The Northern Daily Times.
Liverpool, Merseyside, England, 1856-10-06 00:00:00

Mr. GIBSON is evidently a very able

But we are at a loss to understand

obtained his license to expo

Sty of the h

tirt, of which he boasted of

being an " officer

and the miserably lax and

depraved state of the law in eases su

go forth without

a balance sheet ?•

intelligible debtor and creditor account of the
swindling bank in his hands, and declare to the
public that it would be impossible to guess at what
dividend the creditors could get out of the
SADLEiIet3 property. "Sohn SADIAIR'S affairs were

" so extensive, his engagements were so large, and
"his property so considerable, but it was more than
" probable that a further such of •23 might be
" realised from that 'source, which would give the
" creditors a total of 10s in the pound." How
could an officer of the Court of Chancery know all
this, while he says, at the same instant of time,
that "it would be impossible to guess" at what
would be forthcoming for the defrauded? And if
all is yet left in doubt as to the extent of JOHN
SADLEIR'S affairs, engagements, and property, what
is there to compromise, and who has a right to
propose such a course We have hitherto called
the proceedings in this most notorious case
" semi-political," but they are now be
to assume a much more decisive character,
and they may eventually be tim

ginning

to some much

more exalted source. JOHN SADLEIH'S affairs were
sufficiently extensive to justify such a belief.
Meanwhile, the mercantile community must watch
narrowly the difference between tha theory and
practical operation of Unlimited Liability in Joint
Stock Banks, as illustrated in the winding-up of
these notable frauds.

Mr. GIBSON gives us a very clear insight into the
delusions under which creditors labour in such
matters, and the singular variety of ways in which
the law may be evaded—" They might all think
" there that this shareholder and the other was a
" gentleman of large possessions and fortune, but
" when they came to investigate the nature of his
" property, they would,find that it WAS settled on
. _

" his wife and children, or that it was subject to
" other debts and encumbrances, or that it was
" now in the Encumbered Estates Court, where all
" of them could go and see the liabilities attached
" to it prior to those of the Tipperary Bank ; so
" that the wealth of the man who appeared in their
eyes to be something next to a millionnaire would

An
the
e theon instability " diminish very much indeed." These are friffht-
ly
jfaolindt issctolocskußreasnkass.
regards
liylitpyra(c)fticaalll
d remedy in such cases, we are told on
the same
official authority, is a compromise, emt • wacin what
the debtor thinks he is right in proposing
to pay !
Then comes the intimidation—go to Chancery if
you dare, or wait, like a maniac, for bills of costs,
heavier than the total amount claimed, from the
Courts of Law. These things, added to the Earl
of BESBROUGH'S refresher, are enough to inervate
the stoutest heart. The noble lord stated,
that 100,0001. would pay a further dividend of six
shillings in the pound, and that, that sunt
might be expected from the shareholders, but we
observed that, " if proceedings at law went on, all
" moveable property might be rerrined by share-
" holders, and he was convinced that the landed
" estates that were liable would never yield the
money. Litigation would distract the farmers
" from their business, besides swallowing up funds.
There were 800 creditors for sums of and under
" 501.—what chance had they of recovering at law .2-
These statements, we think, bring before us in
the most forcible light that depraved state of the
law of which we so loudly complain. Here we have
a nobleman standing up in public, warning his
hearers of the folly to go to our law courts for
justice, when they have been mulcted of the
money by a nest of swindlers, who were the repre-
sentatives of a large body of shareholders, and
asking what redress 800 poor depositors can hope
to obtain at law ? Was there ever so frightful a
picture of the political and social immorality of
the nineteenth century held up to the gaze of
civilised nations ? It behoves the commercial
classes to watch the whole of the movements
made in the winding up of this diabolical concern.
Finally, we hope the SADLEIR ramifications have
not affected Bishop CITLLEN'S College, and have
nothing to do with our Italian policy, and the
future of the Irish party created by the " late"
JoEIN SADLEIR.

=Dr. James M. Craig, of Argyle-street, Birkenhead, has
been appointed by the Lords Commissioners of the
Admiralty, surgeon and agent to the Royal Navy for
CORONER'S INQUESTS.—On Saturday, the Coroner held
the following inquests :—On the body of John Green, who
was killed at the Stanley dock warehouse, unler the cir-
cumstances stated in our paper of Saturday. Verdict,
accidental death.—On the body a boy, named Robert
Taylor,
aged 13, who resided in No. 3 court, Albert-street,
who was found drowned in the river Verdict accordingly.
LIVERPOOL INFIRMARY FOR CIIILDII EN, 58, HOPE-
STREET.—MonthIy report, September' It-336. Medical
officers, Mr. Stephens and Mr. Hey ; surgeon dentist, Mr.
Newman. Fresh patients during the rulizh, 130; patients
who have received treatment during the month, 206 ;
patients remaining under treatment, Oct, 1, 92.
thisß o sncoown.
fiLo rurrni
sahAi
naci,r
society SOCIETY
was.—
held last WednesdayT h 9 weekly meeting of
evening, in the schoolroom under the Baptist Chapel,
Soho-street. There was a good average at:endance cf
members, and Mr. E. Williams occupied the chair. A
highly interesting paper on the " Chemistry of Food "
was read by the secretary, Mr. E. Erasmus Hohlea.
Wednesday- evening,:Mr. Thomas Knowles w 11l deliver an
essay upon " Daniel O'Connell and his times."
BnountiAm LITERARY AND I: E BATING SOCIETY.—This
society held their usual weekly meeting on Thursday—Mr.
Joseph Garlick in the chair. The secretary, Mr. William
Scott, read an essay on the " Maine Liquor Law," which
was listened to with attention. A lengthy debate followed,
and the society decided by a majority that the Maine
Liquor Law was bad in principle, and could not be carried
into practical effect if passed by the legislature.
THE FACTORY OPERATIVES' STRIKE AT KIRKHAM...—.
The dispute between Messrs. Whalley and Hardman,
manufacturers, of Kirkham, near Preston, and the wea%ers
in their employ, which resulted in the temporal.), suspen-
sion of labour of the mill, has been amicably settled, and
we are informed that the firm has commenced work;
some new sorts of goods, on terms as favourable to the
operatives as they could secure at anY Other manufactory
in the district.