The Northern Daily Times.
Liverpool, Merseyside, England, 1857-03-11 00:00:00

COTTON BROKING EXTRAORDINARY.

An adjourned last examination, in re Joseph Wright, cotton
broker, a bankrunt, took place at Manchester, on Mendes,
when Mr. John Nunns, cotton broker, of Liverpool, attended,
and was examined touching a debt amounting to neatly
£30,000, which he sought to prove against the estate. 111 r.
Atkinson appeared for the assignees, and Mr. Robinson for MI.
Nunns. In the course of the examination, Mr. Nunns stated
that he commenced business as a cotton broker in 1848, when
he had about £l,OOO capital. His transactions with the
bankrupt began about that time. In September, 1854. there
was a balance duo to him from the bankrupt of £8,268 103
Id. The account was then sent in, but the balance was not
adjusted. There had not been since that time any final
settlement of accounts. Monthly accounts had been rendered,
but at times three or four accounts had been sent in
together, each of which comprised a month's transactions.
All the accounts up to January bad been sent to the
bankrupt. The bankrupt had remonstrated with him
on the subject of the irregularity in the delivery
of the accounts, but it was in consequence of bankrupt
failing to give accounts of money he had received in
Manchester for cotton sold that the accounts were kept open,
and were not furnished regularly. The remonstrances were
caused by the witness pressing bankrupt for money. Between
the 30th of September, 1854, and Wright's bankruptcy on the
23rd July, 1856, the purchases made by witness of cotton for
bankrupt amounted to £470,000, and the sales to £524,000,
hut the latter item included the export cotton of the bank"
rapt, sold by witness on his account. The rate of comml3'
sion charged by witness was half per cent on every purchase,
half per cent on every sale, but when he had drawn upon
him for cotton, he had charged one and a half per cent.
This was only in one instance, in the case of Samuel
Lees and Co., who refused to take the bankrupt's accep-
tances unless witness drew upon him. During the period
above referred to, witness had transacted business with Joseph
Lees, Thomas Lees, John end Thomas Hanson, R. H. Moore,
and Thomas Noton, all of Oldham, Eccles and Nuttall, of
Burl', Mrs. James Wild, of Bury, and Joseph Schofield
and Co of Huddersfield. Ho could not tell what amount Of
corn mission he had received on the transactions. He lost
£550 or £560 by making a bad debt with Eccles and Nuttall.
He declined to say what was the amount of his liabilities
when he (wittiest) suspended payment ; and he also declined to
say what composition he paid. [Mr. Atkinson submitted to
the commissioner that as the witness owed £20,000 and pia
£B,OOO, as he was instructed, it was preposterous for him to
claim now £30,000 under this bankruptcy. The Commis'
sioner decided that the witness was not' bound, under the
circumstances, to say what his liabilities really were. Witness
Witae?
said he had assigned over his claim on this estate to Jos*"
Leech and Co., cotton brokers, of Liverpool, and William
Hancock, gentleman, of Page and Wood, but the deed of
assignment hail since been cancelled. That assignment was
made on account of money advanced to witness to enable him
to pay his composition. He had given to Joseph Leech
and Co., an undertaking to pay them a certain sum If he
proved the debt now in question, but ho only was entitled to
receive dividends upon the debt against the bankrupt's estate'
His arrangement with the bankrupt was to buy cotton for hire
for consumption or speculation. Witness furnished bankraPs
with an advice note of each purchaselrnade on his account",
He had no book containing copies of such advices, but he had
a hook in his possession containing a copy of all the cotton he
purchased and sold on bankrupt's account. The entries to
that book were made at the time of the respective transaction&
A written or verbal order was not given by the bankrupt le
respect of each purchase, but bankrupt had often told him
told
buy cotton and resell it for cash to find money. He often tm"
him to buy cotton for Stockport, promising to pay in ten de/
When the time came, the bankrupt was not able to pay, au
told him to purchase cotton on the same terms to resell fee
cash to meet the payments for the first purchases.
often furnished him with money, which he promised to return,
but failed to do so, in consequence of which witness hal to ha/-
cotton to sell again to raise cash for the market. In ever!
instance he informed the bankrupt of what he had done. This
course of dealing had been carried on for four years, more or
less. The bankrupt had not at any time objected to enter the,
accounts of the advices, but had acknowledged the receipt °I
them by letters, which witness could produce. The cash sales
were to Joseph Leech and Co., with few exceptions. In these
cases the cotton seas sold below its value, on account of
diate cash being paid for i- ; for instance, if the market P:ii";
of a day was 6d. per lb., the cotton was sold at 511, or I41`"
per lb. The purchase on the 4th October, 1854, amounting
to £776 55., was not for consumption, but to re-sell to raise
money. With respect to that purchase, witness received the
following letter from the bankrupt :—" Caton, 4th Oct''
1854: My dear Jahn,—As respects what cash you sv3nt' r
think we arranged that you should buy cotton to meet yt
necessities, only don't sacrifice more than you can help. ,;()
respects what I want, I cannot do with less than £BOO, Xi .11
of which you will receive from G. an I E. Wood, as their to
is met and all settled. They should send you the tunnel
a
duly, and I have no doubt they will. Remit me one hundred
of it, and send the others to Mr. Bradshaw,--35/ seven
hundred—as soon as you can get it, advising ma that you have
done so; indeed I wish yon would drop me a line to morrow,
to say it you have received it. I shall be anxious till I hear.
They usually. remit, I think, on Wednesday. I shall bui
cotton next week, which I hope we can resell in the usual we!
to meet payments. I will write a line to Bradshaw to day, °
say that he must look out for the money. If I think of
act
other better plan I will write to morrow ; meantime, ace
according to this.—l remain, my dear John, your very siereera
friend, J. WRIGHT." ~The person named Badshaw refe...,to
to in the letter was bankrupt's bookkeeper at Stockport, le,
arrangement alluded to was as to the mode of raising Wee'.
by purchases on credit and r3ady money sales of co tt
Witness said he could furnish an account of every item io.
tehao
account which referred to purchases and sales of this descriptroa.
The examination was then adjourned until this day ("red
ntsday).

THE LATE COLLIERY EXPLOSION.

The appearance of the works at Lund Hill has sorrel!
varied for the last ten days, tho water still continuing t0,,c101
into the pit, and on Sunday had reached more than twenty
up the shaft. As it is calculated that the water will have t°ll.
thirty feet at the utmost, a day or two will doubtless brlittso b
that tedious operation to a close. The gentlemen having to
management of the pit, so far as regards its opening and as
recovery of the bodies, met on Saturday, but adjourned,..o
no h'ng could be done until such time as the water rea,4o
the fire, for a few days, in expectation of that event. Jost
emptying of the pit, however, it is to be feared, will be alefibe
as tedious an operation as the filling of it has been. ,
excitement still continues, especially in the vicinity al
_„A
Lund Hill colleries; At collieries in the neighbour
uneasiness is apparent. The consternation and terror Ou
7A
by the awful catastrophe have not been altogether confine' of
the immediate sufferers by it, but have penetrated the hon:io
almost every collier, and brought more forcibly to their ,
the dangerous and often fatal nature of their employment'
Saturday evening, a meeting of the central committee
_tot
held, when Messrs. Ostcliffe, Allen, and Hopwood, st:oi,
that they had on the previous day made a house to houset to
cation of the sufferers by the accident, and enquired aesd its
their circumstances, family, and prospects. They hand hich ,
a detailed account of the position of each family, by
the committee would he enabled to fix the amount to be Pro
to each person, as well as to take measures with regard to
eo'
children. The relieving officer fur the district was els° ti
o,
for the purpose of enquiring as to the condition of the P rtrh ey
as, in the majority of instances, the townships to which 01
belong to will have to provide for them as in the orui-
rt
cases; although it bad been attempted to make the sulef,
afforded by the committee a Far to the giving of parochial
rlier
The adjourned inquest on view of the body of Abraham Tatoe
was again resumed, at the house of Mr. Pepper, the Bra
Beil's Head Inn, yesterday. The first witness cane" the
Joseph Swift, who said that he had never seen any gas inf the.
pit, and had never required to complain of the state °,,ors
pit. He had always worked with candles. The traP u for
wore kept shut, except when the boys had to open thep the
the corves. George Burrows said : I should think thatthe
explosion has been caused by a fall of the roof in a part e'ortb
old workings. I think that the fall has been on the boll
side. John 'Thompson said, the pit had always Seth
in working order where he had been, The doors ,idal
left open an hour at supper time, and also at dinner gill
John Robinson, coal miner, had worked at the Lunti al
Colliery nearly ever since it began. The pit was as se''to it,
ever it was that night, ever since I commenced workingtopti
I had no complaint to make as to the pit in its inanagebt ie•
except that I had so much air that I could tot keep aligiotel
Edw..rd Sitnenonds, collier, said I was Working in, fool
Hill Pit when the explosion occurred, about 150 Yara',ging
the upcast shaft. John Ellis and Thomas Bell were tis°.; rag
with me. They both escaped. After the explosionfehl'oted
towards the pit bottom. I met the af er damp, and it ~, the
me : and I lay there until the fresh air came. I went
pit bottom and got out. David Rollings sa4l: fifteen
driving the left hand board gate. I left the pic abo4oro nf
o
minutes before the explosion, with Leonard -1d aar
Charles Margison, and others. Nobody had 5' f ode
thing to me about the pit being dangerous. Whenolissl
out of the pit I think it was in as good state as ever. nt) yards
Ilabbeshaw, collier, said : I was working about. 2v dtao
from the shaft, on the north side, when the expnoini'modes
place. William and JohnDonkin, and Joseph Sitntoes'ds
were working with me. Simmonds went away fief') to boil
the shaft. We remained where we were nearly t°lll.t that a
I kept putting my hand up, and I found the air so iTgot ho/
did riot think it safe to move. 'Then we got 1.11) "'he hottenin
of each other, and made the best way we could t° to to tir,
of the shaft. George Goodison said : I was attend!, gare.
able
burnt the night before the explosion. I kept ag"
burnt well all the time, and we had plenty of air4:o iftritlir/
stage of the proceedings (half past five o'clock), tu
was adjourned to Thursday next (to morrow).

cotton

1 onda.y,
tended,
neat !yr
Islr.

for \i''•
s stated
8, when
,ith tho
4. theo
268 103
wa• not
ty s❑al
,ndered,
sent in

;action?•

to the
h hint
delivery
,ankrupr
ived ►n
pt open,
:es were
Between

;ythe
on --
Won for
24,000,
bank-

eommiP-

lurchase,
wn upon
ler cent•
Samuel

s accer
to period
h Joseph