away. Mr. Lawrence said the Bank stopped immediately after the failure of Richard Smith (a brother) who was indebted to it to the sum of £18,000. The publicity of his failure caused a run upon the Bank. There was not so much discrepancy between the debts and assets as to justify a suspicion of insolvency. As regarded the gift of £500, it was a moderate sum for a man in Mr. Smith’s position. In reply to further questions, Mr. Smith said when he mortgaged his property to the Bank (in 1849) for £10,000, it was valued at £30,900, and although it had been decreasing, he was not aware that it was not now worth £10,000. The official assignee’s report on Mr. Smith’s case was that the balance sheet commenced in 1852, with a deficiency of £3,500, and that the deficiency was now about £10,000; which arose principally from payments of interest on borrowed money and from expenditure exceeding the profits. Mr. Hilder was unfortunately the occupier of a larger house than his means warranted, but he never could have dispossessed himself of his property without injury to the Bank, of which he was the senior partner. The Commissioner said he would take time to consider whether a first or second class certificate should be granted. [He who writes this record little thought, in 1849 or ’50, when, with other musicians, he played at Mr. Smith’s grand house at Vinehall, that the owner of such house would come to bankruptcy]. Mr. Hilder’s case was again adjourned.
A dividend of 2/6 on the Bank failure was paid on the 1st of May, thus making with the first dividend, 12/6.
At a later meeting of the court, Commissioner Fane said, after reflecting on the circumstances and on the fact that Mr. Tilden Smith’s private estate probably would not realise more than 4s. or 5s. in the pound, he was sorry he could not give the bankrupt a first class certificate which it had afforded him the pleasure to give to two of his late partners [Geo. Scrivens and Francis Smith]. A second class certificate was then granted.
Another dividend of 2/6 was afterwards declared, making the amount received by the creditors up to that time 15s. Other particulars are given on pages 206-210, vol. 6.
A New Assembly Room
In the last month of the year, 1858, was commenced a new concert and assembly room attached to the Castle Hotel, its size being 55 by 25 ft., with a pitch of 20 feet. Mr. Emary had also determined to alter the front by changing the bow windows to cant windows. Mr. Henry Carpenter was the architect.
