The Express.
London, England, 1851-07-04 00:00:00

FAILURE OF MESSRS. RUFFORDS

Rumours of all sorts arc afloat as to the cause of
the failure, involving as it does the firm of Ruffin! and
Binge, at Bromutrove. The partners at the latter place are
Philip Huffiest and Francis Ituffonl, and at Stourbridge
Philip and Francis Itufford and Charles John Wragge. But
whatever may be the immediate cause of failure the
amount of liabilities will be heavy. Both banks were
eminently banks of deposit, and an immense number of
persons are creditors, varying in amount from the 20,0001.
of those who won't eel the loss to the aged and careful
person who by industry and thrift had accumulated a few
pounds wherewith to smooth the rugged path of declining
age. On the other hand, there does not appear much
prospect of any considerable amount of assets. The
real property of the partners is comparatively small,
and over the greater portion of it we hear that Messrs.
Glyn and Co. have security fur advances ; nor do we hear
of any considerable MUM being owing to the firms.
To some, if not to all the partners, the closing was
unexpected. Mr. I'. Raiford is in partnership with Mr.
Walker in the glass trade, and on the .lay previous to that
on which the bunk closed he paid in to the credit of the
glue firm upwards of 6.0001. The greatest sympathy is felt
fur him. On Monday it was generally known that a meet-
ing of creditors would be held un the following day, at the
Talbot Hotel. At twelve o'clock a large number of persons
were as.enibled, anxious fur information. The meeting
was held in the assembly room, and was very numerously
attended. H. K. Harrison, Esq., was requested to take
the chair, and called on Mr. Ilarwanl to address the meet-
! ing. Mr. forward said that on Friday and Saturday lost he
was consulted 11 a large body of creditors, as to the best
means of secunng the largest dividend. On Saturday he
wrote to Mr. Wragge, to ask hint to furnish u statement of
the affairs of the bank, which he agreed to furnish on
Monday. Thereupon ho (Mr. Harvard) issued a circular
to nee persona as be had ascertained were creditors for
upwards of 6001., and the present meeting was the re-
sult. Having heard on Sunday evening that there was
au intention on the part of some parties to tile a peti-
tion in the Court of Bankruptcy, he (Mr. liarward) felt it
his duty to protect his clients, and therefore filed a petition
himself yesterday morning, subsequently to doing which
several implications to file a petition were made by other
parties. Lnder these circumstances he had thought it the
better course to inform Mr. Wragge that he should not
require the statement, which he the less regretted as it
would necessarily have been imperfect. Mr.:Hamarl said
that his reasons tor issuing the circular were, that he hoped
it would assist in enabling the bank to resume payment,
entertaining, at he did, the most friendly feelings towan's
the partners, but he was now apprised that there were in•
superable difficulties in the way, and he would strongly
advise the creditors to let the petition run, believing it
would he for their interest to do so. tic understood that an
impression prevailed that the filing of the petition was a
friendly act on his part towards the banking firm. Mr. liar-
ward emphatically denied this. There was no collusion ; it
was his duty to advise his cheats to take that course which
would compel the administration of the estate in the most
economical manner. This he believed would be effected by
the course adopted. The failure of the bank could not be re-
garded other than as u great calamity, which he (Mr. Haman!)
and he was sure every one present deplored ; and, though
many might suttee severely, he hoped at the close the loss
would be less than was antieipated.—The Cnairinan said it
would nave been more satisfactory to have had the state-
ment. He represented the two largest creditors, and be
saw no alternative but fur the petition to go on.—Mr.
Roberts said lie should have been better satisfied if Mr.
Harwanl, as he had called that meeting, had eummuui-
rated to them the information he had received. Ile (Mr.
liarward) was actiug for his clients in getting information,
but the proceeding he had taken affected the public cre-
dicers lie (Mr. Roberts) knew no reason why they
should nut have the information which Mr. liarward had
gut, and on which he issued the circular calling the
meeting. There was no reason why a few should have the
advantage of this information, and fur the sake of the part-
ners it sacnild not be withheld.—Mr. liarward said Mr.
Roberts had mistaken his position. Ile was not coucerned
for the bank. All the information he obtained from the
bank was a list of persons to whom five hundred pounds
and upwards was owing. When he determined to file the
petition the necessity fur the statement woo gone, and he
advised Mr. Wragge not to supply it.—Mr. Roberts then
read the following circular :
have been consulted by some of the creditors of
Messrs. Ruffin& and Wragge, and am now hi communica-
tion with that firm with a view to obtain a statement of
their affairs. It is hoped the statement will be completed
on Monday next, and I have therefore deemed it advisable
to convene a meeting of the creditors to be held at the Tal-
bot Hotel, Stourbridge, on Tuesday next, at 12 o'clock at
woo. Your atteudance is particularly requested.—l am,
sir, your obedieut servant, JOHN HAILWAIID.—StOUTbridge,
June 28, 1851."

Mr. Roberts contended that the meeting was entitled to
receive the information promised to be "completed by
Monday," and he saw no reason for withholding it —Mr.
liarward again stated that he had received no statement or
information beyond the names of the creditor., for over 6001.
—The Chairman said as no further information could he
given, the meeting was at as end, and left the chair.—The
liabilities of the two firms are variously estimated at from
200,0001. to 300,0001. Worcestershire Chronicle.