The Sun.
London, England, 1853-12-23 00:00:00

LAW INTELLIGENCE.

COURT OF BANKRUPTCY.—DEC. 22.
(Before Mr. Commissioner Pane.)
CASES OF THE GREAT RAILWAY CONTEACTORS.—IN RE
RENNET.

This was the last examination meeting in the case.of
George Hennet, of Duke-street, Westminster; Bridge-
water, Bristol, and other places, railway contractor,
shipowner, and timber merchant. The case is the largest
that has passed through the court for several years.
The accounts, prepared by Messrs. Quilter and Ball,
are very voluminous, extending over 64 folios. The
following is a copy of the balance-shdet :
The balance-sheet of George Hennet, of Dake-street,
Westminster; Temple Meads, Bristol ; Teignmouth, and
Bridgwater, railway contractor, shipowner, lime-burner,
' Scc. a bankrupt.
From Ist January, 1849, to 19th March, 1853.
DR.
To sundry creditors
Liabilities
Secured creditors—
Fully secured 63,843 0
.0
Partially ditto 15,522 3 0
Profits on four years' business 37,900 0 0
Ditto on French contract 16,000 0 0
Capital, Ist January, 1849 146,342 4 5

£343,342 7 2
16,919 13 10

£639,899 8 5

By property..., —6
Debtors, rod
'doubtful
bad

£80,78C 0 8
65,521 12 10

£3,001 15 0
49,86010 4

£52,862 5 4

I),Aact creditors par.)* in full.

£146,307 13 6
616 18 10

£145,690 14 8
By estimated value of securities in the
hands of creditors
Fully secured £73,139 0 0
Partially ditto

86,739 0 0

(N.B. It is probable that, after defraying
the expenses of realisation and the accru-
ing interest on mortgages, there will be
no surplus available to the estate from
the property in the hands of fully secured
creditors.)
By house and personal expenditure since
Ist January, 1849
Trade expenses, including rent,
.taxes,
salaries, .journey, and all incidental
charges sinces Ist January, 1849 27;000. 0 0
Losses, including bad and doubtful debts 354,749 19 11
Liabilities (per contra) 16,919 13 10

£639,899 8 5

The list of creditors Occupies 24 folios of the accounts ;
they are about 500 in number. The largest creditor is
Mr. George Hudson for 27,9391. 18s. 7d., on 32 accept-
ances of the bankrupt's of various amounts from 5001.
to 2,500/., which were chiefly.due in March, April, and
may last. Next to him is Mr. A. G. Pooley, of Nicho-
las-lane, whO is a creditor for 23,443/. 11s. 2d., on 25
accPPtarees. Mr. George Wither, of Reigate, is a cre-
ditor for 16,4701., and Colonel Woolridge for 15,3901.
64- 2d. There are only two other creditors for above
10,0001., the rest are all below that amount, and most
of them below 5,000/. There is an item of 42,0771. due
to holders of acceptances who are unknown, all of which
were issued between October, 1852, and February last.
In the list of liabilities the largest item is the following :
"Acceptances given to Lewis, being part of 50,000/.
now held, by A. G. Pooley, 10,0001." The property
is very extensive. That on which mortgages are held
by the secured creditors consists of a freehold man-
sion-house and land near Teignmouth ; freehold houses
and land in Devonshire, at Clifton, near Bristol, and
other places ; ships, policies of ,insurance, &c. Of the
unimcumbered property, estimated at 80,7861., there is
in stores, stock, manufactured goods, and materials of
various kinds, 36,400/. ; plant and machinery at Bridge-
water and Bristol, 9,854/. ; vessels, 5,850/. ; contract
with the Great Junction of France ailway Company,
sold to Josiah Wilkinson and others, for 16,000/. ; house-,
hold, live and dead farming stock, carriage and horses,
2,456/. ; cash, 2,371/. ; shares, in the York and North
Midland Railway. Company, the Bristor Waterworks
Company, a "French coal-mine nine mining companies,
the Royal Panopticon of Science and Art, and several
local companies in the west of England, 2,978/. ; adven-
ture, per Harriet, to Sidney, consisting of corrugated
iron, wines, spirits, &c., 2,000/. Amongst the good
debtors to the estate appear the Emigration Commis-
sioners for a balance ef 3,0001.; and the Great Western
Railway Company:for 3,547/. The works in progress
on the South Wales, the Oxford and Rugby, the Bristol
and Exeter, and the Vale of Neath Railways, are put
down at 46,750/. The largest bad debt is " David Leo-
' poi(' Lewis, 42,000/. ;" it is not stated how this debt
arose. Some heavy items appear under the head of
losses ; they comprise the following :—Original 50/.
South Devon Railway shares, fully paid (1,050 shares
sold for St.), 47;250/. ; Bartlett, loss on mining shares
purchased of him, 45.0001. ; discounts on bills, &c.
(two years), 30,0001. ; plant, cost about 38,6001.,
present value 9,8541., loss. 28,7461. ; Glamorganshire
and Monmouthshire Banking Company, cost of
200 shares about 2,0001., since paid by me on
account of liabilities prior to the order of winding up
15,000/. total 17,000/. ; Holmes, loss on properties pur-
chased of him 17,000/. ; SWift, loss on transactions with
him, 16,300/. ; iron contracts, 22,500/. ; Langley Field
iron work, mortgage 15,0001., sold for 3,0001., loss
12,000/. ; loss on mining shares 17,057/., the principal
items being 4,120/. on Cassandra mine and 4.265/. on
Bodmin Moor ditto ; South Wales Railway shares, cost
of 500 shares 6,400/., sold for 3,200/. ; Tweedale Tile
Company, 3,000/. ; South Devon half-shares preference,
645 shares, cost 23/. each, sold for 15/. each, 5,1601. ;
law expenses, 3,147/. ; loss on 223 South Wales Rail-
way shares at 18/. per share, 4,014/. ; Great Western
• ordinary stock, taken in, payment of Windsor contract,
20,0001., sold at a loss of 4,150/. ; Clifton property,
2,500/. ; shares bought of Swayne and Bovill, 4,000/.
Forest of Dean coal mine, 3,000/. ; mosaic picture,
1,000/. ; premiums paid on life assurances, 1,588/. ;
Gerway-house 2,000/. ; loss on three ships, 5,200/. ; by
W. Richardson, a bankrupt, 1,500/.
Mr. Lawrance, addressing the court, said he ap-
peared for the bankrupt in this case. This was the
sitting for the last examination, and he believed there
was no opposition to Mr. Hennet's passing.
Mr. M'Leod (for the assignees)—We have no oppo-
sition to offer.
Mr. Linklater, who appeared for certain creditors,
concurred.

Mr. Lawrance—l believe the process of realisation is
going on most satisfactorily, with the assistance of Mr.
Hennet, and with the indefatigable assistance of our
friend Mr. Cannan ; and the result will be as satisfac-
tory as we anticipated, if not more so.
The Commissioner—The only thing distressing about
it is, that Mr. Rennet should have fallen into such mis-
fortune afterliaving had so successful a career previously.
Mr. Lawrance—lie has been the architect of his own
fortune, and he sees the superstructure fall scarcely by
any act of his own. Your Honour, I presume, will
permit the bankrupt to pass ; and, perhaps, you will
be good enough to name an early day for the certificate
meeting.
The Commissioner—Will it be opposed ?
Mr. Lawrance—There may be opposition ; but we
are not aware that there will be.

The Commissioner—The earliest day on which itNvould
be heard would be the 13th of January. I don't think
I shall pledge myself to decide the matter earlier than
the week following. Put it down for Saturday, the
21st of January, at 12.
The bankrupt then passed.
From the examination of the accounts this large failure
appears to have arisen from a system pursued by the
bankrupt, and doubtless by other contractors, of ac-
cepting shares of the several companies under whom he
contracted in part payment for the works to be per-
formed. At the time of the contracts, the shares were
probably at a premium ; but they afterwards became
depreciated, in some instances from 50 to 70 per cent. ;
and Mr. Rennet being obliged to pay his sub-contrac-
tors in full, he necessarily fell into difficulties.
There has already been a dividend of 2s. 6d. in the
pound paid on the estate, and another dividend of about
the same amount is expected shortly to be declared.

IN RE THOS. 'ETCHINGS.
This bankrupt was also an extensive railway contractor.
die had besides been engaged in large contracts on the
Grimsby Docks, the Southampton Waterworks, and the
Leith Harbour Works. He is described as "
of Park-
street, Westminster, of Great Grimsby, and of Anston, in
Yorkshire, railway contractor, and contractor for public
works, stone-merchant, ship-owner, dealer and chapman,
late in partnership with Win. Wright and Wm. Brown,
and trading at Great Grimsby, under the firm of T.
Hutchings and Co., and at Anston, under the firm of
W. Wright and Co." This was the adjourned last ex-
amination meeting.
The accounts in this case have been prepared by
Xesars. Simmons and Co., of Gracechurch-street, and
jrcuPy no less than 88 folios, toug extendi onl
et the 16th of December, 1852, toh the 30th August
s • Subjoined is a copy of the balance-sheet ;
DR.

To creditoeoi.,2,unsecured
To do. £53,966 18 3
spectors'.
....... since appointment of in-
Todo. who ' ;4;
etiveattached. Ow amounts duo
on the respe
To Smith, Ellison, Zilk,s 2,567 3 4
ing security ...... Co., Lincoln, hold-
To surplus 16th Deoen;l3;n:i7.1.4
s of Hutch-
To do. as per statement of ft . :
ings, Brown, and Wright
.. air.

25 15 0

.............. 5,202 3 6

X 83,554 9 3

By good debtors
Doubtful ditto
Bad ditto
Property
Atnount receivable on sundry works
Ditto doubtful
'Grimsby Docks' contract f.:26,762 110
Less, claim by Smith, Ellisten
and Co,

£8;49812 4
167 6 4
49 19 11
~491 12 1
17,944 7 10
3,068 5 4