The Express.
London, England, 1847-04-17 00:00:00

THE EXPRESS, SATURDAY EVENING, APRIL 17, 1847.

COURT OF EXCHEQUER.

Ohl:lnsp....U. Banco.
Tie MIDLAND ORRAT WISTRIIN RAILWAY COMPANY
OP IRRLAND O. GORDON. SURACRIVIRS Ti.) RAILWAY
SCHIMIIB LIABLE FOR CALLA UPON SMARR& ACCEPTED BY
TRIM, •LTHOVOII THERE Cl, WITHOUT THEIR SANC-
TION OR RKOWLEDOR, MATRRIAL DEVIATIONS PROM
THE UND AAAAA INO AA ORIOINALLT PROJRCTID. This
action, which was tried at the last sashes of Liverpool,
before Mr. Baron Rolfe, was brought to recover three calls
upon 10 shares in this company. At the trial it appeared
that on the 21st of October, 1844, the defendant executed
the subscription contract, which empowered the directors to
apply to parliament for en act to enable them to construct •
railway front " Dublin to Athloae, with a branch to Long.
ford or any part or parts thereof, as to the directors might
seem fit" There was also an undertaking to pay up all
the calls which might be made on the shares, as the &rec-
tors might think proper to appoint. On the 28th of October
the defendant sold his scrip in the Dublin stock market.
It appeared that the calls sought to be recovered were duly
made, and that they had not been paid up, although the
requirements of the statutes in that behalf had been
compliid with. For the defence it was contended
that the undertaking for which the directors had
obtained an act of parliament in 1845, was essen-
tially different from that to which the defendant had
consented to be • party, and that as he had sold
his shares before the act incorporating .he company was
obtained, he was discharged from all liability respecting
the calls. The learned judge, however, thought otherwise,
and a verdict was returned for the plaintiffs for the full sum
claimed, leave having peen reserved to move to enter a non-
suit, if the court should be of opinion that the defence set
up was valid.
Mr. Martin, Q.C. (with whom was Mr. Henderson),
moved, yesterday, accordingly, to enter • nonsnit. The two
grounds relied upon were, first, that the defendant was not
• shareholder," upon whom alone the company had power
to make the calls, but that the purchaser of the scrip
was the person upon whom the demand should be made.
Secondly, that the defendant never subscribed to, or con-
sented to be a party to the undertaking for which the act of
parliament was obtained. The original project was to con-
struct a railway from Dublin to Athlone, which was the
most important town between the metropolis and the west of
Ireland—a garrison town situated on the Shannon, by which
it communicated with a great lumpy other populous towns.
Instead of which, the act obtained by the plaintiffs au
tborised the construction of • railway only to Mullingar, a
comparatively small and unimportant town, while it imposed
certain conditions, with respect to the Grand Canal Com-
pany, which were inconsistent with the views and interests
of the defendant and the other persons who approved of and
consented to accept shares in the scheme originally proposed.
Mr. Baron Parke: The act states that the subscriber shall
be deemed to be the " shareholder" until he transferred his
right " by deed," that done, the original subscriber is dis-
charged from liability.
Mr. Martin contended that, upon the sale of the scrip, the
allottee or original subscriber was no longer liable for calls.
Mr. Baron Parke dissented from that proposition, stating
his opinion that, by the sale of the scrip, all that was trans-
fend to the purchaser was, an equitable right to sham.
The holder of the scrip had only an equitable right to have
his name registered as a shareholder instead of the original
subscriber. The defendant's name was regularly registered
as a shareholder, and the company had • right to do so. He
wen therefore liable. _ . _

Mr. Martin then urged the deviation from the original
scheme as a ground for the defendant's exemption from lia-
bility in the present action. The court, however, were of
opinion that the directors had acted merely in pursuance of
the very extensive powers with which they were invested by
the subscription contract, and that the subscribers were
bound to pay the sums annexed to their names. It
was quite clesr that the largeet discretion was given
to the directors. The subscribers weed to be bound
by their acts, and by any regulations the legis-
lature might think proper to impose. Parliament
gave the directors power to purchase the interest of the
shareholders of the Grand Canal, and to construct a railway
from Dublin to Mullingar. The subscribers' contract autho-
rised the directors to obtain an act far the construction of any
part or parts of the line of railway originally projected—
conditions were imposed by the legiolature—the directors ob-
tained the act of parliament—the had the power to adopt
the suggestions and conditions made by the legislature, and
the defendant, by subscribing the deed, authorised them to
act for him—invested them with extensive powers—and he
should be, therefore, responsible for the fulfilment of the
contract he had entered into. There was no reason why the
verdict should be disturbed, and the rule must he refused.—
Rule refused accordingly.

Goverswentereuritlesin
Ranking department 13,374,444
Other eeourthee 16136,377
Coln and Bullion ... 9,687,033
7 day snd other Ms 967,362
The Rest • 2,391,766
The decrease of the " rest " may be attributed to the pay-
ment of the bonus so eagerly voted Srf by the proprietary at a
moot inopportune ammo, and of quarterly salaries. The
decrease of "other" securities is satisfactory evidence et
banking policy in the right direction ; and the only muse of
complaint is that it was not or could not be at the peeper
time mere stringently enforced. The decrease of public
deposits is answered by the payment of dividends, and so
also the increase of private or other deposits. The demean
of coin and bullion effers no remarkable feature, me indeed
less than was anticipated. Hut the increase of active circu-
lation does not show well for safety. The two great features
in these returns are, the increase of government seconder
in the banking department, and the extraordinary, not to
say perilous. decrease of the swerve. The reserve of notes Yrs!
reduced to 2,833,0001. in notes; in co.n, 630,700!. ; together,
3,463,7001., to answer more than 16,000,0001. of deposits. It is
now clear that the reports current within the last few dal s were
correct, and that the government had actually been burrow-
ing of the bank on deposit of Exchequer Bills, • portion of the
funds required for payment of the dividends, or of the
money required for Ireland. At the date the position of the
bank was evidently becoming critical. The pressure of the
government in such circumstances is to be lamented, end
should, if pomade by any other means, have been avoided
The pretended severance between bank and state will now
be seen to be altogether imaginary.
It is stated that the Bank of gngland has been officially
made the agents in this country for the Russian government.
it may be hoped that the autocrat, by way of keeping a good
account, will make a large lodgment of his surplus gold
hers.
A considerable number of buyers have come over from
New York, by the llibernia steamer. Goods have been
selling there at desirable profits, and the only tear in conse-
quence is lest the market may be overdone by large imports.
'the customs' revenue at New York was already showing
larger receipts than former years. Capitalists had bought
up exchange there at all rates from 1031 to 104, so that when
merchants at the sailing of the steamer wanted to buy and
remit they were charged 1041 to I. It mu.t be observed
that although large purchases of manufactured products are
likely to go forward to the Unitcd States for some time to
come, a small proportion only will immediately be brought
to act on the exchanges, and render them more favourable to
this country. The majority of the purchases will be made on
credits not maturing before October next.
11•61 OY INOLAND.—Acct
ma. DIM

Notes loosed ili.iiit-O

a.• a-1
1,3111,7111
Tablic Dep....*(usc hake'

Eackevier, gar. /WAS.
ConlabMonersof Natal.
Debt. mil IX,. Aceiranui CMOS
Other Depetit• . ...... 11.231,744
lloves-day aed other Ilata
1.11,174 Al

rote foe tke Week eating April 10.
Government Debt
Other beearines 1,2114,114
Gold Colo one /Ottawa
Illleer Bullion 1.440,008
A11,r14,540

iieVeritio;et Weeritlte(le-
<Willa, Deed Weight
Agnelli). . ...... —51304,444
Other /Securities
Notes
Oolg tad Ulm Cola

411.174.141
Y. ULM/HALL. Chief (..1,4r.

lel4leeds. under £IIIOO, 2 114.
Smith I Old Apes 641
Gongola hr Peet_ 6/2172 62
I per O. Coss. Ilerlp, to 1 dia.
En. IlWe. I lON N., ye, 2 Ales 12 p.
/Moe, lOW .2 dip I I po.
Ditto, &mall, 12 pa. I dip 2 pee.

FUNDS.
r514..1445p1ik ]fir, Div. hoes
ra One. Alia K 14. ff
trawls. 1111. 4 &M
fe pal Or. DYEasebugo,
ChM, *a
D 4 per P. 1:4414 041.1114 IN II SO
IU& 80544,1*
'Uli AMICK.

Fer AmeeM.
H 10.4. Lemma. Chelan
7. sO 77 of 78 res
114 113 PI 111 Y
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'1;731:11 at 81. I; ""md.