The Sun.
London, England, 1844-12-04 00:00:00

eibtrb 1540ttion

THE FUNDS—(d

,OSING PRICES.)

RRITISF
Bank Stock...-. ..... ex dlv 21,8
3 per Cent. Red lOl4
3 per Cent. Cons. ............ 10%
per Cent. Red
New 31,( per Cent........._ 102%
New 5 per
Long Annuities to.expire
lan. 1860............... 12 1-16
Oct. 1859..... 11%
Jan. IP6O l2 1.16
Indian 5t0ck........ ....... 283
FOREIOI

I FU NDS.
Ditto Bonds £I,OOO
Ditto under 41,000 — pm
South Sea Stock
Ditto Old Annuities

Ditto New Annuities...
Ex. Bills, 1,0021. I%d ... r• 5 pm.
Ditto 5001........,..«.. 55 pa
Ditto 5ma11............. 56 pm
Bank Stock for Acct.... 208
'Consols for 0pg........ 99%
India Stock ier Acct....
I FUNDS.
Austrian. 5 per Cent ......... Russian, 5 per Cent
Belgian, 5 per Cent ..... ..... —, Ditto, Metallic .. ... .. ... —
Brazilian Bonds ..... ..... 881% ipanisk, 5 per ant., 1810 25
Buenos Ayres, 6 per-Cent,..• Jitto, 1841..„....„....«.„
Cuba Bonds, 6 per C0nt..... Ditto, lan. —
Chllian, 6 per Cent ............ Ditto, 1843 —
Colombian, 8 per Cent ' 14% Ditto, 1841 —
Danish, 3 per Cent ..... ...... Ditto. 3 per Cent ..••
Greek, 184, 5 per Cent.... Venezuela Bonds, 2 per Ct —
Mexican,s per Cent ........ French, 5 per Cent.,.... —f —C.
Neapolitan Bonds, 5 per Ct... French. 3 per Cont.... —f --r.
Prussian Bonds, 4 per Cent. Exchange .............. —4 —e.
Peruvian Bonds, 6 per Ct... 25 Dutch, 2% per Cent ...
Portuguese Bonds, S per Ct Ditto„s per Cent 991(
SHARES.
Birmingham and Gloucester (100 paid) 98%
Caledonian (5 paid)
Chester and Holyhead ( S paid)
Churnet:Valley. 2 paid
Direct Northern, 2% paid
Great Southern and Western (Ireland) 5 paid
Great North of England, 100 paid
Great Western (75 paid) . 113
Ditto Half Shares, 50 paid
Hull and Selby, 50 paid 66%
Lancaster and Carlisle, 10 paid
London and Birmingham (Stock) '2l9
Ditto, Quarter Shares ( 2 paid)
London and South Western (ill. 6s. 10eL paid)
London and Croydon
London and York, 2% paid 3%
Manchester and Leeds (70 paid)
Ditto, Half Shares, 30 paid
Midland (100 paid) ......... ....... . ..........
North British, 5 paid
Northern and Eastern (45 paid)
Ditto Scrip (2.5 paid) 35
North Kent, 2% paid 2%
Pot tsmouth Direct, 1 paid O%
Richmond and West EnciPunction, Ipaid l%
York and North Midland (50 paid) —
Ditto Scarboro' Branch, 10 paid
Ditto Extension
Boulogne and Amiens, 2 paid ................._
Orleans and Bourdeaux, I paid .....
Paris and Rouen. 20 paid .... .......

BANKRUPTCY.—(THIS DAY.)
(Before Mr. Commissioner HOLROYD.)
IN RE JAMES GIBBS.
The Court was crowded during the morning by per-
sons anxious to hear the further revelations likely to be
made in this extraordinary case, which it may be re-
membered by our readers, was, after the last examina-
tion, adjourned sine die. The present proceedings arose
out of an order by the Chief Judge of the Court of Re-
view that the matter should be referred back to the
Court of Bankruptcy for re-examination by the Hon.
Commissioner.
Mr. Edwin James appeared for the assignees and for
a creditor named Thompson, Mr. Montagu Chambers
attended far the bankrupt, and Mr. Bagley for Mrs. An-
drews, another of the creditors.
Mr. EDWIN JAMES, having briefly recapitulated the
leading facts which led to the adjournment of the bank-
rupt's examination, with fixing a day for his passing,
and having read the order from the Court of Review,
added that it would that day be the duty of the assignees
to examine fully into the correctness of the bankrupt's
accounts. Ire had indeed filed a sheet which was par-
ticularly intricate, and as he (Mr. James) was instructed,
anything but satiefactory. The transactions therein
stated extended over a period ranging from 1823 to
1843, the date of the fiat. The debts amounted to some
121,0001.; the liabilities to 80,0001 more, making, in all,
about 200,0001.' But there were some of the transae-
dens so singularly striking, so very extraordinary, that,
on first sight, they might be deemed altogether impro-
bable. The bankrupt had been what is termed a
scrivener; he raised money for parties upon annuities
or otherwise ; his transactions had been of a must
extended character, and yet all the books pro-
duced by him to that -Court were only two in
number—a cash-book and a ledger. The ledger, how-
ever, was itself no voucher, but a mere echo of the cash-
book. Was the bare fact not a startling one, that a man
supposed to carry on cash operations to an amount above
a million of money, could do so with only one cash-book.
He asked if it were possible to do so.? That cash-book
was also grossly inaccurate in its details, anti dated only
from 1835, for some book which had existed before that
period had been destroyed. They were not told
why, but he (Mr. James) could, perhaps, assign a
reason. At that time a bill had been filed against the
bankrupt by Lord Glammis, and when called upon to
produce the book it was discovered that it had been
destroyed. That was certainly a remarkable coincidence
if nothing more. lie (Mr. James) would now draw his
Elonour's attention to some of the features in the case.
The bankrupt's profits appeared to have been about
5,000/ a year, and yet, when he came to that Court,
there was one sum of 90,0001 charged for discounts
and commission. They had not had one voucher
for even 5/. of that amount. Not one voucher
from the man who had 5,0001 a year, and mho yet
charged 90,0001. in his beet for discount and com-
mission. It was preposterous. But that sum of
90,0001, large as it was—had to be increased by
15,0001, which he had charged against another,
when he himself, and he only, was personally
liable for it. The Learned Counsel then entered
into a detail of the bankrupt's transactions with Lord
Kensington—transactions running over a term of years,
and involving accounts upon bills and annuities—the
considerable sums realised, with scarcely an ex-
ception, having been appropriated by the bankrupt
to his own purposes. The discount then upon
the amount so appropriated by the bankrupt being
15,000/., would, if added to the 90,0001. unaccounted for,
make 105,0001. T:iere were other transactions of a
similar kind with Major-General Wyndham. The
bankrupt, on the 11th November, 1842, a time when he
was notoriously embarrassed, had written a letter
to that gentleman, stating that he had an
excellent opportunity of investing 'money to
considerable advantage, and he persuaded General
Wyndham to entrust him with bills to the amount of
18,000/. These he discounted for his own use at 40 or
40 per cent., and he had now got, of course, to account
for the money. He also gut General Wyndham to ad-
vance him 10,000/., in two notes of 5,0001. each, under
pretence of lending them -to a man named Youde, at a
large rate of interest ; but that amount also he retained
in his own hand. Such was but a specimen
of the manner in which his business was trans-
acted. His transactions in bills were very
large indeed, but though he had a book of bills payable
he had exhibited none of bills receivable. That there
had been such a book was perfectly clear, for it would
have been impossible to carry on such a business without
it. The profits accruing from bills of costs amounted in
one year to 23,000/, yet the drafts of those bills had
been also destroyed.
Mr. W. C. Wright, accountant for the assignees, was
then called, and verified the statements advanced by the
Learned Counsel.
Mr. CHAMBERS said, that in obedience to the order of
the Chief Judge in the Court of Review, the bankrupt
bed attended that day before the lion. Commissioner to
be examined touching the accuracy of his balance-sheet,
and he (Mr. Chambers) protested against the unusual
course adopted by Mr. James, of making, in fact, an ac-
countant, however talented or however respectable, usurp
the functions of the Learned Commissioner, and adjudge
the case by the evidence he advanced on the occasion.
He submitted that the Learned Commissioner could only
found his judgment upon the examination of the bank-
rupt himself, and not on the opinion advanced by the
accountant.
Mr. JAMES replied to the objection, which was ulti-
mately overruled by the Hon. Commissioner.
The bankrupt was then placed in the witness-box, and
examined by Mr. JAMES.—He had no vouchers for any
part of the 90,0001. Ire never had a book of bills re-
ceivable. The date of bills due could be ascertained by
the cash-book. The dates in that book were not
always correct, but he could not explain why they
should not be so. In some cases " lumping sums" were
set down to certain accounts, which might balance them
exactly. He did not put them down, nor did he intend
that they should be so balanced. His intention was to pay
General Wyndham's bills when they became due. He
had not done so. They were all dishonoured.
After some further examination the matter was ad-
journed for two months, in order that the bankrupt
might furnish vouchers, where that could be done, or
give the names of the parties to whom the amounts had
been given, and the dates at which those payments were
made.

THE LATE RAILWAY ACCIDENT.
NOTTINGHAM, DEC. 3.
The adjourned inquest on Mr. William Varnalls
was again resumed this morning, and at two o'clock
the Coroner commenced summing up, which was con-
cluded at twenty minutes past three o'clock, and the
jury entered upon a deliberation, and were so engaged
when this report left.

tehoensiurnmigio7.
SPIRIT of the PUBLIC JOURNALS.
exposege e r a 1
FROM THE EVENING PAPERS OF THIS DAI.
GLOBE.—We have frequently had occasion to
h.heigbhoundtutitehse onoffaerrtictloes
the
smuggler ; the temptation to embaYrk iny
eillicitthe
.trans-
actions which they present to the trader;
they inflict on the fair dealer ; and thre;l injury
they occasion to the revenue ; have been oftenosaalluded
to, as combining to form an array of evidence
a course which is , no less subversive of morality than
againstth
it is mischievous to the commercial, trading,y andan
fiscal interests of the country. In an article on
this subject which appeared is our columns a few
days since, we alluded to the great expense at
which the several descriptions of force for the pre-
vention and detection of smuggling are kept up;
and remarked that this large item of expense would
be greatly diminished were the duties on such articles
materially decreased. It is not, therefore, from the
fact, that in the case of tobacco, and some other articles,
the quantity smuggled into the country amounts to
, nearly a moiety of the entire quantity consumed, that
the extent of loss to the revenue is to be calculated. A
considerable proportion of the expense at which the de-
tective and preventive force is kept up, must be added
to this positive loss. When these two items are added
together, and the discouragement which such restric-
tive duties inflict on commerce are also taken into the
account, who can suppress surprise that a system so
fraught with folly should have found advocates ? A
Parliamentary paper, issued on Saturday last, sup-
plies evidence on this branch of the subject which
will enforce the necessity of revising the Import Du-
ties, with a view to their diminution. The folly of