The Sun.
London, England, 1854-02-02 00:00:00

EXCHEQUER CHAMBER.

THE GREAT NORTHERN RAILWAY COMPANY V. THE SOUTH
YORKSHIRE RAILWAY ♦ND RIVER DUN COMPANY.-

JUDGMENT.

This case came before the court on a writ of error from
the Court of Exchequer upon a demurrer to a plea.
The South Yorkshire Railway and River Dun Company
brought an action against the Great Northern Company
on an agreement entered into between them relatiVe to
the right of the latter company to carry coals over the
lines of the former. The declaration alleged that by a
deed entered into on the 26th of December, 1852, it was
agreed that the Great Northern Railway Company
might for a term of twenty-one years from the let of
July, 1851, pass and go over the railways of the
South Yorkshire Company, and have free use of all
works and conveniences belonging to the latter for the
purpose of conveying coals on the payment of certain
tolls, and under such restrictions and conditions as were
specified in the deed, and averred that during the six
months ending June, 1850, they bad exercised that
right, and a large amount of tolls had become due by
virtue of the provisions of that deed, which had not
been paid. To this the Great Northern pleaded, setting
forth the deed in length. that it was not authorised
by the acts of parliament in force as to their company.
To this plea there was a demurrer. It appeared by
the deed' that if a quantity of coals amounting in six
months to 125,000 tons should be carried upon the South
Yorkshire Railway, the Great Northern should pay
such tolls as would, with any clear profit which might
be made by the latter company for the same time, after
payment of all annual and half-yearly charges for inte-
rest and outgoings, be sufficient to enable the former
company to pay the dividend on the preference or gua-
ranteed stock, and a clear nett dividend of 3 per cent.
The tolls were to vary according to the quantity of coals
carried, so as to pay a like dividend on the preference
shares, and an ordinary dividend, up to 41. 10s. per
cent. ; and if the tolls once reached sufficient to pay
that amount, they were not afterwards to recede. The
judges of the court below differed in their judgment.
Mr. Baron Parke and Mr. Baron Platt thought the con-
tract was legal and did not go beyond the powers of the
acts of both companies, and they regarded the payments
made under it as tolls within the 87th sec. of the *Rail-
way Clauses Consolidation Act (tbe Bth Vic. c. 20). Mr.
Baron Martin differed from his learned brethren, and
the Chief Baron delivered no opinion, in order that
the judgment might be entered on the record, that
the question might be brought before the Court of
Error.

Mr. Justice Coleridge now delivered the judgment o:
the court, affirming the judgment of the court below.

COURT OF BANKRUPTCY.
IN RE ATIGUSTLTS FISHER.

This was the certificate meeting. The bankrupt was
a colonial broker, of Mincing-lane, trading under the
firm of Foakes and Fisher. The accounts, prepared by
Mr. Maynard, show the unsecured debts to be 5,119/. ;
creditors of Foakes and Fisher, 2,870/. ; creditors hold-
ing security of no value, 3,478/. ; customers' bills, 12,013/.
of which it is expected will be proved against this estate,
3,834/. The assets were retuned—good debts, 448/. ;
doubtful, 143/. ; Foakes and Metcalf, about 300/. ; pro-
perty given up to the assignees, estimated to realise,
after deductions, 3621. The profits during 13 months,
the period over which the accounts extended, had been
1,017/. ; trade expenses, 1,406/. ; house and personal
ditto, 8251.

Mr. Linklater appeared for the bankrupt. Mr. Law-
ranee, for the assignees, did not oppose.
After a conversation,
His Honour granted an immediate certificate of the
second class.

(Before Mr. Commissioner Fonblanque.)
F. F. Cobb, of Dover, grocer, obtained a second class
certificate ; Mr. Linklater supporting.

THE MONMOUTH AND GLAMORGAN BANK.
The official managers appointed to examine into the
affairs of this company, the failure of which has been
attended with such ruinous consequences to a number of
highly respectable families, have issued their report. The
document itself is rather lengthy, but the following are
the main points. The managers estimate that no further
call will be required of those shareholders who have al-
ready paid the full amount of the call of 601., and it is
anticipated a return will eventually be made to the above
class. Considerable anxiety had been expressed on this
head by a largo body of the more respectable share-
holders. The company was established under the pro-
visions of the Joint Stock Bank Act (7th Geo. IV., cap.
46) in the year 1836, with a nominal capital of 500,0001.
in 25,000 shares of 201. each. Of these 19,327 were issued,
the total paid up capital at the suspension amounting to
220,6391. The improvident and unjustifiable advances
made to several parties led to the loss of the whole of
the capital and to the stoppage of the bank. After the
suspension, a meeting was held on the 7th of October,
1851, when it was ascertained that the liabilities of the
company amounted to upwards of 800,000/., and a com-
mittee was appointed to investigate the affairs in con-
junction with one previously nominated by the creditors.
The result was an arrangement by which nearly the whole
of the unsecured creditors consented to receive a compo-
sition of 15s. in the pound, prOvided ss, in the pound
were paid Immediately, and the rest by instalments within
two years. Upon this a fund, amounting to 101,734/.
3s. 9d., was raised by a portion of the shareholders, out of
which the first instalment, with Is. Bd. in the pound in
addition from other assets, was forthwith paid, and at
the same time 572 depositors, whose accounts did not ex-
ceed 201. each, were paid in full. An order was then
obtained to wind up the affairs of the company, and the
matter was confided to the official managers. At that
date the liabilities of the company were 606,4501.
12s. 6d., and, on a careful consideration of the assets
and probable means of the shareholders, a call of 601.
per share was deemed requisite, which was made. The
instalments have been met as they became payable, and
the managers will be prepared to pay the final instal.
ment at the appointed time, when the creditors who
accepted the composition to the amount of about 329,000/.
will have been satisfied, and the large sum of 83,0571.
18s. sd. gained to the shareholders, besides the reduc-
tion in other liabilities to the amount of 149,793/. 12s. 4d.,
an achievement unparalleled in any case of bankruptcy
or insolvency. Much remains to be done towards
settling the affairs of the company, and a considerable
amount must be obtained from those contributories who
have not as yet answered the call. The following are
the liabilities and assets of the bank :