The Express.
London, England, 1856-11-19 00:00:00

THE DAILY NEWS: LOW GN MORNING
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DAILY NEWS FORWARDED to the COUN-
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sod Non Aisai.

TwPUBLIO4•O and the TRADE ere reminded
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lag OM, P. ivavatkatesi. Praialles*

LILT NEWS LENTTO trim a.m.
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THE EXPRICBII.—T6e PUBLIC sad TRADE
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HAUSA/ULM
Ti.e EMIT:CO, THE SCHOOL FON SCANDAL. M. Chip.
ploy Bookstose, Hew*, Oomptsa. and Merdosh; Miss 'SUMS,
—A FAMILY FAILING. Mr. Nbaster; Mils $. Taos—hosts
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MEM.
T Evolve, TABUN ; La YeseEfaxes.—Nr. sad Kre.E.
1116am.—sed the barliesse et THE WINTEIII LI E. Hr. J.L.
Tad.; Yiu Wooigar.

PUWT.

Ten Erman, THE TI.OWU Gal. Kam Weida. Calvert,
Marne, Vo,hlre, Ncestaa, and Widdhamb; KIEL Diddles, My. 11.
Brookes, Ilia Lida.—And GRID. Namara Widdliaang rotor, Vol.
kJ" Forma; sad Calvert; Nlr Joann, kis Biddle&

STANDARD.
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-----
Tan Immo°, THE WIIITT.WO TALL M. C. Taw ; Mks
0:7a..-Aad DUD.

MOH WATER AT LONDON BRIDGE.
tros D. v—liaratai, 111 h. faub.........Alleramil. 7h. Urn.
Ttwocurow—Nos aim 71. 37a.........A1tine05, sb. Ma.

LONDON, WEDNESDAY, NOVEMBER 19.

ON the discovery of the frauds perpetrated by
ROBSON, the Directors of the Crystal Palace Com-
pany passed a resolution repudiating all the transfers
of shares fraudolently issued by him: The effect of
this resolution was, to transfer the loss occasioned by
his crime from the Company to the parties who had, on
the faith of the anthentioatisa of the transaotiou by
the authorised officer of the Company, bought and
paid for their shares is the open market. The ini-
quity of this proceeding wens manifest, as the Cue-
piny was unquestionably boasd, in the eyes of the
public, by the acts of its came, and the purchasers
of the shares were thus left to claim their
rights in a Curt of Law, a proem which
would hays been in most cuss a heavier loss than the
abandonment of their claim to be considered u share-
holders. The Committee al the Stock Exchange,
with a laudable promptitude. immediately ordered
the Ceystal Pekoe shams to be mongol from their
list, prohibiting, as far at their authority extended,
say dealings in seesritios which offered so sort
of guarantee to the buyer. This measure in-
duced the Directors of the Company, when the
resolution came before them for oceifirmation,
to rescind it, and adopt, as they wars
bound to do, the shams fraudulently ions&
Now, as these shares are in moms of the number
authorised by their sat, they has no mans but to
obtain by purchase or negotiation a number of shares
equal to that of the fraudulent loss, cancel them, sad
so restore the gars register to its legal proportion.
RIDPATIeII forgeries have placed the Great Northern
Railway Company in a paid precisely similar.
Hs has Weed warrants for stook la Metre of the
assent the Company had legally crated ; and,
although chore is no rumour of the Wastes following
the reprehensible maple of the Crystal Palace Com-
pany, it is neeemary that thane should be isms clear
understanding as to the position of the public
with regard to Companies sake than circus-
stances. Morally, ao dosbt, the loss arias, frost a
forgery committed by, or with the resnivance of,
their owe servant, should be borne by the Company I
bat the Crystal Palate Directors, in passing their
sosolutien, doubtless meted by the advise of their
solicitors, and sew, or thought they cew, legal
grand, for disputing their liability. It is quite pos-
sible that some nice question might arise as to bow
for they were justified Is employing the funds of
the Company in buying up and cancelling the
haudalsat shares ; but these forgeries have sow
been carried on upon so vast a seals that the
matter should so loupe be left in doubt. It was
in • somewhat similar manner that BADLIIIS in-
volved the Royal Swedish Railway Company in
almost inextricable distaaitise : the amount of
Roiremes treads is not yet annsenadt and those
of Rearsur. if rumor may be credited, exceed
200,0001. Whoa we consider the vast mass of pro-
pony In peril from such transaction., it is obviously
important, not only to come to a elm understudies
os
to who is to boar the loss—the issoesst shareholders
in general, or the equally innoust purchasers of forged
shares—but alai, as to how such crimes may best be
prevented. The railway debentures Loud amount
to above seventy•five millions sterling, the
&tares to about two hundred and twosty-two
and a half millions; so that there is • wide
field for rascality if a confederacy be established
moos railway officials. That frauds have not boss
more extensively practised, speaks well for the in-
tegrity of those officers as • body, for it is clear that
I. all the cues which have hitherto CORN before the
public, no adequate protection against fraud has
existed.

From the evidence of Mr. MOWATI, the Secretary
of the Great Northern, it appears that REDPATR par.
chased, so tar back ss April, 1869, two separate
amount' of steak, 6001. and 2601. respectively. The
sellers transferred them to his in proper form, sod
they were entered to the credit of REDPATH in the re-
gister. When a transfer is male and registered, the
buyer receives a certificate. technically called a coupon,
for the amount of stock transferred to his, This
ooepon is signed by the Transfer Clerk; is ac=t,
or ought to be, compared with the original transfer,
and with the entry in the register, by the Beeretary,
who countersigns it; and is then delivered to the
purchaser of the stock, as his evident:4*ot title. This
is the usual prows in all transactions in registered
shires. Bat, on exemining the register, it was found
that REDPAIII had placed a 1 before sue of these
amounts, oonvertiog them into 1,6001. sad 1,2601. se.
spactively, cresting thus 2,0001. of Ado* in his own
favour. Fthy-two transfers have best mods into his