The Express.
London, England, 1856-12-23 00:00:00

Yr. Llaklster—Wbsa
Yr. Lswr~aw—TW atterseap.

Mr. Lisiklater—That is quite impassible.
NU. LSWTIIIIOB—Tbe7 dos% Mt gala mail the 10th of
January, u.d thousands will be lest to the estate if pro.
motion is not afforded to the shareholders in that %Urea
I suppose we may take it us a feet that the saute in beak-
nptay will be largely lesufßeint. But I hare here the
oSnal manager, or Ilr. de Mots, either of whom will prow*
that fast.

—iliainklater. bad so objection to admit the facts as they
appeared on Mr. Cahouet; report. The assets of the bank
amounted to bsteresa 280,0001. and 220 0001., independent
of the Welsh mines, variously estimated at from 40,0001.
to 80,0001. In additioa to that, a call bad been made spec
the shareholders, on the 7th September, of 601. a share,
which oa 8,000 shares would amount to 160,0001. The
validity of this call was disputed, but the assignees insisted
upon its being a good Ida
Mr. Lowrance—Tbat is not an *reliable meet.
Mr. Linklater—Yes ; I call it an available asset. I call
it a good debt due to the company from Its shaseholden to
' the fell intent of 160,0001.
Mr. Lewranes—lt is of no consequenes ; for if the share-
, holders pay that to the official assignee, they will not H
celled on to pay It over again to the official manager.
' Mr. Linklater said the debts were stated at between
' 630,0001. end 660,0001, probably the former than the
latter nes. He would also admit that actions had been
brought by creditors against individual thereholders, that
several wire now pending, that moms judgments bad
been signed against the official manager by ere-
ditors, sane of which had been registered, and
in respect of some of whisk the creditors bad
sought to obtain execution against the shareholders,—
that shareholders for the protection of themseiree and their
property were adopting different courses, some petitioning
that court, some arranging their property so as to place it
out of the nub of their creditors, and °then by taking their
' departure.
Mr. Lowrance--And some by paying the execution,.
Mr. Linklater—And some by doing that which was bene-
ficial to the crediton, paying the ansesat of the debt.
Mr. Field—Then there is slimly a deficiency.
Mr. Linklater—Oh, undoubtedly, ea admitted defielexey.
That I. menifest. He should have beat glad had this dis-
cuss,* been allowed to staid over; sad he thought it
would be more edvantaimus to the shareholders to give the
the opportunity of doing that which they were=
to de It it could be done without withdrawing the
admialstratiee from bankruptcy. They were willing to go
before the VisoCkseetellor for such an order. In the mean-
time, if the 280 shareholders would work together, there
was nothing to prevent then from doing without proceed-
ings either la chancery or bankruptcy. If the 70 or 80 sew
shareholders upon whom then was a morel ebligatioa to
kill their matthets, had acknowledged their liability,
they wield have dose meth better time in sup-
pordag ao applieatiou of this kind. The swill
canoe was dearly for the interest of the share-
holders rather Ikea of creditors. He and the counsel for
the assignees had exerted themselves for the purpose of
giving protection to those shaseltolden, if it could be done
without taking away the &dentist:sties from that mart.
Notwithstanding this, the petitimen had thought proper to
sem betere lb. Nowt, and make a direct application. The
ewe bed &sod, given the manifest slower to this applies-
ties, width was most premature; for it was only since Fri•
day last that the assignees had known whether they would
hank anything to dieleibate. Biace ties they had been
thessetres Is every peselble way to ware the
payiesst twesessew of r Imp • dtddesd as possible ; sad
that wee the best yrileeties width the ehmeholden could
have. If the ebarebeldess IMO lobe la a body sad meet
the erediters the NNW= would gladly pees ea the
eredlesesatbsori=se of set piesesediss egoist* Jodi-
oiled As the Whigs bed less /used
cc, be lewd "pre he being granted. Had *be riper
ia 'dated the ther_saight justly have bees m-
essed of the mete. TU winding-up order was still
in form; end that meld be done by • receiver, and
more, could be dole by the of !dal massager. Hs might
premed at thee to make calls on any number of eosin-
baton's, whether creditors or not, and maid Worm imme-
diate paymeat. The appointment of a resolver would he of
no servies to the emitters; the bankruptcy would secure a
cheap sod speedy distribution of the assets, while the wind-
ing up gave the sues of enforcing tolls and settling the
rights of tbe shareholders inter se. The °Sold =thaw
was still In possession of all his functions, and meant to fulfil
them. The prayer of the petition would hare the assignees
to begin where they eight Wend. at receiver, if sprinkled,
must sue for and get in the assets of the estate,
and thee the administration would be entirely takes
out of the assignees. The only ease is which lush
an appointment bead been made was la that of the Forth
Marine houranos company ; and mob was the difficulty
atteadiag the saerying out of the previsions of the act, that
no such appointment had site both spilled for. The
assignees decidedly objected to embark the creditors as the
troubled ocean of this perpleshig motion of the statute.
This appointment was one peculiarly in the discretion of the
essay end he nbmitted that it ought to be refused; for
the Beim that the shareholders would thus obtain pro-
thirties was wholly delusive. This opining bed been
J'apnoea by Sir F. Kelly and Mr. Glium, before the Lords
ollow

The Coamisrlemer—Having got a erladintup order mid
an ofecial manager, I cannot see what this appointment is
wanted for, except to protect the sharehalden; and then the
n getles strims will it have that effect? Where ens act gays
that a thing shall he done in ono way and another
in another. IN latter being repugnant to the former, I have
no kesitaties Is saying, although you *moot repeal a yrior
act ems* by express words, that this is a virtual repeal by
nmessasy bnybestion. It says is the Joint mock Bank Act
that emmmilem ehaLL sot be hissed without leave of the Court
thehemin neseber sot says it may be tuned by leave of
awl la mbisb thejadgment is obtained. flappose it to
M a degree Is dimmer, ; than, under that section la the
Bank Acil,lboy will of sours. go M the Cannot Chancery
for Imo W bete execution. It was said that the Court of
Clammy would ad differently trout a tout of law in that
respect I bet I don't see why it'should.
- .

Liaklabe gain referred at emu Owe to there-
seeding. hobo dee Lords Jots.., int wed that 11111
weight sot to be matotakal.
aPtia."gatkusgeom, who apossered *a a dlopea rteessYkidkat
MSS MIS =aims that the reatilte eikeedi nem& In husk-
repaygnees. This wage. affleopt to tie tat heads of the
ass ia bankr.
lb. Lawman oclog the mut le glee • toady
dulls% fee the sake of ilwalbg the patience to go bedste
tbe Ludo hake&
MI. Marta air, as diet Mee emit peat McMinn IS
this esee, he douche It bath* will the splaism he onto-
Weed, at ease to give lie JeaLconAles.e that the perdu
the might have beagle off the prayer of
the petitions was that ere wort should *not W amigesse
to apply to the Court of Chaneery far the iscebstmeat of •
reativer, under the 20th section of the est 7 ea II Tea. (de-
al. The only question was whether the essetught is
direst the assignees to apply for au order for fled windless-
up. Looklag at the as for ameadiag the 7 and 8 The, Up.
111, he found is the Bth maim of It and 12 Vit soh
46, a wry sheik, pordelos, Daly with lupe sat
more ample powers, under which the eedpsees
of • beaknpt company might, by amides of dist
Goat, hut sot otherwise, apply to um, ono et Chimiliwy
for a wiadieg-up order. Bet were he to autheeke sub ea
neelleation they would he told, "You hue etre* set se
order tor oiled's' up, and as Metal teamecse
seder it ; sadell that se dims OM be dies =1:.
prong cede.. Yoe have as sieve of fide art. ewer elms
the wort has jeriedictlee, aad who his very mesh pease
power. than aay nosiest that meld he appoistel." They
would be as the Court of Cheasery to appoint a n-
aives, over their owe odor, whetted greater pommel/um •
maim. 82111 the court had toll to serodier whether the
muse pztoci was for the begat a the mail-.. He
ail set rit would if It wedff *toad have the east
et vales all do propetty of the suicamy hi the distal
sow appointed ; and that petit wraps. Wasekta.
gqnsraa Bepposieg that the provider of the Wailles-sp
Ast dhi sot apse .the WI effective provision is as 7
aaff Tie., w 111, sal appesise them still be* he seat—
immoimeh se the ow tam& be entree the oast, as court
la all preltddlity weal set apes the seas edestive pre.
slier of the later act. Tettmly SOY adopt the lee effective
ones of the former. Ceder these circanoteuse he did not
MO how it could be tar the benefit of the creditors. It was
said that It would be for their beat fit indirectly, by protect-
ing the okersholdere, sad relieving them hem unjust pres-
sure ; and thu entributiou would cues in bettor for the
estate. The court would not be juified in cosies to that
coulasion upon the prayer of a petition signed either by
five or by fifty creditor.. He had no right to assume that
shareholders would dispose of their property, runaway, and
not pay their calls, or satisfy the sometimes which the law
allowed crediten to put is loree. ThiS Wert would un-
doubtedly do everything is its power to relieve shareholders
from nausea] pressure, consistent with the duty imposed
upon it for the benefit of coeditors, and consistent with
the duty impoeed upon all the courts of this
country, not to attempt to interfere with the rights and
remedies of creditors. If there was a statutory provision
enabling crediten to to.. ealution, why should the court
be called upon to do umethiog which would p their
lotting the benefit of that execution ? I. the establishment
of joint stock banks, woe of the greatest sad first is
disunion!. to parties to deal with thee. companies was the
fact of their baying a large proprietary, and slugs ash
scribed, if sot paid up capital, for which ell the shareholders
were liable ; and therefore it was supposed theta was no
risk. An unfortunate state of affairs had arisen ; and the
position of souse shareholders must loth. pity end commi-
seration. Still they must not lose sight of the obligation
which the law threw upon parties in that position ' • they
must not lose eight of the ioducemeota which were held oat
to parties to become onneeted with joint stock companies,
sad to deal with these; sad if these companies got
into difficulties, why should that court be called
upon to protest these prone and to provost their being
called on to make paysesata which the law had said they
were under a obligation to make ? Though the Georg woald
do all It could, it must set consistently. In deciding on this
polities Itemise consider what was most beneficial to the
creditor*, and must also take are not to interfere or do any-
thing which would suable parties keg roperly to obtain pro-
ceeds*. There was nothing in the observations of the
lords Judos which he could act upon is this ease. His
owe veiniest was that if the prayer of this petition were
granted the shareholders would really not meet with that
protection which they iterated. That seemed to be also the
opiaion of tome of the lensed utmost eagaged in the eau.
A. to the time of presenting this whims, ha thought it quite
promatere to ask the court to call upon the amlgoets to take
this sop. They were i el, just put litho a situation in which
they Gould set asamigneas ender the bankruptcy ; &Adelson