The Express.
London, England, 1851-02-06 00:00:00

THE ROYAL BANK 01? AUSTRALIA,

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FIFTY THOUSAND CURBS by DU BARRY'S
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NM aim% bow. slimarray eenowl y DU BA RRY'd delicious
Fair am,dmß tlar.-41.r. Alm W. Flawll, ItidUctica Pactom
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DADAVII OwnwerlialOwrood.—Alass. Riszt, Areadssese al
tiry Ilditireer..—duld h 0111181.11 TS. with he Dribirtasso. w 4 hi
=hot D. M.. zah.,, 4s. Id.; Oa, at Ds.; 11111.. at tit. baps.
MUM quaky. lOUs. at M.; Ma., sl LIMIT and Ott,
W. law nor .rxrall, trombs.- t M lit lad MAL amnion I'm.

rent of 831. 9e. ltid., 241. 9s. 4d. tithe rent charge,
and 181. 98. 3d. renewal fine on the fall of each life.
Those lands are let in five tenements, principally on
leases, terminable, and part from year to year, at the
rent of 491/. 14s. 10d. Mr. Hems Keel& was de-
clared the purchaser for 3,600/., being within a frac-
tion of 14 years' purchase on the present nett letting
of 403/. 15s. Bd. _ _ _

It is understood that there will be an arrangement
made for three sale days in the week instead of two
in this court, and that a smaller number of estates
will be put up on each day.
A district tenant-right meeting was held at Ban-
bridge, in the county of flown, on Monday. The
Northern Whig states that the attendance was more
numerous than at other recent meetings, and that
the speeches were, with scarcely an exception, cha-
racterised by an unusual moderation of tone.
At the monthly meeting of the Royal Society for
the Promotion of the Growth of Flax in Ireland, held
at Belfast last week, several letters were read, in
which an inquiry was made whether, in the event of
a large sowing of flax, parties from the north would
go to the south or west and embark in the steeping
and seutching business. In reply to these it had
been stated that such concerns should be put up by
landlords, or men of business connected with the
localities where they were required, as it was not
likely, with the large field fur the investment of capi-
tal in Ulster, that northern. would be induced to em-
bark in this trade in other parts of Ireland. It was
furtherreportcd to the meeting thatlarge quantitiesof
flaxseed had been imported into the south and
west, and so great was the desire to grow flax that
there was cause for apprehending, in many districts,
where the crop arrived at maturity, the quantity
would be so large that the growers would find
some difficulty in preparing it for market, where
scutch-mills and rotteries had not been established,
or where they were insufficient to prepare all that
would be grown. In this event much disappoint-
ment would arise, and a check might be caused in
the future extension of the crop. The secretary
was, therefore, instructed to advise all parties with
whom he was in correspondence that they should
confine their breadth of flax, this year, within
such bounds as to prevent this disappointment,
and strongly to urge the necessity of putting
up machinery and steep-vats wherever the crop
should be grown, as the most certain means of pro-
viding a local market to the growers, and ensuring
that the fibre and seed should be turned to the
greatest advantage. He was also instructed to com-
municate with the Lord Lieutenant, and to request
his Excellency would press upon the government the
great advantage which would arise from the exten-
sion of the objects of the Land Improvement Ad-
vances Act, during the forthcoming session, so as to in-
clude the buildings and apparatus required for the
steeping ■nd watching of flax. Many landlords
would, at once, avail themselves of such a facility,
and the concerns once erected, practical persons
would, in all cases, be ready to take up the trade.

Yesterday the adjourned meeting, on the claim of
the North British Insurance Company of 27,0001., against
theist of the Royal Bank of Australia, was proceeded
Richards. Mr. Selwyn,
the former com-
twell and Mr. H.
the shareholders,
manager, contest
of the bank.
.se construction of the
.ok of Australia, as be-
:Clete, contending that the
at to show, as a fundamental
principle, that the business of the company wag to be carried
es by means of capital subscribed, and not by pledging the
credit of the propnetors in respect of debentures in lieu of
raising capital. The deed provided that the capital should
be 1,000,00 W., divided into 20,000 shares of 50/.
each, but " that no proprietor should in any case
be liable at law or in equity to pay, in respect
of the contracts or engagements of the company, a
greater sum than the amount of his share in the capital of
the company not previously paid and brought in.' This
ohmic alone was utterly inconsistent with thealleged powers
of the directors, which nowhere existed under the deed, of
pledging to au unlimited extent the credit of the share-
holders on debentures. The 08th section of the deed de-
clared that no proprietor, without the authority of the
directors, should be entitled to inspect the books and
accounts, showing the unlimited control the directors took
to themselves in the management of the affairs, and the
history and mystery of which the shareholders were only
able to know under the imperative processes of the Winding-
up Act. The clause in the deed giving the directors power
to borrow money on promissory notes, boucle, debentures,
deposit receipts, and other obligations, did not overrule the
fundamental principle upon which the undertaking was
established, namely, that of beginning business with a bona
fide capital, and not by borrowing on debentures. It was
on the strength of that clause, however, that the directors
set to weekend manufactured these debentures ad libitum',
as though they were coining money. The evidence went
to show that the directors from time to time placed these
debentures in the haunts of broken, to be hawked about for
casual purchase, and caused such a system to be properly
de.eribed as " a horrow:ng of money for the purposes of
banking." The broker' employed for the issue of these
debentures were Messrs. B. and M. Boyd, the former the
chairman, and the latter a director, of the company. Was
it likely that the North British Insurance Company, having
• quantity of spare cash at command, would take the
trouble to Reek out the Royal Bank of Australia, at that
time unestabliehed. It was in evidence, however, that the
directors of the latter company, several of whom were
also directors of the North British Company, who were
aware of all the provisions of the deed of settle-
Inca, made the first overtures and advances, end
that the debenture transactions were entered into In
spite of the advice of Mr. Webster, who was solicitor to both
companies, of the invalidity of the transaction, and that the
borrowing money on debentures was an abuse of the powers
of the deed. The directors of the bank, who were also
directors of the London board of the North British Insur-
ance Company, carefully abstained from effecting these de-
benture transactiuns with the latter body, but Mr. Boyd,
the chairman of the Royal Bank, went as it were in donnas
to Edinburgh, and succeeded in so doing, instead of com-
municating with Sir Peter Laurie, the chairman of the
London board of the North British, and who would proba-
bly, had the overture been made to him, have shown Mr.
Boyd summarily out of the office, which was next
door to that of the Royal Bank of Australia, in
Moorgate-street, the Messrs. Boyd being also the
resident directors of the North British Insurance,
London. It might be contended, by a scies of
metaphysics nut unusual north of the Tweed, that these
gentlemen haul nothing to do with the Edinburgh board of
the North British, hut it would be difficult to get over their
identity with that body. The directors of the North
British Insurance Company could not have been in igno-
rance of the provisions of the deed, since it appeared that a
notarial copy of that document, in August. 1011, was sent
from Mr. N'S ray, the manager of the Royal Bank of Aus-
tralia, to Sir FranCiv Walker Drummond, the chairman of
the North British, when this kite-living of debentures first
took place in the north. The learned counsel having quoted
the case of The Bank of Austral mia v. the Royal Bank
of Australia," where it was decided that the power* of the
directors were limited to the borrowing money to meet
liabilities, and not for the purposes of capital, the pro-
ceedings, at 6 o'clock, were adjourned to this day (Thurs-
day) week.

WEAK LEGS.—BAILEY'S BANDAGE is oak the Cambria to America, and of thus teeing the ad- THE ROYAL BANK OF At S 1
It Lesseesambling. ad !tram roll mean WHs pub vantage of sailing from an Irish port, but I tear that Yesterday the adjourned meeting, o
eavairing bend.. .. bay be bad tar earli the saes, diL semi 7d. per
the enterprising advocates of the Irish packet station the North British In.unuace Company of
riddimid.rdso, Si. Pmeat Emile itreiliben the estate of the Royal Bank of Austmli
Iforka, Heating
Tram% Cravens., spinal bay; endliV4 air see redder by whom this experiment was tried were doomed to with before his Honour, Master ltiehan
tka ttor Übe addrels—lL SIM tar. aslant-wrest, disappointment, the Cambria having, I believe, sailed with Mr. Debie, appeared as counsel for
Leabes.—li ein.prileary lir bp= aid Wig saws
on her voyage yesterday. psny ; and Mr. Daniel, with Mr. Bram,
LADIM.—ROWLANDB' LALYDOE, kyr There was but one estate for sale in the Encumbered Harm, as counsel for the latter, and fur 1
4...._4 reasidieww. sib we" mews romicw Estates giretteterm •
~
~,..
~.., ,
.... who, trough Mr. Wryghte the official r
soden as Or prinise Eire minim iamb et Ibi lbw i_ • ._ , ~.
..f, I. be .. ' rinpeet et the debentaree •
alibi* imparlun Me Ibibeirgeb ,
"bees mil _.y M le- ..11Vg ''" ! • . r. Daniel proceeded to deal with the ei
wit lassennanaas eilmienet Yee IWO^ of aterfortt, containing 834 statute acres, held deed of settlement of the Royal Bank of
...ili% elasiamalgaa. mar milmalma "'mama lb' under lease of lives renewable for ever, at the head- tween the shareholders and directors, cor
Mom la Impresses= skask sal Ibe edam ma Maw tenor of that document went to show,
-It biones as tbstroisisi ems, mar It is rent of 031.9-. 19d., 241. 9s. 4d. tithe rent charge,
Was. Owillemes. Mgt shiffibor, all ibla k iftbdfirrisdligila and 18/. 98. 3d. renewal tine on the fall of each life. principle, that the business of the company
eel so Wilda. and verher It udi, mai% mod plessist on by means of capital subscribed, and no
Ayr si. isi a.. gd, wbego._s.„.... wafts. ',miaow! 'those lands are let in five tenements, principally on credit of the proprietors in respect of deb
11011.11 m snide las as Tads " Itadwde Kla el the lames, terminable, and part from year to year, at the raising capital. The deed provided that I
=l;4l_V A. "VIA" and dumb& sod perfasaers. KM' IN rent of 491/. 14c. 10d. Mr. Item Keetfe was de- be 1,000,0001., divided into 20,000
61ad ay
~1...,,A as,.. ........h..,,. s„,. , Anti, 1,,,;„, ‘.,;tl-,;,, . f,,,,... each, but " that no proprietor shoo