Bankruptcy of Marsh, Stra...
The Times, 1824-12-20T00:00:00

A farther investigation o the affairsof IMlessrs. Alarsl, Stracey, and Graham took placc before the Commissioners of Bankrupts, at (uildhalt, on Saturday. A Yery few persons only were present until after I o'clock (apprehendwg some postponement probably) in the norning but as soon as It was understood that the bankrupts were to appear, (though not to make their final disclesure)j the room speedily became so croWded that the Commissioners wish difficulty got to their seats. Several emlinent barristers were in attendance pro. fessionallv. The Common Sergeant appeared for Ir. Marsh ; Mr. F. Pollo&k1 for Air. Stracey; and Air. hlerewetber fbr Mr. Graham.,- The assignees,.Aliessfra. Bolland, Hate, and Knight,,also came forward (though nleither bankrupts nor assignees could get a seat), aud MIr. Basil- DMonssgu appeared as their counsel. Messrs. Mlarsh, Stracey, and traham having been sworn by the Chief Commissioner to nmske a true didclosure, and informed in the regular way that any concealment of property beyond 201. by them would become , felony, - Mr..KwGOrg (tYhealtorney )rose,anddesiredtto iutsome questions. Mr. MUOxTAGf flubjnlttecl that Mr. Knightfs procceding was premature. The regular couyse was, in the first place, for the balance-sheet to be produced ; and the next business was for the assignees to offer their observations upon it to the Commissionets. Alr. K IGHT insiste - that he was in order, and that he had a righlt to put his qutestions: he represented a body of creditors whose claim was to the amountof 60,1001. Alr. IIONTAGU did not meani to disptute AZr. Knight's right, but merely to correct him as to the timte of exercising it. iis (Ar. Montagu a) only object dwa to prevent delay, and needless charge, as tar as poruible, to the estate, which lbad already, he begged to say, 100 0001 In czsh ready to distribute among the claimantHs. Nr. lRsVI;sT wished to add, as far as possible, to that t'und, and would at once state hisobject. On the Saturdayon which ithe house in Beruers-street had stopped payment, a number of promissory notes and bills (to the amount of near 10,0001.) had been put into tihe hands of a particular gentlentan (wbose :ame lie woutld not mention) by Air. Stracey. Those bills were to be discounted on account of the firm: now he (51r. Knight) had information that some of these very bills had been since paii by the acceptors; and not paid on account of the estate of Mlarsh and Co., but for the private account of the holder-that was, of the person to whom thev had been committed. lie wished at once to ask Mlr. Stracey, whai coII. sideration had induced him to deliver, out these bills on the day of the bankruptey ? How came it that the party to whom they had been delivered for the purpose of distount, had been in possesson of one of them hlimself, and even received the amount of it subsequent to the failure ? M4r. Stracey's solicitor isere caine forward, and intimated that his client was perf'ectly ready toanewerthose questions. AMr. AIONTAGU said, that lie still, for the sake of regularity, op1osed any answer being given. hr. ;MAYHEW (a solicitrr) said, that Allr. Mlentagu seeted act. lng as counsel for the bankrupts, rather than for the assignees. Mr. 51 ONTAGU denied that he was doing so, and insisted that something like rulemustbe'adheredto. Theimputation now brought forward was not one of concealment, but of fraudulent preference, As a charge of preference, it was not only the invariable couise, but it was of the highest risporthn.ceo the creditors, that any examina- tion as to it should be pzlv'vtte. Air. KNia;ij and-hi1r. MAYHEW still urged the advantage of immediate in4tiry. Alr. AIOWTAGU.-I shal resist it: and Iappeal tothe Com- inissioners whether I am right. But the fact is (now you have nam- ed your charge) that there is iothing to inquire about. We have al- ready the examination of the :gentleman-It.r. Burton, a broker of high respectability-to whom you alude, and to whom these bills vere given. rhe fct is, thiatat the lsast meeting here, Mlessrs. La. fitte and Co., the bankers of Paris, teneered proof aginst the estate of Marsh aindl Co., upon a bill wrhich boore the nanie of ir. Burton, as an endorser. At the moment theti this claim was made. it was not quite certain wlhether it vwouldl be admitted; and Mr. Burten (till the point was settled) r0fused to give up some of the bills to which yoa now refer, conceiving that lie had a lien upon them. It is!i&z clear f claim on the estate will be allow- ed.; nnd Mr. Burton-I}i agreed to (leposit the bills under the joint control of tife a'signe D and himself, to be given up ac soon as lie Shall be reglariyqxohgrated. lt wme chcn-a'roed ibat' Mr. Krnight tshould ca'l on Mr. Gordon, the soliciltr for the corMnlssion, and have liberty to read Al r. BJur. toni's extinination ; and some conversation ensued about the fur- nishing papers on various points, which was StopPed by. Mlr. F. Pol. lockSB comung foruard rwith the balance-sheet of the Baankrupts. The contents of thia;paper stood as follows :_ CLAZI1S AGAINST TiHE ISOUSE. For cash balaices . . . X385,170 2 10 Amount proved under thle comnmission not appear. ing to the credit Of the parties . . . 96,734 10 8 Ditto of ClaiES expected to be- matle, but not yet established (This item necessarily imperfect, but comprehendingal at present known) . . 72,244 3 1 Balance of Mr. Maroh's private account . . 1,948 11 3 Air. Stracey's ditto - . . . 5,261 3 9 Alr. Faunleroy's ditto . . 14,71f; 18 3 Bad debt fund, being the amount caTried from profit and loss after the proportion carried to the credit of the nrtners, to meet the less on Harrison and Co. , and other accounts . . . 56,652 11 1 Total of efaims . . . . ?632,728 0 1 ASSETS TO MIEET THE ABOVE. By cash at Iattin' .?.11,172 14 5 Ditto in Bernersaut . . . . 13,373 13 8 Returned by Miis lddrsh . . . . . 5,000 0 0 Ditto by Sir Edvar4 tracey . . . 4,141 10 0 Stock and Exchequer Bills . . . . 2,233 0 0 Bills discounted deemed good , . 109,358 5 5 Debts deemed good . . . 179,791 19 9 Bonds and annuities ditto . . . 62,313 16 7 Alortgages and life policies - - -12,377 9 0 Reversions and shares in Stock Companies 6,2fr2 0 0 Houses and ground rents . . . 48,085 0 0 Goo6dassets . . . . ?455,10? 8 10 Deduc from this loans by the house secured by deed 56,275 15 Avalable .?398,833 13 4 By doubtful debtd . . .9,116 1 10 Doubtfal promissory notes and bills . 13,2712 96 Bad debta .. . 121,345 6 9 Bad bills and notes . . . 10,056 2 3 Total of -e36ts good and bad - ?552,623 0 4 Leaving a deficiency (assumed to be by claims oas the estate for non-invested Stock and Exchequer Bills for vhiic the house received no value) of 80,105 0 7 ?632,728 0 11 Mir. POr.LLox, bsving goae through this account, begged to say one word more upon theaFairs of the bankrupts; particularly as re- lating to their situation at the time of thefailure, some years since, of Messrs. Brickvtod and Co. The short history of that case was thisn -At the time of Brickwood's failure, Messrs. IMarsh aisd Co. had held paper of teir totheamountof 140,0001. Of this sum 45,910 had at oncetHnedouL_to be -gso;and sab3seuent pay- *mentsbad reduced dte sctts loss upan the rest to about 60,0001. 'Lo maeet that loss; and tbe pressure conseauent upon it, the friends and partners of Sarsh' house had brought lforward additional capital to the amount of 130,e001.. Two further sams of 20,0001. each, were allowed bytwo gentlemen tq remain in at the same time as cash balan This statement ot the part of the bankrupts would not be deemed Irrelevant, conslderlng the reports which had been cir- culated as to the state of their house in 1810. . Mr. AMAYnIw begged to ask how long this additional capital brought in had remained in the hands of the bank ? Ar. POLLOCK naid that a statement on that subjcct should be prepared. Mr. MAsiYHtv further wished to kitow what was meant by a va- riety of enties In the books of the bankrupts, sfIgned H. F. only. What did those hieroglyphics portend ? tIr. AlsotwTAor'said thlat it was not verydifficult to suppose what the letters Jh F. in such a situation wauld mean. Mr. AM Ayrv. tdien begged that an account might be prepared of all menies which had been brought into the house tnder that signa- ture (H F) no notice being taken at the time, as far as it appeared, of how they had cone in, or where they had come from. Mr. Kn-rosw, also, on the part of his-clients, wished to have a statement of all sutn's of nmoney which had' been received by the house eipce the.moath of January last, and of the meainer in which those sumsr hgl Ihecn aBplied. The 'counsel generalljy obr the bankrupts declared, that to whoever would apply, both the assignees and thc bankrupts would be happy to give every information. Mr. MlIAY HEW said be was bound lo admit that all his inquiries had been answered in the most-candid nmanner. Mr. 11OiTAdu repeated that the asaigaces had 100,0001. ready in casah., the momenl the law would allow a dividend to be declated. A Creditor, whose name we did not learn, said that he supposed the 398 0501. good assets were eaticaated Independent of any claim by the bank of England. One of thie Assigneen replied in the afirmatlve. Creditor.-In that cage, I the Banik claims for 250,0001., that sunt will be diminished? Ml. afoNTAGu.-Vertainly; but I believe we have very little toapprehend on that acecunt. the meeting was then declared to be adjourned. .oFrom the above " balance-sheet" (which comes as thc statement of the bankrupts) it would appear, that the statement of assets by the provisional easlgnee, afthe first meeting on the 28th of Septem. ber, was substantially correct. In that account the gross assets were taken at 544,0M., and they turned out to be 552,0001., being an ex- cess of 8,0001. to the benefit of the estate. An error as to the c8ti. mated amount ofclaimacrept into the pub)ished accounta: 100,090. jtaken l 'the probable amount of stock clairned for, not invested, wav omitted in the fall num. [ B.4NKRUPTCYy. MARSH, SMRACEY. AND GRAHA At.