The Sun.
London, England, 1847-10-27 00:00:00

Less rent, salaries, taxes, &c. ...

By value (above the mortgage) of pre-
mises No. 3, Nassau-place, Com-
mercial-road ... ... ••• •••
By debt due from the estate of W. Mor-
ley, sen. (amount not stated).

£89,217 5 10
With reference to the above it was mentioned,
that a large debt due from Mr. W. Morley, sen., and
which, it appears, amounts to nearly 29,0001., is not
likely to contribute a single shilling in the shape of
assets; while, also, to his excessive drawings, coupled
with the dealing of the partners in accommodation
bills, is chiefly attributed the deficiency in the ac-
counts. At the period in 1842 when the new Co.
partnery was formed the whole of the proceedings
were alleged to have been conducted in the most
loose and irregular manner, inasmuch as, although
the entering partners assumed, in consideration of a
transfer of assets, all the debts and obligations of the
old establishment, no proper investigation of ac-
counts was attempted, no stock was taken, neither
did the Messrs. Morley ever attach their signatures to
the draft deed drawn out upon 'the occasion. In
June last the house, according to the books, pos-
sessed a balance of 8,0001., but this amount on
investigation proved to be fallacious, as it was com-
posed of assets taken at an improper valuation. One
item alone was represented by railway shares esti-
mated at 5,500/., which in truth were only worth
4,6001., since reduced, by the management of these
transactions being placed in the hands of Mr. W.
Morley, sen., to the 601. exhibited in the balance-
sheet. The actual trading of the firm showed a
profit, but in no way commensurate with the de-
mands made upon it.
The result of the discussion, which did not con-
clude without angry comments escaping from some
of the creditors, elicited from Messrs. Morley a pro-
posal for the arrangement of their affairs, and it was
intimated on their behalf that, allowing for deduc•
tijna to the extent of nearly 19,0001. on the collection
of debts, realisation of stock, &c., grounded on their
meeting gave
that the statement laid before the
. gave much too favourable a view of their es-
tate,t ey thought they h
the pound, could offer eleven shillings in
date, loan creditorse to
three, six, and nine months'
consented to enter intoothe extent of 21,500/. having
was acceded to, and
a bond not to receive payment
till all other claims were satisfied. After a little
consideration this proposition
resolutions were passed for
confirmation. It is
stated that this estate includes four hundred
creditors.
The name of Mr. Grant, of the firm of Messrs.
Bell and Grant, having appeared on Friday as one of
liquidationa
the inspectors appointed to conduct the
the affairs of Gower and Co., we have bteent post
requested
to to mention that he does not occupy h
creditor, but simply from a private request havingas a
been made to him. At the present time it is awoli
of some difficulty to induce any parties to act as in-
spectors of suspended firms, not merely on accountof
the trouble it involves, but from the damage likely to
be sustained by appearing to have suffered from a
heavy loss. It is well, therefore, that it should be
understood that in a large number of cases the parties
who take the chair at the meetings of these firms, [and
who are afterwards induced to act as inspectors, are
applied to, as in the case of Mr. Grant, solely from
n t at t ey un-
the respect in which they are held, ad h h
dertake the duty with no other feeling than that of a
desire to render service.
POST.—From what has taken place at the Bank
of England to dav, the opinion expresse,(!. by us in
our last C,t,' e ,1. tlt
ihppLui to
of the late measure u GruverLift,,,t
be pretty fully confirmed. There can be no doubt
that, taken as a whole, the announcement of yesterpy
I`l4st be looked won principally a 8 A demonstration.