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- POOR LAW GUARDIANS, ABERYSTWYTH.

ABERYSTWYTH TOWN COUNCIL.

PETTY SESSIONS, ABERYSTWYTH.

MR. BRIGHT AND HIS WORKPEOPLE

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LITERARY INSTITUTE AND WORKING…

POPULAR READINGS.

PETTY SESSIONS, LLANBADARN-FAWR.

4 IFATAL ACCIDENT AT ABERDOVEY.

PENNY READINGS.

. THE LATE POACHING AFFRAY.

IDISTRESS IN ABERYSTWYTH.

ILLANFIHANGEL GENAU'R-GLYN.

. GOGINAN.

MACHYNLLETH.

LAUNCH.

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. EGLWYS-FACH.

JOINT-STOCK COMPANIES. ,

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JOINT-STOCK COMPANIES. The following (from 'The Daily Telegraph' of Wednesday,) refers to a fruitful source of waste and expense in the winding-up of joint-stock companies. While creditors and shareholders are engaged in fierce litigation, they appear entirely to forget that the property over which they are disputing is being gradully wasted in law costs, and by the long delay which always interferes with a successful realisa- tion of assets. It is from the obstacles created by contributories themselves that the liquidation is generally so prolonged and expensive. The only remedy is to be found in the co-operation of share- holders to arrange a private winding-up, and so keep the concern in which they are interested entirely out of the hands of that class which would profit by their embarrassments. TO THE EDITOR OF "THE DAILY TELEGRAPH." Sir,— Many and loud have been the outcries over the fortunes of 186G which have been lost or locked up. Meanwhile, do any of the irritated creditors of such suspended concerns think of the monster ex- penses which liquidators, lawyers, appeals, judg- ments, and so forth, entail upon their already exhausted and almost irreclaimable capital ? The whole system is a false one. So long as we have men who make a business and a living out of winding-up careless or unfortunate companies, so long will large amounts of the creditors' dues go into an"n pockets, and so long will the creditors be for years kept out of such moneys as remain, in order that the exorbitant demands of the liquida- tors may be made good on the plea of length of service. I myself know one case, out of the many which exist, where the liquidators demanded £ 35,000 for seven months' work, which any one hut a liquidator would have accomplished in three— refusing £25,UOO when offered them to compound their claim. This in a company now reconstructed, though not by the liquidators. I know another case in which the liquidators, who have been about six months at work, and declared a dividend under 5s. in the pound, have taken £5,000 eaeh "on account," as a small modicum of their deserts. I do not mention these casls-the names of which I enclose, sir, tor your private satisfaction—as being in the least detrimental to the character of the liquidators in question. I doubt much whether I myself, being so placed that I bad no interest in shortening liquidation, and much in prolonging it, should not probably make as much as I could of it; but what I want to draw the attention of the public to is this—Why have we officialliquidalors at all ? Why not legally appoint, either by a Vice-Chancel- lor, or at a large public meeting of an embarrassed concern, one large creditor and one large share- holder, ihe one to act as a check upon the other, instead of official liquidators, who drag on an unfortunate liquidation year after year in order that I heir veteran services may deserve an extraordinar1 bonus. If liquidators were appointed whose per- sonal interest, it. was looblain as speedy a liquida- tion as possible, on account of their having a large share iu the affairs to be wound up; if they could only receive dividends with their fellows instead of appropriating sums on account if they had a tega) status, with a remuneration fixed at one per thousand, with a bonus optional and according to the sense of a large general meeting after the entire winding-up, such bonus to depend entirely on the speed of the work and the manner in which it had been executed, and what a different meaning would the word liquidation stand invested in the commer- cial dictionary, and how much oftener would creditors receive 20s. in the pound! And, with regard to the shareholder side of the question, how much fewer would be the calls with a large share- holder than to realise every available asset! It is not unnatural that professional liquidators should take the easiest way of getting out of a difficulty by calling up unpaid capital rather than enter into the not considerable expense and delay of realising assets; while a liquidating shareholder would pre- fer to realise the creditors 20s. in any and every possihle manner, no matter how difficult, in pre- ference to making a call on his own and his co^ shareholders' pockets. If the public now recognise officialliquidalion as an evil, it must. remember that it alone is responsi- ble for the creation of that evil, which it fosters, and which it only can put down: for so long as embarrassed companies choose to be liquidated in the most expensive and round-about fashion they can devise, so long will official liquidators claim and obtain £35,000 for seven months' work. If sir, you had seen what I have of the waste and extravagance of liquidators in officc, the number of persons employed (and paid out of the creditors' dividends and shareholders' calls],, from lawyers down 10 porters, each with little more than a nominal use, the quantity of time got through, and the small amount of work done in it, you would not wonder at the humble protest of your obedient servant, JUNIUS.

POTTS v. CAMBRIAM RAILWAY…

. SALE BY AUCTION OF THE BISHOP'S…

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THE GOGINAN POST.

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Family Notices

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