The Express.
London, England, 1856-03-10 00:00:00

'OllO,-4

GTED JOINT STOCK COMPANIES
WITH LIMITED LIABILITY.

A parliamentary paper just lined affords some in-
teresting pal Scalars bearing upon the extent to
which advantage has already been taken of last year's
Limited Liability Act. fle return extends to the
18th ult. The number of companies which have ob-1
tithed complete registration under the new sot is no
more than 12. Four of these epeeist of old-established
associations. Of the remaining eight, only three—
viz., the East India Coal Company, with a misdeal
capital of 150,0001.; the London, Manchester and
Foreign Warehouse Company, with a *vital of
30,0001.; and the West of England Soap Company,
the capital of which is 80,000 L—me of mach impor-
tance. But the list of companies that have Woes
steps towards obtaining complete registration
is long and interesting. It comprises la all
no leas than 157 new projects. Deducting bar, the
formation of which was completed prior to the pear
ing of the Act of 1835, we may fairly infer that the
remaining 153 undertakings represent the enterprise
stirred into lite by the hope of peace and by the
partial removal of the old restrictions upon joint-
stock emaciation. A brief glance at the character
and objects of these new companies may be usefaL
Amongst the most legitimate of these under-
takings may be classed those formed with a view to
local improvements. Of companies for supplying
gas to various places, chiefly in the country, there are
no lees than nineteen. lhe localities are Erb*,
Sandgate, Torpoint, Huyton and Roby, Thornbury,
Homan; Northillest, Queenstown, Donington, Bream,
Marsden Weedon, Dowlais, Stockton, Chepstow,
Cootehill, Aberg y, Bow, Stratford, West Ham,
Huntingdon, Godmanchester, and King's Lynn. Of
voter companies there are only two, of public bath
companies five, and of societies for the establishment
of buildings for markets threes. All these projects
eater into the category of public improvements. As
a matter of course, we express no opinion as regards
their necessity or remunerative capacity. But most
persons will coincide in the justice of the gene-
ra principle that attempts at public improve-
ments of this nature ought not to be die-
enraged. Yet that* can be no doubt that
the old plan of making shareholders liable to
their last farthing_ ha, tended strongly to duck
each enterprises. Nor was there any possible seam
of evading unlimited responsibility, since the him MI
applying tor an act of parliament or charter ter such
a small concern as the Donington Gas Company,
the total capital of which is only 1,5001., would be
simply absurd.

ih; companies contemplating improvements in the
misting means of sea or land carriage are fourteen
In number. They comprise the Thames Steam Car-
rying Companz ; East India Steam Navigation Co..
pang ; Anglo-k rench Steam Ship Company ; London
Auxiliary Screw Ship Company ; Faversham Ship-
ping Company; Improved Passengers Steam Packet
Company; Oodavery Steam Navigation Compan,
Italian Merchants' Swain Ship Company r Patent
Jointed-Ship Company; Silloth Bay Steam Naviga-
tion Company ; Bengal Steam Tag Company ; Bury
St. Edmonds Navigation Company ; the Gory Con-
veyance Company ; and the Louden Oman. Com-
ray-

- Projects for manufacturing and kindred purposes
are aanswous. We may ennstrate a candle cow-
pay, a cooperage oompany, two Sour mills compa-
nies, a wholesale drapery company, • paper-
making company, three glum companies, a See-
arum manufacturing company, five manure emi-
pnaiee, an oil mills company, four breweries, two
distillerior, a boot and shoe eon y, a bricknaking
company, an agricultural t company, •
otonemanos' company, a vitt" spinning oompaay,
two iron works oospaaiss, a book minipany, three
fool manufacturing emporia, • pottery warm eoin-
r.maa elec:ro-plate company, two newspaper eon
a company for maanfacturing *nee, sno-
t,; carriages and barmen another for anchors,
another for " telescopic* fire inane, • " timber-bend-
ing'. company, a British sad Irish sugar refining
sompany, a soap company, and a bids-preparing
riempany.
Of ariociations which propose to lend mosey spin
neuritis@ or operations of a similar nature, some en
or seven are announced. They include the Leaden
Joint Stock Advann Society; the London sad Wet-
miaow Joint Stock Investment Amchitka ; the
Legal Reversionary Interest Society; the "British
and Foreign Exchange, Investment, and Loan Com-
pany, or Compagnie Generale da Credit Earoeisar
the General Credit Company ; the Natioual Diaconat
Company; and the London Discount Company.
In several cone the ostensible object of new ammo-
onion is the supplying of the public with purer or
cheaper food and other necenmrise. Thus the list
=stain—The Foreign Wine Growers' Company;
the Anglo-Franc Steam Fish and Preserved Fini-
al.* Importation Company; the Metropolitan General
Bread and Floor Company; the Great Western Coal
Corners' Company; the Colonial and General Pro-
ds°, and Provision Company; the China Tea Coos-
pony ; the Universal Purveyor Company ; the Great
Pare Tea Company ; and the Yorkshire and Lone&
&ire Mutual Joint Stock Corn and Flour Company,
In the class of projects of a more zniecellansone
character, there are three for carrying on flabories;
three for publishing; and Ave for ;great hotels. We
oleo notice an Eastern Telegraph Company ; two
societies for publishing law reports; a Newe Rooms
Oompsey ; a People's Club; • company for porno&
lag and improving land in Great Britain; two for
washing linen ; one for purchasing, cnitivadng, sal
soiling land and its produce, in Borneo and Lisbon;
and • Pawnbrokerage Company. The projected
mining companies, home, foreign, and colonial, on
Borten in number,

To cooclude our enumeration, in a few mesa
the operations proposed are of a specs 's and
singular character. One company to "give
public concerts and instruction in " in Liver-
pool. Another contemplates the of the
ages
Surrey Zoological Gardena and owed= of a
building for meetings, concerts, &o. Thee there is
to be a " National Opera Company." The "Crystal
City, or British Madeira Company," actually pro-
poen to " maintain residences in which an equslity
of temperature can be preserved, suitable to delicate
constitutions." The British and Oriental Patent Ice
Company intends to " produce ice in any climate by
machinery, reduce the temperatare;of heated buildings,
and for general refrigentory purposes." There is
also a Temporary Church Building Association; a
General Exhibitios Company, for exhibiting pue.
taws; • company for manufacturing and selling
patent medicines; and a "Submarine Surveying mad
Sunken Vessels Recovery Company."
Our object in thus dissecting this parliamentary
paper is to show the immense variety of objects to
the promotion of which joint-stock enterprise may
be directed, if the existing unjust and impolitic tram-
male be removed. Admitting eve& that a number
of the schemes above referred to may be unsubstan-
tial and hazardous, such a circumstance osa
afford no valid argument for systematically dims-
/aging the wholesome principle of joint-stock mew
canoe. Let the present impedimenta be abolished,
and equitable regulations substituted, and we feel
assured that the sense of the public will operate as
the beat check upon baseless speculations. The set..
atom designs of unscrupulous directors will be
frustrated, or at least confined to a narrower sphere,
by the prudeal warning which will be impressed
upon all aim not to trust public companies to ea
extent in excess of their subscribed capital. liammom
lames are inflicted upon heedless creditors through
the operation of the existing system, "high
delusively promisee, but frequently fails to ensure,
satisfaction for their claims. This state of
things is unfair both to the creditor and to the share-
holder, is easily rendered auxiliary to directors' Wee
grieriiies, and is in every way prejudicial to mn-
inertial morality. At the same time it may be re
quirite to impress upon the public the maturity of
narrowly scrutinising the perronnel and objects of
the new schemes daily announced. There is a epees.
Wive spirit afloat, called into existence by the pro-
spect o peace. Should the publics prove too eager to
embark in speculations, and should mischief ensue,
the opponents of limited liability will be furnished
with a weapon of which they will not be slow to
avail themselves.

George Jot's, convicted of the wilful murder et,
NIL Hopei the reraegi of the amyl, t bilk at Portaiwoutb,
will be shielded it Wieellestet on the Vied last.