The Sun.
London, England, 1830-05-01 00:00:00

MESSRS. PALMER AND. C 0.,,, OF= Cab •
CU TTA. •

(From the Times.)
We have received the Bengal llurkuru of the Bth I
January, which contains an account of the first rneetint
of the creditors of Messrs. Palmer and CO, of CalcuttA7.
Sir Charles Metcalfe was called to the chair. The Non. •
Mr. Elliott theft addressed the meeting in explanation ef•
the course he and Sir C. Metcalfe had adopted, as attorniet
for Messrs. Cockerel' and Co., of London, who were
creditors of Messrs. Palmer and Co. to the amount
about 400,000/. It had become an object, as it Wee
stated, with Messrs. Cockerell and Co. to reduce that :
debt to 250,0001., or obtain security for such amount as
would reduce it to 200,000/, the credit to which Messrs. •
Palmer and Co. had been limited. To effect this a poweC
of attorney had been sent out to Sir C. Metcalfe and to
Mr. Elliott, in consequence of which an interview WI
taken place, and subsequently a correspondence with
Mr. Palmer on the subject. Mr. Elliott stated the
substance of some of the letters, from which it appeared
that Messrs. Cockerel' and Co. had been in the habit
of making consignments of goods to Messrs. Palmer
and Co., and not being: satisfied with the manner its
which returns were made, desired to associate with
them a Mr. Spier, as joint agent or consignee. This was ,
refused by the house, who further complained of the
letter written to Mr. Spier as calculated to do theta
harm, as well by manifesting distrust as by the in-
structions
themselves. It was allowed that Messrs.
Cockerel' and Co. were justified in reducing their credit
to 200,000/„ but as they had menaced Messrs: Rama.
with dishonouring their draughts, which bad beets
heavy, they could not in justice to their creditors make
over any property until they knew the issue. They
had immediately offered as security indigo factories
valued at ten lacs, and a claim on Mr. Brownrigg, one
of the partners of Messrs. Cockerel' and Co. valued at 6
lees of rupees. Various other matters were brought under
discussion, but without any result. The first meeting‘el
the creditors took place on the 2d of January, when !'.'
has been already stated, the necessity for suspending
payments became apparent. Mr. Prinsep, one of the
partners of the firm of Palmer and Co., stated that
assistance to the extent of from 26 to 30 lace of repees
was requisite to enable the house to go on, which some ;
of the gentlemen present, after consulting, declared
that they could not advance. Mr. Elliott appealed to
the meeting to say whether there was any thing in his
proceedings which could be said to have led to the failure
of the house, and it appeared to be the sense of the Meet-
ing that he and Sir C. Metcalfe had acted in a fair and
considerate manner. After all attempts to save the house
of Palmer and Co. had proved unavailing, the 6th was ,
fixed for the general meeting. The following merchants
were ultimately fixed on as the assignees :
Sir C. T. Metcalre, James Beatson, Theodore Dickens,
Hon. J. E. Elliott, Robert Brown, Captain G. Young,
John Smith, Colonel Galloway, Dwarkanath Tagoret
James Young, Edward Molony, Aushootos Day.
James Calder,
In the first list of assignees formed and presented in the
usual manner to the Insolvent Court, the name of AR. •
Palmer himself was placed at the head; but the Chief
Justice remarked, that there was a legal objection to his
becoming one of the assignees, which was in fact making
an assignment from himself to himself. His Lordship
observed, however, that the compliment thus paid him by
the creditors was a most flattering one.
(From the Times City article.)

It has been supposed by some, that the extensive failure
of Messrs. Palmer and Co., of Calcutta, was producing
injurious consequences on this Exchange; but this is s
mistake, and there never has occurred, perhaps, an event
of the kind, and of that magnitude, whirls, commercially
speaking, has been so little felt. Further accounts have
been received to-day from India, which give the proceed-
ings of the first meeting of the creditors of Messrs. Palmer
and Co., on the 6th of January, from which it appears
that the immediate cause of the failure was the detertni-
nation of one of the leading London houses of Es"
Indian agency, to reduce its credits with Messrs. Palmer
and Co., from 400,000/. to 200,000/. ; and it being
the opinion of the partners of the latter firm that this
was impracticable, consistently with fair dealing
towards the other, and an advance of money to the
extent required having been refused, . the suspension
of payments became inevitable. No further information
however was given, at the meeting fur the appointment .
of assignees, respecting the extent of the liabilities, isc•
of Messrs. Palmer and Co. The profits-of the house
fur many years past were estimated at 60,000/. annually,
but the large advances made on various undertakings of
private nature, such as indigo and cotton plantations, and
other things of that nature, contributed at first to erns.
barrass the House in its money transactions, and finally
has brought on its fall. The great pressure of the cala-
mity has fallen, as has been already stated, on individual#
who have placed deposits with the house on the strength
of its high credit and character, and who have now Jost
probably all that they posse et Numerous families, it
said, wholly retired from business, will owe their rein to
this cause. Another class of sufferers will be, the pro.
pi ietors of those plantations and establishments, in various
parts of India, as ho bare owed their formation chiefly to
the assistance given by the house of Palmer and Co., and
who would naturally evince their gratitude for it by
placing all their disposable capital in their hands. To
these, l.owever, it will be of less consequence than to any
other class.

It is stated in the private accounts from Calcutta, that
though the money-market of that place had been in a
distracted state for some days, in consequence of this
failure, the panic was wearing off, and the market begin-
ning to assume a more steady appearance.