The Express.
London, England, 1867-12-14 00:00:00

tgbs intelligence.

EQUITY COURTS.—DEC. 13.
(Before the Lorda Justices.)
HOOLE r. GREAT WESTERN RAILWAY COMPANY.

In March last the directors of the Great Western Railway
Company published reports to the effect that their revenue
hailbeen applied inpaymentofloansandliabilities, and that
they were therefore unable to pay the dividend earned.
They therefore recommended that in lieu of dividend
warrants preference shares of 201. each, authorised by an
act of 14614 should be issued to the shareholders. The
plaintiff, a holder of ordinary stock in the Vale of Neath
section of the Great Western Railway, filed this bill to
restrain the company from issuing or creating any such
preference shares. Rite company demurred, and Vice.
Chancellor Wood overruled the demurrer, and granted
the injunction. The defendants appealed,
The Solicitor-General, Mr. Kay, Q.C., and Mr. T.
Stamm for the appellants. Sir R. Palmer, Mr. Amphlett,
and Mr. E. R. Turner were not called upon.
The Lord Justice Cairns said that no doubt the inten-
tions of the directors were good, and it was to be regretted
that the shareholders were not unanimous in accepting the
proposal. The question however was whether it was not
ultra wires. Either the directors were or were not authorised
to issue these shares at a discount. It they were then
they might have done so, and paid the dividends with the
proceeds ;if not, then this was a mere (linguist, and the
shares were in fact issued at a discount. Then, again, if
they offered to each shareholder the option of taking either
money or sham, it might perhaps be good as between the
shareholders, but that was not done. If these preference
shares were not applicable to raising money for a dividend
they could not be so applied ; if they were, then any share-
holder might insist on their being sold and the proceeds
applied in payment of the dividend. There was a complete
equity to support the bill, and the appeals must be dis-
missed with costs.
The Lord Justice Rolt concurred.

ASSIZE INTELLIGENCE.

HOME CIRCUIT.—Lewss, Dsc. 13.
(Before Mr. Justice Wilke.)

Edward Gibbons, 25, a respectable-looking young man,
pleaded guilty to two indictments charging him with
stealing post letters containing property belonging to the
Postmaster-Genera

Mr. Murrell was instructed to prosecute on behalf of the
authorities of the Post-office.

It appeared that the prisoner was the son of the post-
master at Etchingham, in this county, and he was em-
ployed in the office. Numerous complaints had been made
of ices of property that had been sent in letters passing
through the district post-office, and in consequence of
those complaints a test letter was made up and addressed
to some person in the neighbourhood, and the officials of
the Poet-office went down immediately afterwards and
took the prisoner into custody, and the test letter and its
contents were found in his possession, as well as another
letter that bad been previously sent, and which had never
arrived at its destination. The prisoner, it appeared, had
also been oonvicted some time back of perjury, but in
consequence of his previous good character and the strong
efforts that were made in his behalf he was reinstated in
his position in the poet-office at the termination of his int-
prieonJ
t.
en
Kr. ustice Wilke dammed that it was a very bad case,
and he felt it to be his duty to sentence the prisoner to be
kept in penal servitude for seven years.