The Express.
London, England, 1858-03-05 00:00:00

LAW INTELLIGENCE

THIS DAY.

COURT OF BANKRUPTCY.
(Beton Mr. Commisidoner Holroyd )
THI ROYAL Parnell BAIII.-PABSTNO THE LAST

This was the adjourned examination meeting under this
bankruptcy. The eve directors recently convicted at the
Guildhall were brought 'bp in custodx Mr Wsipleron err
aka in attendance. Cameron, a beta
t CIA d • the Parties
directed toup prepare the balance-sheet this case, was not
brought .
Mr. Llnhlater appeared for the serigneee; Mr. Fathead
ice Mr. Stapleton; Mr. Venning for Mr. M'Leod; 16,
Moojen for Alderman Kennedy; and Mr. Mason for the
three new directors, Mr. What, Mr. Butt, and Mr. Hunt.
Mr. Linklater—'t is the day appointed by adjoin.
mat for the paring iof the last examination of the
directors, if your limo* shall think that the
cease to adopt. On the load of the assignee, I can saPywC
they do not consider that there is any necessity fora farther
edjournment ; and they are Indeed only too glad to find that
they have arrived at a etas, as they may teem it, in 11i9
affairs of the Royal British Bank, as the last examine.
Lion of the directors will be the conclusion of the
proceedings under the bankruptcy, with the exception of the
dividend. In pawing the teat examination of the director,
the =sigmas feel that they cannot pas by the balance.
sheets as they stand, without some comment upon them and
upon the trading of the Royal British Bank. This
is a case in which the &reams do not ease
up for any certificate ; therefore It would be incorrect on the
part of the aasignesa to let these balance-sheets pan ie
'them Three b.Lnoe.shsete have been filed—one by Mews.
Bedell% M'Leod, Kennedy, andiVellent, who were dime=
for a very considerable period. Another was filed by Mem%
Gillett, Butt, and Hunt, the three directors who came most
recently into office; and a third balance-sleet was tiled by
Mr. Stapleton. The balance-sheet filed by Messrs. Gillett,
Butt, and Hurst, vez7neerly represents the true stain of
slain, of the bank d the period over which that balance-
sheet
extends • and though the belence.sheet of the
other four director. represents a much more favourable state
of things than the assignees believe to have been within
their own knowledge at the time the bank stepped, and for
some time previous y, xxet it does not seem to require more
observation from the assignees than an expression of dales,
on their part from the statements made by the directors,
with reference to many of the debts which ars represented se
doubtful, but which it would appear from the books
of the bank,:weee known to be bad and desperate at that time.
With reference to Mr. Stapleton's balanoseheet I wish to say
as little as possible; but we find that he reps.
seats the greater portion of the debts owing to the
estate to have become doubtful or bad, since the fauna the
bank ,• for that is the interpretation which the Lamp
would bear. As we propose to pass the hat examination
of Mr. Stapleton, it is unnecessary to do more than express
the dissent of the assignees, from the statement
which appears In his balance-sheet ; because we find that
many of the debts which are stated now to have turned
out doubtful and bad were really known by him to be so
some time beibre the bank failed. With refers=
to 6,0001. or 7,0001. of these debts, it is
mani-
fest, from his owe =awaiting, in the past-dne
bill-book, that those debts were known to be either bed or
doubtful some menthe before Royal British Bak
failed. 'With reference to a lap proportion of others,
which are stated in the 14=a-sheet to hays
turned out bad since the bank failed, there are
numerou entries showing that, to the extent of many
thousands of pounds, they were known to be doubtful sad
bad very long before the beak Mad. My only reason for
making these remarks is to prevent creditors and others
from hung misled by seeing certain debts entered
in the balsas* sheet as doubtful which ought to be
represented as deviate and bad and to prevent its being
supposed that the assignees might have recovered larger sums
than haw been realised. It is for the purpose of guarding
against say 1111011 erroneous impressions that the
assigner desire me to call your Honour's atten-
tion to these Lets. With reference to the :en-
ding itself, the official assignee hr, with very great
diligence and ooneldenble labour, prepared a stews=
showing the malt of the trading of the beak from the otan-
meacement to the end, from which /statement it would appear
that at no period of the existence of the bank was thee a
single shilling of profit made capable of division among the
shareholders. Tenbertaina of the statement is as follows:
?Mit Low. Dividend. Bad dents.
Taw ease cast ft • 0 Le. d. L e. t a d.
°se-. Inc 4.14, ti UN 0 Lei I
11431 7•14,41
Jane, tea .... AU It • 1,260 0 0.441 11 0
Do 31“ .. 2,923 11 U 1,240 6,566 11 10
Do. ler, 1340.
0 250 4,331 111
Do. 314 Dee. IC 19 1.
8,104 11 4 1.500 0 UM 1 4
1X00414.115be.1443 531 13 4 1,640 0 non 14 U
Do. Slot Dee.. 4,001 le 6 1,600 • 1,311 11 5
D0.3111./w.1414
De. 1144 Des... 232 15 t 11,66°60 0 2°413.1r1 011
Do.nuthleee.ll46 1.343 14 3,000 0 SAM I
Do 344 Dee, 7866
D_ Widnes,
.11111 SAES 13 11 4,V4 13 4,451'11 le
KU Juee
414444144471 6.461 6 4 LOW 0 cm I

..atiani. 7...7" I 010 0 0
Do Yee 08111161
IdeSeleno3l i 1• 13 0

F. 024 U I

luta 4 f 24.8.80 16 8 7.3 524 17 M.C7I If
welch Works 96:13
EMUS •
at tot. =Mal
' The amount paid in dividends from 1860 down to 1866
was 23,6241., and all this upon the saanniption that., as
amount of 22,3661.—which was placed to the debit of an so-
count called "the adjusting interest account "—was profit;
whereas, in truth, it wee not profit, and which, therefore, in-
creased their losses from 20,0001. to something like
42,0001. Having regard to the circumstances of this teak-
roptcy, and the peculiarity of the can, the assignees have
felt it their duty to eel! your honour's attention to them;
because, although events have rather anticipated the
natural course of things, still it will be the duty of the
Court, ender the set of parliament, to transmit the preced-
ings under this bankruptcy to the board of trade, though the
necessity of their being is transmitted, bee, by the moist
proceeding", been rendered comparativel turnecessagtfilm
the Act of Parliament has •to be complied with, aleo n:the
report which your Hawn hoe to make It will brow ps•
terial that these facts should be shown. With that ',-
planation the sadisms do not dente to prolong this can by
resisting the pimento( the lest examination of the directors,
nor do they desire, having regard to the present Fenvies el
the other Informations not yet tried, to enforce any alumna,
by Mr. Stapleton or the other directors of the balanneheele
which they have thought fit to file. The balance-then
will therefore be signed and paned in the ordinary mares;
and upon those the directors will pass their last manna-
Mr. Preahield said that It had been the desire of Wt.
Stapleton to render the most perfect balance sheet which be
could consistently with the position he had held in this In-
fortunate bank. He (Mr. Freakfield) had not the Mum! of
appearing before the Court when the balance sheet ti
directed to be prepared, or he should have rankled
that Mr. Stapleton, from the recent period at which be jcised
the bank,' should not have been called on for sn wont.
The order having been made, Mr. Coleman had bees in-
structed to prepare the belance sheet; and they now headier
the first time that some items had crept into the list of debts
which had been described as bad under Mr. Stapletoa's Maid-
writing some time before; any correction of that kind be
would be glad to make.
The directors then parsed their last examination.
Mr. Linklater stated that at the dividend meeting on the
19th a dividend of 2e. in the pound would be deciantir
making 10a.; and that a further dividend of Bs. was re-
ported to be paid from the funds received from shareholders.
Mr. Junes Wyld, M. P., one of the earigneee, expend
their thanks to the court and the professional gt minim
'moused, especially Mr. John Linklater, their tolidtor,
for the able and satisfactory way in which this
business had been brought to a conclusion.
Mr. Linklater briefly acknowledged the compliment.
The Commissioner expressed his attire concurrence in what
had been said with reference to Mr. Unklater.

THE POLICE COURTS.

THIS PAY.

,Oi.