The Sun.
London, England, 1856-09-02 00:00:00

LAW INTELLIGENCE—Sept. 1.

COURT OF BANKRUPTCY.
(Before Mr. Commissioner Holroyd.)
IN RE C. VENABLES, JUN.
The bankrupt carried on business as an extensive pa-
per manufacturer at Clifden, Taplow, Soho, and Prince's
paper works, Buckinghamshire. The accounts prepared
by Messrs. Harding and Randall, extend from April,
1854, to June last, and show, to unsecured creditor ,
21,0501. ; to creditors holding security, 6831.; among
the creditors to be paid are the Crown to the amount of
3,1501., and C. Venables, sen., 2001. Tho bankrupt
commenced bu-iness with a capital of 3,3411. ; his pee
fits during a period of two years and three months were
12,2351. ; liabilities on bills receivable, discounted, and
con,idered good, 6,2291. By good debtF, 6741. ; bad,
2601. ; rash paid into court, 2001, Stock in hand, 1,498/
plant, machinery, utensils, &e., 13,784/. ; value of
household furniture and effects, 918/. ; property in
hands of creditors, 287/. ; losses, 333/. ; personal and
private expanses 2,093/. ; trade expenses, 2,093/. ;
trade expenses, 14,653/. ; amount expended on repair-
ing machinery and buildings, 6,9931.
The bankrupt is indebted to the Crown to the aincAtiat
of 2,6301. for dutits upon paper, which debt woul I have
arisen in about nine weeks ; the amount of duties is
about 141. 10s. per ton, duty included. The bank-
rupt believed he could pay 20s. in the pound up to the
time of his stoppage. He had been in business 14 or 15
years. The bankrupt owes to his father about 3,0001
The plant of one of the mills belongs to his father, the
bankrupt ho'ding it under a lease. The machinery,
valued at 13,0001. in the balance sheet, cost the bank-
rupt 26,0001 The bankrupt commenced business on his
own account as a paper manufacturer in 1842, at which
time he had a capital of 2,0001. which had been given
him by his father. The present balance-sheet com-
mences in April, 1854, with a surplus of 3,3001., which
arises from an account made out since the bankruptcy,
and shows that in April, 1854, the debts and liabilities
were 18,500/., and assets, 21,8001. The trading in two
years and three months amounts to the sum of 114,0001.,
and the grope profit at about 104 per cent. The net loss
on the trading accounts is 9,2001., and the official as-
signee calls attention to the fact that of the total expense
21,4001, 4001. have been incurred by interest and dis-
count upon bills and by allowance off goods sold, adding
" there can be little doubt that this expense was incurred
through the bankrupt having no available capital with
which to carry on his business." The books were well
kept. The bankrupt appeared to have had "large cross-
accommodation transactions with Messrs. G. H. and H.
E. Venables, amounting in the total to from 1,0001. to
12,000/. ;" leaving the latter creditors on the estate to
the amount of 1,000/.
Mr. Bagley, for the bankrupt, now asked that he
might pass the last examination.

Mr. Lucas and Mr. Linklater objected, on the part of
several creditors.

The bankrupt, on being examined by Mr. Lucas, said
that he had taken all the paper-mills of his father, for the
lease of which he paid 8001. a year, and soon after he
entered into partnership with his brother, G. Venables.
The value of the plant of the mills was 7,8101. There
has been no new machinery added to the mills with the
exception of a steam engine worth 1801. The loss dur-
ing the last few years was 14,0001., a great portion of
which was caused by severe floods, which stopped the
business of the mills for nearly a fortnight. The amount
paid to the millwrights was 3,500/. for repairs. He took
stock in April, 1854.
_ _

Mr. Linklater now applied for an adjournment.
Mr. Plews said there was some error, which the bank-
rupt had made in his balance-sheet with reference to the
amount he paid to his father for the lease of the mil's.
Sometimes the bankrupt had paid 8001. a year, and
sometimes 2001., wherev the father had become a credi-
tor for a much larger amount than the bankrupt had
specified in his balance-sheet., He should like an ad-
journment to inquire into this item.

Mr. Linklatei—The bankrupt would have come up
for his certificate with a balance sheet that would repre-
sent his affairs in a different state to what they really
were.

Mr. Lucas said that losses to the amount of 12,0001. a
year ought to be inquired into.
His Honour—l also see a loss of 4,000/, on discount.
Mr. Plews asked for an adj mrnment for three weeks.
Mr. Bagley thought it too long.
Mr. Linklater—l think a fortnight will be sufficient.
His Honour—l shall adjourn the case for a fortnight,
with an allowance in the meantime to the bankrupt of
51. per week.