The Sun.
London, England, 1825-01-17 00:00:00

13A.N1‘.1{.UPTCY OE MAltSil A4ND CO.

On Saturday a meeting of the creditors of the
bankrupts Marsh, Graham, Stracey, and Fauntleroy, took place
at the Commissioners' Court, Guildhall.
At a quarter past one o'clock Mr. BOLLAND, the principal
assignee, was voted into the chair, and Mr. GORDON, the
solicitor under the commission, read the advertisement from
the London Gazelle, in pursuance of which this meeting was

convened.
Mr. GORDON proceeded to address the meeting upon the
state of the bankrupts' affairs. He said that on examining the
hooks of Marsh, Stracey, and Co., they found an account of a
debt due to that firm from Marsh and Son, the navy agents,
which the assignees contended to amount to 73,505/. 18s. Bd.
There was on the opposite side to be deduced an unascertained
amount of certain securities supposed to be worth 10,500/. The
question for the creditors was, how they were to get at the ba-
lance of this debt ? The advances of which this large sum was
composed, had been made by the late banking firm in the year
1315, upon this clear understanding, that Mr. Marsh, sen. was
to be, in fact, the responsible person in the navy firm, and his
son, Mr. Arthur Cuthbert Marsh, to be only a nominal partner,
the salaried manager, except‘u.pon a certain contingency, which
had never occurred. The bank was always to look to Marsh,
sen. for the money, and not to Arthur Cuthbert Marsh, in
whose name the account was permitted to stand, to prevent
its being mixed up with the private account of 3lr. Marsh in
the firm. The firm of Marsh and Son suspended payment
when the bank failed, and the creditors of the former
were informed, that if the alleged debt due to the bank
were kept out of the claims, the Navy Agency house
• would be able to meet all their debts in full, and have a
surplus of 30,000/., which would pass to the separate account
of Mr. Marsh sen., and necessarily be available for the creditors
of the banking concern. The creditors of Marsh and Son were,
of course, anxious to throw the banking creditors upon what-
ever surplus should remain after the payment in full of their
own demands; but the assignees were of opinion, that it would
be better for the banking creditors to go in upon the whole of
the estate, rather than on any contingent balance. A great many
difficalties had, however, arisen in the discussion to which this
particular question had given rise, and many cases had been
submitted upon it to lawyers, who had differed exceedingly in
their views of the matter, and, on the whole, given very little
encouragement to go to law upon the business. New light had
broken upon the transaction lately, and the assignees said that,
true the credit had; been given to Mr. Marsh, sen. only, but
it was also true; :hat there was an understanding that 31r.
Arthur Cuthbert Marsh should not be a partner in the
Navy Agency concern. Now that they found the junior 3.1 r.
Marsh to have been substantially a partner, they (the assignees)
I conceived themselves clearly entitled to claim upon the partner-
ship assets. Mr. Ileald was of opinion they had a clear right
I upon Marsh and son. 31r. Bell .was doubtful on the point.
The assignees, after giving the matter their best considera-
tion, thought it better to go before the Lord Chancellor for
so large a sum, and it was for the creditors to sanction or
dissent from their opinion. They must be aware of the un-
certainty and inconvenience of a Chancery suit; but there was
every reason to hope, as the creditors at each side were equally
interested in the early decision upon it, that the matter would
be so arranged by mutual agreement for the legal consideration,
that they would be able to go straightforward, and have a de-
cision without much loss of time. The Meeting would decide
whether it were preferable to go to law, or abide by the surplus
in Marsh and Son's affairs. Ile ought to state, that at a meet-
ing of the creditors of the Navy Agency concern, held in Scot-
land-yard on the 10th of November, Sir Benjamin Ilallowell
in the Chair, a Resolution was adopted to give Mr. Arthur
Cuthbert Marsh a letter of licences to go on winding up the
affairs of his house for twelve months.
A crediter remarked that in the letter of licence Mr. A. C.
Marsh was described as not being a partner but a salaried clerk.
Mr. GORDON replied, that the fact of Sir. Marsh. jun. being
to receive 8001. a-year " out of the profits," made hint a partner,
according to the Attorney-General's opinion.
A Gentleman, who said he was interested for a creditor of
the Navy Agency concern, declared that it was essential the
creditors of both firms should come to a speedy untlerstaiiding
upon the matter. The creditors of Marsh and Son, although
four months had elapsed since the suspension of their pay-
ments, as yet knew nothing of the state of their affairs: They
were uninformed about their assets. There was certainly sonic
delicacy to be observed in any detailed statement of their ac-
counts, for many of their debtors were naval characters of con-
sideration, whose private accounts ought not to be unnecessarily
exposed. But there ought to be some recognized manager
besides Mr. Marsh, jun. himself, to look after their affairs.—
Mr. Marsh himself ought not be the receiver nor the collector,
which was much the same.
It was then suggested that whoever was appointed receiver or
collector, ought to give adequate security for the due discharge
of his duty.
Sir. Gonnox said, that the assignees bad received from the
solicitor of Marsh and Son, the copy ot' a draught of agreement
for the appointment of a receiver of the navy agency concern.
And it was suggested that it would be proper, it' possible, to
make one of the gentlemen of Messrs. Coutts's bank that re-
ceiver ; but upon looking over the terms of the deed, it was
discovered that the receiver was be made responsible in some
degree for the details of the collection, and the responsibility
was declined by the firm of Coutts, after consulting with their
solicitor.
Mr. HOLLAND, the Chairman, hoped that the creditors
would instruct the assignees how they were to proceed with re-
gaid to the firm of Marsh and Son.
• Mr. Loan said, -that the creditors were incompetent to dis-
cuss the legal technicalities of such a question, and therefore
it was useless to delay the real business of the day, which
was, whether the assignees should have the power of taking
legal proceedings, if they thought proper, for the recovery
of the debt due to the banking concern by Marsh and Son. 'l'o
plain men it would certainly appear extraordinary, if Sir.
Marsh, sen. could take out ot' the bank of which he was a part-
ner above 70,0001., and . put it into another concern for his own
separate interest; and that it could be then said his banking
creditors, after his bankruptcy, who had supplied this large
fund, were to have no claim upon the estate of the other concern
established by money taken out of their own pockets.—( Hear,
hear !)—To shut out such a claim would, in fact, be to pick their
pockets:—(Hear, hear !)—To put it to rest, he moved that the
meeting do consent and agree, that the assignees should prose-
cute, if they thought proper, a suit in equity, to recover pay-
ment of the debt due by Marsh and Son.
Mr. WILSON. seconded this motion.
Mr. FaosT ridiculed the legal refinement which, it was said,
would impede their claim upon the estate of Marsh and Son,
and complimented the assignees of the banking estate for the
honour and zeal they had shown in the discharge of their duty
in behalf of the creditors--(Hear, hear !)
The motion was then put, and unaniously carried, and fol-
lowed by a resolution, recommending the appointment of a
proper receiver for the assets of Marsh and Son, until the
question bet Preen the two estates should be adjusted.
31e. KNIGHT, the assignee, then submitted ,to the meeting
the propriety of their enabling the assignees to enter into com-
position with certain creditors, whenever that mode of settle-
ment should be deemed convenient. He wished to state the
account of Sharpe and Clarke. Marsh and Co. (the bankers)
had discounted for them paper to the amount of 1,9151. is., of
which Edgingdon, the coach-maker, and two others, were the
acceptors. Edgington had become a bankrupt, and Sharpe and
Clarke had submitted their affairs to their creditors, and offered
eight shillings in the pound, 'which all had agreed to accept
save the assignees. Ought they now to accept that compose-
lion ? Ile rather thought, by agreeing to Sharps and Clarke's
offer, they would have a chance of making up the balance of 20s.
• in the pound front other quarters.—(Hear, hear !)—There was
also the Case of 31r. Tewson, of Percy-street, for whose accept-
ance., drawn by 31r. Fountain, they were offered a cash compo-
sition of ss. in the pound, which might also be augmented to
fifteen in another quarter. There was alto Mr. Rottebell's bill,
drawn on some foreigner, who offered 10s. in the pound, and
the balance to he set off against the claim on the bankrupt's
estate. There was Sir.. henry Joy, the builder, who owed 1001.,
but all he wanted was time.
A resolution was then unanimously passed, giving the as-
signees the discretionary power of assenting to the proposed ar-
rangements in all the above cases. •
It was next unanimously resolved, That the clerks and ser.
• vants should be paid in full.
Mr. Go unoN said, that in examining the private papers of
the late 31r. Fauntleroy, they had found a policy of insurance
upon the life of Mr. Gordon Urquhart for 15001. There was
rro explanation of how it came among those-papers, except that
there was an assignusent upon it, .as security. for 2,5001. . The
whole debt, however, appeared to have been paid off last July
by No. Christie, and ho notice seemed at the. time to have

PRTCE SEYENPENC V,.

been taken of this policy. The assignees, however, did not
feel themselves justified in giving up this policy to Mr. Ur-
quhart, without some consideration to repay the outlay of Mr.
Fauntleroy. in maintaining the policy, and which was estimated
to amount to '2851. 2s. Messrs. Robinson and Company, the
Solicitors for Mr.- Urquhart, had agreed to give 1311. for
the restoration of this policy, and the only object in getting
t seemed, to be, to enable some of. Mr. Urquhart's friends to
ikeep up the policy for the benefit of the family.. The power to
surrender the policy on these conditions was then conferred, by
a unanimous resolution, upon the assignees.
Sir. KNIGHT (the assignee) then said, that there were se-
veral houses and ground-rents among the assets of the bank-
rupts' estate. There were six houses in Biyanstone'-square,
and two houses in York-street, belonging to Mr. Fauntleroy's
separate estate. It was thought that if these. were sold piece-
meal, by private contract, they would bring a better price than
if put tip to public auction.
It was carried unanimously, that the sale should be by public
.•

auction.
In answer to a question from a creditor, Mr. KxratiT de-
clared, there was no truth in the report that any thing had
been disposed of by private sale by the assignees. :
After some motion? ofmere form, the Meeting adjourned.

(From Ike LONDON GAZETTE, Jan. 15.)

Whitehall, .Tan. 11, 1825.

The King has been pleased to nominate and appoint the un-
dermentioned Knights Commanders of the Most Honourable
Military Order of the Bath, to be Knights Grand. Crosses of
the said Most Honourable Military Order :
Admiral Sir Edward Thornbrough, rice Admiral the Earl of
St. Vincent, deceased.
Admiral Sir Eliab Harvey, vice Admiral Viscount Keith,
deceased.

Whitehall, Jan. 13, 1825.
The King has been pleased to nominate and appoint Rear-
Admiral William Charles Fahi, Companion of the Most Ho-
nourable Military Order of the Bath, to be a Knight Corn-
mander of the said most Honourable Military Order.

York House, Jan, 10, 1825.

• „
His Royal Highness the Duke of York and Albany has been
pleased to appoint the Rev. Thomas Nayler, 8.A., of St.
John's College, in the University of Cambridge, to be one cf
his Royal highnesses's Domestic Chaplains.