The British Press; or, Morning Literary Advertiser. — London, England, 1825-03-17 00:00:00

PARLIAMENTARY INTELLIGENCIe. F HOUSE OP LORDS, WIDOOSIOAT, MARCO 13. ri: Philli:sore sod several Members frees the House of Com. moos brought up • Manage, requestiag their Lordships would be pleased so grant • Copy M the evidenee takes in Greee's Divorce coos. The LORD CHANCELLOR informed the Douse of Com mons-that their Eardebips would avid an answer by a Messenger of their own. Mr. Brogden and several Members of the House of Commons brought up the Assayed Taxes Bill, the Imperial Gas Bill, the Alliance Insurance Bill, and the Attorney Clercs Certificate Bill, which were read a first time. Mr. Pitt, from the House of Commons, Lrough: up a private Bill, which was read • first time. Earl GROSVENOR presented a petition from a person named John Gale Jones, praying that the (louse would put an end to the cruel practices of bete-basing, badger-baiting, cock-fightieg, and other barbarous sports.—Laid on the table. The House then adjourned. HOUSE HOUSE OF COMMONS, WSW:EeI:OAI , MaltCis IC. . An account was presented from the London Deck Company, *Owing the sum to be ezpeoded on the new won't. 31E fROPOLITAN WATER COMPANY. Alderman WOOD presented a petition from the Brewers of the Metropolis, against the Metropolitan Water Works BBL—Re ferred to the Committee. The same Honourable Gentleman pm. steeted a petition from the Hampstead Water Works against the same Bill.—Referred to the Committee. NT. KATHERINE'S DOCKS. Mr. S. AYH ITBREA it presented a petition from St. Botolplt's, Altlgt:te, against the St. Katherine's Docks Bill. Air. Alderman WOOD presented • petition from the ir.habitante of the precincts of St. Katherine's, against the St. Katherine's Docks Bill.:—Referred to the Committee. EQUITABLE LOAN BANK. Mr. Alderman WOOD presented • petition from the Ward of Crlpplegate agabist the Equitable Loan Bank Company.—Laid Ott the table. Mr. J. SAUTE' promoted • petition from 900 householders of liVhitechapel, Mile End, and Stepney, in Savour of the aforesaid Gasman y.—lesid upon the table. Mr. S. WHITBREAD presented a petition front St. Andrew's, Me3borm against the Equitable Loan Bank. Mr. LAM BTON presented a petition from the Tanners of Bermondsey in favour of the Equitable Leen Bank Company. Mr. ORD presented a similar one front the Silk Wearers in favour of the es Company.—They were laid on the table. METROPOLITAN FISH COMPANY. Alderman WOOD pre-sental a petition from several persons connected with the Fish Trade, against the Metropolitan Fish Company. Sit E. KNATCHBUI,I , presented a ' r tetition from the Fisher :men of Greenwich against the same Company. Mr. J. H. CALCRA FT presented a petition from the owners of fishing vessels at Deptford against the same Company. Air. CALCRAFT presented a petition from the Fishermen of Gravesend on the same subject. They were referred to the Committee. Mr. J. SCI ITH presented a petition from an individual named John Peacock, complaining of the conduct of thee Corporation of Dublin in levying rates upon the inbabitants--Ordcred to lie on the table. IMPERIAL GAS BILL. On the motion of Mr. Alderman WOOD, the Imperial Gas Bill was read a third time and passed. THAMES QUAY. Col. TRENCH brought in his Bill for making a carriage reed on the Bank of the Thames, from Craven-street to Blackfrian. On the motion that the Bill be read a first time, Mr. CALCRAFT declared it to be his intention to take the rinse of the House again upon the second resdine,_ PATENT BRICK COMPANY. Mr. RIIOODEN presented a petition from certain persons, pray. Jog for leave to bring in a Bill to Incorporate the Patent Brick Company.—Referred to • Committee. WESTERN SHIP CANAL. Is.r. BENT presented • petition from Sidmouth in favour of the Western Ship Canal. EAST LONDON RAILWAY. Slr E. HARVEY presented a petition from the East India Comperty in favour of the East London Railway. Mk. ELLICE presented a petition from the Householders in the Commercial and East India Docks roads against it—Laid on the table. CHELTENHAM THEATRE. Mr. HODSON moved for Inn to bring in a Bill for licensing the theatre of Cheltenham.—Leave granted. KINGSTOWN RAILWAY. Me. TALBOT presented • petition from the inhabitants of Dublin in favour of the Kingstown Railwsy. PASCO PERUVIAN MINING COMPANY. My. r;RE EN, in moving that the Paseo Peruvian Mining Cont. ' pat, Bill be read a second time, said, that he maintained, upon the ' authority of Humboldt and other men of science, that this was not. , as it ha been characterised a vain and idle speculation, and that if it was sent to the Committee its supporters would be enabled to prove all they had asserted in favour of the speculation. Much ig norance prevailed upon the subject of this Association, and, as • I of 2t, he would inform the Hcuse that he had been asked se- 1 ' slge:ohpepthoser:teit(tdr.nic:at sde5 der i vestos ..„ht!eir,n3wehofm.,,ins an Honourable of its supporters. A Select Committee would give an opportunity I to explain the grounds upon which the Company founded their ex • tons, and dispel that ignorance which at present prevailed. JI e did not however acknowledge any right in the House to pre vent indleidnals front hazarding their money in any speculations they pleated, provided that their speculations were not injurious to the public interests. Considering that the present project would yield • fair property to adventure's without any such injury, he now moved thst the Bill be read a second time. Mr. HOBHOUSE—Looking upon this as the first opportunity of denouncing the spirit 'of gambling which now prevailed to such an extent in the country, would trouble the House with a few observations upon that most delusive project which was now brought under their consideration. To rival speculations on the Stock Exchange, whatever objections as an individual he might entertain, yet he would not interfere with Mem ; but let the projectors of these schemes confine themselves to the Stock Exchange—let them not come to Parliament to look ter Rills. (Hear, hear.) It the delusion had been confined to the Eachange he might deem it an intrusion to interfere with the spe culators. though he might condemn the speculation ; but when they come before Parliament they must abide the judgment of Par. Lament. They had given to the public two prospectuses and • pamphlet, and to these in the course of his observations he should hare occasion to refer. If they merely desire to embark their pro perty in mining, there is no obstacle to their doing so. They want no Bill for that purpose; but if they do require a Bill the Legislature has a right to examine into the grounds on which they require it. He could wish that this Company had imitated the' simple of one, of which an lion. Friend ot his (Mr. J. Smith) was a Director. He could wish that this Pasco-Peruvian Com. pany, like that, had sent out Commissioners to make their report, in ceder that the people at home might be assured whether the scheme in which they embarked their property was well founded or not. One reason, and the lea ling one that induced him to make a stand on this occasion,was, th.it he had learned from sources ef creditable information that the money of men in the humble and middling classes of society—their hard earnings—were daily withdrawing from the hands of their bankers, for the purpose of being applied to the various schemes which were projected in the att. Their little all went to support these projects, and were sunk in lhati. The lion. Gentleman oppoiate (Mr. Green) had indeed susid„ that the only object of the Bill was to apply for and obtain pewees to Me and to be sued. This was very well in appearance ; bet this was not the fact. The fact was thia,that the Paco-Peruvian lining Company sought for the sanction and authority of Paths. =CM by . a Bill, in order that the public might have greater con fideacean them. Let the House. therefore, consider if this Bill were mused how many more Bills of a similar kind would be pre sward to them ; it was,thetefore,expedient that if the continuanceof them was not proper • stop should be somewhere made. The Hon. Member (Mr. Gran ) was desirous that the subject should be referred to • Select Committee; but he (31r. 11.) was of opmion that • more satisfactory mode of investigation was presented by a discussion of it before the whole House. On the part which he had taken Much misrepresentation bad gone abroad, both through public and panes channels. The effect of this misrepresentation had been, that intimidation had been held out to him. To those persons who . held out that intimidation he would only say, that they who put it ' torch little understood what 31embers of Parliament war. On i the de ails of particular topics, differences arose frequently amongst ' them ; but upon this he believed they were unantinoue, that they would not by aim menace be bullied into a departure from the dis charge Of that duty which they owed the people whom they re presented. (Hear, hear.) Sure he was, at least, that the course wedett be should that night adopt would not in any degree affect •.:12 basest pecuniary . interestsof any persons. (Hear, hear.) The oi,te't of the opposition which he now offered was,to apprise persons, who bad net equal opportunities of judging which that House I , of the foundation of the means which this Company P :dl i f . !te d irlising the projects it put forth. He would now call their aseetion to the nature of the formation of this Pasco Peruvian Company. They commenced by stating their capital to be • Million. Suppose the number of original proprietors to be fifty, each proprietor, therefore, took two hundred shares, at 61. a share; the deposit then was 1,005)1. The plan bad been before bathed in the Stock Exchange, but on the appearance of it in iha_market, a premium was demanded of 161. on that on which 5/. et,seu originally advanced. Suppose a proprietor, then, to sell Cd shares, be has realised not only the original deposits, but also the premium upon them, to the extent of a greater sum than that which he has beet obliged to pay fur the whole number. He has, there fore, considerable profit from this rale, and yet has one hundred an 3 thirty-four shaves undiapased of, from which he might realise a mcatles profit, and all this • ithout the risk of • single farthing in ascertaining whether the scheme would be productive of real profit ur not. He would not occupy the attention of the House by =same the puffing and disgraceful advertisement by which it had beau sought to sustain this Company. Neither would be refer to 4k• enormous profits which bad been obtained on the Real del Moots Mines, the shares of which bad been raised to a profit of 'mimes 6001. 'wad 7001. On this scale it would appear, that this r• .4101Plitly , on the supposition that it consisted originally only of *taosenthers, might realise a sum to the actual amount of 80,0001. i a tingle or the "lightest risk of a shilling of property ; but ~~ THE BRITISH PRESS. ea he could undertake to prove, that not only not fifty, but thrt even twenty - five persona, had not been original subscri bers to this plan, the profits would be doubled, and instead of 80,0001. they would become possessed of profits to the enormous amount of 130,0601. Really this was very important, when they considered the enormous amount of property which was embarked in specula tions of this kiad. One hundred and sixty millions of property were embarked in such pursuits, and this consideration ought to make the House plisse before it gave its sanction to them. There was • recent decision in the Court of King's Bench on this subject, to which he wished to direct the attention of the House. It was in the case of Joseph v. Beret There the Lord Chief i Justice Abbot gave his decision on the 6th of George 1. Bth chapter. 1 18th and 19th sections ; he said that there were two marks or elm ' bole whereby Companies of this kind were made illegal ; first, by dividing stock into transferable shares; and secondly, by the assumption of the character of a corporate body. This decision was applicable to a Company, the capital of which was two millions; whereas the subscribed shares amounted only to 40,0001. The Paco-Peruvian Company was liable to a similar objection ; for although the capital announced to the public was a million, only fifty thousand pounds of ostensible property was adduced to be made responsible or accountable for it The opirion of the Chief Justice was adverse to rash speculations of this kind, " which gave to some borrowers profit, whilst others were at enormous proportionate loss. This was not like fair commercial proceedings, where the buyer and the teller obtained advantage, the one by the sale and the other by the purchase." Ile hoped the House would not adopt a line of conduct at variance with this decision, which was not less applica ble to the case before his Lordship than it was to the Pasco-Peru rian Company. The Pasco-Peruvian Company had published to the world two prospectuses and a pamphlet : the prospectus states, " that the Directors had contracted with the owners of the mines of Pasco." Now who was the person with whom they had con tracted I—with a person who was not the owner of them—with Quiroga, an expatriated patriot. At the time at which this prospec tus was issued Laserna was Viceroy of Peru, and the Government with which It was presumed he was connected was not in existence. Let the House attend to the manner and style in which this indi vidual was spoken of at the very moment he was exiled from the country. " The gentleman at present acting under the powers and instructions of the Government of Peru in its affairs in this coun try, and who is also • Director in this undertaking, knowing the disposition of the Peruvian Government to promote an enterprise of this nature, will use his influence to obtain its protection for this Cotnpany, and a preference in such future interests as the Company may be desirous to engage in." The Spanish Consul was at this period ID possession of Peru ; and he could not appear there. Ile is not even now there, but in Eng les*, or on the Continent. He would next call the attention of the Boone to the exaggerated statements which were put forth respect. ing these mines. It was represented to the shareholders that the " common building stone of the WWII of Macumpa adjacent to there contained a vein of silver ore !" (Hear, and laughter.) Again, torrents of silver were pouttrayed before people, which had no existence but in the representations made to them. The House would thus perceive that these Directors had not effected or com pleted a col tract for a single mine ; and what, he would ask, would the House think of a Company applyleg for the establishment of a railway, and calling on Parliament for a Bill to sanction it before they established the possibility of making it? The Directors placed great reliance ow the relation of one of the Directors to the Government of Pero, and the influence which he would conse quently have over that Government ; but It should be remembered that at the time a Issuing the prospectus, Laserna, the Viceroy, was in possession of Peru ; and, indeed, it was not until the lest victory of Bolivar. that it was easy to determine whe ther thd Government should be regarded as that of the Royal ists. or that of t h e Patriots. But what he (Mr. Hobhouse) most complained of wan, that a representation was held out to the shareholders that they were only liable to the extent of the sum they had subscribed. Now they who made that repreentition knew that they were liable to the full extent of the shares, and even, if necessary, to the full extent of their fortunes. Now what he com plained of was, that although in the prospectus the public were told that they were only liable to the extere. of their shares, yet there wits a clause in the Bill against any reetitution, so that each member was rendered liable to the whole amount of his property. (Hear, hear.) This was known to the Directors in the first in stance, and he only blamed them for introducing into the Bill that which they did not apprise the public it was their intention to in troduce, and which was at variance with the statement they laid before them. He had thualfar adverted to the first prospectus, which was different from many passages in their second prospectus, and also from the pamphlet, a trumpery production which they laid be fore the public as explanatory of these documents. The second prospectus set out with this boastful announcement. " A contract for additional mines in the district of Pasco having been entered into since the publication of the prospectus, the Directors deem it ex pedient to submit to the shareholders the following general outline of the new engagement. It comprises upwards of 360 mines, each , mine occupying a surface of about 1.300 yards, together with seve ral large reservoirs of water, dwelling-houses, cottages for work men, rte. and some fields appropriated to the growth of barley." Now, he begged to all the attention of the House to a book pub lished pursuant to the directions of the Viceroy of Lima. This was a Report made In 1796 of the number of mines in Pasco and Yeuriocha, a district more extensive even than Pasco. lie report ed that the number of mines at work then was 70, and that the number of unworked mines was not more than 21, making in all 99. Yet did these Directors undertake to work 360 mines, a greater number than, according to this Report, was in the whole district of Pasco and Yauriocha. (Hear, hear.) The Easel Polit;qoe of Humboldt had bean referred to; but on investigation it would be found that it did not support the statements of the Directors. In the Lima Gazette, to which reference had been made, it was stated that the number of mines was 3,000 ; the number of inhabitants did not exceed 5.000; so that this was giving about • mine and a quarter to each person. (A laugh.) The correctness of this statement was made out by several holes, similar to what were called shafts in this country, being introduced into the mines, and thereby these mines were multiplied. The Directors had also re lied on the fields of barley which grew upon the Pasco mountains ; now these mountains were 13.000 feet *hove the level of the sea. The greatest elevation at which barley or the growth of similar grain was found was 10.000 feet above the level of the sea, and that only in rare instances under the torrid zone. Capt. Cochrane I had stated that in the district of Pasco, at an elevation 0f12,000 feet, he only found a solitary shrub, which was useless and grew wild. The Directors farther stated to the public that the owner was ready to convey the mines to them in perpetuity, or on such ether terms as the laws of Peru would sanction. Now who was this owner? Don Juan Vivez • • and who was he? A runaway Royalist. First, they put forward Quimga, an expatriated Patriot ; and secondly, Vivez, a runaway Royalist; and on the security of these names, do they solicit the public to become shareholders. (rivez' property had been sequestrated; but it is said in the pamphl st, that the Directors have been informed on the authority of San Martin, that no seques tration of mining property would take place; but San Martin him self was somewhat similarly situated to those other exiled persons, and his information ought not to be implicidy relied on. It is title, that these mines had not been recently worked from the agitated state of affairs in Peru, but that was no reason why the seques tration should not be enforced. But he understood that they would be soon claimed by the Government as a security for • loan shortly about to be issued in this country. It had been further set forth, that there was abundance of coal in the neighbourhood to work these mines. Now this he denied, and he denied it on the authority of Baron Humboldt, who said that it would be necessary to use peat. If coal were to be used, a coal mine should be opened, which would be a great augmentation of ex pense; and here he could not foebear from noticing the studious silence which the pamphlet observed as to the expense of working I those mines, which upon examination would be found to extin guish all hope or prospect of remuneration, in any degree propor tionate to the extent of the profit which had been held out and cal culated upon. Of die confidence to be placed in the representations of Vivre., he begged to state the circumstance of his fleeing repre sented one mine to have yielded him a return of 100,000 dollars per week. This was taken on the word of the seller, whose custom usually is to overstate and exaggerate the value of that which he is about to dispose of. On reference to the Gazette of Lima, it appeared that this mine and three others, making altogether four mince, did not yield him more than 50,000 dollars. Yet were these four mines sold for 400,000 dollars, for which suin they would not have ever sold, if they yielded the weekly return of 100,000, or even 50,000 dollars. Weer.) But admitting that a good title had been made out to these mines—admitting that the necessary expenditure would be borne out, and that due preparation hail been made to defray it ; yet he feared that the plan would alto gether fail, and this he did because the experiment under more favourable circumstances had been tried before, and had failed. In the year 1312 this very Vivez had entered into a contract in this country with persons who had funned themselves into what was then denominated a Draining Company. The contract had been formed for a term of years, and 11,000/. had been subscribed for the purpose of providing those engines to carry into effect the objects of the Company. It commenced under the most favourable auspices ; many persons connected with the Government of Peru were shareholder, and some were Directors of this Company. There was then no dubious promise of support, for the plan had been cordially entered into by the Governor of Terme and the Vice. roy of Lima; yet die project failed. Torrents of silver were theta, as now, eitomised to be poured upon the shareholders; it was held out as a monument and • record of glee inus and profitable enter. prise. In one sense it turned out to the purposes of a monument— for all the pawns engaged in it, with the exception of • 31r. Jane. thick, were now dead ; Arismendea was dead ; Vivez, who sold the mines, was outlawed; and no ratification of the contract then entered into had since taken place. Yet shares of this Company which were sold at 90/. rose so high as 1.4001. and even 1,500!. and shares which cost originally only 45s.reached so high • /nieces 1001. Dubois and Company, who had been engaged in the ratification of the contract on Weill of the people of this _country, had never had that contract ratified. And here lie would observe, that if Vivre had • right to dispose of this property, this pre-existing Company to which he adverted would have a prior claim to any other that might be found afterwards to have their just claims adjusted Sod satisfied. It might be said that the former Company had only contracted for a certain number of years—for nine but this contract was to commence from the erection of steam. engines. and according to this calculation the period had not yet expired ; so that the claim of the former Company was still valid. It was said that although Vises was not now In Peru, lK that his property was protected by his son. Now, by the aw of Spain, although the fattier might protect the son's property, the son could not protect the property of the father, and young VCVP; was not, as he was represented, a Spaniard, but a Peruvian. Of tee difficulty of erecting one of those original, the House might form some opinion from the fact, of 3,000 mules and 4,000 Indians being employed to convey one of those steam engines, and establish them On the spot on which they were to be worked ; and this, let it be remembered, was at a time when there was not even a doubt of the support of the Government of that counitry ; for they mere deeply engaged in the project, and the force which was employed to go with this steam engine was not the ordinary assistance to be obtained at the usual rate of labour, but was a compulsory requi sitinn of service on the part of the Government of the country. '1 his would impress' the House With an idea of the difficulties that pre- tented themselves in earning tide Pasco-Peruvian ptoject into efl'ect The slaves employed in draining the mines were only allowed a little maize boiled is water. Mr. Elms said: the clitnate was most uufavourable to Europeans, and that they become sickly and die very soon. The distance is only SG lengues from Pasco to Callao, but such is the climate and the state of the conutry, that this dis tance is scarcely made in testifier' twenty days. Persons are not able to travel at a quicker rate than eight miles a day. But there must be Indians to work the mines. and those Indians must be paid each ma.: two dollars per diem ; so that it clearly appeared more money would be required than wai anticipated, whilst no real gain could ever be expected. He did not mean to say that the Spanish Government had not derived a revenue from those mines—but how did they derive it? by running no risks: they received one-fifth of the produce, and did not care who was ruined in the speculation. But the House should not view the matter in this lig h t; it should prevent individuals from -being ruined by delusive schemes. He would take the liberty of concluding by stating, that if the persons with whom this speculation originated would go and do something, or if they waited for a year or two, and showed they had done something, the House might then and under these cited:nuances entertain the question beneficially. At present he, thought the project had all the appearance of • dangerous de lusion. The prospectus was clearly delusive ; for it held out that proprietors were only liable to the amount of their shares. As to sending the Bill to • Committee, he did not see what could be gained by it. What could be proved in a Committee, which could not be heard in the House? In his opinion the House ought to take its stand at once in the present stage; and he should therefore propose as an amendment that the Bill should be read that day six months. The amendment was seconded by Colonel JOHNSON. The SPEAKER having put the question on the amendment, Mr. F. BUXTON rose. He ditty& that he was not person. ally interested in the suhject outlet discussion, but lie was con nected with gentlemen who took an active share in the speculation. He thought many of the lion. Member for Westminster's (Mr. Hobliouse) observations did not apply, and in many more of his observatiors be (Mr. Buxton) folly concurred. He concurred with the lion. Member, when he reprobated the practice of holding out prospects, which could never be realised, and readily admitted that such practices hut in them the characteristics of something like fraud. Ile desired to impress, however, on the House, that repre sentations made for the purpose of depressing the market may be quite as injurious as those made tot the purpose of raising it. lie knew that the Honourable Gentleman was quite ignorant of it, that he was acting under the infiumce of misrepre sentations made to him by interested persons; but he (Mr. Buxton) had no hesitation in declaring that he believed this to be a deep laid scheme, and he thought he should be able to prove this when the Bill went into a Committee. A variety of libels had been cir culated respecting the speculation, and those concerned in it. It was stated at one time that no such mines existed, but after a bide reflection this misrepresentation ass overthrown. It was then said that the mines were unproductive. Baron Humboldt was not so bad an authority on this subject ; and he distinctly stated, that although the mines of Pasco were worse worked than any otter mines, they produced in one year two millions of dollars. He said that within a certain number of years those mines had produced forty millions of dollars ; and within a distinct petiod, from 1792 to 1801, a period less than seven years, they had produced twenty mil- IMrs of dollars. The lion. 31ember for Southwark (Sir Robert Wilson) recently recei red a letter from Ida son, who was in South America, an extract from which he (Mr. Buxton) was permitted to read to the House. Mr. Wilson states, that silver is in such quan tities in this country that the meanest utensils used by the peasants are made of that metal I (Hear, hear, and a laugh.) Another objection circulated was that the country has no population. Now there happens to be in London at the present moment a gentleman of acknowledged veracity, a Major in oar army, who was stationed in that country, and confidently asserts that In one district he saw five thousand people. But though it should be granted that the mines were productive and the country sufficiently populous,' it was objected that there were no coal mines near enough to be available. lie (Mr. Buxton) understood that there was a Spaniard now in this country, a man of respectability, who could prove that there is a considerable coal mine within one league of the mines. Well, there was another objection. It is said, that no contract has been formed. As to this, he should only say, that the Directors have stated that they have formed • contract and when this subject was investigated he had no doubt it would be found that there was a full and valid title. The lion. Gentle man complained that there was much deceit and delusion in the 'Prospectus, as it held out that proprietors were not liable. lie (Mr. Buxton) only understood die prospectus to mean that con tracts were executed by the trustees in their own names, which gave security to the proprietors that the amount to be applied should not exceed the investment. The trustees made themselves responsible, and this was a security that the advances would not be squandered. Having replied to the objections of the Hon. Gentleman, he now Caine to another part of the subject. The name of a Mr. Dubois had been mentioned — his authority was quoted, and it seemed that the House ought to rely much on his assertioni. There were a few facts concerning Air. Dubois which it might not be improper to state to the House. It seems that Mr. Dubois was extreme!y anxious to become connected with this Mining Company, which he now took so much pains to abuse. Some of the Gentlemen with whom the speculation originated, however, did not choose to associate with film Dubois, and then came forth this tissue of statements, which be ( Mr. Buxton) would call misrepresentations. Not long ago Mr. Du bois went to two of the principal Directors, saying, " (live me twenty shares and I will tell the whole truth, and the market will immediately rise." (A laugh.) The Dtrectors very properly re jected this proposition ; and no later than yesterday morning he believed Mr. Dubois again offered to take only ten shares, saying, that if these should be given to him, he would come for. ward and explain the whole transaction, which he knew would en sure • rise of 20 per cent. on the shares. (Hear, hear.) These facts he(Mr. Buxion)declared lie could prove in a Committee. lie did not think It necessary to detain the House by following the lion. Gentleman further. He had not, like that lion. Gentleman, brought down • whole library to support his case ; but he woulu say, that when the subject came to be discussed before a Com mittee, it' • fair case, should be made out against the Directors he would be the last person to skreen them; on the contrary, he would be roost anxious to expose them. On the other hand, if it should turn out that the fraud and misrepresentation lay upon these interested persona who had came forward to impose upon the Hon. Member, he was sure the Hon. Gentleman, with his usual consistency, would juin with him (Mr. Buxton) in reprobating con duct so base and unworthy. Mr. H. GURNEY could not think that • controversy like this was worthy of the interference of the House of Commons ; nor could he see any reason why other Companies. standing upon no better grounds, should be allowed the privilege of stung and being sued in the name of their Secretary, whilst such a privilege was withheld from the Mining Company. Mr. T. WILSON did not conceive that the Honourable Mem ber for Westminster (Mr. Hobhouse) appeared to have the very best information on this subject. In truth, he seemed to know little about such transactions. Many of the facts which the Honoutable Gentleman alluded to were greatly distorted. Ile had heard one of the Directors say, that each Director was to retain one hundred shares. Now, what did the Honourable Gentleman say He said, look at the Directors, with what avidity they endeavour to sell, and run no risk themselves. But they did run • risk, when they retained so many shares ; and this of itself proved that they considered the transaction as a lump( transaction, and that the advantages held out were likely to be realised. If the Director, keeping one hundred shares, was not impressed with the advan tages of the speculation, he was practising a greater delusion on himself than upon others. The Honourable Gentleman said, Corn. parries might be established without having found any mines, and the Honourable Gentleman was right. Ile (Mr. Wilson) believed that a Company was established in the city, and upon payment of a small sum of money, five pounds from each shareholder, persons were sent out to discover and purchase mines. Now there was nothing very heinous In that speculation (hear, hear); it only dilleml from this they were discussing, because the present Com parey bad actually contracted for mines which were known to be productive. The badness of the climate was the only remark made by the Hon. Member for IVeetminster which had any great weight with him (Mr. Wilson). lie certainly feared that the climate would be found very injurious to the constitutions of Europeans ; but the House should not infer from this that the speculation was delusive. Four or five scientific Europeans, and eight or ten miners, would be sent out, but it was not intended that Europeans should work the mince. There was no intention of sending out a regiment of Europeans, as the lion. Member appeared to think. On the whole, he considered the plan to be kg fairly undertaken as any which had ever come under the consideration of the House. lie knew many individuals connected with the Directors, who had purchased shares to a greater amount than one hundred. These persons had taken pains to acquire the best information before they had risked their capital, and they were still ready to risk more capital, In despite of the menaces of the Hon. Member for Westminster. Sir F. BURDETT thought die present system of bubble com panies highly objectionable. The present Bill was evidently founded on a delusion ; for the prospectus of this Company held out security which could not belong to it; and on this ground he thought there was reason enough to induce the House not to go fur ther. A Noble Lord, holding the highest legal rank, had, in ano ther House, taken an opportunity early in the Session of reprobat ing those bubble companies, and had intimated that he intended to apply his great talents and extensive knowledge to frame some measure which might be successfully applied to the correction of this serious evil.. He hoped the Noble lord would not lose sight of this subject, and that the House would not be Induced to coun tenance a system se full of deceit and ruin. Of all the projects he had heard of, in whatever light it should be regarded, he thought ' this Company deserved the chancier of a bubble and a delusion more than any other. Those with whom it originated were perhaps holiest dupes, but be feared their seheme was full of ruin. Mr. LOCKHART thought the House should pause before it consented to allow the Mining Company to sue and be sued, and time invested them in some uteassee with a corporate character. lie I thought the liouse should be more cautious before it invested any , Company with this character. The public sub& under this prac tice, as it is considered as the sanction of the House of Commons. whilst it is In fact only the sanction of particular members. These Companies were, in fact, not only bubbles, but they were ruinous bubbles ; they tended to the titter ruin of many individuals. Now, t the House of Commons were in some degree to be blamed for this ; _ when they unction those Companies who came forward uttering their schemes with Members of Parliament at their head. It was absurd to suppose that thou schemes could be realised. It was said the country was rich, that the spade said the pick-ate of the labourer wete made of silver, but he had always understood that the wealth of a country did not so much es,.etid upon the richness of its metallic produce as upon the honour and industry of its in habitants. Mr. A. BARING was indifferent on this subject which engaged the attention of the House, but bethought the recommendation of the Hon. Gentleman would be most inconvenient. By stopping at this one Bill, it would appear as if the House had really given its sanction to those which had already passed. When the Hon. Member confined himself to generalities, he (Mr. Bering) was dis posed to agree with hint. As to the ruinous effect of this species of gambling, there could not be a second opinion t nothing could be more deplorable. It seemed to have acquired the character of • disease. There were gambling houses in the west end, kept by permits with illustrious names; and persons at the east end, follow mg the example of their superiors, had converted the Royal Ex clange into a gambling house, differing front those in the west only because the gamblers at the East kept better hours, and better company. Ile fully agreed with the lion. Member for Westminster in all his remarks upon this part of the subject. He thought it impossible, however, advantageously to apply legislative interference. Greater mischief might arise, and perhaps the House would be involved in errors by the representations of in terested persona, as the Hon. Member appeared to be. He be lieved that many of the 'themes which had lardy sprung up would prove delusive. Persons in this country seemed to think that they might effect what others had failed in. He estimated as highly as any one can do the intelligence and activity of England ; but lie feared that persons in this country were too apt to underrate the intelligence and activity of other countries. Austria was one of the most heavy stupid Governments in Europe, and no mines were ever better worked than the gold mines of Hnrgary. Having said thus much it would not be candid if he did not state, that in his opinion tone of the Companies which lately sprung up had better prospects or a fairer show of reality than that under dis cussion. Other Companies have been established to go looking for mines, but the present Company had mines, productive mines, already purchased. Something had been said of the ill success of the draining expedition ; but could not this be easily emanated for because of the civil war which was then carried on ? Much had been said about the growth of barley—few would go so far 1 starch for a country where barley might be found ; it was silver that was desired and not barley ; and it could be no great cow ensnce whether the climate was favourable or unfavourable to the growth of barley. Whatever may lie the merits of the general question he thought it would be unjust and inexpedient to step forward and refuse this Company what had been granted to many others. It would give reason to suppose that the House was to be influenced by false impreesions. He had hoped that the President of the Board of Trade (Mr. Huskisson) would have considered the charters or sanctions which had been given to so many Com panies, and would have recemniended sonic measure to correct the evil. At all events he saw no reason why Parliament should niter. fere to stop this Company. Why stop it, when a Milk Company and a Company for making bricks are sanctioned. (A laugh.) Ile saw an advertisement from a Company more curious than these in a newspaper a few days ago. A person who became possessed of eleven acres of chalk in the county of Kent raised a roinestock company for working these eleven acres. and stated that the capital required would amount to 120.000(. He thought it would be much better if Companies were allowed to act in bodies upon sonie ge neral principle rather that they should come down and apply for special Acts upon every occasion. When these Acts were granted they had the appearance of a Parliamentary sanction : it was not a Parliamentary sanction, but if the privilege should be refused in this particular case, it would seem like a sanction of an those which had hit'erto passed the Howie. 31r. CAI ~(RAFT would not have troubled the House but for the singular doctrines which had fallen from the lion. Gentleman who had just sat down. Notwithstanding the tinpromising appearance of the House, which was now thinly attended, he could not terrain from offering a few observations on what had fallen front the Hon. Member. The Hon. Member's position appeared to be, that the (louse has already combined to delude the public by giving its sanction to many bubbles, therefore it should not hesitate to cob. tinue and extend the system of delusion. Although the Ilan. Member spoke in support of the Bill, what had fallen from hitn was better calculated to damp the expectations of those who had engaged in the speculation than any thing which he (Mr. Calcraft) heard from any other quarter. The Hon. 31ember admitted he thought the speculation would fail. Indeed this can scarcely be doubted, when it is recollected that amongst those who were sent out only one person, the head of the party, survived, and the sum of 170,000 C was sunk in draining those mines. It was said this Bill would not be considered as the unction of the Legislature, but it was well known that a Bill was always considered' as a unction ; that when a Bill passed theft was a bonus, and the shares immediately rose in the market. No doubt such would be the ease with the shares in this Company.—' What those individuals want is, and what I complain of is, that money should be made by a transfer of shares from hand to hand. As an Instance ; when shares had not yet been issued, when merely receipts were in circulation, they rose 18 per cent. This is what the parliamentary miners want. He thought that if ever a case had been clearly made out in support of an amendment, that ease bad been made out by his Hon. Friend, whose stmements and reasonings had incontrovertibly shown that Parliament ought rot to lend its sanction to a measure likely to produce such extensive loss and disappointment. For his part he had no previous opinions on the subject—he came to that House perfectly unprejudiced; but from attending to what bad fallen from Hon. Members he came to this conclusion, that if the House lent itself to•such a scheme it would be lending itself to forward a delusion fraught with very evil consequences. The supporters of the Bill contended that nothing more was sought for than giving the right to the Company to sue and be sued; but he on the contrary maintained that it would have a much more extensive effect, for it would give a currency to the whole which it could not otherwise obtain, and which would end in the ruin of the numerous individuals who have embarked their capital in the speculation. Another reason for rejecting this Bill is, that the House ought to be more sparing of enactments of this nature, slice so many of its members are known to be engaged in speculating Companies. By a paper which had recently come under his observation, it appeared that no less than 28 Members of that Howie were either Chairmen or Directors of similar Associa tions. What would the public say to this, but that Parliament was so impregnated with the spirit of Joint Stock Companies, it the more readily lent itself to the designs of interested individuals ? For this reason, then, he thought that the present measure should be checked in termini'. The /ion. Gentleman, the Member for Wey mouth (Mr. Buxton), had seemed to say that impressions had been made upon the mind of his Hon. Friend (Mr. Hobhouse) by an interested person (Mr. Dubois), but this was not the fact. The Hon. Member for Taunton attributed to the constituents of the Hon. Member for Westminster the impressions which appeared to have been made on his mind regarding this subject; but so far from this being considered any ground of reproach, it was quite the opposite. Why should he not receive impressions from his constituents ? and if he had that night saved one of them from being duped and ruined, lie had deserved well of those whom he re. presented. lie was sure the Ilon. Gentleman opposite would not I be warped by any undue motives; but when Companies of this nature were befei-e Parliament, with names of some commercial weight, a City Member might feel it incumbent on him to say some thing. On a former occasion the Hon. Gentleman had deemed it necessary to say something, that the argument should not be all on one side; but the House would know what importance to attach to observations tradd for no better reason than to prevent the argu. ments being all on one side. He strongly recommended the House to leave trade to its own natural course. Ile was persuaded that Companies of this nature could add nothing to the honour or dig nity of the British character, or to the sealth or resources of the empire; for he telt convinced of their delusive tendency. Mr. ELLICE observed, that his name appeared in one of the prospectuses, but that he diet not deem it expedient to engage in the speculation, though he had been applied to by a gentleman, Mr. Parish Robertson, for whom he had the highest respect, and whose upright and excellent character made him universally esteemed. But his reason for not embarking in the speculation was, that he did not wish to take mines iu a country where no established Government existed. ‘Vithout meaning to cast the slightest imputation upon other* who bad given their names, he thought there was enough in this to justify his declining to sanction such a speculation. With regsid to the question then hefore the House, he would suggest to his Hon. Friend to withdraw his op. position in the present stage of the Bill, and let the advocates of the Company defend it if they can in the Committee. Although it might be difficult to invent machinery, such as would secure against all possible responsibility beyond the amount subscribed, yet as in similar cases, by means of trustee, who could rot involve the Company beyond the funds in hand, he thought that sufficient gua rantee might be had. Ile begged pardon for troubling the House. but the subject was of great importance. He never remembered such a fever to prevail—such a rage for speculation, and he could not help expressing his conviction that it would end in severe and ruinous disappointment. A few might obtain great prizes, but nothing sufficient to compensate for the losses which others were likely to sustain. Mr. ATT WOOD, in a very low tone of voice, surported the Bill. Ile said, that from undertakings of that nature Members of dm House were not to be excluded ; and that whether the Act now sought for was granted or not, the Company would still goon. with their shares as profitable and as easily transferred as before. None but the most ignorant could suppose that the passing of the Act could give any Parliamentary satietion to the Company; but whether they refused to such a partnership the privilege of suing and being sued it would still exist and advance, notwithstanding that it might be plated without the pale of the law. Mr. A. BARING explained. Mr. ROBERTSON began by observing that it was a general question. For the very reason that so much clamour had been raised out of doors, they should now make a stand against Bills of this nature. There were no less than one hundred and sixty millions engaged in speculations, and he could not help thinking that there was but little prospect of their being successful. No man who considered the subject coulkl be of a different opinion. It had been said that with our improved machinery the mines could be worked to greater advantage than in the hands of their former possessors. In the first place, with regard to steam eagines, it was the greatest delusion to suppose that they could be succeedully used. They cannot be used there—there is no fuel, no coal, no wood in Mexico. The great fortunes which had been realised in these mining speculations were referred to by the advocates of this Company ; but it should be remembered that these fortunes were realised by hoes , who had no purchausmoney to pay for the ground, hence their receipts were to them clear gain. But an English Company would have to pay largely for the use of the ground ; for the Mexicans are not so stupid at to part with any advantages they may happen to pound without large remuneration. The observations regarding the taltimbability of success he would not confine to this Com pany alone, they applied with equal force to all others. The ides that the former possessors of these mines were unskilled in the bosiness of working them was perfectly absurd ; they spared no pains that could be required to insure success—they had wools for the instruction of miners, and they had eminent professors cancel from every country in Europe to give the aid of their scientific attainments. We should not deceive ourselves into the idea that mines already worked with such advantages. and like wise by Gentian miners, would now yield any adequate profit. The Honourable Gentleman repeated that it was not to those mines alone his observations had reference, but to all those to which the present rage for speculation had attracted English capital. After making some observations relative to a free trade, he next noticed the practice, in getting op thesecompanies, of the manacers reserv ing a considerable portion of the shares to themselves, and all the lose of the ill success falling on the British community. It was, he said, a source of much regret to hint not to see on the Treasury Bench a stegle Member of his Majesty's Government, when a sub ject so important to the vital interests of the country was under the censideranon of Parliament. The community at large was much indebted to the Lord Chancellor, the oily Member of the Cabinet who seemed alive to the danger that prevailed. Mr. Alderman BRIDGES, in reply to the last speaker, said that there were roils enough in Real del Monte to work all the steam-engines that would be required during the term of his natural life. He declared that he had no interest in the subject under dis cussion ; but he felt it due to truth to state, that the Directors of this Company were, as mercantile men and as private individuals, worthy of every respect for their prudence and goad sense. He observed in terms of praise upon the character of Mr. Robertson, one of the Directors ; as also upon that of a Scotch Gentleman whose name he did not state. Another of the Directors, he said, was an officer who had served with Lord Cochrane, and who was well acquainted with the country. The decided opinion of this gentleman was, that if ore more than another was entitled to support, the work ing of the Pasco mines was that speculation. The only object the Company sought in applying for an Act was to save the members of their body from arbitrary arrest and other vexatious annoyances, as well as to possess the power of suing their debtors. The value of the shares of this Company would advance, or would be de. pressed without feeling the influence of the decision which might then be pronounced, and he could add that those who now held the shares would not part with them for double what they paid. He would further say, that mare honourable and upright men did not exist than those who composed the Board of Directors. Mr. HOIIIIOI I SE then rose to say, that he would not divide the House, but let the subject go before a Committee. The Bill was then read a second time and committed. Mr. I,A BTON presented a petition from the town of Cove, in the county of Cork, in favour of the Catholic Association, and de claring that the Catholic Kent, so far from being felt as a grievance, was a voluntary contribution. Colonel BAGWELL presented a petition from the town of Westport. in the county of Mayo, iii favour of Provincial Banks. Mr. BiIIUHT obtained leave to bring in a Bill to revive and make perpetual an Act (lately expired) for preventing vexatious arrests. Mr. H. T‘t ISS moved the second reading of the Bill respecting 1151,t115011l at elections. After a few words from Lord PALMEIsTOX, Mr. 111110 HT., and Mr. Hvwe, . _ Mr. 11. TwISS consented to postpone his motion for the second reading of the BM till atter Easter. Mu TINY BILL. The Mutiny Bill wa. then read a third time and passed. .MARINE MUTINY BILL. The Marine Mutiny Bull was read a third time. ANNUAL DUTIES. The report of the A7ll;u4llhiiiesHili;Lbrought up, and The House then adjourned at a Quaarca TO Nisi, till Thursday (this day.) PRICES OF BRITISH 3 per ( em. ('(me. Ditto Acct. f New 4 per tent. 114 lodia Bonds 86 pm ladle for Atm. PRICES OF FOREIGN Austrian Bonds Ditto Acct. voi drattiliati Bonds Ditto scrip (1825) S 2/ pm Ditto Acct. 3 pm Buenos A_yrrs Bonita a 41 Chillian Bonds 901 'olombian Bonds 921 Ditto Bonds (1824) 91, a 9911 tj Dom Acct. 91/ a SOI Danish Bonds 1111 rrench Itrulte% 105 f. 50c. 75c. Exchange 25f. 10c. Greek Bonds Al 2 Ditto Acct. 52 Ditto Saip (1820 54 5 3144 dis ITOCIES VESTERD.% Y. Long. Ann. Ex.Ri11..10.1.0001 63.65 63 pin Pitts, 600/. 63 66 pm Ditto, Small 64 6663 pak Lottery Tickets, 1111. les. trocK YESTER DA V. Ditto Acct. 11 4 41 31 4 dis 31csican Bonds 81 8 804 4 Ditto Acct. AI/ 80 11 Ditto Scrip (1826) 3 pa Ditto Aect. 3 21, 3int Peruvian Booth. 871 1 Portuguese ilf - o , ds 90 Ditto Acct. 901 / Prussian Donuts (1822) 1001 Russian Bonds (1822) 9/j 3 Ditto Acct. 931 j , Spanish Cons. 241 1 3 1 11 Ditto Acct. 25 6 1 Ditto Cons. (1823) 294 Ditto Acct. 241 PRICES OF SHARES YESTERDAY. MINES. !bare. Paid. Premium Pee :bare. Anglo-Mexican. 100 14 WS 971 Anglo-Chilian 100 6 7a 7` 8 7 Brazilian 100 5 104 101 10 Chilian 100 5 13 14 Colombian 100 6 30 31 301 31i Chilian and Peruvian Company 8 41 6 4 General Mining Association 11l 6 101 11 101 Ilibernian 6O 4 5 /14 64 6 Pasco Peruvian 100 5 211 24 211 22 23 22 3 / 4 Royal Irish .... Rio de la Plata .—.—..—..........100 6 /GI 25 7 1 Thdpuitahua ........ 400 20 160 1 United Mexican 4O 20 Ditto New 4O 5 314 32 30 Welch Iron and Coal 25 6 3f 431 f If i ASISUIANCIt COMPANIES.. Allianie Brit. and For. ...E WI le 91 81 Ii 84 Ditto Marine lee 5 11 GAs LIGHT AND COEN COMPANIES. Provincial Portable. 100 1 11 United General IRON litAl L WATS. London and Birmingham 5O 1 'dig London and Bristol —.--. 20 .___ l Am London aid Northern. ----- 100.. 1 Pm MISCELLASIOI'II. Atlantic and Pacific 106 10 4 4 14 1 26 Australian British Iron Company lOO b 61 454 6 4! Bristol Ship Canal 1 4 4 Canada Company 100 10 30 31 Canal Gas Engine 5O 1 1414 1 14 1 Colombian Agricul. Company 100 6 16 154 Equitable Loan Bank 5O 1 41 14 General Steam Navigation 100 6 44 k i Great Westminster Dairy 23 2 1 die liar 4 die par B ibemian Juint Stock Company 3 4 3434 4 Mexican Company 100 10 6 7 7 Metropolitan Fish Company 26 1 1 444 1 4 Pearl Fishery (Yellow) .. Provincial Bank of Ireland 100 6 74j141114 Patent Bricks 3O 2 34 4 4 Patent Steam Carriage 24 14 214 Royal Stannary 6 par 4 di. .par Sea and Inland Coal 6O 2 4i 4 I dui par THEATRE ROYAL, ENGLISH OPERA HOUSE, STRAND. KR. 'MATHEWS AT HOME. This Evening, THURSDAY, March 17, and on Mondays. Thursdays. and Saturdays, MR. MATHEWS' MEMORANDUK•BOO[ of Psouliarities, Characters, and Manners, sullseted during his various Tripe. Soww—•• Memoranda In Confusion"—" Night Coach'—" Bubbles, a caplial *or g—.• Sailing Match'—•• Old and New Timss•—•• Public °fate, Rowstreet. ?Aar II I.—A Monopoly Logue, to be called THE CROWN INN niorotit. Doors open at Seven: the Performance to commence at Ellett. Mese to be taken of Kr. Stevenson, ►t the Bor.olace, Strand Entrance• from Ten till Five. CavrioN.—The new Entertainment will nut be printed; and ali Books prnfessing to contain any parts of it acs gross impositions and ?muds on the Puolis. ADELPHI 711EA7 RE, STRAND. This Evening. TllURSD — A\r,iliich 17. will be presented LOVE IN ♦ MIST. Principal Dancers—Messrs. Jones, Kirby, Wa'bourn, and Mesdames beanie and Gay. After which, the Burlesque Melo-dranta of TEREEA TOMKINS; Or, THE FRCITS OF GENEVA. Causewln, Mr. J. Reeve: Fountain. Mr. %Manson; Charley, Mr. Brown; fhlekheed. Mr. Salter; Lovewine, Mr. Meredith. alias Teresa Tomkins. Mrs. Baker. In the course of the Evening a variety of Singing and Dancing. • • • - - To conclude with the Burlesque of NORF. BLUNDF.RS THEY ONE OR. THE IRISH VALET. Larry Hooligan. Mr. Power; Louisa Lovetuore, M.ss L Boote. THE APOLIMNICON. UIIDBIII Tilt 11111/eDIATZ PATIION•011 OT Its 1400118/11. On SATURDAY NEXT. at Two Vance, Tee following SELECTION of MUSIC will be per t rmed by Mr. PURKIS Oil the APOLLONICON, a Grand litudeal lnetrureent, invented and constructed by Merin. Flight and Robeeu. organ Bonder', 101, St. Martin's-bum:— PART I. Overture, La Gaza& Odra (nosainly—cavatlem. • DI Placer IneeeData vtrike the Harp In pruner of liragels' IStevenei—Alr, • Mp Heart and Lute' iMuorlel—Huntlng Chores, Der Freleehutz 'Der). - • • PART 11. Overture. Der Frelsehuts ' Tho' clouds by tempests may be drlete Weberl—Glee. • Chough and Crow illlshopl- Song. 11 here the bee rucks' lArne)—tiong. Come If you date' 'Purcell 1. _ _ . _ • - - N.B. Mr. Putkiss Performances will be continued *very Saturday during the 'eason. The Meehanteal Powers at the Apolionfeun are exhibited Da , ly, from One till Four (except during the time of Mr. Purkies attendan.ey, performing heel hoven's celebrated Overture to Prometheus, Menton Overture to Zauherdote, and ilaydn's Grand Military Movement from his Twelfth symphony, In the execution of which it has been honoured with the 'auction of the most eminent mechanical and musical men of the age, and to allowed to possess a grandeur and mut, of effect, with a precision and a delicacy of exprolielon. rye. Tier to any other Instrument In Europe. The tousle arranged for and set red the Cylinders by Yr. Flight, Jim. .airt .1.