The Sun.
London, England, 1854-12-19 00:00:00

THE SUN, LONDON, TUESDAY EVENING." DECEMBER 19, 1854.

LAW INTELLIGENCE.-(T.ELIS DAY.)

COURT OF BANKRUPTCY.
(Before Mr. Commisioner Pane.)
MERCANTILE FAILURES AND FIRST-CLASS CERTIFI'LIATES.

IN RH MACKEY.

Ibis bankrupt was described as of Great St. Helen's,
Bishopsgate, merchant, and came up for his certificate.
The balance-sheet, prepared by Messrs. Paul and
Turner, Basinghall-street, commencing January, 1853,
and ending August, 1854, shows—debtor to creditors,
5,0371. 2s. 7d. ; ditto holding security, 26,0211. ; profits,
2,0601. 10e. 2d. ; creditor by good debts, 5371 doubt-
ful, 1,3041. ; property in hand of creditors, 23,4321. 16s.
sd. ; property given up, 6321. 7s. 6d. ; losses, 3,5291. ;
trade expenses, 3581. ; house expanses, 8161. ; interest,
5271. ; deficiency, January, 1853, 2,3571.
His Honour asked what the property in the hands of
the creditors would realise.

The official assignee could not make an estimate---a
great portion of the property was saltpetre, and the
market was rising and likely to rise.

His Honour ■aid the expenses were small, and consi-
derably under the profits ; the bankrupt was therefore
entitled to an immediate certificate of the first class.

THE ROYAL PANOPTICON OF SCIENCE
AND ART, LEICESTER-SQUARE.

The affairs of this institution having been brought
under pub is discussion by a pamphlet circulated to the
shareholders by Mr. Alfred Rosling, we have been re-
quested to give insertion to the following authentic state-
ment of facts :
In December, 1853, the institution being then in an
unfinished state, it became necessary to raise a loan of
20,0001. for its completion. This was effected by means
of a mortgage, Mr. Henry Hoare, the banker, of Fleet-
street, privately advancing part of the money, and the
remainder being obtained from two City firms upon notes
of hand, given by eight of the then members of Council,
the three remaining members refusing to take any share
in the liability.

Shortly after the opening of the institution in March
lnst it was discovered that the fund so raised had been
exhausted, and further liabilities incurred for Parliamen-
tary expenses, which it was necessary to liquidate.
These liabilities having become pressing, a scheme was
drawn up, by which it was agreed that such members of
the Council as were willing to aid in extricating the in-
stitution from its difficulties, should take up at par, i, e.,
at 101. per share, 2,000 shares, which remained unsold,
the previously issued shares being at the time at a dis.
count of 50 per cent. To this scheme those members of
Council who had previously assisted the institution by
their personal security gave their adhesion, and the
2,000 shares having been disposed of, an available sum
of 20,0001. was realised, sufficient not only to cover all
current liabilities, but to reduce the mortgage debt from
20,0001. to 12,0001. At the same time, the builder, who
was made a party to the scheme, consented to take a
second mortgage for the balance due to him on the settle-
ment of his account.
As a condition of this arrangement it was stipulated,
with the concurrence of the principal shareholders out of
the council, that none should hereafter take part in the
management of the institution who did not take part in
this scheme, on the principle that power and responsi-
bility should go hand in hand. The three members of
council who had refused to take part in the previous ar-
rangement, again declined to take any partin this second
scheme, and in conformity with the stipulation before
referred to, were requested to reign, Two of them
complied with this request, but the third refused to do
so. It then became a question whether the institution
should be suffered to go to ruin, or whether the
majority of the shareholders, including the members
of Council who had come forward at their personal ex-
pense and risk to save the institution, should make use
of the power vested in them by the deed of settlement
to enforce that gentleman's retirement.
After repeated and fruitless efforts to induce him to
resign, the necessary steps were eventually taken, and
after a discussion, which was satisfactory to nearly all
present, at a special general meeting called for the pur-
Pose on the 14th inst., he tendered his resignation, the
proxies alone which had been sent in previous to the
meeting in favour of the Council, exclusive of those in
the room and the votes not exercised, amounting to up-
wards of 4,200 out of 6,400 available votes.

RUSSIAN PREPARATIONS FOR NEXT
YEAR'S CAMPAIGN IN THE BALTIC.

Sr. PETERSBURG, Dec. B.—lt ought not to be sup-
posed in England that because Russia remained entirely
passive this summer in the Baltic, and allowed her ships
to be cooped up at Cronstadt and Sweaborg, that she in-
tends to follow a similar course in the ensuing campaign
in the Baltic. It may with truth be asserted that the
declaration of war took Russia by surprise, and that, with
all the gigantic resources she possesses, neither the army
nor the fortresses were at all prepared for active warfare.
The same may be said with regard to the navy, and to a
much greater extent, both in the Baltic and the Black
Sea.

But the extensive preparations now making in the
imperial arsenals for putting the Baltic fleet in a condi-
tion not only to carry on a defensive war, but even to
assume the offensive, are of such vast magnitude that
they ought not to be overlooked in England or thought
lightly of. The most important of these measures is the
immediate formation of no less than twenty-six reserve
companies of sailors, or ships' crews, to replace those
that may be swept off by British and French cannon-balls
next summer. According to the Russian system, the
Baltic fleet is divided into three divisions ; the head-
quarters of the first and second being at Cronstadt, and
of the third at Sweaborg. The new companies or crews
are to be formed of those sailors now on furlough, and
those whose time of service expires on the 13th January
next. - _ _ _

The old line-of battle ship Andreas, 84, is to be con
verted into a block ship in lieu of the Arsis, 74, which
will be fitted for active service. The new screw three-
decker building here is to be called the Emperor Alex-
ander, and is to be ready for service by the end of
March next. The impracticable old ship Emgeiten, 84,
is to do duty only as a harbour-ship, and will be re-
placed by the Natromennia, 74, and receive the Bth
equipage or crew. The old line-of-battle ship Empress
Alexandra, 84, the frigate Proserpine, 44, and the brig
Kasansky, 20, are to be broken up as being perfectly
unserviceable.

Tile steam squadron which, as I informed you ;in
a former letter, had left Sweaborg for a cruise on the
withdrawal of the British fleet, consisted of the Kam-
,
tschatka, 16, 540-horse power, carrying the flag of Vice-
Admiral Tirinow ; the Smilui, 12, 400-horse power ;
the Olaf, 16, 450-horse power ; the Cbrabroi, 6, 300-
horse power; the Gremiasehei, 6, 400-horse power ;
the Burik, 6, 300-horse power; the Otwaschnoi, 6, 400-
horse power ; and the Bogatyr, 6, 300-horse power—
all paddle-wheel steamers.
Since then another squadron has left the port of
Sweaborg and been out on a cruise, consisting of the
line-of-battle ships Procher, 84, with the flag of Vice-
Admiral Rumjanzow ; the Pultawa, 84 ; the Brienne,
74 ; and the Vladimir, 84—towed respectively by the
steam frigates Olaf, Gremaschoi, Rurick, and Srniloi.
At the completion of their cruise they proceeded to Cron-
stadt, where they remain for the winter. There are,
therefore, four line-of-battle ships and four steam frigates
less now at Sweaborg than there were in the summer.

FIRST BATTALION ROYAL REGIMENT.

TO TUB EDITOR. OP THB BUN.

Sin,—.Will you be so kind as to publish the following
in your valuable paper? It appears by some mistake
this return was omitted when others were sent home,
and people are anxious about their friends.
I have the honour to be, &c.,
GEORGE BELL, Colonel Royal Regiment.
Camp, near Sebastopol, Nov. 27.