The Express.
London, England, 1860-12-06 00:00:00

O1&AT I'AILUXE IN THS LHLTIIIA TRADZ.

(Continued from yesterday's Express.)
Mr. Kerslake asked the most convenient coarse to take.
Mr. Laurence and 'Mr. Thomas bad both been esandud,
and there was comidteahle disereponcy in their ~honer.
He did notlnew on wheels slate of facts the bankrupts in.
tended to proceed--(a laugh)—as belied witnesses to contra-
dict both. (Continued laughter.)
After some further dfacleolon,
Mr. William Mundy, tanner, was examined by Mr. Kars-
lake—He had been • customer of the house for 12 years.
He began bureau in partnership with his nephew. His
brother married Mr. Mortimore's sister. He carried on
business to the end as R. and C. Mundy. He was a tanner
and bather merchant of Bermondsey. Hit practice waste
Meillbirth aadpay for them by acceptances at 6 months'
aiThemo bills were provided for by Streatfend and Co.
when be was unoble to meet them out of his own resources.
When he wanted money he called on Streatfeild and Co.,
or sent his clerk for it. He generally got it by open cheque;
sometimes by bank notes. His beakers were the London
Joint Stock. The chequesweredrawn on the different bankers
with whom Messrs. Streatfeildhad accounts. During the panic
Laurence told him he wanted to make use of him, as three
=oaths' bills were mere coevenieut than six mouths' hills.
Ss consented to this, and accommodation paper was drawn
is him by Mr. Laurence. He failed, and before he com-
menced this system of accommodation he considered him-
aelf in • solvent state When be commenced buboes he
was not aware this particular system would be adopted.
By Mr. Linklater—The partnership between himself and
the nephew of both himself and Mr. hien:Whore was nego-
tiated by Mortimore. North:noes knew he had been •
fanner. His capital was 2,5001., which was inadequate for
carrying on the business. The panic came in October,
1867. He did sot remember that he then owed anything
t• Age and Welch. When the panic mare his stock
have deteriorated, but he did not think be lost much. de
mw the reaction was coming, and he forced sales through.
out the year 1867. At the commencement of the present
reetttold Mr. Laurence the amount of his liabilities was
um, but was re-assured by Mr. Laurence. The re-
sult was the was ruined. He accepted bills drawn by
the Livseponl house—perhaps five or six in the emu alibi
year. He wished to make an explanation it bad pee
forth that he bad received 90,0001. from &readied and CO.
to mod his own requirements, but as in 1859 Wan:count was
overdrawn 18,0001., and that was three times over, he was
actually overdrawn nearly 000001.
8y Mr. Lawrance—He called his creditors together in
laly. The liabilities were about 60,0001., of which ho owed
Messrs. Streatfaild 27,000/.
Mr. Linklater —All the security they held was 901. of
stock. Putting the overdrafts of Lemnos aside, he owed
about 30,000(. His meets amounted to 3'1,0001. He never
doubted, with the exception of the overdrafteAthat
en the let of Jamey, MO' he was solvent. The cre-
ditors agreed to take what the estate would realise. He did
not think it would produce *ore than Bs. in the pound.
Many of the beakers, he., oppmng to-day were creditors.
Messrs. Leyland and Be en would not listen to
terms, but were paid 20s. in the pound and interest.
He believed in the solvency of Streatthild and Co. to
the last moment, or he should not have accepted for them.
Messrs. Laurence and Mortimore bad confidence in him.
Mr. Linklater—And they abused your confidence.
The witness did not give • direct answer to the question.
Mr. Kankke said he wanted to ask Mr. Schrader some
Athenian, to see whether he agreed with lb. Laurence or
with Mr. Thomas. (A lough.)
Mr. Schrader wee examined—Re had been a partner in
the firm at Liverpool since 1864. His brother commenced
bunnies in Glasgow in 1864. Prior to that le was sales-
man and traveller to Mr. Herbert Smith. He coniroseeed
with a capital of 1,0001., which he gave him in hie private
capacity. The firm commenced bedew wlth him ham-
diately he set up, more peritioulinly the I,oados booth
He did not agree with Mr. Th. omai is hie way that ac-
commodation bills were created between Iftresideild and
Co.. sad hie brother. Mr. Thomas's evidence was comet
as to the system of drawing. He had a list of the failed
houses at Liverpool. Berko and Co. were leather mer-
chant, at Liverpool. Other firms were enumerated, and
witness said advances in cash had been made where the
houses required assistance. Bills had been re-
newed, upon which a commission of 2 per cent.
was charged. 14 Barton's case the commission
was charged up to September 1858, when he
complained of the heavy tax that it was upon him, and
witness got it reduced. It wee waived entirely • few
months after that ; in Septembes, 1868, they reduced it to
one per Dent., and probably took ft off altogether six mouths
afterwards. Mr. 'Chen, of Godathing, had accounts with
both the Liverpool and London houses. Barton and Son
stopped a mw days after Streatfeilds. For anything he
knew they were 110 i banknote yet. Clarke, at the bank-
ruptcy, was indebted to 6,5641. He was • bankrep4. Emmy
had compounded by paying 12s. tied. (Sheen lemthe bank-
rupt. Another debtor, Would, had become bankrupt.
Warn( was endeavouring to effect a composition
Themes will be resumed this day (Thursday)ei 11 °Week.
(Before Mr. Commis/jailer Fonblanque.)
11 POOLS AID BRYAN.—THE ORIAT LEATHER MUD&
The examination of then bathrueretaliteot and shoe menu-
teatimes, of Oxford-streetead ft was adjourned
for six weeks. The liabilities, easording deem Hart, are
about 20,000/. Arrests anall.