The Sun.
London, England, 1839-09-28 00:00:00

EVENING DITION

....
Ito be put up for sale, how, he would ask, were the
assignees to be indemnified ? No doubt many present
would recollect that in 1816 the House was first put up
in the cause of Walters and Taylor. Mr. Walters
bought it for 40,0001., and Mr. Walters put in an affi-
davit, stating that that was its full worth ; but Mr.
Walters, in defiance of his affidavit, bought it for
70,5001. If the Opera House was put up to public
*lotion, and the assignees were to put a reserved price,
limy would make themselves liable for the reserved
pica, lie lead been asked whether he would recom-
mend such a course, and he stated that he thought
1 the better course woukl be, that a meeting should
come to a resolution to present a petition to
1 the Court of Review, to sanction the assig-
nees buying it in at a certain price. That would
afford protection to the assignees, but nothing else
would against absent parties. The property of the
Opera House would have been brought to sale long age,
if it could have been with effect. It was notorious that
there was no legal title to the property, and that it
had bees thrust down the throat of Mr. Chambers,
%vim had given 12,0001. more for it, to Mr. Walters
than he bad given fox it. He (Mr. M.) believed Mr.
chambers bought it in order to free himself from
the trammels into which Mr. Walters had got him.
Everything had been done in his (Mr. Mayhew's) office
to effect a sale, but in consequence of the cause of
Walters v. Taylor not being in a condition to be re-
ported, it could not be effected, although everything
had been done to place the cause in a state
to be reported. It was his most anxious
wish to sell the Opera House as speedily as
possible in order to prevent the assignees from being
ruined, for if the Opera I-louse was burned
down to-morrow they would be bound to rebuild it.
Tire assigeees had insured as far as they possibly could.
'The building was insured for thirty-five thousand pounds,
but the lessee contended that they oug for
the full value, but if that were done there would be no
rent, all would be swallowed up by the insurance. The
assignees then had insured for thirty-five thousand
pounds ; but would any man say for a moment that such
a sum would rebuild the house No ;in the event of a
fire, the assignees must put their hands in their own
pockets.
There were other difficulties, but unless
pressed by a vote of the meeting, he would not disclose
them. He would only add. that the highest legal abi-
• lity had advised that the assignees had no power to
base a public sale.
A GREDITOR—Was there no conveyance when Mr.
Chambers paid Mr. Walters the seventy thousand
rounds ?
Mr. MAYHEW—There was not. There was a bank-
ing account between the parties. Mr. Walters owed
him the sum, and he took the Theatre as his debt.
II
A CREDITOR—But we have had a decree.
fir. MAYHEW—That was very true, but it was to
be borne in mind that the assignees had been served
with a notice of appeal to the House of Lords.
Mr. SUTTON said Mr. Walters never admitted the
sale of the property—the transaction was a mere loan,
and Mr. Walters would very soon be in a condition to
repay the money with interest.
Mr. MAYHEW inquired whether the gentleman was a
creditor.
Mr. SUTTON said no, but he attended there on the
part of Mr. Walters.
Mr. DIJON said Mr. Mayhew had said they had not
had an offer for the property. Now he knew an offer
had been made since last meeting.—( Hear.)
Mr. MAYHEW did not at all wish to blink the question.
He did not think it was an offer at all. Only 5,0001.
was to be paid down, and the remainder by instalments.
Now, all the legal advice they had showed that they
must Lake the money with one hand and give the deed
with the other. If they gave credit for any part of the
purchase money, they would at once purchase a perpe-
tual bill in Chancery.
Sir F. POLLGICE said no gentlemen of the bar could
advise otherwise than that the assignees should not pass
the property without the whole of the money being paid
down.
Captain' WARRINGTON was anxious to say that the
whole of that case was an abomination.—( Hear, and
laughter.) The assignees had got into their hands no
less than 227,0001., and yet the creditors had not got
one shillings-(Shame.) Here it had been going on for
sixteen years, and they knew as much of it as they did
at first.—(Hear, hear.) A commission was taken out
when Chambers stopped payment, and in an evil hour
both for himself and his creditors, he came to try and
upset that commission. It went before the Lord Chan-
cellor, and he advised a compromise. A compromise
for what—what was to compromise ? He said the con-
duct of the Lord Chancellor was indecent and illegal—
(Laughter)—and he would appeal to Lords Brougham
and Lyndhurst--
Mr. HAMILTON rose to order.
Captain WARRINGTON was done. He would only
say that the whole business was an utter abomination.
Mr. HAMILTON said they had consumed a consider-
able quantity of time, and had advanced but very little.
—(Hear, hear.) After such an invitation as the cre-
ditors had received from the assignees, he thought that
they ought to have been prepared with a balance-sheet,
from which the creditors might have known what were
the assets and the expenditure, which information could
not-'be got from the accounts of the official assignee.
They had heard from Mr. Mayhew, that with a view to
dispose of the other property, and to effect an amicable .
arrangemedt, fifteen or sixteen creditors had occasionally
been convened together. They were so convened last
year, and the meeting was probably aware that the lease
to Mr. Laporte expired last year. An offer was made
in writing on the part of Mr. De Begnis to give 16,0001.,
•and to pay 8,0001. down. Notwithstanding that offer,
the house had been let to Mr. Laporte for 12,0001.
(" Shame I" and laughter)—so that there was an annual
less to the creditors of 6,000. The ready money of
Mr. De Begnis seemed to be no object to the assignees,
so they preferred bargaining with a man who had
not paid a shilling, but from whom they were told
at the meeting at Wright's- the other day they ex-
pected in six months' time to get the year's
rent that was due last February. He was mis-
taken in saying not a shilling tad been paid, for be be-
lieved 651. had been received.—( A laugh.) The meet-
ing would, no doubt, be surprised that the assignees,
when consulting these 15 or 16 gentlemen, never com-
municated the fact of an offer having been made by
Mr. De Begnis.—( Hear, hear,) Was that treating the
creditors fairly ?—(A Gentleman stated the house was
let.) He could prove it was not let at that time, so
that for some reason or other that arrangement was pur-
posely withheld from that!Committee. That was one
part of the conduct of their assignees, which, to
his ntiad, he must say was perfectly unjus-
tifiable, and it behoved the creditors to infuse
a little fresh blood into the veins of the assignees. He
had no doubt they were heartily tired of their situation,
and although he did not wish to impute improper mo-
tives to the assignees, yet he believed he could prove
that they had, to say the least of it, miscarried ; and it
was necessary that some persons should be introduced
Alto would sit. down quietly and investigate the accounts.
Oee of their assignees had told them the other day that
unfortunately they were not farmers, and that some little
loss had been sustained ; but he (Mr. Hamilton) would
prove that a very serious loss had been sustained. Now
the Enfield, estate consisted of 700 acres of land, one-
half of whieth Mr. Mayhew, he believed, was very fortu-
nately in possession of.—(Hisses.) He hoped the meet-
ing would not misundentand him.
Mr. MAYHEW—Pay me my principal and interest and
I will make you a present of it. lam heartily disgusted
with it.—(Laughter.)
Mr. HAMILTON—Mr. Mayhew was mortgagee of one
half of it and was now in possession. He had no
doubt Mr. Mayhew was a very good farmer, and that
he had made the most of the 300 acres. He observed
that 101. a year was received from landlords for shoot-
ing over it, so that there must hare been pretty good
wheat grown there, but the loss upon that farm during
thirteen years was stated to be 1,5791. 17s.—(Shame.)
Hethought therefore they did not want an angel from Hea-
ven to tell them those gentlemen were not good farmers to
lose that sum upon land, the liberty of shooting over which
was worth 101. a-year., The Chettle Estate consisted
of 1,200 acres, freehold, tithe-free, and without poor's-
rates, and with merely a nomina 1 rent. The loss on
1 that estate had been 1,5901., and he supposed all this
loss was attributed to the law. The law undoubtedly
'bads good deal to answer for, but he never knew that
tee 1", prevented corn growing or sheep lambing. But
ha twit singular th
no ine
account with reforspetenct tyearso this.
estate was,
tvoices,
ets,...r b(Several
years t15ee,,712 ) He could not say, but for ten
lot been.
an entry made of a single re-
ceipt or
payment
tw_Thr who had been in possession of it.
Mr. Mevet
gave us a balance of 3e41. Sheriff for two years, and he
Mr. HAMILTON—Then it appears
all his myrmidons, could farm
bad it for two years and paid 0,
belanee of 341. profit, and yet thee
the Sheriff, with
to advantage, for ne
, r
assignees
assignees a
hear) gneeTen again
s had lost
1 upon it a sum or 1,5901,—( Hear he
the accounts of Mr. Treherne had never been settled.
He thought lie had stated sufficient to themsho that
Then
that due diligence lead not been used by their assignees
in the management of the property that they hada
right to expect ; and when they recollected that on of
the assignees told them at the last meeting there was
no prospect of the affairs being wound up, the
ere.
ditors would hardly think those assignees were the
persbns who should be trusted, for no one knew
how long, with the management of the property.
The proposition he had to submit was that the va-
' canciee which had occurred should be filled up by a
tegular meeting for the choice of assignees. He thought
ii they could get three efficient persons who would come
to the business unshackled and unprejudiced by any of
1
those unfortunate feelings that existed in the minds of
some parties, there would be more co-operation with the
bankrupt, and by negotiation with other parties those
stumbling blocks that at present existed in the way of
a settlement would be removed. He knew there were
at present great difficulties in the way of the assignees
ill settlinx the affairs, but if they were issistod by three
efficie,,
et persons the benefit would be felt by all ; and
he felt. that after thirteen years of' I,:ie-t'on ql" as-
i sigh-s were entitled to a little holiday