of the new law against liability to pay debts and perform contracts to individual traders which we anticipated would certainly follow from the absurd provision that a single share of any amount, and subscription of seven only, should make a company and qualify for incorporation. It appears that three persons have between them taken all but five of the shares, and those remaining five are given to each of five persons, so as to make up the required number of seven. Thus, by a contrivance, the three real traders get the benefit of limited liability, which means the right to speculate to any extent, to pocket all the profits if they win, and pay none of the losses if they fail! This may be desirable for the purpose of giving a stimulus to speculation; but is it fair to individual traders, who, being compelled to pay their debts and perform their contracts, cannot compete on even terms with their more favoured rivals? What this newspaper is, which is brought out under these auspices with a capital of only 1000l., we are not informed, but we should fear that it will need the protection of limited liability. The Baltic Company is formed to purchase the South Sea House, late in the possession of the Royal British Bank, and to let the lower part of it to the subscribers to the Baltic Coffee House, and the upper part to other persons. The capital is to be 20,000l., in 200 shares of 1001, of which, however, only 8 were taken at the date of registration. Knowing nothing of the estimated rental, we can offer no opinion of it as an investment. But one remark occurs to us-for what is limited liability wanted in such a case? It is a simple investment of the shareholders' money; it is barely possible they may sink that, but they cannot lose more, as they will be only landlords. Again, if it will pay shareholders to purchase and let, it would pay an individual still better, for he would have none of the expenses of a company to be deducted from his rental. If, then, no individual will buy at the price the company is to give, it is at least suspicious, and should make those who think of taking shares ask the reason why. The Preserved Fresh Raw Meat and Hide and Skin Company is formed for the use of certain patents for the preservation of animal and vegetable substances as food, and also -skins and hides. We know nothing of the nature of these patents, nor how nor where it is intended to work them. But undoubtedly there is great need of a larger supply, and if the company can go to distant parts and there kill and preserve meat and bring it home fresh, as we gather from the description to be its object, it would confer a great boon upon the community, and we should hope produce large >profits to itself. But of course, before any reader takes shares, he will make cautious inquiries and look closely into the details. The capital is to be 10,000l., in 1000 shares of 10%., of which 140 were subscribed at the time of registration. The Woolwich Steam Packet Company indicates its objects by it name. It is to add to the multitude of steamers that already plough the Thames. Whether there is a demand for more of such accommodation, those whose business it is to be on the river can better say than we can; but this we know, that the older companies have not been very successful undertakings. Whence, then, does this new one draw its hopes? The capital is to be 22,000l., in 3000 shares of We should like to know. 71. 10s., of which 121 only were taken. But surely this is a very small capital for such an enterprise, and can scarcely pay. The Norton District Union Corn Mill Company is to erect a corn mill in Yorkshire. Is it for philanthropy, or for profit? If the latter, it surely was scarce worth forming a company for, inasmuch as the capital is only 1000l. If it is likely to pay there would be plenty of persons willing and glad to invest that sum in it. But, perhaps, it is to be established without any view to profit, merely to supply the shareholders with flour that is not adulterated by the miller. If so, it is a good thing. As a nous. The Hopton Wood Stone Company is a Another somewhat extensive project is the for investments that will yield them something better than a deposit in a bank, or buying into the funds, and then companies will begin to multiply. PROSPECTUSES OF COMPANIES. ONE of the new limited liability projects is a daily paper to be called the Dial, undertaken by the National Newspaper League Company. It is to consist of 20,000 shareholders in shares of 107., of which 3200 are already procured. The prospectus states that the Dial is to be the organ, temporising policy, but of righteous principle; "not of intriguing expediency and not of cabinets and dynasties, but of the people and nationalities." These are bold words, and the profession of faith is thus continued The Dial, adopting for its guide the maxim, that cal, not in the spirit of class, party, or sect, but ac"righteousness exalteth a nation," will estimate and discuss all questions, social, political, and ecclesiastiunswerving honesty, and Christian ethics; the energies cording to truth and fact, in the light of equal justice, of its contributors being devoted especially to the following principal objects: the promotion of the arts and sciences, and the en The diffusion of sound education and intelligence, couragement of a healthy literature. The preservation to the people of their full right of self-government; and the obtaining for all classes a just and complete representation in Parliament, and a affairs, so that capacity and merit may form the only fair participation in the administration of national may be transacted by competent men, receiving a titles to office, and the public business of the country reasonable remuneration for effective services. Retrenchment in all parts of the public expenditure. The fostering a moral tone of feeling among the people in relation to all public questions, and impressthe hustings, and carefully discharging their duties as ing upon them the necessity of bringing conscience to well as energetically upholding their rights. An Administrative Reform must come out of a Parliamentary, and a true Parliamentary Reform must grow out of social and moral regeneration of the people. The promotion of religious equality, and the abolition of all unjust ecclesiastical restrictions and im a The amendment of the law, with a view especially to the more expeditious administration of justice. provement, and an enlightened observance of the The advocacy of rational temperance, sanitary imWeekly Day of Rest, as vitally important to the phy: sical, social, and political, as well as the moral and religious well-being of the individual and the State. The Corrugated Metal Boat and Army Wag-positions. The British and Colonial Educational Asso ciation is a strage undertaking to buy the The lowering of the rate of discount by the The bringing our foreign relations into conformity for the public a full knowledge of diplomatic negoti with sound, common-sense principles, and obtaining ations, and the recognition of arbitration as, whenever practicable, the means best becoming Christians of deciding political disputes. and exchanges of the world, and by the establishment The Dial will pay special attention to the markets of the most effective agencies will, it is expected, become authoritative and complete as a vehicle of commercial intelligence. The Dial will procure for its readers, at first hand, intrigues and court-gossip, than of the life and doings, constant and trustworthy information, less of diplomatic the social condition, industrial, scientific, artistic, literary, and religious activity of the leading nations of the world. Mutual and well-timed aid, and real and lasting peace, are to be guaranteed, rather by the acother, than by the entente cordiale of courts or diploquaintance and friendship of the peoples with each matists. will be able, at the outset, to engage a literary staff, The Dial, starting with an unprecedented capital, deavour it will be to make the conviction universal, the first in talent, attainment, earnest conviction, and world-wide sympathy the age can produce-whose enthat what is morally wrong can never be politically right. Especial attention will be devoted to the ethics of the questions and events of the day. The Dial newspaper will afford to public men, who in its decisions, as the mightiest newspaper tribunal may be tried and condemned elsewhere, a Court of Appeal, as wide in its influence, and as authoritative in existence, thus providing for a deeply felt want of the nation, and securing fair play for the people. much the same principles. All promise to be Unfortunately, every new journal professes independent, honest, reforming, and plainalways a want of these very qualities alleged speaking. How comes it, then, that there is by those who want to start a newspaper? Is it that a new daily paper is wanted, or that the promoters of this one want to possess a newspaper? But what is their chance of success we can view it. The prospectus states that the as a speculation? for it is only as such that cost has been accurately calculated, and that a capital of 200,000l. will amply suffice, and they estimate that the shareholders will support it, and that if they have 20,000 of them, here is a circulation secured. But they forget that it will not suit every man who can invest 107. to incur the cost of taking a daily paper. If onetenth of these shareholders take it, it will be as much as can be hoped for. Even if it does not pay, the directors appeal for support on philanthropic grounds. But these are not likely to advance its welfare, for nobody takes a paper from philanthropic motives, but only because it amuses or interests him. If it is a better paper than those now existing, the Dial may succeed; if it is not, it cannot prosper: Besides, it is to be remembered, that of all enterprises a newspaper is the least adapted for a joint-stock company, as it demands the promptitude, unity, and untiring energy which can and will be given only by those whose whole fortunes are embarked in it. No men ever did, or ever will, work for the profit of others as they work for their own. NEW COMPANIES INCORPORATED. THE following new companies have been incorporated. The Western Deposit and Advance Company.— Capital 20,000l. in 2000 shares of 10. Shares taken, 220. Mr. Watts, solicitor, 9, Gray's-inn square. The House and Estate Investment Society.-To purcas he freehold, leasehold and copyhold houses, land and estates. To sell the same or otherwise dispose or deal with the same. To let the property. Capital, 50,000l. in 10,000 shares of 51. Offices, 16, Fish-street-hill. Secretary, Mr. G. S. Horsnail. The Gresham House Estate Company.-For the taking of a conveyance of the Gresham House Estate and other property, and acquiring additional landed and other property in the City, and building thereon, and letting and selling and disposing of the same. Capital, 240,000l. in 2400 shares of 1007. Shares taken, 2400. Offices, 48, Greshamhouse, Old Broad-street. Secretary, Mr. E. Clifton. Northumberland and Durham Deep Sea Fishing Company. To catch, carry and dispose of all kinds of sea-fish. Capital, 10,000l. in 5000 shares of 21. Shares taken, 455. Offices, 8, Dean-street, South Shields. Clew Bay General Mining Company.-To work these mines in Mayo. Capital, 12,6907. in shares of 107. Offices, 32, Great Winchesterstreet, City. The Okehampton_Mining_Company.-To work the Okehampton Mines in Devonshire. Capital, 10,000l. in 10,000 shares of 17. Shares taken, 3100. Office, St. Helen's-place, City. Stragdale Mining Company.-To work mines at Astonfield, Stafford. Capital, 7000l. in 7000 shares of 17. Shares taken, 120. Office, 6, Lyon'sinn, Strand. The Westminster Palace Hotel Company.-To purchase leasehold lands in Westminster, and erect, maintain and furnish a hotel thereon, and to carry on the usual business of a hotel and tavern. Capital, 100,000l. in 10,000 shares of 107. Shares taken, 25. Mr. Burchell, 5, Broad Sanctuary, Westminster. the making and vending of various and other useful articles and manufactures. Capital, 25,000l. in 5000 shares of 54. Shares taken, 1205. Office, 2, Winchester-buildings. Improved Elastic Permanent Way Company.To purchase certain patented and other improvements in chairs and sleepers for the permanent way of railways. For the manufacture of elastic beds for rails and sleepers, and chairs and other articles in combination with caoutchouc. Capital, 25,000l. in 25,000 shares of 11. Shares taken, 305. Offices, 11, Pall-mall. Nottingham Hosiery Company.-Capital, 30007. in 300 shares of 101. Shares taken, 300. Offices, Nottingham. The Leather Cloth Company.-To manufacture stuffs. Capital, 84,000l. in 4200 shares of 201. leather cloth, moleskins, oilcloths, yarns and Shares taken, 956. Offices, West Ham, Essex. The Ossoms Hill Mining Company.-To work mines at Grindon, Stafford. Capital, 20,000l. in 4000 shares of 51. Shares taken, 1070. Offices, 27, Bucklersbury. Broadmoor Anthracite Coal Company.-Capital, 20,000l. in shares of 281. Shares taken, 725. Offices, Craven-street, Strand. Newfoundland Mining Association.-To carry on mining operations in the island of Newfoundland. Capital, 50,000l. in 50,000 shares of 11. Shares taken, 10,000. Offices, Manchester. The Otford Root Distillery Company.-To erect works at Otford, Kent, to distil from beet and other saccharine roots, and to sell refuse for cattle. Capital, 3000l. in 300 shares of 107. Shares taken, 60. Offices, Otford, Kent. Derwent Mines.-Capital, 84,000l. in 280 shares of 300l. each. Shares taken, 280. Offices, 6, Queen-street-place, Upper Thames-street. The West India Company.-To cultivate sugar, cotton, and other West Indian produce, and to purchase lands and houses, and vessels, and make roads there. Capital, 1000 in 200 shares of 51. Shares taken, 110. Offices, Messrs. Hughes, Kearsey and Co., Bucklersbury. East Cornwall Consolidated Mining Company.— To work mines in Cornwall. Capital, 15,000l. in 6000 shares of 21. 10s. Shares taken, 915. Offices, 72, Old Broad-street. Forest of Dean Company.-To lease or purchase the Severn and Wye Railway, and make branches. Capital, 40007. in 800 shares of 5l. Shares taken, 800. Offices, Sydney, Gloucestershire. Brynglus Silver Lead Mining Company.-To work mines in Cardigan. Capital, 6000 in 4000 shares of 11. 10s. Shares taken, 700. Offices, Shrewsbury. Liverpool and Pwellheli Granite Company. To quarry and dress granite at Pwellheli. Capital, 15,000l. in 1400 shares. Shares taken, 803. Offices, 21, Furnival-street, Liverpool. Talyllyn United Slate Quarries Company.-To quarry and sell slates and slabs. Capital, 60,000l., in 20,000 shares of 37. Shares taken, 1744. Secretary, Mr. Steward, 23, Southamptonbuildings, Middlesex. THE BRITISH BANK PROSECUTION. (From the Law Times.) THE topic most talked about in legal circles is still the British Bank prosecution, the curiosity of all Lawyers conversant with criminal law being roused to learn in what way the case can have been shaped so as to be made a crime under the existing law. It is not forgotten that the Staffordshire Iron Ore Company. To work reason advanced for the proposed new law conmines on the Light Oaks Estate, Cheadle. stituting misappropriation and misrepresentation Capital, 6000l. in 60 shares of 100l. each. Shares by directors a crime, was, that the existing law taken, 60. Offices, 26, Throgmorton-street. will not meet the offence, and the British Bank The National Patent Cork Cutting Company. was adduced as an instance of the impunity To work patents for improvements in machinery which the present law gives to commercial for making corks, bungs, &c. Capital, 25,000l. wrongs. Yet, in the face of his own argument, in 25,000 shares of 17., of which 7000 shares are and a pending measure introduced on the assumpto be appropriated as free shares, on which all tion that the existing law is insufficient, proceed calls were to be considered as fully paid, such ings are taken under the existing law. The free shares being part of the consideration for ATTORNEY-GENERAL has thus placed himself in the assignment of the patent by Mr. Howell of a dilemma. Either the law is sufficient, or it Ohio. Shares taken, 7052. Offices, 35, Lincoln's- is not. If sufficient, why introduce a new inn-fields. East Cornwall Consolidated Mining Company.To purchase and work the Wheal Messer Mines, Cornwall. Capital, 15,000l. in 6000 shares of 21. 10s. Shares taken, 915. Offices, 72, Old Broad-street. Derwent Mines.-Capital, 84,000l. in 280 shares of 300l. each. Shares taken, 280. Amount paid on each share, 300l. Offices, 6, Queen-streetplace, Upper Thames-street. The London Starch Company.-To work a patent method of manufacturing starch, and for law to meet a case already provided for? If insufficient, why resort to the ultima ratio of an Attorney General's authority, and subject a body of men to the cost and harass of proceed ings which cannot be sustained by law? Still the question recurs, whenever the topic is touched upon, what particular acts are charged as criminal? The overdrawing of accounts cannot be one of them; that is not a misdemeanor in law, however wrong morally. Besides, there was no conspiracy to overdraw; it was a separate and distinct act by some, not by all; and by each on his own account only. At what period of the history of the bank is an unlawful conspiracy alleged to have begun? It will not be contended that the bank was a fraud in its inception. It was planned with an honest purpose, but afterwards perverted But when was there a conto a dishonest one. spiracy to do this? When did the directors act together with a common purpose to defraud the depositors and shareholders ? That is the question; and in the examinations of the directors nothing appears to fix such an object as being pursued at any particular time. While the bank was prospering, or in a fair way to prosperity, there was no such conspiracy. Did it take place when the bank began to be in difficulties ? If so, in what did it consist? In the not at once demeanor, what insolvent would escape punishclosing the doors? But if this is held to be a misment? Did any man or men in difficulties ever yet find courage to avow them and shut their doors at the moment of discovery? But if not a misdemeanor at the moment of the difficulties being discovered, at what subsequent moment does it become such? Who could define the precise moment of struggle which ceases to be permissible and then becomes criminal? If the existing law will not do this, tracing the case downwards, what is the precise point at which it can step in to punish? A question will arise, whether a director who is a partner can be, under any circumstances, charged with defrauding his copartners. If this should be so held, the only persons capable of being criminally defrauded are the depositors. What act is charged as a fraud upon them? The only one that presents itself, after a most careful review of the evidence, is the false balance-sheet and report. But is this a crime in law? If it is, every puffing prospectus of a tradesman is indictable-every assertion publicly made that a concern is flourishing, when it is not, is indictable. Even if it were held to be a crime under the existing law, many questions must arise upon the facts, as to which of the directors were parties to the particular fraud, and what acts done by themselves constituted participation, and for what acts done by his colleagues each is answerable. This hasty sketch of the difficulties of the case, as suggested by criminal Lawyers in talking it over, will give our readers some notion of the multiplicity of points involved in it. It will provide material for at least a part of the Criminal Law Cases, and it will be well argued, for between them the defendants have retained all the ablest Lawyers of the time. Still we cannot but regret the form of proceeding that has been adopted. An indictment preferred in the regular way to a grand jury would have been far more satisfactory. Our memory goes back to the time when ex officios, as they were called for brevity's sake, were much more common than they are now; when they were resorted to for the purpose of political prosecution, and were looked upon deservedly as engines of oppression. We, like all whose memory goes back to that time, cannot help viewing them with a feeling of dislike, and even of alarm. Of late years they have fallen into deserved discredit, and almost into oblivion, and we had hoped never again to see the evil spirit raised among us. It is true that, on this occasion, it is invoked, with an intent at least, to promote the ends of justice: but experience teaches us how easily such a weapon may be applied to less. laudable purposes. That it should have been resorted to without a solitary protest from the press, makes it still more alarming, for it shows that, under the influence of popular excitement, the weapon may be wielded with impunity, and even with approbation. Who can say how soon the time may come when political prosecuthat looks below the surface of society and sees tions may revive and become popular? Who the passions seething there, and especially the religious dissensions that are brooding and growing, can feel quite secure that persecution may not become popular, and then ex officios would be welcomed as cordially as now, because they are used in accordance with the popular feeling. We know that we stand alone in protesting against the revival of this dangerous weapon; but the excellence of the object does not reconcile us to its use. PROCEEDINGS OF COMPANIES. THE NATIONAL NEWSPAPER LEAGUE (LIMITED). On the 9th June, a meeting was held in the Music Hall, convened for the purpose of hearing the Rev. David Thomas, of Stockwell, London, explain the doings and intentions of the National Newspaper League, in reference to the establishment of The Dial daily newspaper. Mr. Charles Hughes was unanimously chosen chairman; the meeting, though not large, was respectably attended, and was addressed by Mr. Hughes, the chairman, the Rev. C. Griffiths and the Rev. David Thomas. Fourteen shares were taken up subsequently to the meeting. THE THREE TOWNS DEPOSIT AND LOAN SoCIETY, PLYMOUTH (LIMITED).—It is stated that the shares in this society have been taken up by the capitalists of the neighbourhood, and that only twenty-five shares now remain open to the public of a capital of 500 501. shares. NORTON DISTRICT UNION CORN MILL COMPANY (LIMITED).-A meeting of the directors of the above company was held at New Malton on the 21st ult., at which it was resolved that the operations of the company should be commenced as soon as the necessary repairs at the mill and other requisite arrangements were completed. MILLBAY SOAP AND SODA WORKS (LIMITED). -The first annual meeting of the above company was held on the 14th ult., at the company's offices, Millbay, when a dividend of ten per cent., exclusive of income-tax, was declared for the past year. FORT BOWEN COMPANY (LIMITED).-The report stated the necessary staff had been sent out to the mines, and a report bad been received from the mining captain recommending a watercourse to the mines being formed, and the opening of the mine with all dispatch. The value of the produce could not be exactly known till the first month's result of the stamps had arrived. Of the number of shares 43,617 remained unissued. The accounts showed a balance in hard of 947. 10s. 4d. After some discussion the report was adopted. HANSOR'S OLEFIANT GAS COMPANY (LIMITED). The promoters have been holding a meeting at Lindfield, Sussex; Mr. Duke, solicitor, was called to the chair. The attendance was of an influential and business character. A copy of the testimonial of Professor Letheby, and W. T. Brande, D.C.L. and F.R.S., was presented, including a report from the Rev. F. H. Sewell, passing encomium on the brilliancy of the light displayed on his estate at Lindfield, as witnessed by a numerous assemblage of visitors, and the gentlemen forthwith proceeded to adopt measures for its speedy establishment through the town of Lindfield. The important facts of its cheapness aud inoffensive smell, coupled with the simple means of preparing the gas which can be accomplished by an entire stranger to the science, were explained. Power to incur a portion of the immediately required expenditure was given to a committee. two avenues, the entrance-lodge, and the mansion itself, and for this he demanded a sum of 35,000l. Mr. Reynolds advocated the formation of a jointstock company, on the limited liability principle, for making the purchase; and stated, among other things, that with a view to its being eventually rendered the property of the borough, it had been suggested that all donations should be converted into a sinking fund, to be accumulated by compound interest, which should be applied to buying up shares from time to time until the whole were purchased, when the estate might be handed over to the Corporation as the representatives of the inhabitants. He also added that Mr. Greaves had informed him that, unless some arrangement were entered into, the proprietors intended consigning the hall to demolition, and the land to be cut up into building lots, within the next two months. Mr. Bracebridge and others expressed their conviction that what Mr. Greaves had intimated as the intention of the proprietors would be strictly adhered to, and that therefore any attempt to obtain the whole of the park would be futile and unnecessary. Mr. J. W. Walsh complained that the proprietors had not been approached in a proper manner in this negotiation, and that the fact of two bodies of gentlemen being in treaty had induced them to place a higher value upon the estate than they otherwise would have done, contending that the postponement of any further steps for the present would place the negotiation in a more favourable position. After a lengthened discussion, in which Mr. G. Dawson, Alderman Lloyd, Mr. S. Lloyd, Mr. Cornforth (who moved that the matter be postponed for the present,) Mr. Biggs, and Mr. Boyce took part, Mr. Cornforth's motion, which stood as an amendment, was put and negatived, and it was ultimately resolved that "it is desirable to purchase the Hall and forty-three acres of land for 35,000l." A proposition for the formation of a joint-stock company (limited), for the purchase of the estate, was afterwards adopted, and Messrs. Reece and Reynolds were empowered to draw up a prospectus, with a view to its being laid before an early meeting for approval. LONDON WINE COMPANY.-At the general meeting of the members of this company, at the offices, in Lime-street, City, J. W. Deacon, Esq. took the chair. Mr. Shand, the secretary, read the report, which stated that the directors regretted the shares had not been taken up as largely as was expected, which had prevented the directors from availing themselves of those bargains which were frequently to be met with for ready money. It was suggested that 2001. should be annually deducted from the profits, on account of the settlement of preliminary expenses. Since the books were balanced the comMILTON IRON ORE COMPANY (LIMITED).-pany had progressed most satisfactorily, sales to It is stated that this company have been steadily, nearly 1000l. having been effected, chiefly for exbut spiritedly, prosecuting their labours, which, portation, from which a remunerative profit there is now every reason to believe, will speedily would be derived. A West-end branch had been be crowned with complete success. The ancient opened at 1, Princes-street, Regent-street. The shaft, after having been cleared of the water it directors were happy to state that they had contained, was found to present difficulties in secured the services of Mr. Henry Robertson, working, which induced the company to abandon who had consented to act as manager; and from it as the shaft for raising ore, though they had his great knowledge of the wine trade they now satisfied themselves that a considerable body of expected to make this a very profitable underthat valuable mineral was in existence in the old taking. The amount of net profit earned during workings. Having come to this determination, the few months since the establishment of the the company resolved on boring about half-a- company was 5291., which, after deducting 2007. mile from the mouth of the shaft in the direction towards preliminary expenses, would leave 3291, they supposed, from indications which presented equal to 7 per cent. on the paid-up capital, now themselves at the bottom, the ore would be fallen to be appropriated. The amount of deposit in with. After getting through the strata which received was 60451., and the amount of prelimiinvariably rest on iron ore, the borers came in nary expenses was 10827. 10s. 11d. The trading contact with the hidden treasure, and having accounts from Sept. 1856 to May 1857, were as busily prosecuted their labours, they had at that follows: Purchases, 11,1667. 15s. 7d.; sales, time penetrated into ore to the depth of upwards 49997. 2s. 6d.; stock, 79351. 7s. 5d.; leaving the of fifteen feet. The ore thus fallen in with is of gross profits, 17671. 14s. 4d. On the motion of the soft or Furness description, and is represented Mr. Hyman, it was agreed unanimously to postby experienced Furness miners to be fully equal pone the consideration of a dividend till the end in quality to any raised in that rich mineral of the year, as the money would be of more district. service to the company. It was resolved, after some discussion, that the directors should take a higher qualification than they did at the commencement. Mr. Hyman proposed 50 shares; Mr. Currie moved that it be twenty-five shares. Mr. Hyman's motion was carried. The report was adopted. It was agreed that 2007. should be awarded to the promoters of the company, and 300l. per annum to the directors. A vote of thanks having been passed unanimously to the directors and to Mr. Robertson, the meeting separated. THE ASTON PARK COMPANY (LIMITED).— A meeting of the promoters has been held at Birmingham, when the proposed purchase of Aston Hall and a portion of the Park was fully discussed in a conversational manner. Mr. Reynolds, solicitor, intimated that he and Mr. Reece had had an interview with Mr. Greaves, one of the proprietors of the estate, when that gentleman assured them in the most positive and unequivocal terms that the proprietors would not sell the whole of the park, as they would not encourage its being converted into a land speculation; all they were willing to part with being an extent of forty-three acres, which includes the WEST CORK FISHERY COMPANY (LIMITED).Nearly half the shares have been subscribedwhy not the whole? What are the Westerns about? Do they intend to let the the oppor tunity pass, and to let one more attempt to revive their fishery fail? We ask the question because, where the advantages were obvious, an experiment that demanded so little ought to have been at once in a fair way of trial. There are hands to be employed, there are fish to be caught, and there is money to be made. Two hundred shares of 51. each are all that is required; and should not these have been had ere this? However, twenty-five have been taken, and as five shares constitute a director, when this is known the number will, we presume, be soon complete. Those who mean to join should do so at once, that the arrangements may be made, the boats ordered, and the question settled whether this neglected source of food, of employment and of wealth, cannot be turned to profitable account by Irishmen as well as by others. With all our boasting, have we not enterprise and industry for even that? Those who have taken shares are-J. H. Blagrave, Esq., Bristol, 40; Lord Carberry, 20; J. H. Swanton, Esq., J.P., 10; W. Coulman, Esq., York, 6; D. F. Barry, P. O'Hea and W. F. J. Barry, Esqrs, 5 each; G. A. Harvey and E. C. Hampton (London), Esqrs., 2 each; P. O'Sullivan, Esq., 1. BRITISH AND IRISH SUGAR REFINING COMPANY (LIMITED).-The first annual meeting has been held during the month at Plymouth, Mr. J. Bryant in the chair. The report, which had been previously issued to the shareholders, showed the result of the company's transactions for about ten months and a half to leave a balance of 17,2851. 10s. 11d. This allowed payment of a dividend of 21. 15s. a share, free of income-tax, and a surplus of 2000l. to be carried to a reserve fund. The dividend is at the rate of 13 per cent. per annum. In their report the directors state that the markets were very unfavourable for refiners during several months, in consequence of the high price of raw sugar compared with the refiners' produce. The satisfactory results, however, now shown to have been obtained under such disadvantages afford, they think, strong ground for confidence that the future operations of the company will be at least equally successful. During the year, owing to the increase of business, the cost of plant had been increased to the extent of 62117. 98. 10d. The report and statement of the progress of the company's business was regarded by the shareholders as very satisfactory, and the proceedings were thoroughly unanimous throughout. Votes of thanks to the directors and officials were passed, and the retiring directors— Messrs. Wm. Eales, T. Nicholson, T. E. Soady and J. Wolferstan; and the auditors-Messrs. W. Luscombe and W.J.Holmden, were re-elected. Dr. The following is a copy of the balance-sheet:Capital, 125,000l.; liabilities, ledgers, 102,9071. 19s.; balance carried down, 17,2851. 10s. 11d.; total, 245,1937. 9s. 11d. Cr.Debts owing as per ledgers, 68,728. 198. 7d.; stock of sugars and other goods, as per stockbook, 99,516. 16s. 1d.; plant, 76,2117. 9s. 10d.; cash in hand, 736l. 4s. 5d.; total, 245,1934. 9s. 11d. Balance brought down, subject to deductions for expenses incurred in forming the company, and other contingencies, 17,2857. 10s. 11d. as per PRESERVED FRESH RAW MEAT COMPANY (LIMITED).-Several months since, says a Plymouth paper, we gave an account of a dinner that took place at Harvie's Navy Hotel, in Southside-street, Plymouth, at which a number of gentlemen sat down to partake of, amongst other things, a leg of mutton that had been cooked in its fresh raw state, after having been preserved and kept for some months. experiment was thoroughly successful. meat was as juicy as if the animal from which it was cut had been but recently killed, and the flavour of the mutton was such as to make every That The one who had had one cut desirous to come again. Subsequently it afforded us pleasure to state that premises had been taken in Plymouth for the purpose of carrying on the business of preserving on a large scale, and we saw many testimonials from naval men, who all spoke in the highest terms of the meat which had been intrusted to them on their voyages for trial. The parties concerned in the manufactory now propose to carry it out by means of a limited liability company, with a capital of 10,000l., in 1000 shares. We hear that in London these shares have been well taken up, and 100 have been reserved for Plymouth, where, as the promoters have works, they are desirous to induce a local interest in the undertaking. The mode of preserving is to be applied to hides and skins as well FLAX MILLS COMPANY (LIMITED). A new prospectus has been issued of the Flax Mills Company which was introduced some time back. The proposed capital is 100,000l. in 207. shares, and the board of directors is composed of influential and experienced agriculturists. The object is to promote flax cultivation, by supplying the only want that has lately prevented it from assuming the important place to which it is entitled in the national industry-namely, that of mills in suitable localities to convert the crop as harvested by the farmer into linseed oil, oil-cake, flax fibre and tow. The chief support of the scheme is anticipated to be obtained from the landed interest. Not more than a fourth of the capital is to be called up until experience shall have demonstrated its utility. THE WEST OF SCOTLAND FISHING COMPANY (LIMITED).-The Great Fishing Company at Glasgow are probably about to carry their scheme into active operation at last. They have appointed Mr. James Macdonald, late of Scalpa, now captain and owner of the schooner Rover's Bride, as manager of the business; and, indeed, he is considered, in every respect, most qualified for the undertaking. So we may look out for a fishery of a regular and permanent character set a-going along the shores of the western isles; for, is it not somewhat strange that, although the whole line of our coast affords the greatest advantages for fishing, and the same in all parts of it, yet comparatively little or nothing has yet been done in that department, except at the very extremities of the island, viz., Barra and the north of Lewis? continued energy on the part of the executive, it will become one of the greatest and most valuable institutions which the Limited Liability Act has brought into operation. UNITED BUILDING LAND AND INVESTMENT SOCIETY.-This is the title of the first society of the kind incorporated under the Limited Liability Act, with a proposed capital of 50,000l., in 10,000 shares of 5. each, with power to increase to 100,000l., and an influential directory. The promoter is Mr. J. Higham, one of the leading men of the time in connection with the freehold land and building movement. The prospectus just issued sets forth that the committee will be empowered to embrace any opportunity for dealing with house or landed property; and the promoters feel that, with the great experience they have already had in the value of property, especially in and near the metropolis, there cannot be any doubt but that it will prove very profitable to the shareholders, and of great public advantage. In the metropolis and its suburbs there is constantly a very large amount of property in the market for sale, owing to deaths, alterations in circumstances, and numerous other causes; and in this vast commercial city there must always necessarily be a large proportion of the property incumbered by way of mortgage; and although building societies have enabled many persons to purchase and ultimately become possessed of property, they never would have obtained by any other means; and others have, through the funds of those societies, raised money on very favourable terms, and repaid the principal and interest by easy instalments, yet there is ample room it is thought for more extended operations, and greater facilities in obtaining money on freehold or leasehold security, either for long or short periods; and this desideratum it is intended to supply-to the extent of its resources-by the establishment of this company. as to fresh raw meat, and we hope that in every | the risk of searching for the slate, but merely the way the project may be successful. act of enlarging works already in profitable operation. As times go, the names of the direction give every assurance that the affairs will be managed in a straightforward and business-like manner. As the liability of the shareholders is strictly limited, and as they will at all times have access to the books of the company, it appears to us to offer fair inducements to the capitalist. We hear that a large number of shares go to the Continent, whilst a still larger portion are destined for India.-Mining Journal. LONDON UNADULTERATED FOOD COMPANY (LIMITED).-A meeting of the proprietors has been held at the London Tavern, Lord Pelham Clinton in the chair. The report stated that this meeting was called for the purpose of laying before the shareholders of this company a statement of certain arrangements made by the subscribers of the memorandum of association with the promoters of the company. These arrangements being in the opinion of the new directors invalid, because made by persons who have no authority to bind the company by their acts, were sought to be set aside by them without the necessity of proceedings at law, which would only have caused considerable expense, and materially frustrated the progress of the company. The promoters, relying on the legal opinions they had obtained when the arrangements were made in Sept. 1856, were not disposed to give up the advantages they had stipulated for, and which they considered only a fair and just reward for the trouble and expense they had incurred in the formation of the company, without having some fresh arrangement entered into which would bind the company, and repay them for the services they had rendered to the company both before and since its complete registration. The directors, however, acting on the opinion of counsel which they had caused to be taken, could not enter into any arrangement with the promoters which would be actually or by implication in substitution of the old one, but they were anxious that the promoters should receive an adequate return for their services; and they, the promoters, at once offered to forego all the advantages they had originally stipulated for, if the directors would settle with them a fair and reasonable amount of compensation. The directors feeling that the promoters were entitled to the consideration of the company, and to such a fair and reasonable compensation, proceeded to take the matter into consideration, and no appeal to the body of shareholders would have been necessary before the general meeting if they had not been interrupted in the discussion of the terms of settlement by members of the board in such a manner as appeared to leave no other course open to them but to call the shareholders together, and to leave the matter in their hands for settlement, and they accordingly convened this meeting for that purpose. The directors are now glad to be able to state to the shareholders that the promoters have agreed to give up, unconditionally, all the advantages which the subscribers of the memorandum of association had conferred on them; and this course, being in the opinion of the directors most satisfactory to the interests of the company, puts an end to any question between themselves and the promoters. The board have taken the question of compensation into consideration; and, although a slight difference of opinion exists between some of the board and THE CARNARVONSHIRE SLATE COMPANY the promoters as to the precise method of carry- (LIMITED).-An extraordinary general meeting GREAT WELSH UNION SLATE COMPANY ing out the arrangements made, the board do of proprietors was held at the offices of the com(LIMITED).We have pleasure in directing the not desire to disturb the present harmony by in-pany, Guildhall-yard, Mr. Pool in the chair. The attention of our readers to any new scheme that sisting on their private views, and can therefore chairman said he should propose that the meeting may be submitted for public support, which lay before the shareholders a proposal for com- be adjourned, as he had only been recently elected appears to be really bona fide and legitimate, more pensation, which they are of opinion will be a director, and was not sufficiently acquainted with especially so when so many foreign adventures fair and reasonable settlement for the company the affairs of the company. He wished particu. have of late surrounded us, and in the present we to make. The board cannot but express their larly to let the shareholders know that they ought have to hail the advent of a truly British com- regret that an inference appears to have been to be present and look after their own affairs. mercial undertaking. We are led into these drawn from the advertisement convening this He had visited the quarries at his own expense, remarks by the recent publication of the pros- meeting unfavourable to the officers of the com- and taken a party with him to report upon them, pectus of the Great Welsh Union Slate Company, whose ability and zeal for the company but he had no confidence in his statement, and pany, whose object is to unite under one managewished them to be inspected by a competent ment several well-known and approved slate quarryman, as he was of opinion the concern was quarries in North Wales, by which the united in an excellent position, and only required addiworks would become the largest and most importional capital. The object of the meeting upon tant in the kingdom. The lucrative nature of the present occasion was to extend the powers of slate quarries when well conducted is well the directors, to enable them to raise 10,000l., as known, and in this instance, if the statements in the attempt to raise the money in the present the prospectus be borne out, and of which we state of the market at 5 per cent. had failed. have no reason to doubt, the Great Welsh Union Slate Company will prove a very remunerative channel for investment. It must be borne in mind that in this case the shareholders have not CASTELL LEAD MINING COMPANY (LIMITED). -The prospectus states that this company has been formed for developing the Castell mine, which is situate in the centre of the mining district of Cardiganshire, with an unlimited supply of water for working machinery without the aid of steam, within an easy distance from the shipping port of Aberystwith, and having the coach road passing through the sett. There are several lodes in the sett, but the workings have been confined to the large one known as the Estrymtean lode, which can be traced through the country for several miles, and produces lead ore and blende or black jack of rich quality at the surface. This mine was worked about fifty years since by a gentleman named Sheldon, who took away large quantities of blende and lead ore; but having no machinery for pumping the water, he could only work to a very shallow depth. That gentleman also worked at the same time the Frongoch mine, which contains the rich parallel vein to Castell, and which produced lead and blende, and was exactly similar in all respects. Mr. Sheldon afterwards died, and Castell has remained unworked until the present time. Frongoch mine was, with another mine, leased to Messrs. John Taylor and Sons, under whose management they are still worked, and known as the Lisburne Mines. These mines having, upon a paid up capital of 7500l., given in dividends 99,600/., and now worth and actually sale able at the rate of 150l. per 400th share, or 60,0007., making a total of 159,600l., with every prospect of the dividends being continued for many years to come, the present company hope, from the appearances of the lode in their sett being so similar, and the reports of the agents acquainted with the district being so favourable, to have similar success. have never been questioned by any member of THE WILTS AND GLOUCESTER AGRICULTURAL DISTILLERY COMPANY (LIMITED). — The proposed capital is 11,000l. in 5500 shares of 21., and is established for the purpose of distilling spirits from beet-root and mangold wurtzel, upon the principle of a discovery by Mons. Leplay, and for which a patent has been obtained. In order to insure the efficient working of the patent in this district, the company has secured (by purchase) 76 acres of freehold land peculiarly calculated for the growth of beet and mangold, on which the works and distilleries are to be erected. The estate so purchased is situate about half a mile from the Minety station on the Swindon and Gloucester Railway, in a district where beet and mangold of the best quality may be grown to any extent. The patent for distillation has been introduced into England by Messrs. William Dray and Co., the celebrated agricultural implement makers; and in their prospectus introducing the subject to the public, they state their willingness to take shares in each of the companies to be established, having fully satisfied themselves of the large profits to arise therefrom. Under the present revenue law, distillation mangold and beet root is prohibited; but the English Government, feeling the importance and advantages to be derived by the agricultural interest of England, have granted to Messrs. Dray twelve licences for working the patent in this country; one of such licences has been secured for this district, and will probably lead to immense results as the business of the company increases. from -Mr. Merton said he had travelled forty miles to attend the meeting, and it seemed rather hard that he should be obliged to go back without doing anything. As a circular had been issued and had not brought the shareholders together, he wished to know how they intended to get a larger meeting.-The Chairman considered they had a valuable property, but he did not wish them to take his opinion. He wished it was better known to the shareholders and the public, and, if inspected by a sound practical man, he believed the money would be advanced immediately. Mr. Giles said they had better pass the resolution, as they could not act upon it until confirmed at a second meeting, of which it was necessary to give one month's notice.-Mr. Giles moved and Mr. Merton seconded a resolution, that the powers given to the directors by the resolution confirmed on the 11th March last (authorising them to raise the sum of 10,000l. on debentures at 5 per cent.) be extended, to enable the directors to raise such sum, or 5000l., part thereof, on such terms as they shall think fit: carried unanimously.-Mr. Timothy Tyrrell explained the position of the quarry, and he believed the necessary works could be completed for 20007.; and before six months they would be in a dividend-paying state. TIMBER SAWING AND TURNING COMPANY (LIMITED). The report of this company, issued since our last, sets forth that the present proprietors agree to receive paid-up shares for their entire interest in the works, patents, &c., the additional capital being wanted for increasing the works and extending the operations of the company. Victoria Docks. bottom. The persons within are not at all affected LAW OF JOINT-STOCK COMPANIES THE NAUTILUS SUBMARINE COMPANY(LIMITED). -The directors of the Nautilus Submarine Company invited a large party of gentlemen interested in such matters to go down to the Victoria Docks and witness the operation of the Nautilus diving bell, which is now being employed in relaying the massive iron pathway of the great gates of the A special train conveyed the party to Blackwall, where a steamboat was ready to take them, in number about 100, to the eastern end of the docks, and the domed roof of the machine, blowing forth air and water like the head of an enormous whale, presently emerged to the surface. The Nautilus diving-bell resembles in shape rather a flat-bottomed cauldron, or common kitchen boiler, than a bell, having a round manhole at the top, with a lid removable for the entrance of passengers, and the greater part of the flat bottom also removable, to allow the persons within to get out upon the ground, and to work upon or lay hold of the objects with which they have to deal. The diameter of this vessel is about ten feet, and its height seven or eight. In The Attorney-General's Bill to amend the Windthe interior there is an oval or oblong chamber, ing-up Acts, in addition to other provisions, prowhere sixteen persons can stand upright. On poses to enact that after the appointment of credieach side of this the space is occupied by com- tors' assignees, creditors of a company are not to partments, which contain air. Several of these sue at law without leave of a judge or master, and compartments are always closed, and the air time is not to run against them. This is a very which is held in them may be regarded as the per- proper provision, for the abuses of the power manent fund of buoyant power in the vessel. One given by the existing law to sue an individual compartment on each side, however, has a commu- shareholder, even although the company is in nication below with the surrounding water outside, course of being wound-up, have been enormous. which can be let in or shut off by a stopcock, There is no reason why a company being woundand also has a pipe and valve above, communi- up should differ in this respect from an indivicating with the upper world by a long flexible dual bankrupt. So, it has been said, why should tube (gutta percha, strengthened with spiral not the assignees of a bankrupt company possess wires). The air to be supplied by this tube, the same powers of compromise as the assignees however, is not from our ordinary atmosphere, of an individual bankrupt? For this reason: but condensed air from the receiver of a powerful a bankrupt individual is such because he is percondensing pump, worked by a small steam-sonally insolvent. But the shareholders of a engine, which may be placed either upon the company are not individually bankrupt; all of shore, on a pier or wharf, or, as on this occasion, them may be solvent at the very moment that on board of a barge or scow, moored there for the the company is insolvent, and so long as they purpose. The persons in the diving-bell, when can pay, to compromise with them for any lesser they choose to sink, may do so by letting a por- sum is to rob the creditors. The parallel case tion of air escape from the side compartments would be, if the assignees of a bankrupt were (through another pipe and stopcock), and at the empowered to let him off scot free on payment same time letting a proportionate quantity of of a composition-say that he could pay 10s. in water into the same side compartments, to supply the pound, but they accept 7s. Yet this is just the place of the air. There is an air gauge and a what the Attorney-General's Bill proposes to water gauge, by which they can ascertain at a permit the assignees to do, and to compel the glance the precise density of the air in those creditors to accept. compartments, or the quantity and pressure of the water. The speed of the descent may thus be adjusted with the utmost nicety, and accelerated or retarded at pleasure by the use of the stopcock, or suspended by producing an equilibrium. When it is desired to rise, the valve communicating with the flexible air tube is opened, and the condensed air rushes into the side compartments with such force as to expel the water from them, rendering the whole machine so buoyant that it will not only ascend with its passengers to the surface, but carry up with it a great mass of stone, or any other object, weighing three or four, sometimes six or seven tons, which the workmen have attached to its A power is given to creditors to attend proceedings and inspect the books of the company. It is remarkable that this Bill, which was brought forward on the pretence that it was necessary to put an end to the conflict of jurisdictions in winding-up and determine the existing doubts which have produced so much litigation, does not even attempt to do what was promised for it. All the conflict and the doubts remain untouched by it. Nay, it recognises the continued existence of the conflicting jurisdiction, for it expressly confers its powers both upon the official manager in Chancery and the assignees in bankruptcy. It would be indeed a deep disgrace to the British Legislature if such a Bill should become law. In reference to the above Bill we have received the following sensible letter: Sir,-You appear to me to misapprehend the effect of the Bill now before Parliament, and also the position of the shareholders in this and similar companies. The main object of the Act, as I understand it, is to give to the assignees under the bankruptcy of a jointstock bank the same power of compounding with the debtors to the bankrupt company that assignees possess in the case of any other description of bankrupt. Had the assignees in this case possessed the power of compounding at the date of the bankruptcy, it would, as I will presently show, have been most beneficial. I conceive you are in error when you say that the individual shareholders are the bankrupts. In my opinion the joint-stock bank is the bankrupt, and the shareholders are the debtors to the bankrupt. They are debtors to the extent of the calls that may be required to pay all the creditors 208. in the pound. Nobody will contend that the crediBill is not, I apprehend, intended to compel the cretors are to receive less than 20s. in the pound, and the ditors to accept a compromise so long as any one shareholder or debtor can be made to produce the money wherewith 20s. in the pound may be paid. If ultimately it should be found necessary to compound with each shareholder or debtor for such sum as will leave a deficiency, then I admit that the creditors must lose something; but I submit that, if the power now sought had existed when the British Bank occurred, however it may now, and I hope the Bill was made a bankrupt, such a result would not have will pass in time to prevent it now. I have no hesitation in saying that from thirty to fifty thousand pounds have been lost to the wealthy shareholders for want of the power to compromise with individual shareholders, and whether therefore they may be able to bear that loss in addition to the burden which they would themselves, under any circumstances, have had to bear, I cannot say. No lawyer will dispute the fact that every debtor, whether a shareholder in a bank or otherwise, is liable for the debt he owes to the full extent of his property. But if he owes 1000l. which he can, and is willing to pay, when by an absurd law he is prevented doing so by being pounced upon for 10,000l. which he cannot pay, he will, as a matter of course, take care of himself by getting out of the reach of either party. I know a vast number of cases in which this state of things has arisen; I will, however, confine myself to one in which I was instructed. The claim upon the party I refer to would not (except for the great losses sustained through the defect in the law I have adverted to) have exceeded 20007. He had means by himself and through the assistance of friends to provide about 1500, and I am sure I could have satisfied the assignees that they would have done well for the estate and for the wealthy shareholders to have compounded with him for that sum. The assignees, however, had no power, and judgments from individual What course had he therefore but to convert everycreditors came upon the party to a vast amount. thing he had at a moment's notice at a vast sacrifice, and take himself off to St. Petersburgh? If the Bill passes and the gentleman has not discovered that he can live abroad more comfortably upon the income produced from his reduced and sacrificed capital than he can here dependent upon friends, he will now try and compromise with the assignees, and instead of offering them 15007. he will probably have only 500 saying, "Take what I offer, or I will remain where I to offer, and he will further have the opportunity of fact, thousands have been lost to the estate, first by Now, sir, this is by no means a single case. In the sacrifice arising from forced sales, and secondly by the withdrawal of assistance which friends would at the moment have given. You must also have observed that a great many men have passed through the Gazette, having no creditor but the Royal British Bank, every one of whom would have found means, through the assistance of friends or otherwise, saved thousands to the wealthy shareholders and have of contributing to the general fund which would have facilitated a speedy winding-up of the affairs of bankruptcy. I submit I have shown that the shareholders are debtors to the estate and not bankrupts, and that they should be treated as all other debtors; and secondly, that the state of the law has been the cause of great loss to the wealthy shareholders, and probably of loss and certainly of great delay to the creditors; and consequently that the Act, although too late to do all the good to be desired in this case, conclusion, I must express my regret-and which I will be most beneficial in all future similar cases. In opportunity of settling the question of jurisdiction think is shared in by every practical lawyer-that the and vesting it in the Court of Bankruptcy has been thrown away. So long as the judges and the Bar look upon the attorneys as inferior beings and unfit to be trusted, all practical legal reforms will continue to be bungled. I am, &c. FRED. TALBOT. am." 47, Bedford-row, June 15, 1857. Our correspondent misunderstands us. We do not object to that portion of the Bill which prohibits proceedings by individual creditors against individual shareholders. We highly approve this provision-nay, we would go further, and make the winding-up order operate as a stay of pro |