The Sun.
London, England, 1866-12-08 00:00:00

LAW INTELLIGENCE.—This Day.

COURT. OF' CHANCERY.
(Before Vice-Chancellor Stuart.)
RE ALI3ION BANK.

This was a petition by a shareholder for the winding-
up of this bank, but yesterday his counsel asked that it
might stand over until certain persons who had been sum-
moned to give evidence before the examiner in the case
had been heard.

The application was opposed by Sir R. Palmer, on the
part of the company. The directors had filed au affii-
davit, which he said completely met the case of the petition.
His Honour thought it would be detrimental to the bank
to allow delay iu the matter suggested that tho petitioner
who held ten shares should be relieved of those shares by
receiving what he had paid for them, and thus the matter
might be settled advantageously for all parties, but that
course was not adopted by the petitioner, and the direc-
tors would have to be examined.

Mr. Bacon, who appeared for the petitioner, still asked
for delay. He said it was but reasonable that time should
be allowed to answer the affidavit that had been put in by
the directors.

His Honouragain repeated that delay would bo extremely
inconvenient to a company like the Albion Bank, and he
therefore thought it his duty to go on with the case.
Mr. Bacon said the petitioner was not present, and
therefore it was at that moment perfectly im-
possible to cross-examine him. All ho (Mr. Bacon)
required was that time should be given him to answer the
affidavit of the directors, and in making that application he
was only asking what the court had never heretofore re-
fused.

His Honour said if the respondent would agree to that
he would not object, but if not common sense and common
justice would compel him (the Vice-Chancellor) to go on
with the case.

Mr. Bacon said he could not do that in the absence o;
the petitioner.

His Honour said he ought to have been present, and
as he did not appear he should not adjourn the matter but
dismiss the petition.

Mr. Bacon again urged delay, remarking that a copy of
the affidavit of the directots had not been furnished to the
petitioner's counsel until late on 'Wednesday.
Sir R. Palmer, for the bank directors, said it had been
despatched on 'Wednesday afternoon, and, according to his
opinion, ample time had been given to the petitioner to
meet the matters contained therein.

His Honour then told Mr. Bacon he had better go on.
The affidavit put in by the directors was then read; it
denied the assertions of the petitioner—that the bank was
in such a condition that it could not be carried on without
profit. _ _

Mr. Higgins said he felt ho could not, upon the evidence
now before the court, go on with success ; but he did not
think, therefore, that petitioner ought to be dismissed.
The last report of the directors contained various misrepre-
sentations, and to such an extent did they go that he fel
justified in calling it false and delusive. The paid up
capital, ho denied, was .£36,000. More shares had been
put down as taken than was the case, and he felt that he
had a right to ask: that the petition might stand over,
and also that he stated enough to justify an inquiry.
His Honour said the object of the learned counsel ap-
peared to bo not an inquiry but a stoppage of the Company
by winding it up.

Mr. Higgins said he was only asking for that which had
invariably been the practice of the court. The learned
counsel was proceeding to make some very strong obser-
vations,
.with respect to the position of the bank and the
conduct of the directors, when