The Sun.
London, England, 1870-05-12 00:00:00

THE SUN, LONDON, THURSDAA , MAY 12, 1870.

nair an uour later before the second performance of the
National Anthem anneiinced the arrival-of the Queen.
She was accomnanied by the Horse Guards, and the
Coldstrearns on foot were atrawn up in front of
the building with tAgiv And. r Alagjeety was
met at the grand epitomes Lota Granville, Mr.
Bruce, Mr. Lowe, and several other Ministers and mem-
bers of the University ; and having been conducted into
the Western and Eastern Halls, and'up the grand staircase
into the Senate Room, she descended and entered the
theatre, just before one o'clock. She was preceded by
the members of Convocation, who took their places on
either side of the dais (Dr. Carpenter, the Registrar,
having previously received a hearty cheer. The
royal party consisted of the Queen, the Prince and
the Princess of Wales, and the Princess Louise.
Her Majesty was dressed in a black morning dross and
bonnet. The Princess of Wales was also in mourning ; the
Princess Louise wore a resplendent costume which alone
of all the ladies present outvied the doctor's gowns. The
Prince was in a general's uniform. The great officers of
State and attendants stood in a group on the left, the
members of Convocation on the right, and the spectacle
at that moment was decidedly imposing. The royal party
did not sit down but remained standing while Lord Gran-
ville presented and read the following address :--
"May it please your Majesty :
" We, the Chancellor, Vice-Chancellor, Follows, and
Graduates of the University of London, hail with feelings
of loyal attachment the presence here to-day of your
Majesty and of other members of the Royal family.
" The influence of the Crown, during your Majesty's
reign, has been exerted in an especial manner to promote
and extend education.

" It was in the year of your Majesty's accession to the
Throne that the University of London began its labours
for the encouragement of a regular and liberal course of
education among all denominations of the subjects of the
Crown.

" We offer our dutiful thanks to your Majesty for con-
senting to open a building which, with the sanction of the
Crown, has been granted to us by Parliament, and which,
while distinguished by its architectural merits, fully
satisfies all the requirements of the University.
"We venture to interpret this gracious consent as a
personal recognition, an the part of your Majesty, of
the progress which the University has made in numbers
and in reputation ; and of its success in developing an
enlarged system of education among all classes, races, and
creeds of your Majesty's subjects in every quarter of the
globe.

"Your Majesty's visit will confer an historical interest
on this building. It will dwell in the memory of those
who are this day to receive distinction earned by honour-
able diligence and ability; and will sustain the Senate
and Convocation in their combined efforts to elevate their
university still higher in public esteem.
The Queen bowed at the conclusion of the address, took
it from Lord Granville's hands, and passed it to Mr.
Bruce. She then said in a clear voice " I declare this
building opened." A flourish of silver trumpets from
the gallery announced the fact to outsiders. Then
the loyalty which would have broken out when
the Queen entered, but was suppressed by a vigorous
official hush, was allowed to have full play.
" Three cheers for the Queen" were called, and a
good many more were given. Each member of the Royal
Vamily present had the orthodox three, and the Queen
Looked particularly pleased when the last of them, " the
Prince of Wales " was called. Then there followed
general bows and graceful curtsies, and the
royal party disappeared, having been in the theatre
scarcely more than five minutes. As soon ag
they were out of sight the Chancellor, the Premier, Mr.
Disraeli, and other favourites were called, and then thr
degrees were conferred by the Chancellor.

CHARGE AGAINST THE DIRECTORS OF
AN INSURANCE COMPANY.

At the Mansion House, yesterday, Mr. Hodges, the
manager, and the Hon. A. Joscelyn, Mr. Taylor, Mr.
Carnegie, Mr. Wright, Mr. Horwood, and Mr. Bulmer,
formerly directors of the Monarch Marine Insurance
Company, attended before the Lord Mayor, Alderman
Sir R. Arden, and Alderman Carter, to answer two
summonses, charging them with unlawfully conspiring
together to cheat and defraud the shareholders of the
above company, which is now in course of liquidation.
Mr. G. Lewis conducted the prosecution. The defendant(
were represented by Mr. Digby Seymour, Q.C., Mr.
Ribton, and Mr. Barley. The defendant lurwood did
not appear, and it was stated that he was on the Conti-
nent when the summons was delivered, A similar excuse
was made for the non-attendance of Messrs. Hodges and
Wright.—Mr. Lewis opened the case at some leng th,
but the inquiry was of coarse only partially gone into.
The Monarch was established on the 3d of May, 1869, for
the purpose principally of effecting marine insurances, and
it suspended payment,in March, 1870, having liabilities to
the amount of £200,000, debts to the amount of £20,000,
and with no assets whatever. The ostensible charge
against the defendants was that they had fraudulently
conspired together to deceive and defraud the shareholders
by issuing false-balance sheets, and other proceedings of a
similar character. It appeared that the company was ori-
ginally promoted by a person named Swetenham, who was
described as an esquire of Huntingdon, in the county of York,
but who, in reality, was a clerk in the Monarch Company,
and who was to be paid a sum of £6,000 for his services in
promoting the company ; but, by the Articles of Associa-
tion, the directors were empowered to give any
further remuneration they might think proper
to the same gentleman. The capital of the
company was to be £1,000,000, or 22, 000000
shares of R 5 each, and it commenced business in June
1869; and it was alleged that the defendants took a num-
ber of shares ; but although, in accordance with the terms
of the prospectus, ten shillings were ' have been paid
upon each share, it was stated that not a farthing was
paid upon any of the shares so taken, but immediately
afterwards they received considerable sums out of the
funds of the company as directors' fees. The case on the part
of the prosecution was that the company never had been
a bona fide company, and that the whole of the proceed-
ings was nothing less than a gross fraud. The prospectus
that was the subject of the charge appeared to have been
issued in February, 1870, when the company had only
been in e: stence a few months ; and when, ac-
cording to the case for the prosecution the com-
pany received very large sums of money which they
was utterly unable to pay, and .were, in point of fact, in
a state of hopeless insolvency. Mr. Lewis referred at
considerable length to the facts he proposed to put in
evidence, and said he should be able to shew that at the
time the company was inthis condition a sum of £3,000
was borrowed from a gentleman named Law,
portion of which was used by the defendants
for their own purposes. The actual amount paid
up in the shares, it appeared, was only £BOO, and Mr.
Lewis said he should shew that the prospectus and the
names of the shareholders that were published were
entirely fictitious and fraudulent. He said there would
not be the slightest doubt that a gross fraud had been
perpetrated, and the only question for the consideration
of the court would be, who were the_persons who
were responsible for that fraud.—The Right Hon. William,
Earl Poulett, deposed that he never applied for any
shares in the Monarch Company, or authorised either of
the defendants to do so, and although his name appeared
in the prospectus as the president of the company,
he had never attended at the offices in that
capacity, but he had been once or twice in the
Board-Joom. He had never acted as director of the com-
pany, or as president although he was aware that his
name appeared in that firm in the prospectus. He was
aware that the salary of the president of the company was
to be £4OO, but he had never received anymoney for acting
as president. H knew nothing about the company, except
what Mr. Hodg,s, the manager. told him. lie was informed
by him that the company was established for the purpose
of insuring ships, and witness thought Mr. Hodgeson
told him that they had £7zooo balance at the bankers.
He did not take any interest in the matter.—
Mr. Lewis : Very likely not, but the share-
holders did.—Examination continued : Witness never
received any notice to attend the meetings,
of the directors. He saw his name ad:eertised almost daily
in the newspapers as the president of the company. It
was at the suggestion of Colonel Paget, a friend of his,
who was one of the directors, that his name
was put to the prospectus as directed. Witness
only attended at the board room twice a year,
and he merely took part in the business of the day, and
signed some policies for ships that had sailed or were
about to go to sea. Witness never had his name removed
from the prospectus as president until the Court of
Chancery interfered, and wound up the company.
In cross-examination, Lord Poulett stated that the direc-
tors appeared to take very active interest in the success
of the company, and there was nothing to induce him to
believe that all the proceedings were not bond fide and
regular. After some further evidence the inuuiry was
adjourned.