The Express.
London, England, 1860-11-29 00:00:00

THE (MEAT IFAILURE_IN THE LEATHER

The proceedings in the Bankruptcy Court excited
great interest, yesterday being the day fixed for the
consideration of the certificate, to be awarded to
Mesas. Thomas Laurence, William Mortimone,
and F. B. Schrader, the partners in the great
leather factors' firm of St. hf ary-axe and Liverpool.
It transpired at the commencement of the
lugs that the official assignee has in band Vo°,oool.
assets of the London house, and 20,0001 of the
Liverpool house. There was a formidable array of
opposition, including representatives of several
London bankers. The cross-examination of Mr.
Thomas Laurence elicited some very remarkable
disclosures. Mr. Laurence owned that in his
account with Messrs. W. and C. Munday in 1868 he
had no security for au advance of 62,000/.,
except Messrs. Munday's renewed acceptances.
He also admitted that in his account with
Mr. W. G. Gibson, of Godalmiug, he bad no secu-
rity whatever against an advance of 164,0001., ex-
cept Mr. Gibson's renewed aocces. It will be
remembered that Mr. James Harbert Smith's tan-
yard was mortgaged to Messrs. Streatfeild and Co.
Mr. Laurence admits having known that James H.
Smith and Co. were so far insolvent from the com-
mencement, that, unless helped by him, they must
have stopped. With referense to the valuation of
16,0001. for Mr. James Herbert Smith's mine, Mr.
Laurence admits he made no inquiry about that
property, and that he knew that J. H. Smith's
share in it had been bought the year before fur
6001. In cross-examination Mr. Laurence con-
fesses that a transfer of 50,0001. made from the
account of the executors of Mr. V. H. Smith
to that of J. H. Smith, was effected in order
to make it appear to his clerks that J. H. Smith's
account had been diminished by this amount. It
further transpired that this transfer was first
placed in the cash journal by one of the inferior
clerks, without any sum being attached to it, and
that the amount was not fixed at 50,0001. until
several days afterwards. There were some further
revelations of importance with regard to Mesas.
Streatfeild'e transactions with Messrs. Ryder and
Co., of Paris. Mr. Ryder, in 1864, was a clerk
with Messrs. Streatfeild at 501. a year. He went
on a journey on account of the firm, and set up in
busiuna in Paris on his own account with a capital ,
of 1,00011 lent him by Messrs. Streatfeild on a
policy of insinence. Messrs. Streatfeild advanced
him money as he wanted it by means of their own
acceptances against his drafts, and in many in-
stances Mr. Ryder would keep half the
money is Paris and remit the other half
to London for the use of Messrs. Street-
fetid. Mr. Schrader, of Glasgow and Liver-
pool, who had been a clerk to J. H. Smith and Co.,
was accommodated by the Liverpool firm to the
extent of 14,0001., and Mr. Laurence owns that
this aeeommodation was at his (Laurence's) own
suggestion. The pnicess of bill drawing was thus :
Mt. Schrader drew on Laurence, Mortiniore, and
Co., of Liverpool, who remitted the bills to Street-
feild and Co., of London, who paid them away to
Messrs. Muoday and others, by whom they were
turned into cash. The bankrupts' examination
was finally adjourned until Wednesday next.

CILIVAL PAIACZ. ONS Suri.u2so DAT.—
WILDNISDAT Nov. 'l,9.—Autmix.ion. ae paymeuh, 539 ; ditto
Soy osison tick*, 69d ; total visitor, 1,12 Z.
Errs's HOMIOPLTIMC COiX)A. its delicious
arms, greadal semeothalea, and (grip:Watt,: power have pro-
mad It. geaeral aloptlon u a lime/Mut beverage. ilb.,
Ph.. and packets, at 1.. pity lb , bp the principal grocers
"Jams Eg9a., litoansop-thic Cliutelst, Loni:on.'
vlseisesissisi