The Sun.
London, England, 1840-03-21 00:00:00

ROLLS COURT.-...('PHIS DAY

COLLINGVVORTII V. LLOYD.
The MASTER OF THE RoLLS gave judgment in this case
this morning, which was heard in Michaelmas Term last.
The object of the bill was to declared that a mortgage, given
by the plaintiff to the defendants, Messrs. Lloyd, the bankers,
was not properly obtained, and to have the mortgage estate re-
conveyed, or the value thereof paid by the defendants to the
plaintiff. It appeared that, in the year 1830, the plaintiff and
his partner, Charles Addy, carried on the business of calico-
printers at Alanchester. !hey had an account with Messrs.
Lloyds, the bankers. The plaintiff was entitled to certain real
estates, called the West Moor Estate, in the county of Dur-
ham, and in June 1830 he deposited with Messrs. Lloyds the
title-deeds of that estate, as a security for any balance which
might be due to them from the firm of Addy and Collingworth.
Towards the end of the year 1.?30, the plaintiff and Addy, being
considerably indebted and embarrassed, determined to wind
up their affairs, and they executed a power of attorney,
whereby they empowered a Mr. Edmund Grundy to
act for them. Before this power was executed, 111 r.
Edmund Grundy called on Messrs. Lloyds, the princi-
pal creditors, and asked their advice as to a composi-
tion. Mr. Edward Lloyd stated that his house would accept a
dividend equally with the other creditors, requirieg, however,
at the same time the West Moor estate as a security for the
balance which might be due after the dividends had been re-
ceived. To this demand Grundy, acting for the plaintiff,
agreed, and suggested that for the purpose of making the se-
curity more effectively available, it would be better to convert
the equitable into a legal mortgage, with power of sale. His
Lordship was of opinion that the legal mortgage was not im-
properly obtained. Whether the defendants were, under the
circumstances which afterwards occurred, entitled to the bale-
tit of that mortgage, was the next question to be considered.
The composition was executed, and the power of attorney to
Grundy given in the month of December, 1830. The mort-
gage deed and the power of sale attached in the following
month of September. What was done by Grundy in the mean-
time for winding up the partnership business, or promoting
the composition, no furtherappeared than,that he caused a deed
of release to be prepared. . hat deed recited that Addy and
Collingworth had agreed to give 10s. in the pound, and that
the creditors had released them from the debts owing, and from
all securities given by Addy and Collingworth, or either of
them, for securing payment of such debts; but it provided that
any creditor might be at liberty to execute the deed without
prejudice to any other lien or security he might have against.
other persons. In the months of September and October,
Is3l, advertisements were published, giving notice to
the creditors that they might receive a dividend uf ten
shillings in the pound" upon their debts, on deducting the
release, and several creditors executed that deed accordingly.
It did not apuear there had been any general meeting of the
creditors. The advertisement, however, was a proposition to
the creditors at large to pay them all the composition on cer-
tain terms ; and although every creditor was at liberty to re-
fuse to accept the composition, yet it had been established by a
series of decisions that a crenitor could not ostensibly accept
such a composition and sign a deed of release, and at the same
time stipulate for and secure to himself a peculiar advantage not
stated in the deed. In Esther v Rose it was stated by Mr.
Justice Le Blanc, that in the consideration of cases of this de •
scription it was not material whether the deed be entered into at
a meeting of creditors for the purpose, or whether they affixed
their signatures to it separately on its being carried round to them.
Some time after the publication of the advertisement in De-
cember, 1831, Mr. Edward Lloyd received from Edmund
Grundy the sum of 1,0121., being the amount of composition
of 10,. in the pound for the debt due to the defendant. The
deed was not executed by them, and it was agreed between
Edward Lloyd and Edmund Grundy, who represented the
plaintiff, that the defendants should have the benefit of the
security for the remaining moiety of the debt. Shortly after •
wards Mr. Edward Lloyd proceeded, under the power he
hail, to sell the estate, which sale was made under circum-
stances that gave rise to another question in the case. Lord
Howden became the purchaser for 800/. The purchase
-vas completed and the purchase-money received by
the defendants, on the Ist of May, 1832, which was
applied in reduction of the debt that remained due to the de-
fendants after they had received the composition. On the 29th
of June, 1832, Mr. Lloyd executed the de, d, and thereby, for
the first time, brought himself into community with the other
creditors, who had executed, or might afterwards execute, the
deed. He had, in fact, received the same dividends as
the other creditors, and had besides availed himself
of the security given to him by the plaintiff. Considering that
no notice was given in the deed that Mr. Lloyd had received
both the composition and the produce of the security, it appeared
to his Lordship that the same principle of public policy which
had governed other cases would deprive Mr. Lloyd of the right
of availing himself of that security in discharge of the
residue of his debt; end in that respect, though by no
means for all purposes, the execution of the deed must in
equity have the same effect as if he had executed it on the same
day on which he received the dividend. Under all the circum-
stances, his Lordsh.p was of opinion that having received the
dividends and executed the deed, Messrs. Lloyd had no
right to retain the benefit of the money which arose
from the security. The next question w. .s whether the
defendants ought to be charged with more money, or the
value of the estate, than the amount of the purchase money they
received from Lord Howden. It appeared that as between the
plaintiff and Messrs. Lloyds, however unwilling the plaintiff
might have been that a *rule should be effected, it had been
agreed that Messrs. Lloyds should have the power to sell, and
their intention to do so. if their claim was not satisfied, had
been avowed from the first. There had been no precipitation,
And no desire to sell without ascertaining the correct value.
Looking at all the circumstances, and even considering Messrs.
Lloyds as trustees for the plaintiff, which in one sense they
were, there was nothing in their conduct respecting the
sale of which the plaintiff had a just right to complain.
As to the value of the estate, estimates of its great
worth had been produced on behalf of the plaintiff; and
evidence had been adduced that its value had been trreatly
increased by the formation of a railway in the neighbourhood ;
but his Lordship thought that the speculative value from possible
improvements in consequence of railways, could not be considered
in deciding that point. The value of the land to be sold
at the time must be looke 1 at ; and having given the best at-
tention in his power to the evidence, it did not appear to him
that more than the sum of. 800/. given by Lord Howd.:n would
have been obtained. Consequently, his Lordship's opinion was
that the defendants ought not to be charged with more than the
800/. It must, therefore, be declared that the defendants,
Messrs. Lloyds, having executed the deed of October, 1831,
were not, :n respect of the debt of 2,024/. due to them from
Addy and Collingworth, having received thecomposition of 10s.
in tie pound, entitled to retain and apply, in Further satis-
!action of that debt, the purchase money or sum arising
from the sale of the estate; and, therefore, the defendants
must pay to the plaintiff the whole amount of such purchase.
money and interest thereon at 4 per cent. from the time the
sale was effected. Then with respect to costs. Having regard
to the many unfounded charges of fraud in the plaintiff's bill,
and having regard also to the defence, which had failed, in re-
spect of which the defendant was liable to pay to the plaintiff a
considerable amount of costs, it appeared to his Lordship that
the justice of the case would be best satisfied by making a de-
cree without giving costs to either side.

THE MARKE'T'S.--(THIS DAY.)

COVENT GARDEN.

The supplies fair, and trade dull. There did not appear to be
any want of anything or of trade. The only novelty was Hot-
house Grapes, which were 4s. to 4s. 6(1. per lb. ; Asparagus,
Bs. to 15s. per bundle ; Sea Kale, 2s. 6d. to 3s. 6d. per punnet. ;
Strawberries, 2s 3d. per ounce ; Pines, His. to 245. per lb. ;
Old Potatoes-Scotch, 60s. to ; Devons, 655. ; Yorks,
70s. ; Whites, 603. ; Blues, 655. per ton. New Po-
tatoes, 2s. 6d. to 3s. per lb. French Beans, 3s. to 4s.
per 100 ; Spinach, Is. tid. to 2s. 6d. per sieve ; Savoy Cab-
bages, bd. to Is. 3d. per dozen ; Cucumbers, 6s. to 12s. per
brace ; Lemons, 6s. to 10s. per 100 ; Turnips, 2d. per
bunch ; Brocoli, 4s. to Bs. per bundle ; Carrots, 4s. to ss. 6d.
per dozen ; Onions, 3s. (id. to 4s. Os. per sieve : Celery, 6d.
to Is. 6d. per huddle ; Plants, 3s. to ss. per dozen.
NEWGATE AND LEADENHALL.
A good demand this day, ;but the supply was rather small,
and prices had a tendency upwards. Beef 3s. to 3s. 10d. ;
llutton 2s. 10d. to 3s. 10d. ; Veal 3s. 10d. to 4s. 10(1. ;
Pork from 3s. Bd. to 4s. 10d. ; Irish from 3s. 2d. to 3s.
Gd. A small quantity of lamb, price 7s. to Ss:
per stone of eight lbs. Game and Poultry in good supply.
Pen Fowls, Is. to Is. 6(1; Goslings, Os. Bs., ; Pea Fowls,
Ss. to 12s. ; Cock Turkeys, 6s. to Ps. ; Hens. 4s. Gd. to 6s.
6(1. ; Fowls, 2s. to 3s. ; Chickens, 2s. to 3s. ; Rabbits, Wild,
91 to Is. ; Tame, Is. to Is. 6d.: Ducklings, Si. 6d. to ss.
6(1. ; Snipes, Bd. to Is. 3d. ; Pigeons, Gd. to 10(1. each ;
Black Game, 3s. 6d. to 4s. ; Eggs, 4s. 6d. to ss. Gd. per 120.
HUNGERFORD MARKET.
Supplies fair, and a steady business done. Turbot, Vs. to
20s. ; Cod, 4s. to 10s. , Solos, 10(1. to 4s. 6d. per pair ; Lob-
.tors, ls. 6d. to ss. Beef, 7),(1. to 80. ; Mutton, 7id. to 80.
Veal, Std. to Pd. ; and Pork, 70. to 81(1. per lb.
BILLINGSGATE MARKET.
Supplies good, and prices stationary ; trade good. Cod, 3s.
to 12s; Salmon, 2s. tid. to 3s. per lb. ; Lobsters, Is. to 4s. ;
Oysters, 245. to 60s. per bushel ; Turbot, Os. to 20s. ; Macke-
rel, 6d. to ls. ;,Whitiligs. 4d. to Bd. ; and Haddocks, Bd. to Is.

HAY MARKETS.
Supplies moderate, anti demand good—prices firm. Hay
6ns. to 935. ; Clo,cr 60s to 115 s. ; Straw 34e. to 425. per
load.

TALLOW MARKET.
P. Y. C. very• quiet, but firm at 525.

•
TEA MARKET.
The market was very quiet, and there was scarcely anything
Tha advance of .4(1. to 2d. per lb. was fully
maintained.

The Duke and Duchess of Montrose now reside
in Belgtave-square, his Grace having sold his mansion in Gros-
venor-square last season. The Duke and Duchess of Roxburgh
have also taken a house :n the former square, which is now
considered AS fashionable a quarter as any in the metropolis.
ST. PAUL'S, DEPTFORD—HER MAJESTY'S
DOCK-YARD.—Since the year 1835 the parishioners of the
above parish have had to pay an enormous sum (near 1,700/. a
year), in the shape of land tax, in consequence of the refusal
to pay the annual amount (1881.) charged on her Majesty's
victualling-yard, nor has any poor-rate been paid in respect of
the same establishment since 1805; since which period no less
a sum than 50,000/. of the poor-rates have been expended in
the relief of men, and the families of men, who formerly
worked in the dock and victualling yards. At a very numerous
vestry meeting recently held, it was unanimously agreed to
present a petition forthwith to the House of Commons, pray-
ing for a Bill to enable them to assess the Government esta-
blishments.

PETITION FOR THE REPEAL OF THE CORN-
LA WS. —Every man in the country—nay, we would say, every
woman also, should endeavour to record their disapprobation of
the starvation laws made by the old boroughmougers, for their
own aggrandizement, at the expense of others. By this day
week no individual, who has a head to think or a heart to feel,
should go to sleep without having sent off his signature to Lon-
don as his record at least against this cruel species of oppres-
sion. If differences of opinion as to the pre-eminence of the
Corn-laws or of the Charter should exist in the minds of any
individual or of any party, unless they consider the starvation of
the poor proper, and the Corn-laws a blessing to the country,
they ought to forward a petition on the subject ; and, if they
please, let their petition state whate,er other grievance they
may conceive worse, or which ought to be removed in pre-
ference to the Corn-laws, but at all events let them petition
against these laws—let them claim to be heard in the House of
Commons, for free trade and cheap bread, at the present im-
portant crisic—Renfrewshire Reformer.