The Express.
London, England, 1860-07-10 00:00:00

BANKING COMPANY.

Mr. Gifted and submitted to the
court for its approval a proposal of compromise on the part
of the contributories to the hank, and which was ap-
proved of by the official liquidators and • majority
of the creditors. The proposal was as follows
"To the official liquidators of the Northumberland and
Durham District flanking Company.—On behalf of the
shareholders and representatives of the shareholders men-
tioned in the act herein referred to, we beg to offer you a
sum of 157,2501. for the release of inch shareholders and
their estates from all prevent and future calls, and all
liabilities, as contributories in the said banking company,
and for purcluaing that portion of the Elswich estate which
lies northof the Sootswood-road, the building ground atSouth
Shields is called the Clay estate. In respect of the said re-
lease, the persons on the list agree to pay 85,2501., pert of
the said 157,1500., in manner following, namely 15,01101. in
three calendar months from the confirmation by the court
and the acceptance of this offer, and 15,0001. at the end of
six months.' The proposal then provided for the made of
paying the total amount by instalments, and fixed the price
of the Elswich estate at 5,11001., and of the Clay estate at
7,000 C
Mr. Belly and Mr. Martin appeared for creditors in sup-
port of the compromise.
Mr. Taller and Mr. Dickinson appeared for the thi-five
shareholders; Mr. Cotton, for the Bank of England ere-
diton • Mr. Swanstou, for Messrs. Glyn and Co. and other
creditors ; Mr. Wickens, for Sir M. S. Ridley and other
creditors ; and all supported the compromise. Mr. Glasse
and Mr. Southgate appeared for a portion of the creditors in
opposition.
The Vies-Chancellor said be had come to a conclusion
which rendered it unnecessary for hint to hear the response.
He bed an impression that it would be for the benefit of
all the creditors, not only those who were supporting but
those who were opposing this application, that what was
proposed should b• nomPted, and therefore he could not
help regretting that he was obliged to come to the conclusion
to which be had arrived. He had arrived at that impres-
sion from the confidence he felt that the Official liquida-
tors had come to a right MI reasonable conclusion
considering that they were gentlemen whose judg-
ment, meat, integrity, and impartiality were beyond all question.
His impression was strengthened by the fact that • large body
of creditors concurred in the view taken by the liquidators.
A large proportion of the creditors supported the proposi-
tion, but certain other creditors objected to it ; and the
ground of their objection was this—they said they did nut
know but what they might come to the same conclusion as
the other shareholders and the official liquidator had come
to if they had the means of arriving at • judgment, but they
had Dot, and that the court had not • means of forming a
judgment, and they objected to the court coining to a con-
clusion when it had not the means Of arriving at a proper
conclusion. He thought that was an objectiou which it
was impossible for him to get over in the view that he took
of the construction and effect of the act of parliament, be-
cause, after all, the whole question turned on the construc-
tion of the 19th section of the act of 1858. This was
a proposal made by thirty-five gentlemen, whom he might
consider as the only remaining shareholders who were
able to pay. He assumed that most if not all these persons
were engaged iu manufacturing or trading occupations in, or
in the neighbourhood of, Newcastle, and of course not only
their means of subsistence, but of paying any debt that
they owed, depended not simply on what property they
might happen to poetess at this moment, but on their being
able to carry on their business. No doubt a creditor had •
right to say that he would not accept of any nompromiso
from his debtor, but that he would make hint pay at once,
and that he did not care if it ruined hint ; and he (the Vice-
Chancellor) had no right to force a creditor to take any other
course, though he might beef opinion that that other course
might be for the creditor's interest. These 35 shareholders
had discussed the matter inter se. They had not disclosed
their circumstances to the world, but they had come to
the conclusion that amongst themselves they could raise a
certain sum, and that they could not pay it at once, nor
from their own resources, but with the assistance of their
friends they could raise this amount,, but that the disclosure
of their circumstances to the world at large would be inju-
rious to them. It was impossible to deny that they took a
very wise view. They said they had no objection to the
liquidators being made acquainted with their circumstances,
as they could confide in them, and the official liquidators,
judging from the inquiry they had made of these share-
holders themselves and indirectly of their neighbours and
others, were of opinion that they had offered in the we-
pt, as much as ooukl possibly be got out of them, and that
It would be extremely beneficial to the creditors to accept
the proposal. In ordinary cease which had come before him
be bad required an affidavit of the parties where there was
no sort of opposition. But this wee a case of a peculiar
character. It was not • proposal to compromise with A, he
paying so much, or with B, he paying so
much, but it was a proposal to compromise with
thirty-five shareholders in the aggregate. By the set of
1856 power was given in the 90th section to the official li-
quidators, with the sanction of the court, to do carbon
things, and among the rest to refer disputes to arbitration.
Then there came the act of 1857, and the 16th section of
that act gave the power to compromise debts and claims,
but there was • proviso that no such compromise should be
made except with the sanction of the court, and aftorgiving
notice to the creditors, and except with the sanction of a
special resoluttou of the creditors. It appealed to hint
.that
the effect of that was that the court might proceed (pving
notice to such of the creditors as the court might direct,
but it was not imperative on the court to require
notice to creditors. He had, however, always
required notice to be given to creditors or classes
of creditors. He now came to the 19th section

of the act of 1858, on which after all this question
depended. It first repealed the 16th section of the act of
1836, and it went on to enact that the official liquidators
should have power to enter into compromises or calm or
claims with the shareholders. Then came the proviso that
where an order baa been made by the court for winding up
a company compulsorily, which was the cam with regani
to the. company, no such compromise should be nude
except to aooordance with the direction of the court as ex-
pressed gererally in any order made by the court, or as
given in each particular case, and after giving such
notice to creditors or any portion of them as
tit* court should direct. It came then to this,
whether he being piled upon to give • direction in a
particular case—if this could he milled articular Lase
which was an aggregate of 36 cases—could give such a
direction without being able to form in his own mind au
independent conclusion as to whether it was right and
proper that he should do so. He had not the smallest
doubt that the official liquidators had arrived at a correct
conclusion, and one which would be most beinificial to the
creditors. It was suggested that a sealed paper should be
shown to him stating the circumstances of each individual
shareholder, bat he declined to have matters communicated
secretly to him. He had nothing but the opinion of the
official liquidators to guide him, and he did not consider
that sufficient for him to arrive at a judicial decision, and
therefore he was under the necessity of saying that he could
not approve of thin compromise.
Mr. GISMO sail—Thee he presumed that his Honour
would direct that a call should be made.
His Honour said that would follow as a matter of course.
Mr. lakuule then applied for costs ; and, after some tbs.
cussion on this point,

Hia Honour aid he would give the coats of an ordinary
summon., but not the coats as to the compromise, which was
a different thing.

COURT OF COMMON PLEAS.-JuLv 9.

The late Mr. Jervis, associate of this court, whose sudden
death we have already mentioned in our columns, was ap•
pointed associate to this court on his father, the late I,rd
Chief Justice, being raised to the bench. Previous to his
appointment the office became vacant on the death or
removal of the Lord Chief Justice, but under a recent
statute Mr. Jervis and the associates of the other courts
were appointed for life. The present Lord Chief Justice
will have the privilege of filling the office so lamentably
rendered vacant.

(Sittings •t Nisi Prius in London.)

. -
Two courts sat to-clay. The first court was occupied all
day with a part heard cane in which the validity of the sale
by • clerk of his master's whole stock in trade waa raised.
The trial was not concluded, and we therefore postpone
our report.
In the second court the cases tried were of no public
interest.

EXCHEQUER CHAMBER.—Jtax 9.
Sittings in Error.— (Before Mr. Justine Wightnan.)

BANTON AND °MEM r. ILLIAGE AND OTHERS.

The question in this case was whether the defendants,
being directors of an association carrying on mining opera-
tions within the Brazils, were bound in Great Britain to
fulfil a contract which they had entered into with the
plaintiffs to sell them a number of slaves, amounting in
value to 32,0001., such slaves being employed in the Brazils.
The plaintiffs paid 1,000/. deposit on the transaction, but
the defendants now pleaded that the contract was illegal
and void. The case came before the Court of Common
Pleas, on demurrer, when judgment was given for the
defendants. Against that decision the plaintiffs brought
error, and the case was argued some time since.
Mr. Justice Wightman now came into court and delivered
judgment, and said that the judges of the Court of Error
were divided in opinion. The Lord Chief Baron and him-
self were of opinion that the judgment of the Court of Com-
mon Pleas ought to be affirmed, but the majority of the
judges thought that as the transaction took place in a
foreign country, where the selling of slaves was legal, the
contract ought to be held good, and the judgment of the
Court of Common Pleas moat be reversed accordingly.
Judgment reversed.

CENTRAL CRIMINAL COURT.
(Before the Common Serjearst)

Robert George Deane, a young man of gentlemanly rip.
pearanoe, surrendered to Cake his trial upon a charge of
embezzling three several sums, of N., 301., and 10/. Os. 9.1.,
the property of Robert Will am Robertson and others, his
masters.
Mr. Sleigh and Mr. Orridge conducted the prosecution ;
the prisoner was defended by Mr. Metcalfe and Mr. F. H.
Lewis.
This case occupied the attention of the court for a con.
siderable time, but the facto couneeted with the charge were
very simple. It appeared that the prosecutors carry on •
very extensive bususein as glass sod lead merchants, at
Falcon Wharf, Blackfriars, and the prisoner went into their
service as clerk and travelling collector in 1832, and his
salary at that time was 2001. per annum, with an allow-
ance of one guinea per day for expenses. It was ad-
mitted that the prisoner bore • high character at
this time, and the utmost confidence was placed
in him, and he gave so much satisfaction to
his employers that his salary was raised from
time to time to 3001. a year, which was the amount he was
in receipt of at the time the alleged defalcations were dis-
covered. In the coulee of his duties the prisoner had of
course to travel about the country to solicit orders and to
receive money, and the case for the prosecution was that on
the 17th of December, 1859, he received a sum of Si. front
Mr. Taylor, a customer of the prosecutors, at Oxford, and
that on the 21st of the same month he received • sum of 30/.
from another customer at Wolverton, and that he neglected
to account for either of these sums of money. The third
transaction was one of a somewhat lifferent character,
it being suggested that the prisoner, who had authority to
allow discount to the customers to any extent that he
thought proper, had represented that he had allowed to a
Mr. Maytown, another customer, at Faversham, 10/. Os. 9d.
in the shape of discount more than the sum actually allowed.
The prisoner did not appear to have ever attempted to
deny that he had received the sums mentioned, but
it appeared that upon his being taken into cus-
tody at Northampton, while upon his journey,
and informed of the nature of the accusation that
was made against him, he declared that he wad entirely in-
nocent, and that although he might have made mistakes he
could account for every halfpenny that he had received,
and he readily gave up all his books and expressed his readi.
ness to give any explanation that might be required of him.
it also appeared that Mr. M'Lean, one of the prosecutors
firm, accompanied the officer to Northampton, and that he
shook hands with the prisoner, and that there was some
wine in the mom of which they both partook, and in the
course of the case it was proved that the money transac-
tions of the prisoner in the course of his duties here very
extensive, and that he frequently remitted so much as
3,0001. cc 4,0001. per month to his employers.
Mr. Metcalfe made a very able address to the jury on
behalf of his client, and be urged that the evidence failed
altogether to establish any criminal intention on the part
of the prisoner, and that at most he had made a mistake
which, he said, it was not at all extraordinary he should
have done when the large extent of his transactions was
considered. He then commented upon the conduct of the
prisoner in giving up every book that was in his possession,
and offering to make every explanation that might be re-
quired of him, and he urged that this conduct was only
consistent with his innocence, and that the prisoner had
bceu very unfairly treated by being given into custody
upon this charge without any opportunity of explanation
being afforded to him.
A great many respecting° witnesses wore examined, who
gave the prisoner a high character for honour and integrity.
The Common Serjeant summed up the whole evidence
with greet care and impartiality, and the jury returned a
verdict of Not Guilty.

MARKETS.

LONDON MEEKLY DOCK ILITIIILI7S.—Jugar 7.

111

SuGAß—West ladia...—
Maarlsavatlimss.
Ma&u
tags's*/
Penium
Foreign .....
Coyeacr.—W.l.
Mocks
Ceylon
COCO A —W .I. hip!
Foreign Mar
....

asks 8,082
4,01.19
1,411
pkg. 0.942
tp. So
. xiga 2,892
•98 Intl
4314
...casks 788

IDelivord.[Pr. Nook, Isse.

4,986 tO.BlB
11.4 a 196,9 es
6,433 101,168

6,893 884,811
50 488
149 9,833
2,472 21,587
291 8,098
9A3 10,890
1,710 94,753

rrss
81,037
115,40e1
981,284
499
0.899
18,740
11,318
4,143
WM/

TALLOW. The tallow market was again quiet
throughout last week, and prices are rather more favour-
able to oonsumers. The market at Petersburg is quoted
steady at 51 re. on spot, and 491 August delivery. Ex-
change, 3511 to I. Today the market remains without
change, and our closing prioes are :--Spot, 53. 9d.; August
and September, 52a. 9d. ; October to December, 525. tid. :
separate mouths, 52e. 9d. to 525. ; South American, 526.
to 535. tkl. Town tallow is scarce at 525. &L net cosh.
Cocoanut oil : Cochin, 475. ; Ceylon, 45e. to 495. ; palm
oil, 455. to 455. 10d. ; rough fat, 2s. 91d.—(Froon the dr-
cular of Messrs. Smith and Charles, dated Monday
eveuing.)

COTTON.—Llvimeom., JULY 9.—A large business has
been done today, with more tone in the market, at pre-
vious prices. The sales are 15,000 bales—including 13,320
Amencan, at 41d. to Rd. ; 1,000 Burst, at 3d. to 44d. ; 300
Egyptian, at 8(1. to • 210 Perham, at 71d. to ;
and 130 Idaranhani, at 7 9-16 d.; of which 5,000 are for specu-
lation and export. The week's import is 1,834 bales.

CATTLE.—LWVERPOOI, JULY 9.--The supply of stock
much larger than on last Monday. The demand very Mow
for beef, at much lower prices. Sheep and lambs in very
good demand, at the full prima of last week.