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- (Seneca ^sttucdlani).









. BREmSHiRil


Family Notices



true, are general, as are the words throughout the act; but then these general words only apply to the non- paiUatnentary joint-stock companies, unless those which do require parliamentary authority are specilically men- tioned, which is not the case in this section. In section 2 is the following exception, which we have already found occasion to quote :—" Provided neverthe- less. that except as hereafter specially provided, this act "ball not extend to any company for executing any "ridge, road, cut, canal, reservoir, aqueduct, water-work, navigation, tunnel, archway, railway, pier, port, harbour, ferr.V, or dock, which cannot be cairried into execution Without obtaining the authority of parliament." What the Attorney-General and his legal confreres can have been about not to notice this exception we cannot imagine. We have given our readers an opportunity cf judging for themselves; and we pledge ourselves against all the legal opinions which We have quoted, that should the question ever come before the tribunals it will be falllld that there is nothing in the Joint-Stock Companies At.U which can in the slightest degree affect the present Tnode of sale and transfer of railway shares. It is clear that most of our contemporaries who have pronounced so authoritatively have never taken the trouble of reading thp. act for themselves. — British and Foreign Railway Review* ———— RAILWAY DEPOSITS.—Of the mode in which the rail- way deposits are managed, we borrow a rather amusing Ascription from the Railway Chronicle:—" Let us take single shareholder's deposit as a specimen of all. Mr. titmouse is a grocer in the town of CardiiF, and an account with the respectable bankers, the Messrs. Towgood and Co., of the Old Bank. He has ^■500 as a disposable balance in the bank books at his aC;:oullt. He applies for 25 J shares of a Welsh railway, ^hose lor\al bankers also happen to be the same Old of Cardiff". In paying his money, Mr. Titmouse Merely orders it to be transferred from his own credit in the ledger of the bank to the credit of the Welsh railway c°uipany. So far the in ;ney and Messrs. Towgood and stand just as they did before the transaction. But the time for pavment to the accountant-general arrives — Avhat then! Why, this—Messrs. Towgood, of Cardiff, ^'rite to their agents in London, Messrs. Rogers & Co.. to debit them with this £ 5(10, and a number of other similar suras, which is accordingly done. Messrs. Rogers and Co. go to the Bank of England, and, by cbeque or otherwise, get the amount placed to their with the Bank of England and having thus virtually paid the money, they, at the same instant, borrow °f the Bank of England an equal amount. Thus, a cou- ple of entries in the books of the Bank of England—one to the credit of the Accountant-General with the Bank of England, and another to the debit of Messrs. Rogers a"d Co., settles that transaction. Messrs. Rogers & Co., having borrowed the said amountofthe Bank of England, Place it to the account of Messrs. Towgood and Co., of f'e Cardiff Bank, whose books once more show the same *n on both sides of the account, and so the cash in ^iessrs. Towgocd's coffers aud the balance in Messrs. *IJH'irood's accounts remain all exactly as they were at "'urtiijw. There remains a question of interest of money to he adjusted between all the parties, but there the mat- ter rests. Where is the crisis 1— where the embarrass- ment '?—unless, perhaps, to Mr. Titmouse, who has with- (''awn more from his business in the grocery line than IlIay bs quite convenient. Of course, all the Mr. Tit- lnouses amount to a large number, and the sum of all jbeir individual embarrassments, in their own private business, arising from excessive speculation, may be in i.oto a great evil but it is far from causing either general ^"anci.il derangement, or grave national embarrassment. So far, therefore, as the deposits are concerned, every twiner WJH remain just as it was, that is, as far as share- aiders or companies are concerned, who have really paid theil' deposits. Those companies who have to borrow jbein at the last moment may have some trouble, and bave to pay for it; but the great financial crisis is a 'iiuey." Upon this the Times remarks:—This is s°"iething like the Indian fable of the creation of the k ^V'orld. The globe rests first on an elephant, then on"a '(>rtoise but when asked what the last rests on, there is no reply. There will be effort enough in the first stage the proceeding described, and many a tradesman will J'^ve to leave his Christmas bills unpaid to enable him to b°hl on by his first deposit, while waiting for the impos- sible premium his heated imagination is exercised upon. ut a payment of £ 500 is a virtual obligation, in such a case as this, to pay £5,000, if not by the first depositor, by B°raie one else who is willing to adopt his dream ofpront. .All the arguments e\eu of the most sober in railway ^ithusiasm (no mania, of course) totally lose sight of the 1i\ct that the deposit' is only the first stage, and that it plates an obligation somewhere either to pay the remain- >no instalments, or the whole vanishes. Whether the rail- way deposits will bring on a general convulsion in the friouey market, will depend, as we have 3hown, upon their actual amounts, with respect to which there is not :tt present au atom of genuine information before the Public-.»