The Sun.
London, England, 1866-08-29 00:00:00

OVEREND, GURNEY, & CO. (Limited).

Yesterday Mr. Peake, the Chief Clerk attached
to Vice-Chancellor Stuart's Court, was occupied to
a late hour (half-past 5 o'clock) in hearing an ap-
plication, which was originally made to him last
week, in the winding-up matter of Overend, Gur-
ney, and Company, for an order to inspect the
books and documents of the late company in the
hands of Mr. Harding and Mr. Turquand, the li-
quidators. The application was made on the part
of Mr. Duudas, a shareholder, and the case, which
was reported in The Sun of Wednesday last, stood
over until yesterday. There was, on the present
occasion, a large attendance of persons interested.
Mr. Mackenzie represented Mr. Halford, Mr.
Abbott, and other shareholders ; Messrs. Burcham
were for the committee of supervision—Mr. Gris-
sell, Mr. Kingscote, and Mr. Oppenheim ; Messrs.
Young were for the liquidators ; Mr. Mayend re-
presented creditors and shareholders; and Mr.
Harding also attended.

There were several shareholders present, and the
proceedings were of an animated character.

Mr. George Lewis said he now appeared on the
part of shareholders to £250,000 in support
of his application for an inspection, which would
be of great public importance, and he would
read the affidavit of Mr. Oswald Howell, the
accountant, setting'forth that the Company was re-
gistered on the 12th of July, 1865, and that the
objects for which it was established were to receive
money on deposit, to discount bills of exchange, and
generally to carry on the business of bill brokers and
money lenders, which had been carried on by Messrs.
Overend and Gurney. That the capital of the com-
pany was declared to consist of £5,000,000, divided
into 100,000 shares of £5O each, and the public by
the prospectus were requested to apply for shares.
That a sum of £500,000 was fixed by the vendors
of the business of Overend, Gurney, and Co., as the
value of the goodwill of their business to be trans-
ferred to the company, and that amount was agreed
upon, and actually was paid by the directors of the
company to the said vendors in cash and shares.
That while the incoming shareholders were informed
that the goodwill of-the business was represented to
be of the enormous value stated, he (Mr. Howell)
had been informed and believed that thebusiness had
been sustaining large and serious losses for many
years, and that at the time of the transfer the busi-
ness had drifted into hopeless insolvency, and was
involved in enormous liabilities without sufficient
assets to meet the same. That he had been informed
and believed that the liabilities were transferred with-
out sufficient assets to meet them, which assets he (Mr.
Howell) believed consisted in a great measure of bad
debts, many of which were irrecoverable ; that after
the transfer of the business the company carried it on
till the 9th of May, a period of nine months, when it
suddenly closed its doors, announcing its liabilities
to 20 millions. At the time of the closing of the com-
pany the shareholders had paid upon each share
the sum of £15,000, being an aggregate amount
of £1,500,000, and a call of £lO per share had been
made by the liquidators, which would amount to
£1,000,000. The applicant further stated that he
was accountant to Mr. F. Dundas and other large
shareholders, and in his judgment it was absolutely
necessary for their information, protection, and de-
fence, and that of the general body of shareholders,
that an inspection and investigation of the books
and papers of the company should be independently
made on their behalf, and without such inspection
the shareholders for whom he was acting would be
unable to obtain proof of the true facts connected
with the formation of the company. Further, the
affidavit stated that Messrs. Young, who were the
solicitors to the liquidators, had been solicitors to
the vendors, and had acted for the company. He
(Mr. Lewis) imputed nothing to Messrs. Young ;
but it was eecessary that the fact should be known.
As the application was now opposed by the com-
mittee of supervision, he would read an additional
affidavit by Mr. Howell to show their position. It
stated that since the making of his former affidavit
he had made certain inquiries with reference to the
committee of supervision appointed at a meeting of
shareholders with a view of learning their connexion
and interest in the winding up of the company, and
he had been informed and believed that the commit-
tee consisted of three members, Mr. Charles Oppen-
heim, Henry Grissell, and Henry Kingscote. He
stated that Mr. Oppenheim was not a shareholder,
but simply a depositor to the extent of £16,000 ;
that Mr. Grissell was also a depositor, in his own
name, to the extent of £lB,OOO, and interested -in
another deposit to about £21,000, and only
held eighty shares ; and that Mr. Kingscote
was the holder of eighty shares, but owing to
illness had been unable to attend, and that in
consequence of the interests of the committee
being in favour almost wholly of calling upon the
shareholders to pay the amounts of the deposits no
investigation, as he believed, had been made by
them for the protection of the shareholders. He
(Mr. Lewis) submitted that he had satisfied the
Chief Clerk quite sufficiently for him to grant an
inspection of the books and papers.
Mr. Mackenzie read an affidavit in support of his
inspection, wishing to inquire into the conduct of
the parties who had made the transfer to the new
directors. He had a special obj ect for his application.
On the part of the committee of supervision an
affidavit was read that they required to inspect the
documents, and the statements put forth by Mr.
Howell were denied. Although appointed by the
shareholders, they were not connected with the
liquidators, and, although the books were opened
to them, they wished for further information as to
papers.

Mr. Lewis wished it to be distinctly understood
that he did not oppose the inspection of the other
parties. He had been the first to take out a sum-
mons, and now others who never moved in the mat-
ter came forward for an inspection.
The Chief Clerk inquired the object of the in-
spection ?

Mr. Lewis said it was with the view of ulterior
proceedings. He alleged fraud on certain parties ;
and if they could obtain the information they be-
lieved existed they would at once proceed.
The Chief Clerk doubted whether at present 'any
information could be used further than rescinding
the winding-up now before the Court of Chancery.
Mr. Lewis apprehended that it was most impor-
taut with respect to the winding-up to ascertain who
were creditors when the business of the firm was
transferred to the company, and which only con-
tinued nine months, and resulted in the enormous
liabilities he had mentioned.

On the part of the liquidators it was stated that
no application had been made for the information
which they could furnish.

Lewis read the letter in which he said appli

cation had been made.

Mr. Harding addressed the Chief Clerk, and said
the liquidators were willing to give all the informa-
tion in their power, but if an examination was to be
made of the iaccounts and the secrets disclosed in
the newspapers, he had no hesitation in saying that
great damage would arise. He was required to
make an account to the Court of Chancery which
would be forthcoming, and, in fact, the present ap-
plication only anticipated the information which
would then appear.
Three shareholders, Dr. Thorn, Mr. Shepherd,
and Mr.Partington, addressed the Chief Clerk, and
urged the necessity of an inspection, and thought,
as Mr. Lewis had initiated the subject, it should be
intrusted to him.
On the other side it was stated that Mr. Lewis
had advertised for the support of the shareholders
since the last meeting. That gentleman produced
his authority to appear for numerous shareholders.
It transpired in the course cf the discussion that a
call had been made on the shareholders.

The Chief Clerk asked whether a call had been
actually made.
Mr. Harding said there had, and it was payable
on the 15th of September.
Mr. Lewis said it was quite true, and hence his
application, to know whether when fraud was al-
leged that a call could be enforced.

The Chief Clerk wished to know whether the list
of contributories had been settled.

Mr. Harding said it had been settled.
Dr. Thorn denied that a list had been definitively
fixed. •

Mr. Grissell disputed the statements of Mr.

owell.

Further discussion followed, and eventually the
Chief Clerk said he should make an order on Mr.
Lewis's summons for an inspection, which the other
parties could see, and it would be better to fix on
some one person for all, and if they could not agree
he would himself settle the question.
The matter was adjourned to Thursday next.

SPIRIT OP THE PUBLIC JOURNALS.

-y

TlMES.—Another ex-Governor of Jamaica has
just returned to England, with respect to whose
conduct there can be no possible conflict of opinion.
Sir Henry Storks landed yesterday at Southamp-
ton, having brought to a successful conclusion the
difficult and not very grateful task with which he
was so suddenly charged. It would be unjust if
his return were allowed to pass without some ac-
knowledgment of the services which he has ren-
dered in the post he has now relinquished. Our intel-
ligence from Jamaica contains striking evidence of
the manner in which his conduct, has been appre-
ciated in that country. A most numerously signed
address eulogises, in almost enthusiastic terms, both
his official and personal qualifications, and expresses
the greatest gratitude for the benefits conferred by
his administration. The inhabitants of Jamaica
have, indeed, good reason to be grateful to their
late Governor, and the English public will not fail
to do do justice to the conduct which has won this
recognition. The duty with which Sir Henry.
Storks was charged was at once arduous and deli-
cate. As a mere matter of labour, it was no
light work. He had to execute all the ordi-
nary duties of a Governor, at a time when they
must have been more than usually heavy and
anxious ; while, at the same time, he had
to preside over a long, intricate, and laborious
investigation. It is sufficient praise to say that
he was equal to both duties, and has given
perfect satisfaction in each capacity. The Report
of the Commission has happily set. at rest a
painful discussion, and the island of Jamaica is
handed over to his successor in perfect tranquillity.
It is only when we remember the excitement
and the animosity which existed in the island
six or seven months ago that we can do justice to
the tact, patience, and firmness which have succeeded
in conciliating all classes to the Governor, and, to
a considerable extent, to each other. We hope that
the language of the Jamaica address may be some-
what exaggerated when it speaks of that time as
one " when the bonds of union in the several rela-

tions of society were dissolved, and disorganisation,
political and social, in its most appalling form,
threatened the island on every hand ;" but there can
be no doubt that the circumstances of the time were
most dangerous and difficult. The disputes, arising
out of the late insurrection had divided the island

into two parties. Nothing but strong and excited
feeling surrounded the Governor on all sides, and,
instead of having any moderate public opinion on
which he could rely, his task was only to moderate
the extreme violence of opposite factions. The ne-
groes were exultant, and ready to interpret the
suspension of Mr. Eyre as an encouragement to
assert the most exorbitant and illegal demands,
while the planters and white population were na-
turally provoked to the opposite extreme. TheSe
difficulties, moreover, had to be met under a fresh
system of administration. The old Constitution
was suspended, and the new was not yet in working
order. Our correspondence from Jamaica described
some of these difficulties at the time when the la-
bours of the Commission were commencing; but
that we have heard so little of them since is the best
proof of the success with which Sir Henry Storks
has encountered them.
§triet impartiality, a firm
administration of justice, and a diligent application
to public duty have had their natural effect in mo-
derating the_violence of partisan feeling and induc-

ing a general sense of confidence. It is no wonder,
therefore, if Sir Henry Storks leaves J amaica amid
the regrets of the people. He has justified his
previous reputation, and has given us ample proof
that in any similar emergency we possess in him
a public servant on whose judgment and energy
we may rely. Thus is happily concluded what we
may hope is the last act in the late Jamaica tragedy.
Before Sir Henry Storks' departure he had handed
over the Government to Mr. Eyre's real successor,
and the interregnum of the last few months was
brought to an end. The Constitution, indeed, is
changed, but the new laws are in full force, a
permanent Governor has assumei office, and all the
evidences of an exceptional state of things have dis-
appeared. We can only hope that nothing may
occur to revive the memory of the past, and that a
new system of administration will obliterate old
discords and animosities. It is very gratifying to
observe that, in his answer to the address presented
to him, Sir Henry Storks speaks of his exertions
having been seconded in au excellent spirit by the
people of Jamaica. " Not from one class," he says,
" nor from one colour, but from all, without distinc-
tion, I have met with support, good feeling, and a
just appreciation of the difficulties in which I was
placed. In conclusion, Sir Henry Storks indicates
the point which is of most importance in the pre-
sent state of Jamaica. It is, he says, the first re-
quisite that " the law should be obeyed, that order
and tranquillity should be maintained. The absence
of a general disposition to abide by the laws has, in
fact, been of late the chief evil of Jamaica, and the
recent disturbances have had an unavoidable ten-
dency to aggravate the danger. If the blacks are
ever to settle down into an industrious and pros-
perous community, if the commerce of the country
is ever to be restored to regular and steady progress,
it is essential that security and order should be
firmly established by a ready obedience to the law.
This is the lesson which is peculiarly needed by such
a community as that in Jamaica. It is the vice of
the whites as well as of the blacks, and was strongly
exemplified in the late disturbances, that they can-
not accommodate themselves to the steady course
either of law or of commerce, but are perpetually
struggling to advance or to avenge themselves by
some irregular or illegal means. For such a dis-
position the strong hand of rough-and-ready but
irregular justice is not the most appropriate remedy.
What is required is a strict enforcement and an im-
partial administration of law. When the supremacy
of law is forced home upon the minds of all classes
in the island we shall look forward to a speedy fulfil-
ment of Sir Henry Storks' hopeful auguries. We
cannot express a better wish for Sir John Grant in
entering upon this post -than that he may carry out
the policy thus indicated to him, and may meet
with as much success as his predecessor.
HERALD.-Mr. Bright's whole career is a consis-
tent and standing kstirnony against him. He has
engaged in every political cause which could be con-
verted into a crusade against thOlanded aristocracy
and gentry of this county ; against wealth, and
birth, and culture ; he has turned into that channel
every cause in which he has ever been engaged.
With him the Anti-Corn-Law agitation was a war
against the landed proprietary ; the anti-church-
rate movement a conspiracy against the educated
clergy, the Conservative influence, the aristocratic
upholders of the Church of England ; the pacific
creed of his sect a mere text for slandering the upper
classes as the authors of all war, and the army as a
system of out-door relief for the younger sons of
noblemen ; Reform itself is dear to him only in so
far as it threatens to transfer political influence from
the hands of the gentry, and the great mer-
chants and manufacturers who aspire to rank with
and actually sympathise with the aristocracy, into
the hands of middle-class demagogues l'ke himself.
One great occasion occurred during his life when a
great blessing to the working class could be secured
without inflicting loss, inconvenience, or annoyance
upon gentlemen. The maligned aristocracy gave
their zealous support to a law designed to secure good
education to the children of the working man, and
protect them and their mothers from hard work for
unlimited hours in as unwholesome atmosphere.
That law was eagerly demanded by the working
class and by their real leaders ; they now value it
as their true charter of personal I;.berty and domestic
happiness. Of that law Mr. Bright was the bitter
and determined opponent, and he has never re-
tracted or apologised for his opposition. It is im-
possible to read his speeches or watch his career
without seeing that his temper is destructive, not
philanthropic ; that he is not a Liberal, but a level-
ler • not a lover of those below him, but a bitter and
malignant hater cf those above. He is a Democrat,
not because he cares for the people, but because he
is moved to vindictive animosity by a painful con-
sciousneas of the superior culture, breeding, and
manners of the aristocracy ; and in the agitation
of the greatest questions his language ever be-
trays the influence of the paltriest and pettiest
motives. There is a brief and conclusive answer
to the long and unfounded invective against the
Conservative and Liberal-Conservative parties—
against Lord Derby and Mr. Lowe—which forms
the staple of Mr. Bright's harangue. The question
before the House of Commois was not, as Mr.