Skip to main content
Hide Articles List

28 articles on this Page





^^tx.shed INT Arms.


*%) | " ^ " ^ '°SR AT SWANSEA.










THE AFFAIRS OF A SWANSEA METAL BROKER. PUBLIC EXAMINATION OF MR. S. LIPPMANN. At the Swansea County court on Thursday morning, before the Re- gistrar, Mr. Home, the case of Siegman Lippmann, metal broker and £ >v>mission agent &t Swansea, was gone into as a sjatter for public examination. The debtor stated that he commenced business in Swansea in 1884, and in 1887 had a capital of £4,000, the wholo of which he invested in I John Davics's works, Glanrafon. This was received baek in 1894, not in cash but in bills for the amount. Some were in accommoda- tion bills. The Registrar: 1 dont understand the trans- action. The Official Receiver: it is difficult,! don't understand it myself. Debtor, answering Mr. Richards, his solicitor, said tbat the Glamorgan- shire Bank got the tnonoy. The bank had discounted the bills and he had the money in his business. At that time he was indebted to the bank about £12,000. in 1890 he brought into the business about £5,000, early in 18G4 £1,ECO, late in 1894 £2,600. aud laiely £ 4,CC0. HiS brothers bad had something on account of a recent loan. The Receiver: Have you sent them cen- siuerable quantities of tin-plates during the end of last year and "he beginning of this ?— Continuously. Was more sent recently than formerly ;*— No, a great deal less. Have you made any effort to reduce your brokers'loss within the iast three mouths ?— No. 1 had the mouey from them oniy in the middle of December. Yeu have an interest iu the iirnerican trade'—l'es; also an interest in tin-plate in I italy, over which 1 have lately tost £1,040. lie was iu partnership with no cue when he hied his petition. The last partnerships he was in were the Varieg Works, the Ita.Lan Works, and Messrs. Tom Griffiths and Albert Davies, of the American Works. In reply to the registrar, he said he was a partner and not a shareholder ia the American Works and the Italian Works. The Official Receiver With regard to the bill of sale on your household furniture how came you to take out that bill of sale ? Tell us shortly, Mr. Lippmann: The solicitor to me threatening me with proceedings if 1 did not fulfil my promiea in giving the security on money which I had on loan. What money was that ?-£952. Of whorn did you borrow it?—Mrs. Kidd. Wt;en dtdyou receive it ?—in August. What for —When Mrs. Lidd came to live her:; she asked me if 1 would be good enough to invest some money for her. I WLat did you do with the money ?—I put it in the bank. tn your own name?—lig. Into your own banking account?—Yes. I You used ii. Jd your own business?—Yes. Hew do \ou justify that .•'—•I intended to find some security tor her until I was pressed bs the solicitor. When you were pressed by tiie solicitor you were umtbio to get the money to hand buck to her ?— Yes. The Registrar: Was Mrs. Kidd aware tbat it vac-in the bank?—She continually asked I me for the securities I promised. YVas any particular investmentagreed upon between \our—No, it was left to my dis- cretion. She asked me tor a. mortgage on my furniture, and her soiicitors got it trom me I by threats. The Cfficial Receiver Who was the solicitor ?—Mr. T. Giasbrook Richards. Mrs. Kidd is a relative of my wiie's. Cortinuiog, the debtor fc'fisd he did not give the bill of h»ie ill order •o preier cue creditor to aao.bir. He li.ought he was solvent on January 2nd because he ha.d received the sum of money a I ready named in December. Beictned that i: he raised the money, he would cripple hmiseif. lie owed the bank at the fime about £ 10,GOG, and his credit was exhausted. Stiil he thought him- self solvent, ile suspended payment on 7tb. He did not consult his solicitor before civing the bill of aale." H'e bhould have done sa, i he Official Receiver Which of your debts were not disputed?—ii. Lippmann, Bam- burg. N.:me any other debt that you could have collected at that time ? You say you had I book ucbis estimated to realise £ 2.r0}.— ¡ Blown Brothers una Co. This was a claim for of plates, debtor admitted, and consff- quciuiv a disputed debt, ile had noc collected cverv available booiv di*b" o January 2nd, when he gave the bill oi sale, lie could have had money from H. Lip; iiiiitiu and Company at that time, but he I did not want to take it out of his business. The £11,000 he owed them matuied on April 1st, t the £4.000 they owed him was dua on January 2nd. He valued his furniture at £/100. The debtor then gave details as to varior.'1 t:n-phxte warrants wnich he bad h n, di d t e G1 unorg&nshi;e Bank ) under £ ,ru-sure. üV siated that tin-plates I were transferred to Mr, W. H, Edwards about four months ago. But it was the bank that did tt. not he. Tho Landore shares were transferred to Mr. Edwards when the Lan- dore Tin-plate Company failed. Those were of nominal value only. They were wrougly described as shares, however. They were really a debt, and the creditors of the company having been paid in shares. The Official Receiver asked that a schedule oi these transactions, giving full particulars and dates, should be made by the debtor. Mr. Villiars Meager, who appeared for the petitioning creditors, examined the debtor. He told hie creditors that he bad given Mr. Giasbrook Richards a bill of sale, His cheque was dishonoured when the bank knew he had given the bill. f The court adjourned for luncheon. AFTER LUNCHEON. On resumption after luncheon, Mr. Villiers Meager further cross-examined debtor, and it transpired tbat htt and Mr. W. H. Edwards had an account with the Metropolitan bank. Mr. Meager Does it appear on your state- ment of affairs f—No. Why not ?—Because 1 do net consider that anything will be due from me. Was it a partnership ?—No. At this point Mr. Meager was handed a document which he read, and which it appeared was an sgreement of partnership betwetii Mr. Lippmann and Mr. Edwards, for sale of tin-plates, etc., in Roumania and the Danube towns. The capital was to be equally contributed, aud the bankers were to be the Gla morganyhire Bank. in reply to further questions, debtor said Ihnt aU his sales to theee countries were entered separately in hi, Looks. He had done business with Roumania and the Danube, apart irom this arrangement with Mr. Edwartis, The booka were now in the hands of Mr. Edwards. He took them about a month ago, and at that time thev were posted up to the end of November. During the time that lie and Mr. Edwards trsded (ogether they had losses. Thev now bad stock in Roumania of which the warrants were held by the bank. Questioned further as to the agreement te. tween hunselr and jir. Edwards, debtor said that he was advised by his lawyer that the agreement was not a partnership. He had no assets outside Great Britain, except tin- piatce at New York and tin-plates at Phila- delphia, He inherited from his father one- tenth of the Lippuiauu business in Hamburg until June, 18^6. Lb is share lie had assigned his brothers on account of the debt owing to them oi £1,2uv. On January 3rd he consigned them tin-plates tethe amount of £ 1,022, and on the following day black plates to a further small amount. He expected to receive payment on the Monday. He did not believe he was ir.solvent in ihe nrst days of January. His debts amounted to £1600 and his brothers owed him £ 1,100, What be o wed them thev weuld not press hitu for until better times. His brothers knew of his insolvency at the time his charge was dis- honoured, Probably Burgess and Co., to whom money was due, wired then on an^tter, I stopped the receipt of the tin-plates of which they were brokers. In response to the Official Receiver, the debtor promised to hand to him his warrant book, which is now in London. The £950 handed him by Mrs, Kidd was entered in his books as a loan. The Official RecetYen Have youiB any way transferred since January 7th, an amount of about £174, from Hen, a Vienna firm, to H. Lippmann ?—No. You did not endorse such a^rJj^Quqjto H., ^4^mauajr—^ I Mr. Richards: Now this question having been asked, the Official Receiver should have something to show his reasons for asking it. The OMcial Receiver; I have nothing to show yet; but I don't ask questions like this without reason. The examination was then adjourned until next court.




[No title]






[No title]