history. The property had been gradually sold by the Union Bank, who are said to have recouped themselves with compound interest, with some lands which had been purchased from the Union Bank by Rucker, but none of the Apostles or their representatives were ever paid for their trouble, and Were, the only one of them who was compelled to advance £2500 some forty years ago, has not directly or indirectly to himself or representatives been recouped one farthing.
One peculiar feature of the arrangement may be mentioned, viz., that Highett had taken over amongst his personal securities from one of the Apostles (Welsh) "The Highett Paddock," originally purchased for a firm at the Cape of Good Hope.
This paddock was never put publicly into the market for sale until after Highett's decease, and it was always considered by the Apostles that it was part of their original protective security.
The following communication, addressed by the Arch-Apostle to not the least prominent of the Brethren, has been placed at my service by the recipient, with a declaration that he has no recollection whatever of the incident referred to in paragraph 4. It is worth a place in these Chronicles, as embodying the version of the principal actor:—
Melbourne, 2nd December 1867.
My dear Were,—The following statement comprises all the information which recollection, and the few papers in my possession bearing upon the circumstances attending your unfortunate entanglement in my affairs in November 1841, enable me to give you:—
- That you joined ten others of our leading brother colonists of that day, in a generous and spirited endeavour to rescue me from a position of extreme embarrassment and danger, the effect of the first, and all things considered, perhaps the most disastrous crisis, with which the commerce of this colony has had to contend.
- That I conveyed the whole of my landed property, which I had not long before acquired at a cost of about £44,000, to yourself and those ten gentlemen in trust, to provide funds for the retirement of my paper, then held by the Bank of Australasia, the Union Bank, and the Port Phillip Bank, in all about £16,000.
- That by a subsequent arrangement between yourselves you undertook to settle with the first-named bank, whilst your co-trustees were left to arrange with the other two; and
- That in April, 1846, you conveyed to the Union Bank your estate and interest in the before-mentioned properties for the sum of £386 5s.
You are, of course, aware that the Union Bank have realized a very large sum from those properties, confessedly £50,000, but believed to be much more; and that they refuse to account for the balance in excess of my liability to them (about £5000) proceeds, £50,000, liability, £5000; balance excess, £45,000; contending that the conveyances from yourself and co-trustees to the bank were not as we represent them to be, a continuation of the trust, but an absolute sale,—Yours very truly,
W. F. A. RUCKER.
J. B. Were, Esq., Hall of Commerce.
