The Sun.
London, England, 1840-12-08 00:00:00

TITE SUN, LONDON, TUESDAY, DECEMBER, 8, I SW._

POLICE INTELLIGENCE.

MANSION-HO USE.
Mr. Richards, the accountant appointed by the late
Lord Mayor, with the consent of Mr. Boucher, the
Managing Director, and Mr. Whitcomb, one of the
Acting Directors of the British and Australasian Bank,
and of Mr. Beddome, the solicitor to certain claimants,
and of Mr. Ashurst, also the solicitor to certain claim-
ants, to examine the books and accounts of that esta-
blishment, and to report thereupon, attended for the

purpose of giving in his report.
Sir Chapman Marshall, the late Lord Mayor, and
Sir Peter Laurie presided.
Alderman Pirie, whose interest was deeply excited
by the deplorable condition of the poor people who had
travelled as settlers to South Australia, having paid
their money at the bank, at N 0.55, Moorgate-street,
for letters of credit, which were returned dishonoured
to this country, was present during the reading of the
report, which was listened to, from beginning to end,
with the greatest possible attention, and evidently con-
firmed the opinions of all disinterested persons that such
a banking establishment was never seen before.
Mr. Frederick Boucher, the Managing Director, and
Mr. Whitcomb, were present, -as were Mr. Baddome,
Mr. Ashurst, Mr. Wheeler, the Manager of the South

Australian Bank, and other gentlemen.
Alderman Plate,said that on the last day of the ap--
pearance of Mr. Bohcher to answer the charge- made
,against him on the part of a number of persockS, it was
agreed that an accountant should be named by Sir
Chapman Marshall to go over the books of the. British
and Australasian Bank. That had beep done—the gen-
tleman appointed had concluded the examination of the
books and drawn up his report, and he hoped that re-
port would be satisfactory. He hoped it would be shown
that Wm. Walker, of Sydney, was, according to Mr.
Boucher's very positive statement, 28,0001. in debt to
the establishment, for the sake of the poor people who
had relied upon its good faith and solvency.
Sir CHAPMAN MARSHALL—Does Mr. Boucher wish
to say anything in this stage of the proceedings ? Mr.
Boucher—l have nothing to say ; I attend merely as a
spectator. I know nothing about the report.
Mr. Beddome said that it appeared to him, Mr.
Wheeler, and Mr. Ashurst, upon proceeding to the in-
vestigation, that it would be most advisable to leave the
drawing up of the report to Mr. Richards, the ac-
countant, as that gentleman was not in any way
mixed up in the transaction. The report was drawn up
with the most perfect impartiality.
Sir CHAPMAN MARSHALL—I have the report, but I
know not a word of what it contains. • _

Mr. Boucher said he wished it to be known that he
had been directed by a Committee of the Proprietors of
the British and Australasian B ink to repudiate altogether
the proceedings of the gentlemen who proposed to exa-
mine the books and documents of the establishment.
Alderman PIRM—Why, Mr. Boucher, you most
strongly expressed your wish that a Committee should
be appointed to investigate the accounts of the con-
cern, and now you repudiate their labours.
Mr. Beddome—And the Committee of which Mr.
Boucher speaks was appointed subsequently.
Sir PETER LAURIE—It is most important to the in-
terest of the public that an inquiry of the kind should
be instituted. I wish that half of the companies esta-
blished within the last few years, and by which the public
have been enormously gulled, were inquired into. We
are obliged to Mr. Ashurst, in the first instance, for
having drawn our attention to the concern.
Mr. Richards then read the following Report :

THE REPORT of the undersigned, Virillia.m Richards,
Accountant, nominated by the Lord Mayor, with the as-
sent of the Directors, to examine into the affairs of the
British and Australasian Bank, No. 55, Moorgate-street.
As a commencement to my Report, I beg to state that
I was attended in my inquiry by Mr. Frederick Boucher,
the Managing Director, and Mr. Whitcomb, another Di-
rector, and derived all my information from them and from
the books and papers of the establishment.
The Bank has not been carried on under any Act of Par-

liament or charter, nor has any deed of settlement of the
Company been as yet executed ; but in the month of Ja-
nuary, 1839, the business was commenced under a Pro-
spectus (which was handed to me by the Directors; above-
named), and has continued to be carried on without any
Other authority down to the present time.
That Prospectus is too long to set out in full, but I think
it is essential to insert such portions as bear upon my
Report :
" Prospectus of the British and Australian B ink (incor-
porated with the Australasian Loan Company ).—Capii al,
One Million sterling.—ln two series of Shares of 20/
each, a portion of which will be reserved for allotment in
the Colonies.—First instalment, 51. per share.
" DlRECTORS—Frederick Boucher, Esq., Matvging
Director; W. H. Burnaod, Esq., George Cox, lf.sq ,
Daniel Fryett, jun. Esq., James Brodie Gordon, Esq ,
George S. Ogilvie, Esq., William Henry Searnett, Esq ,
Walter Scott, Esq., George Whitcomb, Esq. With
power to add to their number.
SOLICITORS—Messrs. Kearsey Hughes and Thomas.
" The capital of the Company, one million sterling, is
divided into two series of shares of twenty pounds each,
and a portion of these will be reserved for allotment in the
Colonies. The first series to he now issued will comprise
25,000 shares, and the instalments thereon are to be paid
up as follows, viz :
£5 per sliare on 21st January. 1839.
£5 .. 221 April, 1839.
£5 it 21st August, 1839.

21st December, 1839.

"By the incorporation of the Australasian Loan Company
with this Society, a numerous and influential body of Pro.
prietors, and a large amount of capital have been already
secured, and the Directors have been enabled to snake
arrangements, for the early formation, under peculiarly ad-
vantageous circumstances, of Branch Benhs of Isaac, De •
pout, Discount, 6-c., at the several places undermen-
tioned, viz. :
At Sydney New South Wales ;
Maitland Ditto;
Fort Philip .. Ditto ;
Hobart Town Van Diemen's Land ; •
Launceston Ditto ;
Adelaide South Australia ;
Perth Western Australia ;
And at Albany King George's Sound.
" The Directors deem it right to state, for the informa-
tion of the public, that they have secured the co-operation
and assistance of many of the principal Colonists ; that Mr.
George Whitcomb resided fur several years in Van Die-
n-:11'6 Land; that Mr. W. H. Burnand and Mr. J. B.
Gordon have been extensively en aged in pecuniary and
commercial transactions with the Australasian Colonies for
many years; that Mr. Walter Scott has resided for more
than twelvo years in New South Wales ; and that Mr.
Frederick Boucher was. the originator, and for more than
three years the Secretary, of the Bank of Australasia,
and resided in Australia several years.
" It is expected that the local knowledge and practical
experience of these gentlemen will prove beneficial to the
Company in various ways,
.and that their connexion with
the Association will be a complete assurance to the Colo-
nists that their interests will be carefully regarded in all
the operations of the Society ; setting aside all narrow
views, the Directors will. take care that the business of the
Bank shall be conducted in the most liberal and equitable
manner.
" In the discharge of their duties they will consider it in-
cumbent upon them to promote, as far as may be practica-
ble, the prosperity and advancement of the Colonists, and
under this impression their proceedings will be regulatid.
" The management of the Company's affairs w ill be vested
in the London Board of Directors, and the Banks in the
Colonies will be conducted by influential local Directors
and other persons duly qualified, who will be appointed by
the Directors in London. Every arrangement and regula.
tion of this Society will be framed with the utmost regard
to public convenience, and the terms of business will be
moderate and equitable.
" The deed of settlement is to be signed by every Share-
holder on payment of the first Instalment.
" Agents will be appointed wherever they may be required
for the transaction of exchange or other business on behalf
of the Company, and a complete list of the Agents of the
Bsnk will shortly be published."
The Directors handed to me the following balance-
sheet of the general state of the affairs of the Company :
The British and Australian Bank, 55, Moorgate-street,
London, Ist November, 1840.

Dr. Balance.
To instalments £53,000 0 0
To interest.. l,OBl 13 2
To exchange 4,369 0 4
To commission
To premium
To deposits (on notice) 1.286 8 4
To consignments on account 9,549 18 10
To balances due by Bank 5,793 8 5
To b,lls payable 3,103 17 0
To bills for collection
To ditto colonial
To annuity bonds . 883 6 8
To El. Jennings (loan) 5 0 0

£90,375 6 0

Account. Cr.
By preliminary expenses .£3,354 10 5
By balance due to Bank
By bills receivable 3,972 14 6
By advances
By Sydney branch
By Hobart Town ditto 4,219 12 7
By Launceston 2,674 4 10
By Port Philip 4,054 17 10
By Adelaide 1,799 18 7
By London and Westminster Bk l6 6 4
By Cash balance
By Australian Loan Company— 880 19 9
By First dividend -1,016 0 0

£88,146 18 11

Petty cash
Before I commenced en examination of the books of
the Company, I made particular inquiry of the Directors
concerning the fist item of 58,000/. on ti e debit side of
the account, and was distinctly infor,nid that it consisted
of instalments on the shares of the Company which had
been paid up in full to that amount.
I then called for a list of the balances due to the bank,
stated as 31,4-131. 16s. Bd. on the credit side of the account,
and found that considerably more than one-third of this
latter sum consisted of the instalments of the Directors
and Shareholders not paid up, as above stated.
I find that Mr. F. Boucher; the Managing Director,
has not made any payment on account of his shares.
That he stands debtor to the Bank on lis share ac-
count 45,000 0 0
And on his drawinc, account
Mr. Boucher's shares appear to have been 50 originally
its his own name; 125 originally the shares of George

Shadforth Ogilvie, a Director, but whciwas credited 2,5001.
on the 25th June, 1840, and the shares carried to Mr.
Boucher's name, and the instalments debited to his account;
fifty, orginally those of R. Compton, fifty shares of Stephen
Fussell, and twenty shares of Robert Morrison, all dealt
with in the same mannar. Mr. Bjucher has also bad

6,0004 other advances in manner hereafter shown.
I find that Mr. W. H. Burnand, a Director, has been
debited for the instalments on his twenty-five shares, and

_ .
that in the ledger he stands debtor to the Bank 2971 Us.
I do not find that Mr. George Cox (although his name
appears in the prospectus) ever was a Director, or even a
shareholder.

I find that Mr. Daniel Tryctt, Jan., stands in the share
list as having had forty-two shares transferred to this Com-
pany, from the Australian Loan Company, and that he
stands debtor in the Bank books 2201. us. Bd., and the
Directors, who attended me in my investigation, stated that
he never disclaimed being a Director, hough he never
acted or appeared at their Board.
I find that the shares of Mr. James Brodie Gordon have
been paid in full, and that he is now in the Bank books a
creditor for 711. 193. 3d. He was reprasented by the
Directors who attended me, as having only occasionall
attended the Board.

I find that Mr. George Shadforth Ogilvie was a share
holder of 125 shares, for which he stood debited in th,

.Bank ledger, but on the 25th June lay, he wa-3 -creclito!
2;504 for all the instalments upon them, and his 'account
b danced and .closed. and Mr. Boucher's account debited
with the like sum. H was represented as not having acted
as a Director, but as not hating disclaimed the appoint:aent.
I do not find that Mr. Willi.m Henry Searnett is either
a Director .or shareholder, and his name. is .not. in the
Bank books, nor, according to the statement of the Dirce,
tors who attended me, did he ever have a transaction with
the Bank.

I find that Mr. Walter Scott is debited for .the instal-
ments on twenty-five shares, and on balancing hi 4 account
in the ledger, stanth, debtor to the 8ank,•2701.
1-le is represented as having occasoinally acted as a Di-
rector.

I find that Mr. George Whitcomb is debited 1w the
BAnk leiger ai:h 1,000/. far the four instalments on 50
shares ; but on hi 3 working account he appears a creditor
of the Bank for 633/. I 7s. sd. This balance in his favour
arises by an item of 1,000/ in that account credited to.him,
and debited to Mr. F. Boucher on the 22d July last, and of

which all explanation was refused by those gentlemen ; of
course, if this item were taken away he would be debtor on
his working account 3661. 23. 7d. as well as the 1,006/. on
his share account.
I find that Mr. F. Bluely's- is the Managinn. Director
of the Company, and that Mr. Whitcomb adMr. Bur-
nand arc the Directors who have chiefly acted with him.
I find that there-arc large balances against segue of the

shareholders, but as their names do not Appear in the Pro-
spectus I do not feel called_ upon to report them.

I find that the 6,0001. of "-advances" consists of three
advances of 2,0001. each, made to Mr. F. Boucher ; one
by the Australasian Loan Company on the 9.. h August,
1833, on 160 shares in the Van Diemen's Land Company ;
one on the 12th January, 1839, on 2,560 acres of land in
New South Wales, and 675 acres of land in South Aus-
tralia; and one by the present Bank on 21 New 73aland
Preliminary Land Orders, on the 18th April last, but I
have only seen securities for one of these advances.
I find that Mr. F. Boucher's account would appear still
larger against hint but for one item, interlined in the ledger
to his credit in April last, of 1,0031 Os. 2d., which has not
been found for me is the Cash-book, or any other book of
the Bank (except the ledger), and which (although
repeatedly inquired after) has not been . explained
to me. I remarked to Mr. F. Boucher that his ac-
count, though so heavily overdrawn under various heads,
is not any where charged with interest, to which he replied
that the interest was only made up half yearly, but on my
showing; him that there teas not any charged against him
from the beginning, he said that must be a mistake.
I and that the books of the Bank are exceedingly irre-
gular, so much so that no examination would be satisfac-
tory that did not sift the whole concern from the com-
mencement. There is no minute book, showing what Di-
rectors from time to time attended the Beard. There are
no certificates or scrip of the Shares, but the Share.
holders hold only Mr. F. Boucher's letters, stating what
shares they are entitled to.
I find that the agents ot the Bank have been appointed
only by Mr. F. Boucher's letters, and although such
letters state to tee agents that they have been appointed
by a Board of Directors, I have not been shown any Board
none such appointment ; but have been told
by Mr. o
Wf any
letcomb. that Mr. F. 13eucher's letters are. the
Only records of such matterse
As to do Branch .Basis in the Colonies, I find that
(notwithet inding the statement in the prospectus), no local
Directors have been yet appointed at any one of them.
With respect to most of them, the Bank received depos:te
and granted letters of credit, b"fore they sent out any re-
m'ttances or consignments to meet them.
As to the Sydney Branch, stated on the credit side of
the balance sheet at 27,329/. 14a. 51, I have gone very
fully into that account, and the correspondence upon it,
and although it appears by the B ink books that the Bank
has made large advances on bills sent out, and goods con-
signed to that Colony, yet such is the nature of this ac-
count, that it is impossible, without knowing the transaction;
in the Colony to come to a conclusion as to what balance is
available. I do not find evidence to support Mr. F.
Boucher's assertion that it is 28,0001; The 'seeks of the
Bank made an apparent balance ot about 25,000/., but this
sum cannot be relied upon, as the remittances include many
bills drawn against consignments of goods, which may not
realize the invoice price. Mr. Walker's correspondence
evinces great unwillingnesi to regard as available anything
short of actual cash in hand.
The irregularity of the Bank books also increa?es the un-
certainty, for even my brief examination detected errors
reducing the amount nearly 2.0001., and pieived tire exist-
ence of an outstanding credit which may cause a further di.
minution of 2.0001. more, while there appear tracts of ac-
counts between the Sydney agent and 'mercantile houses in
New South Wales of the balances on which I had no mate-
rials for forming a judgment.
In corroboration of my conviction 'that the nominal
Sydney balance is liable to great diminution, I beg special
attention to the fact, that by the Agents' -account, current
orders for 5001. are shown to have been given, of which no
registry whatever appears in the books of the Bank here,
rauttand ingiintitien Pssibletia state that there may not be other
ounregistered, drafts on the Colonial funds or
other orders as to their appropriation.
I found a letter in the correspondence from Mr. T. Walker,
Director here, dated
following paragraph :
eg
onlyt i SAlystdt npmer agent,eyagyeniat
stt,h ae
and
de
containingetoh
,e 1
niNt.loafit Managingtghtie establishment with thehn
y
overdrawn. say to the
eßitatnekn tooff Australia 24 0,2
in fund; from bills current felling due, to an amount suffi-
cient to enable me to act up to your instructions, should-a
l ; bu is t
at considerably n
the end
of this month I shall be
favourable opportunity occur for my ruing so which in-
structions were the investing on mortgage at Sydney 5001.
thet a lady had paid
into the Bank here, in the month of
March, 1839, to be laid out on a moitgage in Sydney ;
but which sum was not advised of by the Bank to Mr.
Vtralker, their agent, until the month of November eight
months afterwards). I fled that the Bank here had not
written out questioning their agent's letter of the Ist May,
nor did they deny the statements. i find also other irre-
gularities in this account,
.which make the question of the
amount of balance in the Bank's favour at Sydney very
doubtful.
As to the Adelaide Branch—l find that the P Ink took
deposits of parties, and granted letters of credit, six months
before it sent out any remittances or consignments to meet
them; arid that itehad granted such letters to the extent
Of abut I,ooa/. before it made a single remittance or con-
Sienment. Mr. F. Boucher has not -satisfied me
that he did not know of his brother's_ previous de-
parture from the colony, when he granted the bilis
slid letters of credit in September and October of
last year. He stated to me that he first knew it six weeks
after the 14th of October, the day he took Mr. Francis
Grote's money, and granted him his bill. Mr. Charles
Grote has clearly shown that he must have communicated
the fact to Mr. F. Boucher before the 30th of October,
and Mr. F. Boucher now owns such might have been the
case. Yet he never wrote any letter to the colony to pro-
tect the drafts of the .Bank there until the 25th of January
followeig, nor did he write suspending his brother's agency
or authority until the 24th of March now last past. M ire-
over, it appears by Mr. Charles Boucher's letters to his,
brother, Mr. F. Boucher, from January, 1838, to June of
year, the same • ‘-
r, that the time of his arrival at Adelaide was
very little to be depended upon ; and by letter, dated
June 16, 1833, he particularly cautions his brother not to
send certain orders to him until he should hear from
him
of his arrival there. It appears, by Mr. F. Boucher's ad-
icisseen, that he had-r,ot heard of such arrival when, in the
summer and autuinn of last year, the Bark' granted letters
of credit addressed to their Meleager, and bills addressed
to local Directors at that place (no such officers being, in
existence), and with a foot note to apply to Mr. Charles
Boucher, of whose arrival, as before stated, he was in
ignorance.
I find that the tank boas exhibit balances in favour of
die Bank at Elobtrt Town, 'Launceston, and Port Philip,
•Alt the Preceding remarks will show the uncertainty of
the realization, or to what unexpected claims they may be
liable ; many of the remittances are dependant upon in
voices of goods, the proceeds of which must be uncertain,
and the residue are chiefly bills drawn against goods often
accompanying the actual drafts.
I find that, contrary to the usual practice of Colonial
Banks, this Bank has never shipped any specie whatever
to any of its Colonial Agents. •
I have found this impair apainful one, and as the
ea
Shareholders have very
, et I have not gone minutely into the
other branches of tne account.
WILLIAM RICHARDS.
New City Chambers, 20th Nov. 1840.
Sir G. MARSHALL asked whether it was the wish
of any gentleman to make any observations?
Mr. Richards said that the shareholders would do
well to remember in any inquiry they might institute,
that those who had sirrinlY paid the calls on their shares
had an interest very different from that of those share-
holders who might be debtore to the B ink, or have
made it subservient to their own private tranetesions.
Mr. Bnielier—l have not been supplied will' 3
con of the report, ane I know nothing about it.
Alderman Pram—You agreed, Mr. Baueher,when
the gentlem in was
appointed to examine the 10(3;3;
that if Mr. Richards should n:,t be satisfied that Mr.
Walker, of Sydney, owed the British and Australasian
Bank 28,000/., you would pay them all expenses incur-
red. I suppose, as a man of honour, you wit' giie your
check for the amount.
'Mr. -3oucher—Yes. I shall pay the expenses of
the examination of the accounts. I wish it to be un-
derstood, however, that Mr. Richardsi‘lr considers •
Walker to be indebted to our Bank the sum of 26,000/.,
115 appears from his report.
Mr. Richards—That is subject to a variety of con-
tingencies. Amongst them is this, that you must take
for granted the correctness of the books as to that parti-
cular account.
Mr.
Sir PETER LAURIE rcquesred to know from

Richards whether that gentleman had seen the deed of

settlement?
Mr. Richards replied that ho had seen what was
(-railed the deed of settlement, but it was not signed.
There was no signature whatever to it.
Sir CHAPMAN MARSHALL—Mr. Ashurst distinctly
ascertained that fact after Mr. Thomas, the solicitor to
the British and Australasian Bank, mentioned that the
deed lay at his office.
Mr. Ashurst said that his presence appeared to be
particularly obnoxious to the Directors of the British
and Australasian Bank, but he stayed at the Bank until
he saw the book put into the hands of Mr. Richards,
and then he knew that an anatomy of the accounts
would take place. He, however, apprehended that
some information of a most important nature was withheld.
If a man took a joint-stock profit he ought to have joint-
stock liabilities, and it would be extremely desirable to

have an account of the manner in which the 101. per cent.

profits were divided. Nothing of the kind had appeared.
It stfuck him as very odd, that the agent at Sydney,
wl o was represented by Mr. Boucher as being indebted
ih so large a sum to the British and Australasian Bank,
ould represent that he might be in a situation to pay
tie sum of 500/. to that gentleman's order.
Mr. Boucher said that that statement had been made
fifteen months before Mr. Walker was indebted in the
sum above stated.

Mr. Ashurst.ctated that what he bad heard put him
completely in possession of.the case, and he should pro-
ceed accordingly in the way which struck him as most
conclusive for the.hencfit of his clients.

Mr. Boacher—You mai proceed as you please. AU
the net liabilities of the establishment will be paid off
It is wrong to insinuate that any of the books are with-
held. They are all at the command of Mr. Richards.
- Mr. Ashurst asked whether any book containing an
account of the profits derived from the shares
had been handed to that gentleman ? Mr. Richards
replied that after Mr. Ashurst's departure what was
called the share•book was handed to him, but
it contained merely the names of persons stated to have
taken shares. He asked for the check receipt book,
hut he could not find that any receipts were taken. He
perceived considerable discrepancies.
Mr. Boucher—lf Mr. Ashurst thinks lie has a claim
upon the Bank, let him proceed against the Bank.
Mr. Ashurst—Aye, and be sent to Australia for the
amount. I understand the ac hole business perfectly well.
Mr. Boucher—Very well, I hope you do.
Mr. Ashurst—Yes, and I hope it will be made quite
intelligible to you too.
Mr.. Beddorne said the amount of the claim of his
clients was 2,400/. and Mr. Whitcomb, one of the Di.
rectors, said he feared the shareholders -could not at
present find the money to discharge that sum. He sub-
mitted whether it was creditable to keep a Bank open
when it could not pay 2,500/ -
Sir P. LAURIE declared that he really felt for the
poor people who were deluded. The eyes of the public
would however be opened by the investigation. That
was an advantage derivable' from what had taken place.
Mr. Boucher begged to say that no delusion had been
practised. It was stated by Mr. Duncan, an eminent
accountant, who had investigated the concern, that
there would be a considerable advance of profits above
the debts.
Alderman PIRIE—Why do you not pay your debts
then ? Mr. Boucher—Because ou: money is at

Sydney.
Alderman PsasE—J don't believe one word: of it.
Mr. Ashurst—lf Mr. Duncan makes such a report
as has been just stated, he must take for granted what
is asserted in thebeoks.. . •
Sir PrrEa...LanetrEe-e-Why is not Mr. DUOCRO'S re-
port here ifeitJae...ee
'favourable ? Pray did he examine
the hooks which were Submitted to the inspection of
Mr. Richards ? Mr., Boucher—Certainly. We have
not only the whole of the capital in hand, but consider-
ahly above it. -• ' •
Mr. Ashurst -said that he bad another bill, dated one
day after the bid he had already produced.
Mr. Boucher-4 cannot help the default of other -
people. • - •
Alderman PHuz—l know what I should do if I
was in Sir Chapman Marshall's situation. I certainly
should demand bail, for 1 consider that a number of
poM;Peaple have been defrauded..
Mr. Boucher—l deny it altogether.
Sir CHArAIAN MARSHALL said it was evident that
Mr. Richards's report showed a very unsatisfactory
state of things. He wished that the Bank should have
the opportunity of provirp, its solvency, and he sug-
gested the propriety of producing Mr. Durican's report,
which he should receive, and cause to be read pub,
Hely, with much pleasure. He bogged one thinge par-
, ticolarly—that Mr. Blucher would at once invest funds
to pty the 2,5001. to the unfortunate people at Aus-
tealia, probably at that moment in extreme poverty.
He called upon the Manager and Mr. Whitcomb, the
Director, whatever might be the condition of the Bank,
to help these poor creatures.
Mr. Boucher—All that is justly due shall he paid,
but nothing that is unj Astly demanded shalt be paid
Of course the bids on Adelaide shall be all paid.
We arc making arrangements to pay in a given time.
Never was there a concern in which a combin,ltion of
circumstances, oceasionvd by the misconduct of one
person, did more prejudice than this.
Alderman PIRIE—Not one syllable do I believe ; it
is all a delusion. -
Sir PETER LAURIE—I believe so, indeed. I can-
not but lament that poor emigraqts should not look
more carefully to the character of the establishments
with whom they deposit perhaps ail they have in the
world, to receive in return pieces of paper to be pre-
sented on the other side of the globe, without an in-
dividual being there even to give them an answer.
Mr. Bpucher declared that the impression against
the establishment was quite erroneous. The report
was, he considered, one-sided.
Mr. Beddome said that.there was not a single fact
in the report which was not submitted to, and which
did not receive the sanction of, the gentlemen appointed
to investigate.
Mr. Whitcomb declared that every book and paper
of the establishment was submitted to the inspection of
Mr. Richards.
Mr. Richards said that he received every assistance
moat certainly from Mr. Whitcomb, but he could not
say that of Mr. Boucher. He had no opportunity of
examining the ledger, as it MS ia constant requisition
from two or three parties at the same time at the bank.
Sir P. LAURIE —I believe, Mr. Whitcomb, that
you have been duped. .
Mr. Whitcomb did not believe there was any duping
at all.
Mr. Wheeler also admitted the candour and assist-
ance he had met with from Mr. Whitcomb. In all
his experience of accounts he never in his life beheld
books in such a condition as those of the concern in
question. There was a book called a cash-book, but
it was a jumble which was completely unintelligible. It
had nothing at all to do with cash.
Sir P. Lauala said that one thing, at any rate, was
to be said for Mr. Boucher. He had -faced the accu-
satien well. He wished that all persons who ran head-
long into speculations would consider that where there
was great interest there was great risk. .
Sir C. MARSHALL—I appeal to you, Mr. Boucher,
on behalf of these poor people.
Mr. Boucher said-that they should be paid.
Alderman PHoE—Will you give your check for the
money for those poor. people now ? Mr. Boucher—
Will you take a check on Sydney ?
Alderman PIRIE said that he would take a bill on
Sydney if the brother of Mr. Walker put his name to it.
Mr. Boucher said he hid no doubt that he, could
Procure the name of Mr. Walker.
Mr. Ashurst then tailed the attention of the Alder-
men to the case of the poor Swiss, who complained
against Mr. Boucher some mouths ago, and who paid
401. at the Chatham Bank, hod received a letter of
credit on Mr. Boucher, which was dishonoured.
Mr. Boucher—irTne person who drew on_ the esta-
blishment on that occasion had no authority to draw,
and he owes us 3,0001. •
Mt. Ashurst—l have him here.
A Mr. Gough then came forward and said that he was
the person. He was the agent of the British and Aus-
tralasian Bank, and he sent every shilling he received at
Chatham to Mr. Boucher.
Sir PETER LAURIE—Did you send the money spoken
of?—Mr. Gough—Certainly.
Mr. Boucher—He owes the concern :3,0001., and he
never was authorised to draw. He was merely an agent
as regarded stylus.
Mr. Gough—l never sold a share. I was regularly
appointed by you.
Me. Bhddome said the letter appointing Mr. Clough
could be produced. He was appointed without restriction.
Mr. Ashurst—lt shows pretty well the value of the
accounts, when Mr. Gough is put down as indebted
3,0001. to the British and Australasian Bank.
Sir C
HAPMAN--Well, Mr. Boucher, you had better
produce Mr. Duncan's report, if it is so favourable to
yeti; This report, certainly, is not so. We shall now
ern no further, but I wouhl advise you to let us have
Mr. Duncan's.
Mr. Boucher—l shall consult the proprietors on the
subject, and if they give Me leave, I shall produce it.
Mr. Ashurst—l shall proceed in my own way in this
business.
The business here t e•minated.