The Express.
London, England, 1848-01-25 00:00:00

INDIA.

CALCCTTA, Dec. 7.—At Calcutta, during the past fort-
night, there had been little to distract public attetition from
the effects of the commercial disasters in England. The
names of the firms which had stopped payment were as
follow :—Messrs. Saunders, May, Fordyce, and Co., Cockerell
and Co.. Lyull, Matheson, and Co., Church, Lake, and Co.,
Lake, Ilammill, and Co., Showman, Mullen., and Co.,
Huabeadon, Brothers, &Co., and Ewing, Aird, & Anderson.
The liabilities of Smith, Cowell, and Co., :Amount to
80,0001., their assets to Id,oool. over this sum. At a meet-
ing of their creditors, " the statement of affairs presented
showed the liabilities of the firm here to be Co's rupees
2,32,384, and their assets Company's rupees 5,90,038, of
which Company's rupees 1,26,756 is a cash balance in the
Bank of Bengal and Oriental Bank. Their total liabilities,
arising out of hills drawn on account of their London and
Liverpool correspondents, are Company's rupees 8,12,364,
and on what is considered a low estimate of the out-turn
of property of thane firms the total assets will be
Company's rupees 9.27,8.58. It was resolved—That
the statement of the affairs made by them and
read to the meeting by the chairman wu satisfactory, and
the creditors sympathised with their position, being attri-
butable entirely to the failures of their London and Liver-
') iol correspondents, upon whom bills were drawn in reim-
bureement
of moneys disbursed on their account in ship-
ments of produce and other operations ; and, also, that the
meeting pledged itself to make every effort to keep the
estate out of the court, the firm being allowed to carry on
business under the inspection of Messrs. Cadogan,
and Brown."
MESSRS. SAUNDERS, MAT, FREI/S'CE, AND Co.—A meet-
ing
was held on the Ist of December of the creditors of
Messrs. Saunders, May, Fordyce, and Co. Mr. Adam Freer
Smith was voted to the chair, and the proceedings were
opened by the perusal of a letter from Messrs. Reid, Irving,
and Co., advising the house here of their suspension of pay-
ment, with liabilities to the extent of 660,0001., and assets
of 850,0001., of which latter amount, says the letter, " the
working out is the problem." The assets of Messrs. Saun-
ders, May, Fordyce, and Co., are 5,40,000 re., 2,50,000 rs.
of which are available immediately ; the balance, though not
encumbered with the same difficu'ties, with reference to
realisation, as those of the London firm, will not be avail-
able before six months. The liabilities here amount to only
100,000 rs.; but to this is added the sum of rs. 26 'skint,
incurred upon bi.ls drawn upon Messrs. Reid, Irving, and
Co. To meet this state of things a resolution was passed:
That a deed of trust and assignment be immediately prepared, tap.
pointing Mr. John Allan, Mr. W. Cadogsn, Mr. W. F.
and Mr. George Dereman, as trustees to the estate, and Zi7:ll
its meets in the mid partial, for the purpose of their proceeding with
all practicable despatch to release the same, and as soon as ten per
cent. of the total liabilities shall have been got Is, to declare and pay
a dividend to that extent to all creditors joining in the Bust, rateably
according to their claims, and as often as further nialisations amount-
ing in each instance to not less than Svc per cent. shall have been
made to pay over the same in like manner to subscribing creditors.
The proportions of such creditors as may have failed to join in the
deed of trust to be paid into the Bank of Bengal in the names of the
trustees for the woonnt of the proper claimant.
The meeting further resolved that the winding up of the
affairs of the concern should be entrusted to Messrs. May
and Pickford. The former gentleman is to be allowed a re-
muneration of 800 rupees, and the latter of 400 rupees, a
month. The period for their operations has been limited I.
six months; but in the event of necessity, it will be open to
the trus;ees to extend this term.
The Calcutta Star says: " We understand that though
no general meeting of the creditors of several other firms has
token place, provisional trustees have been in some cases ap-
pointed, under whose inspection the affairs are to be carried
on until the next mail throws more light upon the prospects
of commerce at home, and the meta likely to he yielded by
the correspondent houses which have suspended payment
there. Messrs. Lyell, Matheson, and Co.'s affairs are, we
understand, in the hands of Mr. Skinner, Mr. Lancaster, and
Mr Bailey; Messrs. Cockerell's in the hands of Mr. Martin,
Mr Mackenzie, and Mr. Eerie; and Messrs. Hughesdon's in
due of Mr. J. J.Mackenaie, Mr. Kelton, and Mr. M'Callum.
Bo'si'ay, Dec. 14.—The overland mail from London of
the 7th November arrived here only this m,.rninr, and
although the accounts are less favourable than we had hoped
for, still there is nothing in them that can in the least degree
affect this market.
MADRAS, DEC. 13.—The state of affairs at Madras may
be judged of from the following, taken from the Madras
Atbenerum "We are, happy to be able to add that,
as far as Madras is concerned, no other results than
depressions in commerce generally have yet resulted from
the unfortunate failures of the English houses ; all the firms
here still hold up their heads, and every method has been
taken to assure the confidence of their constituents. All
parties, of course, cordially concur in hoping that the worst
is over, and that arrangements already in progress will avert
further difficulties ; and if so, Matins will not, compara-
tively, have much to complain of."