The Sun.
London, England, 1847-10-19 00:00:00

LAW INTELLIGENCE.
COURT OF BANKRUPTCY, Oct. 18.
(Before Mr. Commissioner Evaxs.)

IN THE BANKRUPTCY OF FARQUIIAR MACQUEEN.-THE
TEA TRADE.
The bankrupt was the senior partner in the firm of
F. Macqueen and Co., merchants, in Leadenhall-
street. He came up for his certificate, supported by
Mr. Lawrance. Mr. Ashurst was solicitor for the
assignees.
The joint balance-sheet, which commences Jan. 1,
1843, and ends July, 1846, contains the following
figures :—Creditors, 26,5661.; capital, 1,3981. To
meet the liabilities upon the estate there was property,
6,673/. ; debts, 1,1181.; amount due by a Mr. Henry,
2,3021. The losses were set down at 9,2041., and the
trade expenses at 6411. The separate balance-sheet
of Mr. ,Macqueen, which extends over the same
period, sets down the creditors at 4,235/. He charges
himself with 7,1301. as the balance against him in the
firm, and also with receipts amounting to 1,022/. He
credits himself with property, 234/. ; losses, 7,524/. ;
expenses, 3,309/. ; and with a premium paid on life
policies, 708/.
From the statement of Mr. Ashurst it appeared
that the firm at 102, Leadenhall-street, consisted of
the bankrupt, who had been what is termed a mer-
chant-captain, and previously to 1840 had done a
most extensive and respectable business as commis-
sion agent for several houses. He was so successful
in this capacity, that, in 1840, he was tempted to
establish a house of his own in Leadenhall-street,
which continued under his management until 1843,
when Mr. Macdonald, who had been previously a
clerk, became a partner in the concern. They con-
tinued to trade until 1845, under the name of Far-
quhar, Macqueen, and Co. The trading, however,
turned out most unfortunately, and, in 1845, whilst
Mr. Macqueen was in China, several bills of the firm
having been dishonoured, a fiat was issued against
Macdonald, who passed through this Court, and
obtained his certificate on the 4th of April, 1846.
In July, 1846, it was deemed necessary by the
creditors that a fiat should also issue against Mac-
queen, who remained abroad, and accordingly the
present fiat, dated July 20, 1846, was adjudicated
upon. The bankrupt did not surrender at the usual
time, and the period was enlarged to January 21,
1847, but failing to come in previously to that
period, a proclamation of outlawry was made in the
usual form. On the 17th ofJuly, 1847, the bankrupt
petitioned the Court of Review for leave to surrender,
and that the proclamation of outlawry might be set
aside. In the affidavit made in support of that peti-
tion, the bankrupt stated that he left England in Fe-
bruary, 1845, with a consignment of goods to Hong-
Kong, but on arrival in China in July found that his
consignment was of too miscellaneous a character,
and not well suited to the Chinese markets, and that
in consequence great delay and difficulty took place
in remitting funds to England to meet the engage-
ments of the house there. He further stated that on
the 3d of August, 1845, whilst yet in China, he saw
in the Tiihes that his London partner had been de-
clared a bankrupt, and in the following September re-
ceived letters to the same effect, and also informing
him that the assignees under the fiat r gainst A.
Macdonald had appointed the house of Jardine,
Mattheson, and Co., and who are extensive mer-
chants at Hong-Kong, to realise the property of
Macdonald in China, and to remit the proceeds to
the official assignee. The affidavit further set
forth that the bankrupt immediately consulted Messrs.
Jardine, Mattheson, and Co., and gave them every
assistance ; that in September, 1845, he was informed
by these gentlemen that a protested bill accepted by
his firm had been sent out from England, and that in
consequence he left Hong-Kong and went to reside
at Macao, a Portuguese settlement, in order to avoid
being arrested ; that he remained there until October,
1846, intending to await the result of the proceedings
in England, and hoping that he would be enabled to
obtain a discharge from his creditors without passing
through this court ; that upon hearing, in October,
1846, that a fiat had been issued against him, he took
measures to leave China, which he did with his
family in January, 1847, and upon landing here at
once put himself into the hands of the assignees.
The Court of Review at once reversed the outlawry.
The bankrupt surrendered and passed his last exami-
nation. The assignees (Mr. Ashurst said) did not
wish to take a severe course, and they admitted that
since his arrival the bankrupt had done all he could
to assist them in winding up his affairs. He would,
however, as a matter of duty, state a few other cir-
cumstances. It appeared from the examination of the
bankrupt upon the file of the court, that he commenced
business in 1840, with a capital of between 30,0001.
and 40,0001., and that on the Ist of January, 1843,
that capital, which was estimated from consignments
of tea, was, by adverse circumstances, reduced to
4,0001., and that on the Ist of February, 184.5, when
he last left England, he was insolvent to the amount
of nearly 8,0001. The tea had been kept on hand for
higher prices, but from the day it first came into his
possession down to the date of the fiat, tea had been
continually decreasing in price. It thus appeared
that fur the last seven years the bankrupt had been
trading at a loss. The assignees believed, however,
that the bankrupt left this country in 1845, with the
view of benefiting his estate, and in the hope that the
consignment which he took would retrieve his affairs.
The bankrupt, on his examination, stated that he had

realised as much as 75 per cent. when acting as agent
• by those successful adventures, and this accounted
. for his eagerness to set out in 1845, even when his
afEtirs were not prosperous. His Honour would per-
' ceive that the expenses were heavy, his private ex-
penses from 1843 to 1846 having been at the rate
of 900/. a year. The bankrupt explained this, first,
by the difficulty he laboured under in arriving at the
exact position of his affairs, and that he had entered
into expenses whilst his affairs were prosperous of
which he could not at once disburden himself when
they were in a declining condition. It was but fair,
however, to state that Mr. 'Macqueen had given up all
his property to his creditors, and had not failed in
rendering to the assignees all the aid in his power.
He left the case in the hands of the Court, to deal
with it as might to his Honour seem meet.
Mr. LAWRENCs then addressed the Court on be-
half of the bankrupt, who, he said, had been thirty
years in trade, with an unblemished reputation. He
began that business which ended in his ruin in li4o,
with a capital estimated at 30,000/. That estimated
capital consisted of tea. His Henour must be aware
that in 1840 that commodity held a high price, and
many persons as well as his client were of opinion
that the article would rise still higher ; but since then
there had been—at least as far as this article was
concerned—falling markets. There was no fraud,
nor even an allegation of fraud. The bankrupt's
position was solely attributable to the ordinary mis
fortunes of trade. Neither was there an expenditure
which, considering the man's position and prospects,
could be called excessive; in fact, his personal ex-
penses were limited. He had given up all his pro-
perty, and assisted his creditors to the utmost in
realising the stock upon hand for their advantage.
Under these circumstances, considering that no
creditor opposed, and that the bankrupt had, in point
of fact, been already punished by having been kept
out of trade during the proceedings under the fiat, he
called upon his Honour to grant the certificate.
The CosvhsstosiEa said, it appeared to him the
bankrupt must have been a very sanguine man to have
pursued the course he did in reference to the Chinese
trading. He could not say that such conduct v; as
prudent, but as the assignees did not allege any
fraud, he would not take much notice of it. It was
admitted that in 1845, when he received intelligence
of the state of his house in London, he ceased trading,
and that since the issue of the fiat he had done all he
could to assist the assignees. Under all the circum-
stances of the case, he thought he might with pro-
priety grant the certificate.
Certificate granted accordingly.
IN THE INSOLVENCY OF W. GOOD.
The insolvent, a merchant's clerk, residing in
Kingsland, came up for his final order, supported by
Mr. Buchanan and opposed by Mr. T. B. Hughes.
The grounds of opposition were having dealt in
accommodation bills, having contracted debts without
reasonable or probable grounds of being able to pay
them, and that he had vexatiously defended an action.
The petition was dismissed.
Mr. Aitcheson, a wine merchant, in Great Wind- '
mill-street, Haymarket, came up f)r and obtained his 1
certificate without opposition.

INSOLVENT DEBTORS' COURT, Oct. 18.
This Court this morning resumed its sittings, Mr.
Commissioner Law presiding.
The cases were few, but prolix and uninteresting.
The only one meriting notice was that of Henry
Corsten, a florist, who was opposed by a young man
named Powell, who complained, that upon entering
the insolvent's service, as clerk, he deposited the sum
of 50/., the restitution of which he could not obtain
upon quitting.
The insolvent was remanded for three months.
fbutht
tr
an sfe
orf, of
protection petitions (the first heard since the
owseeremoafttnerosimtopotrhtaisnceC.ourt) were dis-
posed

MeIITYLEBONE COUNTY COURT, Oct. 18.
(Before Mr. Amos, Judge of the Court, and a
Special Jury.)
V ILLSITIRE V. NVZST.
This was an action to recover the sum of 201.,
said to be due from defendant to plaintiff, under
circumstaf
nceB44 s arising out of the " Running Rein"
affair o 1.

Mr. Townsend appeared for the plaintiff, Mr.
Wallinger for the defendant.
Mr. TOWNSEND said Mr. Wilshire was plaintiff
rind Samuel West, landlord of the Masons' Arms,
Edgeware-road, was defendant. The action was
brought to recover 201., alleged by the plaintiff
to have been received by the defendant for his use
under the following circumstances :—ln December,
1843, defendant established a " Derby Sweep," on