The Express.
London, England, 1856-10-29 00:00:00

THE DAILY NEWS: LONDON HORNING
PA PK'. prate erotammd al, damped id.
Ma LONNA' Lls.d Joi W. tba advocaat el free coesaaral and
it ell mod ramp,
In We 'Mai and *nails of 14.4 maga awee—ba the meow of It.
law roperta, and la tits ear,* !,manual* and onninarda lawman=
lb ibe city, Mom,. and raceatary aillona-416 papa .is
NEWS 111 lELIABLA AND INPARTIAL
An a:chain:ll r,pkm of gapping to the Indian Am Y applied
M It by every Oterl.n. I, Mall, and It mita=
Till L V DAILY MINING WONT.
adth al prima
Ilig T EXCLU DIA ALL OFTENIIIIII ADVICIITIBINZWAL
It la strictly In•kpntlent, and. tbotati younger by morn V.A. Idity
yams than any Of hi enntanwenria. paw ina. taneateaa
and early Inh,nn...taa..achinfed for Kalif a daraeter and pain= not
latency to any.
To be ordered of any hookselke or swam b tbe awoken nr at
the *Noe. 10, Doocenc-draet. Flcetutrea, Landon.
N.H. If difikultl taticrienced in obtaining the paper by waning
Pat at a redact! I t.ee, the publisher will. on ayplluaoo, tarnish rho
mason of 110,1. VX4tc tad, r trapidi It at lit, W. per WWI& Pahl
armee W Pen-Whom ORM,.

DAILY NEWS FORWARDED to the COUR-
TOT* RCVS X 0 POST. el ISA par R.. comma ts
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THE PUBLIC and the TRADE ars reminded
tbsttliay an be qt7PPLI ED with the lIVINING t2Ptl M.
Dr balfpnat S. at J. usr.ooaY 1I whoissi• imokrulai aaJ Publaita
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AILY NEWS LENTi TO READ, from 8 .
R..
until 3 p.m.. at p_or rook_ ooppliod roma or emit" a.m.
foe 34. or r Joh orTrzewiwomreso. ; br Yr. WILL-
VMS. Mors A.m. 14 •

THE EXPRESS.—The PUBLIC sad TRADE
SUPPLIED enry aftersecuttt=b.G. STEVENS.
Dook•eller. 81.1 DAILY NSW/
SUPPLIED anal LENT 47NAD by 8 hi So =MD&

expregg.

Amusements laterdoilb;;7ll;llrarew,- "ria;tioa Um* pep%
Boa beet the Mel, 10, Boevorie-etreet, b Two o'Clook oa the
au et pabliouroa.

.11ATICARKft.

Two Erma°, THE DRNArIaT7-11; era Murdoch. Usokot-uo.
and Ckippowde!o; Milo Toßd; M. Z. Mu Wiliam —IL GAMED-
DINO. The Amulet, &corm —IAT tams ADOPTED. Kr.
C.,mptoo. —And LENO) ME PIPE SHILLIMOS. Mr. Buckstroo.

?Ins Even?... A 1111Ditraia 711011111 DREAM. —AM
PIZAIIO. Mr. and 3lra. C. Kam

LTITIL
Tins EvertTru, BELPIIIGOILCBbk. id Mrs. C. Dekeh—THlE
£INO Id VsKeTEE R 4. Mr. C. Milos amid MIAs Woolear.—Aad
• BALLET from the torlerque of the Wisteee Tide.

erastar.

Tuts Eva.snco, DEED. lesWir. Ginessit. lbsphard. Widdisomb,
IrsenuM. POW. and Tapping; MWJuiussa. Mrs Buidles.—Te
QCIET FAMILY. Mr. widdicosub.—Au4 THE FOSTER 151.1TEIM.

DIOR WATER AT LONDON BRIDGE.
Tuns 11)4,-31nrolisg, Mt. Rau Afternoon, 2h. Um
To-seasow—V.,raing, Th.

LONDON, WEDNBSDAY, OCTOBER 29.

Tun Committee of the Stock Exchange propose to
suspend all transactions in their Howe in the shares
of the Crystal Palace Company, so long se the
Directors of that Isstitution refine to recognise the
validity of the fraudulent transfers which they have

recorded in their Register of Shareholders. This de-
termination will necessarily produce those explana-
tions as to these frauds which the Board of that Com-
pany have far too long delayed. As yet, all that
we really know about them with any certainly are
the two or three carefully selected oases which have
been made the basis of ROBSON'S prosecution. But
the public have been kept studiously in ignorance
whether all hie (mods come under that clampdowns;
what are the total amounts of the frauds actually per.
petrated by that culprit, end actually registered by
the Company; whether b• had or had not any
accomplices in or oat of the Crystal Palace Estab-
lishment; haw it was he so long escaped detection,
to say nothing of suspicion; and what the Directors
intend to do in the matter beyond prosecuting their
late clerk and agent.
What, it may he asked, hate the public to do with
all this? A very great deal, we reply. The public are

deeply interested iii the exposure and detection of all
crimes, but especially of frauds like this, by which soy
and every perron may be so easily and so helplessly
victimised. The prosecution of Roneox may be very
safely left to the Directors and their lawyer', but the
conviction of that scamp is really the least important
part of the matter. We want to know, and we must
know, the who!. story—how, in a well-ordered Com•
pony, it was possible he could go on forging and
registering in this way. And if the Company were
not well ordered, if proper checks and counter'
checks were not taken 'initial fraudulent transfers,
we want to know who is liable foe the loss—the
Company, the Directors, or ROBSON*/ victims P
The Directors refuse to magpies the validity of

the false t twisters their clerks registered. But if the
treaders have actually been made on the Register of
Sbareholdere, inasmuch as it is a book of legal import,
and the foundation of all right of property in the
Company, the question is, how the Direeton can
purge that Register of the shares they have trans-
ferred out of one name into another! Let is suppose
a ease in which, after the fraudulent transfer has
been registered in that book, the shame so improperly
registered have been extracted into the half-yearly
Register, to which is affixed, in public meeting of the
shareholders, the public seal of the corporation. To
talk of repudiating the validity of such a transfer is
idle commute.
But if the bona fide purchaser of fraudulently
transferred and registered shame is to be recognised
as their lawful bolter, what is to become of the
innocent holder of those shares out of whose name
they have been wrongfully taken ? Of coarse he
cannot b: allowed to suffer—that the law will not
permit; he must be reimbursed, suffer who else may.
. . . _

But how are both parties to be indemnified—bow
are the honest buyer and this honest shareholder,
who never eol4 though bin shares base been trans.

Tarred, both to be saved from loss—how are their
interests to be reconciled? To allow both to stand!
on the Register is impossible, for the legal power of
the Company as to the iesue of shares is of course
restricted, sod any issue beyond the number it is
lawfully empowered to issue would constitute an
illeg►lity and a fraud, for which the Directors would
at once become personally liable; it would, more-
over, were it legal, Pea positive wrong inflicted on
the general body of the proprietors. In short,
that mode of solving the difficulty is not to be
thought of.

Some people. it seems, suggest as a means of extri-
cating all parties from the dilemma, that all the shares
should be called in, to be extinguished, and the
capital consolidated into stock. To this course there
is both a legal and a practical objection. The general
Act of l'arliament regulating the Crystal Palace
Company does not authorise any consolidation of the
capital of the companies under its provisions into
stock, as the 't ltsilway's Clauses Consolidation
Act" does. Aod here lien a huge legal absurdity.
ho sooner du railway companies, call up the whole
capital of any clam of their shame, than they can
and do consolidate the shares into stook, and so
get rid of all the trouble and labour arising out
of an infinitesimal splitting up of the capital into
shares. But although the Crystal Palace Com-
pany cal'ed op the entire capital of its first
class of shares at once, beanie it vs. obliged to pro-
ceed ander another statute, there is no power to
consolidate its shares into stock. Hid there been, it
is quite poesible that this fraud might never have
been perpetrated ; for, so far from the complication
arising out of shares being say protection to share-
holders, the confusion attending nimbus renders the

simpler and easier proses of stook far more protn
tire. Bat because the one Act of Parliament was
prepared by one lawyer, and the other Act by another
lawyer, we have this ridiculous discrepancy between
one public company and another public company.
One clue can have its capital in stock; the other
must have it divided into stares.

But except that the calling in of all the shares
would lead to a general overhauling of the share car '
tificates and a comparison between them and the
Share Register, it would have no practical effect in
solving the present difficulty. And who would like
to trust their share certificates with an office and an
institution in which experience has so disastrously
proved there is so little security for that class of
documents. The course adopted by the committee of
the Stock Exchange is an expedient much more
likely to bring about some settlement ; for it will
suspend all transactions in the Company's shares until
the Directors are brought to a more rational frame of
mind than they appear to be in just now.
The fraud arises from their lichee. Of that there
cannot be the slightest doubt. Foe the loss they,
then, are morally reponsible. That moral responsibility
they ought at once and without any delay to convert
into a legal one; and by purchasing in the market
the proper number of shares, they could recoup the
shareholder out of whose name the shares tampered
with have been improperly transferred. That is the
just and proper solution of the affair. It is quite
idle to suppose that men are to go on for ever
voluntarily assuming the position, the profit, and
the patronage connected with the direction of
public eempanies, and when any fraud or loos
crocus, refusing to bear the responsibility. Happily
in the present ease the sum required to replace the
shares fraudulently transferred and registered is a
very ensuageable sum, and we invite Mr. AMDZISOI4
and his colleagues to set directors generally a proper
example, by at once making good out of their own
pockets the loss which has fellers on innocent people
by their negligence.

To prevent the lllCUtfiltloll of such frauds, the lug-
gestion made yesterday by our intelligent and active
City writer, that on the receipt of deeds of Manatee
notice should be at once sent to the sellers of the

transactions they embrace, is one worthy of the oonsi•
deration of public companies generally. It is the
practice of the Bank of England on the male of
Console and its own stock, and acts very usefully as a
protection. At all events, some cheeks must clearly
be adopted by companies with limited liability with
a view to verify transfers, otherwise we shall soon
have fraud, on a gigantic scale occurring.
The whole system of registration and transfer in
our judgment requires reconsideration. It is clumsy
and inconvenient. As the case before us shows, it eon.
brine in itself no sufficient protection against fraud. It
is improperly regarded by Boards of Direction as
a department beneath their attention, se one that
may be left to officers only. Of the registration
books there is no sufficient or independent audit.
In short, the only real security shareholders have is
the honesty of the worst paid clerks in the whole staff
of the company—of clerks too who, as Mason's
career testifies, are exposed to all the temptations of
entering into Stock Exchange speculations, which
they have no capital to carry on.

gipt Court.

WINDSOR, OS 28.

The Duke of Cambridge (attended by the Hon. L
Undoneld), sad the Preach Ambassador sad Countess
Persigay, mitred yesterday etveraeoa on a visit to her
M.jssty.
In oddities to the visitors, the dieser party tithe semis,
included the Dachas of Kent, the Primo Royal, Prisons
Amelia of Hobsaiohe Schillingfant, Lady Agenda Brace,
Lady Mary Heed, Major-General Hon. C. and Mrs. Grey,
and S.r Clomp Cooper.
The band of the Coldstream Guards played during dinner
the following pints t
Orator% " Deb Qs. reee * 0. A. lledirres.
Frirwkw. "Makes ..... ......... Weber.
walla, •The Fereetare"
Quadrille, "Catedaabir (Seder oriodle) r=".
Her Majesty's prints bend elterwarde etteaded tithe
Castle, aad performed the following seised= :
Orerbare. Der Debirretber der Older" Weber.
fantasia OR Russian Rudy.
twee d'lonseele sad Tric 1A Mean
arm
Cbrielege.

i itAr IM

Ms Quota nolfal fa Um Costa pram this miss.
Prim Alain. aampaaled by tba Dais of Ombriais
sad tbs Fraud Alabama's. mat oat Matiag.

The Sardinian Minister arrived es Monday et St. (illee's,
Dorastehire, co a visit Is tb Bari d B►afterbaq, from
}headlands, theta, t►r reddens, ef Ifiessat PsWinton.
The Lard Chief Judea of Reiland arrived at Stratba-
des Houton Meads evening, from his seat. Hartrigge.
Roabergitalare.

His Royal Rieman the Doke of Cambay, the
o.sorai Cosesteadieg-fa-Chiof, niU Mors to the Horse

Guards this tortaocsfrosa Melting hem Msjssty at Wisdom
Cutts
I•

The Duke of Devonshire ban arrived at Devonshire-
house from Limeys Cestle.his grare's seat i■ I reload, whore
the noble duke, dories his residence. displayed his customary
priscaly hospitality.
The Doke and Dukes' of Sutherland leave Dun-
robia Castle, North Britain, in tbs mono of the pretest
week, for Trentham, Btaffordehirs, intend's', ~ogle, to
pay a swiss of visits.

. .
The Marquis and Marchioncsi of Clanricarde and
Lady Harriet Ds Hargb have arrived at Panama' Castle,
Galway, for Gs• anima.

The Coasters (Dow.) Granville has arrived in
tows from visitieg the Coutes, of atrial* et Castle
Hrwsrd, Yorkshire. Mr. sad Lady Georgia' Fallertoa
hare j,ined tire Courtin fro. Littlehaseptoa. _ _

_ .
The Earl Bathurst, who has bees on a visit to the
Doke sod Dothan of lt,esesoad. it 03M011 Coate, seer

?Imbibers, N 8., is expected to arrive at Oakley Park,
Oloarestenbire, is a few days, from Seetlaad.
The Earl and Coantses of Weetworaland have
bus stain eativaay at Aptberpe Hall, Northaaaroatkire.
Viscount sad Viseovntess Villiers bave arrived at
Middleton Park, seer Bloater, as a visit to the Earl sad
Coaster of Jamey, frost trptea Han, Warwiebablre.

Lady Muiaa-Alfaed is entertaining a aaeotamdou
of visiton at Astatidge Costli, Herts. Colossi the Hos.
Percy H.rbtrit, M.P., has Jolted Os putt.

The Bishop of Oxford end Mn. Wilberforce have
returned to the Episcopal Pulses is Oxfordshire from visit.
ion the Es?! of Aberdeen at Radio House, sad the Duke
and Dashes. of Richmond at Gordon Castle.

Baron de Vidal hu arrived at the Clexcadoa natal
from Paris.

Lord Howden ha left Paria for his past at
Mylad.

Sir John Stewart, Burt., of Balligawley Park, im
shortly to lead to the hymeneal altar the eldest Mumbler
sad 00-heirew of Mr. George Powell Houghton, of Bit
.smock Raw, meaty of Wexford. Sir Jobs Stewart
(late 6th Islekillier) to use of the heroes of the Crimes
coupe', end, SG aide decamp to Gemini the Hem. 811
George Calmat et takenease, wee eke's* Mee whom he
tell, ad a opiate" of the shell that killa the noble general
twk off the helmet of Sir J. Stewart.

The Lord Mayor has ',plated s farther suss of
15,000 ff. to the feed for the relief of sellerete by the
Preach feesiletleu. This nine the total to 860,000 tr., ee
34,0001. dune,.

Dr. Kane, the distinguished American Annie na-
vigator, bad as Interview yesterday with the Leeds of the
Admiralty ; also with Caplan Weillnns, the hen of the
hydr iraphieel department, by whoa be was mat sordidly
received. Re regret be leas that Dr. Hass Is is very is-
different health, sesonsomt as his groat own= sad ra-
ngers diaries his espedltices Is ewe► of Makes Mr Atha
Presidia sad party.

I

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