The Sun.
London, England, 1829-07-08 00:00:00

THE FUNDS.-(TIIISIDAY.)

CITY, TwEErE o' CLOCK.
Consols opened at the same prieithey left off at yester-
day, 88i and remain so at present, with no business
doing as yet.

The Foreign market is also in a state of stagnation.

TWO O'CLOCK.
Although a sale of 50,0001. Consols took place, it has
not hai the least effect on the market. Consols have con-
tinued the whole of the morning at 88i for the Account,
and 88a (sellers) for money, with little doing.
We have two arrivals this morning from Rio Janeiro, a
mail which left on the 2d of May, and the Minerva, which
sailed on the sth of May, both of which dates are not later
than the List accounts, consequently they cannot bring any
fresh news.

We have also an arrival from Canton of the 28th of
February, by the Orwell, but the letters have not as yet
come to hand. We are still anxiously waiting the arrival
of the Hai/burgh steamer.

The dividends are now paying to the public, which may
be the cause of throwing some spirit in the Consol market.
Up to the present hour we have no continental in-
formation.

The Foreign Market continues void of the the least in-
terest. Russian Stock has rather improved, 97} 98;
Brazil, 571 ; Buenos Ayres, 221 3 ; Portuguese, 41 ;
Danish, 661 1; Colombian, 16i 17k ; Mexican, 21i ;
Spanish, 91.

THREE O'CLOCK.
Consols for account, 88i 1 ; for money, 88g.

placecism rn
fors'
COACH-MAKERS' BENEVOLENT INSTITU-
, —A very numerous meeting of the Coach-makers,
Trimmers,
and Harness-makers of the metropolis, took
.laesrtnight in the theatre of the Mechanics' Institu-
tion,the purpose of taking into consideration the pro-
priety of permanently establishing an Institution, to be
designated by the above title, for the relief of aged and
distressed Coach-makers, Trimmers, and Harness-makers,
and their widows and orphans. A variety of resolutions
were entered into, after which the meeting adjourned.

. c.

SHIPPING INTELLIGENCE-(THIS DAY.)

FROM LLOYD'S.

DEAL, JULY 7.—Wind S.W.—Arrived from
London, the Ann and Mary, Scott, for Demerara ;
Gambia, Grove, for Jamaica; Norna, Leggatt, for
Halifax; and Faith, Jackson, for St. Kitts. Passed
the Vestal, Taylor, from Charleston; and Planet,
Barclay, from Jamaica.

JULY G.—Passed the Marquis Camden, from
China.

PORTSMOUTH, JULY 7.—Wind Westerly.—Ar-
rived the Lord Wellington transport from Rio
Janeiro, with Sir John Sinclair, and the remainder
of the crew of the Doris. The Carn Brea Castle is
full of water, with her main and mizen masts cut
away and her rudder gone, on Harmer rocks, near
Motterton Chinck ; she was lying this morning
tolerably well for getting her cargo out, but there
was no prospect of getting her off. It has, how-
ever, been blowing so hard all day that she may have
sustained serious injury, and may possibly go to
pieces. One of the crew was drowned yesterday
by the boat upsetting.
PLYMOUTH, JULY 6.—Wind W.—Arrived the
Scotia, Gilchrist-, from Trieste; and Restitution,
Moon, from St. John's, N. B.
FALMOUTH, JULY 6.—Wind W. to W.S.W.—
Arrived the Unity, Woolridge, from Gibraltar.
DOVER, JULY 7.—Arrived the Astrea, Head, from
St. Lucia; and Peter, Proctor,' from the Cape of
Good Hope.
COWES, JULY 7.—Arrived the Andes, Baton,
from Virginia.

Arrived off the Start, the John, Munro, from
Berbice.

The William, Bottomley, from Riga to London,
was totally wrecked on the Gunfleet Sand, during a
gale on Friday night.
The Bdellium, Bushell, from Newcastle to Corfu,
was driven on shore the 16th ult., near Cape Spartel,
but expected to be got off.

LAW INTELLIGENCE.-(THIS DAY.

COURT OF CHANCERY.

EX-PARTE BADCOCK IN THE MATTER OF GUNDRYS, A
BANKRUPT.
ASSIGNEES AND COMMISSIONER REMOVED.

The LORD CHANCELLOR disposed in judgment of
this matter to-day. In doing so lie said, I have
looked over the affidavits, which cons;st of many
thousands of folios, but it does not appear necessary
from the view I take of this case to enter into the
details of the facts. There is no principle more clearly
established in this Court, and which has been more
constantly acted upon and rigidly pursued, particu-
larly by my learned predecessor, than this, that the
assignees of a bankrupt's estate are not to be allowed
either directly or indirectly, to become the purchasers
substantially of the property of the bankrupt. It does
not signify in a case of this description, what may
have been the motives which may have actuated the
conduct of the assignee. If his motives had been of
the most honourable description, still if he has
become substantially a purchaser of the property of
the bankrupt, such transactions cannot be sanctioned
by this Court. I canna do better in a case of this
nature than refer to the language of my Lord Eldon,
in the case of ex:parte Bennet, in which he states
this principle with great clearness and distinctness.
(His Lordship read Lord Eldon's dicta.)-4 have
read this passage from the judgment of Lord
Eldon, in the case of ex-parte Bennett, as one
of the late cases on this subject; but it is
merely confirmatory of the language of that
Learned Judge in a great variety of cases. The
rule is founded on the principle laid down in the
concluding passage I have stated, namely, that
in a transaction of this kind, it is almost im-
possible to institute any inquiry calculated suf-
ficiently to sift the circumstances of each particular
case ; therefore the Court has laid down, as a broad and
general rule, never to be departed from, that however
upright the transaction may be, the Court will not
sanction a case in which the assignee or trustee has,
through the medium of a sale, possessed himself of
the property of the per,on whom he represents. As re-
gards this case, it appears that John Gundry, with respect
to whose bankruptcy and whose interest the principal
question arises, was the proprietor of several shares in a
mine called Wheal Vor and Wheal Vreah, near the bo-
rough of Helston, in Cornwall, which he had purchased;
that he fell into pecuniary embarrassments, which led to a

bankruptcy, and that bankruptcy took place towards the

close of 1820. One of the assignees was a Mr. Grylls, a
solicitor, the other was a gentleman named Charles Reid.
The assignees were chosen, I think, on the 15th of Feb.,
and three days after the choice of the assignees they re-
linquished the interest of the bankrupt in the mine to the
other proprietors. They relinquished the interest of the
bankrupt in the mine only, reserving to themselves, as
was usual in cases of that description, the interest of the
bankrupt in the debts, materials, and existing produce of

the mine that was then upon the premises. Being
afterwards, however, apprised, either from their
own inquiries, or as they have stated by the advice of
Counsel, that they were subjecting themselves to liability
by the transaction, towards the close of April they re-
linquished all the interest of the bankrupt in the mine and

in the materials, &c., to which I have adverted.—
Great complaints have been made in the course
of this inquiry with respect to that relinquishment;
but I am of opinion, after looking at the affida-
vits attentively in respect to this, and after consider-
ing all the circumstances regarding the relinquishment,
that if that relinquishment had stood alone and as an iso-
lated transaction, there would not have been a sufficient
ground for the Court to interfere on account of it. After
some further remarks, his Lordship went on to say, it is
said no valuation was made before the relinquishment, for
the purpose of ascertaining whether the property would
have been available property to the estate of the
bankrupt. I think, after looking at all the circum-
stances, I am justified in coming to this conclusion, that
in consequence of the involved state of the mine, and
existing affairs, this was not a property which at that
moment could be considered as availahleto the estate of the
bankrupt. But it appears to me that that is only a part
of the case : Mr. Grylls, before he was chosen assignee,
before he had any thing to do with the bankrupt's estate,
from any circumstances that appear in these affidavits,
had ample opportunities of knowing what the state of this
mine was, and what were the prospects to be entertained of it.
His Lordship, after alluding to a meeting of the new ad-
venturers, went on to say, on the 15th of February Mr.
Grylls was chosen an assignee, and on the morning after a
meeting of the adventurers took place, for the purpose of
following up the former proposition. Certain resolutions
were then entered, by which the creditors were to be called
upon to take proceedings in the Vice Warden's Court for
the purpose of establishing their debts, and then to have
those transactions followed up through a sale in their
Court. This took place on the 16th February, the very day
after Mr. Grylls was chosen an assignee. Two days after
wards Mr. G., in conjunction with Mr. Reid, relinquished
all the interest in the mine. In five days subsequently
another meeting was held between the old and new adven-
turers, at which they came to an arrangement between
themselves as to the form in which the new adventurers
should take their shares in the mine. Certain regulations
were entered into, and it appears that Mr. Grylls was to take
3-58 ths of the mine : at a fnture meeting it was arranged that
his share should be 11-58ths, and afterwards that his inte-
rest should be 11-54ths. In June those transactions were
completed ; and it was agreed that 18,0001. should be paid
for this interest in the mine, that being something more
than the value of the materials and produce of the mine
which was then either upon or below the surface,
actually separated from the mine ; then that a decree
should immediately be made in the Vice-Warden's Court,
and the whole property conveyed to the, adventurers. All
this took place between the creditors on the one side and

the old and new adventurers on the other, which were mere
matters of form. The decree in the Vice-Warden's Court
was made, and Mr. Grylls took his 11-5441i5. I think,
looking at this transaction as I have represented it, and all the
circumstances connec'el with it,it must appear that previous-
ly to the relinquishment on the part of the assignees of the
bankrupt's interest in the property, Mr. Grylls had con-
templated the forming of a new company, in which he was
be substituted with the consent of the others, precisely
in the situation of Gundry, and to become interested in
the mine. Now it is impossible for me to look at that and

not see that it amounts to a transfer for a valuable corgi_

deration through the medium of the Vice Wardrn's
Court, and of the machinery to which I have ail-

verted—a transfer of the interest of the bankrupt to
Mr. Grylls and those persons who were associated
with him ; not a transfer precisely of the same in-
terest that the bankrupt had, but substantially a transfer

of his interest to Mr. orylls and the new adventurers. I

,

think, therefore, upon the principle on which the Court
Las always acted, it is impossible I can sanction such
a transaction ; but that I am bound to declare I
consider Mr. Grylls as holding the interest he had
taken as a trustee for the benefit of the creditors.--
Under all the circumstances, I regard this as a case in
which the interest of Gundry, the bankrupt, in the mine
was transferred for a valuable consideration to the assignee,
and that therefore the assignee must be held accountable
to the creditors. The order, then, to be made, must be
to this effect :—An inquiry must be made for the purpose
of ascertaining what the extent of shares in this mine
was taken by Mr. Grylls ; what the extent
of shares was taken by Mr. Plummer ; that
both Mr. Grylls and Mr. Plummer must be considered as
trustees for the whole body of the creditors, to the extent
of those shares, —of course being entitled, under the cir-
cumstances, to credit for all the money they themselves
may have expended. I think, too, according to the principle
applying to the case, that Mr. Grylls can no longer act as
assignee; nor can Mr. Charles Reid continue longer to
act ; neither can Mr. Plummer, who has taken some of the
shares, continue a commissioner. I think the costs of the
petition should be paid by Grylls, Plummer, and Reid.
After some observations from the bar upon the costs, the
Court promised to look again to the affidavits, and then
decide upon the costs of some of the other Commissioners,
Messrs. Arundel, Rogers, and John Jebbutt or Vivian.

VICE-CHANCELLOR'S COURT.
INJUNCTION..--MASSANO V. DAY AND ANOTHER.
The SOLICITOR-GENERAL applied for an injunction to
restrain the defendants from selling or in any way disposing
of certain pictures. The plaintiff, Joseph Marie Massano, is
a gentleman residing at Rome, and some time since de•
posited with the defendant Day (proprietor of the Egyptian
h ill, Piccadilly) for the purpose of exhibition, the celt.'
brated pictures of the 1' Martyrdom of St. Peter," by
Murillo ; " The Virgin and Infant," by Rubens ; " The
Rape of the Sabines," by the same artist ; and also
that of " Christ and St. Catherine," after the school of
Titian ; but during the time they were supposed to be ill'
the custody of Mr. Day, the plaintiff obtained a pur-
chaser, and gave an order upon the defendant to deliver
them up. When the order was presented, it was dis-
covered that the pictures had been transferred to the other'
defendant, Barnard, who is keeper of the Gallery of the
British Institution, where they are now exhibiting with-
out the consent of the plaintiff. Upon application being
made at that establishment, another refusal was met with,
accompanied with an intimation from Mr. Barnard
that it was not the intention of the managers to part
with them before the end of the season. Under these
cir-
cumstances, the plaintiff for the better protection of log
property, was advised to make the present application.
The VICE-CHANCELLOR—You are clearly entitled Mr.
Solicitor to the relief prayed for.—lnjunction granted.
This being the last day of Term, his Honour heard
motions only, none of which up to the time our Reporter
left, were of any public interest.

COURT OF EXCHEQUER.
WILTON V. FAREBROTHER AND ANOTHER.
The Court was occupied the whole morning with hear-
ing a motion in this case, which relates to the validity of
the commission of bankruptcy issued against Messrs•
Chambers and Sons, late bankers in Bond-street, aui
which has been frequently before the public. The rule
obtained for a new trial was discharged.