The Express.
London, England, 1859-01-01 00:00:00

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COURT OF BANKRUPTCY.—Dze. 31.
(More Mr. COMMIBBiOINN Face.)
IN YE WALTON AND WALTON.

(Concluded from yesterday's Express.)

Mr. Linklater (on behalf of Charles Walton) said it was
only neosseary for him to trouble the court on a few points,
which Mr. Lswranoe had charitably left open for him. (la
laugh.) But for the course taken by Mr. Sargood, the ad-
vocates for the bankrupts were willing to have left the cam
' with the court as it Mood upon the evidence ; for the whole
of the charges urged against the bankrupts had been ex-
! planed and answered by that evidence. While the eurei-
natio= were going on, the court had sevenl times expressed
the; opinion that the matters Inquired into had nothing
whatever to do with the question of certificate. Yet all these
charges were now renewed, after an interval of two months,
although the judgment of the court had been In
effect pronounced upon them, and a compliment paid
to the bankrupts for the clear manner in which they had ex-
plained all their transactions. The leader of the oppmition,
Mr. Swann, an underwriter, had fully investigated the bank-
rupts tranaactions with regard to the Sarah Sands on the
failure taking place; and the committee then appointed had
reported that there did not appear to be any reason for im-
peaching the sale of the second moiety of the ship, although
they were of opinion that the benkreps ought to have called
together their creditors before making the salt.. The com-
mittee woe of opinion that a composition of 4s. in the pound
ought to be accepted from the bankrupt.. Ultimately en
agreement to scospt 3s. in the pound was come to, and Mr.
Swann was one of the first to ,in that agreement. Every-
thing was then before the creditors; they knew that the
transaction was a joint one ; and, if they had chosen to do so,
they might have promated the transfer of the second moiety
to Maws. Lloyd, Bielby, and Co., for it was not
then registered. But they thought the transaction so lair
and reasonable that they determineA on carrying it out by
accepting the composition. Nearly all the creditors had
signed the deed, but owing to the delay In carrying it out,
Messrs. Walton had been advised to come to that court, In
the full confidence that they would receive Bret-close o rti-
Somas. It was much too late now for Mr. Swann to complain;
belied not been heard of from January tW September, when the
bankrupts posed their examinadon. It was a waste of words
to answer charges which had so little foundation in fact.
The course of business with underwriters was only to have
yearly settlements with the brokers; there was theist.=
nothing of a fiduciary character in than payments by the
brokers. At the death of their father the bankrupts had a
confident belief in his solvency, and allowed the executors to
withdraw from time to time portions of the assets of the firm.
It turned out that they had overdrawn to the extent of
4,0001. ; and the estate was now in Chancery, in hopeless
confusion. Mr. Walton, sea., had been managing director of
the Royal British Bank up to two years before his death,
though he was not connected with its Irregularities. The
executors sold his shares, but had notitransferred them when
the bank failed ; and this led to immense litigation. The ,
result was, that Means. Walton were wholly unable to un-
derstand the position of their father's estate; sad it was im-
possible for them to have said at any precise period that they
ought to have stopped then. Their meets had gradually
fallen off, by one lose and depreciation after another. The
father', capital of 21,0001. was the result of a balance of
much larger figures. It wee said that Gibson bed been pet
forward by Mr. Walton, men., as a means of obtaining me-
ssed= of ships. Why, at that very time Mr. Walton, as.,
had 14 ships standing in his own name, worth at least
60,0001., and he could have discount to any amount at the
Bank of England. This inquiry had been kept up, in the
most persecution, spirit, for the last two mouth, ; and the
bankrupts hoped now to receive the judgment of the court, '
m all the facts were tally Wore IL
The Commissioner—They shall not be kept long in mis-
=l guilt think It necemary to go through the short-
writer's notes of the evidence, and I will then give my
judgment.