The Sun.
London, England, 1828-11-20 00:00:00

MR. WHITTAKER'S FAILURE.

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ete!litly an exceedingly numerous meeting of
ditots of Mr. George Byrom Whittaker took
t the London coffee-house, Ludgate-hill, "to
14) or dissent from the trustees of his estate
Teets accepting a certain offer or proposal made
said George Byrom Whittaker and others,
purchase of such part of the stock and copy-
'belonging thereunto, as may be remaining in
session of the trustees on the 15th December,
I', This, the public may recollect, was the
ja failure to the amount of between 200,000/
4u60,000/. which took place during the panic._
7'sons who appeared as creditors consisted of
::30f eminence, a number of the principal book-
In the metropolis, printers, paper-dealers, &c.
o,_°!ilsor, one of the trustees, was called to take
r.
Itmti •
..ROPKINSON, the solicitor, explained to the
the circumstances under which they had
41--led together. They would recollect that
'ears ago they preferred winding up the affairs
estate by trustees of their own appointment
:lifting it to be settled in Chancery by a c0m-
,,1l of bankruptcy. By one of the clauses of
c4st-deed, which was signed by nearly the whole
4Zeditors, it was provided that 14 days' notice
4.: given, and a general meeting of creditors
su, to assent to or dissent from any proposal
taught be made for the disposal of the whole
lit teiPitl part of the creditors' estate. Under that
he present meeting was convened. By another
of the same deed, a letter of licence was given
It'p; Whittaker, on condition that he should, dur-
-1,,i three years then ensuing, lend his best en-
1, I's to further the general objects of the credi-
t ,144 that if the trustees, at the expiration of
srteriod,were satisfied with his conduct,he should
Iteforth released from all further demands on
C,t of those creditors who had signed the
lif, 4114 period had now only three months to
The trustees were satisfied with Mr. Whit-
-I:,,eontluet, and must give him the release sti-
thq; for. They were also desirous of relinquish-
Nepf extremely arduons trust. Mr. Whittaker,
fight be expected, would he no longer able to
0.-f` the business, as he was now naturally tlesi-
, entering into something to provide for his
tibsistence. Under these circumstances he
le a proposal to the trustees, which proposal
41 agreed to accept under certain modifies-
Pr h e Solicitor then read the formal proposal,
dated July 27, 1828. Mr. Whittaker
to return to business in partnership with
reacher and Mr. David George Arnot. He
A to re-purchase the whole of the stock re-
on hand, and also the copyrights, on a va-
4lade by two persons, one appointed by the
the other by himself; these two to have
t° appoint a third. The terms of the pur-
, that 25 per cent. ready money should
and that the remainder of the purchase-
luld be paid by bills at one, two, three,

Years' elate. After some negociations it was
he
a sufficient proportion of the copyrights
'11(le retained as security for the due payment
t,1119. This was in substance the proposal to
the creditors were now called upon to give
It or dissent. They had received already
etd of 7s. 6d. in the pound. There were
creditors to the amount of 52,0001.—that is,
of Mr. Whittaker's family, whose capital
largely embarked in the business, and whose
In the estate amounted to the sum stated.

'revided that they should receive nothing
the other creditors of the estate had received
of ten shillings in the pound. The family
it: Were then to receive a dividend of ten shil-
, the pound, and after that, all the creditors
Nate were to be paid in full before the family
received any more. The half-crown in the
'jug up the 10s.in thepound to the creditors,
Irtly be paid ; when it would become ne-
provide for the ten shillings dividend on
debts. This was the outline of the pre-
ition of their aflairs.
CRY KEY said, that the trustees were de-
the warmest thanks of the creditors for
in which they had conducted the af-
_ unfortunate estate. But there was in
Instance every reason to believe that 20s.
Ind would be paid, and he thought some
was due as to how it arose that although
had done their duty, the dividend, ac-
'!o all accounts, was likely to fall so much
Ghe general expectations. The value of the
works belonging to the estate was estimated
vn f,°l., and the copyrights, which cost origi-
-00/.. were estimated at 63,000/. Some
trtlent had, it was said, taken place in their

i4olKtrisoN declared that Mr. Key was en•
(t, Error both as to his figures and his state-
,j'at there had been an improvement in the
the property.
said that his information was founded
ttts sent out of Mr. Hopkinson's own office.
4,4°PluNsoN said, that from time to time rude
tskllts had been made on the affairs of the estate,
gi,llft was to be gathered from them. The
,t'ILIEet on which the first statement had been
is the creditors was: made up in extreme haste
ii)nWeekg. This estate amounted to upwards
Ql,4°W. There were 143,000/. worth of bills
t.E to it spread through England, Ireland, and
,;' t
It was to be expected that in such an
11 theta would be many irregularities. There
clerical error of 18,0001. There were what
termed unwholesome bills—that is, bills
44ging to the business—which amounted to
qi There were a number of other items
itittl been overlooked or entered erroneously
tt.litirY of business. The hurry had, however,
been to the benefit of the estate.—
one item of 15,000/., a loss on a hop
,i'lc)n, which had been reduced 1,4001. by the

't;l the Trustees said, that Mr. Whittaker's
tt amounted to 83,0001. on a hop speculation.
I()Pict,vsoN said, the fact was, that Mr.Whit-
qq4s the only one who had money, of a dozen
.!4. with whom he imprudently entered into
'4°ll) and who plucked and pillaged 'aim.—
stees on the account of this speculation had
~t4)?f liabilities to the amount of upwards of

•
`salver to various questions from creditors, the
and the solicitor stated, that as far as they
.tietertairp, the assets of the estate amounted
70,0004 to BQ,OPP4 Qf this sum the copy-
l'iere valued at 35,001 N. The whole of these
.1e retained as securities. The creditors would
'ti" receive 92,0004 of this sum to make up
t:jt dividend of half-a-crown in the pound.--
41 i:Y debts would then take '26,000/. There
'li' 10,0Q01, 10,0Q01. to 1Z5,000/. book-debts, and va-
gePings to be got in. The number of per-
-5 had not signed the trust-deed was very
14:4(1 their total claims did not exceed 1,200.
Was one claim of between 3,000/. and
i'll'referred by "Donald Smith and Co." Scotch
„! irlio relpso to )oiil with the other cre.-
it4lhel Mr. Budd V hittaker stopped forward
`ito' them the security of his claim upon his
t: estate for the payment of their claim. It
.i, ,t4ined to the creditors that Mr. George
1114 h4tai;e: 11,_d hought of Mr, Budd Whitta-
Nte arie, 1824,' the Share which the latter had
60/44iness. The sum dwini for this'shhre inijas
V: Which was by no means a large sum, ac-
-I,lo.the value of the property at the time of
fol's transaction took place one year and a
'•
oti l'' liir. G. B, Whittaker stopped, and no
I •Id he entertained oi its yanditi.
titigdiseussiop took place as- to the mode iri
,Ithe property of the estate should he mild, •Mr.
'1;;i Was of opinion that there ought to be a (Us-
:of the good-will of the business. Mr.
ii".ll and the majority of the meeting considered
1' Was impracticable, and that the good-will
9 with the pri;:c riPal conyright3,
1),
i tip.p.ii,lo'r Nr.: whitqa.;4,., iy,(.4,-,30,40

FILSON. 'o4lor.
ication 1/4411 '!4lr ext
tent in ili' ‘llellt b€
og the soffit! .‘i4 rt the
so far back 14 ern,
msideratio° illihsit
suffered t° it°l,4de a
l
ise to inuo' ',''4(l ftio.
, refused t° 4 'ph%
strong re3' teas
rt of it. led to
1,1
If of the re' .;Trea,
?, and re' ",:ied to
former or 1,,,,414 on
to give no' .° load,
enew it, i° :4, the
untie might 2to al
request t° ' were,
)licitor, but .4ti, an
; sh ou
at we can' lir yea
; but din' , 4,(1 that ,
will, in be re
:as hurl 7bili,.
.11 a long :1 the ,
,he Court ',,lsenr
nisi in the (dead
manner in
eqedii
, when the '%l'3 of
'time, they 'eti lar
and do not •tllioli
fide pur- 1 prov
is not go' .11 the
s than the ~'ld o
• '?ts we
on to saY, 41 the
ttention tO, o
1 testate
ow passed 41 ree
ad been. Makin
abort
I to
Y. , 'NI), rd
14diti4
ssea.)
‘ll
10 to £2 15 itsr t ,
0 9 5 tk
10 4 10 tlner
10 510 q ti,.?ls
14 1 18
oted. . 1.,,t1,
Ins
5 to X 2 15 ''44;liPt:Qull
0 s 5 • 10111
5 4 5 .4‘tees
10 5 0 ', ' Ilt t
14 1 18 i 0 a
day's prices' Ve g