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

I.lOl'OllllD APPOIINTNINT 07 •

This was the dey app3ioted for the heariog of • patitioa
presented by Mr. Lawracce, on behalf of certain share-
holders and creditors, praying the court to make en order
upon the aricsois (ander the 20th mection of the sat 7 It 8
Vlct., cap. Ill), chreetieff them to •pply to the Court of
Chancery for the appointment of • receiver.
Mr. Lawrence appeared on behalf of the petitieners ; Mr.
Linklater for the aseigoese ; Mr. Traver' for the oMcial,
mtnager; Mr. Reed, Mr. Venniog, Mr. Paddison, and
other professional men, for the directors and ctiter shate•
bolder,: _ _ _ .

Mr Lowrance said he appeared is support of the peti-
tion of Richard Chutes Newbury and others, who claimed
to be creditors who Lad proved their debts ender the
bankruptcy. The prayer of the petition was that his
Honour would direct the assignees to take the tie
seamy step for obtaioing the appointment of
a receiver. No affidavit had teen filed in 'spoilt of the
petition, because the facts were not disputed ; they ware
feels unfortunately too well known to all; and probably
the only fact which it would be necessary to prove was, that
there woe an insofficiecey of joint assets for the payment of
the debts of the bask. The application was not made in any
astagosistio spirit to the wigwam, still less to lir. Link•
later who represented them, but fir the purpose of obtain-
lag for the creditors and shareholders that protection which
they could only obtain by the interference of that court.
That the court had power, under the 2fth section of the
7th end Bth Viet., cap. 111, to direct the assignees to present
• petition was Our beyond all question; and the time must
some when such • petition to the ordinary course of thiaga
must be presented. He would not conceal that the share-
holders were more interested in this proceeding than the ere-
'More, though undoubtedly the creditors were interested in
seeing that the assets ultimately divisible and derivable from
the shareholder were not anticipated by the adverse proceed-
ings of individual creditor+, who, la violation of the first
priaciple of the bankrupt law—namely, equal distribution—
were eoforelag their legal remedies ageless individual con-
tributories. The shareholders, though willing and aszloaa
to pay their costribatioss towards the general deficiency,
were usable or unwilling to pay piecemeal, so to speak, to
individual creditor". The simple question, therefore, was,
whether the time had arrived for making this order. The
question as to its effect on the administration of the
estate was hardly one for that eosin. The court might,
under the terms of the 20th 'adios, make an order of
this kiwi, en metro motO, without say application from
the misuses or the creditor,. The amigaeee were
simply to carry out the orders of the spurt, in
their capacity of trustees for the creditors. If the
the proper time for this application had set arrived,
when would it be I Werethey to wait till the last guinea
hod bees recovered from doubtful or desperate debtors, or
till every gustiest affecting the rights of the sew or old
shareholders was determined 1 Mesawhile shareholder'
were paralysed, and reduced is a moment from a state of
comparative 'Munn to absolute insolvency. Those who
were traders were claiming the protection of that court;
their estates suffered ibis depreciation inseparable from a
forced realisatioe,—thus throwing • greater bardea spout
gaol-solvent sharsholders. There were others not liable to
the bankrupt laws, many of them persons of independent
property ; and what was to prevent their leaving the country
with the praiseds of their property in hard eash or Ex-
chequer Bills, and setting at defiance the official manager,
or whoever else might be authorised to make calls, thereby
diminishing the chance of payment to the creditor,. Within
the last few weeks he bad witaessed the most heart-rending
emcee In counsels. with this wretched company that It ever
was the let of • professional mas to see ; and hireslled upon
the court to put la notion at the earliest possible moment
ell thossokinery in its power to secure to the creditors
20s. is the pound on their debt*. Why should the mediton
be delayed till the last guise. bad been writs' frost the
last Indebted customer, or the last 6e. Bd. tined in the
solicitors' bills ?

Mr. Liaklates4-1 think you might have left that out.
Mr. Laerrener disclaimed any disrespect towards his
Mud. He wee sue he would conduct the affair, of this
hank is a way the moot adventageou to the creditors aed
the shareholders. His observation merely bad reference to
the &wisest that the time bad not arrived for making this
order. WMtber the receiver was to be the official assigns*
or this ellefal manager wu a matter of perfect indifference
to the alsarelsolders geeerally; both were gentian's of
greet ability and integrity, and would, no doubt, discharge'
the duty preperly. Bat that was a question entirely tor!
the Court of Chancery. There was no fear that sash en
anointment would, after the judgment give, by the Lord.
Jackie., transfer this administration of the estate to the
Court el Chesney. The court was not bond to lock—la
feet, had ao right to look—to the practical erect of the sp-
polemist of. receiver.
The Coaanissioaer—You ask for it on the ground of a

prreticaarnti-
Mr. Lawrence geld that was certainly so as regarded the
speedy collection of the asset,. He was prepared to sho w
that actions to a lugs amount bad bees brought again% the
c facial manager and against individual shareholders ; j ads- I
manta had been recovered; and the effect of this mast ne-
cessarily be to diminish the funds for the payment of the
creditors. The appointment of a receiver was a means to
an end—the final payment of the creditors. There was
nothieg in lb* act te show that the legislature intended this
stsp tole the last step taken in a case like the present. For
the sine of affording protection to the shareholders it could
not be done too nos. Mr. Linklater was most anxious to
do this himself, but he was controlled by those under wham
be was acting. TIM* was no wish on t►e part of the peti-
tionen to remove the administration from bankruptcy ; but

'ay delay la sesediog to this oppliestioa mum. bavi the
slut of dimlaithing the mesas of payiag the creditor.
The Commiasimer—lt sppean to me that it is quits lot.
sidle& to dispose of this question wittiest having refuses,
memo of the peerviness is the set of p 5 lamest medogm
preseiy foe emulates. joist stock gompsalsoe also tie jot"
visions Unto set for regulating joke% MIA books fst awes
provision@ Mu vu, materially on what soviet be Moak*
of suck ea order es is sow sought. It 'awns to mot=
Bibleaiet to seaside" whet would be the Abet of the
whoa the punks espresly declares that it is gremsdal
spin that effect. Mr. Lammas* says he weeks priamily
for the Moan sif Me grediton, but thieve' tie medium of
giving rotation to the shareholders, awl reseastag =
reams from them. Therefore It is material M
whether it would have that street. The 10th swam of the
mit 7 & 8 Viet., asp. 111, le really the ground of Me pric
sent applimaise. It provide*, "That me mesetioa
shell ism spirt a sharnielder after the appoint-
meet of a teatime ia member heniaaftin mistimed.
incept by leave of the Comet of Cheseery."
Theo .ems o usher wee, the one regulating joist
Meek esmipaaies, shish has previsions as to the rude sod
some" is ,blsk meatless ere to be lamed by persows who
Magi judgments against tha sompeay ; sad says that
miesatlom map be issued by leave eft the mart la which*"
judgment. mdse, eig degree may have bees *Wised. as
the; Usblelsed is a oommoa law mart, it would be by the
order of CM Judge of thin 'dart • if la • Goan of equity, by
leave oldest mart of equity. The Int sot says that, a
receiver having bees appointed, the execution saanot hese
without leave of the wart. The wend act eels that it
shall Issue, without. creditor having exhausted hie reuse-
dies, by order of the fudge of the court fa whisk the Judg
Duet or decree has bets obtained. It is • very material
question, therefore, whether those two provisions are not
repugnant, sr whether the lint mast not have the effect of
virtually repealing the former.
Mr. Lawnaes said the Lords Justice@ bad adverted to
this polot—Lord Junes Turner particularly—sad geld that
it would be the meet dueness doctrine in the world to
hold that a statute might be repealed by impileatioa.
The Commissioner—l merely dn. your attention to it for
this purpose. that the shareholders may not be deceived by
the delseive hope that this proceeding will aeowearily pre-
vest execution from issuing. We mad that they as be
tuned by lee,. of the cosmos law Goons, or evea
might apply to the Court of Chemistry for the purpose.
Mr. Lewrasee—That is a risk which we have aot shut
eyes to, and which we are prepared to erieounter. It would
be met beaelicial to the creditors that the delay of a week
even should not be interposed in the present position of
affairs. I say it advisedly, not only as aa edema's, but
from having been brought is mutest during the last two ore
three weeks with mos of high mercantile position, that
every hour's delay is destructive alike to creditors and share-
holders—to shareholders in the first instate*, and to creditors
relatively. Do oat craven your debtor into. refuges—a
wealthy refugee, perhaps, compared with hie position as a
shareholder. I have held oat no such hope as that this
would be a couplets protection ; bat 11 the court dingle
this petition to be presented, and if a receiver is insisted
by the coon above, so Judge at common law would wielke
that appoiatiment, bat would remit the spplication do
Court of Chancery for leave.
Teel Commissioner—l must draw your attention OAS
provisions of the Wiadiagesp AM, which contemn • lila*
fuller, mote ample, and more beneficial proesslits. fir
regard, the creditors, sad which may be put in formes the
prayer of the amigos*, • winding ap order having already
been obtained, and an official manager appointed, who is
reality has greater powers than a receiver would have. •
winding-up order having been granted, all the assignees
would have to ask would be that that order should be put in
orratios.
Mr. Lawramee—That order knot suspended.
The Commissioner—lt is practically so ;itis la abor
Dn.

Mr. Leirrense—They are making calls under it.
The Conuoirsioaer—lf so, that looms rather ty strengthen
my sweetest. What do you want with a receiver
Mr. Lowrance—Simply because the act provides that a
receiver may be appointed ; aod I have stated the moons
The Coonimloser—The oily reason is to proteet the
shareholders; and 1 ant afraid it will sot have that effect. I
fear that Is a delusive hope.
Mr. Lawrance—We will take lhe discussion on that else-
where. I don't ask your Hoaoar's decision on that point.
Ths Comusiwioaer—fiat you a•k me to do something
which is to affect the efedit,rs. Is expounding the pro-
visions of any act relating to bankrupts, I an booed 10 ex-
pound them beneficially (4 creditors; and I maw we, in
the e .nstruct•on shut I put won tee act, • probability, at
slleven,s. of hem fit to the creditors.

. -
Dlr Lewrssee—!t is all-aesportast that the creditors smell
shareholders ab-uld &Retrain their relative positions. If
Tour Iloomar catenates cossilerable doubt, I hope you
will st ones chemise the ;maims, so that we say take the
opinion of the Lords Justus's before they rue.

THE EXPRESS, TUESDAY EVENING, DECEMBER 23, 18b6.

before they had had Use to tart thenuelyee fluid, the/
were 'WA to de something which might or might not be
advisable. At present, at. all events, it was premature to
call spat the aseigues to do this. It was asked when was
the proper time ? That was matter for consideration. It
did mot at all follow that the proceedings would have to be
suspended for three or four years before the court would say
that the 'mimes might go to the Court of Chancery ; but aa
long u the proceedings could be carried on there awfully
and for the benefit of the creditors, the smart ought not to
direct the assignees to go elsewhere. Under all the sir-
culastances the court was bound to may that the applicatioo
was premature, and °sold not emu to the eestelneioa that
granting it at the promo time would be for the benefit of
the creditor,. Aad he very much feared that If it were
granted, it would be bolding out a delusive hope to the
shareholders,
Mr. Lawrasee--Then your Honour dismisses the petition ? ,
The Commissioner—l mast, under those cirmunstanoss, '
order that the pelitloa be dismissed.

SKI DIVIDIIND.
Mr. Linklater—To-morrow is the sitting appointed for
the dividend, and we hops that there will be nothing to
prevent the usignen front dividing the whole of the fend
which is to be headed over by the official mansger to the
official assigns*. I believe the VW*Chmacellor has pro-
mised to sign • cheque for 100,0001.
Mr. De Mate—He bas done so.

Mr. Linklater—Therefore the official assignee will now be
in possession of that sum ; and we propose to divide the
whole of the amount amongst the creditors, including those
who shall prove their debt' to-marrow. It is most desirable
that the money should ha divided as soon as possible, and
else that the rights of the creditors may be free from all
complicated questions. My friend Mr. Field represents
several shareholder, who dispute their liability, and claim
to be creditors; but he consents to the assignees dividing all
the funds at present in band, without retaining anything
for his clients; and duty propose to do so without reserving
a single shilling. He is willing to sign that 'loosen; subject
to your Honour appointing a day when we may go into
evidence as to those claims.

itWiioafmrappoti;t:4 the tith of January for this purpose.
Mr. Reed, on behalf of of the directon, renewed
his application for protection. The =obtain were quite
willing that %boy should have all tho pratfall= which the
court weld give.
Mr. Unklater =warred.
His Honour, attar referring to the several acts, said he
could not do more than the statute did.
Mr. Liaklater—Yoe Honour will perhaps not object to
endone protection on tin rannaowes of the directors for
whit It is worth.

- --- -- -- ---
Hie Honour coseentod, and this terminated tho pro.
mediae*.
The dividend le ezpottod to he 4i. In the pound.

INSOLVENT DEBTORS

1/11 11l ESNIT P4lllll.

Tills feminist, a tailor, at 234, Strand, near Temple-bar,
was opposed by Mr. Dowse, for Thomas Foulkes, a bill
discounter; Mr. Reed opposed for Mr. Matthews, a woollen
draper ; Mr. 8a good supported.
la November. lam year, the insolvent obtained his M.
Citrate in baakreptery, and was arrested in October last.
The debts ea the schedule were 3,0711., of which sum 1,3291.
were without coacideratiou. The debts more than ones
entered wort 9241., Wavle, the actual debts about 6001. He
had 20111. owing to him, and had offend 3s. In the poand as
a compoillea.
oangloiat was that he had obtained goods from
Mr. MagMowo as NIL, for which he owed him, on a state-
MSS hie traveller, Mr. Jones, that he was a" free matt,"
Meow, is het, he had mewed debts to Mr. Foulkes, Mr.
stray sad ethers, to about 9001.
Mr. Snood ooatended that Mr. Matthews was not da-
maged by the renewals, as ander the 204th secn of the
Bookrapt Cosoolidatio• Let ill snob liabilitiot mtactually
void.

The Chief Cosaraissionar asked whether they would be
void in the hands of lanocent holden?
Mr. Striped replied that they won void as to all person.
Th. Chief Contaiesioaer wee of opinion that, under aU
the oironnutaaaes, the insolent had no reasonable expecta-
tions of paying Mr. Matthews. His Honour, after expressing
his opinion, gave ajodynsoat of four morals at the snit of
the erediton generally, and eight months at tido snit of Mr.
Matthews.

The jnigments are eonearmat from the meting order on
the let November.

ASSIZE INTELLIGENCE.

HOME CIRCUIT.—Lzwas, Dec. 22.

T. baslows for the coanty of thiseez coonasoed to-day.
There are 2$ prisoners for trial, owe of whoa is charged with
ntardar.

George Broedbridgeand William Boas 11, two young lads,
who wets stated to be 14 years of age, but who certainly
looked muck younger, surrendered to take their trial upon
an indictment which charged them with feloniouly setting
fire to • quantity of hose, the property of Anne Counters of
Newburgh.
Mr. Wyatt conducted the prosecution.
It appeared from the evidence of a man named Roby,
that on the morning of the 26th of October. he was proceed-
ing across Standen-common, when kis attention was attracted
by seeing smoke on the common, and on going to the spot, he
sow the two prisoners in the act of setting light to the fume.
fie ordered them to pat it out, and they did so, and he then
took them into custody. A very small portion of the funs,
It sp d, wu destroyed, bat there were some valuable
woods sod preserves dole by, sad the oonsequeaces of the
act committed by the pristmen might have been very
serious.

fiteprisonere admitted they set fin to the fans, but mid
they had no batman to do say mieshief, sad were not
aware they were doing wing.
Bane Bramwell told the jury that before they could
omelet the prisoners under the went iodinates' they
mut be satisfied that they ham they were doing wrong,
aid that they had a malivis Murata& at the time the sot
wee esismitSed; aid if these fame were sot made out to
ask sallshilia, the priemen were entitled to be acquitted.
nobly mimed a verdict of Net Chatty.
The Maned Judge told the prisoners to take ears and
not email sad an set agile, for now they were aware that
it was au illegal proseediag, aid if they did seek a thing
again they would be tinnily punished.
Juges Broker, 22, described sea miler, was ladietod for
felosiously damaging a threshing mashies, the property of
Richard Chase, with Meat to destroy it sad to render it
spelt a.

Mr. Johnson presented ; Mr. Oen, ins soustai for the
prisoner.
RaTatearsenin of latilointal mu a Mot mimed
who eamtploo • its al /oath lesetead. near Chi-
shooter, sad, M eppowted that on the UM Nevember sn
nem, be loststarr te • penes named Chase, whin was let'
eat to Me imam in the asighboorltood, was employed in
working a theilug merithea span die fake, and the ma-
Johnny was delailiei nit Ma meal boar at night and the
engine left podenly soda fla the Mewing morning it was
hemmed net $ amber et nuts bail been removed from
don mime, ands. ken red had else beim boat so se to pro-
moat the engine hem working. It wee shown, os the part
of
ties precasstion, that a maa named Grinder bad been
Maths/gel by the protester (Mr. !leaden) a the 20th '
November, sad this MIS and lb* primer were ems tole•
thew at a beer•hop Galled the Bohn Heed on the sight the
mischief was effected, end they left together' sad a letter
that was proved to have boa Mai to the prlsoner' who It
appeared, wasa private in the Seems militia, by his adjs.
test, was pick* ; up soar the place where the eagles stood
en the night it ones damaged.
Mr. Creamy contended upon them facts that the indict-
ment could not be supported, inasmuch as the evidence
went to show that the thing which had been injered was not
• threshes, machine' bat a edam engine that was entirely
ladependost of it. Be also submitted that the evades*"
quite as muck west to show that the object of the person,
whoever he wee, that had acted is the way described, was to
commit a hinny aa4 to steal loan portion of the metal of
the these, as that he intended to commit the sot shagged
in the indietswet.
Mr. Mame Bramwell, after bearing Mr. Johnson span the
point, said it appeared to him that the engine could not be
coosidered as a portion of the threshing machine, and he
therefor* directed the jury to return a verdict of Nod