Show The American Exchange LONDON April 21The rehearing of the petition for the liquidation of the affairs of the American Exchange in Europe limited came on today The counsel acting under instructions of two English shareholders asked that the hearing be again adjourned The petition counsel said purported to be made by the company but was really I made by the managing directors It was an American company having only ten English shareholders eight of whom were officials of the company and dependent thereon lhe two for whom he appeared were independent of the company which hud been formed to conduct four businesses It made profits on ordinary business busi-ness but curiously failed as a bank The memorandum of the association did not empower the company to conduct a banking business The company kept two separate set of books which were worked together one set having the managing directors initials while the other bore the companys name The whole thing was ultravires The company was insolvent as a bank but not in its other kinds of business busi-ness The articles stipulated that three directors in England should form a committee but in fact there had oeen no committee Everything was in confusion con-fusion Business has proved to be profitable His clients wished for an opportunity to communicate with the American shareholders with a view to a reconstruction of the company which had a larger number of correspondents cor-respondents than any similar company in the world An order for the winding up of the affairs of the company woula b inous to the business which if ated From the banking department ould be profitable The judge interposed by saying You say there are a large number of alleged debts and that you desire to transfer or sell business The counsel for the creditors stated that the claims did not exceed 50000 He would not oppose the adjourning of the hearing On tbe petition The hearing hear-ing was adjourned until the 2jth inst at which time a further adjournment will be taken |