The Sun.
London, England, 1832-07-17 00:00:00

BANKRUPTCY COURT.

COURT OF COMMISSIONERS, JULY 16.
SIR GEORGE DUCKETT AND CO.'S BANKRUPTCY.

A meeting of the creditors of the above banking
firm took place this day at Basinghall-street, for the
purpose of taking into consideration the propriety
of authorizing the assignees to apply to Parliament
for power to ‘ell the Sort Navigation, belonging to
Sir George Duckett, in more shares than three,
which was the limit beyond which the present act
would not allow of its being divided.
The opinion of Counsel having been read upon
the present act,
Mr. SIIUTER, a creditor, begged to know wv•at
had been the receipts and expences of the canal for
the last f►ve years.
One of the assignees stated, that the persons they
had appointed to survey the work had only been
able to give a rough estimate, from the accounts of
the canal being mixed up with others, but that, as
far as they could at present see, the value of tl►e canal
might be between 3,0001. and 4,0001. per annum.
Mr. SIIUTER thought they were not in a condi.
tion to take into co►►sideration the question of ena-
bling the assignees to apply to Parliament for fresh
powers till they had a more precise account of the
value of the canal, and proposed that they should
adjourn the meeting till a perfect account was
made out.

Af►er some discussion this proposition was with-
drawn.

Mr. BARBER BEAUMONT complained that he had
not from the beginning been able to obtain from the
bankrupts any account of the income derived frem
the canal in 1831.

Sir GEORGE DUCKETT stated that he bad brought
a perfect account with him to the last meeting, but
that it had been laid upon the table by a clerk,
and had not since been heard of. He was, how-
ever, ready to give the creditors an account of its
value, including the year 1831. Upon his father's
death lie came into possession of 7,000/. or 8,000/.
per annum; and, had he taken Mr. Beaumont's ad-
vice, he certainly never should have entered into
this bank. For the nine years from 1813 to 1822,
the average annual income from the tolls of the ca-
nal was 5,0401. The average tonnage upon the
canal was 40,000 tons per annum. For the subse-
quent nine years, from 1822 to 1831 inclusive, the
average quantity of tonnage increased to 42,700
tons per annum; but in consequence of a diminu-
tion of the tolls, the receipts were only 4,270/. per
annum. The annual average expenditure for both
periods might be taken at 1,3001. Improvements
which had since been made, the benefits of which
had not been felt till towards the close of last year,
and the raising of the tolls to their former amount,
which might very easily be done, would make the
canal yield a much larger income. If he might be
allowed to express an opinion, it would be, that the
estate would derive considerable advantage from the
proposition of the assignees being adopted. As he
looked forward to the receipt of a large surplus, of
course his interest and that of the creditors was the
same.

Mr. BEAUMONT observed, that upon Sir George
Duckett's own showing, the canal was not worth a
20 years' purchase—more than between 70,000/.
and 80,000/., and as it was put down in the va-
luation they originally had put into their hands at
150,000/. he did not think the result had proved
his original statement, of the esrimates being double
what they ought to be, far from correct. He did
not think that any good would result from the pro-
posal of the assignees to apply to Parliament for
powers to enable them to create a joint stock com-
pany, for it was certain to lead to great delay, and
probably to great expense. Mr. Beaumont con-
cluded by moving a resolution to that effect.
Mr. BARRON moved, as an amendment, that the
assignees should be authorized not to apply to Par-
liament, but to give the necessary notices of their
intention to apply to Parliament, so that if the ne-
cessity to apply to Parliament should afterwards
arise, they might not have lost any time.
Mr. B. BEAUMONT observed, that it would be
time enough to apply for even this authority after
the assignees had taken the property into the marker,
and failed to sell it for its fair value.
A creditor said that he should oppose the amend-
ment, as tending to lead them to litigation, and put
money into the pockets of the lawyers.
Mr. Barron's amendment was then put and nega-
tived, and Mr. Barber Beaumont's resolution put
and agreed to.
In the course of the day one of the assignees
stated that the following property had sold for the
sums annexed to the several items :
House in New Norfolk-street, with furniture
Wine in ditto
House in Pall-mall (This sale is not quite com-
pleted)
Furniture in ditto
House at Roydon
Farm at Downhall
Cottages at Roydon
Pictures of Sir George Duckett . .
Ditto of Sir Francis Morland
Shares of Sir G. Duckett
Part of Sir Francis Morland's property at Wands-
worth , 900
Sir F. Morland's property at Hammersmith
Shares of Sir F. Morland
Mr. Barnard's phaeton
Several estates and much personal property belonging to
the partners are yet unsold.
The amount actually in the hands of the official
assignee of the separate estate of Sir G. Duckett.
was 2,5341., of the separate estate of Sir F. Mor-
land 875/., and of Mr. Barnard 1,124/. The total
amount in the hands of the official assignee of the
joint esrate of the partners available for the purposes
of a dividend is 26,8931. The total amount of
debts which it is calculated will be proved against
the joint estate before the end of this month, is
130,000/.
Mr. WALFORD said, that as some reflections had
been made upon him for having miscalculated what
some particular parts of the property would fetch,
he begged to compare the official assignee's account
with his estimate. He had stated the liabilities of
the estate at 191,0001., whilst the official assignee
made them come to 189,000/. only. He had esti-
mated the assets of the house at 102,000/., whilst
the official assignee had ascertained that, putting
aside doubtful debts, the assets would be 105,000/.; so
that in both particulars he had erred on the right side.
Thanks having been voted to the assignees, the
meeting separated.