The Sun.
London, England, 1858-01-14 00:00:00

THE LATE CRISIS IN 17AMBEIRO.

(From the Times City Article.)
The following description of the proceedings re-
sorted to at Hamburg for the liquidation of the
estates of the firms that have suspended during the
recent crisis furnishes some useful materials to aid
the discussion as to the reformed processes required
on this side

" Sir,—l beg to forward a slight sketch, which at the
present moment may be instructive, of the measure
adopted by the Hamburg authorities on the 2d Deo. last
for the winding up of estates during the recent crisis.
" The Senate, seeing that many houses of solvent
means were unfortunately, in consequence of the sudden
pressure upon them, obliged to suspend payment passed a
decree stating that if any firm should find itself in such a
predicament it should he empowered within three days
of the suspension of payment to summon a meeting of
creditors at the Tribunal of Commerce. The member of
the firm applying is, however, required to take an oath,
swearing that he believes his estate will be sufficiently
solvent to satisfy his creditors, and that the method of
winding up under inspection wilr be more conducive to
their interest than a declaration of bankruptcy. The
judge of the Tribunal of Commerce (Handels-Gericht) is
then to convene a meeting of the creditors, who shall
elect either administrators to wind up the estate without
the intervention of the bankrupt or co-administrators to
carry on the business with his assistance for the benefit
of the creditors. It is provided under the law that these
proceedings mast take piece within three days of the
suspension of payment, or the estate ipso facto subsides
into the jurisdiction of the ordinary bankruptcy tribunals.
The administrators or co-administrators shall within four
weeks of their appointment call a meeting of the creditors
and lay before them a detailed statement of the liabilities
and assets of the insolvent estate, and sha.l declare upon
their honour as citizens that they honestly believe their
valuation of the assets of the estate to be a true and fair
one, and that they anticipate the estate will realise as
much as it is valued at in the account they present.
" I may here point out the advantage of this proceed.
ing over the method employed under the English system
of inspection. The accountant here prepares a state-
ment of assets, and in it he includes bills ' considered
good.' Now, ask the inspectors, if they be such men as
have been chosen in Hamburg, men of the standing of
Solomon Heine, L. Behrens and Co., Ferdinand
Jacobson, J. C. Sohle, &c., whether they could upon
their honour as citizens declare that they believe such
bills good,'ask the creditors who have signed the deed
under the anticipation that they would receive les to 15s
in the pound, whether a month afterwards they did not
find that the accountant's estimate was far above the
real value. It is difficult to blame the accountant—it is
his business to make things pleasant;lif he did not do so
he would lose his occupation ; but it would be very
desirable if in future creditors abstained from signing
until the statement of the accountant were confirmed
by the inspectors ; for the accountant, not being in
business, must necessarily rely on the bankrupt for
much of his information.
" But to return to the Hamburg proceedings. The In the present state of our information respee,ting
creditors, after the consideration of the report of the our forces at Cawnpore every scrap of news is N alu. -
administrators, decide whether tine estate is to be wound I able. The following brief extracts—written,.as
whenwill
up under inspection or be thrown into bankruptcy. If I
they choose the former method, the administrators or
be seen, on the eve of going into action, and
the artillery was roaring its hoarse prelude—though
co-administrators have all the power of curatores bona-
brief, have this recommendation, that they are
rum (official assignees) in disposing of the assets, be- written by one of the best officers in the Indian
sides having the power of selling things by private
army, and by one whose position affords him access
contract (not enjoyed by assignees) should they think
to the best intelligence. The letter is dated Camp,
fit. The administrators have also the light to use the
lidwnpore, Dec. 2 :
staff and officers of the Tribunal Gf Commerce for the
4i We have got back in time to stahvraeetbCe rebels,
writ
die (widow of the
service of the estate. The bankrupt enjoys immunity
,inv,t_oithththeehßanaidzsa Of i the. ' .. ore
scoundrelnr3T he
from arrest, but cannot leave the city. As under this fGromi
all its fosrces,
Mahara'ah)hat their head,
unitedand
are and
a the attackedpre-
method of inspection the system of classification does wa s'ioarllfionrgce
not obtain, the administrators must declare whether the late
ssionofone
bankrupt pay 40, 60, 80, or 100 per cent. If he do nut Nana Sahib,jwit
the cantonments. five day
one-half. They
40 per cent., the estate must be banded over to the
Pay sent moment in . • ago,
P just opened a cannonade,Pjsse
ordinary bankruptcy administration. The law also have
provides that the names of those firms who wind u ':
under this Act shall be published in the Hamburg om. to move ; and ere long, • and we are under orders
cial paper, in order that notaries shall be able to draw
dec'sive
happen. in all probability, something
up protests of security. will
rotests of scan- of Him whom we
"Lastly, perhaps, a few words about p serve, and who is able to give the
victor
city may be serviceable and interesting to many of your yto the man—
yor the few. It is a solemn
readers, as in my opinion they are the mosltf powerful moment."
check upon accommodation paper possible . A takes Of the previous operations of
a bill of B upon a house C, and h the
_have accomplished the relief of the garrison
oils e fails,writer or refuses Colin, the
to accept, the holder of the bill, A• can compel the "We ha merely says :
drawer or the endorser of whom he bought the bill, B, of -.- Lack now, and brought off all the ladies,women,
to lodge in the Tribunal of Commerce, in their joint
and children to this place leaving a strong force in
names, security to the amount of the bill. Of course
this proceeding is not an entire check upon amoramoda. position near that city. We had some very hard
lion paper. If one commercial house give blank credits fighting ; and Sir Colin allows that even Crimean
to another, no law in thel world can prevent it; but heroes will acknowledge it some of the very heaviest
among the numerous inso vencies in Hamburg there
not been a single case of one man drawing upon porters praise of the Bengal Artillery."
and charwomen, paying for their acceptacceptance
atel much The following few words afford. a glimpse into the
e to believe that state of the Doab :
Hamburg traders are so far
honesty ? Not one whit ! superior to British in "My last intelligence from Kr..--,.. ,itt
'was dated
Under the system of protests 9th November : ain:D -that our communications
for security such bills and
such houses could not exist. with the provinces above have been interrupted."

dev,

THE ENGLISH ARMY AT CA EVNPORE.