LONDON.

Otago Daily Times, Issue 2235, 5 April 1869, Page 3

LONDON.

(WWM OXTB OWWOORBB3PONDBKT.) 29tli January. Although it would probabljr be^iticorrect to state that "the oldest inhabitant" cannot remember a paxallel season to the present one, it is quite right to declare that the winter season of 18G8-9 is astonishing the inhabitant* of the United Kingdom. The weather is unprecedenfedly mild ; some of the days are like summer, and even on moat of the nights, one can can walk a,bout the streets in perfect comfort without being incommoded with an overcoat. Up to the present time of writing—29th January—not a flake of snow has fallen ; and although at the commencement of the week enthusiastic skaters were jubilant at-the prospect of a frost, in consequence of one fine cold day—they soon discovered that their joy was premature ; they were doomed to disapointraent. The Serpentine was slightly—very slightly—frozen over, and a few ultra- enthusiasts ventured upon it at the risk of a ducking, which, indeed, most of them received for their pains. There was no further accident of any kind, those who wore immersed being safely brought to shore. Most people raise their hands in wonder, and declare " there uever was such a season." Orninists stake their heads, and say " wait"; which is supposed to be a prophecy of dreadful snow and ice to come. They must come quickly, however, or the primroses will be before them. In the meantime, baked potatoes and roasted chestnut vendors pursue their busineas without fear of having their fingers and noses nipped by the frost; flower women sell their bunches of violets in the streets ; and hothouse plants presume to bloom long before they have any right to do so. In the a\ sence of any political excitement, the great sensation of the present year promises to be the charge of conspiracy brought against the directors of Overend, Gnrney, and Co. (limited), the failure of trhich company produced so much misery and despair amongst all classes of the British community. The defendants, or more properly speaking, the prisoners, are Messrs John Henry Gurney, Henry Edmund Gnrnoy, Robert Birkbeck, H. F. Barclay, H. G. Gordon, and W. Rennie; and the prosecutor is Dr Adam Thorn, LL.D., an unfortunate shareholder in the late company. The accused parties were defended by a formidable array of counsel, amongst them appearine such names as Sergeant Ballantyne, Sergeant Parry, Sergeant Sleigh, and Messrs Montague Williams and Hardinge Giffard, Q. C. One member of the bar only—Mr George Lewis, jun.—conducted the charge, and conducted it sin-gle-handed, with so much nbility and perspicuity, that he was complimented oven by the opposing counsel. As might be expected, the case has excited the most intense interest—on every day on which the enquiry has been proceoded with, the Court has been crowded .to positive inconvenience, and "immense crowds of people waited patiently without to learn with m little delay as ponsible, how it was progressing. At the commencement of the enquiry, the cpnnsel for the defence urged that it should be proceeded with quickly, even from day to day, if it were convenient for the prosecution; they represented that; the defendants found themselves placed in so painful a position, and were so deeply pained and grieved at it, that they were jealous of any. delay which should -keep, so grave a charge hanging over their heads. The prosecuting counsel was quitereaily to go on with , the charge, the Lord Mayor, before whom ifc wjmi # laid, was quite willing to give all the time he was able to its speedy investigation,* and- the publio were pleased at" the prospect of iso immensely important a case bqing proceeded with without the unnecessary and vexatious obstruction which. gei»aral|y emanatesi from the counsel for a defence. Bnt as Mr George Lewis opened his case,; the anxiety .of defendants' counsel for; a speedy decision appeared to lessen; they; wore evidently not prepared tliafc it should take so serious a turn ; and without any \ demur on their parts, the case;was ad-' journed from week to week, instead of; from day to day. It was even whisperitd that these long adjournmenta were made for their convenience, and for the convenience of their clients., Be,that as it may, much dissatisfaction wia naturally the result of the protraction of the enquiry; it served, however, to whet the appeti^ of'sensation-mongers,.., land to; make the commonest! people eager for the conclusion of the iirst act. Without going into detail, 1 may state that very startling disclosures were made by the witnesses for t3ie prosecution. There .!is no manner of doubt that when O«erend, (Gurney, and Co. sold their business to a limited company they were hopelessly m« solvent; and that if, instead o£ selling to a company, tltey had wound up their busi-

ness, there would, even under tho most favourabhi, drcuinßtances, haye been an immense deficit. A searching examination into tho figures, and iato tho value <* tho assists sold by the firm to the company, proved that the disastrous termination of the company resulted, not from any loss accruing: during tb© time it conducted ths business, but from the comparatively valueless nature.of the assets which tho shareholders had been deceived into purchasing. Tho goodwill of a business doing seventy millions a year in discounts must certainly be enormously valuable; but when it is saddled with many millnona of unrealiaable and unprofitable assets, and bad debts, which require a number of years' profits to set straight, the question of the value of goodwill assumes a very different aspect. So tho public thinks ; so the press thinks (I am speaking of the rule, not the exception) ; md the Lord Mayor's decision in committing the sixdefendantstotrial on the charge of conspiracy, has been received with almost universal acclamation. The trial was ©included on the 23rd January, and tho Lord Mayor intimated thst his decision would be given on the 27tb. Long before tho hour arrived for opening the doors,, Guildhall waa besieged by thousands of persons eager to gain admission into the building., But,a comparativelysmall number of these could bo accommodated. Very few of those outside went away; their anxiety to learn the decision was too great. During the proceedings the audience expressed their feelings by cheers and hisses, which were taken up energetically by those outside Guildhall, and the remonstrances of the Lord Mayor wero unavailing to check these demonstrations. The scene in the streets waa even more exciting than was presented in Lombard street on the long-to-be-remembored day when the rumour flew on electric wings through the city that the great "corner" lioubo was closing before tho regular hour. After the reading of tho written depositions, which occupied two hours, the Lord Mayor said that since the last examinar tion, he and Alderman Sir Thomas Gabriel, who sat upon the bench with him, had ji[iven the uiost careful consideration to tbe evidence adduced in support of the chaige, and that they had arrived at the conclusion that there was sufficient evidence to put the six directors upon their trial. The words wero scarcely out of his lips when cheSr after cheer rang through the hall, and when order was restored, tlio proceedings were for some time interrupted by the tremendous cheering from the thousand!? of people outside, to whom tho decision had been communicated. Upon being asked whether they> had anything to say, John Henry Gurney rose sadly from his seat, and in a few words, broken by emotion, declared on behalf of himself, hia brother, and Mr Birkbeck, that there had Hen no intention to defraud. Mr Henry Ford Barclay stated, that ho had nothing to do with tho preparation or issue of the prospectus, and solemnly declared that he joined the company both as a shareholder and director in the full belief that it was an honest undertaking, brought out in good faith, and likely to prove of a very profitable character, Mr Gordon declared his innocence, and challenged the fullest investigaion.- Mr Rennie made a lengthy statement, from a printed paper, defending the directors generally, and quoted the judgment of Vice-Chan-cellor Malius in Mr Peek's caso, in which he Baid that what the directors did was perhaps the result of a too sanguine view of tho prospects of the concern, and a too great reliance upon the guarantee of the partners. He concluded by expressing his deep sorrow for the misfortune which liad fallen on bo many shareholders; but it arose from circumstances which no ono could have foreseen, and it had fallen with equal severity upon himself. Tho defendants were admitted to bail— -each of them in tho sum of LlO, 000, and two sureties of LSOOO. J>r Adam Thorn was bound over to proaocuto in the sum of LSOOO. Th c aggregate bail given amounted to L 120,000. And here, for the present, the case rests. Whatever comes of it, it will be satisfactory to have the matter clearly investigated. The eagerly-curious will, however, have to restrain their impatience, for I can state, upon good authority, that tho present year will moat likely have passed away before a verdict is arrived at.

Perhaps the most remarkable facte elicited during the trial came from the evidence off Mr W. E. Edwards, who may not be now an Official Assignee in the Court of Bankruptcy, but who held that position a few days ago. The mysteries of city life have received a rare elucidation from the evidence of this gentleman. Notwithstanding that he occupied a responsible position in tho Court of Bankruptcy, and that his offico doors did not close until four o'clock—notwithstanding that he received for his services very, handsome emoluments, he accepted a situation from the old firm of Overend, Gurney, and Go. at a salary of LSOOO a year, for doing—what? Forgiving advice to that firm upon the affaire .of different companies and firms with which he was supposed to be conversant, and for acting generally as the confidential agent of the greait " corner." house. Of course, tho inference is that, had he not been an official assignee, his services would not have been ao valuable; and his acceptance of tho position tbrc-wa as much disgrace upon himself as the tendering of it throws, suspicion npon Overend, Gurney, and Co. His attendance in the witmesa-box must have been intensely disagreeable tp him. The vacillating'and contradictory manner in which he gave his evidence, provoked general indignation and contempt. Never, sine© the trial of Queen Caroline, has the turn, vni rkordo bfien so consistently used,... Mr Edwards didnot ramember'anything that it was not convenient to remember. His advice to Overend and Go. appears to have beeut atteiided with singiimrly disaatroua reijults. The Atlantic Royal Map Company being indebted to that firm L 200,000, Mr Edwards was presented with a sufficient number of shares,to constitute him""ai director, which he became. Perhaps it is not fair to take it as a consequence that lhe indebtedness of L 200,000 waa soon increased to L 600.000. His " advice ,;| with respect to the Millwall Company increased a'liability of LIOO,OOO to ever half a' million. T In the latter Company he wain, not only "adviser "to Messrs Overend and Gurney, the principal creditors, but he was official assignee ; also. In addition to being official assignee and a salaried adviser of the great discounting firm at LoOOO a year, he was clerk to Mr Xenos, a lar*e merchant, at LSOO a year, anil received from that gentleman a present ot a steam < yacht Begarding this, however, Mr Xenoa -writes to the paxwans concerning Mr Edwards— "He did ndt ca.ll at my office four times • together; h«i compelled me-to pay him I LSCX) a year. I gave him my steam yacht ! much in ihei nanus war aa the dove gives I herself to tlie liawV &&, &0. But Mr Edwards .did" aot' femeinter anything— would Vot jswtear, anything—Ma Tnemory wastih» moat treacherous memory ever heard ol'. , Taken altogether, the introduction oi tho incorruptible official as> eignee info iJia great conspiracy wwe i's a

remarkable episode, and promises to lead to strange disclosures. Other charges of conspiracy are springing out of tho Gurney case. Messrs Richard Sltuart Lane, H. E. Chapman, and Fredk. John Hulbert, Directors of the Merchant's Company (Limited), now in course oi; liquidation, are charged with conspiring jfco defraud tho shareholders by false pretences and representations, and by publishing a false prospectus relating to the Company. The prosecutor in thia case is Mr John Somerville, a commission agent, and the charge is now being investigated, the enquiry having been repeatedly adjourned. Yesterday (the 28th January) a second charge was brought agauwit other directors of tho Bamo Company, the prosecutor being a gentleman from Derby. These cases are affording plenty of occupation for gentlemen of the long robe.