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NATIONAL BANK OF WALES. ARBITRATION AT CARDIFF. Under the articles of agreement entered r, into between the National Bank of Wales and the Metropolitan Bank, under which the latter took over the goodwill, assets, and liabilities of the National Bank, an arbitra- tion was held at the Angel Hotel, Cardiff, on Saturday, to determine the value of the Dean Forest Navigation Collieries, of which the National Bank were the mortgagees. The arbitrator was Mr. Bramwell Davies, Q.C. Mr. S. T. Evans, M.P., appeared for the National Bank and Mr. C. M. Bailhache (instructed by Messrs. Johnson and Co.. for whom Dr. Showell Rogers, of Birmingham, appeared) represented the Metropolitan Bank. Amongst, those present were:—Mr. Ivor Vachell (solicitor to the liquidator), Mr. T. Williams fsolicitor and valuer for the National Bank), Mr. C. E. Dovey (liquidator), and Mr. Frederick W. Na-h ( general manager and valuer for the Metropolitan Bank). On behalf of the National Bank evidence was given by Mr. Frank Brain, Mr. A. Law- rence, Mr. IIItyd Thomas, and Mr. D. T. Alexander, and the proceedings were then adjourned until Monday. The arbitration to determine the value of the Forest of dean Collieries was resumed at the Angel Hotel, Cardiff, on Monday (before Mr. Bramwell Davies, Q.C.). Mr. S. T. Evans, M.P., appeared for the National Bank, a.nd Mr. C. M. Bailhache again represented the Metropolitan Bank.—Evidence was given by Mr. W. Galloway for the Bank of Wales, and on behalf of the Metropolitan Bank Mr. J. Tre- harne Bees, Mr. Batey (of Coleford, near Bath), and Mr. Hayward (of Birmingham) were also examined. The proceedings were then adjourned, and the reference will be con- cluded in London. IMPORTANT ACTION BY THE LIQUIDATOR. It will bo remembered that at the meeting of shareholders of the National Bank of Wales in February hst a resolution was adopted in- structing the liquidator (Mr. C. E. Dovey) to take proceedings against the directors, certain past directors, and officials of the bank, with the view of recovering for the shareholders some of the money which had been wrongfully paid in dividends when no profit had been made. From that time to the present opera- tions have been carried on and experts have been-engaged in the preparation of a case. The task was an exceedingly difficult and laborious one, but we understand that the work nas at last been accomplished. Proceedings, we be- lieve, have already been instituted agruVist a past director who is intimately ;issooiated with one of the large- firms at the Docks. The case will come on for bearing at an early date, and the result will b0 awaited with the greatest interest. ANOTHER TRANSACTION.—HOLMES V. WILLIAMS. In the Chancery Division of the High Court of Justice on Tuesday the trial of this action was commenced before Mr. Justice Romer. The plaintiffs' claim is for a declaration that ctrtain property, known as the Pudge Gate, in the Forest of Dean, was held by Simeon Oakes Helmets as trustee for the piamtiha under a will; (2) that a mortgage of the 10th of November, 1391, may be set a-side; (3) that a coivevance of the 12th of September, 1892, may be Ect aside; (4) a re-conveyanoe executed (5) an account of what is due from the defen- dants to the parties nterosted (6) an injunc- tion restraining the defendant Collins from dealing with the property and (7) a receiver. Mr. Lawson Walton, Q.C., and Mr. Halden- stein appeared for the plaintin's Mr. F inlay, Q C., and Mr. C. James for the defendant Williams; Mr. Montague Sheldon for the trustee in bankruptcy of Simeon Oakes Holmes: and Mr. J. G. Wood and Mr. Benn for the defendant Collins. In opening the case, Mr. Lawson Walton, Q.C., said that the action was brought on behalf of two infant plaintiffs, who claimed to be beneficially interested in a mining gale or licence in the Forest of Dean, against the de- fendants to set aside certain transactions in cool.ection with this property which they had entered into knowing it was a irust prorart}'. The defendant Thomas Williams, a solicitor of Neath, claimed as mortgagee, nul t110 dc- fendant Heary Ellis Collins claimed as pur- eler, subject to the mortgage. The plain- tiffs sought to set aside both these transactions, on the ground that they were entered into with the trustee for the plaintiffs and the defendants, with knowledge on the part of both the defen- dants that the trustee had no power to deal with the property. The plaintiffs were the obildren of Mr. Peter Holmes, and they olaimed under the will of their grandfather, vho was tho owner of these mines in the Forest of Dein Mr. Simeon Holmes, the grandfather of the plaintiffs, died in 1884-, and by his will lie divised this gale to trustees for such of the children of his son Thomas Holmes as should attain the ago of 21. After his death the trustees carried on the gale until the following year, 1885, when, owing to their default, the licence became forfeited to the Crown. Afterwards a, Mr. Elsom was in- duced to act as nominee to obtain a re-grant of tha gale, and then to transfer it to the trustees by way of assignment. In the correspondence there was a clear intimation of the existence of the trust, and the fact that the trust did exist was brought to the attention of the defendant Williams, Mr. Peter Holmes, unfortunately, died, and as he was mainly interested in insisting upon the formal execution of the declaration of trust (his own children being beneficially interested in it) his deat'h led to some further dehy. During that delay Simeon Oakes Holmes his co-trustee, became very much pressed for money. He had eontr,acted relations of a compli- cated oh;waoter with the defendant Willia.ms and with the defendant Collins. He had entered into a partnership which carried on a raii'ing business in the Forest of Dean, known as the Forest of Dean Navigation Coal and Fuel Company, the partnership consisting of Simeon Oakes Holmes, Collins (who was managing director of the National Brunk of Wales), and Mr. Howell, a director of the same bank. That partnership was engaged in working coal imme- diately adjoining the coal in the Rudge gale, and it became of very gTeat importance that they should acquire this company. Having become seriously involved with the baJik, Simeon Oakes Holmes was subjected to great pre&sure from the bank, who pressed for immediate pay- ment of a large sum of money, and in order to obtain advances to extricate himself from tihese difficulties he wrote to Williams asking for the title deeds of the Rudige gale. Williams answered that the deeds were his only security for costs as against Simeon Oakes Holmes, and he also pointed out that Simeon Oakes Holmes oouk; not charge the property as he was a mere trustee of it. By n'»ine of a threat to sell, Simeon Oakes Holmes entered into a contract with Coffins to sell the Rudge gale for the sum of £ 1,200. The learned counsel then referred to the corresTiondence to show that Collins also was aware that Simeon Oakes Holmes was a me.re trustee of the property, a.nd proceeded to say that the sale to Collins was with the con- currence of Williams as mortgaigee, and that a more flagitious transaction could scarcely be oomctiived. Mr. Justice Romer asked what the defence w a.8. Mr. Finlav, Q.C., said t.he defence was that the defendants did net know that the property in question was trust property, and that it was not trust property in ]Vet. Mr. Walton conelv 1 by submitting that the transactions ought to be set aside. Evidence was then called in support of the case for the plaintiffs, and the Court rose for the day.






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