New-York tribune., 1872-12-13
AFFAIRS IN GREAT BRITAIN.

NATION OF ROBERT BOWLES-ACIION of |
THE CREDrroRs-wHEAT AND POTATO CROPS
Mr. T. HUGHES AS A CANDIDATE FOR
PARLIAMENT.
IrKoM TER REGULAR CORRESPONDENT OF THE TRibUsKl
LONDON. Nov 28.-The second hearing IN
the case OF Robert Bowes the charge OF rauduenty
pledgpc securities intrusted TO him for safekeepng
took place on Tuesday The adjourned meeting OF credit
ors was held yesterday, and the statements made In
both we're Of the most damaging character said In my
last letter that the case Of DAiont which the
prosecution is based ia not the worst case Mrs. Gatess
loss had been mentioned in former letter, ana MIS-
Gates has now been witness She testes In SUD
stance that she lodged with Bowles Brothers on the 2
June last securities TO the amount OF about seV ne
gives an accurate list which need not rcpcap that they
were lodged for safe custody till she returned from the
Continent; that she receipt, and that she never
authorized the defendant else to pledge tho
securities or 70 collect coupons upon them Her secur
ties we're among in possession OF the Union BANK
pledged by Bowles Brothers for advances made by the
bank to themselves have heard some other details OF
Mrs Gates's story which not brought out on the
examination She ls lady of great age, South
erner who had disposed of her properly IN
South Carolina at considerable sacrifice In order to put
1t IN shape which both the property itself would DO
perfectly and the income from 1t certain Ihese
IS 900 in United States and Massachusetts, bonds formed
large part OF whole and they are gone beyond nope
of recovery Yet this lady declined out OF compassion
brutay robbed her--to prosecue and it was against
her wish that she appeared as witness. know OF
cases even harder OF poor young men who have pald
the few hundreds of dollars which were their sole re-
Europe into this rotten bank and who are Nv
ing to-day on charity know Of moneys having been
paid in on the ght before the failure when even MI
Keith and Mr.. Robert Bowes. whose ignorance real or
affected is so great must have known they were going
IN sion payment next morning They seem TO have gone
on the principle Of sweeping everything Into their net
The report made TO the creditors of Bowles Brothers
by their committee very outspoken and very hopeless
The accounts been examined by Messrs Turquand
Young & Co.. one OF the most eminent firms Of account
ants in London and the committee base their report on
this and on their examinations into the books and
affairs of the firm. They begin by declaring their
opinion that OF the partners may be FOUND crln
nay liable for the msappropration OF their customers
securities and they add that the managers OF the Lon
don house taken prominent part in this misappro
priaon The prospects for the creditors are disastrous
The estimated liabilities S415O0 Securities TO the
amount Of $4,000 deposited with the hrm Tor sale
custody only have been pledged with the bankers
Of the London house against loans inc liabilities Oh
the firm are further extended TO the amount
Of about s5OO due in respect OF shares Of the Joint
National Agency, being the amount not paid up 100000
shares at s. each Against this the only realizabe
sets are cash and bills receivable and few debit
accounts, in all amounting TO about $4,000. There
additional debtor balances the books amounting nom
|
900O which may be the correct gure) the nature and
value Of which neither Mr. Robert Bowles Mr. Keith
the London manager are able to explain estimate.
Very little, think the Committee, Will ever be realized
from these mysterious balances The London books
show no capital of the several partners and
their drawings in London have been debted 10 salary and
entertainment They express great surprise at
the way in which the affairs of Bowles Brothers and the
Joint National Agency have been linked up and also ut
the ignorance proessed by Mr. Robert Bowles and Mr.
| Keith.
Some comment hasl been excited by the transactions
with which Messrs T. & 8. Morgan Co. connected
during the four weeks Immediately before the failure
but the committee entirely exOnerate them from impu
tations believe the fact TO be that when Mr. Bowes
found the firm in difficulties, he went to Mr. Morgan, ex-
btng TO him letters and kilograms which satisfied Mr.
Morgan that they had funds the way from NewYork
to the advances asked for and that they
only Temporarily accommodation. lie advanced the
money and when the application renewed renewed
the advances, until the negotiations reached point
which reused Mr.. Morgans suspicious and led him to
decline going similar application then made
only two days before the failure, to another American
house liz London but when that house found that Mr.
Morgan had refused further help they also refused and
two days later the crash came.
The Committee recommend placing the estate in bank
ruptcy. Sir Antonio Brady one Of the creditors, re-
marked that he felt the real cuprits were not yet in
custody that the OF downright fraud and
that though be had lost 1000 he would glaoy
scribe something TO bring to justice the author of the
calamity. The solicitor who represented Mr.. Nell OF
NewJersey the largest creditor said nothing to be
hoped for the Union Bank, the securities pledged
with them being transferable and the law being the
side of Bank He had not in his years experience
known of so viainous transaction this The fra
had opened houses in Europe apparently without
shilling capital and the partners always drawing
out what money they pleased He referred also to the
question of Mr.. Appleton's liability, and a telegram
reported to have been sent by him to Mr. Morgan
gang to the creditors paid. He was for putting all
the partners into bankruptcy 1t could be DONE OF Mr.
Keith he said that he culpabe the rest OH
the very day OF the soppage he had drawn $4,000
and transferred part Of to the Paris house. 1t is clear
moreover that the Committee think Mr. Appleton can be
made liable all tthe debts The motion to put the
into bankruptcy carried unanimously. The
costs OF that proceeding will probably eat good part
Of what is left and the failure bids fair TO be all re-
spects except to the amount Of losses OF the
worst known in London Mr. Robert Bowles was
again remanded and goes about on bail a. before.
Mr. James Card great authority, has published this
week letter the crops OF 1872 and the probable
wants of England during the coming year, of mo little
interest TO American growers and dealers. That the
crops in England woulo prove unusually bad this year
has been known in America for many months. II may
not DO generally understood that there is already
good deal Of apprehension about next years crops The
weather this Autumn has been that It has been
impossible to prepare and properly the best wheat
landsthat Is the richer and heavier soils Mr. Card is
opinion that II the weather should change, the
far advanced to make up altogether lost
time Should it continue, he fears that the harvest OF
1873 may bad that OF 1885, which the worst
during the last years. and the consequence of the
wet Autumn and Winter Of 1884,
The most interesting question 10 Americans in how
much wheat is England likely TO want from abroad In
these circumstances Mr. Card estimates II at
bushes per month from September 1872 % September