Star.
London, England, 1817-08-28 00:00:00

AN IRISH BANKRUPTCY.

Flom the evidence of THOMAS NOWLAN, Esq. be-
fore the Committee of the House of Commons, on
the Bankrupt Lewes
66 In order to avoid unnecessary repetition, state it
you can to the Committee, some one case, which will
convey a correct idea of the injurious effects which,
according to your judgment, flow from the present
code of Bankrupt Laws, and their administration in
Ireland ?—There is one ease, which will go a consi-
derable way in conveying the information required,
the principal facts of which I shall endeavour to
state : it is the case of Williams and Finn, who were
bankers in Dublin, Cork, and Kilkenny. Fin* was
a printer and bookseller previous to the year 1800. in
the city of Kilkenny. and a man of considerable ad-
dress and talent; Williams bad been a Captain of
Dragoons, and brother-in-law of Finn. Finn being
possessed of no property, seemed to think that bank-
ing was the best trade he could embark in, and pro-
posed to Williams to sell his commission and raise a
capital for the firm ; the sum thus produced was ex-
pended in floe pus chase of a banking-house, copper.
plates and paper ; so that, in tact. there'existed no
capital whatever on the day of their issuing their
bank-notes. Having carried on the trade of banking
in the city of Kilkenny for four years, Finn consi
dered it capable of considerable extension, and ac
cordingly opened a banking-house in Dublin, and
another in Cork, and contrived to force into circula-
tion nearly halt a million of notes at one time. The
public, however, at length became alarmed at this
enormous issue, and a long and continued run be-
came the consequence ; and Finn, perceiving the pro-
bability of his entire circulation returning, thought it
advisable to stop payment eta time that a sum of about
£70,000 was still outstanding ; and hereupon Wil-
liams quitted the country, and Finn published an
advertisement, telling his creditors be could only pay
them about a fourth of their demands ; and it is pro-
bable that such a proposition would have been acceded
to, if one of his creditors bad not had a son-in law a
solicitor. who was of opinion that a Commission of
Bankruptcy was the best mode of procuring a good
payment for the creditors, and a commission accord-
ingly issued after Finn had offered the petitioning
creditor the full amount of his debt. A considerable
struggle took place upon the election of Assignees,
and by ;be ingenuity of the Bankrupt, one fnendly
Assignee was, and two would have been elected, it
it had not been 'for the interference of my Lord
Chancellor Ponsooby. A friendly Agent of the Com-
mission was also obtained; and by the connivance of
that Agent and one friendly Assignee, though tl.a.
other Assignee was hostile, and though the majority
of the Commissioners were anxious to do their duty
as far as the preen* system of managing besieges
has
admit, the Bankrupts contrived before their
fineUmmination to purchase, through the agency of
trustees.' their town and country houses, and their
furniture; and the bankrupt Finn, before the signing
of his certificate, opened a discount office in the city
of Kilkenny. which appeared to be principally main-
tained by bills drawn upon his Assignee; he also
avowed his determination of again commencing the
business of banker as soon as his certificate should be
signed, in obtaining whieb he sustained some diffi-
culty in consequence of its being preyed. that he
made an 'attempt to conceal a sum of seven hundred
guineas- Under these circumstances, one of his cre-
ditors, who had witnessed the mischiefs caused by one
failure to a great number of poor people, who bad
thereby lost their entire property, had determined to
interfere, and, if possible, prevent the evils of a se-
cond failure. An investigation before the Commis-
sioners was, in consequence, instituted ; and, upon
suck investigation, tnost of the facts now detailed
were brought to light, and a petition was thereupon
presented to the Chancellor, to remove the Assignees
and Agent, and to bring back into the estate the pro-
perty thus purchased in trust for the Bankrupt. The
charges contained in this petition were referred to a
Master in Chancery, who devoted the utmost atten
Lion to the subject, and a great variety of proceedings
had thereon of a nature so expensive, that, upon the
final hearing of that petition there was depending
upon the issue of it, costs to the amount of at least
115,000; and if the creditor, who had thus come for-
ward in order to investigate those frauds had pot sue-
ceeded, his ruin would have been inevitable; and he
is at this moment, notwithstanding having succeeded
in bringing back into the estate property to a consi-
derable amount,out of pocket a large sum of money.
s' Have there any dividends been paid upon the
estate ?—Yes; there was a dividend of five shillings
paid by the exertions of the petitioning creditor, who
was appointed provisional Assignee ; he had collected
property to a very considerable amount before the
other Assignee was elected; and there was a dividend
of two shillings in the pound, paid by the exertions
Of the creditor who preferred the petition to the Chan-
cellor. The Chancellor was pleased to remove the
Assignees, and the collusive Assignee, whp took upon
himself the management of die Bankrupts' affairs
thereupon) became insolvent deed fled the country ;l
and thereby created considerable difficulty in the pro.:
ceedings of his successors, who deemed it advisable,'
ender the authority of the Chancellor, to remove the
Agent of the Commission; who thereupon advanced
a demand for costs to the amount of et 2,0001 no part
of which afterwards appeared to be due; but on the
contrary, atter a laborious and expensive inquiry, be
Was found a debtor to the estate; and upon that fact
being ascertained, he sold his property, add fled tht
courtly also."

In the opinion of some experienced commercial
men, more mercautik business has been transacted
in Liverpool during the last three months than in any
former period of the same length since the establish
ascot of the port. Flour and cotton have been th*
leading articles of import. The exports have corn
prised almost every product of our domestic and cc
iduisl iudusuy.