tended that the plaintiff had set forth sufficient grounds of action, and that, assuming the facts true, it was an irresistible presumption of law that the defendants were liable. They referred to Bright v. Hutton, 3 H. of L. Cas. 341; Upfill's case, 2 H. of L. Cas. 674; Spottiswoode's case, 6 De G. M. & G. 345; Pearson's Executors' case, 3 De G. M. & G. 253; Carrick's case, 1 Sim. N. S. 509. The Attorney-General (Bethell) and Anderson, Q. C., for the respondents. Rolt replied. The LORD CHANCELLOR (after stating the pleadings). In this case the question is whether, on the pleadings, any relevant ground of action is stated. The real demand of this plaintiff against the defendants was a demand of a nature which has been canvassed over and over again in all the courts of Westminster-hall, and canvassed upon principles which are applicable just as much to the law of Scotland as to the law of England, and which in fact have been adopted by the law of Scotland, and as to which, therefore, there can be no doubt now on either side of the Tweed. It is quite obvious that the original ground of the action was the supposed liability of the defendants, as having been members of a provisional committee which had been appointed for the purpose of constructing a railway, the particulars of which it is not necessary to enter into. Now, that they were not liable in respect of their having so been members of the provisional committee is quite clear. The question is, whether there is anything in the pleading which shows that the plaintiff states a liability arising from some other ground than that of these parties having been members of the provisional committee. I think the terms of the pleading bear no such construction, and therefore I come to the same conclusion as that come to by the judges in the court below. Lord WENSLEYDALE.-My Lords. I am entirely of the same opinion with my noble and learned friend, and I concur without any difficulty in recommending your Lordships to affirm the judgment of the court below. According to the practice in Scotland, the plaintiff must, in his pleading, set forth, in explicit terms, the nature, extent and grounds of the complaint or cause of action. The question in this case is, whether it does state "in explicit terms the nature, extent and grounds of action." Now, I must say that I concur entirely in the view which the learned judges of the court below have taken of this matter. If we look at the state of the law at the time this suit was commenced, and look at the frame of the original pleading, it is perfectly clear that it was framed under the supposition that it was quite enough for persons to be members of a provisional committee, to become liable for everything that was done in the course of carrying on the business of that provisional committee into execution. It was supposed that a provisional committee constituted a partnership, in which each individual member of that committee gave a mandate to the other members of that committee to act in all affairs concerning that committee, and that they were liable as co-partners. And it is perfectly clear that that was supposed to be the law in the earlier stages of this matter, before this suit was instituted; and it continued to be acted upon in some of the courts of Westminster-hall; and thereby no doubt great loss was inflicted upon a great number of individuals. I may observe, in passing, that, looking back upon my judicial life, it certainly does not lie upon my conscience that I was ever a party to maintaining that doctrine. I uniformly, from the first, held that doctrine which was afterwards decided by this House to be the true doctrine. Now, if we look at the frame of the original pleading throughout, it is impossible to doubt that it was framed by the plaintiff upon the supposition that if he made out that the defendant was a member of the provisional committee, either that he was so in point of fact or that he was held out with his sanction as being a member of that committee, it could not be disputed that he was liable for everything done in the ordinary course of carrying the scheme into effect. It appears to me that the whole frame of this pleading is in order to support that view of the case, and to make out the proposition that he had become a member of that committee, either in point of fact or by representation, and that he is therefore responsible for all the acts of that committee. Now if we look at the case in that point of view, it is perfectly clear that there is no relevant cause of action against the other members of the provisional committee. Then it is said, however, that though that is not a cause of action, enough can be discovered here to make these parties clearly liable, upon the ground of individual contract. Now it does not appear to me, looking at the whole of the pleading, that there is enough to make out a case of liability upon the ground of individual employment. The whole is left in uncertainty. The facts are not sufficiently averred to show that the employment took place by order of the defendants. Therefore the case resolves itself into this: either that the pleading is irrelevant, or that it does not state with that certainty which the nature of the case requires the cause of action against the defendants for their liability, either jointly or severally, to any individual demand. Upon that ground it appears to me the judgment of the court below ought to be affirmed. Judgment affirmed. The bankrupt, who was one of two joint secretaries to a Held, without deciding whether a valid equitable mortgage his assets. Swanston, Q. C. and Hallett, for the appellants, argued that the mortgage was wholly ineffectual, as notice to the company was requisite; no assignment of the shares had been made; they remained in the disposition of the bankrupt, and therefore, as part of his assets, passed to his assignees. Bacon, Q.C. and Baggallay, for the respondent, contended that this was a valid and complete equitable mortgage; if notice to the company was in fact required, they must be presumed to have had such notice, inasmuch as Mr. Sketchley was himself their secretary, and notice to him was notice to the company. pressed enough. In that case there were many points of difference from the present; the petitioner there was not aware that the bankrupt, her solicitor, had been dealing with her on his own account; the facts had not been communicated to her, and she had been deceived by him. Here, however, there appeared to have been no misrepresentation or suppression; Mr. Bacon from the beginning knew that the transaction was one by the bankrupt on his own account. It had been urged that it was his duty as solicitor to give his client legal advice in the matter, and that he did not do so; this was very probably the case; and his Lordship was not aware that either Mr. Bacon or the bankrupt himself knew that it was important (if, indeed, it was important) that notice to the directors was absolutely necessary for the validity of the transaction. But Mr. Bacon had trusted to bankrupt, and the circumstances did not afford an answer to the claim of the assignees. His Lordship intended not to give any opinion whether a security upon railway shares could be effectual as against assignees in bankruptcy of the owner of those shares without an actual transfer being made; but here no transfer was even attempted to be made. the Lord Justice TURNER briefly stated the facts of the case, and said that the question was, whether an equitable mortgage of shares in a railway company This was an appeal from a decision of Mr. Com- could be valid against the assignees in bankruptcy of missioner Ayrton, of the Leeds District Court of the reputed owner. The bankrupt had borrowed Bankruptcy. The bankrupt, Samuel Sketchley, was 8007. of Mr. Bacon, one of his clients, and as security one of the joint secretaries of the Horncastle Railway had given to that gentleman his bond, and had depoCompany, in which he was also a shareholder. He sited with him the certificates of eighty shares, of was also a practising solicitor, and among his clients which he was owner, with a memorandum of the was the Rev. H. B. Bacon, of whom he had borrowed deposit. Of the eighty shares, fifty were standing in a sum of 8007., to secure which he gave his bond, the name of the bankrupt, and the remaining thirty and deposited with Mr. Bacon the certificates of in the name of a person from whom he was about to eighty shares in the company. No notice of this take a transfer of them. No notice had been given deposit was given to the company, and no assignment to the company of such deposit, and the learned comof the shares was ever made. Mr. Sketchley after-missioner ordered a sale of all the shares upon the wards became a bankrupt, and the learned commis- petition of the equitable mortgagee Mr. Bacon. From sioner decided that this transaction amounted to a this decision the assignees now appealed. It was conmortgage of the eighty shares to Mr. Bacon, to tended on their behalf, firstly, that no valid equitable whom they must be given up, from which decision mortgage of railway shares could, under any circumthe assignees appealed. stances be made; and secondly, that if a valid equitable mortgage could be made, notice to the company was essential, and that in this case no sufficient notice could be given. On behalf of Mr. Bacon, on the other part, it was contended that a holder of shares was perfectly competent to make such a mortgage, and that if notice to the company was essential they had such notice, inasmuch as the mortgagor, Mr. Sketchley, was their own secretary. It was unnecessary to decide the first point, for, upon the assumption that a valid equitable mortgage was possible, all the essentials of a valid equitable mortgage of any other mere chattel would necessarily have to be observed, and notice must therefore be given. These shares were merely personal estate, and the question therefore was, whether sufficient notice of the mortgage had been given to the company, and his Lordship was of opinion that it had not. It was the intention, in requiring notice of dealings with shares, to prevent dispositions without the knowledge of the assignees; and moreover to prevent persons having claims upon the shares from being injured by prior claims, of which otherwise they could have no knowledge. For these reasons, it was the plain duty of the equitable mortgagee giving notice, to take care that his notice should actually reach the persons possessing control over the property which the notice was intended to affect. But in this case the notice fell far short of this, and it was not sufficient, because it was given only to a person whose interest it was to prevent its going further. His Lordship upon this point referred to Ex parte Hennessy, 2 Drew. & W. 555. Besides, it did not appear that there was any intention to give notice of the deposit to the company. It was urged on behalf of the respondent, that he was dealing with the bankrupt as his solicitor, and that the bankrupt in that capacity was bound to take all proper steps on behalf of his client, and for his safety; but his Lordship thought that this did not affect the case. No notice such as was required under the 105th section of the Companies Clauses Consolidation Act had ever been served. The order of the learned commissioner must be discharged, and the assignees must have their costs out of the estate. In refraining from the expression of an opinion on the question whether railway shares could or could not be the subject of a valid equitable mortgage, his Lordship wished it to be understood that he intended to cast no doubt upon the point decided by the court in Re Pearse. The cases referred to were: Ex parte Lancaster Their Lordships reserved judgment until the 27th Lord Justice KNIGHT BRUCE then said, that in this written notice given to the directors would or would not, given, have made any difference, the Lord Justice thought that the title of the assignees in the bankruptcy must prevail. As to the case of Re Bromley, ex parte Smythe, 3 Mont. Deac. & De G. 687, decided by his Lordship when he was Chief Judge of the Court of Bankruptcy, he believed that that decision, whether well founded or not, on which he gave no opinion, proceeded upon special circumstances in evidence, and not merely upon the grounds stated in the report. Probably that report of his judgment was correct, but if it contained all that he himself had said in his judgment, he had not ex COURT OF QUEEN'S BENCH. Thursday, April 23. FELL v. BURCHETT. A shareholder in a joint-stock banking company esta- This was an action by a depositor in the Royal British Bank, who had an account current, against a shareholder, to recover the balance to his credit at the time of the stoppage of the bank. The case was tried before Lord Campbell, C.J. in London, and a verdict given by consent for the plaintiff for 334., subject to leave to the defendant to apply to the court to enter the verdict for him on these admitted facts. The bank was constituted under the 7 & 8 Vict. c. 113; the plaintiff was a depositor, with an account current, and the defendant a shareholder during the time of the deposit, and still continues such. The action was for money had and received, and for money lent. The question was, whether the defendant was personally liable to be sued. sold the estate to his mother for 12007., and executed Mrs. Godfrey had also, on the 22nd March, accepted Phipson, on behalf of the defendant, in last term obtained a rule nisi to enter the verdict for him, and relied on the provisions of the 7 & 8 Vict. c. 113, and the fact of the bank being a corporation, to show that the defendant could not be personally sued. [ERLE, J. referred to Steward v. Greaves, 10 M. & W. 711.] Lush showed cause.-The case of Steward v. Greaves was under the 7 Geo. 4, c. 46, which placed banking copartnerships not on a corporate footing, but on the footing of ordinary partnerships, with a public officer for the purpose of suing and being sued, and a statutable liability as regards the shareholder. The 7 & 8 Vict. c. 113, s. 6, gives the Crown power to grant by Mrs. Godfrey being examined, testified to the above letters patent a corporate capacity to these companies facts, and stated that when she delivered the deed to for a period not exceeding twenty years. This section her son she distinctly told him not to exceed 500.; must contemplate the liability of the shareholders to be and that when she gave him her acceptance for 500l., sued individually, else there would be no power to sue her son told her that if she signed it, the deed depoat all when the patent expired. Then sect. 7 enacts sited with the bankrupt would be returned to her. On that notwithstanding such incorporation under sect. 6, the day the bill became due, Mrs. Godfrey went to the shareholders shall be liable for all the dealings, the bank and paid the money, and received the bill; covenants and undertakings of the company, subject bnt upon her asking for the deed, the bankrupt said to the provisions hereinafter contained as fully as if he was busily engaged, and would send it up the next the said company were not incorporated. This section morning. The deed was not sent as promised, and gives an action against the shareholders individually. had not been returned to her, although she had asked Phipson in support of the rule.-The main object of several times for it. The bankrupt afterwards told the statute was to incorporate these companies, and her there was some difference between her son and give certain statutable remedies against the share- him, to which she replied, "I never agreed for more holders. Sect. 7 was enacted to give the remedy against than 500l." Mrs. Godfrey being on friendly terms with the shareholders according to the general provisions of the bankrupt, allowed the deed it to remain with him for the Act, and reading the words "subject to "ac-eighteen months or two years without again requiring cording to," or "in the manner provided by," it does it to be given up to her. This statement was also corroboso ena ct. (He was then stopped). rated by her son and her daughter, the latter of whom had accepted a bill for 2007. for her brother's accommodation. Prior to this bill becoming due, she (the daughter) had told the bankrupt she would not take it up unless he gave up the deeds deposited by her brother. The bill for 2007., however, was honoured when due, but the deeds remained in the bankrupt's hands. On the part of the bankrupt, it was deposed that B. Godfrey, when he deposited the deed of 1814 and the copy of his father's will, said nothing of the property having been conveyed to his mother or to any one, and that he (the bankrupt) had no notion that Mrs. Godfrey had any interest in it; but he believed the property was the son's under his father's will. The deed and copy of the will were deposited with him in consequence of his requiring from B. Godfrey some security for his overdrawn account, as he had heard that B. Godfrey was not doing well. He also stated that Mrs. Godfrey's acceptance was a totally different transaction, and that there was no understanding between them that the 500l. were to cover the amount previously secured by the deposit of the deed of 1814. B. Godfrey had required more accommodation, which the bankrupt refused to give, unless Mrs. Godfrey would give her acceptance, in which case he would place the amount to his credit. This was done, and, as appeared by the books which were produced, B. Godfrey drew on the same day to the extent of nearly 3001. He denied having made any promise to Mrs. Godfrey to send the deed back the next morning. The balance claimed to be due to the bankrupt's estate from B. Godfrey upon bis overdrawn account with the interest amounted to 1827. 5s. 5d., and in respect of which the assignees claimed a lien upon the deeds deposited with the bankrupt. The application was made under the 12th section of the Bankrupt Act 1849. By the COURT.-The statute is very ill-drawn; but if the Legislature had enacted that the company in its corporate capacity, and also the shareholders in their individual capacity might be sued, it would have been a monstrous absurdity. There is a mode of construing sect. 7 that will prevent this. Sect. 6 creates these corporate bodies, and sects. 9 & 10 are the only sections by which the individual responsibility of the shareholders is preserved to the creditors. That view of the statute is a sensible one, because it prevents more than one action being brought, but it gives to the creditors a full remedy in solido against the shareholders individually. But if in addition a power had been given to multiply actions, that would have been inconsistent with the provision making the companies corporations, and of no effectual benefit to the creditors. To guard, however, against what otherwise might be an inference from sect. 6, sect. 7 provides that the individual liability of the shareholders shall remain, "subject to the provisions hereinafter contained," as fully as if the said company were not incorporated. If the words had been, "according to the provisions hereinafter contained," all inconsistency would have been removed; and reading it so, it will harmonise with the 9th and 10th sections. The whole scope of the Act was that there should be but one action against the company, with execution against all the shareholders individually, in the well-known series given by sect. 10, and previously applicable to joint-stock companies. The provision in sect. 7 was necessary to show that the shareholders were not absolved from their individual liability on judgments against the company. Rule absolute. COURT OF BANKRUPTCY. March 28 and April 4. (Before Mr. Commissioner FANE.) Ex parte GODFREY, re S. ADAMS. Deposit-Banking account-Lien. A. having purchased an estate of her son, to whom it had been devised under his father's will, lent the original conveyance made to her late husband to her son, with a view to his depositing it with his bankers to secure, as she alleged, a portion only of his overdrawn account. The son, however, deposited it to secure the account generally, without restriction. On the banker becoming bankrupt, and after a lapse of nearly six years, and on a conflict of evidence:* Held, that the assignees had a lien upon the deed for the general balance due upon the overdrawn account. This was an application by consent of all parties, by way of reference to the commissioner, as to whether certain documents which had been deposited with the bankrupt in 1851 should be given up to the owner without discharging the lien upon them claimed by the assignees in respect of the balance of an overdrawn account due to the estate from the depositor. Benjamin Godfrey, the testator, having in 1814 purchased an estate at Ware, in the county of Hertford, by his will devised the same to his son B. Godfrey the younger, in fee, and appointed his wife Catherine Godfrey his executrix. In Jan. 1850 B. Godfrey, in pursuance of an agreement made the previous year, Hilleary (solicitor) for Mrs. Godfrey claimed to have the conveyance of 1814 delivered up free from any claim or lien thereon. Bagley appeared for the assignees. ance for 500l. which he deposited with the bankrupt as a collateral security for the alleged 5007. secured by the deposit. The bankrupt, on the other hand, swears that the deed was deposited as a security for the whole of the overdrawn account, and not for 5007. only, and the paper signed at the time clearly proves the fact to have been as stated by him. He further swears that the acceptance of Mrs. Godfrey was brought to him by B. Godfrey some weeks after the deposit of the deed, to induce him (Adams) to make further advances, and that he accordingly placed the whole of the 500l. to the credit of B. Godfrey's account on the 26th March 1851, charging the usual discount and allowing Godfrey to draw against it. That all this is correctly stated by Adams is proved by entries made in his books at the time, according to the ordinary course of business. Under these circumstances I must believe all that is stated by the bankrupt as against the statement made by B. Godfrey. Nothing can be more improper than to deposit so much of a title as tends to show the depositor's rights, and to suppress subsequent instruments which have divested him of those rights. I can not but think Mrs. Godfrey very culpable in allowing her son to take away the deed of 1814, her late husband's title, and enabling him, by the production of that deed and of a copy of his father's will, to commit a cheat upon the bankrupt. I really believe, however, this lady was as much deluded by her son as the bankrupt was. Be that as it may, I must decide that I cannot deprive the assignees in this matter of their right to retain the deed deposited with the bankrupt by B. Godfrey, and as it was with bis mother's consent, I must refuse this application, with costs. Application refused. Tuesday, April 7. (Before Mr. Commissioner FONBLANQUE.) Re GODDARD. Certificate-Shareholder-Investment-Liability. If a trader have a clear surplus sufficient to meet the ordinary exigencies of any company in which he becomes a shareholder for the purposes of investment, and not as a gambling speculation, and the company unexpectedly fail, in consequence of which large calls are made suddenly upon the trader shareholder, which he is unable to meet, and he is himself therefore compelled to become bankrupt, this court will regard his failure as occasioned by unavoidable loss and misfortune, and will award him a certificate of the highest class. In this bankruptcy, which arose out of the failure of the Royal British Bank, the bankrupt was the holder of thirty-two shares in respect of which he had incurred liabilities for calls to the amount of 27001. On the 1st Jan. 1856 he was possessed of a capital exceeding 3000, whilst his trade debts, as evidenced by the balance-sheet, amounted to only 1707. Burr (solicitor), for the bankrupt, now applied for his certificate. Linklater (solicitor), was instructed for the assignees. Stansfeld, the official assignee, stated that the bankrupt had been driven to this court solely in consequence of his connection with the Royal British Bank, whereby the whole of his property had been swept away. The question had been brought upon a previous occasion before Mr. Commissioner Goulburn, who had intimated his opinion that the failure was not one of unavoidable loss and misfortune. Mr. Commissioner Holroyd, on Friday last, in a similar case, Re Cantrill, granted a first-class certificate under precisely similar circumstances to those in the case before the court. The COMMISSIONER asked whether the bankrupt had a clear surplus at the time stated in the balancesheet Burr-He had a capital of 33007. on the 1st Jan. 1856. Mr. Commissioner FONBLANQUE.-Then I have no hesitation in granting a certificate of the first class. It is very difficult to say what is unavoidable loss and misfortune, but I think this comes as near to it as anything possibly can; because I do not think that any human being could have anticipated such a state of things as has resulted from the failure of this bank. If a man have a clear surplus, sufficient to meet the ordinary exigencies of any company in which he becomes a shareholder, such a failure as that of this bank, which no one could have anticipated, is, in my opinion, unavoidable loss and misfortune. I have no doubt that the bankrupt became a shareholder in that company, as others have, not as a speculation, but for the purpose of an investment. If it had been a gambling speculation, I should have arrived at a very different conclusion. First-class certificate. BUSINESS OF COMPANIES. Railway Companies. ABSTRACT OF PROCEEDINGS. The shareholders of the Great Western of Canada Company have adopted the report and confirmed the dividend at the rate of 9 per cent. per annum, absorbing 13,2387., and leaving 45757. to be carried forward. The revenue is steadily increasing, but the locomotive expenses are heavy. The report of the Fife and Kinross Railway has been agreed to, and it is stated that the works are making satisfactory progress. The first section of the Pernambuco Railway will be opened considerably within the period allowed by the contract, and the prospects of the undertaking continue to be regarded as favourable. According to a statement made by Mr. De Mornay, the Imperial Government, as well as the authorities and population of the province, continue desirous to afford it every encouragement. The report of the Wellington and Severn Junction Company states that the route between Ketley and Horsehay is completed and ready for traffic. In order to avoid the expense of proving working stock and locomotive power, the directors have entered into negotiations with the Great Western Company, which, when settled, will it is thought form the basis of a satisfactory arrangement. The dividend shown by the accounts of the Paris and Orleans Company is 54f. per share, making with the 30f. already paid, 84f. for 1856 or 16. 168. per cent. The report of the Scottish Central has been adopted, with the exception of those points relating to the detail of accounts with the Edinburgh, Perth and Dundee Company. An unavoidable increase in the capital account of 21,000l. has occurred to provide additional accommodation for traffic, especially at Sterling, now an important place, and the terminus of many lines. At the Jedburgh meeting it was announced that the undertaking has been completed, and that it has passed into the possession and management of the North British Company under the terms of the working agreement. The Stirling and Dunfermline report has been adopted, and the interim dividend of 68. per share has been declared. At the Midland Great Western meeting the dividend was at the rate of 5 per cent., and the revenue of the company is stated to be progressively increasing. The dividend of the Irish South-Eastern Railway has been confirmed at the rate of 34 per cent. per annum, and the Bagenalstown and Wexford line will, it is expected, be completed in about twelve months. The report of the Dublin and Kingstown Railway has been agreed to, and a dividend at the rate of 4 per cent. for the past half-year has been declared. The directors of the Horncastle Company have announced a dividend at the rate of 4 per cent. per annum, and the revenue exhibits a slight increase. It was stated at the Glasgow, Dumbarton and Helensburgh meeting that the funds now available are considered sufficient to complete the line. The report of the East Indian Company states the general position of the works, and refers to the progress made up to the date of the latest advices. The increase of the traffic on the portion of the line opened is considered satisfactory. According to the report of the Peebles Company the dividend will be at the rate of 3 per cent. per annum, leaving a balance of 6401. The traffic exhibits a steady improvement. The dividend of the Arbroath and Forfar Railway has been confirmed at the rate of 5 per cent. per annum, with a bonus at the rate of 1 per cent. from the surplus proits of former years, making together 6 per cent. At the St. Andrew's meeting the dividend declared was at the rate of 5 per cent. THE PUNJAUB RAILWAY.-Mr. Brunton and his staff reached Lahore in November, and their surveying operations will have been completed by the end of the cold season, that is, by April. The line is to run from Amritsir to Lahore, and thence to Moultan. At Amritsir it will touch the trunk line from Calcutta to Peshawur; at Moultan it will join the Scinde Railway to Kurrachee. Thus it will be the great artery of traffic between the north-west of India and England. Of the facility of making such a railway no person who has followed the dry level ridge which forms the watershed between the Sutlej and the Ravee can have a doubt; nor can its importance be denied by those who have seen with regret the splendid crops of the Punjaub, knowing that nature's bounty is the farmer's loss-that the excess of food, when the local population has been fed, is a mere wasteful loss; or who has appreciated the fact that the north-west of India is removed from England by a fortnight of unnecessary delay for want of the communication which the Punjaub Railway is intended to supply. The capital is to consist of 2,500,000l. in 20. shares, two-fifths of the 125,000 shares being allotted to the shareholders of the Scinde Railway Company. RUSSIAN RAILWAYS.-Messrs. Baring Brothers and Co. have issued their Russian Railway prospectus, and their name is the only English one comprised in the board of direction. The sum they ask from London capitalists out of the 12,000,000l. first to be raised is 2,000,000l., instead of between 3,000,000l. and 4,000,000l., as originally contemplated. The sum in Paris having likewise been reduced, it is to be presumed an estimate more accurate than that originally entertained has been formed of its probable reception. The statements now put forth fail to modify any of the features already commented upon. The guarantee, after allowing for sinking fund, is to be only 4 11-12ths per cent., the working expenses, in the face of universal experience, are put as low as 45 per cent., and the difficulty as to crossing the marshes with which the country abounds is simply disposed of by the statement that they "will be avoided by a proper selection of the route." The number of miles to be constructed are 2585, at a cost of 16,5111. per mile, or about 43,000,000, and the whole must be made within ten years. It is not stated in what quarter the extra proportion first intended for London and Paris is to be allotted. The Prussian public, who are best qualified to form an opinion of the prospects of the enterprise, both commercial and political, are understood to be disposed to limit themselves to the modest amount of 200,000l., or less, although the proposed extension of the Warsaw line to their own frontier and the intimate business connexions of their bankers and others with St. Petersburg might be supposed to operate in its favour. Upon the court of St. Petersburg and its agents the duty of making up the deficiency from the failure on this side will therefore apparently fall, and the advices for the next few months will perhaps describe the eagerness with which the merchants of that capital, who usually never put out their money at a less interest than 10 to 12 per cent., are seeking to be allowed to contribute. With regard to the prospect of the 2,000,0007. being taken in London it must be inferred that Messrs. Baring, before they issued the prospectus for that reduced amount, were able to calculate that it could be made up by their own subscription and that of personal friends who would feel it incumbent on them to afford assistance. The first payment is to be 67. per share, and the period for applications is from the 28th April to the 5th May. The contractors stipulate for 6 per cent. of all profits beyond the guaranteed dividend and sinking fund. SOUTHERN OF FRANCE RAILWAY.-It is understood that the Southern of France Railway from Bordeaux to Cette, with its branches, will be opened throughout the entire length of 518 miles at the end of the present month, with the exception of two short branches of about 35 miles in length together. The winter traffic of the section from Bordeaux to Toulouse had reached about 1347. per mile, showing 48 per cent. increase over the corresponding period of 1855-56, and it is anticipated that when the entire line is opened it will yield at least from 2600l. to 27007. per mile throughout. As its vicinity to the great coal fields of the south renders the cost of working much lower than many other lines, it is anticipated that the expenses under this head will not exceed at the utmost 40 per cent of the gross earnings. We see it calculated that, after paying 94,9607. per annum for the interest and sinking fund of the bonds, a surplus of above 809,000l. will remain for dividend, equal to 31. 4s. 6d. per share. As these shares are now quoted at 347. to 3447., with 20l. paid, they offer, assuming the above estimates to be well founded, the widest margin for profit of any of the French railways. COMMERCIAL RAILWAY OF RUSSIA.-The Commercial Railway of Russia (Riga to Dunaberg) is now progressing favourably. The term of the concession has been extended from fifty-six to seventy-five years, dating from the opening of the whole line. The Imperial Government has not reserved to itself the right to purchase the line during the term of concession. The terms as now arranged enable the directors to substantiate the original representation of a minimum interest of 5 per cent. upon the required capital. The shares will be reduced to 201., or 5000 frs., or 125 silver roubles, and as the calls will extend over three years-the 5 per cent, commencing from the date of paying calls-it would appear a far more desirable channel for investment than was generally anticipated. for an amalgamation with the Geelong and Ballarat Railway projected in London. Some of the shareholders suggested the advisability of surrendering the enterprise into the hands of the Government in preference to amalgamating with the London company, but the majority were in favour of the latter course, and it was accordingly resolved to call another meeting upon the return to the colony of their secretary Mr. Mossman, by whom a provisional agreement has already been entered into with the promoters on this side. THE EUPHRATES RAILWAY.-The concession of the Euphrates railway, obtained by General Chesney, may be considered as a rival of the project of the Sce Canal. When the latter scheme is realised it will also be to the benefit of Europe, but it has not the same objects in view as the Euphrates railway. It will indeed connect the two continents of Asia and Europe together, but it will not create traffic and intercourse in the interior of a vast district. Now, when the railway traverses the country, new life will be generated throughout. Trade in Syria is but a tedious process as yet, for everything has to be brought by caravans to the sea coast, a most expensive mode of conveyance and exposed to all sorts of risks and hazard. But when the whistle of the locomotive shall be heard, as fleeter than the dromedary and more untiring its speeds from Selucia, the commerce of Syria, Persia and India will come to its call. The distance from Bassora to Bombay is only 1600 English miles, whereas from Suez to the same spot is at least 2990 miles-making a difference of 1390 miles, and the same difference is to be taken into account for other Indian and Chinese ports. General Chesney's line is traced out, as above alluded to, from Selucia, a small place on the Syrian coast in the Bay of Antioch; thence it will run towards the valley of the Orontes along the great table-land to Aleppo, and from that place to the Euphrates. The length of the above line is computed at 220 miles as far as the town of Balis, from which the road will extend parallel with the Euphrates to Raka, Selibe, El Deir, AbouSerai, SuraA, nah and Hit. At this last spot it will leave the bank of the river, strike off eastwards towards Bagdad, and traverse the plain that forms as it were the water-shed between the Euphrates and the Tigris. From Bagdad the line will return towards the former river, crossing it below Babylon, so as touch at the towns of Mushid Ali, Semara and Suke Sheyuk, then sweeping on to Korna, where the Tigris and Eaphrates blend into one stream, it will keep side by side with the Chatel Arab river as far as Bassora. The company have no intention, for the present at least, of carrying the line any further; that is to say, across Persia and Beloochistan, to Hyderabad. Banking Companies. RETURNS OF THE BANK OF ENGLAND.-The expediency of an earlier publication of the weekly returns of the Bank of England has often been discussed, and cases constantly occur in which the knowledge privately possessed with regard to them before they are furnished to the general public is employed for speculative purposes, not necessarily by any of the directors, but through the indiscretion of some of them in conversing with their personal friends. This evil, under the present system, is incurable, since the governors and leading directors, and also the court as a body, have in vain made the most strenuous offorts to GREAT INDIAN PENINSULA.-The report of the trace it to its source. If for no other reason, therefore, directors of this company states that the reports the publication of the return up to the end of each week which they continue to receive from Bombay are in in the Gazette of the Tuesday instead of that of the every respect most gratifying as to the progress of the Friday following should be resolved upon. There are, affairs of the company. The contractors for the three however, many additional and imperative motives for sections of the line now under construction between the change. These returns are intended to enable the Campoolee and Sholapoor are making every possible public to foresee and prepare against the probable effort to finish their several works in a creditable and fluctuations in the value of money, and it has been satisfactory manner within the time specified for their rightly urged that, under the Currency Act of 1844, completion. The contract drawings and specifications they afford such a perfect barometer in this respect of the North-Eastern Extension line, running through that there can be no excuse for any trader who may the Berar cotton-field to Nagpoor, have been received, permit himself to be caught in an approaching storm. the whole line from Wassind to Nagpoor being divi- But the present delay deprives them of much of their ded into five sections. Contract No. 10, from Wassind value. A month back a large portion of the to the foot of the Ghaut, a distance of 25 miles, has public was taken by surprise at the sudden announcebeen let to Jamsetjee Dorabjee, a Bombay contractor; ment of the advance of the rate of discount to 6 per contract No. 11, the Thull Ghaut incline, a distance of cent. Nothing in the returns published up to that 9 miles, and contract No. 12, from the top of the date had indicated the certainty of any such moveGhaut, near Egut poora, to Bhosawul, a distance of ment. But the Bank directors were acting upon a 190 miles, have been let to Messrs. Wythes and Jack-return made up two days previously, which showed son. The most important of these works is the ascent a falling off in the bullion of 640,000l., and which of the Thull Ghaut, and it has been so laid out by the might at that time have been published to all the chief resident engineer as to avoid the necessity of world, so as to give notice of the impending change. stationary engines. An alternative line is under con- It is true there are some considerations on the opposideration, involving features of a novel and extraor-site side which may be cited to absolve the directors dinary character, by which the gradients will be from any intentional disregard of the duties of pubmaterially reduced, although the line itself may be licity or of the general convenience of the commercial considerably lengthened. With regard to the traffic, world. The preparation of the accounts, to be in it appears that although the average length of the time for the Gazette of Tuesday, would possibly line open during the last half-year has only increased involve some slight difficulty; and there is also the 28 miles-viz. from 60 in the preceding half-year to argument that if the public were to observe on any 88 miles in the last half-year-the receipts have Wednesday morning a great diminution of the bullion increased from 16,572. to 24,5551. they would rush to get all their bills discounted at the existing rate before the Court could deliberate at their Thursday weekly meeting on the advisability of increasing their terms. But this would be easily met, since the Governor could advance the rate on the Wednesday if the applications were such as to render it requisite, and the Court could on the next AUSTRALIAN RAILWAYS-In relation to the subject of Australian railways, advices from Geelong of the 13th Jan. state that a meeting had been held of the subscribers to the proposed Geelong, Ballarat and North-Western Company, at the office of the Geelong and Melbourne Company, to consider a proposition MAY 1, 1857.] day modify or adhere to the step at pleasure. Moreover, it would be a great advantage if the habit of leaving the rate to be fixed by the weekly Court were altogether discontinued, and the system were accommodated each day to the ever-fluctuating relations of supply and demand. CIRCULATION OF SCOTCH AND IRISH BANKS.The returns of circulation of the Irish and Scotch banks for the four weeks ending the 14th of March, when added together, give the following as the average weekly circulation of these banks during the past month, viz. :— Average circulation of the Irish £7,173,209 £818,715 741,269 £1,559,984 Total above the fixed issue Gold and silver held by the Irish banks £2,589,198 1,654,254 Total of gold and silver held... £4,243,452 The above statements complete the returns of the circulation in England, Scotland, and Ireland for the month ending the 14th March, which were partly inserted in the Times of the 23rd April. These returns, combined with the average circulation of the Bank of England for the same period, will give the following results of the circulation of notes in the United Kingdom when compared with the previous month: Feb. 14, March 14, 1857. 1857. Bank of England Increase. Decrease 18,983,205 18,639,104 5,936 Total in England 25,713,354 25,317,812 .. Scotland 3,957,810 3,828,478) 395,542 605,570 United Kingdom 36,925,069 36,319,499 AND JOINT STOCK TIMES. In connexion with this particular transaction, it is OTTOMAN BANK.-At the first meeting of the shareholders the report set forth that the net profits from the bank's operations to the 31st of December were 31,4797. 19s., and recommended a dividend of 15s. per share (or 10 per cent. per annum) to those who had signed the deed of settlement. The chairman, in moving the adoption of the report, stated that they had now established four branches, viz., at Galatz, Beyrout, Smyrna, and Constantinople. They might now be said to have overcome the prejudices of the natives, at Smyrna more particularly, and at Constantinople the Greeks as well as Armenians are found among the customers of the bank. The appointment of Mr. Falconet had been a source of satisfaction to him, having experienced the value of that gentleman's services, and knowing the great esteem in which he was held in Turkey. It was said that the establishment of the National Bank of Turkey would tend to prejudice this bank; but as the main object of that establishment would be to place the Turkish currency on a satisfactory basis, it would tend rather to facilitate the operations of the Ottoman Bank. The report was adopted, and the dividend of 158. per share (or 10 per cent. per annum) was agreed to. THE PROPOSED TURKISH BANK.-Nothing has transpired in London lately regarding the projected Turkish Bank, but advices from Constantinople give further details, which enable a clear view to be formed of the intentions of the Government regarding the entire scope of its operations. They confirm the impression first expressed, and, as they are not likely to be repealed or modified in favour of any other scheme, since it is said the native houses are ready to take up the concession in case it should be abandoned by the capitalists of London and Paris, the following amended résumé will prove useful:-The privileges are for thirty years, and extend over the whole of the LONDON AND EASTERN BANKING CORPORATION. Turkish dominions, giving the right of establishing At a private meeting of the English shareholders in branches in any part of the empire. The capital is to the London and Eastern Banking Corporation, the be 10,000,000l., of which 2,500,000l. must be paid up. facts enunciated fully establish the serious charges The board are to consist of a governor, deputygovernor, and twenty-four directors, the Government of imprudence and recklessness which have been preferred against the directors. Mr. John Carnac nominating the governor and deputy-governor and Moris, the chairman, presided. The accountant, Mr. six directors, the remaining eighteen directors being Coleman, read a statement of the liabilities and elected by the shareholders. The right of issue is for assets, which gave rise to much expression of disap- 15,000,000, with a reserve of one-half in specie. from the commencement Within six months pointment and condemnation. It appears that the are to withdraw that liabilities are about 397,734., and the assets, after of business, the bank the existing state paper circuladeducting 100,000l. for depreciation, are estimated at portion of tion which bears interest. This amounts to about 413,450, so that basing the calculation on these figures, which Mr. Coleman believes are to be relied 2,700,000, of which 1,600,000l. carries 6 per cent., and 1,100,000l. 10 per cent. The circulation not bearing there may be a balance of 15,7167., which would admit interest-about 2,300,000l.-is to be redeemed within of a return of 31. per share to the unlucky shareholders who have paid up 50% per share. The chairman, in fifteen months. The total to be redeemed is, therereply to questions, made some startling revelations, fore, 5,000,000l. The depreciated specie currency, which besides exposing the board to the stigma of amounting to 4,500,000Z., is to be replaced by new having misapplied the funds, are likely, as remarked silver and copper coinages to be gradually supplied from the Mint-the former with an alloy of 16 per on previous occasions, to impair public confidence in similar institutions as a medium of investment. It cent., and the latter with an alloy of 33 per cent. For transpired that of the assumed capital, viz. 250,000l., the amount of paper currency withdrawn the Government are to give the bank transferable Six per Cent. about 26,000l. had not been subscribed, the shares representing this sum, however, being held in Treasury Bonds, secured by a special assignment of security. The chairman admitted that he himself the revenues of the provinces of Konia and Kutayah, was indebted to the extent of 12,000l., but he Adrianople and Uskuif, amounting to nearly 1,000,000 believed it would be repaid in full. Mr. Stevens, per annum. Similar bonds are also to be given for any difference resulting between the value of the dethe manager, owes 27,8001, Mr. Fendall, a director, 53504., and Colonel Curtis, 55001., of which preciated currency called in and the new coinages 80001. is secured. The advances to the rest of the di-issued in its place. Finally, the board are to have rectors were of a bona fide character, and in the the power of carrying on all legitimate banking operegular course of business. In addition to this rations in the same manner as the Banks of England there is the amount advanced on the Branksea and France, and it is to be assumed that the conduct Castle and Beddington estates of Colonel Waugh. of the general business of the Government at certain on, rates of commission is also contemplated as among Mining Companies. GENERAL FINANCIAL STATEMENT. At Wheal Basset meeting the accounts showed a balance in favour of adventurers of 59271.; a dividend of 81. per share was declared. The net balance on both mines carried to next account, after payment of dividend, was 1655. At Condurrow meeting the accounts showed a balance in favour of adventurers of 1231. 12s. 5d.; a dividend of 47. per share was declared. At West Wheal Providence meeting the accounts showed a balance of 6251.; a dividend of 10s. per share was declared, and 1137. was carried to the next account. The Eyam Company have declared a dividend of 10s. per share. At South Wheal Seton meeting the accounts showed a balance against adventurers of 2601.; a call of 14. per share was made. At Devon and Cornwall United meeting the accounts showed a balance against the mine of 131. At North Frances meeting the accounts showed a balance in favour of adventurers of 2187. At Rheidol United meeting the accounts showed a balance against the mine of 1413%. At Rickard's Wheal Rose meeting the accounts showed a balance against adventurers of 2797.; a call of 21. was made. At Wheal Trebervah meeting the accounts showed a balance against the mine of 59. At East Wheal Falmouth meeting the accounts showed a balance in favour of the mine of 498%. At Wheal Tremayne meeting the accounts showed a balance against adventurers of 19321. At Tretoil meeting the accounts showed a balance against the mine of 839%.; a call of 1s. per share was made. At North Wheal Wrey Consols meeting the accounts showed a balance to be provided for of 3497.; a call of 1s. 6d. per share was made. At Clara SilverLead meeting a call of 3s. per share was made. At Wendron Consols meeting the accounts showed a balance in favour of the mine of 2137.; the profit on the three months' working, ending December, was 11787. At United Mines (Tavistock) meeting the accounts showed a balance against the mine of 16107.; a call of 5s. per share was made. At Engair-y-Mwyn meeting the accounts showed a balance in favour of the adventurers of 1007; the loss on the six months' working, to December 31, was 9671. At Cubert United meeting the resolutions for winding-up affairs were confirmed. At South Caradon meeting the accounts showed a balance in favour of the mine of 48177.; the profit on the two months' working was 29551.; a dividend and a bonus of 10%. per share was declared. At Trewetha meeting the accounts showed a balance in favour of the company of 11467.; a dividend of 3s. per share was declared. At Wendron Consols meeting the accounts showed a the three months' working was 61. At East Wheal balance in favour of the mine of 2137.; the profit on Rose meeting the accounts showed a balance against made. At Wheal Annie meeting the accounts showed adventurers of 10084.; a call of 31. per share was a balance in favour of adventurers of 127. The operations of the mine are to be suspended until the favour of the mine of 672.; the profit on the two months' working was 4501.; a dividend of 17. per share was declared, and 1607. carried to credit of next account. At Wheal Kitty (Uny Lelant) meeting the accounts showed a balance in favour of the mine of 16897.; the profit on the three months was 7521.; a dividend of 15s. per share was declared, and the balance, 9217., carried forward to next account. At Alfred Consols meeting the accounts showed a balance in favour of the mine of 39351.; the profit on the two months' working was 29417.; a dividend of 12s. per share was declared and a balance of 8377. carried to the next account. At Tincroft meeting the accounts showed a balance of profit and loss of 20017.; the balance of assets over liabilities was 68321.; a dividend of 5s. was declared. At United Mines meeting the accounts showed a balance in favour of the mine of 32271.; the profit on the two months' working, after payment of 6631. for engine, was 2818., and the remaining balance, 32271., was carried to the next account. At South Cuddra meeting the accounts showed a balance at bankers of 961; a call of 4s. per share was made. At Wheal Trevelyan meeting the accounts showed a balance in favour of adventurers of 4801. At Wheal Pollard meeting the accounts showed a balance in favour of the mine of 861.; a call of 2s. per share was made. At. Millpool meeting the accounts showed a balance against the mine of 11347.; a call of 22s. 6d. per share was made. At Wheal Charlotte meeting the accounts showed a balance against adventurers of 2841. At Buller and Basset United meeting the accounts showed a balance in favour of adventurers of 9861. At South Garras meeting the accounts showed a balance against the mine of 1047. At Sithney Wheal Buller meeting the accounts showed a balance against adventurers of 5051. At Wheal Gilmar meeeting the accounts showed a balance against the mine of 2517.; a call of 5s. per share was made. At Keswick meeting the accounts showed a balance in favour of the mine of 1207. At Cargoll meeting the accounts showed a balance against adventurers of 2861.; a call of 1. 5s. per share was made. At Buller and Bertha meeting the accounts showed a cash balance of 721. in favour of the call of 2s. 6d. per share was made. The total amount of dividends declared during the last month on seventeen English and one foreign mine mine; a from a robbery by their own servants; there was FORT BOWEN MINING COMPANY.-The Fort Bowen I bility and importance to that in which the lead mines Assurance Companies. Three ECONOMIC LIFE ASSURANCE SOCIETY.-At the annual meeting the report gave the following statement of receipts and payments:-Balance in hand on Feb. 13, 1856, 50767.; assurance premiums, less commisinterest on investments, less sion, 164,8637. &c. repaid, income-tax, 66,3301.; mortgages, 34.915;, loans on policies repaid, 62014; total, 277,3851. Payments:-assurance claims, 119,616 13s. 1d.; annuity claims, 11807. 10s.; investments in Government securities, 48,4041. Os. 1d.; investments on mortgages, 50,2527. 11s. 11d.; loans on policies, 11,218.; purchase of policies, 10,2974. 4s. 8d.; reassurance premiums, 4707. 9s. 7d.; rent, taxes, assurance, and repairs, 5821. 7s. 11d.; printing, adver-; tisements, stationery and stamps, 13241. 7s. 5d. directors, auditors, and medical officers, 21951. 8s.; actuary, secretary and clerks, 28634. 158.; agents charges and medical fees, 3871. 11s. 3d.; solicitors' and law expenses, 3517. 17s. 4d.; sundries, house and office expenses, messengers and small disbursements, 5667. 3s.; repaid loan from the London and JointStock Bank, 51001.; deposited at the London JointStock Bank, 10,000l.; balance in hand, 12,575l. 5s. 1d.: total, 277,386l. 4s. 4d. Statement of the assurance is 51,1027. At Botallack meeting the accounts showed a balance in favour of the mine of 34771.; a dividend of 71. per share was declared, and 20777. carried to the credit of next account. The Cwmystwith mine has paid a dividend of 5l. per share. At well as many other portions of your property, I will fund of the society on the 31st Dec. 1856, consisting North Wheal Basset meeting the accounts showed a balance in favour of the mine of 40921.; a dividend of 10s. per share was declared. At Great South Tolgus meeting the accounts showed a balance in favour of the mine of 1995l.; a dividend of 4s. per share was declared. At East Rosewarne meeting the accounts showed a balance against adventurers of 1329%.; a call of 7s. 6d. per share was made. At Wheal Ellen meeting the accounts showed a balance against adventurers of 7491.; a call of 15s. per share was made. At Wheal Uny meeting the accounts showed a balance against the mine of 3547.; a call of 12s. per share was made. At Silver Brook meeting the accounts showed a balance at Union Bank of 627. At Devon and Courtenay Consols meeting the accounts showed a balance against adventurers of 2581.; a call of 18. was made. At Wheal Sydney meeting the accounts showed a balance in favour of adventurers of 3141. At Abbey Consols meeting the accounts showed a small balance; a call of 28. per share was made. At Tavy Consols meeting the accounts showed a balance against the mine of 991. At Willow Bank meeting the accounts showed a balance of liabilities over assets of 667; a call of 2s. 6d. per share was made. At Cwm Sebon meeting the accounts showed a balance of liabilities over assets of 1327.; a call of 1s. 6d. per share was made. At Severn meeting the accounts showed a balance against adventurers of 1951; a call of 1s. per share was made. At North Wheal Unity meeting the accounts showed a balance against the mine of 8771.; a call of 10s. per share was made. Sithney Wheal Buller has made a call of 5s. per share. With regard to foreign mining, the following is the only paragraph worthy of extract:-"The St. John Del Rey Company have advices by the Brazil steamer, showing the produce for the month of January to be 26,211 oitavas of gold from 7047 tons of stone, yielding a profit of 23381." of funded property and Government securities, 524,9731. 18, 7d.; mortgages, 923,9821. 0s. 7d.; lifeinterests and reversions, 113,9471. 118. 4d.; cash in hand, 12,575l. 5s. 1d. Total fund, 1,575,477h. 18s. 7d. New Company (Limited) have received from Captain and the lead can be sent to market from the mines of ARUNDELL COPPER MINING COMPANY. This company is established to work mines at Ashburton, with 10,000l. shares of 17. 16s. ASTURIAN MINING COMPANY.-The affairs of the CARDIGANSHIRE MINING ASSOCIATION.-This as and of working, under the superintendence of two It seemed never to have occurred to the manager and directors that money was of value. Of the subscribers to the deed of settlement, about 4000 only had signed; and for procuring their signatures, 12701. had been charged, or 6s. per signature. Pamphlets had cost a very large sum; and the whole While the fire presystem of expenditure was bad. miums amounted to 69,075., the expenses of founding the office, and carrying on the business had been 90, 000l., creating a demand of 21,000l. on the capital account to make up the deficiency, besides 50,000f. to pay for losses. Srveral provisions of the deed of settlement had been disregarded, and among them, the payment of dividends where the profits did not warrant payment. There were seventeen branches; the receipts for fire premiums in these had been 50,400.; the working expenses, 26,1057., more than 50 per cent. of the entire receipts; and the fire losses 45,265., entailing a loss of 21,000l. Abuses in the London department were pointed out, including payment of dividend to shareholders who had not signed. The Halifax society purchased by the association had cost 10,000l.; and the association had since lost 5000 on it. The amount paid for fire losses had nearly exhausted all the premiums, owing partly a run of fires." Mr. T. H. Baylis, the to 66 |