The Northern Daily Times.
Liverpool, Merseyside, England, 1856-10-13 00:00:00

THE NORTHERN TIMES.---LIVERPOOL, MONDAY.

MONETARY AND COMMERCIAL

mission

ing up have already commenced, an adjudication in
bankruptcy has now been obtained agai itst the
establishment, and the result is a conflict between
the respective interests. Mr. Harding, the interim,
manager, will, it is stated, resist the proceedings
in bankruptcy, and, consequently, it may be
anticipated that an appeal to Chancery will shortly
take place. The power of the Court of Bankruptcy
to act in the matter is based on the 7th and Bth
Vic , cap. 3, for winding up defunct companies,
but, notwithstanding, the clauses of the act give
authority to the court to distribute the assets,
take the accounts, and pass the representatives of
the bank, it furnishes no provisions by which
the shareholders can be called upon to contribute
their proportion of funds to liquidate the demands
which may be made upon them. It is, neverthe-
less, thought that through the intervention of
Parliament, or special order from the Court of
Chancery, arrangements may be made for effecting
this object ; but it is questioned whether the latter,
in vindicating its own privileges, would make any
such concession. Of course there are advocates
of the different parties represented in this contest,
but it is hoped that prolonged litigation will not be
suffered to fritter away the assets, and make a
harvest for the lawyers. The depositors, who are
anxious to obtain an early distribution, have orga-
nised a committee to watch their interests, and
whether the Court of Chancery or the Court of
Bankruptcy shall ultimately be appointed as the
tribunal before which the liquidation of the bank
shall take place, they will, no doubt, be allowed to
offer suggestions for arriving at the most satisfac-
tory results. Complaints have been made of the
amount of legal charges in Chancery, 1-mt those of the
Court of Bankruptcy will be found c dually onerous,
unless strict supervision be exeicisA. The coin-
before whom the case is to be taken is
the official assignee is Mr. Lee,
and the solicitors to the petitioning creditor are
Messrs. Linklater. If bankruptcy shall be finally
determined as the process through which the
cmcerns of this unfortunate establishment shall
be effected, there is a chance of the mal-practices
of several of the late directors and the managing
director, Mr. Cameron, being brought prominently
before the public, and of their being made
criminally responsible for the abuse of the trust
reposed in them.

llolroy

LATEST FOREIGN NEWS.

FRANCE

(FROM OUR OWN CORRESPONDENT.)

PARIS, FRIDAY EVENING

The principal event of the day is the publication
of the monthly return of the Bank of France. This
return is not at all !..iltisfactory. It shows that the
metallic reserve is only 166,000,000 E, though the
amount of notes in circulation is 621,000,0001. The
reserve, compared with last month, shows a dimi-
nution of 69,500,0001. ; the notes an increase of
500,000 f. Discounts have increased 72,500,000 f. ;
advances on deposit of security have diminished
by 2,500,000 f.; accounts current have increased by
17,500,000 f. ; and the account of the Treasury has
diminished by about 8,000,000 f. Although un-
favourable, the bank return did not influence the
Bourse, and there was a slight advance in railway
and on other securities.
No news of political importance is stirring to-day.
On the Neapolitan question there is nothing new,
but the chances that it will end in smoke, have
decidedly increased.
The Independance, of Brussels, gives an account
of the presentation of a deputation of workmen to
the Emperor, to complain of the hardships to
which they were sujected by high rents, dear food,
&c, and of his Majesty having assured them of his
concern for them and their clsss. There is not, I
am told, one word of truth in this story.
The Emperor has passed another review to-
day in the Champ de Mars, of a part of the garrison
of Paris. The troops under arms consisted of a
division of about 10,000 rn,,n.
The Moniteur says that the increase of the indi-
rect taxes for last month, compared with the cor-
responding month of 1855, will be 14,500,000 f.,
instead of 11,000,000 f, as stated by the Minister
of Finance in his late report.
According to the Oonstitutionnel, it is the Turks,
not the Austrians, who have taken possession of

Galatz. The Morning Post, of London, in saying
it was the Austrians, committed a great blunder. A
telegraphic despatch says that disturbances have
taken place at Kutaih, and troops had been sent
there ; also that fears of disturbances in Syria were
entertained