The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-15
Meeting OF the Messrs. Dennistoun's Creditors.

from the London News, Nov. 20
Yesterday meeting Of Dennst-un h Co 3 creditors
held at the London Tavern for the purpose Of receiv
ing balance sheet prepared by Mr. Coleman, the well
known accountant and generally TO take into consideration
the whole affairs OF the firm. The attendance very
Mr.. Charles Binney skinner, Of the firm OK
Jardine, skinner & Co.. was called TO tho chair.
Mr.. COLEMAN read the balance sheet II included tho
whole Of the transactions OF Messrs j. A. Dennstoun Of
Glasgow; Dennstoun Co., of Liverpool; Dcnnistoun,
Wood Co., New York. and A. j. Dennistoun Co., OF
New Orleans Tho general statement follows -
On the debtor side the following To creditors
open accounts f9l e47 los Sd do holding security,
f2l7 27s Is sd co. on bills payable, Fl 1888 7s &c. Id
liabilities f2 701 15s Cd amount OF capital standing 10
the credit Of the several partners E560 ss7 D. Cd do
Liverpool Borough Bank shares cost f20s s73 2s lid
f2s $40 Is I'D making total Of f2 s3b es2 &c. ID On tho
credit sde-By cash In hand, e,03s los. 3D. count
ing houses, furniture &c, e., 800 produce on hand
f2s $50; bis receivable on hand fIl 7so o. 3D.. deb
in Great Britain &C, f2l30i 7s Id; do. and pro-
perty in America 81 2i5 ias Cd securities with cre-
dors flsT ESQ ls lOd amount 10 debit OF Dcnnstoun,
Brothers Co Australia, casa 34b lbs. sd-f2 ass $40
9s Further separate estates OF the partners available,
fleo T9 los Sd debts due To the separate partners in
America cas- 3a9 Liverpool Borough Bank shares CONTRA
Cos $40 rs. lid making E2 a35 9a2 ss I'd The claims
and assets exhibited tho following items the debit side:
TO creditors open accounts col ss7 los 3D. TO do.
bills payable f1 s33 AIS d. Id less balances tho
debit OF parties Tor whose account the bills are accepted
The principal part OF which considered good f1 2s
Ala bs. 3d-f6le 063 lis. 1od creditors partially 50
cured cir lI2 lts I'D security held, fI42, ,b3i los.
E34 ,6l0 los. Id; creditors fully secured-securty
held, fii 54s lTs 1od.; claims, E4O l33 g. 1Od -
s4,4lt lis, liabilities bills discounted E5li,7e0
"
on this estate 100000. making f795 ,s22 Sc sd.
On The credit side there appearcdBy cash in hand &c,
le css los I'd BY counting houses furniture &c f,oo
El 7s6 es Sd by debtors and property f5s2 sl4 i7s.
3d.; by surplus from securities contra, "a 46 ls by
amount 10 debit Of Dennstoun Brothers Co (Ausrala,
fssi I5 l5s. 6d-f1 osl 261 Is lid by further sepa-
rate estates Of the partners available, f1eo 379 Ice Sd
by debts due 70 the separate partners in America s 3so
making 81 $50 ,o3o lss. I'd.
Mr.. Coleman commented on tho different tems in tho
foregoing statement and concluded by referring TO
tttnnx alput IN ha hQba of
partners for the settlement OF the claims upon them
Mr.. Murray, Of London street said Il now dovolved
him 10 submit on behalf of Mcssrs. Dcnnstoun Co, n
proposition which after much anxious consideration they
thought they should have nodculy carrying out aui
several firms the parent establishment upwards OF
veny years old hey had carried business at New York
upwards Of hfg years. and At New Orleans upwards Of
toned property there nothing which they had
attached their signatures but what represented property
Of some sort other, there anything In their af
fairs which could be considered in the slightest degree
dscrcdiabe % thcm merchants or OF business.
Mr. Coleman bad laid before the meeting all the items Of
tho accounts and tho partners most anxious that
every credtor should be paid full with interest There
would be proposition made behalf Of the Ave firms,
Australia Tho funds of the Australia house would be
speedily available for the payment Of debts
fore the meeting would not be surprised that In their
anxiety 70 do justice, the partners propoeed that tho
ciams ON the Australia house should be paid somewhat
earlier than those the homo houses and tho houses
in the United States. He then stated the proportions
In detail, set forth In the subjoiDed resolutions,
adding that Messrs Dcnnistoun 4 Co ANXIOUS
that they should be accepted He went 70 say
that the partners proposed that they should have letter
Of license in the usual form 70 enable them 70 cary out
the arrangements and that prom ssory nstcs
should be 70 the creditors or before the 3o OF
January next the creditors In return csncellng the exist
ing instruments Having stated detail tho propo
ston which be had 10 behalf of hIs resp~cabe
clients be hsp only 10 further that he should be happy
cpspros asked whether ir was proposed that promIs
sory should be given for each nstament or that the
whole should be included IN one note.
Mr. MURRAY replied ths, there would be separate notes.
each note carrying interest on the face OF H.
The same creditor wished 70 know whether the notes
would be endorsed by the New York house.
Mr. MURRAY said the New York house and the London
howe were the hrm. He added that hc hoped the
partners would be able 70 send 70 America by tho
mail advces that the proposition had been unan.
ousy accepted Tie need not that for the realization
IN America q 81 tnsy required not only legal
Of the creditors could Afford There course
large separate cstates involved IN this matter and tho
partners entertained confident hope that there would DO
CyproR wishad 10 know n the Australia house vssA
suspend Il the proposed arrangements we're accepted
Mr.. CoIksAs ssd, on the contrary, would support tho
Australian house.
CREDITOR inquired whether there was any partner Of
the Australian house now IN England.
Mr. MURRAY said there several here; all IN Tact,
except two In reply 10 further questions pc observed
ssory notes and that ali right and claims of every de-
scription we're reserved in the proposed Arrangement
business e he bous ,P was I'M soande
~.
sibe character For all engagements wnNn tney entered
nto they received either goods or wsat represented
goods and The credips might depend upon they did
no4 part with these on Insufficient grounds.
ACnEprros numsied that, in hs opinion, The time asked
for xould not At ali be required the Australian house
he represented he rich in Itself that could meet
all demands urou " ~ once
M Cofsx.s said nothing would be more gratifying 70
Nessrs DennistouH Co than being enabled 10 anticipate
the perod when their engagements would come W
rty He happy 10 state that Of the creditors
ur Duncan than whom there higher authority
connected with America, had held out 10 him In
saion great hopes wSh regard 70 the realization OF tho
assets In that country
on the motion Of Mr. ruNAsr seconded by Mr. HENRY
Vas wapr, 10 then resolved unanimously,
That Messrs Dennistoun Go. DO At liberty 20 continue
heir business heretofore and that 10 accordance with
he proposals submitted 70 this meeting time be given 10
hem for the Of their debts and liabilities tho
nome and United states houses foows3s the pound
cash before Jan. 30 1853 n in the pound July
3D. 1858: ~ 10 the pound on Dec al 1858; is. In the
pound June so 1852 ls in the pound Dec 81 1859;
and the remaining is m the pound June 30, 1890 with
interest each ins,ament at per cent And for the
liabilities Of Messrs Dcnnistoun Co, account Of the
separate house of pennstoun, Brothers CO. Of Ausms