The Sun.
London, England, 1860-11-29 00:00:00

THE SUN, LONDON, THURSDAY EVENING, NOVEMBER 29, 1860.

him the very opposite charged of abusing the Go-
vernment. (Laughter.) Was not the fair inference
from all this that he really took a middle course,
and was disposed to treat the Government with
moderation and impartiality ? (Cheers.) Adverting
to the subject of foreign policy, Mr. Laydrd said he
hoped the days of secret diplomacy, when England
was sold backwards and forwards, nobely xrew
how or why, were past and gone. Lord J. Russell
had lately proclaimed to the world that our
external policy must henceforth be in accordance
with our own free and enlightened institutions.
And what had been the result ? Why, that Eng-
land, as the known friend of liberty and indepen-
dence, now wielded such a moral influence in Europe
as all her past wars and her enormous expenditure
had failed to secure for her. (Hear.) He was for
aiding by our sympathies and example every nation
that was struggling for its emancipation from
foreign tomination ; but to none would he extend
the intervention of our arms. We had conquered
our own liberties, and Italy had now, happily, done
the same. It was by achieving their own indepen-
dence for themselves that nations best showed their
fitness for freedom. (Hear, hear.) Ac ter explain-
ing his views upon Parliamentary Reform, Mr.
Layareconcluded by earnestly exhorting the elec-
tors to exercise an unbiassed and conscientious
judgment on the merits of the different candidates
before them, and, above all things, to show them-
selves superior to the degrading influence of money
bags.

In reply to questions put to him, Mr. Layard
promised to support any well-digested measure that
would prevent the separation of aged husbands and
wives in union workhouses. He would also vote
for the amendment of the game laws. With respect
to the proposal to open the Crystal Palace on Sun-
days, the question, he thought, was one which must
be determined in accordance with the sentiments
and feelings of the great body of the English people.
A resolution approving Mr. Layard's political
principles was then unanimously agreed to.
Mr. Layard the same evening addressed a large
concourse at the Green Man Tavern, Old Kent-
road, where the chair was taken by Mr. Birt,
vestry-clerk of St. George's, Southwark. On enter-
ing the meeting he was received with enthusiastic
applause. Here he again enlarged on domestic and
foreign politics, supporting the French treaty, and
eulogising the patriotism and disinterestedness of
Mr. Cobden. He said he looked to the extension
of free trade and the cultivation of friendly
alliances with nations rather than with Govern-
ments as a means of enabling us to dispense with
colossal standing armaments, and to rely for oar
defence mainly on our noble Volunteers. Referring
to the threats of an intended lavish expenditure of
money to win that election, he emphatically
declared that he would not disburse a single
shilling beyond the unavoidable legitimate expenses,
and remaPked that as he did not believe Mr.
Fawcett or Mr. Meller would bring to bear the
influence of the long purse upon the constituency,
he had a shrewd suspicion that if such a thing
were done at all it must proceed from Mr. Scovell's
side. With regard to Mr. Fawcett's proposal that
they should both convene a public meeting. of the
electors, and a-ik its opinion which of the two can-
didates should retire, he observed that he could not
consent to such an irregular expedient. No room in
the borough was large enough i o hold one-half of
the entire body of voce s, and a-iy decision which
such an assemblage might pronounce would be no
test of the real feeling of the aggregate constituency.
He could not therefore entertain Mr. Fawcett's
suggestion consistently with the respect due both
to the candidates themselves and their respective
supporters. Mr. Layard's speech was very warmly
received, and at its close a resolution, recognising
his claims to the strenuous support of the electors,
was unanimously adopted.

TAPAN.-THE ASCENT OF FUSIJAMA

Mr. E. B.De Fonblanque, A.C.G., of the British
Consulate, Kanagawa, Japan, writes :—For the first
time in the history of Japan has the foot of the
European profaned the sacred heights-of Fusi-jama,
and the event may probably be of sufficient interest
to entitle it to a short record in your columns.
Mr. Alcock, our envoy in Jeddo, desirous of visit-
ing the interior of the country, and curious to ascer-
tain the truth of all the wonderful tales related by
the Japanese of their beloved and venerated moun-
taia, having successfully disposed of the numerous
insuperable obstacles moat pertinaeinusly suggested
by the Government, left Jeddo for Fusi-jama on the
3d inst.
I was fortunate enough to receive an invitation
to join his party, which was further composed of
Mr. Eusden, Vice-Consul at Jeddo, Messrs. Gower
and Macdonald, Attaches ; Lieut. Robinson, Indian
Navy ; Mr. S. Gower, and Mr. Volta., a botanist.
One of the Vice-Governors of Jeddo, Matabe, the
interpreter to the Legation, and several Yacomins
formed our escort, and norriman bearers, bettos,
coolies, servants, and followers, together with a
troop of packhorses, swelled our cortege to the
dimensions of a small invading army.
Mr. Alcock, although he had necessarily asked
the Japanese Government to make arrangements for
our comfort and security en route, had stipulated
that he should be as little as possible embarrassed
by the presence of officials, as he wished to travel
as a private person. There was none of the State,
accordingly, with which a Japanese functionary of
any rank would have surrounded himself in his
progress; and instead of being borne in norrimans,
the only conveyance used by Japanese gentlemen,
we bestrode our horses like freeborn Britons, a
sacrifice of dignity to comfort which, however much
it astonished the natives, we made without the
slightest scruple.
As may be imagined, our projected pilgrimage
excited no small interest among the Japanese, who,
as they crowded the streets of Kanagawa to watch
our departure, seemed puzzled whether most to ad-
mire our temerity or marvel at our impudence. Some
of the older men shook their heads ominously, de-
claring that no good could come to their country
from such a desecration of their gods ; but the
majority of the people were simply amused. They
have seen and learnt so much within the last year
that nothing can surprise them.
Our route, as far as Odawara, a distance from
Jeddo of about 45 miles, was by the great highway
to Nagasaki skirting the sea. This is an admirable,
broad, well-paved road, flanked on either side with
giga,atic cedars and vines, affording- a most grate-
ful shade from the still powerful sun. Tne effect
of many miles of these avenues, formed of trees
averaging from 150 to 180 feet in height, is very
striking.
At Odawara we turned into the interior, and
commenced to cross the Hahoni Mountains, a range
lying between the sea and Fusi-jama. Arrived at
the summit after an eight hours' march, we found
ourselves, at a height which we computed about
6,000 feet above the sea level, on the borders of a
glassy lake, six miles in length and one and a quar-
ter in width. Wonderful tales are related by the
Japanese of this lake, which they state to be bot-
tomless in the centre and inhabited by an evil
spirit, very much given to drag unwary mortals
below. It was probably from fears of our safety
that ro persuasion could induce our officers to pro-
cure us a boat to explore these waters.
On the following morning we commenced our
descent from Hahoni, and on the evening of the
next day, the sixth from our departure, reached
Muri-jama, a village lying at the foot of the moun-
tain, and about 100 miles distant from Jeddo. Here
the authority of the Tycoon ceases, and spiritual
government begins, the Holy Mountain being
under the sole jurisdiction of the priesthood, two of
which respectable body now attached themselves
to our party, and never left us till we returned in
safety to the foot of the mountain.
On the next day we rode about six miles to a
place called Hashi-Mondo, where the steep event
commences, and here, leaving our horses and
equipping [ourselves with pilgrims' staves, which
the priests dispose of for the sum of ld. each, we
girded up our loins and climbed manfully up the
rugged and precipitous path, our light baggage and
commissariat stores being carried by Goliks, or
" men of great vigour," a description which the ap-
pearance of these poor creatures, who earn their
livelihood as beasts of burden to the pilgrims, did
not by any means justify.
At every half mile en route a hut is erected,
where pilgrims repose and are refreshed with tiny
cups of tea. During our six hours' assent we passed
nine of these resting places, and darkness coming
on we took up our abode in the ninth, ate a modest
dinner, and stretching our wear, limbs upon straw
mats, slept as well as the cold and the fleas would
allow us.

We had now accomplished over two-thirds of the
assent, but the worst was yet to come. Hitherto the
path, though steep and rugged, had afforded a tole-
rably firm foothold ; the rest of the way was over
loose pieces of lava, scoria, and cinders, and at every
few yards the ascent became more precipitous. It
was eurious to remark how some of our party, who
had before shown themselves somewhat insensible
to the beauties of nature, would now stop every few
minutes to admire the scenery, generally seating
themselves to do so; but some allowance must be
made in consideration of the rarified state of the
atmosphere, which rendered violent exercise
somewhat difficult, and made some of us gasp
very painfully. At first we met with little
snow, but as we advanced we found large patches
here and there, and on reaching the summit,
after four hours' toil, the tubs of water near the
temple were frozen into a compact mass. Still the
cold was not anything like what we had been led to

suppose it would be, the thermometer at midday
showing only 58 degrees in the shade, and boiling
at 182.

The temple of Fusi-jama is a most modest, unpre-
tending little hut, adorned with a few gods in lava
and some common tinsel ornaments. Here the
devout lay their offerings upon the altar, and in
return have their garments stamped with strange
figures and devices in token of their having accom-
plished their pilgrimage. Great virtue is attached
to these stamps, particularly for the cure of cutaneous
diseases, and their number is only limited by the
size of the garment and the extent of the fee. I
invested an entire uzeboo (Is. 6d), and received the
impress of all the gods, and (unless likenesses are
very deceptive) of all the devils too, of Fusi•jama.
Having visited the temple we proceeded to the
highest pint of the crater ; here Mr. Alcock's
standard bearer unfurled the British flag, while we
fired a Royal salue in its honour, his Excellency
setting the example by discharging the five barrels
of his revolver into the crater, and the rest follow-
ing till 21 guns bad been fired. We then gave
three cheers, sang " God save the Queen," and
finished by drinking " the health of Her Gracious
Majesty" in champagne iced in the snows of Fusi-
jama, to the utter amazement of the Japanese, who
had never before seen such startling religious cere-
monies.

The crater of Fusi-jama is between two and
three miles in circumference, and about 600 yards
in depth, and it resulted from observations made
by Mr. Robinson that the highest point is some-
thing more than 14,000 feet above the sea. The
Japanese have generally allowed 17,000. There
has been no eruption for three centuries.
We were fortunate enough to have a fine, "clear,
sunny day for the ascent, and, as we looked below
and around us, there lay the fair land of Japan like
a highly coloured map, the points of its headlands
jutting sharply into the blue sea; range upon range
of mountains stretching across the full length of
the island as far as the eye could reach, and rivers
winding through green valleys, gradually increas-
ing insize till they empty themselves into the
sea. Had our journey been as disagreeable as it
was the reverse that one view would have richly
repaid us for our toil. Well may the Japanese be
proud of their beautiful Fusi-jama.
The descent was comparatively easy, and of
course every one of us said at least once, Facillis
descensus, &c., as we turned homewards, though
by a new and, if possible, finer route, till on the
15th we reached Etame, a picturesque village. on
the seashore, clebrated for its sulphur springs,
whence I returned to Kanagawa by water, leaving
Mr. Alcock and some of his party to take the baths.
So far I have confined myself to a bare descrip-
tion'of our progress; I cannot conclude, however,
without endeavouring to give some idea of the
beauty of this country. As a tolerably old travel-
ler through all quarters of the globe I can speak
with some authority, and I do not hesitate to say
that the scenery which gladdened our eyes and
hearts during our journey to and from Fusi-jama
cannot be equalled within the same compass in any
part of the world. Its great charm probably lies
less in its intrinsic beauty than in its continually
varying character. The eye has never time to
weary. Now you are in a noble avenue of majestic
trees (and no tree is finer than the cedar of Japan
—Crgptomeria Japonica) ; suddenly you emerge
into an open country,.among cornfields and flower-
ing shrabs ; then you plunge into a deep forest ;
then again you find yourself in a perfectly English
green lane, with honeysuckle on the hedges and
daisies on the banks, and in the distance, embo-
somed in trees and shrubs of the brightest foliage,
groups of the most picturesque little white cot-
tages in the world. Before you have time to dream
of home you are once more transported into a
rugged mountain path, with torrents roaring at
your feet, and as you reach its height there lies the
broad blue sea on one side, while on the other
Fusi-jama rises majestically from its broad base. I
doubt whether, if all the most grand, lovely, rich,
magnificent views in the world could be collected

and formed into a group, they would produce a
finer picture.
Throughout the vegetation is most luxuriant.
From the deepest valley to the mountain tops you
behold one dense mass of flowering shrubs and
trees, in the foliage of which there is as great a
variety as in the scenery.
The land is generally well cultivated, rice and
millet forming the principal• crops in the districts
through which we passed. We came across small
patches of cotton and tobacco here and there. Of
tea we saw very little. Vegetables and fruits of
all kinds grow in abundance. I was particularly
struck with the almost entire absence of animal
life during our progress. With the exception of
the poultry and dogs in the villages, and a few
pack horses on the road, we hardly met a single
specimen of the brute creation. No cattle, no
sheep, no singing-birds, and, though we promised
ourselves some shooting, not a symptom of game of
any description. The Japanese assured us, how-
ever, that the mountains beyond Fusi•jama were
full of wild ponies, deer, and boar.
The arrangements made by the Japanese Go-
vernment for our accommodation en route left us
nothing to wish for. Our halting places had been
arranged beforehand, and everything was ready
prepared for cur reception when we arrived. It
was not considered becoming to allow the British
Envoy to occupy a common tea-house—which is
the ordinary hotel of the country—and we were
accordingly put up in the houses specially reserved
for the IDaimios when on their travels. These were
scrupulously clean, and provided always with
bath-rooms and ample supplies of water.

As Mr. Alcock did not travel in his official
capacity, the authorities did not formally receive
him at the different towns ; but on our entrance
we were invariably met by an escort of officers,
who accompanied us to the full extent of their pre-
cincts, and at Odaware the prince of that name, a
powerful Daimio, sent a deputation to welcome the
English Minister to his dominions. and to wish
him a pleasant journey.
The conduct of the people was excellent. The
sight of eight mounted Englishmen must have ap-
peared wonderful to them, who had never before
beheld an European ; but they never once allowed
their curiosity to become offensive, far less were
they ever guilty of the slightest disrespect. As
we entered their towns or villages (and these con-
sist of one long street, sometimes three miles in
length) men, women, and children, flocking out of
their doors, appeared to present a dense impervi-
ous wall to check our progress. But there is a
quiet elderly gentleman in long petticoats and a
straw hat, tied under his chin, who precedes our
cortege armed with a fan, and before a wave of this
fluttering emblem of authority the enormous crowd
falls back with far more alacrity and readiness than
an English mob under like circumstances could be
got to do through the agency of Sir Richard
Mayne and his legions, backed by a troop of Life
Guards. Nor do they, like other mobs, close in
our rear; but, remaining squatted at their doors,
they watch us out of sight. In no case, whether
escorted or alone, did we meet with a single instance
of rudeness or incivility on the part of the people ;
nor did we, during the whole course of our journey,
meet either a beggar or a drunkard. The general
appearance of the populace is one of great prospe-
rity and contentment; their houses are remarkably
clean and in good repair ; their patches of garden
well cultivated, and never without regard to orna-
ment ; and, if they were not overburdened with
clothing, it is evident that their will and not their
poverty consented to forego this luxury. Would
to Heaven we might travel as far in European
countries—nay, even in our own favoured land,
without meeting more misery.
We believe that the Japanese Government is an
oppressive one, yet it is difficult to reconcile that
belief with the evident prosperity of the people.
No' eastern people is so free from the stamp of the
slave as the Japanese. Let them bow their heads
in the dust before a Yacomis as they may, it is
less an act of servile submission than a courtesy
exacted by usage, and a duty owing to superior
authority. Those well•built, muscular men, who
stand erect at their doors, holding their little
children by the hand, have a sense of freedom
and self-respect never to be seen in a race of slaves
or cowards; those laughing women beside them
know and enjoy the happiness of the domestic
hearth ; even the little children (and nowhere do
you meet this true indication of material prosperity
—troops of merry, rosy-cheeked children—to a
greater extent), even they did not crouch before
the foreigner, though, doubtless for many a day
they will, in their naughty moods, be threatened
with the terrible Tojins.
Never did a party more enjoy themselves than
the eight Englishmen who were the first to make
the ascent of Fusi-jama, and we returned to our
posts more than ever impressed with the marvellous
beauty of this land, and the kindliness and
happiness of its people.

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LAW INTELLIGENCE—Nov. 28.

BANKRUPTCY COURT.
(Before Mr. Commissioner Holroyd.)

THE GREAT FAILURES IN THE LEATHER TRADE-

STREATFEILD AND CO.'S BANKRUPTCY.

The largest attendance ever known at this court,
with the exception of the Royal British Bank
meetings, was to-day at the elrtificate meeting in
the case of Laurence, Streatfeild, and Mortimore.
The court and passages leading to it were literally
" mobbed" with creditors and others interested in
the proceedings. The bankrupts' London place of
business was in St. Mary-axe, and there was also a
concern in Liverpool, which was carried on by
Francis Benjamin Schrader.
The failure of this house brought dawn a large
number of others, which have since either become
hankrapt, or their affairs are in course of inspection
or arrangement.
Mr. Karslake, counsel, and Mr Murray, solicitor,
appeared for the assignees. Mr. Watkin Williams
and Mr. Linklater opposed. Mr. Lawrance and
Mr. Lewis appeared for the bankrupts. Mr. Hart
acted as accountant for creditors.

The claims of unsecured creditors are £258,334 ;
ditto secured, but leaving a balance procurable
against the estate, £20,361 ; liabilities, £417,237 ;
liabilities not expected to come against the
estate, £92,631; profits, £149,030 ; drawings, &c.,
£32,407. On the credit side are the following
items :—Balance at banker's clear, £1,330; bills
receivable clear, £7,012 ; good debts, £38,792 ;
doubtful, £66,666 ; property clear, £43,238 ; trade
charges, £25,305 • losses on bad debts, £66,475 ;
other losses, £271,357. The above figures apply
t® a period of trading between Jannary 1857, and
July 21, 1860, the date of the stoppage.
The counsel for the assignees did not, as usual,
make any opening statement, but the proceedings
were opened by Mr. Karslake, who proceeded to
examine the senior bankrupt, Thomas Laurence,
who was at least three hours under examination.
Mr. Linklater, at the close, declined to cross-
examine him until other witnesses were examined.
The examination of Mr. Laurence on this occasion
was conducted on behalf of the assignees, and by
Mr. Williams on behalf of the London Join t-Stock
Bank.

Mr. Laurence, having• made the usual declara-
tion, deposed in substance as follows :—We were
leather and hide factors. We bought hides on
commission, and sold leather after it had been
tanned. There were eleven firms at the time of the
bankruptcy who did business with us. Witness
stated the names oe the eleven firms, including.
Smith, Patient, and Co., and Mr. Gibson, of Godal-
ming. They had been our correspondents for a
great many years, some of them for 20 years. Mr.
Baker was the oldest. Mr. Ryder, the last of the
eleven; Mr. Mundy was also a correspondent; Mr.
Smith (Smith, Patient, and Co.) was brother to
Mrs. Mortimore. We bought hides and sold
leather for the eleven persons I have named. The
hides were generally paid for by their acceptances
at four months. Mundy, one of the correspondents,
at the time of the bankruptcy was indebted to me.
The witness narrated the nature of his transactions
with Mundy, going into a detail of figures of no
public interest. Mindy accepted
.bills which I
drew for such portions of the price of the goods
as he could not meet by sales of leather. Mundy, I
should think, met bills to a considerable extent
out of his own resources, but it is impossible for
me at present to say to what extent. I ad-
vanced to Mundy £36,900 in 1.&37 to meet bills.
Some acceptances which he could not meet when
they became due. Our names were on the
bills as drawers. The practice is a common prac-
tice in the trade. I cannot say off-hand what por-
tion he met out of his own resources.

To Mr. ,Lawrance (solicitor)—The gross accept-
ances of Mundy were £70,800, of which I advanced
£36,900.

Mr. Karslake—Did Mundy, in point of fact, find
a single shilling to meet those acceptances ?
Bankrupt—Yes, many thousands. The tanners
used to send me goods for sale. In 1857 1. sold only
£6O worth of goods for Mundy, who sold his gods
himself, being a merchant as well as a tanner. As
a general rule, he sold his own goods himself. We
never required more than Mundy's paper for any
advance, and held no other. We never discounted
bills with Mundy. In 1858 there may have been
acceptances running of Mundy's £32,614.
Mr. Karslake—But were there net ?

Bankrupt—Recollect you are now examining me
concerning £8,000,000 or £9,000,000 of money, and
I cannot carry it all in my head. The balance over-
drawn by Mundy at the beginning of 1858 was
between £7,000 and £B,OOO. In 1858 I advanced
Mundy £63,492 for the same purpose in the same
way as in 1857, in order to enable him to meet his
acceptances. Bills were given him (£2,450) in
place of cash ; 13,779 hides, sold leather, £12,885.
Balance overdrawn at the end of 1558 was between
£lO,OOO and £ll,OOO. Ile sent us no leather that
year—we had only his acceptance, his name. In
1859 we advanced to him £90,259; we only sold
£7O worth of goods for him that year (1859).
Mundy had money whenever he wanted it. If
Mundy wanted £1,500, his custom was, if he had
£l,OOO in bills, to have such bills discounted and
to come to us for the odd £5OO. Between January
and June, 1860, there were acceptances of his
running, £47,000, and we advanced to him
£59,000. The balance overdrawn at the end of
1859 was £18,353, and Mr. Mundy failed in July
last, but is not a bankrupt. The bill of Mundy
were drawn upon us without reference to his
indebtedness. Mr. Gibson, of Godalming, tan-
ner, who dealt with us, became a bankrupt
in July last. 'We first became connected
with him in business about twenty years ago. I
was the executor of the late Mr. Nicholls, of Godal-
ming, and I sold him the tan-yard, letting him have
the stock upon credit—he paying interest on the
debt at the rate of four per cent.
The bankrupt was then examined at great length
touching a rather singular transaction. He admitted
that in the books of his firm there had been made a
transfer of £50,000 from one account to another
account—in technical language, from the G to the
D account (that is, general and discount accounts).
'Tice bankrupt, Mr. Laurence, further admitted that
this had been done to conceal from the knowledge
of the clerks of the firm the largeness of the amount
of Smith, Patient, and Co.'s account, which was
then about £70,000. Witness did not suggest the
alteration, but the clerk who had it made. Witness
was, however, cognisant of it. Smith, Patient, and
Co. consigned very little leather to me. Tne eleven
houses I have mentioned as having had transactions
all have failed; some are bankrupt; some of their
estates are being wound up under inspection.
Ryder, one of them, was originally a clerk of mine
at £lOO a year. He left me in 1856, and went to
Paris, and started as a leather factor with a capi-
tal of £l,OOO advanced by me on a policy of insur-
ance on his life. Ho started in Paris in 1856.
Ryder, at the bankruptcy, was indebted to us
£10,197. There were bills running, besides
£25,000 or £3o,ooo—bills drawn by Ryder, and
accepted by us. In a single quarter (the first) he
consigned to us £12,000 worth of French leather.
He purchased leather with our. acceptances, and
sent the leather to us for sale. Messrs. Rothschild
introduced him to some large American houses. In
the first quarter in the year 1856 the balance against
him was £3,000 ; in 1857 the balance had increased
against him to between £4,000 and £5,000. We
had leather from him as against this balance. I
can't say how much, for our stock was worth then
£200,000, and I cannot remember comparatively
small matters. The balance against Ryder was
£10,197, against which we held some leather. There
have been acceptances between ourselves and Ryder
which did not represent value, but which were extin-
guished by remittances. That was and is the
case with most tanners. Ho .drew upon us for
amounts which were to be supplied by goods or
cash. When acceptances were discounted by
Ryder he sent us a portion of the proceeds now
and then. I was the finarteial partner. When
such moneys were received from Ryder they were
placed to Ryder's credit. I should say in every
instance—certainly there is no recent instance to
the contrary. As to the Liverpool firm, Mr.
Schrader was a partner there. Duplicate books
were kept, but I have not looked at them for
twelve months. Most things were paid for at
Liverpool. Mr. Schrader had a brother George at
Glasgow, a leather factor. Between March, 1858,
and the bankruptcy, the Liverpool firm accepted
bills for the Glasgow firm, but I am not aware that
it was to the extent of £112,000. There were
£13,000 of the bills remaining at the time of the
bankruptcy. George Schrader set up business as
a leather merchant, I believe, in 1854, having been
formerly in the employment of Herbert Smith and
Co. George Smith stopped payment, but has
started in business again. I knew that accommo-
dation bills went on between the Liverpool house
and the house of George Schrader of Glasgow, who
did the same sort of business as we did. When
Schrader of Liverpool bought leather of us he paid
by acceptances. The accommodation acceptances
commenced about the time of the panic. Accom-
modation was given to George Schrader at my
suggestion. We discounted his bills which we
gave to parties dealing with us in order to meet
their engagements. The course was this. George
Schrader drew bills; the Liverpool house accepted,
and they were paid away to Mundy and others.
This was to the extent of £12,000 and £13,000. We
have discounted largely during the last few years
'with the eleven firms which I have yenned. The
Bank or I,,ngianti discounted for us, discoi-!nt
houses applied to rs, and we obliged them with
bills—(a laugh)—so with the London Discount
Company, the City Bank, Currie and Co., Curteis

and Co., London Joint Stock Bank„ Bank of Lon-
don, Overend and Co., 8:e. We .discounted with
those houses the paper of the eleven firms I
have named. None of the discount houses had
more of the bills for discount than I thought they
would wish. The Warwick Ban k also asked for
our bills to discount. The rate of discount was
generally 3 or 31 per cent. We charged 5 per
cent. The difference of the bills were paid us over
profit. Some of the first houses ins the kingdom
which have not failed have paid us large sums for
the accommodation. The London •tanners did not
consign much to us, but chiefly the cc ,untry tanners ;
they kept travellers. The names of the eleven
houses were Messrs. Baker, Clarke, Gibson, Draper,
Mortimore, Mundy, Waring, Ryder, and three
others. I principally banked at the London Joint
Stock Bank. We were partly its founders. Mr.
Mortimore now holds 500 shares in the London
Joint Stock Bank. The bills discounted there were
the ordinary trade bills. Customers' bills some-
times turned out bad, but we took them up at
once. Up to the last moment we were in the highest
credit in the City of London. The bills were given
for value. Many of those bills were drawn to raise
money in order to meet prior liabilities. We looked
upon those as ordinary trade bills. During the last
15 years we have been cEscounting such bills at
the London Joint Stock Bank. Many of the houses
must have stopped but for our help ; but they would
have had ample stock to pay for everything—so I
once thought. Had they stopped we might have
been called upon to take up their acceptances. The
fact is, some of those firms have turned oat as not
able to meet their liabilities, but we did not know
it. Since the panic Ido not know that the amount
of paper was increasing, whilst the transactions
for actual value was diminished. That might
have been the case with some houses. I was present
at a meeting of creditors in July, to discuss the
state• of our affairs. The representatives of the
London Joint Stock Bank, the National Discount
Bank, &c., were there. I do not know whether
the assistance I gave to other houses was discussed.
I beiieve it was discussed. I asked for assistance to
the amount of £300,000. lam not aware that I said
for many years that but for the assistance I gave to
other houses they muot have come down. I do
not recollect I said that but for my financial inge-
nuity my house must have fallen down. Ido not
recollect having said so of mf house. I might have
said so as to other houses: 1 gave them to under-
stand that I had assisted those other houses, and
that but for such assistance they .must have fallen.
I had some conversation with Mr. 11.1‘Tienna, of the
National Bank, and I told him I believed our
house was solvent. I believe that was on the Wed-

nesday or Thursday before our stoppage. I have
no recollection that I told Mr. Nl.Kenna, Smith
and Patient's bills were accommodation bills. I
believe I did not say so. I would not have told an
untruth. To the best of my belief I did not say
so. As to discount, I was never told I had left too
many bills with any one discount house. I have
avoided leaving too many bills for discount at the
same house, but I have had bills discounted with a
discount house to-day, though there were other
bills of that same house falling due on the morrow.
No discount house ever complained of a glut of bills.
I do not know that I was too much of a financier not
to manage better. I had no trouble whatever, for
the discount houses were glad to get the bills.
The examination of this witness here terminated,
his cross•examination being reserved by Mr. Link-
later.

Mr. Thomas examined—l was bookkeeper to the
bankrupts about ten years—about three years in
Liverpool and seven in London. Schrader managed
the Liverpool house, of which I know nothin g
beyond the duplicate books, which were sent up
from time to time: My duties were confined to the
books. I gave directions regarding the entry of
Smith, Patient, and Co., I believe on the day in
which it was made. It was not made at a later
date than appears in the books. I directed one of
the clerks to make the entry. I should say I gave
him instructions to make the entry on the day it
bears date. The entry takes its origin from a little
book called " the transfer book." The transfer
book, generally speaking, bears no dates. Ido not
call this a fictitious entry, but it was an exceptional
case. I suggested to Mr. Laurence to make the
entry before it was made. The entry was made to
divide the account. The balance was very large of
Smith and Patient, £70,000, and we opened another

account. to make it appear less. The new account
v, as opened as for the executors of I. H. Smith,
£50,000. The £50,000 had no existence whatever
as regards the executors of Smith. The £50,000
was to the debit of the executors. A clerk not
knowing how the matter stood would suppose
£50,000 had been wiped off. It was done because
the balance looked so large, £73,ooo—it was done
to liquidate balance on the face of the books. By
this the balance of Smith would appear to be only
£23,000 instead of £73,000. The suggestion as to
the transfer of the accounts was made by me.
This witness was cross-examined at considerable
length. Believed it was within 18 months that
Mr. Laurence spoke to him of the largeness of
Messrs. Smith and Patient's account. I mentioned
to him that it was increasing and that we ought to
have more control over it. He said that account
was in a manner locked up with book-debts and
stock, which could not be sold or realised. Mr.
Laurence said there was no prospect of immediate
reduction. I thought the result of the account
would be doubtful, but my doubts did not increase
since January, 1859. I understood they were get-
ting rid of their liabilities in other quarters, and
then I thought that Messrs. Smith, Patient, and
Smith would address themselves to the reduction
of our account. I believe I recommended Mr.
Laurence to look into Messrs. Smith and Patient's
account about January, 1859, and frequently since.
Mr. Laurence said he had had an interview with

them, but he did not tell me that he looked into their
affairs. I understood that he took Messrs. Smith
and Patient's version of the matter. He said he
endeavoured to persuade them to reduce their
account. He did not say he thought there would
be a loss of £30,000 or £40,000; but I came to the
conclusion in this year there would be a loss
by this account of £40,000. In January, 1859,
I thought there would be a loss of £15,000 or
£20,000. Probably I told Mr. Laurence I thought
there would be a loss by Messrs. Smith, Patient,
and Co., but I have doubts that I did so.
Mr. Henry Smith, of the firm of Smith, Patient,
and Co., died in 1859. I then recommended Mr.
Laurence to diminish the account, and Messrs.
Laurence and Mortimore might have told me that
if they did not assist them Messrs. Smith, Patient,
and Smith must have stopped. Their stoppage
would have affected a house of our standing. Their
stoppage would have probably brought us down.
I always, however, understood the private property
of the firm, and £30,000 or £40,000 a year profits,
would fill up any gap and prevent our stoppage.
I may have had a conversation with Laurence about
the state of Gibson's account, but only a passing
observation. As to Smith and Patient's account, I
only did my duty by mentioning the largeness of
their account. Mr. Laurence made the arrange-
ments for meeting engagements in which he was
constantly engaged. I arranged with Laurence in
what channels the bills should go for discount. I
said it would not do to send certain bills to certain
houses which had a good many of the same. The
bills were divided by us among the discount houses
and banks. We had apprehensions about June,
1860, as to Gibson's position. Mr. Laurence told
me we must try to get Gibson's account reduced.
I did not in June estimate the loss by Gibson, but
as a creditor of Gibson's • insisted upon getting
Measrs. Laurence and Co.'ii note of hand for £lO,OOO
as security for Gibson's debt, my suspicions were
excited as to them. We paid money three or four
times into Jones Loyd to Gibson's account, but not
in Gibson's name. I cannot say in what name, in
any name. It was a fictitious name, The name of
Henderson was used, I cannot call to mind any
other. There were only three or four such trans-
actions. I paid in one sum to Messrs. Jones Loyd
for Gibson in a fictitious name. I believe I did it
without directions. Mr. Laurence suggested it
would be better to pay in the money by some other
name. The reason we did so was because we did
not wish Messrs. Mellersh, Gibson's bankers at
Godalming, to know that the money for Gibson's
help came from us. Mr.Le Mark, another clerk,might
the
storm. :
have paid in such money. I am, of course, aware
" the manner of keeping the ball rolling." I do
not know of any mode resorted to by Messrs. Lau-
rence and Co. of raising the wind or quelling h
storm. (Laughter.) Messrs. Cobb and Co. of
Lime-street, hide merchants, dealt with our house,
In December, 1856, Messrs. Cobb and Co. were
debtors to Messrs. Laurence, Streatfeild, and Co. to
the amount of £16,600, including acceptances of
Streatfeild and outstanding.Coiv.eni.:ltoo,Coooobbanaco. on
aeeeTehnet
acceptances were g
of the purchase of hides. We accepted bills for
Messrs. Cobb and Co. during the year 1857, so that
the balance was £28,000. Cobb and Co. are now
creditors to a large amount. I do not think bills
were accepted by Cobb and Co., drawn by Streat-
feild and Co., for the purpose of handing the pro-
ceeds of the discount to Streatfeild and Co. As to
Herbert Smith, Mr. Laurence always told me that
he was a solvent man, that there was a mine of his
worth £16,000, Smith used to arrange with Lau-
rence where to get his paper discounted.
an cross-examinationanadouorfntmheins
twoirtdneersesd w. as here
discontinued, The
d
An expression was given by the Commissioner to
a wish that thepresent examination of Mr. Laurence
must be taken as ex parte.
Me. Law-ranee (solicitor) said hie el:t nt aveaid be
able to give satisfactory explanations of every
matter that appeared in the least degree doubtful.
Adjourned accordingly.

RAILWAY INTELLIGENCE.

NEW RAILWAY BILLS.

The notices •of application to Parliament for Rail-
way Bills in thie ensuing session are very numerous.
Up to the present time notices for about 260 Rail-
way Bills have been given. The proposed lines are
comparatively short, and chiefly for the purpose of
shortening through routes, improving communica-
tions between existing railways, and for affording
accommodation to local traffic in places much in
want of railway communication. Powers to enlarge
station accommodation, and for entering into traffic
and other arrangements with other companies, are
announced in a great number of the notices. There
are three or four notices of application for bills to
authorise amalgamation, the principal ones being
for the amalgamation of the Caledonian, the Edin-
burgh and Glasgow, and the Scottish Central Rail-
way Companies ; and the North Eastern and the
Newcastle and Carlisle Railway Companies. There
is also a bill for authorising traffic arrangements
between the London and North Western, the Great
Northern, and the Manchester, Sheffield, and Lin-
colnshire, for the mutual benefit of those companies.
The metropolis comes in for more than its usual
share of proposed railway accommodation. The
application for the Thames Embankment and Rail.
way, between Westminster and Blackfriars bridges,
has been renewed. The Metropolitan line is pro-
posed to be extended to Finsbury-circus on the east,
and from Paddington to Bayswater, Notting-hill,
Kensington, and Hammersmith on the west. The
North London Railway is proposed to be extended
from Kingsland to Liverpool-street, in the city ; and
thence, via Houndsditch and the Minories, to the
Haydon-square depot, and to the Thames near St.
Katharine's Doc'ks. The Eastern Counties Railway,
is proposed to be extended from Shoreditch to Fins-
bury-circus or London-wall. It is also proposed in
the notices to form a line of railway from Cannon-
street, city, to the Charing-cross Railway in South-
wark. The Regent's Canal Company propose to
have a railway constructed along the side of their
canal from Camden-town to Limehouse, with
branches to the Lone.on and North Western, the
North London, the Metropolitan, and the Eastern
Counties Railways. Notices of application for bills
have been given for proposed lines from the Eastern
Counties Railway at Tottenham to the Great
Northern at Horrisey, and to the Hampstead Junc-
tion line in the parish of St. Pancras; also for a
line from the Eastern Counties Railway, near where
it passes over the river Lea, to the Great Northern
Railway at Wood-green, with a probable intention
of extending it in the same direction to accommo-
date the traffic of Muswell-hill and Finchley. Lines
of railway are also proposed from Edgware to
Highgate, and to the Great Northern at Hornsey,
and from Willesden to Finchley and Barnet. The
desire for railway accommodation in the suburban
districts of the metropolis is now, perhaps, greater
than ever ; but it is a question for Parliament to
decide whether the projects now proposed are the
bes't that can be devised for the districts intended
to be served.

COUNTRY MARKETS.

SHEFFIELD—Nov. 27.

Owing to the annual fair being held the amount of busi-
ness done was small. The best dry samples realised late
prices. Inferior a slow sale, at 6d to is per load decline on
last week's quotations. Barley plentiful, and rather easier.
In other articles no change.

Red wheat, per load. of 3 imperial bushels 24s Od to 28s Od
White I, t) 2ss Od to 28s Si
New red , )1, 2os Od to 25s Od
New white ~ ft 24s Od to 26s Od
Beans lf If 2os Od to
~.,92s Od
Peas, per qr 54s Od t0'558 Od
Grinding barley, per qr. 33s Od to 35s Od
Malting ditto, „ 3ss Od to 43s Od
Oats t, 2ss 6d to 34s Od
Millers' prices for flour-2s 3d, 2s sd, and 2s 7d per
141 b. .