AND JOINT STOCK TIMES. VOL. III.-No. 107. BANK of DEPOSIT, 3, Palties desirous of Established A.D. 1814. PETER MORRISON, Managing Director. LETTERS of CREDIT and BILLS on Paris, Constantinople and other cities, may be obtained on application at the London Agency, 31, Threadneedle-street. ALLIANCE BANK. Cheques, Bills, &c. en Paris collected at a charge of oneeighth per cent. THOS. GREEN and Co., Agents. PARTNERSHIPS NEGOTIATED. To Merchants, Brokers, &c.-Mr. ROBINSON is instructed by several gentlemen (of moderate and large capitals) to ARRANGE PARTNERSHIPS for them, in established houses. Apply to Mr. THOMAS GERVAS ROBINSON, public Auditor and Accountant, 10, Old Jewry-chambers. ENGLISH, SCOTTISH and AUSTRA LIAN CHARTERED BANK. Letters of Credit on the branches are granted free of DIRECTORS.-In an Association form charge. Approved drafts cashed and bills sent for collection. By order of the Court, HENRY MOULES, Secretary. 61a, Moorgate-street, London. Loans on Debentures.-The Directors of the Midland Railway are prepared to receive TENDERS of LOANS, in sums of 100% and upwards. on security of Debentures for periods from three to seven years. Interest payable half-yearly. Application to be made to me, G. N. BROWNE, Secretary. Secretary's Office, Derby, March 10, 1857. MIDLAND RAILWAY. By order. ing to Purchase, under peculiarly advantageous circumstances, a Manufacturing Concern of considerable magnitude, established nearly a century, THREE GENTLEMEN are REQUIRED. Minimum qualification, 10007. The business will be purchased to pay on an average of past profits 25 per cent. Directors' remuneration, 1001. per annum in addition. Address "Minimum," Jamaica Coffee-house, Cornhill. AUCTIONEERS, T. MORING, ENGRAVER, 44, High Holborn, W.C. AUCTIONEERS' PRINTING OFFICE, 63, Castle-street east, Oxford-street.-Proof of a Sale Bill in an Hour; Particulars and Conditions of Sale, Catalogues, &c., equally expeditious. Instructions, addressed to WILLIAM CROFTS, will receive most punctual attention. MR. A CARD. [R. DANIEL HERBERT, Licensed Auctioneer and Appraiser, Cattle Salesman, General Commission and County Court Agent, 98, Brook-street, Chester. Established 1847. Inventories and valuation of agricultural stock and pro duce, household furniture, &c. &c., carefully taken for in coming or outgoing tenants, for arbitration, administration, or other purposes. Sales of stock or furniture in town or country conducted with economy, and with prompt and immediate settlement of accounts. Office, 22, Frodsham-street, March 21, 1857. Tof-The 10 efter, 10 22,1, & SURVEYORS MONEY.-The REAL and PER an OFFICE of the above. Has a knowledge of Building and Address "C. A. D.," 10, Broad-street-buildings, City. JEWPORT, ABERGAVENNY and T&A Gentleman, accustomed to the routine of busi The Directors are open to receive LOANS on the Company's OANS on DEBENTURES. Directors of the London and Blackwall Railway Company are prepared to BORROW MONEY on debenture, to a limited extent, at 4 per cent. interest, for three or five years, to replace debentures falling due the 15th January. By order, JNO. F. KENNELL, Secretary. Offices, London Terminus, Fenchurch-street. NEWPORT, ABERGAVENNY, and HEREFORD RAILWAY.-Loans on Debentures.The Directors are open to RECEIVE LOANS on the Company's Debentures to a limited extent, in sums of not less than 1007. for three, five, or seven years. The interest to be paid half-yearly, in January and July. Offers of loan to be addressed to THOMAS PRITCHARD, Secretary. 26, Spring-gardens, Charing-cross, London, 1857. SONAL ADVANCE COMPANY (LIMITED).—Incorporated by Act of Parliament.-This Company ADVANCES LOANS, repayable by instalments, from 10% upwards, upon Freehold or Leasehold Property, Deposit of Deeds, Leases, &c.; Bills of Sale, or approved personal security. Apply at 4, Beaufort-buildings, Strand. Office hours, 11 till 5 daily, aud on Thursday evenings from 6 till 8. ROBERT SANDERS, Secretary. established character and respectability, either in London LONDON WINE COMPANY or the country. Address "T. M.," F. Rolt's, Esq., Solicitor, Skinners-place, Sise-lane, City. AUCTIONEERS, Valuers, Mer (Limited). The business of this Company is carried on at 43 and 44, Lime-street, City, when the scrip is ready to be exchanged for the banker's receipt. By order of the Board of Directors, W. W. SHAND, Secretary. QUIRED, for a Youth respectably connected, tall, of active BURGLARY and FIRE ALARUM habits, in any capacity where trust and diligence are То (LIMITED), for the Protection of Life and Property (under Royal Letters Patent). Capital 100,000l., in 50,000 shares of 21 each. Deposit 10s. per share. Offices, 25, Poultry. AUCTIONEERS. A Gentleman, HANSOR'S age 30, is desirous of entering into any established Answers may at first be made by letter, addressed to AUCTIONEERS, Estate Agents had a good deal of experience in taking Inventories for 'Letters addressed "H. W. C.," Mr. B. Moulton's, Auc- DOUCEUR. CHIEF CLERKSHIP of COUNTY COURT.-WANTED by the Advertiser, THE COUNTY and GENERAL GAS communications. CONSUMERS' COMPANY (LIMITED). Capital 50,0001. (with power to increase). In 10,000 shares of 51. each; Deposit of five shillings per share on application, and fifteen shillings per share on allotment. Established for the purpose of lighting with gas provincial towns, villages, and new localities with populations of 2000 to 5000 and upward, not possessing its advantages. The Engineer has already examined several towns, some of which have applied to be lighted. These will in all probability form the first operations of the Company. Applications for shares, prospectuses, &c. to be made at the Offices of the Company, 76, King William-street, City; or of the Brokers, Messrs. CROSLEY (Brothers), 30, Cornhill. TO PUBLIC OLEFIANT GAS COMPANY (LIMITED).—The Company is now prepared to furnish Estimates and execute Orders. The Light and Apparatus can be seen on application at the Company's Works, Barnes, Surrey. A. W. ORD. Sec. 18, Adam-street, Adelphi, W.C. L1 IMITED LIABILITY.-The Advertiser, engaged in one of the largest Greek Houses, would CO-OPERATE with gentlemen of position and means in FORMING a COMMERCIAL COMPANY, a detailed proCommunications (confidential) to be addressed "A. B.," Mr. Hall's, 78, Old Broad-street, City, E.C. EXECUTOR and TRUSTEE THE mall. ASSOCIATION (LIMITED), 9, Waterloo-place, Pall HONORARY COUNCIL. The Right Hon. Sir John Patteson, late one of the Judges of the Court of Queen's Bench. Sir Edward J. Gambier, late Chief Justice of Madras. Sir Henry Roper, late Chief Justice of Bombay. Sir Charles Marshall, late Chief Justice of Ceylon. CHARLES TWIGG, Secretary. BRITISH MUTUAL INVESTMENT, LOAN and DISCOUNT COMPANY (Limited).-This Company is prepared to GRANT LOANS, in sums not exceeding 10001. each, upon approved security, real or personal, for any period not exceeding ten years, repayable either by monthly or quarterly instalments, or in such other manner as may be agreed upon. COMPANIES REQUIRING a good HOUSE and extensive OFFICES. -The office of the Clerical, Medical and General Life Assurance Society being about to be removed to St. James's-square, the present HOUSE and OFFICES, with office fittings and fixtures, are now to be LET; or the Lease, Fixtures and Office Fittings to be SOLD, on moderate terms. Forms of proposals, prospectuses, and every other inforInquire of Mr. FINNIS, House-agent, 65, Great Russell-mation, may be obtained at the temporary offices of the Comstreet; or of the Secretary, on the premises, 99, Great Rus-pany, 17, New Bridge-street, Blackfriars. sell-street, Bloomsbury. JOSEPH K. JACKSON, Secretary. The Directors sit weekly to receive proposals and grant loans, and in most cases applications for loans will be decided within a week of their reception. Empowered by Special Act of Parliament. At the FIFTEENTH ANNUAL MEETING, held on the 27th November 1856, it was shown that on the 30th June lastThe Number of Policies in force was The Amount Insured was The Annual Income was 5738 2,752,1977. 78. 2d. 118,5577. 163. 2d. Two Bonuses have been declared (in 1848 and 1853) adding nearly 2 per cent, per annum on the average to sums Assured, and by which a Policy of 1000, issued in 1842 on a healthy life, is now increased to 12601. Since the last Division of Profits in 1853 the accumulated funds have increased by more than 105,0007., offering considerable advantages to present assurers. Profits divided every five years-next division in 1858. The Society, since its establishment, has paid claims on 651 Policies, assuring 254,0087. Assurances are effected at home or abroad on healthy lives at as moderate rates as the most recent data will allow. Indian Assurances at very moderate rates, and great facilities given to assurers. Invalid Lives Assured on scientifically constructed tables. Policies issued free of stamp duty and every charge but the premiums. Agents wanted for vacant places. Prospectuses, Forms of Proposals, and every other information may be obtained of the Secretary at the Chief Office, or on aplication to any of the Society's Agents in the Country. C. DOUGLAS SINGER, Secretary. LIFE ASSOCIATION of SCOTLAND. Founded 1828, and empowered by Royal Charter, IN CONSEQUENCE OF PARTICIPATION IN PROFITS, the Association's Policy-holders of five years' standing (at the dates of the Divisions), have been required for many years to pay only the following Premiums for their Policies: JUST PUBLISHED, THE THIRD EDITION OF HE NEW LAW and PRACTICE of THE JOINT-STOCK COMPANIES, WITH and WITHOUT LIMITED LIABILITY. By EDWARD W. COX, Esq., Barrister-at-Law. Price 7s. 6d. cloth; 9s. half-bound; 10s. bound. The following are the CONTENTS.-INTRODUCTION. Law of Partnership Definition of Limited Liability What Companies may be formed with Limited Liability Position of Insurance Companies under the new law 1. By completely registered Companies 2. By Limited Liability Companies 3. By other Companies What Companies may now be formed How an individual trader may obtain Limited Liability If Liability is to be limited Memorandum of association Articles should be substituted for Effect of registration Statement of Objects of Allotment of shares Application for, where deposit paid As to shares Transmission of shares Forfeiture of shares Increase of capital General meetings Votes of shareholders The directors Powers of directors £300 £500 £ s. d. £ 4 8. d. £ s. d. 56 726 148 4 2105 17 11 2120 10 5 6143 16 3 &c. 225 6 7 1 10 11 10 7 4 8 12 1 1 16 5 0 32 10 18 10 6 37 1 21 3 7 42 7 24 2 Until they participate in the profits, the policy-holders of 5007, and upwards need pay only One-Half of the usual Annual Premiums, the other half being allowed to remain in their hands (at interest) as long as they please. The Policy-holders incur none of the risks of partnership. They are free from all responsibility, and their sums assured are guaranteed. The Scheme for the current year will be closed on Saturday, the 4th April next, 1857. All included therein will rank as of One Year's longer standing than later entrants, and will participate One Year earlier in the Divisions of Profit. Applications for Admission must be lodged on or before that day. THOS. FRASER, Resident Secretary. London, 29, King William-street, City. Disqualification of directors Suggestions as to Rotation of directors Proceedings of * EXAMPLE.A gentleman whose age does not exceed 30, may insure 1000l. payable on his decease, for an annual payment of 221. 108.; and a lady of the same age can secure the sa ne sum for an annual payment of 19. 178. 6d. No charge made for Policy Stamps. This Office charges a very moderate Premium for its Life Insurances, which is equivalent to making a return of a large bonus. It is strictly a Proprietary Company, and Insurers are consequently not liable to make good the losses of others, as is the case with some Companies professing to divide the Profits. Persons having a bona fide interest in the lives of others Assured, are covered to the extent of such interest, whether the Assured die by Duelling, by their own hands, or otherwise. Prospectuses, with the rates of premium for the intermediate ages, and every information, may be had at the Head Office n York, or of any of the Agents. Forfeiture of shares Care to keep within object of Company Bills of exchange by Companies Official examination of affairs of Company Power of Company to hold lands General meetings Extraordinary meetings Forms of proceedings at Returns to be made by Companies Winding-up of Companies When a Company may be wound-up The Court for winding-up Appointment of solicitor by Who are contributories Liabilities of Rights of inter se Proceedings of winding-up When a Company may be wound-up voluntarily Consequences of winding-up Dissolution of Company Repeal of former Acts The Joint-Stock Companies Act 1856 (19 & 20 Vict. c. 47), with Notes. "The Law and Practice of Joint-Stock Companies.-A second edition of Mr. E. W. Cox's work on the new Act has just been issued, but it is really a totally different compilation, and may be called a new work. Although the first edition contained some very useful hints, it could only be considered as a reprint of the Act itself, with a series of short notes. In the present, however, the Act plays but a subordinate part, and the work is converted into an elaborate treatise on the subject, giving in the clearest and most concise form all the information that can be required by the legitimate promoter of industrial enterprise, by the speculating schemer who gains his livelihood by concocting bubble companies, or by the public generally. To the second class this work will prove almost nvaluable."- Mining Journal, Aug, 16, 1856. This work will be found useful, not only to lawyers, but to all persons connected with joint-stock companies, whether as directors, shareholders or creditors."-Leeds Mercury. N.B.-Sent to any person inclosing a post-office order for the price, addressed to JOHN CROCKFORD, Publisher. LAW TIMES Office, 29, Essex-street, Strand. HE EXAMINATION QUESTIONS and ANSWERS, from the commencement, collected and classified, for the use of Law Students. By RICHARD HALLILAY, Esq,, Solicitor. CROCKFORD, 29, Essex-street, Strand. MODERN CONVEYANCING. A New Issue of HUGHES'S CONCISE PRECEDENTS in MODERN CONVEYANCING, Second Edition, in weekly numbers, at One Shilling each. It will be forwarded by post, paid, to subscribers, or may be had by order of all booksellers, The Thirtieth number is published this day. Nos. 1 to 29 may still be had. Orders to be sent to the LAW TIMES Office, 29, Essex-street. CROCKFORD, 29, Essex-street, Strand. THE FIELD is a Weekly Journal, and organ of communication for sportsmen and naturalists. Its columns are regularly contributed to by the Hon. Grantley F. Berkeley, Author of "A Month in the Forests of France;" Christopher Idle, Esq., Author of "Hints on Shooting and Fishing" Harry Hieover, Author of numerous Works on the Horse and Riding; Stonehenge, Author of "British Rural Sports;" Horace Ford, Esq., Author of "The Theory and Practice of Archery;" Col. Whyte, Author of "Sporting in America:" E. J. Lowe, Esq., of the Nottingham Observatory: Francis Francis, Esq., Author of "Sporting Adventures of Newton Dogvane.' Edited by a Practical Sportsman, who is assisted in every department by competent and famous pens. A copy for six stamps. Subscription, 6s. 6d. per quarter. Office, 2 to 5, Essex-street, Strand, W. C. Just published, price 8s. 6d., THE LAW DIGEST. By DANIEL THOMAS EVANS, Esq., of the Middle Temple, Barrister-at-Law (in continuation of the series by EDWARD WISE and DANIEL THOMAS EVANS, Esqrs, Barristersat-Law. Volume VII Part I. of this work, comprising all the cases decided in the Courts of Law and Equity, in Bankruptcy, Insolvency, and the Ecclesiastical and Admiralty Courts, as reported, up to December last, in the standard and other recognised Reports; together with all the important Statutes of last Session, distributed under convenient titles for easy reference. As previously announced, JEREMY'S ANNUAL DIGEST has been incorporated with this work. London: JOHN CROCKFORD, 29, Essex-street, Strand; V. and R. STEVENS and NORTON, Bell-yard, Lincoln's-inn. COMPLETE PRACTICE of the LAW Parts XXII., XXIII., and XXIV., completing LLOYD'S NEW PRACTICE of the COUNTY COURTS, will be ready on February 11. Part XXV., completing the NEW PRACTICE of the COMMON LAW, will be ready on February 18. The completed vols, now ready are LLOYD'S NEW PRACTICE of the COUNTY COURTS, price 218. NEW PRACTICE of the COMMON LAW, by PATERSON, MACNAMARA and MARSHALL, Vol L, price 158. DREWRY'S NEW PRACTICE in EQUITY, complete, price 15s. To Readers and Correspondents. TENAX ET FIDELIS.-1. The property committee of a freehold land society may legally buy and sell by allotment. 2. The Act does not prohibit such a use of the money belonging to fiendly societies. It would be regulated by their own rules. 3. Any acknowledgment of the loan in writing would be sufficient. But it would be safer to re his approval no Bill can hope to pass the only 500l. Now a joint-stock company to Lords. There was, therefore, no help for it work a concern so small as to require a capital but to submit as patiently as possible to the of only 5001. is an absurdity. The cost of conloss, and abandon the dividend for one half- ducting a company would absorb any amount year; and it so happened, that the loss was of profit that could be produced by 500l. If just about equal to a half-year's dividend. the business is really very profitable, there are This will doubtless be a serious inconvenience plenty of persons who would gladly adventure to many shareholders, dependent upon divi-in it on their own account. The shares are to dends for their subsistence; but such losses be il., and it is stated that 100 were taken at are almost unavoidable with the joint-stock the time of registration. But the company A READER-If you have not parted with your shares for machinery. Mr. Denison seemed to be sen- cannot flourish until its capital is extended to three years you are liable for the losses incurred previsible of this, for he told the meeting that where 5000l. at least. ously to the transfer of them, if the transferee cannot pay. quire an assignment of some property. C. S.-Deliver your account, with a notice that, if not paid in thirty days, you will apply for an order to wind-up. INQUIRER. -You can demand inspection of the register of shareholders during the hours of business, although not yourself a shareholder. QUERIST.-The office named is not deemed either respectable or trustworthy. you will then escape liability. ceed. F. R. S. should bring out his patent by means of a limited cheapest establishment for a company cannot be worked under 5001. a year. Think what must be the keeping of so many accounts as are involved in 1000 shareholders. VERAX. We must decline to publish a letter which is, in fact, an advertisement. A SUBSCRIBER is informed that his suggestions are under consideration. Some of them, however, are impracticable, the responsibilities of management were divided such as the statement of sums paid upon the shares, and large board is a great obstruction to business the selling price of them when none are in the market. No board, to be efficient, should exceed five; LIMITED LIABILITY CHRONICLE have repeatedly asserted in these pages. AND JOINT STOCK TIMES. WEDNESDAY, APRIL 1, 1857. The examination of Mr. Esdaile, the governor of the Royal British Bank, has revealed the early history of that establishment. It was a deception from the beginning. Its pretended capital was a sham in part, made up of promissory notes of men without property, and money JOINT-STOCK SAYINGS AND DOINGS. borrowed for the purpose of complying, in form, with the requirements of the statute. The THIRTY-EIGHT new limited liability commanager, the solicitor, and the directors, were panies were registered as incorporated during allowed to draw without limit-or rather to do the fortnight ending 17th February. Full what was worse, because it was a trick-to lend particulars of them appeared in our last money to one another upon notes which were number. They consisted of-2 money lending; cashed by the bank! and lastly, it was ad1 exhibition; 3 waterworks; 10 manufactur-mitted by Mr. Esdaile that they had pubing; 11 mining: 1 miscellaneous; 2 public buildings; 2 railways; 2 for trading; 4 for shipping. The rush of joint-stock enterprise is, therefore, still in the direction of manufacturing and mining. The list we have reported now numbers 283, formed since the new Act came into operation. The total capital nominally professed by them amounts to the sum of 15,409,0407. Classified, these 283 new limited liability companies will appear to be as follows: Agricultural ... ... Banking and Money Lending Gas and Waterworks Land Companies Manufacturing Mining Miscellaneous 9 15 43 ... 3 ... lished a balance-sheet, fraudulently representing The West of England Fellmongers' Company proposes to purchase sheep and lamb skins, and prepare them for manufacture; to establish tan yards; to deal in manures, and to sell forage, seeds, and agricultural produce. This is certainly an extraordinary mixture of trades, and the company will fail if it attempts too much. Each business will require its own set of servants, and will be saddled with the expenses of a separate management. A joint-stock company has quite enough of difficulty in this respect, where it has only one concern to watch over; but where Railways and Telegraphs there are many, inspection becomes impracTrading (wholesale and retail) ticable, and failure is the almost certain conShipping sequence. Let this company be either what it Joint-stock affairs have been unusually dull is called, a Fellmongers' Company, or a Corn during the last month, mainly the result of Dealers' Company, or a Manure Con pany, political causes. The prospect of a general but let it not attempt to mingle them. hen election has occupied the public mind, and for all this the capital is only 5000l. Why diverted it from business. The money market that is a capital which an individual can comcontinuing tight has also tended to restrain mand, and with which it would have to endure joint-stock enterprise, which, but for this, the competition of individuals. Such a sum under the stimulus of limited liability, would could not carry on three such businesses upon have rivalled 1845. As it is, few schemes of a scale large enough to cover the costs of workmagnitude have been put forth, and others ing a company, and leave a profit besides. have not met with much encouragement. 20,000l. is the very least sum that should have The meeting of the Great Northern Railway been fixed upon. The shares are 101. each, and Company passed off without the expected 292 of the 500 required were subscribed at the storm, thanks to the good generalship of Mr. date of registration. If the project has been Denison, the chairman. The directors had to so well received, why is not a larger capital anface their constituents with the formidable¦nounced, and the concern conducted on a scale admission that the Redpath forgeries amounted that would be more likely to prove profitable? to 220,000l., and that they had been advised The Surrey Cocoa Fibre Company is formed by counsel that they could not legally pay a to card and clean the shells or husks of the dividend while the forged stock was outstand- cocoa-nut, and manufacture the fibre into mats, ing. They had prepared a Bill to remove this matting, and brushes, and sell the fibre. It is not difficulty, for which they had intended to ask stated whether this is designed to work a new the assent of Parliament, but Lord Redesdale invention or merely to establish a new manufachad intimated that it would never have history on the old plan. There is, however, one consent, and it is too well known that without singular feature in it, the proposed capital is The General Pictorial Exhibition is a strange title for a company, and the objects are equally strange. Nothing can be more vague than the description of them upon the register. The company is stated to be formed "for general pictorial exhibitions, and for such other purposes connected therewith as the directors for the time being may think proper." This sounds very much like a company for things in general. What pictures are to be exhibited? Is it to be a gallery or a panorama? a shop or a show? And what are "things" connected with such an exhibition? The plan is somewhat large, for the proposed capital is 30,000l., in 30,000 shares of il. each. The proprietor is a bold man, and a wise one, too. He knows that a large capital is far more likely to attract the public than a small one. But alas for the vanity of hum n hopes and plannings! Of these 30,000 shares only seven are taken. In other words, the General Pictorial Exhibition Company begins life with just 77. in its pocket. Could anything more forcibly illustrate the absurdity and folly of the new law, that permits a company to be endowed with the privileges of a corporation, with a capital of seven pounds! to work a patent for reducing milk to a powder, The British and Irish Sugar Refining Company is established at Plymouth, for objects sufficiently described in its title. It is one of the most respectable companies in all its arrangements which we have yet had occasion to review. Its capital is no less than 180,000l., and the shares of the substantial amount of 301.. each, and of these all were taken at the date of registration. We presume that it buys off a business already established. It is remarkable that in Plymouth more joint-stock companies have been formed than in any other town, and it seems to have been a favourite plan there for men having large businesses to get up a company to take those businesses off their hands, of course at very great advantage to themselves. It is, indeed, an admirable method of disposing profitably of businesses that are declining for want of large capitals; and when the easy use of it for that purpose becomes better understood by the public, we shall doubtless have more of such companies coming out. The London and Birmingham Flint Glass and Alkali Company is designed to establish glass works at Birmingham "and elsewhere in Eng land," for the manufacture of glass. The proposed capital is 50,000l. in shares of 10., and of those, seventy were taken at the date of registration. But this capital would not permit of works being established elsewhere in England. It will barely suffice for the Birmingham works. Young companies should be very cautious, and not aim at too much. The Seamless Leather Company is stated to be formed for the sale of a patent, for the manufacture of certain articles of leather with- i out seams; a discovery of Mr. Samuel Middleton. No particulars of the patent are given, and we have seen no prospectus of the company, so that we cannot offer an opinion upon its feasibility, or of the prospects of success. But we may venture to say this much, that, if articles can be so manufactured, the invention must be a very valuable one indeed. There are many uses to which leather is applicable in itself for which it cannot be employed at present, because of the necessity for seams, and the difficulty of making these waterproof. Gutta percha owes much of its fame to its capacity for being moulded to shape without a seam. If leather could be applied to the same purposes, it would supersede gutta percha. Hence the probabilities of success; for this company depends wholly upon the character of the invention-if it will perform what it promises; and persons who contemplate taking shares in it, should first satisfy themselves on this point. When so satisfied, it will probably be found a good investment. It is, moreover, a proper subject for a company; it is an enterprise beyond individual capital. The proposed capital is 24,000l. in shares of 50%. Part of the price to be paid to the patentee for the copyright in the invention, is 312 paid-up shares, or 15,6007. This must be admitted to be extremely liberal: but then its value depends upon the value of the invention itself, so that it is an equitable mode of payment. Ninety shares were taken at the time of the registration. The Thames Steam Ferries or Floating Bridge Company is formed to carry out an extremely useful project, which has been talked of for a long time-namely, to build ferries or floating bridges across the Thames, with proper chains and landing places for the conveyance of passengers, horses, carriages, cattle and goods. It is well known that there is a great want of more ready communication between the two banks of the Thames, in many places where it would be impossible to erect bridges. Small ferry boats do not accomplish | the purpose, for they can convey only passengers and small parcels. A steam bridge permits of carriages with all their contents being carried across with perfect safety. It is quite certain that if such, an accommodation were constructed, it would be extensively used, and the only marvel is, that it has not been provided long ago. The capital of the company is 75,000l., in shares of 107., of which 240 were taken at the date of registration. It ought to be a capital speculation. Anderson's Patent Soap and Candle Company is, as we presume from the name, being that of the promoter, one of those suspicious speculations which are set on foot, not to try a new enterprise, but to take off an existing business: contrivances, in fact, for selling a business at an immense price. As we have had occasion to remark before, a man when possessed of a profitable business, will not sell it except at a price which will pay him far better than it will pay the purchaser. When, therefore, we see individuals getting up companies to take off these businesses, we conclude either that the business does not pay, and therefore is sold, or that, if paying, it is to be sold only at a price which will give to the seller more than it is worth, and consequently be so much loss to the buyers. We do not assert that the company now under review is one of that class, for we know nothing more of it than the short description of it in the register: but that causes a suspicion in our mind, which we shall be very ready to remove, if assured by an in spection of the prospectus. The object is, of course, to manufacture soap and candles. We cannot, however, put out of mind the fate that attended a somewhat similar enterprise with Groux's Patent Soap. The scheme is ambitious. The capital is to be 100,000l., in the surprisingly small shares of 11. Thus it will require one hundred thousand shares to be taken before the capital is subscribed. Of these it seems that Mr. Anderson, the promoter, takes 1300, and only 1600 are taken altogether; so that in fact the public had, at the date of registration, subscribed only 300 out of one hundred thousand that are required. This is ominous. If The European and American Steam Shipping Company contemplates the establishment of a line of steamships between England and America. The profit will be entirely a question of demand and supply. Are there as many ships now plying between England and America as are required by the traffic? not, a new line will pay as well as any of the existing ones, because there will be room for it; but if the demand is already supplied, the addition of new ships will merely diminish the profits of all, without paying the owners. It is a simple question for the promoters of this company, and for those who are invited to take shares in it. An "outsider" can form no judgment upon it that is worth having. The capital is an ambitious one, no less than 396,000l, in shares of 91. But although 44,000 shares are wanted, only 1600 were subscribed at the time of registration. To the New Bradwell Bread and Flour Company, to be formed at Bradwell, in Buckinghamshire, for the supply of unadulterated bread and flour, we can only repeat what we have had such frequent occasion to say before, that the capital is much too small to be worked by joint-stock machinery. It is ridiculous to form a company for a business that costs only 10007.; suppose it to pay 20 per cent., the profits would be only 2001., and this would barely pay the cost of working the company, let it be done as economically as possible, and nothing would remain for the shareholders. Then the amount of the shares is too small only 10s.; consequently requiring 2000 shares to complete it. Just calculate what will be the cost of keeping 2000 accounts with the shareholders, and the fragments of dividends on 10s. shares-supposing any to be made and the folly of it will be apparent. The public seem to think so, for only 106 shares were taken at the date of registration. The Great Northern Railway has published a report upon the Redpath forgeries. The sum for which stock was fraudulently issued appears to be no less than 220,000l. The property seized is estimated at 50,000l., so that the lowest loss is 170,000l. It seems that Redpath was placed in this responsible position for the sake of economy, being preferred to another because he accepted 250l. per annum, instead of the 350l. which the other required. The directors were aware, at the time of the appointment, that he was a speculator, but they supposed that he had been a successful one. This excuse is the most unsubstantial that could be put forth. A successful speculator, pocketing thousands, would not have accepted a place of hard work at such a small salary, and an unsuccessful speculator would be very likely to pay his losses with his employer's money. The directors, with astounding simplicity, thought that he was satisfied with his success, and accepted his promise to abstain for the future "from speculating in shares or stocks of any description." They almost deserve to be plundered for their gullibility. But the announcement of the enormous amount of loss, and of the want of worldly wisdom which occasioned it, is accompanied with a still more awkward statement that the directors are advised that they can pay no dividend while any of the fraudulent stock is outstanding, and that an Act of Parliament will be necessary to get them out of the mess. But some time must now elapse before that can be obtained. THE UNIVERSAL PURVEYOR THIS company held its second meeting, Sir Thomas Tancred in the chair. The following is an abstract of the proceedings: A report was presented, which stated that the busifurther capital was required to enable the directors to ness of the company had gradually progressed; but proceed with the undertaking as profitably as they could wish. The nominal capital of the company had been raised to 20,000.; and an appeal had been made to the public with a view to obtain a sufficient number of shareholders to complete what was called the " commencing capital," viz., 4000l. This appeal, however, brought only fifteen additional shares, that was forty shares less than was necessary to constitute the sum required. To meet this difficulty, two of the directors and a half per cent., the repayment of the loan being became sureties for a loan of 3000l., effected at four spread over seven years. The cash, amounting to 20301. 78. 3d., which stood at the credit of the company on the 31st December 1856, was composed for the greater part of the sum remaining unemployed out of the loan for 30007., while the liabilities of the company on this account amounted still to the sum of 14921. 12s. 4d., leaving a free net cash balance of 5377. 14s. 11d. Twenty-three shares more had been added to the capital of the company, and all the liabi lities outstanding on the 31st December had been discharged. No liabilities, excepting an amount which could be easily paid out of forthcoming receipts, a trade increasing satisfactorily, considerable savings to be effected in the management of the concern during the current year, debentures to the amount of 2000l. to be disposed of, 1654 shares to be issued, did not, it was thought, make out a hopeless case for the company. At a meeting of the board, which took place in the month of January last, a resolution was passed stating that the directors were prepared to receive 20007. on debentures bearing interest at the rate of five per cent. and a discount of two and a half per cent. on purchases from the company. The directors now urged that the present was the time for action, and that it was desirable to bring about the immediate subscription of the 2000l., and even of the forty shares of the commencing capital still remaining unsubscribed. The Chairman said the principal question they had The accounts showed that the company had gradually to decide upon was as to the raising of additional funds. progressed in business since its formation, and as far as patronage went, the directors had nothing to complain of; but, as a matter of course, capital was required to meet the necessities of the company. They had been obliged to decline many advantageous contracts with large steamship companies, &c., because they had not sufficient capital to meet their demands. Though there appeared to be a loss on their transactions, it must be regarded in the light of preliminary expenses, which every newly-formed company must undergo. He was happy to say they could now effect a saving in their expenses of 4201. a year, and this saving could be increased to 6897. through the liberality of the managing director, who had agreed to forego his salary and house rent. The principle upon which the company was based, viz., the determination to supply the public with unadulterated articles, was certainly a good one; but increased funds were necessary, and as the directors did did not feel justified in risking more than they had already done, they must appeal to the public at large to decide whether they would come forward or not. received, and a resolution adopted authorising the directors to raise 20007. on debentures, as agreed upon at the previous meeting. After some desultory conversation, the report was Proposals were then made and accepted for amalgamating the company with three establishments in London, securing an amount of sales of 29,000 per annum, Esq., the Rev. L. Deedes, T. E. Rogers, Esq., A. and that a committee, consisting of Thomas Raikes, Hanson, Esq., Rear-Admiral Duntze, and J. Lechevalier St. André, Esq. (three to form a quorum), be hereby appointed to negotiate the terms of the amalgamations, and to report their opinions thereon to the board of directors. We know not how this statement of the affairs of the company may appear to the shareholders, but to us it seems anything but satisfactory. It is our duty to look at facts and figures, in reporting and commenting upon the business of companies, without the gloss which directors and officers have always a tendency to put upon them. It is for the interest of shareholders that they should understand the precise position of the concerns with which they are connected, as they present themselves to the unbiassed eye of a stranger, and by so viewing them we hope to do good service and to obtain the confidence of the public as a guide for their investments. What story, then, does this report tell? There has been a loss on the entire business. The chairman endeavoured to explain away this ugly fact by saying, that it must be regarded in the light of preliminary expenses. But is it really? Were the expenses incurred before the business began, or afterwards? Why was it not shown in figures what portion of the expenditure was for costs that would not recur, and how much belonged to the regular expenses for conducting this business? This was the only satisfactory means of removing the impression, which must be made upon the minds of all men of business by the fact that there was a loss instead of a profit on the year's transactions. Then there was a call for more capital. The nominal capital was 20,000l.; but they had not raised 40007., which was the capital wherewith to commence. How little, in fact, had been subscribed in shares may be gathered from this, that to complete the "commencing capital" of 4000l. the directors borrowed 3000l.! They made an appeal to the public to take shares, but it was answered by a subscription of only fifteen, and then forty more were required to be taken to make up the commencing capital. Another startling fact is, that out of 2000 shares, of which the capital is to be composed, no less than 1654 yet remain to be disposed of. In other words, only 346 shares are taken! And we should like to know how many of these are paid up in full. And in what manner is it proposed to raise capital? In the only legitimate one, subscription of the untaken shares? No; but by a loan. The meeting authorised the directors to borrow 2000l. on debentures at five per cent. But what man in his senses would lend money on debenture to a limited liability company from which he could not recover it? Can the directors for a moment imagine that, if they cannot dispose of their shares, they could find persons willing to entrust the company with the possession of their money on loan? They appear to have forgotten entirely that lenders of money look to the security for it, and a company that is not liable to pay its debts can give them no security whatever. Why, if it were to fail, even the costs of winding it up would fall upon the creditors, not upon the shareholders-such are the defects of the new Act. we cannot even In these circumstances echo the words of the report, and say that it did not "make out a hopeless case for the company." To us it appears to be thoroughly hopeless, spite of the promised saving of 4201. a-year in the expenditure. It is another proof of that which we have repeatedly asserted, that a joint-stock company is not adapted for any business within the capacity of individual pockets and brains. Provision dealing is such a business, and therefore it is not likely to flourish under the costly and clumsy management of a company, and we would recommend the directors to dissolve it, without throwing more good money after the bad, as the saying is. THE ROYAL BRITISH BANK. copper and other minerals in the west and southwest districts of Ireland; but particularly, at Ir is with no small surprise that we have read first, the purchasing and taking on lease the an advertisement calling a meeting of the creCarrigacatt, in the parish of Kilmoe, in West of obtaining their assent to the composition of 6s. Dhurode copper mine upon the town lands of ditors of the Royal British Bank, for the purpose Carbery, in Cork, for smelting and refining the in the pound, offered by the shareholders. Of ore, minerals and metallic substances from the course, if the creditors are so silly as to accept a mines, and for the sale thereof. Capital, 15,000l. composition for debts of which, in law and in in 6000 shares, of 21. 10s. Office, 34, Corn-justice, they might demand payment in full, it is no hill. concern of any other person, and nobody has a right to complain. Those who are content to take 6s. may do so, if they please, and those who object to less than the full measure of justice, might insist upon it, and in the regular course of things have it." Madras Irrigation Company. To construct, maintain and manage works for the irrigation of land and navigable canals and tramways in Madras, Orissa, territories of Mysore, Travancore, Cochin, Hyderabad and Nagpoora, in the East Indies, to levy tolls and take passengers upon them, and to hire and purchase steam-vessels, and run them on the rivers. Capital, 10007. in 50 shares of 201. each, with power to increase. Shares taken, 23. Offices, 34, Cannon-street. The Bellevue Estate Company.-To purchase certain lands called Bellevue and part of Hamlyns Duryard, in the parish of St. David, Exeter, and the laying out roads, buildings, pleasure-grounds and other works, and for selling, letting and disposing of such lands in allotments or for building purposes. Capital, 12,000l. in 100 shares Shares taken, 80. Offices, of 1201. each. Exeter. To purchase a colliery plant and other works in The Island of Anglesea Coal and Coke Company. the island of Anglesea, to raise and vend coal and clay, to make coke, and for the manufacture and sale of fire bricks. Capital, 50,000l. in 1000 shares of 51. Office, 17, King's Arms-yard, Moorgatestreet. The Millom Mining Company. To purchase the interests of the present proprietors and lessees in the mining operations now carried on by them extend mining operations. Capital, 6000l. in at Underhill, Cumberland, and to carry on and 6000 shares of 14. Offices, Ulverstone. Total shares taken, 500. Arley Pottery and Fire Brick Company. — To carry on mining and colliery works at Upper Arley, Stafford, to raise and dispose of coal, clay and minerals, and manufacture pottery, fire bricks, pipes, tiles and earthenware goods. Capital, 26,000/. in 52 shares of 500l. Shares taken, 40. Offices, Upper Arley, near Bewdley, Stafford. The Mediterranean, Levant and Black Sea Steam Navigation Company. To trade between these ports and points in the Black Sea. Capital, 10,000l., with power to increase to 200,000l., in 1000 shares of 10. Shares taken, 155. Messrs. Walmesley, Parliament-street. - Hudiksvall Steam Sawing Mill Company. To purchase forests in Jamtland and Helsingland, in Sweden, and right of selling the timber, to complete the water communication for floating the same to the port of Hudiksvall. Capital, 36,000/. in 36 shares of 1000%. each. Shares taken, 18. Offices, 157, Fenchurch-street. the business of patent medicine dealers in all its London Patent Medicine Company.-To carry on branches, and becoming the owners of patent medicines. Capital, 25,000l. in 25,000 shares of 17. Shares taken, 130. Solicitors, Messrs. Roberson and Maddox, 2, Serjeant's-inn. Taliesen Silver Lead Mining Company.-To 25,000l. in 5000 shares of 51. Total shares taken, 550. Mr. Wing, of Beaufort house, North-end, Fulham, takes 300 shares. Mr. Edmonds, 12, Hanover-street, Hanover-square, and offices, 32, Moorgate-street. LIMITED LIABILITY COMPANIES AND work silver lead mines in Cardigan. Capital, THE STOCK EXCHANGE. OWING to doubts respecting the power of companies incorporated under the Limited Liability Act of 1856 to issue scrip, the Committee of the Stock-Exchange recently took the opinion of counsel on the point, and adopted the annexed resolution, which was posted in the house :The following resolution has been passed by the committee and will in future form part of the law of the Stock-Exchange: In settlements of shares of companies, under the Limited Liability Act, when the allottees have signed articles of association, the delivery of shares must be by deed of transfer; and, in cases where no such articles have been signed and scrip certificates only have been issued, the committee will not fix a settling day in such scrip, unless they bear a stamp of one penny, and a limited period be stipulated on the scrip certificates for their registration. By order of the committee, GEORGE LOVELESS, Secretary. Committee-room, March 24. NEW COMPANIES INCORPORATED. The following companies have been registered during the month: South West of Ireland Mining Company.-To purchase, take on lease, and work mines of lead The Portsmouth and Gosport Co-operative Company. To purchase, sell, manufacture, trade and deal wholesale and retail in cattle, general commodities and tools. Capital, 2000l. in 4000 shares of 10s.; shares taken, 35. Offices, Portsea. Leeds, Pudsey and Districts New Co-operative Flour Company.-To work a co-operative flourmill. Capital, 52507. in 5000 shares of 17. 1s.; shares taken, 40. Offices, Leeds. Midland Mining Company. To work mines and minerals in England. Capital 52501. in 1050 field. shares of 51.; shares taken, 155. Offices, Chester Brighton Hotel. - To establish a hotel and tavern and club-house at Brighton. Capital, 50,000l. in 10,000 shares of 51.; shares taken, 100. Offices, 6, Basinghall-street. Pull yr Engine Colliery Company. To raise coal in Llandebre in Carmathen, and sell same. Capital, 2500l. in 2500 shares of 20s. Shares taken, 2000. Mr. Davis Duthort, Austin-friars, takes 1000. Office, 10, Austin-friars. But, reading the advertisement, we find in it a notice which has filled us with astonishment and alarm. It intimates that an Act of Parliament will be obtained to compel the minority to accept the composition to which the majority shall agree. We will not at present do more than protest against any such ex post facto law. We do not believe that Parliament would dare to sanction any such scheme. It was attempted in the Tipperary Bank case, covertly, but when the true intent was understood, the Bill was summarily rejected. Such would be the fate of any measure for confiscating the rights and properwould be an act, not of tyranny only, but of ties of the creditors of the British Bank. It positive dishonesty. Relying upon the law which told them that every shareholder in a joint-stock bank was liable to the last farthing for the debts of the bank, persons intrusted to this bank the keeping of their money. Would it not shake the very foundations of society if, after the bank was broken, a law should be passed annulling the law on the faith of which money had been deposited shall be subject only to a limited liability? No. in the bank, and declaring that the shareholders This project, at least, cannot be sanctioned. Nothing more can be done than to wait the production of the measure that has been promised by Mr. Lowe for facilitating the winding-up of insolvent banks, and, if possible, to bring the British Bank within its provisions. The scheme proposed is nothing less than confiscation, and we all know what is the unpolite but truthful word which is the equivalent of confiscation. The proposition to confiscate, by an ex post facto law, the rights of the creditors of the Royal British Bank is not likely to be received with entire acquiescence. A meeting of the creditors has been held, and an amendment moved that it is not expedient to accept any composition "until an official statement has been laid before the depositors of the actual pecuniary resources of the shareholders, nor without receiving the most ample and satisfactory security for the payment of any composi tion, should any offer from the shareholders to that effect be accepted by the meeting." It is very remarkable that in this case, as in almost debtors and not for the creditors. It is for the all others, the sympathy is entirely for the ruined speculators, and not for the persons they have ruined, that pity is felt and professed and the protection of Parliament invoked. The morality of the question is lost sight of entirely; the sense of right and wrong seems to be inverted whenever the relationship of debtor and creditor is in question. It seems to be forgotten that the shareholders of the bank are only in the position of all other persons who speculate for gain. They desired the gains of trade, without the personal labour and thought by which the tradesman must earn them. There cannot be profit without risk of loss. They knew the risk, or they ought to have known it. The result has been a failure. The speculation has not succeeded. There has been loss instead of the hoped-for gain. There is nothing in the case of the bank, so far as the shareholders are concerned, more lamentable than that of any tradesman who opens a shop, manages his business badly, or leaves it to servants, and becomes insolvent. Substantially it is no greater hardship to the shareholders to be liable for the debts of their own bank than to be, as they are, liable for the debts of any other business in which they may be engaged. Mr. A., the grocer, as shareholder in the bank, has no more right to ask Parliament to compel the creditors of the bank, who have intrusted their money to his keeping, to accept a composition, than to enforce a similar request against the creditors who have trusted him with their goods. If all the creditors are willing to accept a composition; there can, of |