The Sun.
London, England, 1856-03-11 00:00:00

IRELAND.

DUBLIN, MONDAY MORNING.
THE SADLEIR FRAUDS.

Fresh discoveries in connection with the Irish
branch of the Sadleir frauds are hourly coming to
light. The Carlow Sentinel states, upon good au-
thority, that some very stupid forgeries upon the
Tipperary Bank have turned up. Whence this de-
scription of paper emanated no one can even con-
jecture, but it is certain that payment has been
applied for by the Secretary of the Bank of Ire-
land. The forged documents appear to have been
given as securities to the Bank of Ireland, and the
parties who have received notice to pay them
have repudiated all connection with them. If such
bills are really fictitious the truth or falsehood will
be unravelled before the Master in Chancery. The
trade report of the Freeman's Journal has the fol-
lowing explanatory remarks in reference to the
charge made upon the Bank of Ireland by the
Leinster Express of Saturday last :

"Previous to the year 1845 an arrangement was made
with the Bank of Ireland by the Tipperary Bank on the
same terms as those made by the Bank of England with
the non•issuing banks in England—viz , that so long as
the Tipperary Bank did not issue notes they were en-
titled to have their approved bills discounted by the
bank at 1 per cent. under the current rate. Upon the
passing• of the Bank Charter Act, when the amount to
be issued by each bank was to be defined by certificate,
it was deemed equitable that the Tipperary Bank, being
altogether excluded frem issuing, by reason of their
agreement with the Bank of Ireland, should have that
agreement secured to them for a time. Accordingly by
the Bth and 9th Victoria, c. 37, the agreement in ques-
tion is expressly alluded to, and the bank is bound to
continue it for ten years, or pay a penalty of 1 per cent.
per annum on the amount agreed upon, which amount is
stated to be registered with the Commissioners of Stamps
and Taxes. Up to the let ofJan. last, when the tea years
expired, the bank was obliged to continue the connection
or pay the penalty. At the time the agreement first
originated the Tipperary Bank occupied a position of
great independence, and was undoubtedly in apparently
very prosperous circumstances. We have a perfect re-
collection that, both at Belfast and Dublin, they had
agents who discounted largely, ♦ery largely in Belfast,
on behalf of the bank at rates below those current. This

is, we believe, the whole of the connection between the
two banks--a connection, no doubt, which greatly assisted
the parties who have ruined the Tipperary Bank by their
frauds, bnt which involves no discredit to the Bank of
Ireland, which was merely carrying out an agreement in
the spirit of the Legislature. We have further the fact
that the Bank of Ireland is a creditor for a very large
eum, 30,0001. at least, much, if not most, of which arose
from its continuing to pay after Glyn and Co. had re-
fused, and from a similar continuance at the branches,
where it is understood considerable sums were paid to
the order of the Tipperary Bank in both cases, in the
vain hope that the ruin might be averted. There is
therefore uo just imputation which should debar the bank
from the natural influence of large creditors, and, on the
other hand, the creditors at large ought neither to ex-
pect nor to allow one establi,hment to undertake the
entire charge of the affair, but should look after their
own interest. Much is yet to be discovered and investi-
gated. We have as yet no idea what has become of the
rest of the money. It is stated that Mr. John Sadleir has
drawn 200,0001., and there are assets 35,0001. On the
other side are—first, capital, stated to be 100,0001., and
liabilities, 430,0001., leaving about 300,0001. altogether
unaccounted for. It is believed that Mr. Jas. Sadleir has
gone abroad, and it is at least evident he must have had
more knowledge of the state of affairs than is alleged by
the letters of his unhappy brother. It in now generally
supposed that those shareholders who have retired with-
in the three years will have to be called on to contribute
to those debts which were outstanding, and which are
believed to be more considerable than appeared at first,
although there is little doubt that the ultimate result
has been long foreseen, and some management used to
relieve some of the parties from their liability. Not
the least curious circumstance is the large addition of
English shareholders (whether substantial or others re-
mains to be seen) which took place during the past year,
all, or nearly all, it is believed, through the same
channel. Altogether, what is known is bad enough ;
hut it seems pretty clear that what is only matter of con-
jecture, or wholly in the dark, will be worse. We have
been asked whether, where parties hold Tipperary Bank
deposit receipts, and have overdrawn their accounts,
they can set off one against the other ; and, although
we are aware a contrary opinion is entertained by some,
we think there can be no doubt the depositor can do so
where the names are the same. The deposit receipt is
nothing but a mere acknowledgment. It is not trans-
ferable, nor is it even a security for money, and the
account both for the deposit and the over-draught is
precisely under the same head. Where there is any
variation in the names it will be fatal."

THE CONTEST FOR NEW RQSS.

There is likely to be a severe struggle for the
possession of the seat lately filled by the exiled
editor of the Nation. Sir T. Redington has issued
his electoral address, and, according to local
authority, it is believed that the battle will be
fought by Sir Thomas and the quasi Liberal, Mr.
Tottenham. The rumour, however, still gains
ground that Mr. John Reynolds, of Dublin, will
try his shattered fcrtunes.in New Ross.
THE POTATO.

The Banner of Ulster states that extensive pre-
parations are going forward in the northern pro-
vince for the cultivation of potatoes, and, now that
so much practical experience has been gained in
this branch of agriculture, it is anticipated that the
next crop will be equal to that of the past year.
" Nearly 1,000,000 acres were Vanted in 1855. The
crop was a full one, with a very few cases of disease, and
the quality superior to any raised since the year of
famine. The class of seed potaoes offered at market
is excellent, and we understand that the amount of
damage sustained by the stored crop during the winter
months is comparatively trifling. Great care was taken
to preserve the potato throughout the season, and at
present the quantity held in the hands of farmers is
much above the estimates of former years. Prices con-
tinue highly in favour of growers."

IMPERIAL PARLIAMENT.

HOUSE OF LORDS-(YESTERDAY).

The LORD CHANCELLOR tlOk his seat on the wool•
sack at five o'clock,

CHURCH RATES.

Petitions against the abolition of Church rates were
presented by the Bishop of Llandaff.
Lord BROUGIf A.AI presented a petition from Sussex
praying to their total abolition.
THE FALL OF MAPS.

Lord MALMESBURY said that as it was understood
the armistice which had been agreed to would expire on
the 31st of March, unless a peace was agreed to before•
hand, and as it was most probable that the noble lord
the Secretary of State for Foreign Affairs would be soon
afterwards in his place, he gave notice that soon after the
Easter holidays he should call the attention of their
lor lships to the facts referred to in the correspondence
that had taken place on the sub ject of the siege and fall
of Kars.

The Earl of ELLENBORMIGH wished also to call
the attention of the Lord President of the Council
to the necessity of furnishing the houso with further
information. He observed at the 13th page of the cor-
respondence a statement was made of the claim of Gen.
Williams to have had a decisive voice in the put.-
chase of provisions for the Turkish army then
at Kars. The precise letter was, however, omitted.
There was also in many parts of the correspon-
dence a fact stated as to the guarantee for
prompt payment for the required supplies having
been tendered by General Williams. The letters
authorising such guarantee were also omitted.
At the end of the report there was also several allusions
made to the expedition to Kerteb, but the correspon-
dence upon that point did not appear. He submitted
that it was necessary to have all these omissions supplied
before they could properly discuss the subject.
Lord GRANVILLE said he would make inquiry on
the subject.

roe Slarquis of CLANRICARDE expressed a hope
that the noble earl who had given notice on the subject
of Kars would inform the house more distinctly as to
the nature of the motion he intended to bring forward,
inasmuch as the notice be had given was very indefinite.
The Earl of MALMESBURY said his intention
was to call attention to the subject, and to express big
own opinions as to the cause of the disastrous fall of
Kars.