The Sun.
London, England, 1853-05-04 00:00:00

BANKRUPTCY COURT.-( THIS DAY.

(Before Mr. Commissioner Goulburn.)
IN RE LACY.—IN THE MATTER OF THE COMMERCIAL
BANK OF LONDON.

The bankrupt formerly carried on business as a mer-
chant in Great St. Helen's, and to-day was appointed
for hearing a claim made against the estate by the Com-
mercial Bank of London.

Mr. Pearson appeared as counsel for the Bank, and
Mr. Aspland. as counsel for the assignees.
Mr. Pearson said that he proposed, in the first in-
stance, to enter a claim, on behalf of the Commercial
Bank of London, on a bill of exchange for 2,5001., drawn
by Lackerstein and Co., on the bankrupt. The bill was
dated the Ist of December, 1851, and professed to be
accepted for " value received on shipments." The ob-
ject of the present claim was to follow the shipments,
and ascertain what they realised.
Mr. Aspland submitted that if the bank sought to
prove a claim on the bill, they must waive any col-
lateral security, or else realise the security, and prove
for the difference. _ _

Mr. Pearson on the contrary, urged that both the
bankrupt and Lackersteins had distinctly vouched to the
cashier of the bankrupt that the bill was on the ship-
ments, and he hoped his clients would not be pressed to
make an election now.
His Honour concurred that the general rule was
to either prove for the debt, and abandon the collateral
security, or to realise the security and prove for the differ-
ence, and he did not see why it should be departed from
in the present case. The only effect of admitting the
claim would be to shut up a large sum of money from
being made available for a dividend amongst the gene-
ral body of creditors. The bankrupt could not be pre-
judiced by a delay, as there would be an abundance of
assets to meet their dividend, in the event of the right of
lien on the shipments not being supported.
The claim was then withdrawn, and it was agreed that
the right of lien should be argued before a Court of Com-
missioners, whose decision was to be final. Commis-
sioners Goulburn, Holroyd, and Fon.blanque will be
the commissioners on the occasion.

CITY COMMISSIONERS OF SEWERS.—The Commis-
sioners met yesterday at the Guildhall. There was the
usual routine of business disposed of, and tenders were
received for the cleansing of the streets and removal of
dust, &c., for the year commencing at Midsummer next.
The Commissioners directed the Medical officer of
Health to examine the business premises of Messrs.
Cuthbert, in Paternoster-row, which have obtained
notoriety from the frequent complaints made of nui-
sances from the fat-melting process carried on there ;
and he was directed to report at length as to any means
that can be devised to get rid of the nuisance. The
Court also agreed with a committee who had had under
consideration the widening of Birchin-lane, at the pre-
mises of Messrs. Waterlow, but found that the cost re-
quisite to carry it out, even to the extent of six feet,
would be so great as to render it unadvisable to adopt
such a course. It was rumoured that the sum asked
amounted to several thousand pounds, so great is the
value of ground in that part the city.
SAVINGS' BANKS. —lt has been announced that the
Government intend to propose a measure with regard to
the management of Savings' Banks. A similar promise,
it will be remembered, was repeatedly made by Sir
Charles Wood a few years ago, when heavy losses were
being sustained almost daily by the poor from defalca-
tions in all parts of the united kingdom. Nothing,
however, was done after the immediate excitement had
passed away, and hence, as the connexion of these in-
stitutions with the Government was allowed to continue
without the slightest protection being afforded to de-
positors, who were deluded by it into the belief of
perfect security, the remedy still remains to be applied.
If the Government are to have anything to do with
these establishments, it is unquestionably desirable that
they should assume a real instead of a deceptive respon-
sibility. At the same tme, it would be more in ac-
cordance with sound principle if they were to leave such
matters entirely to private enterprise, and in place of
assuming, after the Continental fashion, that the humbler
classes are too helpless to conduct their own banking
transactions without State assistance, were to enconrage
them to exercise their discretion, and to acquire by
experience the advantages of oolf-reliance.