out of cash which
he had in his cash-box. Ile kept a banking account at the
time, but had large sums of money by him, owing to his ex-
tensive share transactions. This payment did not appear
his cash account. Some of his Stock Exchange transactions
were so entered ; but they became so large that he got be-'
wailers:a, and ceased the regular entries. He got so deeply
involved with the expectation of " this '31," that he was, at
one time, almost beside himself.
His Honour thought all the questions raised had been
answered to the satisfaction of a reasonable mind. The
man had been guilty of great fully, but there was nothing
like fraud.
Mr. Lewis intimated that further charges were reserved
for the certificate meeting.
POWER OF THE CORET TO ENLARGE.

- -
Among the miscellaneous applications which were made
at the sitting of the court, was one for an enlargement of
time in the ease of a trader debtor who had been summoned
with a view to being made bankrupt. The defendant did
not appear, and it was urged that this non-appearance was
an act of bankruptcy. It appearing that the party
was seeking to effect an arrangement to which all
the creditors but the plaintiff were favourable, his,
Honour granted an adjournment of the hearing. In
I another cue, where notice had been given to dis-
pute an adjulication, the fourteen days having ex-
pired, the party not appearing, and the only ground as-
I signed for his absence being that he lived in Jersey, his
Honour held that no sufficient reason hail been shown for an
adjournment, and said the adjudication must be affirmed.
IN RE SMITII.—DISPUTED ADJUDICATION.-
JUDONIILNT.

His Honour said that this was a petition to annul an ad-
judication of bankruptcy against one William Smith, who
had been adjudged bankrupt, as a timber dealer, on the
ground that he was not. He (the Commissioner) had care-
fully read over all the proceedings, examinations, and affi-
davit., and had not the least doubt that Smith was not a
timber dealer. The case was a most extraordinary one.
It appeared that Smith being a person not in any trade or
1 business, but having an income either of' his own or his
wife's, sufficient to maintain them, took of Mr. Mackley,
who was building a row of superior houses on some ground
at a place called Westliall-grove, at Wandsworth,
part of the ground on the terms of building a
. house of the same character as the rest. After-
wards wishing to be released of his bargain, and find-
ing that Mr. Mackley would not (to use his own words)
unahackle him," he determined to harass and
,to annoy Mackley, and, instead of putting an coma-
! mental house on the ground, he put everything he could
think of that was disfiguring and offensive—poles and flags
and tin-kettles, and other things as unsightly. Mr.
Mackley very properly sought legal redress, sad sued
Smith for the nuisance, and the jury gave Mr. Mackley
15001. damages. Before this Smith had quarrelled with
other neighbours about his fences, and in 1849
' and 1850 many proceedings took place, in which
Mr. Ambrose Haynes, the petitioning creditor under
this bankruptcy, bad acted as his attorney. Amongst
the litigated matters was an action brought by one Bottom-
ley, which was unsuccessful. Smith fearing that Bottom-
ley would become successful adopted the every-day con-
, trivauce of handing over his property to other persona
beforehand; arid, having part as.igned to one, and part to
another, he at last, iu March, 1550, executed a deed trans-
' furring all his household furniture and effects to a niece—
one Mary Ann Steadman—who had always lived with him
and his wife, and about the same time the niece nominally
hired a house, to which the furniture was removed, and
with it went the niece and the uncle and aunt, and they
all lived together as before, only in a different
house. These steps afterwards formed useful con-
trivances to defeat that justice to which the jury
had declared Mr. Mickley entitled. But still this
would not secure Smith's person against Mackley's execu-
tion ; so that it became necessary to think of something
further, and for this purpose Smith got a book of the bank-
rupt laws "1 further say," says one of the deponents,
Robert Neal " that I was present at the trial of the cause
Mickley v. Smith, on the 31st of March last, and I further
say that about three weeks after the trial had taken place,
I was present at the French Horn public-house at Wands-
t worth, and the said William Smith entered the said home
and spoke to me as follows, or to the following effect :