The Northern Daily Times.
Liverpool, Merseyside, England, 1857-04-17 00:00:00

LIVERPOOL BANKR-UPTCY COURT,—Yesterday4

BEFORE MR Commi,sioNEß STEVENSON.
In re M'LARTY AND Co.—This was the adjourned last
examination meeting. Mr. Fletcher appeared for the
assignees, Mr. Almond for. Mr. M‘Lerty, Mr. E. Banner
for 'Mr Lamont, and Mr. John Yates, junior, for Mr.
MlCean. Mr. Anderson tendered, on behalf of Mr. John
g•Millan, a proof of debt for £10,221 163 6.1 against
the estate. and observed that in one of the balance
sheets he believed Mr. M'Millan, instead of a creditor.
was put down a debtor to the estate. He also asked
that the court would direct the assignees to furnish
him with a copy of the accounts of the
Cleopatra, reseecting which he believed it was that the
large reduction was made from his client's claim. his
Honour replied that as a joint owner of the ship, Mr.
Macmillan was entitled to inspect the accounts, but the
c )urt could not direct the assignees to furnish a copy of
it. Mr. Fletcher thought the proof had better not be sub-
mitted until the accounts were first adjusted. Mr. Turner,
official assignee, observed, the adjustment of this and another
account was the real contention of the estate at present. Mr
Anderson, in consequence, did not press the proof. Mr. La-
mont was then examined at some length by Mr Fletcher.
He said that in 1852 their firm, which then consisted of Mr
Donald M'Larty, Mr Robert M'Kean, and himself,
bought the C'e -Tatra, end they afterwards sold 4-64hs
to Mr C. Webb, 2 64ths to Mr A. Hurst, 16 G4ths to Mr
John Macmillan, and 16-64ths to Mr. Donald MLarty,
senior. It was not at first intended, he said, that Mr
ArLarty, senior, cbould become an owner, but be
afterwards became an owner when she was registered,
and reed as such. When Mr Robert M'Kean went out
of the firm, they took off all the debts and assets of the firm,
and relieved him (fir Robert M'Kean) from all claims and
liabilities. In reference to an item of £lO,OOO in the
capital account, as shown in the balance sheet, he explained
that it was the estimated value, at tem years' purchase, of
the agency of the Canadian Steam Navigation Company,
which tho firm held. In August 1852, a contract was
entered into between MlCean, M'Larty, and Co., and the
Canadian Government, and certain railways in Canada,
for the establishment of a line of steamers for seven years
between Liverporl and Canada and the United States,
the subsidy payable for that service being £24,000 per
annum. In March 1854, the contract, which had then
six years to run, was transferred by agreement to the
Canadian Steam Navigation Company, the company to
ray Maeln, M'Lerty, and Co. five per cent. per annum
for the six years on the £24,000 subsidy, and a certain
commission on the gross earnings of the steamers, which
they estimated would be worth at least £6,000 a year.
They es'imated their interest in that contract at the time
as worth £lO,OOO, and he believed they could have got
much more for it. For the eight months of the
first year they received as commission about £4,000,
but received nothing since, the contract having
been given up without their consent. and the vessels
sent to the war. The item of £7,200 in the capital
account, he explained, was the amount of the five
per cent per annum on the sub idy of £24;000 for six
' years. When the Canadian Company gave up the con-
tract, M'Kean, M'Larty, and Co. brought an action
against them for £20,000, but it was compromised, the
company agreeing to pay them on the winding up of the
concern I-14th part of the profits. The compromise
was considered a good one, as with the war
going on the prospec's of the company were excellent,
and in proof of the value of the Canadian con-
+rant he obse-ved, that other, parties were
now carrying it on on the same terms, one of the parties
being one of the assignees of the estate. Mr. Lamont was
then examined as to three other items in the accounts
which were said to have been wrongly entered, and are
to be amended, after which an adjournment took place to
this day for the examination of Mr. John WlCean.-
In re PHILIP PORTRR —The bankrupt, cotton broker,
of Liverpool, applied this day for his certificate. His
Honour granted an immediate certificate of the second
class.