The Sun.
London, England, 1865-10-24 00:00:00

THE Still, LONDON, ITESDAY EVENII\ CI-, OCTOBER 24, 18b5.

LAW INTELLIGENCE.--This Day.

COURT OF BANKRUPTCY.
(Before Mr. Registrar Hazlitt.)

IN RE GLADSTONE AND CO.-THE FAILURE FOR NEARLY
£1,000,000. _ _

These bankrupts, whose case has boen reported fre-
quently of late, were merchants in the city, the liabilities at
the time of the stoppage being £900,000, with assets sub-
ject to realisation of property in America. To-day was
appointed for an audit meeting, a sum of £3,600 having
been collected by the assignees.

CLERKENWELL COUNTY COURT.
(Before Mr. Mitellanlar3.)
BRI:MAN V. ISAACS.
This was an action to recover £3, the value of a gold
coin of the reign of Charles 1., which had been detained
by defendant under vory suspicious circumstances. Upon
the first hearing it appeared that defendant purchased of
an auctioneer a quantity of goods that had not been sold
under the hammer, and amongst them was a box which
was valued at one shilling. A short time afterwards the
plaintiff saw the box in defendant's shop and asked the
price, purchasing the article for three shillings. After Mr.
Bruinan got the box home he began to examine it, and
coming to a secret drawer, got it open, finding in it a very
handsome gold coin of the reign of Charles 1., but in an
excellent state of preservation. He subsequently called
upon defendant and showed him the coin, telling him
where it had been found. Defendant asked to bo allowed
to see it, and upon its being handed to him said it was his
property, as he had clearly not sold it to the plaintiff. Mr.
G. 0. Nash, for defendant, urged that plaintiff had clearly
no title in the property, and his Honour reserved judgment
till to-day, the coin being placed in the custody of Mr.
Cheeret, registrar, until judgment was given. When the
case was called his Honour said he was ready to deliver
judgment.
Defendant—Your Honour will understand that I never
sold the coin.
His Honour quite understood the defence, and since the
last hearing had considered this matter very seriously.
There was no doubt the circumstances of the case wore
somewhat singular, and it was for the Court to say in
whom the property in the gold coin really vested. It ap-
peared that the defendant had bought at an auction a box
covered with figures and tapestry, which he subsequently
sold to the plaintiff for 3s, and in that box plaintiff found a
gold coin, which he showed to defendant, who claimed it and
sot up that he had never sold it to the plaintiff. Now the
question here was who was the finder of this coin, and
what were his rights. It had been held that the finder of
hidden property had good right against all the world ex-
cept the owner, and it could not be said in the present case
that defendant was the owner of the property now in dis-
pute. It was quite clear that plaintiff had found the coin,
and it was equally clear that when defendant sold the box
ho did not know the coin was in it. Looking at this fact,
it would be for the Court to see in what position the parties
stood, and really plaintiff as the finder had all the rights of
a finder, except in so far as concerned the owner of the coin.
His Honour was very glad to be able to refer to a case
in the books in which this view of the law had been laid
down by the superior court. In the case of Merry and
Green, vol. 7, Meesom and Welsby's Reports, page 623,
it appeared that a person had bought at a sale an
old escritoire, for which he gave 265., and in a secret
drawer he found a largo quantity of money. The judges
held that he had all the rights of a finder as against all but
the owner. Again, there was the case of the chimney-
sweeper's boy, who found a ring set with stones. He took
it to a jeweller's shop, and the assistant removed the stones,
tendering the boy throe-halfpence for the metal. A dispute
arose, and it was decided that the boy as the finder was
entitled to the property. But there was even a stronger
case than either of these reported in the 21st Law Journal,
Queen's Bench, page 75. There a customer in a tradesman'■
shop picked up inside the shop a bundle of bank-notes. He
handed these notes to the owner of the shop, and they were
subsequently advertised. At the end of a certain time,
no owner appearing to claim them, the finder de-
manded that they should bo handed over to him. The
tradesman refused to do this, and in the action that
was tried Mr. Pattison laid it down that the finder of the
notes had all the rights of a finder, even against the owner
of the shop, although the notes were actually picked up
in such shop. His lordship referred to the case of Merry
and Green, and gave judgment for the plaintiff. Looking
at these cases, and the circumstances of the present action,
his Honour had no course before him but to decide that
the plaintiff had all the rights of a finder against all the
world but the owner of the coin. The verdict, therefore,
would be for the plaintiff.
Mr. Nash—l protest against it. I say it boldly, that the
coin belongs to tho Queen, and it is so laid down in Chitty
on Burns.
After some conference it was arranged that Mr.Cheeret
should hand the coin over to plaintiff, the damages being
reduced to ls., with costs.
Verdict for the plaintiff.

CRIMINAL COURT,—This Day.

OLD COURT.
(Before the Recorder.)
ROBBERY OF THE BANK OP LONDON.

Thomas Wood, aged 38, who pleaded guilty last session
to a charge of fraud on the Bank of London, to the extent of
between £3,000 and £l,OOO, was brought up for judgment.
The prisoner was one of the principal cashiers of the bank.
Mr. Metcalfe, in mitigation of punishment, said the pre-
sumed bankers know their own business best, but ho could
not help saying that their practice of allowing accounts
to go unchecked for periods of four or five months held
out great temptations to persons in the position of the
prisoner. He had made no false entries, and since the dis-
covery of the frauds he had given the fullest information,
which had resulted in the return to the bank of about
£l,lOO in money and securities. The funds were attri-
butable to transactions on the Stock Exchange.
The Recorder, after commenting upon the serious cha-
racter of the offence, sentenced tho prisoner to five years
penal servitude.

NEW COURT.
(Beforo the Common Sergeant.)
The trial of Kolly and Taylor, committed for alleged
forgeries on the Birmingham Banking Company, was post-
poned until next session.

POLICE INTELLIGENCE,—This Day,

MARLBOROTJUH-STREET.

RUFFIANS PROPERLY PUNISHED-THE WEST END BEG-
GING NUISANCE.—John Donovan and Margai et Donovan
were charged before Mr. Tyrwhitt with begging and
assaulting George Tanner, cab-driver, badge 9,495.
Complainant said last night about 11 o'clock I drove up
in Grafton-street, Bond-street, with a gentleman inside my
cab. The male prisoner stepped up and begged of the gen-
tleman. I told the prisoner to go away, but he persisted
in stopping and prevented the gentleman going into the
house. At last the gentleman got away from the prisoner,
and the prisoner then gave me a blow in tho mouth. I held
him so as to detain him till assistance came, when he kicked
and struck me several times, and we fell, and while on the
ground the female prisoner came up and pulled my hair
and kicked and struck mo several times in the face. I,
however, managed to detain the male prisoner till the police
came up.
Mr. G. W. Quallett, a gentleman residing in New Bond-
street, said I was last night alighting from my cab when I
was impeded by the male prisoner. The cabman very
civilly told the prisoner to stand back, but he would not do
so. I paid my fare, and directly afterwards the prisoner
struck the cabman in the mouth in the most savage manner.
The female prisoner then came up, and both prisoners
attacked the cabman like fiends, the female prisoner strik-
ing and kicking him and pulling his hair. All the cabman
did was to request the male prisoner to stand back. As
Bond-street is infested with beggars, and I consider the
assault to have been a most savage and unprovoked one, I
felt it my duty to come forward on the part of the cabman,
whose conduct was very good.

Police-constable 64 C proved seeing the female prisoner
assaulting the complainant, and said the male prisoner was
very violent both on the way to the station and when
there.

The male prisoner in a bullying tone denied the charge
of begging.
Mr. Tyrwhitt (to the male prisoner)--I well know what
sort of a person you are. You are one of those bad people
who frequent the west end of the town and try to bully
people out of their money. You will go for two months
with hard labour, and the female will be fined Os. or a
month.

The male prisoner, who has been several times charged
at this court, loft it bullying the witnesses.

WESTMINSTER.

COWARDLY Assaumr.--Alfred Jones was charged with a
violont assault upon Jamos Pantor, coachman to a gentle-
.

man in Pimlico.

Complainant said that last night he wont into a public-
house called the Prince of Wales, near Bessborough-gar-
dons, and saw some friends, as also the prisoner, who had
been farrier to his master some time before. Prisoner asked
him to drink, and he did so ; prisoner then asked him how
it was he had taken his horse to another farrier ? and he
replied, that as he had moved from where he lived, ho
found the new farrier nearer. Prisoner then abused and
struck him severely, and they fell. He asked prisoner to
leave him alone, but ho was again attacked, and they again
fell; and when prisoner was got away his brother also
attacked him. He had given no provocation ; on the con-
trary, when their father died, he had behaved in a very
kind manner to the widow, and assisted her to the best of
his means.

Walter Jones, farrier, brother to the defendant—l was
in the Prince of Wales last night, and had some beer.
My brother asked him to drink, and he did so. Ile asked
about the work being taken away from him, and after a
few words Panter called him a liar, whereupon his brother
struck him, and they fought. ranter threw his brother

and they fell on him ; and they fought again, but Panter
aggrayated his brother and made him strike him.

Panter denied the assertion of this witness, who was
one of those that assaulted him.

Mr.Selfe said—Take prisonor's own account of it he had
struck tho first blow, and had thou assaulted complainant.
Ho was fined Gs., or seven days.
The fine was paid.

The Credit Foncier and Mobilier of England
(Limited).

HALF-YEARLY MEETING THIS DAY.

The ordinary half -yearly meeting of the directors and
shareholders of this company was held to-day at the
London Tavern ; the Chairman ana 9overnor, the lion.
Stuart Wortley, presided. •
The report, which has already appeared in The Sun,
having been read,
The CHAIRMAN said, that with a report like that which
he saw in their hands, and which the directors had the
satisfaction of laying before the meeting, he should think
it unpardonable by them as men of business if he detained
them by any lengthened observations from the chair.
Ile should have thought that from the prosperous state of
their affairs the meeting would have been merely formal;
but, considering it was the second meeting of one of the
greatest financial companies in the city of London, ho
thought it would be judicious to refer to the most salient
points in the report. They had of course, critics, detractors,
and timid shareholders, but there was no denying the fact
that the society had now taken an important position in
the commercial world. It was the desire of the directors
to give the shareholders all the information they could,
but it must be recollected that their company was not
one of an ordinary nature. A great portion of its
business was of a private and confidential character, which,
if made public, would injure the company and lessen the
dividend. (Hear, hear.) Short of conununication of that cha-
racter, the directors desired to be frank with the share-
holders,and give every information in their power. If the
great private firms of the metropolis were called upon to
disclose all their private transactions, he doubted whether
the Rothschilds and the Barings would occupy the high
and honourable position they did at the present moment.
Therefore the directors could not give information of that
nature, and if that circumstance created any timidity, the
market provided a ready means of gentlemen ridding
themselves of their liability. The balance-sheet contained
as full a statement of their affairs as any groat banking
concern in the city of Loudon ever published. Everything
most certainly was not disclosed, but as much information

as could be safely given to the shareholders by the direc-
tors had been communicated, but beyond that the directors
could not go. (Hear, bear.) Tho first item that invariably
. attracted tho attention of men of business was " bills
payable," that stood at £17,500, which for a society of their
importance was very small. (Hear, hear.) From their
statement of accounts, several items which appeared in the

April account had disappeared, amongst them those for build-
ing offices, furniture, itc., and preliminary expenses, which
generally were not of an insignificant amount, there was
one peculiar item—viz., bills receivable, securities, loans,
&c., and sundry debtors, £1,217,932—which, it was, said
by some ought to have been more in detail ; but results
had proved the correctness of the discrimination of the
directors. (Hear, hear.) It was the universal practice of
all great corporations, both financial and banking, to give
no further particular than they (the directors) had given ;
and, in proof of this, he recollected seeing in one of the
balance-sheets of the London and Westminster Bank no

less a sum than sixteen millions of money in one lump
under that head. The best answer he could give was the
high position the company had taken, because within the

last twelvemonth it had extended its arms into some of the
riohest fields of profit. Tho company had had ita de-
tractors, and they had not been slothful in their efforts.
They had been driven into the market, and, unfortunately,
they had been induced to sell, and thus they lost the ad-
vantages they would have received had they held on.
(Hear, hear.) He was sure that the shareholders would
agree with him that they were now above those detractors,
but they were not above criticism and inquiry, and he
could only tell them that all was fair and above
board. (Hear, hear) If the directors had been disposed
to be reckless and rash in their transactions they could
have perhaps doubled their business, but possibly they
might have diminished their profits. (Hear, hear.) Such
a course of action, however, had not been that pursued by
the directors ; they had well considered every transaction

in all its bearings before they entered into it, and no greater
care could be taken by any private gentleman than was
observed by the directors before concluding any of their
transactions. The directors had £lBO,OOO prufit to deal
with, which he thought the shareholders would be
of opinion was not a bad six months' work—
(hear, hear)—and the directors had thought it safe to
follow up that paid last April, and to declare on
the present occasion a dividend of a similar amount, viz., a
dividend at the rate of 20 per cent. per annum for the half-
year, with a bonus of the same amount, making the divi-
dend amount to the rate of 40 per cent. (Cheers.) After
paying that dividend it would leave a surplus of £51,000 to
take over to the next account ; but it had been thought by
some that by a little squeezing some more in the shape
of dividend might have been paid, but he thought they
would agree with him that the directors had appropriated
_ . _

their profits in the most beneficial manner. The directors
had determined, iu order to meet their increasing business,
to take power from the shareholders to issue 100,000 now
shares, and thus increase the paid-up capital from half-a-
million to a million. (Hear, hear.) Thoy would be
offered in proportion of one new for every two shares then
hold, such new shares to be issued to them at a premium
of £2 10s. per share. This arrangement would absorb
50,000 of the proposed new issue, but the remaining
50,000 would be offered to the general public, who, of
course, would include every shareholder that might wish
to apply, at a premium of £3 10s. (Hear, hear.) The in-
crease of their capital would give them a better
status, but it could not give them more caution
or morn discretion. The two great credit companies
of France had, like theirs, found detractors, but what was
their position at this moment ? Why they were a means
of support to the Government of that country, and the
Government improvements that had been carried out in
Paris, Lyons, and Marseilles, were effected mainly by their
assistance. Some persons wished to know where their reserve
fund was invested,, because they thought everything un-
safe but the 3 per Cents. He could only say the fund was
not invested in the 3 per Cents., but they were invested in
available securities of the most undoubted solidity. Other
persons were driven to examine their accounts ; however,
with the reserve ho had mentioned, the directors,were quite
as anxious that everything should be known as any one
person could be. They had no fear of disclosures, and with-
out detaining them longer he would resume his seat by
formally moving the adoption of the report, and an intima-
tion that he should bo happy to answer the questions any
shareholder might put to him.
Mr. LEVIC; the deputy chairman, seconded the motion.
After the exhaustive speech of the chairman all that was
left him was to indorse every sentence he had spoken.
Mr. MEnnuxs asked how the value of the assets had
been estimated.

Mr. GRANT, the managing director, saidin every instance
they had been valued at the lowest market value of the
day.
Mr. CARPENTER felt dissatisfied at the way the directors
had invested the reserve fund, and therefore he moved the
following:—" That the meeting requests the directors to
invest the £300,000 reserve fund in 3 per Cent. Consols or
some similar security : and further requests that no part of
it shall be used in the current business of the company
without the authority of a vote of a general or extraordi-
nary meeting of the shareholders."

The amendment was received with loud laughter, and
for some time no seconder could be found; at length Mr.
BRUCE seconded the motion amidst renewed merriment.
Mr. DENT said with respect to the reports detracting
from the merits of the company, he had to say ho was the
last elected director to the board, and he pledged his hon-
our, as a merchant of the city of London, that everything
was accurate and correct.

Mr. TAYLOR then made somo remarks, which the meet-
ng felt disinclined to listen to, when

The CHAIRMAN, in very severe terms, stigmatised the
conduct of Mr. Taylor in making statements which were
entirely devoid of foundation. Ho hoped that after what
he had said their next meeting would be more conspicuous
by the absence of Mr. Taylor than his presence.
_ _

Mr. BERNARD asked how the new shares would bo dis-
tributed ?

The CHAIRMAN said that was a matter which must be
left to the absolute discretion of the directors. Neither ho
nor the directors had friends to serve, and ho could assure
the meeting that everything would be done in the fairest
manner.

The CHAIRMAN then put the amendment to the meeting,
but only the mover and seconder voted for it. With this
exception, the resolution of the chairman for the adoption
of the report was agreed to unanimously.
The CHAIRMAN then moved a vote of thanks to their
managing director, Mr. Grant, whose exertions during the
past six months had been beyond praise.
Mr. DAVIS, of Southampton, seconded the motion, which
was carried unanimously.

Mr. GRANT returned thanks, and in doing so said all
he had to ask of gentlemen was, before thoy questioned
certain passages in the report, to fully consider it as a
whole, and then they would have some notion of the
labours and anxieties of the gentlemen who formed their
board of direcfors.

A vote of thauks to the chairman terminated the pro-
ceedings.

PROPOSED RAILWAY AMALGAMATION.—It is
understood that an arrangement has taken place
between the Caledonian and Fourth and Clyde Junction
Railway companies, by which the Caledonian Company is
to acquire the Forth and Clyde Junction Railway, and
guarantee the stockholders a dividend for the year com-
mencing after the passing of the Act of Parliament sanc-
tioning the arrangement at the rate of 1 per cent. per
annum, increasing every subsequent year at the rate of
per cent., until the maximum of 3f per cent. per annum, is
reached, at which last rate the guarantee is to continue in
perpetuity.

APOTHECARIES' HALL.—The following gentle-
man passed his examination in the science and practice of
medicine, and received a certificate to practise, on Thurs-
day, October 19 :—James Alonzo Taylor, Great Barr, near
Birmingham. The following gentleman also on the same
day passed his first examination :—Thomas Saueome,
Sydeullam College, Dirmine,liam,