The Express.
London, England, 1868-02-03 00:00:00

the purchasers refused to
Ithereby practically leaving
decision to fall upon their
regretted that the names
were not published, certainly
tion of the world in general,

pendix to the recent discussion
commercial morality. This -

-------
vantageougy rectified when

the superior courts.
No doubt the dealer will, in the event of the
present decision being confirmed, recoup him-
self, under the above mentioned rule from Mr.
GRISSEL'III brokers, but the latter will have to bear
the whole loss, since they have no remedy against
either their own client or the brokers of the re-
cusant tranaferrees. The question is one of con-
siderable importance. It does not alone involve
the payment of the present demand, nor the future
liabilities on the shares of 0 verend, Gurney,
and Co., but it will inevitably lead to the re-
opening of transactions long since settled. many
of the parties to which are dead, and their
estates distributed. Where will this end ? It is
unnecessary to show what hardship might result
from this reversal of a custom long recognised and
considered binding.
The decision, it will be seen, concerns the
public at large to a more important extent
than the members of the Stock Exchange.
Should it be confirmed, the effect will
simply be to prevent all dealings in shares
not fully paid up, save by private contract, through
a deed signed by each party in addition to the
usual form of transfer. It is unnecessary to
enlarge upon the delay and expense that will be
incurred by this system. Practically, it will result
in the entire exclusion, of many classes of shares
from the market. No dealer will care to transact
business in a property by which, from no want of
prudence on his part, he may be unwittingly
involved in a heavy liability. Hence, when any
purchase or sale may be effected, it will
be hampered by nearly as many difficulties as the
transfer of real property. Until very recently
investors have often preferred to buy shares, since
in time of need they could easily be realized in
the market. The recent decision will take this
advantage away. The dealer in shares will not
incur the risks to which ho is now exposed accord-
ing to the Court of Common Pleas, nor will the
broker be inclinedto do business without adequate
security. Both are in certain cases exposed to
considerable risk, and both are unable to obtain
an adequate remedy. In this matter the Stock
Exchange rule is open to blame, inasmuch
as its practical operation is that it affords an ad-
vantage to one party without giving a correspond-
ing protection to the other. This state of the law,
both public and private, has at length come to a
deadlock, and demands instant correction and
improvement. It is understood that the Com-
mittee of the Stock Exchange are taking measures
to carry the case of " GRISVEL r. BRISTOWE" before
the highest tribunal in the land for decision, •
course which is desirable for all parties, and which
the opinion of Mr. Justice BYLEs alone would
abundantly justify.

OUR CONTEMPORARIES.

(THIS DAY.)

RR. CLADSTDRE AND THE TRADES LIMNS.
Looking forward to the coming conference be-
tween Mr. Gladstone and the representatives of the trades
unions, the Daily News observes that neither side has yet
approached the other in a fair attempt to convince and
convert it. The restrictions which the unions demand do
not differ in principle from that by which the custom of
primogeniture is defended; but when carried out to its
full extent most people begin to sec that if competition
is excluded from each successive employment the field to
which the surplus of labour can possibly resort becomes
more and more limited. What is done in one trade by those
who have obtained control over it may be done in an-
other. Agricultural labourers may combine as well as
bricklayers to exclude interlopers. Nay, it is possible to
conceive even colonists adopting the same principle, and
refusing to allow fresh immigrants to increase production
and bring down profits. In that case, wh►t is to become
of the surplus population of the world ? By diminishing
the amount of production all over the world we certainly
do not increase the werld's wealth, nor enhance the com-
forts of the human race. It may be answered that trade*
unions generally allow the admission of children of their
members. But this is a system of caste. It certainly
will be curious enough to see the fundamental principle
of aristocracies supported by the ingenuity of Mr. George
Potter, while the republican theories of free dispose] of
property and labour are represented by Mr. Gladstone,
with the sympathies of capital at his back.

by urging that " a newspaper is net a necessity—a man
may not read one, and yet not become a pariah." This is,
in fact, begging the whole question. It le the opinion of
most thinking men that, in the present state of
civilisation, a newspaper is a necessity, and th►t if
a man does not read one, or. what comes to the
same thing, if he has not the opportunity of reed-
ing one which will faithfully instruct him as to the
manner in which the state of which be is a citizen
is governed, he may—so far as regards any influence he
can exercise in the government of that State—be regarded
as a pariah. If a newspaper is not a necessity, then liberty
of the press may well be dispensed with, since the one is
the direct produce of the other. Under the new rgqintc
the Minister of the Interior will certainly be justified in
classing journals among the luxuries and not the near.
wise of life. They will assuredly resemble those viands
which are obtained at a great expense before they come
into season ; for, independently of being very costly, they
will give unmistakable evidence of being forced into ex-
istence, and will want that genuine honest flavour which
characterises good and wholesome food.

THS sirritorourszi RAILVIAT.
Referring to the injunction granted by Vice-Chancellor
Wood against the payment of the 7 per cent. dividend of
the Metropolitan Railway, the Telegraph observes that
the reasons alleged for this are in the highest degree im-
portant, and their significance is partly derived from the
admimions of the directors themselves. The broad charge
made is, that for some time past the high dividends paid
on this flourishing line have been made up by transferring
to capital certain charges which ought to have been debited
to revenue. The board have swollen the apparent surplus
of profit in the annual accounts by withholding cer-
tain deductions, and these sums have been added
to capital, or, in other words, to outstanding debt.
However, the charge now made against the Metropolitan
Railway Board involves no reflection on the integrity of
the managers ; there is no unvarying law regulating the
apportionment of amounts to capital, and shareholders
who, while they will not look into such matters, are ready
to pocket high dividends, must share the blame with the
directors. Should the board prove to have erred, the re-
sult will simply furnish another strong argument for an
independent supervision of railway accounts.

THE LATE MB. WILLIAM RATHBONE.
The Star has an elaborate tribute to the late Mr. Wil-
liam Rathbone, of Liverpool. In spite, it says, of being on
the unfavoured side in politics, and belonging to a religious
denomination which ensures considerable local disadvan-
tages—notwithstanding his again and again flying in the
face of the opinion of his powerful and intolerant class--
I William Rathbone was for many years, until his death, the
most warmly beloved man in LiverpooL His charities,
having always been both lavish and discreet, had
borne grateful fruit which it was pleasant for all
who knew the history of the place to contemplate.
The purity and generosity of his life, no enemy—and for
many later years he had no enemy—could gainsay.
In the course of his career he contributed greatly to the
reform of our corporations. He strove valiantly and in-
defatigably for the emancipation of the West India slaves.
It was be who, amidst hisses, hooting', and tumults, took
Daniel O'Connell on to the Liverpool Exchange. He was
the friend of liberty, of peace, of retrenchment, of reform,
of every good work and way ; and all the time, amidst a
thousand public avocations, be never lacked the time or
the opportunity to seek out all the varieties of human
wretchedness, and to apply to the distresses of his fellows
not merely the help which comes of wise philanthropy,
but that which nothing an so well afford as the prompt
• and liberal opening of the parse.

Eke &rum

kISBORXE, FEB. 1:

The Queen drove out yesterday afternoon with
Princess Louise, Princess Beatrice, and Princess Henriette
of Schleswig-Holstein, accompanied by Prince Arthur on
horseback. . . .

Lord Alfred Paget was equerry in waiting.
The Hon. Mn.s H. Ponsonby has arrived at Osborne.
FEB. 2.

The Queen drove out yesterday afternoon, accompanied
by Princess Christian.
The Queen, Prince and Princess Christian, Princess
Louise, Princess Henrietta, and Prince Arthur attended
divine service, this morning, atWhippingham church.
The Duchess of Athole, Lady Susan Melville, and Lord
Alfred Paget were in attendance.
The service was performed by the Rev. G. H. Connor,
Vicar of Newport, and the Rev. J. Borne.
Colonel Maude, Crown Equerry, has arrived at Osborne.

A Cabinet Council was held on Saturday at the
official residence of the First Lord of the Trea-
sury, in Downing-street. The Ministers present
were the Lord Chancellor, the Duke of Marl-
borough, the Earl of Malmesbury, the Right Ho.
Gathorne Hardy, Lord Stanley, the Duke n
of
Buckingham and Chandos, Sir John Pakington,
Sir S. Northcote, the Chancellor of the Exchequer,
the Right Hon. H. T. L. Corry, the Duke of
Richmond, Lord John Manners, the Earl of Mayo,
and the Right Hon. Spencer H. Walpole.

Despatches were sent on Saturday from the Colonial-
office to the Governors of the West India Islands, British
Columbia, the Australian colonies, and the North Ameri-
can provinoes.

We are authorised to state that the Quccn will
hold a Court at Buckingham Palace on Tuesday,
March 3rd, to receive the Corps Diplomatique.
her Majesty's Ministers, and other official per-
sonages, with the ladies of their families, who will
receive notifications of her Majesty's gracious in-
tention through the Lord Chamberlain. The Queen
will also hold three Drawing Rooms at Buckingham
Palace, viz., on Thursday, 12th March; Wednes-
day, lit April ' • and Tuesday, 12th May, to which
ladies will be admitted under the same regulation;
as were formerly in force at St. James's Palace.
The Queen will be present at each Drawing Room
as long as her Majesty's strength will permit, one
of the Princesses representing the Queen during
the remainder of the time. His Royal Highness
the Prince of Wales will, as usual, hold Levees on
her Majesty's behalf during the season at St.
James's Palace.
TUSATIOS ROYAL, HAYMARKET.—Her Royal

Highness the Duchess of Cambridge, accompanied by the
Prince and Princess Teck, honoured the above theatre
with her presentees Saturday evening.
Hamra or THE EARL or DERBY.—Our Liver-
pool correspondents, who made inquiries at Knowsley on
Saturday respecting the health of the Earl of Derby, were
informed that his lordship was progressing very satisfac-
torily towards convalescence, and that be would probably
be able to cosec to London in the course of a week's time.

Her Royal Rightism. the Duchess of Cambridge
has arrived at her residence hi the Ambeesadors' Court, St.
James's, from Cambridge Cottage, Rev, for she season.
The Duke and Duchesa of Sutherland arrived at
Stafford HMSO on Saturday from visiting their royal
Highnesaes the Prince and Princess of Wales at &oaring-
bon- _

His Excellency Baron Bliime is staying at
Brown's Betel.
Tim Earl and Countess Grey left Howick nano
Yresibtoaterisud, on Saturday, for °mint* Park, Notts,
on a visit to the Right Hon. the Spoiler and Lady Char-
lotte Daisies*
The /tight Hon. W. E. Gladstone is announced to
weir His evening in the .popoler ehanater of a "pony
reader," at en entertainment given by the members of the
Reward* Literary Institute, Flintshire. The Jar will
be aocupted by Bit Stepben Glyn*, Bert. and *a peo-
gramme awned for the occasion states that's the ant pert
of the entertainment will consist of vocal and Monumental
me* end the wooed of a reeding Iwitt comments) by
the Right Hoe. William Ewart Gladstme. Subject—Su
Walter Scott*

THE AMERICAN SQUADRON.

The Courrier loraufai,, says

Amerioa is beginning to take a part in European affairs.
The presence of Admiral Farragut's squadron in the
Neapolitan waters is meant to oounterbalanoe the presence
of the French troops in the Papal States. Admiral
Farragut has had interviews with many of the most emi-
nent men of the party of action. and is said to have pro-
mised them his support. A message was seat off expressly
to Caprers, and the answer of Garibaldi is waited for
before coming to a final resolution.

(ISOM% VILIGILLIM)
FRANCE.

PARIS, Fes. 3.

M. Dea Rotours, the government candidate, has
been elected member of the Legialative Body for
Lille by 20,000 votes against 8,800.

WRECK OF AN ENGLISH BARQUE.

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fiiii: ' . quick may be . les:aims thit, drawees* ' ' LATEEN t: . ELLIGENCIpi.
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tre7itio —by . .
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agents- tisbe be truth of politioal economy. Almost equally te THE ABYSSINIAN EXPEDITIt s: 'J
Di the four transferrees the hope that he is likely to be converted on his religious We (Tones--second edition) have received the —.l
my not for the admits- side. And yet the position of the church le one of the following telegram from our Special Correspondent bus
oral, but as a useful ap- leading points in the liberal programme of the future. with the Abyssinian Eipedition, dated January
Tr'
lesion at Liverpool on 2S, and forwarded from Alexandria, February b:
THE FRENCH unarm AHD TH2 EMAIL
lis omission may be ad- 1, 12.10 p.m.:
The Post thinks the Minister of the laterior betrayed int
n the suit comes before " Sir Robert Napier has started for the front.
the weakness of his position when he sought to justify
" A brigade
, those measure@ of repression which will still be enforced,at
of all arms advances to-morrow from oh
. -_-_a.- ...,...i ni tne . • _ ~...• ~ • •••••alumP. IA oak a necessity—a man Senafif on Antalo.”