The Sun.
London, England, 1860-11-02 00:00:00

THIS DAPS SHIPPING.

The CHAIRMAN observed that they were very
well aware of the painful nature of the business
which had been the cause of their being called
together. They were the unfortunate creditors of
Messrs. Davies and Co. A meeting had beep called
for Monday last, but that meeting had not taken
place, and a fiat in bankruptcy had been issued.
Seeing that the meeting in question had not been
held, a number of shareholders who did assemble
on that occasion were formed into a committee, and
that committee determined to convene a meeting of
the entire body of the creditors, with the view of
consulting them as to what steps it would be most
advisable for them to take for the protection of
their interests. They wished in whatever they did
to exhibit the kindest feelings towards Davies and
Co., although they could not but feel that the firm
had by no means done all that they might have
done, and that might have been expected of them,
for their creditors. They were desirous of meeting
them in a friendly spirit, but they wanted to have
justice done them. They all thought that they had
not been treated fairly, and although he was not of
that opinion, there were some who thought they
had not been treated honestly. The case was a
very serious one. Some had deposited all they
had, and one man had been already so affected by
his losses that he had lost his reason, and was now
an inmate of a lunatic asylum. The committee
thought that the creditors ought to take the matter
into their own hands, and had therefore called them
together to ask them what they would do, always
leaning, as he hoped they would lean, to the side
of neighbourly and friendly feeling towards Davies
and Co. (Hear.)
Mr. EDIVARDS proposed, and Mr. F. SEARLE
seconded a resolution declaring that the creditors
would take .the matter into their own hands.
Mr. CHAMBERLAIN supported the motion. He
was a member of the committee, he said, and repre-
sented a lady who had deposited with Davies and
Ce. all she had. He argued that Messrs. Davies and
Co. ought to have struggled to the last, and that
they ought to have made as complete a statement
as they could, so as to have done all in their power
to relieve the anxieties of the creditors. If there
was ever a case of bankruptcy which ought to be
thoroughly investigated it was a case like this,
where there was so large a number of poor deposi-
tors. (Hear.) They were told that bankruptcy was
inevitable, owing to the peculiar position of Messrs
Davies and Co.'s assets, but he was inclined to think
that the bankruptcy was Messrs. Davies and Co.'s
own act—that they had in effect made themselves
bankrupts—and that they and the Messrs. Hill, the
petitioning creditors, were acting together. With
such extraordinary facilities as London presented
for calling creditors together, it did strike him as
an odd thing that the bankruptcy should follow so
close upon the stoppage of the bank—(hear, hear)—
and before the creditors had had an opportunity of
being called together to express their opinion.
Close on the announcement of this fact, it was also
stated that the London and County Bank was going
to do something good for them—(hear, hear, and a
laugh)—but what they proposed was, after all, only
to discount the prospect of a dividend, taking secu-
rity from every party to whom any advance was
made. He did not know what the bank produced—
(A voice—£5,000 a-year)—but he thought that
they, as creditors; 'were entitled not merely to all
the property of Davies and Co., but also to what the
goodwill of the bank would fetch. (Cries of" Hear,
hear,"and " No, no.") The speaker contended further
on this point, but was assailed with a variety of in-
terruptions, and cries of "The goodwill of a bank.
rupt is worth nothing." He con tended that the good-
will of Davies and Co, had a value, even now, and
he expressed a hope, which elicited much laughter,
that if the London and County Bank opened a
branch there, and made use of the connections and
advantages placed at their disposal by the bankruptcy
they would be prepared to hand over to the creditors
a good round sum in exchange for such benefits.
They had heard, in many cases, of good round sums
being given to private bankers on retiring, by the
joint stock concerns which succeeded them, and he
thought that Messrs. Davies and Co. ought to have
made some such arrangement in the present case.
(Hear, hear.) If there should be any course which
would save them from going through the Bank-
ruptcy Court, by all means let them do all they
could to get it adopted, and he would not vote for
the appointment of any man as assignee who was
not pledged to the adoption of that course. (Hear.)
He should therefore support the resolution.
Mr. -WILKINSON, on the part of the London and
County Bank, explained the course they had taken
in the matter. No' doubt if Mr. Davies had made
the offer while he remained able to pay 20s. in the
pound, the goodwill of his bank would have been
worth something ; but the moment the bank became
insolvent, the goodwill was entirely valueless.
(Hear, hear.) On Friday morning they had been
asked to assist at the bank, and in fact to carry it
on. But a statement of the affairs of the bank was
laid before them showing a debt due from Messrs.
Evans Brothers, to the extent of £53,000JA V owe

LONDON, Nov. 2.—Wind this day at noon—North-
Easterly; strong breeze, and fine weather.
OFF MOUNT'S BAY, NOV. I.—Wind N.E.—Arrived—
Maryland, frora Baltimore for Bremen.
SCILLY, Oct. 31.—Wind E., thick fog—Sailed—June,
and Marian, for the Cape of Good Hope ; Rambler, for
Berbice.

SWANSEA, Oct. 31.—Wind N.E.—Sailed—Adelo, for
Pernambuco.

CLYDE, Nov. I.—Wind N.E.—Arrived—Arran, from
Quebec.

PORTSMOUTH, Nov. I.—Wini N.N.E.—Sailed—Pal-
merston, for Portland and Swan River.
OFF DARTMOUTH, Oct. al.—Wind N,N.E.—Arrived—
Chatham, from London.
OFF CoWES, Nov. I.—Wind N.E.—Arrived—Vander-
bilt, steamer, from New York ; left on the 21st ult.

BY ELECTRIC TELEGRAPH.
SOUTHAMPTON, Friday Morning.

Wind E. -
Arrived—Alliance, steamer, from Havre; Temora,
steamer, from London ; Courier, steamer, from Jersey ;
Griffin, from Sunderland ; Brilliant, from Jersey; Oneida,
steamer, from the Brazils.
Sailed—Brilliant, for Jersey ; Argyll, steamer, for Ca-
rentan; Southampton, steamer, for Jersey ; Temora,
steamer, for Dublin.

(BY SUBMARINE AND MAGNETIC TELEGRAM)
GRAVESEND, Friday Morning.
Wind E. ; tide last hour's ebb ; weather fresh and fine.
Arrived, Nov. I—Die Palmie, from Dantzic ; Kezia,
from Hamburg ; Viola, from Cronstadt ; Maria, from
Riga ; Max, from Gothenburg.
Arrived, Nov. 2—Germania, from Hamburg ; Faistad,
from Dantzic ; Gilbert Wheaton, from Smyrna; Har-
monia and Sydney Jones, from Riga.
Sailed, Nov. I—Vision, for Tiurrachee.
Sailed, Nov. 2—Sir R. Peel, steamer, for Dunkirk ; Gil-
bert Munro, for St. Lucia.
DEAL, Friday Morning.

Wind E. by S.; fine.
Passed—George Henry, for Batavia ; Englishman, for
Glasgow ; Leon Raymond°, for St. Michael's ; Araalia,
for Belize—all from London; Johan, from Shields, for
Now York.

A meeting of woollen manufacturers was held on
Wednesday at the Wellington Hotel, Rochdale, to
hear the report of the deputation appointed on
Monday week to confer with Mr. Cobden, in Paris,
relative to the admission of flannels into France.
The MAYOR stated that soon after their arrival
in Paris, the deputation had an interview with
31r. Cobden, and learned from him that it was
contemplated to fix a specific duty on all
woollen goods. The deputation endeavoured
to show Mr. Cobden that flannels ought to be
admitted at an ad valorem duty. Mr. Cobden
at one saw that, in the case of flannels,
an ad valorem duty would be best, and said
he would do what he could for them. In
the evening Mr. Cobden met them again and in-
formed them that, after some discussion, the com-
missioners had given up the specific duty, and that,
under the new treaty, all woollens or fabrics in
which wool predominated, would be received at the
same duty. The deputation then tried to get blankets
and low flannels introduced at a duty lower than on
fine flannels, stating that some descriptions were so
near the raw material that they considered a
distinction only proper; but they were reminded
that the lower the price the lower would be the
duty. He (the Mayor) considered that there was a
probability, almost amounting to a certainty, that
all woollens, and all fabrics in which wool pi'-
dominated, would be admitted at 15 per cert.,
that rate to be reduced in 1864 to 10 per
cent. It was probable, too, that the date of the
treaty coming into operation would be anticipated.
He could not close his report without stating that
the deputation was met in a cordial manner by Mr.
Cobden and his English coadjutors. The amount of
fatigue which was undergone by Mr. Cobden was
very great, and must tell on a man of his age. He
received deputations from an early hour till the
time at which the commissioners sat, and again
after their sitting ; and he (the Mayor) was assured,
by other deputations he had met at the hotel, that
they were all satisfied with the attention paid by
Mr. Cobden to their representations. The deputa-
tion had been assured that the treaty, when con-
cluded, would be a most complete and perfect
treaty, and that it was likely that Mr. Cobden's
assistance would be asked for in the arrangement
of treaties for other countries.

—What ! £53,000 to speculative builders ?)1----(Cries
of " Hear, hear," and " Shame.") Such being the
case the London and County Bank naturally de-
clined to make advances without a chance of repay-
ment—the bank a6oordingly stopped payment in
the evening. Messrs. Davies and Co. begged the
London and County Bank to do the best it could for
the creditors, many of whom were represented as
being very likely to suffer on the Saturday and Mon-
day. It was then, looking at the assets of Messrs.
Davies and Co., that the London and County Bank
felt justified in offering the creditors 7s. in the
pound. (Hear, hear.) Of course if a creditor wanted
£5OO, and was able to repay it, he could have it in
the usual way. Many, however, took their 7s. with-
out asking for advances,and in fact without opening
an account at all. (Hear, hear.) Such was the
offer they made, and those whom it suited accepted
it, while any who disapproved of it declined. It
was a mere question for every one to consider and
determine for himself whether it was worth his
while to accept such an offer; and, under all the
circumstances, the London and County Bank did
not feel justified in offering any more. The first in-
timation he had of the failure was on the Friday
morning, when Mr. Troughton was sanguine of
the bank being able to hold its ground. In reply.
to Mr. Fowler he stated that those who had ac-
cepted the 7s. had not thereby done away with their
right to vote for assignees.
The Rev. TIMOTHY GIBSON, of Bethnal-green,
said that the advance of £53,000 to Messrs. Evans
Brothers without any adequate security, was a
striking and an unsatisfactory feature of this case
—(hear)—especially as the failure of the bank was
attributed to such advances. (Hear.) He had been
told that if the property in question had been taken
into the market at the moment it would have rea-
lised £35,000, so that the loss to the bank would . .--
have been £lB,OOO. On this £lB,OOO, then, the
bank, according to their own showing, have stopped Mr. Webster, the director and proprietor of the
payment. (Hear.) He felt a deep and painful inte- New Royal Adelphi—en passant—the prettiest theatre in
rest in this matter, seeing that he had, as trustee, London, has lately been in Paris, and has, it is said, taken
deposited £4OO of poor people's money in this bank, nbfactkhewhitrhsthoifmFtrhahe
cliS.efaveryremarkable dramain by one
and these poor people were expecting to receive writers, not yet produced Paris._n
AI Chhaarsle.sesßt raeshsaemd
through
ohf
Paris, the late greattfor
Italy.-
that money in the middle of December to enable
lish- tern- o
them to purchase articles of clothing and other This genrlemanj heretofore haso beeng hearleansraatueneor singer,
necessaries for themselves and families. He did but it appears his organ recently changed into a low had-
not know, in fact, that he might not have his very tone of such power and extent of compass that he deter.;
bed taken from under him as a consequence of this to Italy to study under one of ho defeat
bed to return
failure. (Hear, hear.) professors of the day.
Mr. TANQUERAY, on behalf of Mr. Hill, the peti- Loss OF A LIVERPOOL SHIP.--i.
Oliver Putnam, Capt.
tioning creditor, declared that that gentleman was receivedsi of tnhfethtotal lossl otir'atldiaersshait,Oveeivn
this port and the
no relation or connexion of Mr. Davies, and that he Eastm liindliees. Thee rl'livearrPutnam sailed from the Mcorsfleyeaorna
knew nothing whatever of the state of the bank the 24th of April last, having a crew ofea2 seeraanreenr,pasising
News has been
till past four o'clock on Friday afternoon. He included. Having experienced heavy
leaky,!y h u
denied that the fiat had been issued with the 36 S. and long. 50
forced to abandon her when' choked and the vessel hay -
knowledge and. consent of Mr. Davies. Eon July 26, the pumps being and the crew
wherep Good Hope she becanilncolstt.
The resolution was then put and carried unani- " • her holi. ap •
ing 10 feet of water in Smith, the second
mously. been 11 days at sea in an open
Mr. HUMPHREYS appeared for several clients on the 6th of Augut
shhaisinonig en Vanderland, which
one boat, were picked up
deeply involved, and urged strongly the pursu- boat, by the 12
at Stn.ill'elena on the 10th ult. Another boat's
ance of a peaceful policy, the appointment of men mate, and eight of her crew, in
nlarnewdedsetvheenmin
number, landed buta tthe 8 thirdun ioni,joaantt were after.
of business as trade assignees, and as members of a ward's taken to Mauritius,
of tla. e first officer and severnewniecnoni.
committee to watch over the progress of events. liver Putnam was a fine ship of 1,121
Die disclaimed any professional objects when he still isuistipgiit
in
the United States, and despatched by
suggested the names of gentlemen who, he thought, tons, w'sll-11Tuit, English, and Brandon, of this port.—
would represent the various interests very fairly, 9.
Yi:esrpr 00l Mercury.
inuch-quoted words—.
and that it be an instruction to them to call to sistcintgs,
GREAT SPEECH.—Perhaps the most
their counsel some eminent solicitor, who would false, the most unreasonable, and in every way the most
enable them to form correct views as to their posi- absurd speech everh utteredesa biy at British Minister, was that
tion. It would be well to see if nothing could be f
o- Canai(illg'thwe I•ilew Worldnintoesee
done to avoid going on in the Court of Bank- ~ iacnaeleleof
the Old." He had no molrleet
tenncde to redress the
ruptcy, which would entail;an expense upon tnhde l
the New World into existence than he had to do
estate of from 33 to 40 per cent. (Hear, hear, a discovery of America. If anybody had a right to claim
e
cries of " Oh, )p") He never knew a banking that honour it was Castlereagh, who sketched out in papers
aid new lying in the Foreig '
case like this of -hich the Bankruptcy Courtn-office the conrse th t C • a annul.'
,
(ear, afterwards followed ; but even for
not swallow up 50 per cent. of the assets. Castlereagh to have
and Messrs. claimed such merit in such term
hear.) He proposed the chairman
for
and ridiculous terms
nwotoutlnd
ahsatvne
lobeen
sentence fal
the corn- bombast. We can
Barlow, Searle, King, and M'lsramara
t°o the estate. point out the still greater absurdity of the single
mittee, and Mr. Linklater as solicitourssion
ensued, siladtervent, that his object was to redress the balance of the
A very long and animated disrce
roposed, and Sam
ionrindr.deTrhe meaning of the sentence is, that he ruined
when a large numbar of nameswfieve
pshould be the with the historyto weaken
ethake-etnraFnranc.e. To an one acquainted
it having been determined thatnames were put seriatim vealed in variousoState papers,sac transaction, as
et has
ssounsndricnegbperrarsee-s
number appointed, the
to have fallen upon are a tissue of the most glaring falsehoods and absurdities.
and the election was declaredm.
Brown, Estwick, Nothing can well be more unreasonable And yet this was
Messrs. Jeremiah Long, J. the most successful piece of oratory delivered in the present
Jeremiah Death, and Searle. century. The effect was electrical. The House of Commons
far atpresent as
The creditors declined to go so
later.
to appoint Mr. Link
The feeling was very blank amazement, and then burst into such tremendous
of avoiding a passage through cheering as even the walla of St. Stephen's had rarely
strong in favour
.echoed. Shall we say that a speech thus effective in an
bankruptcy if praclica ,
ble and one of the
most pO. echoed.
of the most educatedgentlemen of the period Was
.
pular of the candidates for the appointment of as-trickery,
and its
not eloquent because of its turgidity, its „_..
h lad in
bignees was without a 4 his favour tla wer 031,1rdity ?—" Cornhill Jlaacalti6" for Novo'twf,
sit
isib :iGREAT

GATESHEAD, WEDNESDAY.
The Right Hon. W. Hutt, M.P., attended the
annual meeting of the Gateshead Temperance
Union held here last night, and presided over the
proceedings. Speeches were delivered by carious
local speakers.
Mr. lIUTT, in addressing the meeting, said ho saw
a paper before him which styled the temperance
movement " The Great Reform." He must own
that when he entered Gateshead at the close of last
week, and saw the placards on the walls announcing
this " Great Reform" in connexion with a meeting
at which he was expected to preside, he was a little
startled at the spectacle, (Hear.) The term
" Reform " had been of late years applied
almost exelusiv'ely to the amelioration and
reconstruction of political institutions. He was
not: aware that any such movement was in agi-
tation in the borough of Gateshead, and
he was quite certain he had not been invited to
partake of it. A little further inspection of the
handbill removed his doubts and apprehensions.
(Hear.) He found the committee of the Gateshead
Temperance Union had, with very great propriety,
applied. the term of " The Great Reform" to the
effort it was making to turn our fellow-country-
men from the unspeakable misery and degradation
of drunkenness to the sobriety of self-regulation.
This appeared to him to be using the word " reform"
in its best and highest signification. (Hear.) But
even in reference to this particular meeting he did
not know that the application of the term " reform"
in the sense in which it had been used heretofore,
could be considered in any way irrelevant. It was
not his intention to launch any question of a politi-
cal nature. Such a discussion would be wholly mese
represented, but this he might remark, that the wisest
political institutions which man could de vise would
be utterlythrown awayon an intemperate population,
(Hear.) They might take what laws they pleased
—they might pass what Act of Parliament they
could—but mere Act of Parliament reform never yet
bettered the condition of any people. In order that
their reform be worth anything it must commence
with the people's heart. (Apptaese.) He was sure
that the best and most patriotic wish for any
politi-
cian or statesman to indulge in was the entire en-
franchisement of his fellow-countrymen from the de-
grading effect of drunkenness—from that utter
enslavement of the moral being of which drunken-
ness was, alternately, the cause and the consequence.
(Applause.) But it was not merely to political
subjects that these remarks applied. He believed
that temperance reform must precede all other re-
forms if they were to be made effectual. They
rejoiced, and they had reason to do, at the
great efforts which were made on every
hand to promote the social improvement of
the people. Indeed, when one looked around
and saw the noble, disinterested, and inces-
sant exertions which were being made by individuals
and by societies in this country to mitigate the
hard conditions of poverty, and raise in every way
the condition of the working man, one could not
but feel some exultation at the spectacle. (Hear.)
He thought it impossible for any one to contem-
plate these things, and be aware of all that was
going on around us, without thanking God that he
was born in such a country as this, and in the light
and liberty of such an age ; but the addiction of
the people to intoxicating liquors rendered a large
portion of these noble efforts inoperative and mere
waste to thousands—he might venture to say mil-
lions of our population. It was almost impossible to
ascertain the extent and inveteracy of this moral
leprosy. He happened to hold an official appointment
which made it requisite for him to look at this sub-
ject from every particular point of view. It was one
of his duties, as Paymaster-General, to distribute
pensions to suffering and disabled soldiers who were
desirous to quit the army. It was Lis business to
make minute inquiries as to the causes of their
incapacity. He would venture to say—and he
should say it with less confidence if he did not
know that the statement was born out ny the
highest military authorities—men who gathered
their opinions from the practical scenes of real life
—that the abuse of intoxicating liquors was more
destructive to that noble force than all the com-
bined evils of privation to which they were exposed
—more so than their exposure to unhealthy climates
and direct conflict with the enemy. (Hear, hear.)
Let them take another guarantee of the same fact.
He was led, two years ago, to enter into corre-
pondence with the Registrar-General of Births,
Marriages, and Deaths on this subject. He
regretted that, from a want of sufficient atten-
tion in making an arrangement of his papers—a
precaution which no prudent man neglected, but
in regard to this particular subject he must reproach
himself with such neglect—he had been unable to
ley his hand on this correspondence. He desired
to have read to this meeting two letters from that
able public officer, who was requited by his duties
to ascertain the causes of disease and mortality
pervading the population of these kingdoms; but,
from his recollection of the expressions, the effect
of them was this—that the Registrar-General was
as much alive as any man to the effect of intoxi-
cating liquors in these islands. What were they
to do ? He was afraid it was not merely by building
churches and chapels—it was not merely by cloth-
ing the naked, by feeding the hungry, or giving
shelter to the houseless, that these evils could be
permanently removed. We must go deeper still.
We must penetrate, however difficult the task,
through all the external filth and misery which were
festering round these degenerate creatures—pene-
trate to their still human hearts by appeals to their
reason, and thus restore them to the healthy and free
breathing of a sober and temperate atmosphere.
(Hear.) To such objects the efforts of this society
and kindred bodies ought to be energetically directed.
The particular means for attaining these objects
might be matters on which different persons might
hold different opinions ; but in one common effort
they could agree—and that was to attempt by moral
suasion and example to deter their fellowmen from
these desolating propensities, and induce them to
adopt a different course of life. (Applause.)