The Sun.
London, England, 1865-03-28 00:00:00

The Bank Failure in Birmingham.

The Spanish Budget.

MADRID, March 23.

The following is the text of the budget for the
financial year 1865-66, submitted yesterday to the

Congress :
" Art. 1. The ordinary expenses for the service of
the State during the financial year from July 1,1865,
to the end of June, 1866, are estimated at the amount
of 213,970,368 crowns, distributed by chapters and
articles, according to the subjoined statement, letter
A.

"Art. 2. :The ordinary revenue for the above
financial year is calculated at 218,417,843 crowns,
as in statement B. _

" Art 3. The expenses arising from proceeds of
the sales of property belonging to the State and other
sources, including the third part of the 80 per cent.
on the transfers from 2d October, 1858, which, by
the law of Ist April, 1859, is to form a deposit and
be held at the disposition of the different towns ;
the portion to be applied to the liquidation of con-
solidated and deferred debt, to the payment of the
capital and interest of the hypothecated notes and
other liabilities incidental to the law of the 26th
June, 1864, the extraordinary public works and ex-
penses of the Ministries of Grace, Justice, War,
Marine, Government, and Finance, and the sums to
be invested in railroad projects, and in the settle-
ment of amount and interest of State drafts issued
in payment of subventions and of the shares of the
hat ella Canal; all the above are fixed at 55,371,819
crowns according to Statement C. To the payment
of this sum are to be appropriated the proceeds of
the liquidations of the civil and ecclesiastical pro-
perty, according to the laws of Ist April, 1859, and
7th April, 1861 ; also, the funds arising from the law
of 22d May, 1859, and likewise all special resources
comprised in the same statement.
" Art. 4. The public Treasury will be able to keep
in circulation during 1865-66 the floating debt,
equivalent, Ist, to the amount which (after calcu-
lating the supplementary balance from the Bank
of Deposits arising from voluntary taxes) repre-
sents the deficits of the ordinary and extraordinary
budget liquidation, and the pending advances made
to the colonial banks ; and 2dly, to the difference
between the balance of the necessary deposits of the
said bank, and that resulting between the funds
realised and the expired bonds of the ordinary and
extraordinary budget of 1865-66, to which last are
to be appropriated the interest on funds, however
produced, supplied for the payment of its bonds.
"Art. 5. From the Ist July, 1865, the privilege.
hitherto enjoyed by the graziers to produce pure
salt from the manufactories of the kingdom at the
price of 30 reals per cwt. (quintal) will cease, and
from that date facility will be afforded them for ob-
taining the adulterated salt they require for the
use of their cattle in the warehouses of the chief
provincial towns on the terms prescribed by the
royal decree of the 16th January, 1854.
" Art. 6. The Minister of Finance will take the
necessary steps to cause a discontinuance, from the
Ist of July next, of the additional charge paid by
the inhabitants of certain towns over and above the
ordinary price of five crowns per cwt., at which rate
salt is sold in the Government stores, fixing to all
consumers one single price—viz., five crowns 20
cents per cwt. (quintal), say 11 crowns and 784
milliemes per cwt. All extra outlays incurred by
the Finance for the supply of consumption of salt
in towns at present unprovided with stores will be
placed in their respective chapters in the ordinary
budget of expenses ; and whatever sums are men-
tioned in the chapters will be appropriated to cover
such outlays.
" Art. 7. The Government is authorised to de-
mand an increase for extra expenses by application
t the additional chapters on the revenue and ex-
Tenses on the ordinary budget for 1865-66 ; the
revenue consisting of 7,388,810 crowns, the amount
of balance to the end of 1856, not applied to the
budget, from the military service redemption
funds, and of 9,407,488 crowns, likewise balance
of the proceeds of the property of civil corpora-
tions received by the Treasury to the end of
1858, without deductions for budgets; and the
expenses consisting of the cost of the works of the
Puerta del Sol not paid, and of the demolition
of the walls of Barcelona,- the amount of the
debt paid to England, and of the interests accumu-
lated and accumulating upon the same ; the sum
paid to the Bank of Spain as equivalent for the bonds
of purchasers of property of the secular clergy ; the
payments and deductions effected since 1850 ; the
portion not reimbursable of the funds obtained from
the rise of 1854 through the Government juntas in
1856, and the expenses that may result between
them figuring as advances to the Ministries andthose
incurred, until the completion of the sums men-
tioned in the present article, which have to be placed
to the account of the revenue.
" Art. 8. All pending payments that may bemade
in cases of absolute necessity by the Treasury to the
different Ministries must not exceed the amount
awarded in the respective chapter for such purpose,
and will have to be made according to the prescrip-
tions of the budget.
" Art. 9. The power enjoyed by holders of bonds
of the advance authorised on the 19th May, 1854,
and of those issued by the law of 14th July, 1855, of
giving the same in payment for national property,
is limited to the 30th June, and on that date also
ceases the right of obtaining interest on the last-
mentionedbonds. The notes of both issues which
have not been redeemed by the end of June, 1866,
through havingbeen accepted inpayment of national
property, will be paid by the Treasury on presenta-
tion; and all those not presented for payment before
the expiration of five years counting from the Ist
July, 1866, will be forfeited.
" Art. 10. Meanwhile, until the publication
the general law of enzploye's, all entrance and advance
in the civil and financial branches of the Adminis-
tration- in the case of functionaries declared com-
petent in respect to security will be settled accord-
ing to the conditions predetermined by Art. 16 in
the law of 25th June, 1864. As a general rule all
persons must submit to examination before entering
into any of the branches of the Administration.
" Art. 11. Until the general law of the Passive
classes is issued, no time will be allowed for classi-
fication, unless in cases of persons having personally
and positively served in the different careers of the
State. In future no time will be allowed for unless
expended in duties connected with plans connected
in the budgets. Whenever for any reason a new
declaration has to be made relatingtoPassiverighta,
or that a right formerly enjoyed has to be removed,
the matter must be duly revised according to the
provisions of the present article.
" Art. 12. The Minister of Finance is authorised
to name delegates among the different credit socie-
ties established, or that may be established, accord-
ing to the law of Jan. 28, 1856, and the societies
themselves will have to defray the salaries that may
be assigned to such functionaries, who will duly
inspect all their acts, and especially those relating
to the commission upon reliable securities, in which
cases the Government will take the necessary steps
to regulate the use of credit by the above-mentioned
societies according to the provisions of the law.
" Art. 13. During the financial year of 1856-66
the amount charged on the contributions and public
revenues must not exceed the maximum authorised
by
the laws and regulations in force.
" Art. 14. The provisions contained in statement
A and C constitute an integral part of the present
law.—The Minister of Finance,

" ALEJANDRO CASTRO
Madrid, March 21, 1865."

THE WEATHER IN
withng the past
week the weather has been very cola
hoccasional
frost. Friday and Saturday, though son;ewhat
comparatively mild and pleasant, but early on hazy were
Saturday
morning a heavy fall of snow took place. A. good deal of
this melted during the day, but towards evening froste
in and continues during the night. Our correspondents in-
timate a like change in the weather in various parts of the
country.—Scoteman.
ADVERTISEMENT.3—HoIIoway's Pills.—lmportant for
the Delicate.—lt is difficult to determine which is the more
trying to the human constitution—the damp, cold days of
winter, or the keen dry easterly winds of spring. Through-
out both seasons good health may be obtained by occa-
sional doses of Holloway's pills, which purify the blood,
and act as stimulants to the skin, stomach, liver, bowels,
and kidneys. This celebrated medicine needs but a fair
trial to convince the ailing and desponding that it will r!--
store and cheer them without danger, pain, or inconveni-
ence. No family should be without a supply of Holloway's
pills and ointment, as by a timely recourse to them the first
error of function may be reclaimed, suffering may be
spared, and life saved.

Yesterday afternoon a first sitting of the Birming -
ham Court of Bankruptcy was held in the matter of
Henry Marshall, only surviving partner in the firm
of Attwoods, Spooner, Marshalls, and Co., for the
choice of assignees. Mr. Registrar Hill, to whose
court the petition was attached, had consented to
hear the case at the Town-hall, so as to accommo-
date the very numerous body of creditors who were
anxious to be present. Mr. J. W. Whateley and
Mr.W. S. Allen appeared as solicitors tothe petition,
and also on behalf of creditors numbering 2,586,
whose claims amounted in the aggregate to £545,040
7s. 6d., or twice the amount which, it may be re-
membered, was proved at the first meeting of credi-
tors in the notorious Royal British Bank.
Mr. Griffin (firm of James and Griffin, solicitors)
appeared on behalf of Mr. J. Suckling and about7oo
other creditors, and Messrs. Powell, Hawkes, and
other professional advisers attended for various

creditors.
Mr. Allen, addressing the registrar, said that the
creditors had already declared at a public meeting,
in a most unmistakable manner, their desire to take
the administration out of bankruptcy. It was, how-
ever, thought necessary that assignees should be
appointed, in order that there might be some persons
authorised to give a title to the estates belonging to
the late bank, which it would be their first duty to
sell and dispose of, on behalf of the general body
of creditors, either in one or several parcels, as
might be deemed most advisable ; and, if the
gentlemen whom he should nominate were ap-
pointed by his honour that day, he was instructed to
say that they would have the assistance of the com-
mittee of creditors appointed at a meeting held on
the 16th inst., who would thus form a connecting
link between the assignees and the great body of
creditors. That committee, for whom he and his
friend appeared, had brought down from London a
learned counsel of great eminence in bankruptcy
practice, Mr. De Gex, who was present as a kind of
quasi assessor, and he (Mr. Allen) should have the
benefit of his assistance in case any question of
doubt or of difficulty arose. He then nominated as
assignees Mr. Geo. Turner, of Birmingham, linen-
draper ; Mr. William Henry Dixon, of Birmingham,
coal merchant ; Mr. John Gough, of Birmingham,
licensed victualler ; and Mr. Peter D. Bennett, of
West Bromwich, iron founder.
Mr. Griffin, on the other side, contended that as
representing the interests of Mr. Suckling and
some 700 other creditors in the choice of assignees,
he was at least entitled to ; voice. Questions of
very great importance, he said, would arise in the
course of these proceedings, and although his object,
and the object of those he represented, was mainly
to assist in taking the proceedings out of bank-
ruptcy, he thought they ought to be allowed to
nominate a fair proportion of the assignees. Up to
the present time the proceedings had been conducted
by the solicitors to the bankrupt, Mr. Whateley and
Mr. Allen. The former gentleman had long been
the private solicitor to the bankrupt, andthe Messrs.
Whateley had represented Messrs. Spooner and Co.
from time immemorial as their legal advisers. Those
gentlemen not only appeared on behalf of Mr. Mar-
shall, the bankrupt, but for creditors' assignees.
There was a very wholesome rule in bankruptcy,
which had been laid down again and again by the
commissioner in that court, that the solicitor to the
bankrupt ought not, and could not, represent the
assignees, therefore the two positions were quite
incompatible. The creditors whom he (Mr. Griffin)
represented desired that the name of one gentleman
proposed as assignee, who was largely interested in
another bank, should be withdrawn, and another
nominated ; and further, that the assignees should
be represented by a distinct solicitor.
Mr. Allen, in reply, urged that the creditors'
committee represented the entire body of creditors,
and had their full confidence. As regards Mr.
Marshall, he said that gentleman would be repre-
sented by an eminent solicitor wholly unconnected
with the town and with Mr. Marshall; and who, he
believed, at the present moment knew nothing
whatever of the estate.
Proofs of debts and powers of attorney were,
after some further discussion, handed in by Mr.
Allen amounting to £50,000, and by Mr. Griffin
representing 13 creditors to the amount of £20,000,
it being mutually agreed not to burden the estate
in the present stage of the proceedings with the
expense of more proofs than :was absolutely
necessary.
The meeting then resolved itself into a meeting of
creditors under the 110th section of the act.
Mr. Allen said it was first necessary that the estate
should go into bankruptcy, in order that it might
not be diminished or frittered away by what would
otherwise have been a general scramble among the
creditors. That object having been answered, on
the advice of the committee, the assignes, and the
high legal authority of Mr. De Gex and Mr. Bacon,
it was thought the estate should now be taken out
of bankruptcy and wound up by private arrange-
ment. Mr. Allen concluded by proposing a formal
resolution to this effect, which was supported by Mr.
Griffin, and carried.
Mr. Laundy, accountant, was appointed mana-
ger, after strong opposition by Mr. Griffin, Mr.
Powell, Mr. Hawkes, and others ; but on the
suggestion of Mr. Allen Mr. Laundy gave a verbal
assurance that, as regards his costs as manager,
they should be subject to taxation by the registrar of
the court, in the same manner as if the case were
still in bankruptcy.
The sitting wasithen adjourned for a fortnight, to
allow time for notice of the resolutions to be given
to every creditor, as required by the private arrange-
ment clauses of the Bankruptcy Act.
of