The Express.
London, England, 1866-05-11 00:00:00

[TWOPENCE

THE STOPPAGE OF OVEREND, GURNEY,
AND CO.
The Tenet says that as recently as the past week
or two, the managers of the above Ares Wined that AC/ •
the meeting meeting about to be held they would he able to API'
profits sufficient to cover all losses, including that treal
the fraud of Pinto, Perez, and Co., and to admit of the
declaration of is dividend. The beeetidwwn lian-bewkdr-
moult of a ruff of speculative si&lee of the Amite. The
general public repirded the company with favour, and,
although it was well known that the old firm, whose pro-
perty not many ycars Lack was reckoned by millions, had
greatly dissipated their resources by a series of imprudent
advances, it was believed that those of the partners whe
remained to manage the new concern would henceforth
conduct the businas with an especial amount of motion,
owing to their full 000116:11111117111 of the mistakes by whisk
they had suffered in the past. That they have faithfully
endeavoured *to do so is still the general 'pubes,
but every circumstance has been against them. The
frequent rectum:me of disasters affecting the ample
of the old firm constantly affected the repetation of
the new one ; the notorious Whim of Overeat', Wateens ,
awl Co., the railvray contractors, operated iajurioueljtrass •
the similarity of name ; the heavy fraud of Pinto, Perms
and Co., the general break-up of the Finance Companies!
and the hourly expectation of a European war were all
calculated to try them to the utmost. But tiers is no
reason to doubt they would have still worked through had
it not been for the persistent Wee of their
_sham on
speenistion.
The Star believes the followiag is an Ippreslteete ab•
went of the assets and liabilities of the company :

LianuArm.
Endorsemente on bills of exchange or
guarantees
Deposits secured
„ Country bankers, unsecured 1,200,000
„ General public, unsecured 2,435,080

E 21,636,000

Assns.
Bills of exchange for which only joint endorse-
ments or guarantees have been given E12,000,000
Bills of exchange in hand .
(Of these about 400,0001. are first-rate. The
remainder may be good, but are not now
realimble,consisting largely of finance bills )
Securities for deposits 6,030,000

£19,400,000
There are other &nets not included in the above list, coo,
!dating of money owing for advances made by the company,
but the amount of which, so far as they are good, has not
been ascertained. On the face of this account, however,
the deficdt is 2,Z35,000/., to be reduced, of course, by the
amount which the assets of which we have just spoken
may producer. There is, besides, the list of the whole of
the paid-up capital of the company, amounting to 1,500,0001.
The capital is divided into 100,000 shares of 501. each, of
which only 151. has been paid. Before the business was
merged into a limited company the profits of it are said to
have amounted to 250,0001. per annum ; and it was so in-
creasing that the premises are at this moment in course of
enlargement.
The Herald remarks that the secret of the company's
embarrassments has been well kept. That they wese
Largely interested in the estates of many of the recently
failed contractors' firms was well known, but that the ea-
tent of these engagements was sufficient to jeopardise the
company's existence no one knew, and hardly anyone
dreamed. The latest known source of weakness was their
holding a number of bills drawn upon, and accepted by,
certain lately constructed railway companies, which bad
accepted them by their own common seal and by their
secretary's signature. In reliance upon these documents
large sums have been advanced, not only by themselves,
but by other discount houses. Actions upon these bills
were tried at Guildhall in the sittings after Hilary Term,
I when verdicts were taken for the plaintiffs, subject to the
opinion of the court above on the legal point raised, that a
railway company could not accept bills, and that therefore
no action was maintainable upon them. The Court of Com-
mon Bless, after two days' argument, decided in favour of
the defendants, and by the decision not only the bills
which formed the subject of the action, but others to an
unknown amount, became at once mere waste paper. The
judgment, of course, proceeds on mere technical reasons.
It takes up en axiom of the common law, as to the limited
capacity to contract possessed by corporate bodies, which,
having no individual existence, can only enter into engage-
ments by deed, end for purposes authorised by the act or
instrument under which they are incorporated. These
considerations were fatal to the plaintiffs case, and, there-
-11 fore, the court felt bound to pronounce the decision which
has caused or precipitated the catastrophe.
If the history of the company is brief, that of the origi-
nal firm is long, and occupies an important place in the
I annals of British capitalists. The old house was esta-
blished about 60 years ago by Mr. Thomas Richardson and
Mr. John Overend, and was the fiat of its class. A few
years later Mr. Samuel Gurney, whose father wee a
partner in Gurney and Co.'s bank at Norwich, became a
partner in the firm, and remained actively engaged in
Ithe business for nearly 50 years. These gentlemen at
their decease were succeeded by Mr. Samuel and
Mr. Henry Edmund Gurney, and Mr. Robert Birk-
beck ; and, upon the conversion of the firm into a Limited
Liability Company, the services of thee. last two gentle-
men were retained to assist in conducting the new busi-
ness. The other directors comprise Mr. John Henry
Gurney, Mr. Henry Ford Barclay, Mr. Thomas A. Gibb,
Mr. Harry G. Gordon, and Mr. William Rennie. The
bankers were the Bank of England ; Messrs. Barclay,
Bevan, Tritton, Twells, and Co. ; and Messrs. Young
Jones, Yelling', and Roberts. Mr. John Henry Gurney.
of Norwich, was the head of the house previous to its dia.
solution ; and the amount paid for the goodwill by the
present company was 500,0001., or Si. per share.

The Weymouth and Portland steamers have
commenced running for the summer season.
THE REPRESENTATION OF KILDARE.—LOrd Otho
Fitzgerald has issued an address to the electors of Kildare,
announcing that he has accepted the office of Treasurer of
her Majesty's household, and offering himself for re-elec-
tion. Be believes the government is willing to deal fairly
towards Ireland, and he therefore has no scruples in taking
place under it.
THE ACCIDENT TO HR. W. N. HODGSON, M.P.
The accident to Mr. W. Nicholson Hodgson, the conserva-
tive M.P. for Carlisle, reported briefly yesterday, was vary
serious, and created great consternation in that city.
Mr. Hodon, it appears, was driving his own dogcart from
his residence at Newby-grange to Carlisle, on his
way back to London. On reaching the top of Stan-
wiz-bank, a steep hill at the north end of Eden-bridge,
and just without the boundary of the city, the horse
began to kick. The groom, who was seated at the back
of the dogcart, leaped down and ran forward to take hold
of the animal's head, but before be could do so the hone
ran away, galloping down the hill. Mr. Hodgson, who was
then sole occupant of the conveyance, seems to have at. •
tempted to arrest the animals progress, by running it
against the parapet of the bridge, which is immediately at
the foot of the hill. In doing so one shaft of the
was broken, and the horse swerving round, draggaenlafte
conveyance off the footway on to the road. The jolt
by the wheels leaving the keibetone, threw Mr.
Hodgemi out of his seat, and he fell heavily on his head
upon the edge of the flags. The horse galloped a hun-
dred yards further, when it was stopped
.by the over-
turning of the doge:wt. Mr. Hodgson was packed up in-
sensible, and he remained in that state above an hour,
after which ihe gradually regained consciousness, am!
was able to recognise his friends. On Wednesday night
the hen. gentleman passed a favourable night, obtaining
some refreshing sleep. He suffers great pain from the
broken ribs, which have not, however, so far as ebe
ascertained, injured the and the wounds on the
had are of a most serious character. The hon. gentle-
man's condition is still such as Meanie great anxiety.
DREADFUL FIRE AND LOSS OF LIFE AT SWAN-
Sta.—lntelligence wee received here yesterday, that a
most disastrous fire had occurred at the drapery establish-
ment of Mr. John's, Temple-street, Swansea. Wean unable
to give particulars, but we may state with a tolenible ftrm
of certainty that the fire was discovered in the middle of the
night, that the fire-escape was brought to the scene, and the
servant girl was rescued ; but the fire-escape then caught fire
and was rendered useless. The proprietor of the estab- •
lishment, together with his wife and child, perished in the •
flames, and Ave others, supposed to be assistants, whether
male or female unknown, shared the same fate. The
origin of the conflagration as shrouded in mystery. The
destruction of property, irrespective of the loss- of life was,
of course, enormous. The shop was one of the largest,
and was situate, we need hardly say, in the beat pert of
the town.—Carmarthen Journal.

I,

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