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[PRICE 4D. STAMPED Sii•

press the gratifica!len I feel ea hearing tbe announcement.
which hainow, unexpectedly on my part, been made on
behalf of the directors, and most sincerely do I hope that
the arrangement which is in contemplation will be car-
ried cut, a duty nut merely on the :pounds adverted to
b3f Mr. Linklater---namely, with reference to the interest
which the creditors, the peculiar objects of this Court,
and the ebareholthre, also the peculiar objects of the
• Court of Chancery, have- in the success of that contem-
plated arrangement, but more especially upon a ground
which it was not so competent, not so much within
the province of Mr. Linklater or of Mr. Taylor to ad-
vert to-as it is within my own province to call your atten-
tion to it. 1 refer particularly to that ' inquiry into
the abuses in the forniation or management of the
Royal British Bank, and into the causes of the failure of
that bank, to which your Honour, in the decision you
pronounced confirming the adjudi !alien in bankruptcy,
cancel so prominently and emphatically the attention of
the directors themselves in that part of your decision
which I will take the liberty of quoting—" I would
further ob9.erve that the (flay of inquiry which is thrown
upon the' Court of Bankruptcy, relating to the cause of
failure of companies which may be brought under the
act, and to the formation and management of such com-
panies, and the onus which by the act is cast upon the
_ _ .. ..

Goveremont of instituting any prosecution or other pr;
needing, if directed by the Attorney-General against the
directors or other officers of the company, seems to
render these statutes of the 7th and Bth Victoria, chap.
• 111, as peculiarly fi!ted for commercial companies unable
to meet their pecuniary engagements, and this, whether
considered with reference to the accusaiion or exculpa-
tion of the officers of the company." When that sen-
tence was uttered by your Honour—it struck me with
peculiar force and appropriateness, piaci...with reference to
the observation by which your decision was followed np
y Mr. Commissioner Goulburn, expressing not only his
entire concurrence i❑ what you said, but expressing his
" earnest wish that all parties wou'd give their bug: at-
tention to all that has fallen from him, because I am
persuaded that if they do so calmly and dispassionately,
they can arrive but at one conclusion, that is, that the
present course of proceedings is one in all respects most
beneficial to the creditors, and that it ought to he sus-
tained for the benefit of all parties ;"—when I read that
observation coupled with what had fallen from your
honour, I was at once induced to pause in the
count) which up to that time the directors had pur-
suel under my advice—namely, in showing cause

against the original adjudicatiou. I did so, and
within two days from that time I addressed to the
directors a letter, convening them to consider the im-
portant question of whether or not they should appeal
against the adjudication, expressly on the ground that
their own honour was personally concerned in the issue
as to the determination they should come to, and that
not merely with reference to the inquiry referred to in
those observations of your Honour, but also with refer-
ence to the duties which it was incumbent on them as

directors of the bank to discharge towards creditors in
the present emergency as well as towards those share-
holders whose interests, so long as the bank was con-
sidered by them flourishing and carrying on its affairs
prosperously, were peculiarly confided to them. They
did so, and within 21 days took place that argument in
the Court of Chancery which davelopes still more fully
to their minds and to my own all the arguments appli-
cable to establish the position upon which your judgment
was founded, and it was peculiarly the interest of credi-
tors, but that it was not less the interest of the share-
holders that the jurisdiction of the two courts should be
maintained. In addition to these observations came
with full force that peculiar one to wnich I am now re-
ferring—namely, that it was only through the instru-
mentality of this Court that the directors and officers of
the bank, who at present are undoubtedly, naturally,
and necessarily under a cloud of suspicion in the public
mind, could find in this court an opportunity of publicly
exculpating themselves, and submitting to an inquiry
which will enable them to bring forward all those facts
upon which their exculpation depends. You will per-
haps allow me to add, with reference to the peculiar ex-
pression in the passage—namely, the officers as well as
directors of the establishment, I, as one of those officers
(having been secretary as well as solicitor to the bank) did
most anxiously second the spirit of those observations,
which were no doubt intended to weigh upon the direc-
tors themselves, feeling, as I do, that lam myself person-
ally interested in having that inquiry, and that oppor-
tunity of exculpation which this Court alone can
afford, and that I hope that such an opportunity will
be afforded if the arrangement that has been referred to
has been carried out, as I most sincerely trust it
will be. It must be borne in mind that there are in con-

nection with the parties referred to both the directors
and officers of the establishment, individuals upon whom
the misfortune that has befallen to this bank will have
an effect not less deplorable thanthat which itis calculated

to have upon shareholders as well a 3 upon creditors ;
that many of them will be placed-in a position in which
they will have to begin the world anew ; and that the
greatest obstruction to their success in the future efforts
imposed upon them will be that suspicion which the
failure of the batik now subjects them to ; so that nothing
could be more appropriate to the objects of their pre-
sent desires and ends than that the inquiry should take
place which should give an opportunity of establishing,
if they can, their innocence in the eyes of the world.
With these observations you will permit me to express
my. acquiescence in the course suggested, and I hope the
arrangements referred to will be successfully carried out,
and that promptly.
The Commissioner —I quite concur with the observa-
..

tions made so far as relates to the course taken by the
directors and officers of the company ; and, as I said in
the judgment I delivered, I felt that, as the opportunity
was given to the directors and officers by the 7 and 8
Viet., c. 111, an inquiry into the formation and manage-
ment of the company was quite as much for the benefit
of the directors aud officers of the company themselves
as for any parties interested in winding up the affairs of
the company, because it immediately gave them an op-
portunity of explaining, if they could do so, any suspi-
cions that may be cast '!upon them in the management of
the company, and they will then have a formal judg-
ment of a court of justice exculpating them ; or if unfor-
tunateiy the reverse should turn out to be the case, they
must, of c)urse, submit to the proceedings referred to by
the act of Parliament. But the great thing is this, that,
in all cases of failure, in the absence of inquiry, suspi-
cions necessarily attach to various persons, and reports
get about, probably without any foundation, and persons
therefore may suffer most materially in their future pros-
pects, when, perhaps, the whole might be removed in a
few hours by a little inquiry. Under these circumstaLces
I think that what I said was quite as much tc the advan-
tage of directors and officers of the company as with refer-
ence to the present shareholders and creditors themselves.
Mr. Paddison—So it has been felt.
The petition to annul was ordered to stand over ac-
cordingly.

(Before Mr. Commissioner Evans.)
IN RE WM. I. ROBSON.

This bankrupt was an antimony smelter, of Bowling-
green-mews, Kennington, but is better known for his for-
geries of Crystal Palace scrip. He was brought up in
custody to pass his last examination. The curiosity to
see a person who has rendered himself so notorious
was great, and the court was crowded at an early hour.

Being removed from the open court, after the lapse of a
few minutes, to a private room, many remained to a late
hour to witness his departure. By the kindness of an
officer of the court the bankrupt was permitted to see
his wife—the last time, if was said, that he would be
enabled to do so during the 20 years over which his
sentence of transportation extends.
The accounts not having been filed an adjournment
was ordem e i accordingly ; Mr. Mount appearing for the

assignees.
Proofs were admitted during the day to the amount of
about 5001. It is stated that the assets (about 2,0001.)
will suffice to pay the creditors in full, excepting, of
course, the clainis on the forged scrip. It is supposed
that these proofs may be tendered. On the other hand,
it is said a question will be raised whether the directors
of the Crystal Palace, having availed themselves of the
criminal law, can be permitted to prove as creditors,
except in respect to any surplus assets that may accrue
beyond the payment of 20s. in the pound to the other
creditors. Some idea of the style in which the bankrupt
had furnished his residence may be gathered from the
fact that one account for furniture was tendered on a
balance, the original amount being upwards of 2,0001.,
and on account of which about 1,6001. had been paid by
the bankrupt. The bill includes an item of 157 guineas
for drawing-room curtains. The cost of furnishing " the
Priory" altogether exceeded 5,0001., and a considerable
sum has been derived from that source for his estate.
The furniture, for which upwards of 2,0001. was paid or
charged, has produced about 8001. The bankrupt would
appear to have kept two books—a cash-book and a rough
day-book, both of which are very much mutilated.
The adjournment was to the Bth of January next, at
12 o'clock.

The Grand Council of Fribourg has just granted an
amnesty to the persons arrested during the late riots
relative to the dearness of potatoes. The Bund ex-
pressed its disapprobation of that course, declaring that
those persons, although not political insurgents, merited
some punishment as a warning to them for the future.
SALE OF A Wuricx.--On Saturday, the wreck of the
packet-ship Samuel M. Fox was sold by auction at the
office of Messrs. Percival, Campbell, and Co., brokers,
Exchange-street, east. The vessel was offered as sbe
now lies stranded on Burbo Bank, together with any
stores or materials that may be found on board. She
is 1,245 tons measurement, and was built in 1850 by
ron rails,
ltc.p,ig
Mr. W. 11. Webb, of New' York. The cargo consists
of iron
and sheet iron, tin plates, bale goods,
hardware,
a portion of which has been saved. By
the conditions of sale the purchaser will receive a sal-
vage of 50 per cent, on all such cargo as may be saved
and landed at Liverpool. The sale was largely attended
by brokers and others who speculate in property of this
description. The vessel was put up at the sum of 1001.,
and after some small advances bad been made on this
amount the bidding became very spirited. The price
ultimately reached 8,0001. ; and there being no advance
the vessel was knocked down for that sum to Mr. J.
Bird, marine store dealer. The success of the specula.
tion must of course depend upon whether the purchaser
succeeds in recovering the vessel and saving any mate-
rial portion of the cargo.—Liverpool Courier. [The S.
M. Fox has since gone to pieces.