The Sun.
London, England, 1860-12-22 00:00:00

AINSWO

EDWARD 'VI.

" There was a great fragility of look about him, and he
seemed to have shot up quickly, like a forced plant. Though
tall for his age, his limbs were very slight, and his com-
plexion was of feminine delicacy. In appearance he was
more of a Seymour than a Tudor. His face was a perfect
oval, with some traces of his stern father about it, but his
lineaments generally resembled those of his beautiful
mother. His expression was gentle, but thoughtful—more
thoughtful than befitted a child. His eyes were of a dark
brown, and soft; his Lair was light in hue, with a tinge of
gold in it, worn short, and cut close round the forehead.
He was attired like the son of a splendid monarch, and the
heir to a powerful throne. His little cassock was of murrey-
coloured velvet, embroidered all over with damask, gold and
pearls, and having buttons and loops of gold ; his doublet and
hose were of dark-red satin, woven with threads of gold, and
his velvet buskins were decorated with gold aglets. He
was armed with a short rapier and a poinard in a richly
ornamented sheath, and a velvet pouch was suspended
from his girdle. His flat velvet cap, which was removed
on entering his royal father's presence, was adorned with
rubies and emeralds, and had a brooch set with fair table
diamonds on the right side, over which drooped a blood-red
feather."

We hive scarcely allowed ourselves room to
reiterate what we nevertheless must reiterate here
in another sentence—that if it be but continued and
completed as it has happily been commenced, Mr.
Ainsworth's new historical romance of " The Con-
stable of the Tower" [brilliantly illustrated by the
pencil of John Gilbert] gives excellent promise of
proving in every respect its author's masterpiece.

THE LEATHER TRADE DISCLOSURES.

WHAT A " TEA-SPOON" MEANS.
The case of Laurence, Mortimore, and Schrader (Streat-
feild and Co.), was resumed in the London Bankruptcy
Court, on Thursday. Mr. Laurence was examined. He ,
said the amount of business done in 1859 by Streatfeild
and Co. was about £300,000 to £400,000. He had no idea
of the paper afloat in that year. It was not £500,000—
not half. It was more than £lOO,OOO. They were in the
habit of making advances to customers who consigned
goods to them. The advances were made in cash. The
money was obtained by the discount of legitimate paper. ,
The profit on discount for that year was £3,174. We bor-
rowed to lend. They had several channels for discount, and
several banks and discount houses were named as having
always been most anxious to get hold of the paper of the
house. Mr. Marshall, manager of the Bank of London,
wanted him to become a director, and to bring all his paper
to them. He did not recollect any conversation about bills.
A note generally came saying, " send us £5,000 or £lO,OOO
of bills." Ho would swear to the best of his belief that he
did not state to Mr. Marshall " that he could not have
better paper, every bill had leather at the bottom of it."
He had introduced Ryder to Marshall. Mr. Marshall had
asked him to bring new accounts. Mr. Linklater.—To
what extent did Rider put his name to accommodation
paper, for Streatfeild and Co., in -1857 ? Witness :—The
transac ion was not accommodation in your sense of the
word. The paper would represent £31,638. Some of the
bills were drawn on Streatfeild and Co. and discounted
with the Bank of London and in Paris. They were debited
by Ryder with all the goods. He drew for them and
£31,000 besides. They accepted for Ryder for their own
accommodation to reimburse themselves. The proceeds
were sent by Ryder from Paris by a cheque drawn
in favour of Anning and Cobb. That mode was adopted
because they did not want the Bank of London to
know that they got the money. lie believed they
would not have gone on discounting their bills if they
had known they had got the meney. That was_ accommo-
dation paper. He had not warned the bank tlik it was. Ho
thought Ryder had a channel of discount through Overend
and Co. In 1853 Ryder drew accommodation paper for
their use to the amount of £20,286.—Mr. Linklater : Was
the paper drawn for commercial transactions P—Witness :
No.—Mr. Linklater : You are aware this young man
(Ryder) has been ruined by these transactions,—Witness
I do not know that he had any property of his own.—Mr.
Linklater Then having no property of his own, tiow came
you to have accommodation paper with him this year to
the amount of £45,000 P—Witness That was when he had
made the large purchases for Waring and the American
houses. Ho then had some property.—Mr. Linklater :Do
you believe, if you did not take up these bills, he would be
able to do so 2-=Witness No.—Did you believe he had any
means ?—lnsufficient means.—Then did you think he was
a man of fortune ? What did you believe his means were ?
—Perhaps he had £3,000 or L'l,ooo.—The result of his
industry and intelligence ?—Yes.—And is he now ruined?
—Yes. During the prinic of 1857 be did not consider it was
his ability that kept the houses on their legs. I t wasowing to
the kindness of the bankers and the bill brokers.—And did
you not draw bills for odd sums, to give them the appear-
ance of trade bills ? Yes, it was the custom for many years.
Mr. Marshall, manager of the Bank of London, was then
examined. Ryder was introduced by Mr. Laurence in
1857. Upon the faith of the statement that the
nown had kbill would
be legitimate they discounted for Ryder. If he
those bills were accommodation paper they would not have
discounted them. At the early part of 1859 they declined
to further discount for Ryder. There were ono or two
reasons. Oae was that the account was not a remunerative
one; and the other, they thought they not a fair share of
liability on the bills of Streatfeild and Co. Mr. Laurence
always spoke highly of the bills, and said that they had
leather at the bottom of them. He said that frequently,
and said they were as good at one end as at the other ; and,
(continued the witness) perhaps they were. (A. laugh.)
He had had twenty-four years banking experience, and if
1 bills of Streatfeild and Co. were brought to him for veins
received, he should consider they represented commercial
transactions, not loans to keep up tottering firms. onmalay
1 occasions Mr. Laurence had represented that he and Mr.
&e•, independent of their capital and the business.
li
Mortimore were both rich men, having freehold property,
stock,
eckWas sixteen years in the Bank of England. During
that time he believed that the Bank discounted very
largely with them. He did not solicit Streatfeild to
bring their account to them. He did not know how the
account came to the bank; lie did not, to the best of his
recollection, ask Mr. Laurence to become a director of the
bank. If he had offered to do so in his then P°'iti°ll he
would have been received with open arms. lie had soli-
cited batches of bills. Re had probably
character of Messrs. Streatfield and the customers with
whom they were doing business at the Bank of England;
high opinion of the house.—Mr. Laurence re-
they had a inquired of the
examined—Said the house received Draper's acceptances for
£456,000.—A
correspondence was read. In one letter the
manager of the London Discount Companysaid "that to-day
he had a teaspoon for him" (Laurence).—Mr. Lawrence--
What is a teaspoon ?—Britsess
eon P—£s,o ito. (La
11ug0 hter.)
,
--
avyspoon? Witness—£l.s,ooo.
taesp—Wness—,ooo
Mr. Lawrence—And a bl
Mr. Lawranc And agr
We bad ladles formerly. (Renewed laugh-
(Laughter).---Mr. Linklater--And _a ladle ?—Witness--I
know.
—The Commissioner—lt is impos-
ter.)—Mr. Laurence said the female branches of his family
were suffering g
tlrea Y.
Bible not to feel for them.—Mr. Linklater—There are a
other sufferers besides them.—The sitting was
then
in,vanoaYened to the 9th of January.
• _
great j

FRIGHTFUL COLLIERY EXPLOSION AND Loss
of LIFE --A fearful explosion took place at Hatton Col-
liery on Thursday night, whereby several miners lost their
lives. This colliery is the property of the Hatton Coal
Company, and is situated about nine miles south of Sun-
derland. On Tuesday last, the Lyons pit, which is 150
fathoms in depth, was laid off work in consequence of some
necessary repairs in the shafts, and in the meantime one of
the furnaces was extinguished. On Thursday the pit was
put into working order again, and upwards of 35 miners
descended at nine p.m. Soon afterwards a fearful explo.
sion of gas took place, causing the deaths of, it is stated,
20 miners. On Friday morning, nine of the bodies were
brought to the bank, and the greatest efforts are being made
Opt at the remainder.