The Sun.
London, England, 1857-03-06 00:00:00

MA CTH 6 1857,

ITISFI BANE.

roe t. the Times)
The affairs of the R oy, d British Bank have, we trust,
been considerably adv: inc ed towards a settlement by the
proceedings of the gerLer al meeting of the depositors on
Wednesday last. On thi s occasion it was resolved by a
large majority that a ter tain composition on the part of
the shareholders should. I Ns accepted, and a petition to
Parliament was agreed ni )on in favour of an Act which
should bind the minoriitj • of the creditors to the accept-
ance of the terms referrer I to. It appears that after the
legal contest between the, official assignee and the official
manager bad boen termiu ited a first dividend of ss. 6d. in
the pound was promptly declared, and to this it is antici-
pated that a second divist Ind of 3s. will be added in the
course of two months. / 'he sum of Bs. 6d. in the pound
being thus obtained fres a the assets in bankruptcy, it
has been proposed, is i pursuance of arrangements
between the shareholdt n-a and • the creditors, that
the former body i gild raise by contributions
a sum sufficient to pay 64. 6d. in the pound more, making
altogether a return equi:Ng dent to three-fourths of the pro-
perty deposited in the'Bn nk, and that after the 15s. in the
pound had thus been pre4 .uced the shareholders should ob-
tain an acquittance reless ing them from further liability.
These proposals found lac your with the meeting, and if they
are carried out a moneki >r two more will see an end of the
affair.

It is no wonder that ,ti uch a transaction as this should
still give occasion to protests, denunciations, and corn'
plaints ; in fact, such . has been the operation of the law
that each party appe sr 4 to have been exposed to the
greatest possible sui Xe ring with the least possible ad-
vantage to the othev., The creditors could not escape
loss nor the debt 4 )ri 3 molestation, and while deposi•
tors have been kept c ut of their money, and are fain
to close with a cc impromise at last, shareholders
have been subjected t 43 proceedings so severe as to call down
an indignant remark e' ven from the chairman of the credi-
tors' meeting. One *et ! Mr. Wyld's observations, indeed,
went far to explain at tother. When he spoke of the dis-
honesty of ahareholdor s who, by flying across the water,
had placed the Charms 1 between them and their creditors,
it was plain that he 13a d already said much in their justifi-
cation by describing tt to sufferings of those who remained
behind, and who in sou le instances had been driven into the
Bankruptcy Court and seen their wives and children turned
into the streets, not fru • the satisfaction of the creditors, but
the liquidation oflaw at cpenses alone. Upon thd whole, how-
ever, we are far from 1.3 t ingconvincedthattheprincipleof un-
limited liability, as rg plied to banking, is in itself respon-
sible for any of these deplorable consequences ; but are dis-
posed rather to belicry e that it would have operated with
all desirable effect hi it for the obstacles incidentally en-
countered in the w;al of procedure, and that even under
the present circumsta aces it has been the main instrument
in providing the crcidi tors with such security as they have
obtained.

Mr. Wyld defined; the principles of unlimited liability as
"the principle of h a; mbug," and he described its operation
in terms which a;pr seared to command the assent of the
meeting. " If," sai d he, "every shareholder of the British
Bank had been liat D for every 1001. share to the extel.t of
5001., he would ha,m7e paid the money, and all the deposi-
tors would have r. eived 20s. in the pound ; but as, ac-
cording to the pree )nt law, every shareholder found him-
self liable to the ea:Lent of 2,0001. or 3,0001. for each 1001.,
he was obliged to s 1 iirk his liability by every means that
the law enabled hi.La to do." But this hardly appears to
us to be a comprelie naive view of the case. The difficulties
of the creditors ar id the apprehensions of the share-
holders arose, not from the mere liabilities of the latter,
but from the want, of such a machinery as would have
realised the assets with fairness to all parties at the least
cost and in the snea llest possible time. The law of unli-
mited liability situp ly provides a fund out of which satis-
faction may be obtained for the creditors, and gives this
fund the largest dim ensions possible. The machinery for
making this security available is another affair altogether,
and it is here that the system has been found defective.
What, let us ask, constitutes the actual security, such as
it is, of the creditors t at the present moment ? On what do
they rely for bringing the depositors to terms? Evidently
on the power with which the law of unlimited liability
invests them, which will ultimately make up their receipts
to 1.55. in the pound upon their claims, and which, ac-
cording to Mr. Wyld'a own admission, might even bring
them 20s. in the ;snif, if they chose to enforce all their
rights, and could skiford to wait for the result. Nor need
this principle have been attended with any embarrassment
if the course of action and the line of procedure at the
stoppage of the bank had been easy, well-defined, and free
from the chances of complication. After all, as has
been more than once remarked, there was nothing in
the actual position of affairs which need have delayed
a settlement, If the matter could at once have been
put into the hands of any skilful and intelligent men
of business. There, 'were some 4,( 00 depositors with cer-
tain well-established claims; there were 280 shareholders,
who were liable to be called upon for such contributions as
would make the eatate of the bank equal to paying 20s. in
the pound. How much would have been required from
eaoh we cannot pretend to compute, but, since they have
agreed as it is to make up all but ss. of this amount, is it
not reasonable to suppose that 20s. could have been pro-
vided at leas cost if the intervening expenses could have
been saved?

Of the utility of limiting liability in general commercial
transactions we have no kind of doubt, but the principle
involved in that decision does not touch the obliga-
tion of a banker to return a deposit to the uttermost ex-
tent of his means, nor do we see that the case has been
affected by the example now before us. The embarrass=
ments in this affair have been produced, not by the law of
unlimited liability, but by the impracticability of applying
it effectually. What is wanted to secure prompt payment
is the power of giving a corresponding discharge. Every
bill should carry its receipt, nor can it be expected that
any man will be ready to produce his money when he
may be none the better after doing so than he was
before. Mr. Wyld's remarks seemed to point to
a species of intermediate liability—something between
limited and unlimited obligation—as likely to insure the
desired result. He did not argue that the creditors would
have been kept harmless if each shareholder had been
liable solely to the extent of his share, but that this would
have been the case if a limitation had been put upon the
excess of his liability—if, for instance, he might have been
bound to pay five times the amount of his investment, but
not more. We understand this observation, which amounts,
in fact, to our own remark, that ready payments are only
to be obtained by ready quittances; but surely the ends
desired, that is to say, the satisfaction of the creditors and
the release of tho debtors, are to be accomplished by a pro-
per machinery for bringing the law into action. It is
highly natural to advocate such a limitation of liability as
would, at all events, secure the honest debtor from further
annoyance after he had paid his share, but we should pre-
fer to see his liability limited, not at any possible expense
to the creditors of the Bank, but by the fair apportionment
of the entire obligation among the whole numbers liable,
and the prompt recovery of the contributions thus due.

MARKET NEWS.—(This Day.)

LAW INTELLIGENCB.—March 5.

COURT OF BANKRUPTCY.
(Before Mr. Commissioner Evang.)
IN RE BALDWIN.-THE MORNING HERALD.
This was the first meeting under the bankruptcy of E.
Baldwin, described as a printer, of Shoe-lane, and pro-
prietor of the Morning Herald newspaper.
The adjudication in bankruptcy was made about a
fortnight ago, by Mr. Commissioner Fon blanque. The
petitioning creditors are Messrs. Stevenson, Salt, and
ions,-bankers, of Lombard-street, who claim from the
bankrupt a sum of 4001, the balance of a banking ac-
count. The act of baukruptcy is a deciaration of insol-
vency made by :he bankrupt on the 18th ult.
The court was crowded to inconvenience with credi-
tors and persons taking an interest in the case.
The proceedings were entirely of a formal character,
being confined to the receiving of proofs. Debts to the
amount of about 12,0001. were proved, the two largest
creditors being Messrs. Crompton, paper manufacturers,
who proved for 7,9881., and Messrs. Gardiner and Co.,
for 2,0701.

The following creditors were appointed trade assig-
nees :—Mr. J. Salt, banker, of Lombard-street, and Mr.
J. A rding, builder, of Dorset street, Fleet street.
Mr. Turquand, of Old Jewry-chambers, is engaged in
the preparation of the accounts. From a preliminary
statement it appears that the unsecured debts amount to
35,9001. ; secured debts about 40,0001.
The assets' consisting of book debts, and the bank-
rupt's household furniture at Hyde-park-gardens, are of
uncertain value, but are expected to realise about 4,0001.
No application was made for an allowance to the
bankrupt.

We 'understand that at a meeting of creditors held
yesterday at Mr. Turquand's office, it was resolved that.
it was expedient to carry on the business of the Morning
Herald for a limited period—say till the 24th of June—
under the management of Mr. Baldwin, and with the
consent of the court and assignees.
The matter was not brought before the court at this
sitting, bat was reserved for further consideration by the
aisiguees.

INSOLVENT DEBTORS' COURT.
(Before Mr, Commissioner Phil'ips )
IN RE CHARLES JAMES MATHEWS.-MR. CHARLES MATHEWS

AND HIS CREDITORS. •
Mr. Sargood applied, at the rising of the court, in the
case of Mr. Charles Mathews, the well-known comedian,
for a rule on him, to show cause why a part of his pre-
sent income should not be made available for the benefit
of his creditors. The learned counsel made the applica-
tion on the ateidavit of Mr. Al!croft, who stated that he
was a creditor to 4,0001. and upwards ; that Mr.
Mathews was heard on his petition at Lancaster about
the lst of August and discharged ; that since his dis-
charge Mr. Mathews had entered into an arrangement
with Mr. E. T. Smith, the lesse or manager of Drury-
lane Theatre, or some person on his behalf, to perform
for him at that theatre, or at any theatre in the United
Kingdom, for an annual sum of 4,1601., payable by
weekly instalments of 801. The affidavit further stated
that Mr. Mathews was a widower, and Mr. Alloroft be-
lieved that he was of ability to do something for his
creditors. Mr. Sargood cited a similar case, and there-
fore asked for a rule nisi, remarking that Mr. Mathews
could show how, as a bachelor of arts, he spent his 801.
a week. This was their " Game oi Speculation "in this
court. (Laughter.)
Mr. Commissioner Phillips, in granting the rule, re-
marked that it was no doubt a " New Way to Pay Old
Debts." (Laughter.)
Rule nisi granted.

SPRING ASSIZES.

HOME CIRCUIT.—CHELMSFORD, March 5.

The commission was opened here yesterday, and this
morning their lordships commenced the business of the
assize, Mr. Baron Channel! proceeding to try causes upon
the civil side, and Mr. Justice Cresswell presiding in the
Criminal Court.

The civil list is an extremely meagre one, there being
but seven causes entered, and only two of those for
special juries. The criminal calendar is also light, con-
taining the names of 27 prisoners, and the offences with
which they stand charged are of a trivial character.
The grand jury having been sworn,
Mr. Justice Cresswell, in addressing them, said he was
very glad to find that their labours would be but
light, and there was but one case to which he need spe-
cially direct their attention. It was one charging three
persons with causing the death of another by making
him drunk, and then taking him home in a barrow. It
did not appear to him from the depositions that the
drink had been poured down deceased's throat by any
of them, but that it had been taken of his own free will,
neither did it seem to him that taking him home in a
barrow could render the parties responsible, even had
that been the cause of death. The surgeon did not
agree with that supposition, but attributed the death
entirely to excessive drinking. He would advise them
to cast aside any feelings they might entertain as to the
acts of the accused, and be guided by the medical evi-
dence.

In the course of the day the grand jury returned a bill
"Not found " for the felony, but one against all the
parties for misdemeanour.

WESTERN CIRCUIT.
WINCHESTER, MARCH S.—CROWN COURT.
(Before Mr. Justice Williams.)
James Johnson, who was convicted yesterday of stab-
bing a warder at the convict p►ison at Portsea with in-
tent to murder him, was this morning brought up for
judgment.

- His Lordship told the prisoner that he had been con-
victed upon the clearest testimony of this most grievous
act, and his own savage and brutal statement had corro-
borated the testimony given against him. Judgment of
death would be recorded against him, and he would be
dealt with as her Majesty might think proper.
This sentence created great surprise. Persons say
that the majesty of the law has not been vindicated.
This prisoner has already been convicted of a similar
offence. He told the Judge but yesterday that he would
seize the first opportunity to kill the warders, or to rid
the world of them, and yet his life has been spared.
The prisoner is evidently a most dangerous character,
and if possible will yet do harm.
William Wallace was indicted for stabbing William
Kelly, with intent to murder him.
Mr. Coleridge and Mr. Bullar were counsel for the
prosecution.
_ _

On the 16th of February Kelly, who was a prisoner at
the convict establishment at Portsea, was gang round
with one of the warders to collect the knives from the
prisoners. When they came to the prisoner's cell Kelly
put in his arm with the knife-box ; the prisoner stabbed
him in the arm with the knife he had. The prisoner was
secured, ant' he said he had not made up his mind fcr
nothing since Monday, for Kelly had always called him
names. The knife was afterwards found secreted behind
the prisoner's bed ; it had been sharpened at the point.
The governor of the establishment asked the prisoner if
he had intended killing Kelly. lie said he meant to do
it, for Kelly had been taunting him and setting men
against him.

—The jury found the prisoner guilty of the capital
charge. _

The prisoner then said that he had not intended to
kill Kelly, but merely to stab him, in order that he might
be flogged and sent back to the separate cells, as he was
leading co miserable a life.
TheJu,ige ordered judgment of death to be recorded
against the prisoner.
George Massam was indicted for shooting at Atm
Hurley, with intent to kill and murder her.
Mr. H. T. Cole prosecuted.
The prisoner had been living at Southampton with
Ann Hurley. She was about to leave him, at which he
appeared to be much distressed, and he told another girl
that if Hurley determined to leave him he would kill
her, and he produced a pistol. The girl, who had been
out, returned to the house, and the prisoner then said to
her he would kill her if she persisted in leaving him.
She said she certainly should go. The prisoner then
pulled out the pistol and said be would kill her. She
asked for time to say her prayers, and she knelt down.
The prisoner, who was crying, asked her if she was ready.
She said she must be if he was determined, and he then
loaded the pistol with shot, and while she was kneeling
before him he shot her in the breast. The prisoner then
tried to make his escape. It was shown that the girl
had greatly aggravated the prisoner.
The jury returned a verdict of guilty with intent to do
grievous bodily harm.
Sentence doferred.

THE LATE WALTER BATEMAN, EBq , PAYMASTER
R.N. —The officers of the Exmouth have erected a tablet
to the memory of this much-lamented gentleman in St.
John's Episcopal Chapel, Devonport.
[ADVBRTISEMENT.] SIGHT AND HEARING SPECTACLES,
POWERFUL TELESCOPES, OPERA, RACE, AND PERSPECTIVE
GLAsses.—Messrs. S. and B. Solomon, opticians, 39, Albe-
marle-street, Piccadilly, Observe_opposito the York Hotel
(W.) By 14er Majesty's Royal Letters Patent for valuable ant
extraordinary improvements in the most powerful and
brilliant Telescopes, Camp, Racecourse, Opera, and Per-
spective Glasses, to know the distances. These telescopes
possess such extraordinary powers that some three and a-half
inches, with an extra eye-piece, trill show distinctly Jupiter's
moons, Saturn's ring, and the double stars. With the same
telescope can be seen a person's countenance three miles and a
half distant, and an object from 16 to 20 miles. They are of
larger and ail sizes, with increasing powers accordingly.—The
Royal Exhibition, 1851. Valuable, newly-invented, very smal
powerful waistcoat-pocket glass, the size of a walnut, by which
a person can be seen and known 1i miles distant ; they answer
every purpose on the race-course, and at the opera houses,
country scenery, and ships are clearly seen at 8 to 10 miles.
They are invaluable for shooting, deer-stalking, yachting, to
sportsmen, gentlemen, gamekeepers, and tourist& Odierful
race-course, camp, and perspective glasses, with jail rest-
power. Newly-constructed Spectacle Lenses of
est transparent power. The valuable advantagnepadiregioiieids
from this invention is, that vision becomindg
persons are
preserved and strengthened, and very
aged
minute occu-
enabled to employ their sight at thae
muchni_ less magnify.
ipoagt i
power—ando n —casee
theyw h thosedo
not lenses
t, i
the frequent change-
to
Persons the
odaann dangerous osuusi t
eedffeact
the most remote part u
of h
taeffurt farther
rpte erf e
world,
by sending ono of the glasses out of their spectacles in a
letter, and stating the distance from
and
theeycsthey can read
small newspaper print with it;those who have
not made use of spectaclesnbiey
Organicstating Vibrator,their age
an x
.Deoaf:
dtnreaeasofsrn.deissna,Nreyenwtpiroopwly differentiseiul' shall,c.fovei7.—
newly-invented instrument for
from all others, to surpass any-
thing of the kind that has been, or probably ever can be,
produced. Being of the same colour as the skin, is not per.
eeptible ; it enables deaf persons to hear distinctly at church
and at public assemblies ; the unpleasant sensation of singing
noises in the ears is entirely removed; and it affords all the
assistance that possibly could be desired.-39, A.ll,ertiarie.
Street, Piccadilly. Observe--opposite the Yong Hotel. (W.)