The Press.
London, England, 1854-07-01 00:00:00

THE PRESS.

an opinion (sixty-nine in number) take the
same view; and of the other half, a majority
recommend certain modifications in the actual
law. More weight is due to this preponde-
rance of testimony than might otherwise
belong to it, from the fact that the Commis-
sioners themselves incline the other way.
Five of them report against limitation of
liability as a rule—two only in its favour—one
fill. modification. The general conclusion
which we draw from the above facts is the
following—that both Parliament and the Com-
missioners see plainly the faults of the exist-
ing system, and desire to amend them; that,
they see, likewise (and those most clearly who
have studied the subject longest, and who give
judgment under a sense of responsibility), the
danger which may arise from an extreme
relaxation of the law of partnership ; that they
accordingly desire some change to be made,
but are not clear as to the exact length to
which they are prepared to go, nor as to
the restrictions which must be substituted for
those taken off. This conclusion represents
fairly enough, in our belief, the state of the
public mind—not hostile to improvement, but
wisely cautious, and perplexed by the prospect
of practical difficulty. We do not, therefore,
censure the tone of Mr. CARDWELL'S speech,
ambiguous and undecided as it was. It is one
thing to say offhadd that a change must be
made, and quite another to undertake the
working out of it in detail, where numerous
interests are involved, and uncounted objec-
tions, often unexpected, start up among those
most friendly to the projected reform. In
such matters it is right that public opinion
should anticipate parliamentary action; nor
is it wrong that the expressed will of Parlia
ment should precede and sanction a Ministe-
rial measure. We can well afford to wait a
few months ; and, in a matter which has
nothing to do with the organisation of parties
or the distribution of political power, we may
fairly hope that the united agency of Govern-
ment and Opposition will bring about a satis-
factory settlement.
The plain argument against unlimited liabi-
lity is this, that inasmuch as scarcely any one
will risk his whole fortune in a concern of
which he has not the direction, it prevents the
combination of small capitals for the carrying
on of a joint business. It is answered by the
defenders of the law, " But if you limit each
" shareholder's liability to his share, what
" becomes of the creditor if the debts of the
" concern come to exceed its capital ?" To
which the reply is again, " In that case let the
" creditor take care of himself. It is his own
" fault if he lends on insufficient security.
" No public object is attained by enabling
"joint-stock companies to borrow money
" largely." . The change, in fact, will lessen
the facility of borrowing. This consequence
has been disputed, but to us it appears indis-
putable, and not objectionable. What is
wanting in credit will be made up by the
lenders, or rather by those who under the
actual law would have been lenders, becoming
in lieu thereof partners en commandite. Money
will always be obtained on sufficiently easy
terms for safe or promising speculations, and
for speculations of any other kind it is not
desirable that it should be found.
We confess that we cannot share in the
anticipations of those who, like Lord GODERICH
or Mr. COBDEN, think that the savings of
artisans will be largely invested in enterprises
of a commercial character. We should indeed
be glad to think this likely. But the artisan has
means already available of increasing his hand-
capital by economical investment. Savings
banks are for the most part trustworthy,
though instances to the contrary have occurred.
It is not the want of opportunity, but of pru-
dence, that condemns the workman who for
years has received from 255. to 30s. weekly to
an old age of poverty. The fault is in him, or
in his teachers, more than in the law. Never-
theless, let the experiment be tried. There is
pleasure in commercial enterprise on a small
as well as a large scale ; and some perhaps
may save, in order to speculate, whom the
mere prospect of three per cent. interest,
regularly paid, might not have induced
.to
deprive themselves of the customary in-
dulgences of their class. But, so far as we
may judge, the results in this direction will be

603

less important than is commonly anticipatel
What the world really gains is this—that
confiding capitalists will run less risk of being
ruined through the dishonesty or incaution of
partners ; that, by the greater facility of coin •
bination among small proprietors, the holders
of large moneyed fortunes will cease to ettjoy
their present monopoly ; and that the com-
mercial law of England will be assimilated
in an important respect to that which already
prevails throughout nearly all the civilised
world.

THE BISHOP OF NEW ZEALAND.
LAST night Sir JOHN PAKINGTON very pro-
perly drew the attention of Government to
the hard case of the estimable Bishop of Nrw
ZEALAND. Dr. SELWYN, twelve months since,
gave up his claims to preferment at home, and
accepted the episcopate of New Zealand, with
the moderate stipend of six hundred a year,
paid by the home Goverdment. The financial
reformers succeeded in raising a cry against
the payment to a colonial bishop, and the Go-
vernment agreed to discontinue the vote ; but
Sir GEORGE GREY, in withholding the well-
earned salary, expresses his hope that the New
Colonial Council at New Zealand will award
the Bishop his fair claims ! We apprehend
that thus withdrawing a salary from an office
constituted so many years since, and so cre-
ditably filled by its respected occupant, is as
contrary to precedent as it is to equity. If
the ample salary of the Clerk of the Council is
to be increased by five hundred a year, on the
plea that he once held a sinecure, surely rea-
sons cannot be wanting for continuing the
moderate income to Bishop SELWYN. whose
disinterestedness is not loss remarkable than
his piety, and whose zealous labours for• the
propagation of the gospel eminently entitle
him to the consideration of a Christian Legis•
lature.