The Sun.
London, England, 1854-10-17 00:00:00

THE "TIMES" AND THE LATE FAILURE
OF MR. EDWARD OLIVER.

On Saturday a notice was posted on the Liverpool
Exchange by the trustees of the estate of Mr. Edward
Oliver, to the effect that the statements lately inserted
in the Times regarding his position were incorrect, and
that their appearance was the cause of much uninten-
tional harm. The sole objects of the Times have been—
first, to supply the commercial public with that infor-
mation which was necessary from day to day in rela-
tion to an estate of such magnitude as to involve assets
alleged to amount to 1,000,0001. ; and, next, to counsel
all who might be interested not to allow either them-
selves or Mr. Oliver to be damaged through any hasty
proceedings, under a feeling of panic, at a time when
there is ground to hope that an easier money market is
approaching. The constant reference to the matter, so
long as there is anything to communicate with regard 4)
it, is a duty which cannot be departed from, and the
only thing that can be done to lessen the annoyance and
embarrassment to individuals which all painful circum-
stances of this kind must create is to use caution in
avoiding every idle rumour, and to remonstrate against
a hopeless view being taken until every effort has proved
useless. This course has been pursued throughout ;
and, notwithstanding the allegation of the trustees, no
inaccuracies have been inserted. The first reference to
the matter was on the sth inst., when it was stated

that, although the bills of Mr. Oliver had been returned,
it was hoped his assets would yield a surplus of 300,0001.,
and that, if this should be the ease, ample assistance
would speedily be afforded him—an event much to be -
desired, since his suspension, if permanent, would bring
down others. It was next mentioned that five inspec-
tors had been appointed, and that, although many con-
tradictory reports were in circulation, there was an in-
creasing belief that the required advance would be oh-
tained. After this it was announced that an arrange-
ment was understood to have been planned by which
Mr. Oliver was to surrender a certain number of his
vessels, and to be relieved of 400,0001., of liability.
Subsequently, however, doubts were expressed as to
whether this could be carried out, and finally it was
mentioned that the affairs of Mr. Mllenry, with whom
Mr. Oliver had been connected, had been fuund to pre-
sent a most unfavourable prospect, that they had been
brought into Chancery by some relatives, and that
in Mr. Oliver's case the expectations previously enter-
tained of a good arrangement seemed to have been aban-
doned. The whole of these announcements contained,
it is believed, in all material points nothing but literal
truth. Those among them which referred to favourable
anticipations came from sources supposed to have the
authority either of Mr. Oliver or his trustees, and, place
having been given to them, it was neceseary that equal
publicity should be afforded to all that subsequently
tended to a less .favourable termination. It is true that
the trustees even now express confidence in bringing
about an arrangement by which the assets of Mr. Oliver
may be realised in the best possible manner, and the
sacrifices which would attend any other process may be
avoided ; but this, although doubtless a good arrange-
ment, so far as every arrangement is good which is the
best under the circumstances, is not in accordance with
the expectations entertained when a surplus of
300,0001. was hoped for, or even when the parties
having claims for ships sold expected to get them back at
cost price, and thus to settle all questions. If, after
having mentioned with gratification the prevalence of
such expectation, the Times had concealed the fact of
their having been abandoned, there would have been
the strongest ground for condemnation. The trustees
of Mr. Oliver are all possessed of too much commercial
intelligence to deny Upon reflection the truth of this.
They will also understand that the recapitulation now
given does not proceed from a desire to question the
spirit of the notice they have just issued, but is intended
simply to show them that that notice is erroneou,. For
their exertions to prevent or mitigate the evil that would
arise from an abrupt winding up of the affairs of Mr.
Oliver the mercantile public, not only of Liverpool, but
throughout the country, are indebted to them, and,
whatever may be their degree of success, the Times can
have no feeling hut one of satisfaction in recording it.—
' Times City Article.