The Sun.
London, England, 1856-10-13 00:00:00

TO THE EDITOR OF TEE SUN.

SIR,—As there appears to be much misconception with
reference to this bankruptcy, we think it right to publish
the opinion of the two eminent counsel whom we have
consulted, and which is as follows, viz. :
"IN THE BANKRUPTCY OF THE ROYAL BRITISH BANK.
" We are clearly of opinion that the adjudication of
bankruptcy in this case is valid, and that the property
which belonged to the Royal British Bank on the Bth of
Sept. last (the date of the act of bankruptcy) is now
vested iu the official assignee, and will become vested in
him jointly with the creditors' assignees when appointed.
We are also of opinion that the order for winding up the
affairs of the bank in Chancery is not affected by the
bankruptcy, and that the two proceedings do not con-
flict w,th each other, but may, with great advantage to
the creditors, be prosecuted simultaneously. This
would not occasion double expense, as the actual assets
which are vested in the assignee might and ought to be
distributed under the bankruptcy, whilst the liabilities
of shareholders would at the same time be determined,
iu Chancery ; and we are of opinion that an order tend-
ing to this result would be made by the Court of Chan-
cery upon the application of the assignees, if their rights
were interfered with by the official manager. It could
easily be shown that a distribution of the actual assets in
bankruptcy would be more speedy and less expensive
than iu Chancery, and that the course suggested is that
which is most for the benefit of the creditors.

" G. M. GIFFARD.
" J. BROWN.

"Middle Ttmple, Oct. 11."
It is manifestly to the interests of the creditors that
there should be as speedy a division as possible of the
available assets of the bank, and that all questions relat-
ing to the claims of creditors should be determined
cheaply and expeditiously. The machinery of the Court
of Bankruptcy is eminently adapted for that purpose,
whilst the powers of the Court of Chancery could at the
same time be made available in settling the liabilities of
shareholders upon whom calls might immediately be
made. It is a mistake to suppose that this would occa-
sion twofold cost, because there would be no expense in
Chancery with reference to the property, nor would any
expense arise in the Court of Bankruptcy with regard
to the contributories. It is not necessary for us to refer
to the difference between the speedy administration of
the assets in bankruptcy and the costly delays of Chan-
cery, as it is well known to the public. The committee
,atrusted with the interests of the depositors have una-
nimously come to the resolution that bankruptcy is
desirable, and they have issued a circular to that effect.
The object of the committee, as of ourselves, is to
avoid all unnecessary expense and litigation, and we
trust to meet with the same spirit in those who have the
conduct of the Chancery proceedings.—We are, &c.,
J. & J. H. LINKLATER & HACKWOOD.
17, Sise-lane, Oct. 11.

TO THE DEPOSITORS IN THE ROYAL
BRITISH BANK.

Office of the Committee of Depositors,
17, Sise.lane, London; Oct. 13.
Gentlemen,—Since the last report of your committee
proceedings in bankruptcy have been taken for the pur-
pose of winding up the affairs of the Royal British Bank
in the Court of Bankruptcy. A meeting of your com-
mittee has been held for the purpose of considering what
course should be adepted by them for the interests of
the creditors, and they have unanimously come to a re-
solution in favour of the bankruptcy.
It is most important that assignees should be appoint.
ed who have your confidence, and who are willing and.
able to discharge that office.
Your committee have therefore determined on nomi-
nating the following gentlemen, viz. :—James Wyld,
Esq., of Charing-cross ; Robert Taylor, Esq., of Lam-
beth ; and Henry Sadler Mitchell, Esq., of Great Pres.
eott-street, vestry clerk of Whitechapel, as assignees ;
and your committee earnestly request that you will vote
in favour of those gentlemen, and exercise your influence
with others for that purpose. Messrs. J. and J. H.
Linklater and Hackwood, solicitors to the bankruptcy,
will in a few days issue an advertisement, stating when
and where you can prove your debts, wbich will be done
without putting you to any expense. In the meantime
you can attend at their offices, No. 17, Sise-lane, Buck-
lersbury, for that purpose, if more convenient to you.—
By order of the committee. JAMES WYLD, Chairman.