The Express.
London, England, 1850-12-03 00:00:00

WINDING-UP JOINT STOCK COMPANIES.

DIRECT LONDON, PORTSMOUTH, AND CHICHESTER
RAILWAY.—Yesterday his Honour, Muter Richards, pro-
ceeded with the settlement of the list of contributories. Mr.
Rogers, who appeared as counsel for Mr. Wryghte, Mehl
manager, rid the company might have proved a splendid
concern U those who promised to pay the deposit Ind done
so. There were 100 original allottees on the hat who applied
for shares sad had these allotted, without paying the deposit,
but who, on payment of 2a. per share, received back their
letters of allotment without any summaries of the original
contract. Counsel on behalf of Mr. Blesdon and other
allottees, contended that the contract being an inchoate cue,
it wee not legally binding, more particularly as it was stated
that 95,000 shares were allotted, when in reality there were
only 86,000. After cor.siderable argument on the part of Mr.
H. Harris for the official manager and others, his Honour
decided that the application fir shares basing been acceded
to by allotment, and the parties having subeequestly made
payments, the contract in question was complete, that no
cancellation had in effect taken place, nor had the committee
of management any authority to make such cancellation
even had they done so. He must therefore place these gen-
tlemen on the list as liable.
THE SHREWSBURY AND LEICESTER RAILWAY.—
Yesterday his Honour, Muter Biedersley, proaeded with
the settlement of the lists el this company, transferred from
Master Senior, who is abroad. The list of names on the pea
visional committee amounts to 1,031, and on the allottee list
to 500. Mr. Begbie, the official manager, reports the liabili-
ties to be liquidated at between 5,0001 and 6,0001 The fleet
cam taken was that of Mr. Brittain, of Sheffield, one of the
provisional committee, and who, it was stated by Mr.
Glans, counsel for the official manager, paid 631. in that
capacity, part of which it was alleged was in recoacition
of the share letter of allotment, and the other to pay off
creditors. On these grounds, and in accordance with the
law in HOWe ease, it was now sought to make Mr. Brittain
and other provisional committeemen in his position liable.
Mr. Maneste, counsel for Mr. Brittain, argued at length that
his client could neither in law nor equity be liable,on the
ground that he and others cnly lent their names to he pros-
pectus as "ornamental members" of the company, to make
it worthy of public atten,ion, and on the further and more
forcible ground that in the letter of allotment these
was an tepees stipulation which Mr. Britain, his
client, did not comply with, in respect or his 25 shares,
to the effect that unless "the allottees paid the depait
and executed the subscribers' agreement and parliamentary
contract they would not be recognised as subscribers to the
company, or be entitled to any interest whatever in the
undertaking." Consequently, under the act, Mr. Brittain
could not be considered a member of the company, and had
only paid the 631. pro cause pads. His Honour observed
that as the particular points in the consideration of this
question were new and important he would take time to
consider.
OXFORD AND WORMSTER JUNCTION RAILWAY.
-Yesterday, his Honour Sir George Rose placed on the Let
liable the remainder of those m. mbers of the committee of

management of •.his company who by a financial " scheme "
drawn up by tbewelves, had ea h a " reserve " of 500
shares, intimating that as it was clearly their own act and
deed they must be cnitent to take the consequences. The
liabilities in this comp my will teat probably be defrayed by
calling upon those parties to pay up the depogit of 21. 2s. en
such shares as they tick, and who dui not originally pay it.