The Express.
London, England, 1858-06-25 00:00:00

Ratu Intelligente.

EQUITY COURTS.—Japis 24.
(Before the Koster of the Boa.)

OILZAT I.IIXIMIOURD RAILWAY COXPANT O. ItiONAT.
This the a bill died by the company to obtain an amount
end repayment of 6.000 mitered, paid up to Si., which had
been handed to Sir W. Magnify when he wee Miamian of
the company, under the following circumstances —The con-
cession for the Greet Luxembourg Railway was originally
groaned in 1848 to Sir W. Maguey and others, on the con-
dition of a deposit of 200,0001. as caution money, to be repaid
r the works advanced. There wee another concession for
an extension line, called the Brussels line, granted to a Mr.
Marshall, which the Luxembourg Company ultimately
agreed to buy for 10,0001. In the year 1853 Sir W. Maguey
(who wan thus, and had from the commencement been,
chairman end president of the Great Luxembourg
Company), together with Marshall and two others,who after-
s abandoned their interest, procured another concession
of a line called the Grand Junction line, the condition im-
posed by the Belgian government being that a deposit of
90,0001. caution money should be made in respect of it. In
July, 1863, Sir W. lley and his board of directors made
a report to the sharehore recommending the purchase of
the Grand Junction concession, end on the 18th of Novem-
ber, 1869, a minute was tamed which, as originally written, '
was to the following tau :—The President announces his
intention of leaving for Brawls and Paris to-morrow, and
it is agreed that in order to enable him to lodge the needful
caution money and to take other measures required for the
inquisition of the Grand Junction line, 6,000 guaranteed
dotes of the company Mall be written up to 61. paid and
delivered to him. The word ,t lodge" war by a correction
Changed into " arrange for," and words were added to M-
eanie tt ineers expenses" as well as caution money.
It appeared that at this time the Great Luxembourg works
were ea tar advanced as to entitle the company to a return
of 200001. oat of their caution money of 200,0001., and Sir
W. Maguey arranged that this sum should be transferred to
the Grand 'undies amount to provide for the meths money
required for that undertaking. After this arrangement
there wee a lug comespondethe between the company and
Sir W. Maguey, who Mired from the direction in the be-
&thee of 1856. The company olaimed an account of the
6,000 Mum. Sir William insisted on retaining them an
meow many for the Grand Junction omaderion, but ulti-
mately tared to repay the amount to the company on bev-
ies the esommaten named to him. Shortly afterwards the
compay Med their bill tor an account of the 6,000 Shama,
offering- to deal with the emomeion as the cum
should Greet. Pendhig the suit, the company
found a ppeas for the oocaseelon at the price of 26,0001.,
the isederaskleg to restore the 20,0001. caution
money to the Great Luxembourg line, and any money rem.
vend from the dehindeet to go in reduction of the purchase-
mme~. The pleintith then amended their bill by withdraw-
ing liSfr ear to deal with the concession as the court shoal
din&

The Umber of the Rolla, attar stating tke law of the cant
to be that a director could not derive any private advantage
from trenseations oonducted by him on behalf of ths can-
pay, mid that but for the age of the catimmica emus the
bill wan Bled, the plaintiffs would have beta sodded to sew
did* the transaction (whether monied as • emdenet at
agency or sale) by which air W. Maguey eialmed to
be entitled to the five thousand shares. Bat they
could not repudiate it so far as it was manna,
and adopt it 03 for se it was advantageous. If they repu-
diated it at all, it mast be os the terms of restoring the on-
cordon which they had ageism& by means of It, end the da-
me would have been far an account of the 6,00 W. and for the
re-treneler of the moored= if permitted by the Belgian
government, or otherwise kir the repayment of the salami
value whkit the compatty might haul been able to get for it.
But the company, by *WM tkeamoseelon, had fa hot, sines
the ooramencement of the suit, put it out of their power to
... . .

_
Mil the tiondido• ea Wa 011111741111wmil 40104- to
and therefore the bin wadi la dlimand but, aa the
plaintiffs would have hsdi • poi why bet he their sale od
the conoession, sad as the whole ago* mese out of •
transaction is which the defendant did met ma to be aware
how strictly the rules of the oourt fettered the conduct of a
director in dealing with his company, the bill would be &a-
mined without costs.

COURT OF BANKRUPTCY.--JaNE 24.
(Before Mr. Commksimer Emu.)
Tall CA/114 OF MUMS. CATMINT AND 00.

This was the second meeting in the ease, sod in object
was to receive the decision of the conandesioner with regard
to an eat which had been tanned between the bank-
rupts and a proportion of their creditor.
The following evidence wee produced as to the deed in
which this arrangement was embodied
Mr. W. Quilts& acoountant, of the firm of Quilter, Ball,
and Co., deposed that the number of creditors. who had
signed the deed wee 428 ; one only had security, and he had
signed in respect of the unsecured portion of hie
debt. Another was partially secured. From the list
of secured and unwound creditors, he wee able
to state that the secured creditqrs had not signed.
There were 80 creditors who held security • in all the mess
except two, the securities were estimated 'at more than the
amount of their debts. They held in the eggregais property
of about a million sterling. The public-bones jmo'pertr,
which eamprised a great portion of it, had been valued freer
time to time in the books of the firm ; and Mr. Orgill, a per-
son conversant with those matter had tested and confirmed
thalvehtation• Other portions of the property, the *lndia
estates of Mr:Felix Calvert, deceased, and Mr. Ladbroke,
were valued on the rentals they produced. The property, to
the extent of about a million, warn charged to the amount of
about 600,0001.—about one half in respect of joint and the
other of separate creditors. There had been changes in the
Arm from tints to time, but he could not give the data.
By Mr. Murray—The Clolderley estate was valued et
48,0001. ; the brewery and plant had been valued to the new !
firm, in 854, at about 280,0004
By Mr. Boxleargh—lie had access to all the books and
mars of the firm for preparing the accounts, and had re-
mind from the partners all the information they were able
to give. The 428 creditors who had signed the deed ex-
ceeded six-sevenths of the whole of the unsecured creditors,
reckoning MOM,. Glyn as =secured creditors for 20,0001.
Mr. Edmond 8. P. Calvert deposed that he was awe of the
arranging debtors parties to the deed. Creditor to the
amount of 780.0001. had signed the deed ; he did nut know
the number. The six persons who had elgeed the deed of
the first part were the present firm of Felix Calvert and Co.,
and had been so dna 1864. His brother had died in March,
1867, and witness was sole executor. He had supplied Mr.
Gunter with the materials of the amount,' which were bile.
. -

Kr. Bagley submitted that the evidence did not make out
that the requisite proportion of creditors bad signed,
.=
to the uncertainty of Mr. Quilter as to which were
I and which unsecured creditors. It had been held in sevenl
mem that that no deed of this kind under the 226th tactics
was valid, unless it provided for the distribution of the
whole of the estate of the leaden. The deed was in reality
nothing more than a letter of license authoririog the
basl-
nets to be carried on ander inepedors. The mode in which
the deed provided for the adminietration of the deceased
pertssr's estate was also objectionable, as was the serene-
meat for the payment of interest at 4 per cent. for two years,
to the whole of the creditors, whether they were entitled to it
or not. No such arrangement mold have been made in
bankruptcy. The object of the petitioners was, not to dis-
tribute Moir emits, bat to °any on their business without in-
terlinings beam the creditors. There wee no security that
the estate of say of the parMers, in the event of their de-
mem mould be distriband seder We deed.
Mr. Kamm urged that Messrs. Olyn would be placed in a
feniemingeons petties M this deed mere sanctioned by the
meet. Monism had Ma taken to tent the validity of the
statement imeikt, a te64the of the oredgen having signed.
!r
heouhbjeareted to anything being done, until it was asoetsiot d
Mews. Glyn were reared or not. There was a
aticaeyeetcy between the somata filed, which showed tut,
seemed creators of 719.0001., and the etaisment of Mr.
Qatar, which gave the amount 860,0001. The secured cre-
ditors were Mend at 765,000/. ' • bat with satsuma to
it ulla aot knows whether theyvens eseurett sr not.
Mr. 14~ said it was clear, from Mr. Clailter's evi-
dent% that the desd bad besaabgasa by note than 6-7ths fa
somber add value of the chalky, *ha allowing Mews.
Oyu be be asserted to the satteat of ,10,0001. The prowl-
eider of the &lei were ad haled by the sat beyond the
esessitet passe chst all the ably aireld be skid* and
homily tftrandell mow the ereallsts. eel wee oh
of ounalimalie megglende, levehbe tae of large
amount. Nene of the anthem were !ter gnats of
100,1001. etch ; and it might remanably
_to eisyseed thee
they bad considered the best memo of heel Es-
tate. limy height that the lest seem whit be Ms any
on the brient, mad set hese IS up et ems •
Hie Hesawt east that is Me eus, aigral• lhat a
arealter, he. Nene cease ter saw, hed ask batilellee
ot ibs's's/1%4.e Wes yeekt, phial Mei whys ee-
-1 wave* red awa the forthe NOW
to
mbar isobar M lam bra aide I.
trosieee, red *ay oh* this Wee sprinted tbeinsleh a•
that Ni le saw ea taskissb. le huh est be doe
la mg ether arreer. Udder these elmehakeer he fa it
mangy le nellese Ma es:Meat* yid& the eenseetendlinelel
to neat fa thew ame.

The Tot of this decision is that the matter will nook
emotly where it Wood before, It la mid Met sense of the
a'sid'es have emwaseid a determlaatisa to ',peak
It appalls that there are 474 creditors not holding rem-
rity, whose deltas ammust to 888,0001. ; the chime of second
andltive saw 817,0002, making a total of 1,4680001. The
=, lachiding assets of all kinds. is mat ined 1,600,0001.
474 unesennid emiiiors. 482 had slimed the deed,
theirsoe awes dug to 780,000/. The firm omelets of
Rdtmod 8. P. Calvert, Wm. Calvert, Niolsolaon Calvert'
Felix ladkeokee John Johnston, and A. W. Philip.