The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1848-02-29 00:00:00

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Mr. LLOYD replied that

they were,

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firmed."

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A most important security for the commercial
public is proposed to be given, by a clause which
renders it imperative to register all mortgages,
grants, assignments, bills of sale, &c., which render
a debtor's ostensible property unavailable to his
creditors ; such registers to be made in the county
or district where the debtor may reside, and a copy
to be filed in a general office in London. Such
registers may be inspected on payment of a fee of
ls. It is further proposed, for the more facile relief
of debtors, that a person in embarrassed circum-
stances may at any time, and whether in or out of
custody, petition the court, and procure a vesting
order to protect his estate against hostile creditors;
and on filing a proper schedule or balance sheet,
should be permitted to proceed with as little delay
as possible to his final discharge and certificate.
Mr. Laidman also recommends that the absurd and
unjust anomaly, by which a fraudulent bankrupt is
punishable by transportation for life, or imprison-
ment with hard labour, whilst the equally fraudu-
lent insolvent is only punishable with imprisonnient
for two years, without hard labour, should be got
rid of, and a more consistent course be adopted, by
which the punishment in both cases should be
made the same.

It is proposed, further, that both debtor and cre-
ditor should have a power of appeal to the Vice-
Chancellor, whose decision should be final, unless
that judge should report the case specially for the
decision of the Chancellor. The present power of
appeal to subdivision courts, and ultimately to the
House of Lords, Mr. Laidman treats as unnecessary.
Without giving in our adhesion to the whole of
Mr. Laidman's views, we can recommend his
pamphlet as worthy of the serious attention of our
commercial readers, to whom the simplification and
reform of the laws of bankruptcy must shortly be
regarded as a work which can no longer be deferred.

BIRKENHEAD, LANCASHIRE

AND CHESHIRE

JUNCTION RAILWAY

On Saturday, the half-yearly meeting of this comvanN
was held at the Town-hall, Birkenhead, and was
rously attended. Mr. Alderman Bancroft, of Afancl
in the chair,

ie report stated that the traffic had continued to in-
crease during the half-year : savings had also been effected
in salaries to a considerable extent—£l,2oo per annum—
and that by issuing of the new £27 10s. shares through
the general office, a further saving would be effected of
£2,100. The directors purpose to make legal calls for all
amounts of money in arrear, in justice to those who have
paid, and also to best serve the shareholders by prose-
cuting the main works on the line. The amount expected
to be raised will enable them to open the traffic between
Chester and Warrington in autumn, 1849, and soon after
between Warrington and Altrincham. Several resigha-
tions of directors had taken place. To supply these va-
cancies the services of Messrs. J. Bancroft and W. Gibb,
of Manchester, and of Messrs. F. Shand and J. H. Ray-
ner, of Liverpool, have been secured to the board, and
arrangements made by which one of the directors has
agreed to devote his whole time and attention to the in-
terests of the concern.
A statement of the accounts was read
was passed

and the report

Izireply to a question by Mr. Hostage, relative to the
Birkenhead Dock Company,—
The CHAIRMAN answered, in the balance of £106,283 6s.
was included an item of £50,000, debt due by the Birken-
head Dock and Warehouse Company. Several share-
holders expressed an opinion that there was no clause in
the act authorising the loan.
Mr. J. B. LLOYD, the law-clerk, said he was not in
office when the loan was made, and he had taken legal
means to recover it. There was no clause to authorise
a 1... 1

Mr. HOSTAGE.—Then I have to move that the report
of the directors be not accepted. Here is -£50,000 lost to
the company, passed to a general balance, which I thought
at first referred to cash in hand, but which turns out to
be a debt contracted in the most extraordinary manner.
I therefore beg to propose that the accounts be not passed
until some satisfactory arrangement has been made by the
board of directors for the liquidation of that sum, if ne-
.
cessa— -

at their own expense. (Loud applause.)
Mr. LLOYD said, in reply to a question, that the pro-
ceedings were instituted to recover the amount against the
Birkenhead Dock and Warehouse Company.
The Rev. Mr. BIRLEY.—What right had you to insti-
tute proceedings ? (Applause.) Upon whose authority
was the money advanced ? I have no reason to doubt the
energy, the ability, or the integrity of

. -Liemen who
have the management of this concern. But I bought my
shares at a premium, and have paid all up ; and I must
confess that the announcement respecting this £106,000
has come upon me like a thunderclap, and I am surprised
that such a large sum of money should have been lent to
a company with which this company has no connexion
whatever. I am sorry that I have to speak in such terms ;
but I am grieved to find that such a glaring act should
have been committed by the board, without the share-
holders being at all consulted in the matter, and that it
should not now have been brought before us in a manly
way, instead of being left to be fished out by questions.
As the facts appear before the meeting, it is totally unjus-
tifiable and equally unpardonable. Are those gentlemen

-clerk will inform mc. -
far as his knowled

The CHAIRMAN stated, that he had not yet had time to
understand the accounts of the company, and must,
therefore, be held blameless in respect to the manner in
which that item appeared in the statement of accounts.
He had procured an extract from the board minutes,
dated 10th August, which he read as follows :—" Present,
Messrs. John Laird, Gardner, Potter, Radcliffe, Wank-
lyn, and Brownrigg. Mr. Laird having reported that the
Royal Bank of Liverpool would give three-and-a-half per
cent. interest for money left in their hands, subject to
three months notice, and that the Birkenhead Dock
Company offered more, resolved, that £30,000 be ad-
vanced to the latter, at the rate of four-and-a-half per
cent. the principal to be returned in five months ;
also
£20,000, at four per cent. interest; this last sum to be
repaid at one month's notice. Finance Committee, 7th
SepteMber, 1846. The Secretary reported the following
payments made to the Birkenhead Dock enmnftnv_ on

Ived, that these p-a-y--m—e—ni"s%""eloo9

Mr. HOSTAGE asked, if at the time the loan was made,
some parties acting at the board of directors were not also
acting as trustees for the Dock Company ?
The CHAIRMAN read from a list, that the president of
the Dock Company was Mr. John Laird ; and that
amongst the members were Mr. William Potter, Mr. A
Radcliffe, and Mr. F. Brownrigg.
The Rev. W. BIRLEY, after some
called upon the gentleman who, upon that occasion, oc-
cupied the chair of the Birkenhead, Lancashire; and Che-
shire Junction Company, for the proprietors of wh;-1
was

strong remarli

zustee, and who was at the same time occupying the
chair of the Dock Company, to explain and justify the
proceeding to the meeting.—(Applause.)
Mr. JOHN LAIRD rose. Ile said he was deputy-chair-
man of the railway company at the time the loan was
-lade. It was thought P') the r^" com-

pany had a large amount in the bank, to seek for a sum
in hand an advantageous investment. He was requested
to inquire and report as to the best mode. At the time
the loan was made the directors were not aware that there
was any illegality in the proceeding ; and the security was
considered ample at the time.—(Hear, hear.) He had no
further explanation to give.—(Hisses.)
Mr. BROADBENT asked if the loan was made upon bond ?
Mr. J. B. LLOYD explained its character. The minute
read showed that it was merely a loan for a temporary
purpose, part to be returned after one, the other part after
five, months' notice. It was like depositing money as
with bankers. Consequently, it was not on the bonds of
the company. The railway comr

any might have been is
position for recovering it if it had been mixed ui
with other bonds. It was a common debt. Th A Dnoli

Mr. MORTON, in 'a speech of some bitterness, repu-
ited the transaction on behalf of the shareholders. He
id it was not the act of the company ; but only the act
the directors.

The Rev. W. BIRLEY followed on the same sentiment.
Mr. Moo.,rox aaid 1.;a11,000 of the X 106,000 had been
unsatisfactorily accounted for. He asked what items were
included in the remaining £56,000 ?
The CHAIRMAN read them in extenso. One was a sum
of £19,218, due by the Birkenhead (township) Commis-
sioners, for a piece of land purchased by them of the:com-
pany, near Monk's Ferry. That was the amount of the

purchase-money ; the commissioners were to pay interest
on it till 1852, and then advance the principal. He was
bound, however, in fairness to say. for he I b 1 +
W.S. .n rnn-

paying the interest on the principal.
next large item was a debt due from Mr. Thomas Crilb
son, of £19,762, for a large plot of land sold to h
£2,000 of that owing by the Birkenhead Commission
was on their bo'

Hear, hear