The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-02-06
ENGLAND.
The Overcnd, Quincy & Co. Conspiracy Fraud
Case-Testimony of the Witnesses.

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The Overcnd, Quincy & Co. Conspiracy Fraud
Case-Testimony Of the Witnesses.
On Friday, January o. the hearing Of the ad-
Quincy Co. Qlimited) was resumed before the Lord
Mayor OF London and Alderman Sir Thomas Gabriel
IN me x seated AZ usaa in
OF their counsel Mr. Sergeant Ballantine and Mr.. j.
G. Mathew appearing for the Messrs Quincy and Mr..
Robert Birkbeck; Mr.. Sergeant Parry, Mr.. Montagu
williams and Mr.. Bromby for Mr.. Henry Ford Bar
clay; Mr.. Sergeant Sleigh and Mr. Ledgard for Mr.
H. G. Gordon, and Mr.. Gardyne for Mr.. Rennie. Mr..
George Lewis solicitor, again conducted the prose-
The long deposition which was taken on the pre-
vious Saturday Of Mr.. Robert Palmer Harding, one
OF the liquidators Of Overend, Quincy Co., was
read over over to him this morning by Mr.. Oke, the
chief clerk, and confirmed This occupied nearly an
hour and half The witness explained, In reference
to questions Of Sir Thomas Gabriel, on Saturday,
that in December. 1865, the debt Of the Greek and
Oriental shipping Company Of f144, 900 was treated
as bad and not in fact In existence at the time
of the appointment OF his firm as liquidators. That
the reason he had not taken steps to recover
It, and he thought 1t only due to himself to say
The debt OF A. T. Gordon stood, at the time Of
the transfer, at f2s,0oo. That was o balance OF
1855, as worthless and irrecoverable. That sum
formed portion OF the 23 500 transferred to the
limited company; as did also that OF 9l44 Of the
Greek and Oriental Company. The sum OF "a 2l3, sos
was debited in q book OF the limited company as
owing by the old firm. This was reduced by several
credit entries to 900. The suspense and guar
antee account at the stoppage amounted to that
sum. witness as liquidator had estimated the
claim Of the limited company against the estate Of
e. 600 to S4,0OOOO0 by the debiting OF certain
dishon0red bills guaranteed by the old firm. The
during r ~ its existence was @ oco Il made as pro
without deblting the losses during that time fl33 00O
That included the interest credited to the suspense
and guarantee account, which amounted to f131, 000
The shareholders called upon to pay the FL 900 000
and also the f42ls 500, but there are considerable
assets The cost Of the liquidation up to the present
ms has Overland a IN
other creditors besides the limited company to the
extent OF 900. TbctliqudatOrs CAIN f166 900
from the members OF the Old frm on the calls on
shares.
Being cross.examined by Mr.. Sergeant 'Ballantine,
the witness said:-By reference to the books OF the
old firm I find that in 1851 the bills discounted
amounted to 000 in 1862 Goa s4 900; 1883,
fSs,37aooo, and In 1884 E749s4, 600 II It had
Company ought to have made large PROFITS
on these bill transactions. The total amount
on bills discounted IN nine months OF the limited
company $50 029, 900. The bills were not all re-
discounted but those rediscounted amounted TO
$780, 900. Conducted with ordinary prudence the
During the existence Of the limited COMPANY there
was an extraordinary pressure In the money market;
the bank rate rose considerably, the funds fell and
everything was depressed The eject OF the bank
rate rising was to bring large loss the redis-
counting OF bills These were n set Of circumstances
highly prejndica , 70 ,ne ,b business While TINS
stlll on their shoulders. There was q debit OF
Overend, Quincy Co. TO the amount OF "a, 500,
figures This represented the deot due TO the old
firm. The value Of the guarantee represented their
private property. There had been realized under
the deed Of inspection nearly the whole OF the es-
tates. The limited company had been benefited to
the extent OF fGoo,ooo and would be further bene-
fitted by Ef00000 Some portions Of the personal es-
tates were sold prior to the stoppage TO The amount
OF 100000 and was brought TO the credit OF the
suspense and guarantee account and IN liquidation
OF the debt. believe the witness contnuedI the
cause OF the stoppage was the knowledge by the pub
lie that the separate estates OF the partners
being realized; this shook the public confidence In
the Undertaking. The witness added an expression
OF opinion that n che market continued at present
the lquidators would be able TO return the E5 call.
by Mr.. Sergeant parry-Mr. Barclay held hts shares
to the last, and has contributed E35,0O0 on his
1000 shares. he IL liable for $4,000 more. Mr..
George II. Head held 1000 shares at the time OF the
suspension. l cannot say whether 600 shares be-
longed 70 his wife, who ~ sister Of Mr.. Henry Ed
mund Quincy. Mr.. Head has paid fS5, coo on his
shares
BY Mr.. Sergeant sleigh-Mr Gordon at the time Of
the suspension held 200 shares, and he has paid
upon them tIO0O The shares were saleable at nine
per cent premium during the existence OF the COM
pany.
ny Mr.. oardyne-Mr. Geore Rennie, brother OF
the defendant held eighty shares to the date OF sus-
pension, and has paid all the calls made upon him.
ke-examined By Mr. Lewis 200 shares were the
ssqu,sl1e , number a. 2 qualification for director;
mr. MlnaIn Kennie held 201 shares, and Messrs.
Gurneys and Mr. Brxbeck at the time OF the suspen-
son ss2S; these were part Of the shares allotted 70
,nem as part OF the goodwill the actual profit Of the
| limited company during its nine months, existence
was fLal3; we estimate the loss on bad and doubt
Iui aeoLs wil ultimately be fi,50o,ooo; in the six
years previous 70 the formation OF the limited com
pany ne loss BY the old firm was about "a 900 600
| Mr. william Turquand, OF the nrm OF Coleman,
| Turquand Co., when called on the witness stand.
SAID he was one OF the IiquIdators OF the comnany;
the item OF f2S,oo0 tPcto, Belts 4 20. re Arab,
" sne suspense and guarantee account arose
IA connection Win an undertaking TO make
tween overend, Quincy Co. and Peto, Belts 4
90 that survey preparatory 10 the Construction 81
| the liDe should be undertaken at their Iont ex.
pense. That was DONE The survey was made. and
resulted 10 tender BY Peto Bctts Tor the con.
cesson OF the railway; but the Turkish government
survey was E2s,0o0 OF which Overend 4 Quincy
paid fl4000 and Peto Belts fl40OO. No attemni
because II was obviously useless-in fact there va
/ nothing to recover.
In answer TO the questionable You know any.
| thing OF the Greek and Oriental Steam sh,pnn,o
| Company witness said.-It was a company car.
fied on by Stefan0s xenos. Messrs Oyerend anr.
ney nso maze considerabe a1vances 10 that gentle.