The Express.
London, England, 1848-05-24 00:00:00

INDIA AND CHINA.

In a second edition, last evening, we gave a sum-
mary
of the news by the overland mail, which brings
dates from Chinn, March 20; Calcutta, April 9;
Madras, April 12; Bombay, April la.
The news frau Calcutta is important, in a commer-
cial point of vies•. The liability of the shareholders
of the Union Hank of Calcutta for the acts of its
officers in the matter of the issue of post-hills, has been
a second time determined by the judges of the
Supreme Cuurt. This decision, which was fully I
expected, will increase the liabilities of the
unfortunate shareholders in the sum of upwards
of 170,000/. Th directors of the bank have
commenced proceedings against their debtors, one of
the first results of which has been the insolvency of
the firm of Carr, Tagore, and Co.. who were in their
books to the extent of upwards of 40,0001. During
the last year of the bank's existence postbills to the
extent of upwards of 500,0001. had been issued.
The shareholders, meanwhile, have not answered
the calls made on them by the direct-ers for contri-
butions and loans, and it is difficult to see
where the matter will end. The creditors of the
bank have determined on proceeding to extremi-
ties ; and it is said the bank is about furnish-
ing
them with a list of its debtors, leaving
it to themselves to choose the parties on whom
they will pounce for payment of their claims. The
results of this measure may easily be foreseen. The
richest will be selected and made the victims of
the mistnanaxement and fraud practised in their
names by many who have already declared themselves
bankrupt, and thus escaped further annoyance. At
a meeting of the shareholders recently held, the
executive committee reported that only 26,000ra. I
on account of the contribution on shares, and 20,000r5.
on account of the forced loan, had been paid in since
the former meeting, a month before!
With re sliest to the firm of Carr, Tagore, and Co., it I
virtually, in Jar uary last, ceased to exist as a trading
house, and was continued only "in liquidation," but
with every prospect of a speedy and satisfactory
winding-up of its affairs. Great losses-23 lace
within the list two yeara—had, however, been sus-
tained from the ilepreciation of indigo, silk, and other
factories, in which the funds of the house were prin-
cipally invested, and of Union Bank shares, of which
Dwarkanauth 'Fevre and his successors were large
holders. Nevertheless, much had been e'one towards
clearing eft' the liabilities of the firm, which
have thus been reduced to little more than
twenty-five hies of rupees. Latterly, however,
the difficulties in the way of realising the
assets of the firm, and the pressure of several heavy
demands, especially those incurred by the connection
of the house with the Union Bank, rend, red the effort
to carry on, under the arrangement of January,
utterly hopeless. Teem was nothing left, then, but
for !taboos, Debeademank, and Grindernaath Tagore
to call the creditors of the house together, and lay
their case before them. This was done, and the con-
cern has been placed under trustees, the gentlemen
appointed to that office being Messrs. It. C. Jenkins,
F. It. Hampton. and Itamanauth Trgere, a brother of
the late Dearkanauth. The trust is to hold for
three years.
Thirty-five of the principal mercantile firms in Cal-
cutta have represented to the government " the evils
which they consider inseparable from the system of
advances by the government on the hypothecation of
produce shipped to England, and the benefit that
Would attend the more simple mode of placing funds