FREEMASONS' TAVERN, GREAT QUEEN STREET, THE RIGHT HON. LORD JUSTICE TURNER IN THE CHAIR. HONORARY STEWARDS. The Rt. Hon. Lord Justice KNIGHT BRUCE. | The Vice-Chancellor Sir WM. PAGE WOOD. | The Hon. Sir GEORGE ROSE. R. PALMER, Esq., M. P., Q. C. Mr. JAMES ALLBERRY. Mr. T. P. ANDREWES. The Hon. Mr. JUSTICE COLERIDGE. T. SPINKS. Esq., D. C. L. E. L. PEMBERTON, Esq. Mr. T. H. COLLARD. Mr. DYSON. JOSH. HUMPHRY, Esq., Master in Chancery. Mr. Alderman WIRE. ACTING STEWARDS. Mr. D. MILNE. Mr. PETERS. Mr. W. E. JONES. Ticket, One Guinea. Freemasons' Tavern, May, 1855. Wiltshire.-Very valuable Church Preferment, amounting to nearly 1500l. per annum; the Incumbent aged 70 years. MESSRS. FAREBROTHER, CLARK, and LYE are instructed to SELL, at Garraway's, on Wednesday, June 13, at 12, (unless an acceptable offer is previously made by private contract), the very valuable NEXT PRESENTATION (subject to the life of the incumbent, aged 70 years) to the RECTORY of Pewsey, situate about seven miles from Marlborough, twelve from Devizes, thirty from Bath, and fourteen from the Great Western Station at Hungerford; consisting of an excellent residence, with offices, garden, and 124A. 2R. 1P. of glebe N. C. MILNE, Esq. Mr. J. P. PONCIONE. Mr. H. J. WALLACE. The Vocal Department under the direction of Mr. GENGE. Just published, in 8vo., price 78. 6d. boards, A TREATISE on the ADMINISTRATION of TRUST FUNDS UNDER the TRUSTEE RELIEF ACT. With an Appendix, containing the Trustee Relief Act, the Act for the further Relief of Trustees, the General Orders, and Forms of Proceedings. By JOHN DARLING, Esq., of the Inner Temple, Barrister at Law. Stevens & Norton, 26, Bell-yard, Lincoln's-inn. This day is published, in 8vo., price 14s. cloth, land. Also the commuted Rent-charge in lieu of the great and small SMITH'S (JOHN WILLIAM) LAW of LANDLORD tithes of the parish, containing about 4000 acres. The gross annual value is 14647. 11s. 7d. Descriptive particulars may be had, 21 days previous to the sale, of Messrs. Blake, Tylee, and Tylee, 14, Essex-street, Strand; at the Bear Inn, Devizes; Ailesbury Arms, Marlborough; White Hart, Bath; Angel, Oxford; Bull, Cambridge; at Garraway's; and at the offices of Messrs. Farebrother, Clark, and Lye, Lancaster-place, Strand. and TENANT.-The LAW of LANDLORD and TENANT; being a Course of Lectures delivered by the late JOHN WILLIAM SMITH, Esq., Author of "A Selection of Leading Cases," &c. With Notes and Additions, by FREDerick philiP MAUDE, Esq., Barrister at Law. W. Maxwell, 32, Bell-yard, Lincoln's-inn. 17021. per Annum, in first-class Freehold Ground-rents, secured by truly DAVIDSON'S PRECEDENTS in CONVEYANCING. valuable Property, at Bayswater, producing Rack-rents amounting to upwards of 11,2501. per annum, to which there is a most valuable Reversion, important to Trustees, Capitalists, and others. CHINNOCK and GALSWORTHY are favoured with in structions to SELL by AUCTION, at the Mart, on TUESDAY, June 19, at 1 precisely, in numerous lots, arranged to suit both large and small capitalists, FREEHOLD GROUND-RENTS, amounting to 17027. per annum, secured by an important property, to the rack-rents of which This day is published, Vol. 1, royal 8vo., price 17. 8s., Second Edition, -PRECEDENTS and FORMS in CONVEYANCING. With an Introduction and Practical Notes. By CHARLES DAVIDSON and THOMAS COOKE WRIGHT, Esqrs., Barristers at Law. W. Maxwell, 32, Bell-yard, Lincoln's-inn. SMITH'S ACTION AT LAW. In 12mo., price 9s. boards, there is the very valuable reversion, amounting to about 11,250%. per AN ELEMENTARY VIEW of the PROCEEDINGS annum. The estates are situate close to the north side of Hyde-park and Kensington-gardens, and comprise 32 first-class detached residences, 42 semi-detached villas, 69 terrace houses, some with capital shops, well placed for business purposes, two valuable taverns and publichouses, and several ranges of stabling and other property, situate in Pembridge-villas, Chepstow-villas, Chepstow-villas West, Pembridgeplace, Chepstow-place, Westbourne-grove West, Pembridge-crescent, Denbigh-road, Pelham and Denbigh mews, and Portobello-lanc, presenting an unexceptionable opportunity for investment in the highest class security that can possibly be obtained. Particulars, with plans, may be obtained of Thos. William Budd, Esq., 33, Bedford-row; at the Auction Mart, City; at the Royal Oak, Westbourne-grove; and of Messrs. Chinnock and Galsworthy, auctioneers and surveyors, 28, Regent-street, Waterloo-place. VALUABLE LAW BOOKS. of an ACTION at LAW. By JOHN WILLIAM SMITH, Esq., late of the Middle Temple, Barrister at Law, Author of "Leading Cases," "A Compendium of Mercantile Law," &c. Fifth Edition, adapted to the Practice under the Common-law Procedure Acts, 1852 and 1854. By EDWARD WISE, Esq., of the Middle Temple, Barrister at Law. "To the lawyer this book will be a useful remembrancer; to the law student it is a necessity. Whatever Mr. Wise has contributed, and necessarily it is a considerable portion of the whole volume, he has done so well that it is scarcely to be distinguished from the original. He has caught the spirit of his master, and carried out his design very much as Smith, had he been living, would have desired."-Law Times, Nov. 18, 1854. London: Stevens & Norton; H. Sweet; and W. Maxwell. MR. HODGSON will SELL by AUCTION, at his New CAUTION. TO TRADESMEN, MERCHANTS, Rooms, the corner of Fleet-street and Chancery-lane, on FRIDAY, June 15, at half-past 12, the LAW LIBRARY of a Gentleman from the country, comprising-Pickering's Statutes at Large, from Magna Charta to the 13 & 14 Vict., 96 vols., Bythewood & Jarman's Conveyancing, by Sweet, last edition, 9 vols., two copies; Harrison's Digest, 1756 to 1843, 4 vols.; Martin's Conveyancing, 5 vols.; Burn's Justice, last edition, 5 vols.; Jarman on Wills, 2 vols.; The Jurist, 1837 to 1849, in 34 vols. White & Tudor's Leading Cases, 2 vols.; and many other recent practical works. Also a Series of the Modern Reports in the various Courts of Law and Equity, Cases in the House of Lords, Ecclesiastical Reports, &c. To be viewed, and Catalogues sent on application. SHIPPERS, OUTFITTERS, &c. WHEREAS it has lately come to my knowledge that some unprincipled person or persons have for some time past been imposing upon the public, by selling to the Trade and others a spurious article under the name of BOND'S PERMANENT MARKING INK; this is to give Notice, that I am the original and sole Proprietor and Manufacturer of the said Article, and do not employ any traveller, or authorise any person to represent themselves as coming from my establishment, for the purpose of selling the said Ink. This Caution is published by me to prevent further impositions upon the public, and serious injury to myself. E. R. BOND, Sole Executrix and Widow of the late John Bond, 28, Long-lane, West Smithfield, London. PAPER.-The cheapest, largest, and best assorted Stock, be careful to ask for the genuine Bond's Permanent Marking Ink; and suitable for the use of the Legal Profession, will be found at MATTHEWS & DREW'S, Paper Manufacturers and Stationers to the High Court of Chancery, 38, High Holborn, opposite Chancery-lane. -Samples, with prices, will be forwarded on application, and orders to the amount of 21. carriage-free to the country. WORDSWORTH'S LAW of MINING, BANKING, and 15s. boards. JOINT-STOCK COMPANIES. Sixth Edition. London: Benning & Co., Fleet-street. To avoid disappointment from the substitution of counterfeits, further to distinguish it, observe that NO SIXPENNY SIZE is or has at any time been prepared by him, the Inventor and Proprietor. Printed by HENRY HANSARD, at his Printing Office, in Parker Street, in the Parish of St. Giles-in-the-Fields, in the County of Middlesex; and Published at No. 3, CHANCERY LANE, in the Parish of St. Dunstan in the West, in the City of London, by HENRY SWEET, residing at No. 34, Porchester Terrace, Bayswater, in the County of Middlesex. Saturday, June 9, 1855. No. 23, NEW SERIES.-Vol. I. No. 962, OLD SERIES.-Vol. XIX. JUNE 16, 1855. PRICE 18. SOLICITORS' & GENERAL LIFE ASSURANCE SOCIETY, 52, CHANCERY LANE, LONDON. SUBSCRIBED CAPITAL, ONE MILLION. The attention of the Profession is invited to the advantages offered by this Office to Solicitors and their Clients, which will be found to be greater than in most other Life Offices. ADVANTAGES TO THE ASSURED. 1. Four-fifths of the Profits are divided triennially amongst the Assured. In some Offices the Assured may not be entitled to a Bonus until the expiration of ten years from the time of effecting the Policy, whilst in this Office three years is the utmost limit. 2. At the first division of Profits in May, 1853, a Reversionary Bonus, averaging 451. per cent., was declared on all Participating Policies. In some cases the Bonus exceeded 611. per cent. on the premiums paid. On reference to the Prospectuses of some of the principal Offices, it will be found that the Bonus on their first division was much less, viz. 291. per cent. 3. The next division of Profits will be declared in May, 1856, when all Policies effected in 1855 will participate. In most Offices Assurers do not participate in the Profits until after payment of from three to five annual premiums, but in this Office they may participate on payment of a single premium. TO BARRISTERS.-A young Man, who has been several years with a Barrister, to whom he can refer as to character and respectability, is desirous of obtaining a similar SITUATION. Address Y. Z., Davis & Son, Law Booksellers, 57, Carey-street, Lincoln's-inn. WANTED (by a Solicitor recently admitted) to PUR CHASE, à LEGAL PARTNERSHIP. The Practice of a Solicitor about to retire preferred. Treaty will be made only for highlyrespectable Practices. Address X. A. Z., Jurist Office. SHARES to be SOLD.-THIRTY-FIVE LAW FIRE SHARES-Apply by letter, addressed W. S., care of Mr. Blenkarn, 29, Bell-yard, Lincoln's-inn. LAW LIBRARY.-A Barrister, having Two Sets of Modern Common-law, Chancery, Bankruptcy, and House of Lords Reports, wishes to DISPOSE of ONE SET, by valuation, to any Gentleman wishing to purchase a Law Library. The Set is nearly complete down to the year 1852, and is in unusually good condition, the binding of many of the Reports, particularly the Common-law Reports, being nearly new. The Set of Common-law Reports, and the Set of Chancery, Bankruptcy, and House of Lords Reports, will be disposed of together, Law and other Booksellers. DAVIS'S COUNTY COURTS.-SECOND EDITION. or either Set separately. Apply. by letter, to Mr. J. E. Wheatley, A MANUAL of the PRACTICE and EVIDENCE in No. 23, Cursitor-street, Chancery-lane. IMPORTANT TO SOLICITORS. H. T. COOKE & SON beg to call attention to their GOLD PENS. These patent diamond-pointed Pens are very durable, being capable of sustaining any amount of ordinary wear, as an earnest of which they are guaranteed against deterioration (except by ACTIONS and other PROCEEDINGS in the COUNTY COURTS; SHELFORD'S SUCCESSION AND OTHER DUTIES. violence) for twelve months. Sent post free for thirty stamps, or for THE LAW relating to the PROBATE, LEGACY, and sixty stamps with sterling SILVER POCKET HOLDER.-H. T. COOKE & SON, Stationers, Warwick. PAPER. The cheapest, largest, and best assorted Stock, suitable for the use of the Legal Profession, will be found at MATTHEWS & DREW'S, Paper Manufacturers and Stationers to the High Court of Chancery, 38, High Holborn, opposite Chancery-lane. SUCCESSION DUTIES; including all the Statutes and the Decisions on those Subjects. With Forms and Practical Directions. By LEONARD SHELFORD, Esq., of the Middle Temple, Barrister at Law. London: Butterworths, 7, Fleet-street, her Majesty's Law Publishers. LAW LIBRARY, MAHOGANY BOOK-CASE, LIBRARY TABLE, &c. Samples, with prices, will be forwarded on application, and orders to MR. HODGSON will SELL by AUCTION, at his New the amount of 21. carriage-free to the country. THE IRISH CHANCERY AND COMMON-LAW REPORTS, THE IRISH CHANCERY and COMMON-LAW RE- Vol. 3, just completed, contains the Appeal Cases for hearing this Session in the House of Lords. Dublin: Hodges & Smith, 104, Grafton-street, Booksellers to the Hon. Society of King's-inns; and to be had of the London Law Booksellers. No. 23, VOL. I., NEW SERIES. Rooms, the corner of Fleet-street and Chancery-lane, on FRIDAY, June 22, at half-past 12, the VALUABLE LAW LIBRARY of an eminent Conveyancer retiring from the Profession; comprising, amongst others, Bythewood & Jarman's Conveyancing, by Geo. Sweet, 9 vols.: Jarman on Wills, 2 vols.; Evans's Collection of Statutes, 8 vols.; Statutes of the United Kingdom, 25 vols., 1830-54; Bacon's Abridgment, 8 vols.; also a Series of the Modern Reports in the Courts of Queen's Bench, Chancery, &c. to the present time. Modern Practical Works Also a handsome mahogany Book-case, a capital Library Table, two Office Tables, two Office Book-cases, &c. To be viewed, and Catalogues had. W GAZETTES.-FRIDAY, June 8. BANKRUPTS. JAMES HARRIS, Old Shot Tower Wharf, Commercial. Holborn.-Pet. f. June 4. -Charles King Witt, New Sarum, Wiltshire, grocer, June 21 at half-past 11, London, aud. ac.-John Knowles, Henry Radwell, George Russell Parker, and John Thomas King, Throgmorton-street, silk brokers, June 21 at 11, London, aud. ac.; June 29 at 2, div.-Ambrose Eaton, Milk-street, Cheapside, warehouseman, June 22 at 2, London, aud. ac.; June 29 at 11, div.-John Flatt, Saxraundham, Suffolk draper, June 19 at 11, London, aud. ac.-John Rogers, Lawrence Pountney-lane, commission agent, June 21 at 11, London, aud. ac.-Thomas Sherratt, Washerwall, Stoke-uponTrent, grocer, July 11 at half-past 10, Birmingham, aud. ac. -Richard Chamberlain, Uttoxeter, Staffordshire, draper, June 20 at half-past 10, Birmingham, aud. ac.—John Charles Stivens and Jacob Stower, Liverpool, British wine merchants, June 19 at 11, Liverpool, aud. ac.-Wm. Shaw, Liverpool, passenger broker, June 19 at 11, Liverpool, aud. ac.-Joseph Peers, Ruthin, Denbighshire, scrivener, June 18 at 11, Liver. pool, aud. ac.-George Longmore and James Longmore, Manchester, provision merchants, June 22 at 12, Manchester, aud. ac.; June 29 at 12, div.-Gabriel Webster, Dewsbury, Yorkshire, plumber and glazier, July 2 at half-past 11, Leeds, aud. ac. and div.-Wm. Clark, Bradford, tailor, July 3 at 11, Leeds, aud. ac. and div.-Henry Hill, Gray'sinn-lane, brewer, June 29 at 12, London, div.-John Todd Merrick, Hereford-road, Westbourne-grove, builder, June 29 at half-past 12, London, div.-Frederick Thomas Doddington, Aldersgate-street, manufacturer of lace falls, June 29 at 1, London, div.-George Tennant, Market-street, Westminster, licensed victualler, June 29 at half-past 12, London, div.-Robert Doak, Hanover-place, Kew, draper, June 28 at 11, London, div.-Anthony Maddison Todd, Clement's-lane, Lombard-street, commission agent, June 29 at 12, London, div.-James Abraham Smith, Queen-st., Hammersmith, and Newport-street, Lambeth, lighterman, June 29 at 1, London, June 29 at 1, London, div.-George Clarke Pauling and R. div.-William Hoe, Bishopsgate-street Without, stationer, Chapman Sharp, Manchester, merchants, June 20 at 12, Manchester, div.-James Worrall, Bolton and Manchester, manufacturer, June 18 at 12, Manchester, div.-Geo. Jeeves, Sheffield, brush manufacturer, June 30 at 10, Sheffield, div. HENRY ANDREWS SIMON, Albion-road, Wandsworth- Pet. f. June 2. WILLIAM PARRY, Newtown, Montgomeryshire, dealer MEETINGS. CERTIFICATES. before the Day of Meeting. Paul Sampson, Hythe, Kent, shoemaker, June 29 at 11, London.-Daniel Cutter and Thomas J. Hunter, Regentstreet, Westminster, tailors, June 29 at 12, London.-George Jessop, Cliftonville, Hove, Sussex, builder, June 29 at halfpast 12, London.-Stair Walker, Boundary-road, St. John'swood, builder, June 29 at half-past 11, London.—Abraham P. Shaw, Devonshire-street, Bishopsgate-street, printer, June 29 at 1, London.-Matthew R. Steele, Leicester, linendraper, June 29 at 11, London.-Fred. T. Doddington, Aldersgatestreet, manufacturer of lace falls, June 29 at 1, London.-J. W. Rymill, Paul's-wharf, Upper Thames-street, paper agent, July 2 at 12, London.-Richard Popkiss and George Meller, Brentford, timber merchants, June 29 at 12, London.-Daniel Bennett the younger, Bristol, innkeeper, July 2 at 11, Bristol. Daniel Sims, Old Furnace Bottom, near Blakeney, Gloucestershire, wire drawer, July 2 at 11, Bristol.-Wm. England and Fred. H. England, Bratton Mills, near Westbury, Wiltshire, clothiers, July 2 at 11, Bristol.—Richard Underwood, Leicester, hosier, July 10 at half-past 10, Birmingham.—John Blakey and George Blakey, Keighley, Yorkshire, grocers, July 2 at 12, Leeds.-Louisa Browett, Bradford, innkeeper, July 3 at 12, Leeds.-—Charles Hargreaves and Michael Hargreaves, Bradford, whitesmiths, June 29 at 11, Leeds.-Joseph Webb, Scarborough, hotel keeper, June 29 at 11, Leeds.Jeremiah New, Sheffield, saw manufacturer, June 30 at 10, Sheffield. To be granted, unless an appeal be duly entered. Robert Parker, Nottingham, commission agent, July 17 at W. Watts, East Cowes and West Cowes, Isle of Wight, 10, Nottingham, ch. ass.-Wm. Morgan, Osborn-st., White-chemist.-Henry Butt, Mortimer-street, Cavendish-square.chapel, licensed victualler, June 22 at half-past 12, London, Wm. Martin, Newcastle-upon-Tyne, joiner.-John D. Parry, last ex.-T. Cooke, sen., Froxfield, near Petersfield, Hampshire, Sutton, near St. Helens, Lancashire, brewer.-Thos Charlescattle salesman, June 21 at half-past 1, London, last ex.-G. worth, Nottingham, plumber.-F. R. Barratt, Stamford, Howes, Mortimer-road, Kingsland, licensed victualler, June 21 music seller.-Robert Barbor, Phoenix-wharf, Surrey Canal at half-past 11, London, aud. ac.-Geo. Lawrance, Abingdon, Bank, Deptford, tar distiller.-James Beaven, Bristol, beer Berkshire, saddler, June 21 at 12, London, aud. ac.-Wm. retailer.-Edwin Sparrow, Liverpool, metal broker.-J. C. Green, Harrow-road, builder, June 21 at 2, London, aud. ac. Stivens and Jacob Stower, Liverpool, general merchants. CONTENTS. THE JURIST. LONDON, JUNE 16, 1855. 536 COURT OF QUEEN'S BENCH. In re Blues.-(Conviction-Notice of appeal, when COURT OF COMMON PLEAS. By W. PATERSON and W. MILLS, Barristers at Law. Sweet v. Benning. — (Copyright-Piracy-Digest of law reports-5 & 6 Vict. c. 45, ss. 15, 18)... -- 538 541 543 547 The Leucade.-(National character-Ionian Islands). 549 ties for a gaming consideration, not within the proviso of the statute, was held not to be so tainted by illegality as to throw upon an indorsee the onus of proving that he gave consideration for it. We may here also refer to the case of Knight v. Chambers, (1 Jur., N. S., part 1, p. go-525). That was an action for money paid; the defendant pleaded that the money was paid in respect of certain differences in the price of shares in a public company, to be paid by the defendant under wagering contracts, contrary to the 8 & 9 Vict. c. 109, which the plaintiff had made for the defendant with third persons. The Court of Common Pleas held, that as the plea did not negative the plaintiff's request, and the act made such contracts only void, and not illegal, the plea did not disclose any defence. The case was likened by the Chief Justice to a payment by the plaintiff, at the defendant's request, of purchase money for goods above the value of 107., the contract of purchase being void under the Statute of Frauds; and Maule, J., said, "Looking at the whole record, it appears that the plaintiff, at the request of the defendant, paid for him certain money which the defendant was not legally bound to pay, the contract he had entered into being merely void." To the same effect is Knight v. Fitch, (1 Jur., N. S., part 1, p. 526), which was an action for work done, commission, and money paid. The defendant pleaded that the plaintiff was a stock and share broker, and as such made certain contracts for the defendant by way of wagering, contrary to the statute, under the semblance of pretended sales respecting the future market price of certain public and other stock, &c., whereby the defendant was to receive or pay the differences between the price of the said stock on the days on which the contracts were made, and the price on certain future days, according as the price had become higher or lower, and that the causes of action arose in respect thereof. The Court of Common Pleas held that this was no defence under the statute in question, and that it disclosed no defence under the Stock-jobbing Act, 7 Geo. 2, c. 8, as it was not alleged that each contract related to public stock. Some valuable observations on the nature of the defence THE stat. 8 & 9 Vict. c. 109, appears to have effected a material alteration in the doctrines of law which vern that extensive class of contracts known as "gaming contracts." After repealing former statutes which had declared such contracts to be illegal, it is enacted, by sect. 18, that "all contracts and agreements, whether by parol or in writing, by way of gaming or wagering, shall be null and void, and that no suit shall be brought or maintained in any court of law or equity for recovering any sum of money or valuable thing alleged to be won upon any wager." There is a proviso appended to this section, whereby "any subscription or contribution, or agreement to subscribe or contribute, for or towards any plate, prize, or sum of money to be awarded to the winner of any lawful game," is excepted from the operation of the act. One question arises with regard to the enacting part of the section, as to the distinction between illegal and merely void considerations. If money is paid or goods handed over on account of a wager not within the proviso, can it be recovered back? If it be a voluntary payment, or voluntary delivery, not made under any mistake of facts, it would seem that it could not be recovered, according to a well-established rule, which is independent of the legality or illegality of the consideration. But supposing elements to exist in the case which take it out of the operation of this rule, can the parties still be said to be in pari delicto, so as to be precluded from having recourse to the pure fountain of justice? On the one hand, it may be urged that it was not the intention of the Legislature to legalise such transactions, and that by rendering them void it has in effect declared them to be against the policy of the law, so as to make them in one sense illegal. On the other hand, it may be said that a distinction between void and illegal contracts was in the contemplation of the Legislature, and that this distinction has been recognised in a very recent case, (not yet reported), in which it was decided that a bill given between the original par attempted to be set up in these cases will be found in Mr. Hodges' work on the Law of Railways, Railway Companies, and Railway Investments, (2nd ed., pp. 126-134). We shall return to this subject in our next number, and must for the present content ourselves with calling attention to the case of Parsons v. Alexander, (Q. B., June 2 and 4). It was there held to be a good defence to an account stated, that it was stated in respect of money won at billiards, the money not being placed in the hands of a stakeholder, and therefore not falling within the proviso already referred to. The Court expressed their opinion to be, that the enactment applied to gaming, or bets upon a lawful game, and extended also to the stakes of the parties engaged in the game, the proviso applying only to cases where there was a subscription, collection, or contribution to any prize, placed in the hands of a third party to be awarded to the winner. THE LIMITED LIABILITY BILLS.* We have met with a great many persons who agree in thinking that the rules of the English law applicable to the constitution of the relation of debtor and creditor by agency or procuration, from which arises the liability of dormant or non-ostensible partners, are logical deductions from the first principles of the law of contracts, and are convenient and beneficial in operation, and ought not to be altered; but among the many advocates for some alteration of those rules we have not met with one who seemed to understand the reason of them, or two who agreed as to the mode in which they should be altered. Certainly, while the existing law numbers its thousands of intelligent and practical supporters, (including, we believe, almost every mercantile name of importance in the city of London), no one of the legion of published plans for amendment has been adopted by any noticeable school or body of partisans. The Government bills have merely added to the number of schemes, and, from the necessity of the case, are equally unsatisfactory to the advocates of change and to those who would keep the law unaltered in that direction. The Partnership Bill would enable any person to carry on any trade, other than that of banking, in the name of any other person, without being liable for the debts of the trade, subject to the following conditions: First, that the names, places of business, and descriptions of the irresponsible trader and his responsible agent respectively, and the amount of the capital belonging to the former, and the nature of his interest in the profits, be registered at the Office for the Registration of Joint-stock Companies. Secondly, that every variation in the irresponsible partner's interest in the capital and profits respectively be from time to time registered; the penalty for omitting for an hour to register the repayment of 10s. of the advanced capital, or the advance of another 108., being partnership and full liability. Thirdly, that on the estate of the responsible trader or agent being administered in bankruptcy or insolvency, (the only reference to insolvency in the bill is the old and now insufficient expression, "taking the benefit of the Insolvent Debtors Act"), or on his death, or, in the case of a company, under the Winding-up Act, the irresponsible trader shall not make any claim in competition with the other creditors, and shall be liable to them ("the other creditors of the borrower" is the phrase, thus including his private as well as his trade creditors) to the extent of any monies received * From a correspondent. by him out of the assets on account of his share in the capital, or of profits or interest; and all payments on account of principal are to be deemed to have been made within the year, unless registered as having been made at an earlier date. The immediate object of this provision is to encourage the registering of withdrawals of capital, under the notion that in some way the public has an interest in knowing at the earliest moment every diminution of that part of the capital which belongs to the irresponsible partners. But how it can be important to the public to know both every addition to and every deduction from the irresponsible constituency is not apparent, nor is the inquiry worth pursuing until the value of such registration for any purpose has been proved. Probably the intention was to make the registration a security to the public that the advertised amount of capital had been actually advanced, and not withdrawn; for the registrar is to require the production of the instrument for securing or manifesting the advance, or such other evidence of the advance as he shall deem sufficient. But the instrument will not prove that the advance has been actually made, and no penalty or liability is imposed in case of a misstatement. bers of a joint-stock company, formed under the in shares of not less than 251. by concluding with the word "limited," as thus, "The The deed of settlement must express the limitation of liability, and be executed by shareholders to the extent of three-fourths of the nominal capital, and they must pay 20%. per cent. on their shares before the company can be completely registered with limited lia bility. same conditions as are required for the original estaAdditions to the capital can only be made on the blishment of the company. annual account or the auditors' report shews that The company must be wound up as soon as the three-fourths of the subscribed capital has been lost or has become unavailable from any cause. There is no explanation of the word "unavailable." We have stated enough to shew that they have been It is unnecessary to criticise the details of these bills. prepared by persons who do not understand the subject on which they are presuming to legislate. The Comlarge capitals, held in large shares-a limitation which panies Bill is limited to registered companies with will not be satisfactory to the majority of those who call for a change in the law; but this limitation is rendered nugatory by the provisions of the other bill, which, as we have seen, provides for the carrying on of any business, other than that of banking, (but not exfrom the Companies Bill), with a capital subscribed by cluding insurance, which, with banking, is excluded fiable for the debts, and whose association in any persons who share the profits, but are not partners or number is therefore not subject to the provisions of the Joint-stock Companies Registration Act. Under that bill, therefore, all the small companies and undertakings excluded from the Companies Bill might be established and carried on with limited liability, and without any of the checks (the salutary checks, as we presume to characterise them) of the Joint-stock Companies Regis tration Act. |