The Sun.
London, England, 1857-01-26 00:00:00

PROSPECTS OF THE CREDITORS.

We stated last week that some arrangements were in
contemplation by which a termination might be put to
the frightful and ruinous litigation which for some time
past, in connection with the failure of this bank, has
been so disgraceful to the law of this country. The
plan which Mr. Wyld seeks to carry out is that of
inducing the shareholders to subscribe together a certain
sum of money, on condition of the whole body of credi-
tors accepting it in full and complete satisfaction of all
their claims. Originally there was no indisposition on
the part of the creditors to accept a reasonable compro-
mise, and had 15s. in the pound been offered at first
there were few it any of them who would not have con-
sented to receive that sum. The shareholders, however,
believing they could altogether evade their individual lia-
bility to the creditors, refused to accede to any such pro-
position. Driven from their home and from their country,
or all but crushed beneath the weight of actions brought
against them, or apprehensive of the ruin which
impends over them, many of the shareholders, with the
aid of their friends, have expressed their readiness
to raise a sum sufficient to divide 15s. in the pound
among the creditors. A meeting of those of the share-
holders who are still in this country was held last Mon-
day evening, and several of the gentlemen present,
although ruined by the executions which had been
issued against them at the suit of individual depositors,
stated that their friends would come forward and advance
some money provided any arrangement could be effected.
Others expressed their readiness to do all that lay in their
power to wards effecting a settlement, and a very large sum
has since been couiitionally subscribed by the parties pre-
sent at that meeting. During the week a meeting has also
been held at Maurice's Hotel, Paris, consisting of several
of those shareholders who have left the country,
in order to obtain a brief respite from the latethe
which awaited them at home. By these gentlemen roe
proposal was very generally acceded to, and libep
el
_epo.
mises were made to the agent who represented the d
sitors on the occasion.
fir courts of law
fair
and There arenue
business-like
ldi
ki difficulties caudl
jt
ui ine
ut the e if alb
eo f theclaims proposede u t
shareholders, interposed by
shareholders and equ equity.
eTheuld
b e easily differencesbtheunbeadeicat
by a few eLergetic men of . :iesensefipt:iinscif
rch,tego
er
ai
p creditorsraartnyand
willing w
sacrifice ,„„nething for the sake of a
soeutttltehmeeirn t,objbeuctts
se eodm,
ma
os
nt h
so
usetous, complicated, and
bt.yheytheareeirepurievented from carrying
osteheolfawrentridnegvi
expensive
expressfortns wphui cr hp
altogether superfluous in the ordinary transactions
oflite. There are two courts armed with gigantic
powers, each seeking f
to enforce calls which, if they
were paid, would be far more than sufficient to pay
the whole of the debts in full. The Court of Bank-
ruptcy will not hold its hand in seeking to obtain the
call made by the directors of 501., and the Court of Chan-
cery, ignoring that particular call, demands a contribu-
tion of 751. per share from every shareholder. If the
arrangement to which we have referred could be pre-
sented in a complete and substantial form, the Court
of Bankruptcy has, it is said, power to enforce
such compromise as it may consider fair and reason•
able binding on all parties. Similer powers are held by
the Court of Chancery, and surely soine plan could be
decided upon by which the conflict of the jurisdiction
of these courts might be made to cease, and by which
the laudable exertions of the parties most interested
might be assisted by the machinery of the law. A meet-
ing of the depositors is to be held this evening, when
some decision will be arrived at respecting the amount
of the compromise which they are disposed to accept,
and there is every reason to believe that 15s or 168. in
the pound will be considered, under all the circumstances
of the case, as a dividend which ought not to be refused

by prudent men.
The case of Mr. Humphrey Brown, M.P., came before
the Commissioner during the week, when it was finally

arranged that the petition for the adjudicution of his
bankruptcy should be withdrawn, it beint; understood
that Mr. Brown was in a position to afford vonsiderable
assistance t., the assignees in recovering the .tsseta of the
back, and as some portion of the claims .cf the bank
upon him were disputed, it has been arranged, as the
transactions are of an exceedingly voluminous nature,
that an accountant should be appointed to go over the
whole of them, and prepare a report fur the assignees.
Tile large claims upon Mr. Cameron, the late manager
of the bank, are, it is stated, i❑ course of negotiation.
Mr. Cameron, is now, we believe, residing in Switzer-
land, and at present it would be premature to state
either the nature of the arrangements which are going
on, or to hazard an opinion as to the amount which may
be altimately recovered by the assignees for the benefit
of the estate.