The Express.
London, England, 1866-05-21 00:00:00

HALLETT, OMMANNEY, AND COMPANY.

MEETING OF CREDITORS.—(THIS DAY.)
A meeting of the creditors of the private
lank of Hallett, Ommanney, and Co. was held at 11
.clock this morning, to receive a report on the progress
made in the proposed arrangements with the London
Joint-stock Bank. The chair vras taken by Sir JOHN HAT.
The CHAIRMAN, in opening the proceedings, said he
us like those whom he addressed, • creditor of the
firm; and he had no doubt that all sympathised with those
gentlemen in the losses they had sustained, especially
am they had been treated by the firm with the
ratest kindness. The question at present, however, was
Lew the creditors might sustain the least loss, and Messrs.
Coleman would read a statement bearing on that
point. The proposed arrangements with the London
Joint Stock Bank were not yet complete, the directors
sot having, it appeared, understood at first the naval de-
partment of Messrs. Hallett's business.
A gentleman, representing Messrs. Coleman and
Co., the accountants, then made a statement
d the assets and liabilities. He said the total
liabilities were ZiB,ooo/. ; the total assets, 222,9001.;
the deficiency being about 15,00 W. The assets consisted of
current accounts estimated as good, 133,320/. • of bad and
doubtful current accounts, 24.000/., estimated to realise
11,500 f.; bills receivable on band, 03,800/., of which 60,000/.
was estimated as good. The cash in hand amounted to
10,040/. The liabilities on current accounts amounted to
178,0001., the deposit accounts to 26,0001., and the bills
payable or outstanding to 19,300/. All the bills receivable
mil outstanding were held by the firm in their own hands.
The CHAIRMAN observed that the statement just made
"sowed a deficiency of about 15,0001., and asked whether
any gentlemen wished to put questions.
A CREDITOR would like to know how long the realisa-

lion wAs likely to take
Another Cazorroa thought that a limit should be fixed

to the period of insitectioow:
Mr. MEIRICK (solicitor to the estate) diAlnot use how

that could be done, as the realisation might in some cases
occupy eighteen months or two years. He then read a
detailed statement of the figures already given in substance.
In reply to a question,
Mr. MEIRICC stated that of the 133,0001. 5,000/. was
paid uan advance to Mr. Ommanney, but Mr. Hallett
obtained security for it which would realise about 4,0001.,
that security having been volunteered by Mr. Ommanney.
The CHAIRMAN, having observed that the stoppage took
place in consequence of the diminution of cash in hand,
sad the impossibility of obtaining assistance,
A Calwrrom said he considered it very creditable to the
bat that they stopped when they did. (Heer, hear.)
The CHAIRMAN concurred in that view. _ _ _

A CREDITOR wished to know what was the largest debt
due to the firm ?
Mr. METRIC& replied that it was 9,0001.
The CHAIRMAN observed that there were two courses
open to the creditors : one to put the concern into bank-
ruptcy ; the other to wind up under inspection.
The former course might possibly gratify a feeling of re-
venge on the part of some creditor, but he thought that if
the estate went into bankruptcy very little would come
out ; and in his opinion it would be far better to wind up
ender inspection. He would conclude by moving the fol-
lowing resolution : " That this meeting, sympathising
deeply with Messrs. Hallett and Ornmanney in their pre-
sent misfortune, is of opinion that it is most for the in-
terest of the creditors that the estate be wound up under
_

In reply to further questions,
Mr. METRICK expressed his belief that Mears. Hallett
and Ornmanney had had but one object, namely, to enable
the creditors to realise as much as possible. He re-
peated his opinion that it was not desirable to
close the inspection speedily, and added that he had
no doubt that a portion of the assets would be divided
within a few weeks. Both Mr. Hallett and Mr. Ommanney
were present.

Some discussion having arisen with respect to the con
duct of the firm,
Mr. !AMICK said that Mr. Ommanney made over all his
ProPerty down to the lowest point to Mr. Hallett, and
that Mr. Hallett's debts might be held in the palm of his
hand. He could not hold out a hope of any large amount
being realised from the private property of the partners.
Vice-Chancellor Sir Pace Woon urged that not more
than a week would elapse before the business was trans-
ferred. He and others suffered great inconvenience
from the closing of the bank. His Honour concurred in
the expression of sympathy with Mr.Hallett,whom he said
be had known for 30 years. (Hear, hear.)
Mr. CI \ RICE, who said he represented the London Joint
Stock Bank, said he hoped the meeting would come to a
vote quite independently of what had been said with re-
gard to that hank. There were certain contingent lia-
bilities, which were not included in Messrs. Cole-
man's statement, and which might lead to a large claim
ce might prove a myth. The matter would be brought before
the London Joint Stock board at their next meeting. What
the result might be he could not say, but he recommended
the meeting to pass a resolution quite irrespective of that.
A CREOITOR WiSlittl to know what these liabilities were.
Mr. MEYILICK said he would give an illustration. Rather
more than twelve months ago, Messrs. Hallett and Om-
manney entered into a guarantee to make up the deficiency
in a small company, whatever that deficiency might be, in
& dividend of 10 or 12 per cent. for three years. Lost year
the company earned 17) per cent., and after the payment
it the minimum dividend, 7,00 W. was put by. Though
liters was a contingent liability in that case he did nut
believe sixpence would be lost. There was one other case
01 a similar kind.
Mr. J. R. Woucgartu said he represented the two
companies referred to, and expressed his strong confidence
that 110 loss could arise from the guarantees. The two
serapanieo in question were the Dewah Coffee Company
sod the Hunasgerin Coffee Company. The dividend of
the Dewah Company in the last three years would pro-
•hably not be less than •LS per cent.
A CREDITOR expressed Lis strong disapproval of the
woduct of the London Joint Stock Bank. They ought
tot to doubt the honour of the naval officers who were
debtors of the bank.
Baooutim, a director of the Joint-Stock Bank,
observed that the board did not doubt the honour of
Ural officers. The question was not one of honour, but
commercial one, and the result of the investigation
uhich they had made was that the board did not feel
iostifiod now in advancing, as they might have done last

Stock on hand Oh day.. awake 8,673
Delivery hat week I 900
Ditto fromt J laune
13,139

49,520

31,988

--ail
73,260

1,418
92,543

26,495

♦rrhal last week 4l
Ditto from lit June 78.533
d. it
Pricer. C. oa spot this day—. 43 3 6.
Ditto Town last, Friday

84,942
d.
40 3
41 6

79,510
•d. d.
40 6
41 6

''Bo6
101,595

95,007
& d. d.
"S
45 9

Arrival for the week ending 29th Way bud year I,ll3iaSka arrl
delivery 1,369 casks. The arrival last week compriaed 6 casks
Australia.

METROPOLITAN CATTLE MARKET.
(THIS DAY.)
The number of beasts is about the same as on Monday
last. Trade is slow, and prices are without alteration.
Sheep are more plentiful and the demand for
them very limited ; consequently it is difficult to effect a
clearance at our quotations. Trade is heavy for lambs,
but choice qualities are not much lower. Calves are still
scarce and dearer. From France and other countries we
have 1,680 beasts. 8,570 sheep, 32 calves, and 95 pigs.
Spain 100 beasts ; Scotland, 60 ;Norfolk and Suffolk, 1,450 ;
and 340 from the northern and midland counties.

---- -
Per stone of 81be. s. d. t d I Per stone of Bibs. a. d. r. d.
Best Scots, Rerefds. 5 0 5 2 Best Dna& Iff-bctsSh 5 6 6 10
Beet Short horns 4lO 5 0 Best Long-w 0015.... 0 0 0 0
Second quaL beasts 3 4 4 2 Do. do. Shorn.... 6 26 6
Caves
NIA
Best Dos& Bit-bred, 0 0 0 0 Lambe
Beasts at market, 3,630 ; sheep and lambs, 20,780; eaves, 71;
Pigs. 376.

BOROUGH HOP MARKET.—(THIS DAY.)
News. Pattenden and Smith report a fair demand
for hops of all aorta ; oolonry Weald of Keats and Sussex
are remaricably scarce, and command la to be. more
money than this day fortnight.

CRYSTAL PALLCIL FIVZ SHILLING DAY.-•••
gall; WAY, MAT 19.—Admissions on payment, 1,811; ditto
by sewn tickets, 6,17/2 ; total visitors, 8,813.