The Sun.
London, England, 1858-08-21 00:00:00

TIE STN, LONDON, SATURDAY EVENING, AUGUST 21, MS.

was only paid upon receipt of the contractor's certificate, and
not a shilling of the property of that concern passed into any
ether hands. Then, amain, as soon as the line was completed,
it passed into their owe hands, and as they held £5 preference
shares meanwhile for the amount which they had advanced,
they would then be enabled to become their own paymasters.
(Hear, hear.) Tnese shares were issued to them immediately
on payment of the certificate and the interest commenced
on that very day. There was also a director of the Belfast
Junction upon the board of the Banbridge Company, and he
had no doubt that they would be enabled to work smoothly
and harmoniously together, Another source of the increased
traffic, as be had mentioned at the last half-yearly meeting,
lay in the total removal of the misunderstanding which had
taken place with the Steam Packet Company. (Hear, hear.)
By that arrangement they had certainly increased their
traffic very much. He had reason to know that the Steam
Packet Company were also satisfied with the agreement,
and he had also reason to be aware that the Dublin and
Drogheda Company were content. There was, therefore,
reason to suppose that the arrangement would be a per-
manent one, and that it would work well, es it should do,
in all respects. In addition to this increase in their
traffic there was also a decrease in their working expenses,
which in round numbers wt,uld be £1 ,000 less than last
year. This decrease was mainly in the item of coals, end
was swing in part to the reduced pi ice, and partly also from
the scientific improvements that had taken place. In fact,
economy was studied in every way that could be done con-
sistently with prudence, but the proprietors must be pre-
pared for a certain amount of increased expeediture with the
increased traffic which they looked forward to front the branch
lines. During the past half-year there had not been any
accident upon this railway, a circumstance to which he was
always glad to have the opportunity of referring; and the
doubting of their lines for a distance of ten miles had
perhaps been of material service in this respect. The
Dundalk and Enniskillen line was now nearly complete,
having been opened to Lisbellaw, within four miles of
Enniskillen, but until it had actually been brought into
that town, as might shortly now be expected, he did not
think they could expect to have all the return which they
might expect from that channel of communication. The line
which had also been opened from Portadown to Dungannoa
would, doubtless, also be important to them in a similar
point of view. With regard to the postal arrangements, he
would state that the arbitration had been lately held and
decided on ; they certainly did expect to have received
much larger remuneration than bad been awarded try the

gentleman who acted rs umpire. Mr. Hargreave was per-
fectly competent, and he believed willing, so far as his
judgment went, to give what was right and proper, yet the
result of his derision had disappointed them. The arbitra-
tion had been signed since the accounts were closed, and of
course could not be introduced ; but he believed that under
its terms the company would certainly be lose s upon the
former amount by at least £6OO a-year. With regard to
the questions that bad been asked about an increase
of dividend, he could only say that the dircc:ors were
most anxious to give the highest dividend which the
property of the shareholders would afford consistent
with prudence and good management, in corroboration
of which he might mention that qhey had very willingly
reduced their rate from 5 per cent., but they felt that if they
were to carry on the works as they ought to be carried on,
and if they were to put forward the accounts iu the meaner
in which they should be—(hear, hear)—they could not
afford a larger dividend at present titan they were doing.
There was another subject which had not been alluded to
that day, but which he did not wish to pass over in si-
lence, as the proprietors on a former occasion expressed an
pinion that it should be at least considered—the question
of amalgamation. The board had not lost any time i con-
sidering the question ; they had met a deputation from the
Dublin and Drogheda Company, and they had also received
a committee of shareholders. The board themselves
thought the question very well worth consideration
indeed, and were prepared to , enter into the entire
matter with the other companies. They had reason
to believe that the committee with whom they had
conferred would afterwards proceed to call upon
the Ulster Board, and indeed he had himself sug-
eested that they should do so; they had no means of know-
ing what place, but after waiting for some time they entered
into cotutuunication themselves with the Ulster Board, and
the correspondence was at present lying upon the table. The
purport of it was that the Junction Company asked for a
meeting with themselves and the Drogheda Company; the
Ulster directors did not assent to that, but expressed their
willingness to entertain any proposition which might be for-
warded to them. ( Hear.) There had been difficulties attendant
upon the consideration of the question of amalgamation, for
he believed there was no previous instance of any line in
Ire:and by whielr it had been entertained ; therefore they had
made inquiries iu London, and now knew something of the
manner in which the question ought to be approached. The
subject was, however, a veil difficult one, and required a
great deal ofconsideration and good management ; and again
it was of no small consequence to that company to decide upon
the hands into which they would place the permanent settle-
ment of the question, and they should take right gord care
that the persons so chosen were not only competent, but
were men of sound and ripe judgment who understood the
matter and were prepared to give their time to its con-
sideration. (Hear.) He merely wished to say that they
were quite ready to consider the subject, and to see whether
or net it mould be for the interest of the three northern
companies that an amalgamation should take place. It
might be considered by the shareholders of greater value
than it really was; but still the question should not be put
by, nor had they any intention of putting it by. When they
met the directors of the Dublin and Drogheda Company
their time and thoughts were very much occupied other-
wise; but, nevertheless, they met them, and were quite
willing to consider the subject ; and hereafter they might,
lee thought, give more time and attention to it. He would
also say for himself, without knowing what the board
thought of it, that perhaps the easier way for them would
be to amalgamate with the Dublin and Drogheda Company
in the first instance, and then see what could be done with
the Ulster Company.
At the request of Mr. Hardin, the Secretary read the
correspondence.
Mr. HARDIN said, in the absence of Mr. Gartland, who
took a prominent pat t in the question of amalgamation, and
of Mr. Armstrong, it lay on him, as one of the deputation
to the two companies, to enter into some explanation. They
first waited on the Dublin and Drogheda Company, and the
directors were ready to meet the Ulster Board at any time.
They had some consultation then, and having seen several
gentlemen largely interested in the Ulster Company, he
came to the conclusion that the Ulster Company was fa-
vourable to an amalgamation, their interests being different
from those of the other companies; but it was his belief
that if the Drogheda and Belfast Junction Companies would
unite, they could, by becoming a large and powerful body,
make better terms with the Ulster Company.
The CHAIRMAN said the directors of the Belfast Junction
Company could not be expected to do more than they had
done. They had, in compliance with the wish expressed
then, shown themselves ready to consider the question, and
the directors of the Dublin and Drogheda Railway bad thrown
no difficulty in their way. (Hear, hear.) He should add
that with the exception of what took place in that room in
February last, so far as they knew, the shareholders gene-
rally had not expressed any anxiety on the subject of amal-
gamation. The directors had never shown the slightest
wish to get rid of the question, which they all thought was
surrounded by great difficulties.
Mr. Pima NGTON considered that there must be a great
deal of doubt on the minds of the shareholders of that com-
pany
theman d Drogheda
for
endeavouring
s a t Company,
preliminary
to
Belfast,
to promote
and
ae to the propriety of amalgamating with the Drog-
heda line unless the other company joined.
Mr. Lucss was deeply sensible of the difficulties which
o p d
no
ned e
e
as
atl
surrounded the subject of amalgamation, having given it a
great deal of consideration. The interests of the Ulster
Company were very different from the interests of their
did n companyot
fianndd
ftahuel t Dublin
with
them by all fair and hottest means. The Ulster Company
htehten as w
twhiesrheefdoretotodarattwemtphteto join with t
c
was in vain. If the amalgamation with the three compa-
nies could be carried out in fair and equitable terms, from
that moment would commence the real prospetity of the
three companies. (Hear.)
The CHAIRMAN having stated that no blame rested with
that board in the matter, concluded by proposing
that a
dividend he declared on the paid-up capital at the rate of 4
per cent. per annum, less income tax.
The motion was passed.
Mr. Lucas was then called to'the chair, when a vote of
thanks was unanimcusly passed to Mr. Barlow.

LAW INTELLIGENCE,

COURT OF BANKRUPTCY.—AuG. 20.
(Before Mr. Commissioner Pane.)
IN RE POWELL.

This bankrupt, who was a cheesemonger, of Leather-lane,
and since a prisoner for debt iu Canterbury gaol, applied for
his certificate.
The accounts, by Mr. S. T. C. Cooper, of the Commercial
Institute, show—debts, £640 ; assets censist of doubtful
debts, £lll. The bankrupt began on the 29th October,
1856, with a deficiency of £139. The profits were £454;
expenses, £734; and losses by bad debts, £lO9.
Mr. Perry, of Guildhall Chambers, for the, assignees,
directed the attention of the Court to the facts. The sum
caected by the official assignee was only £5O, not sufficient
to pay the expenses. The assignee had a good ground of
complaint, as the bankrupt kept no books.
The Commissioner asked what excuse the bankrupt had
to ofl'er ?
Mr. Perry said the bankrupt failed in 1856 ; but be would
not corpulent on that failure, as it was caused by the Roy al
British Bank. Under an assignment he paid 7s. 63. in the
pound. Toe bankrupt, however, ought to have exercised
greater caution.
Toe Commissioner granted a common certificate.

IN RE FARMER.
This was a choice of assignees under the bankruptcy of
R. A. Farmer, of Westminster-road, grocer, chemist, and
druggist.
The bankrupt's misfortunes are stated to have originally
arisen from his connection with the Royal British Bank as
a shareholder.
The preliminary statement of Mr. March, Basinghall-
s:reer, shows debts, £1,010; assets, £l6O.
Assignees were chosen.

By cash at bankers.
B 7 debtors, good
8., debtors, doubtful
By proper:y surrendercil to assignees esti-
mated to realise £46B 0 0
Less creditors for rent, rates, and
taxes 63 2 10

Mr. Metcalf, from the office of Messrs. Yenning, Naylor,
and Robins, appeared for the petitioning creditors, and as-
signees were duly chosen.

IN RE GREENFIELD.

This was an examination meeting in the case of James
Hugh Greenfield, sometimes known as Henry Greenfield, of
No. 20, Lligh-street, Hampstead, trading as the Harwich
Steam Packet Company.
The aceounts, by Hall Brothers, commence Ist June, 1857,
and end 2d July last, showing—creditors, £994 ; ditto hold-
ing security, £10,837 ; profits, £2,418 ; surplus commence-
ment, £1,412; donations, £4,069; legacy as residuary lega-
tee, ; liabilities,,£l,B7s; debtors good, £lO6 ; property
held by creditors, £11,215 ; debts under marriage se, tle-
mem, £1,967 ; !rade expenses, &c., £5,591 ; house and per-
sonal, £606 ; loess, £594. The liabilities are chiefly on
account of the Harwich Steam Packet Company, and among
the debtors will be found this statement—Capt. W. Ray-
mond, late manager of the London, Harwich, and Conti-
nental Stearn Packet Company (present address unknown).
He made a private arrangement with his creditors by which
he assigned his interest in some Cape of Good Hope Railway
shares and other property for the benefit of his creditors—
£3s6.
The Commissioner—ln this case there are no as,ets.
Mr. Linklater, for the assignees, did not oppose, and said
a small sum had been received.
The bankrupt passed.

IN RE HARRISON.
The bankrupt, Joseph Eartiudale Harrison, was a ware-
houseman, of No. 11, Watling-street. He now applied to
pass his examination.
The accounts prepared by Mr. L. G. Robinson, commence
Oct. 12, 1855, and end J sly 16 last, showing—creditors,
£4,352 ; creditors holding security, £756 ; profit, £1,300 ;
liaeility as a partner in the firm of Messrs. Warwick, Har-
rison, and Warwick, upon which judgment has been ob-
tained, £1,135; credit by debtors, good and doubtful, £37;
property held by creditors, £441 ; property given up after
deductions, £32 ; losses, £332 ; interest on loan, £134 ;
trade expenses, £548; house and personal, £1,225; de-
ficiency at commencement, £364. The principal creditor
is the bankrupt's mother, Mrs. Elizabeth Harrison, of
Lougl,borotteh-ruad, whose debt is £3,948.
Mr. Plews appe tied on behalf of the trustees of the Pro-
vident Life Office, and Mr. Lewis (Harris and Lewis) sup-
po ted the bankrupt.
Mr. Plews objected to the bankrupt passing, on the grou d
of the bankruptcy being taken out for the bankrupt's own
purpose..
The bankrupt, in answer to Mr. Plews, said his mother
took out I as aojudicattou on the advice of her broth r.
Mr. Lewis explained the circumstances. The bankrupt
had joined Messrs. Warwick and Son as Manchester ware-
housemen in Cheapside, bringing in as capital £2,500, and in
addition to that the bankrupt's mother advanced£2,ooo, when
it was discovered that it was a "rotten firm," and the money
bad been applied to the payment of the old debts of Warwick
and Son. Through Mr. Warwick, sen., who was an auditor
of the Provident Life Office, an advance of £2,000 was
obtained upon security of the lease, a bond also being given
to which the bankrupt and Warwick, jun., were parties.
On the dissolution of partnership Harrison assigned his
equity of redemption iu the lease to the Warwicks, who
wi.uld have derived every advantage from the favourable
realisation of the property. Howei.er, the Provident Life
Office, after realisation of the securities, made out that there
was a balance of £l,lOO odd due to them, although they
refrained for two years from pressing the bankrupt. In
April of the present year he first beard of the clalm, and his
mother, considering he had been treated unjustly, adopted
the present proceedings.
The bankrupt confirmed this statement, and said Messrs.
Warwick had accepted accommodation bills for Messrs.
Monteith, of Glasgow.
Aler some further discussion, his Honour said he thought
the bankrupt had been harshly used, and pass d his examina-
tion, appointing the certificate meeting for 23d October.
Mr. Plews applied under the 25th section of the Bankrupt
Act that the Court would withdraw all further protection, as
the bankrupt had vexatiously defended an action brought
by the Provident Life Office upon the bond.
The Commissioner said he thought that the bankrupt had
meestly defended the action upon advice given him, and
herefere refused the application.