Northern Times.
Liverpool, Merseyside, England, 1859-11-21 00:00:00

and with reasonable prospects. of success, is
launched upon the public' confidence, not on
its intrinsic merits, but on the faith of DT'.
tentiouS names representing "_crunziny directors''
If' a company can gain a .hold upon public credit
so easily, it secures a premium upon its
own carelessness,, or its own unconscientious
ness. The . support which is obtained at s°
cheap a cost, seems to necessitate but a small et"
penditure of diligence to retain ; and an under-
taking is . allowed to repose listlessly. on the'
I
prestige of an influential Direction, until it lapsesr
through mismanagement and neglect, into insol:
vency and ruin. It is. difficult to apportion the._
due measure of guilt between those who cater fcit--
public confidence under the pretence of influen`:
tial names,' and 'those who 'allow their :riarnes t
be put to so improper a use. The Legislature
hOwever, has not scrupled to stamp its mark 0
legal infamy upon the most unscrupulous or the
least careful of the latter ; and has found a net
criminal in the "dummy director. 7 Henceforth
there is no justification or eiicuse for. carelessness
or easiness among nominal directors ; and what
his become an offence against the law, cert3iii
obtuse: eonseienceS May be brought to ackaelyi.
ledge to-be ,equally an offence against connaerCl4
morals. a . .
'lt is merely to give point to these dangers an
warnings, the first of which many recent histories
have disclosed, and the latter of which the Leh'ir
lature has taken the trouble to adminster, if 16
refer for a moment to a grave suspicion which, fel'
the last week or so, has been floating through the
town, and alarming the confidence of the ail
mercial community. A well-known public coal'
puny, whose capital and home may be said t°
be amongst ourselves, but which is cosraor '
lite in the extent' of its relations, and which has
not very long since gained considerable eclat 1.11
what may, be called its native town by the ace-.
tion of a suitable habitation for its greatness, ila'4
been suddenly. placed under an injurious imputst
tion by one who ought to have had the best mese°
of judging, and the most solid gr'ounds t°
Work upon. This imputation rests upon, .and
arises out of one central charge,—nainely, that to
which the commercial world has grown more Olin
ordinarily sensitive, —" dummy directorshiP2
How sensitive they have been in this instance,'
and in the case of a long-established undero6og'
may be inferred from the fact, that a pamphlet
made up of statements which, if not, vague, cer-
thinly required corroboration, and were susceptte
'ble of correction, depreciated the value of th
Liverpool and London Fire and Life shares in the
market eighteen Per cent. ! ,
To recapitulate, either these .statementsfornertilie
one side, or. Alie corresponding details of
_upon the other, would be as unsuited to they
odes
_columns as it is superfluous. • All our r 4 4,
~ flbjec'
who take any interest in investigating the h- two
have already made themselves masters °f t—e
articles
pamphlets, which contain respectively' the
The
of accusation and the articles of defence•
in
most material ' accusations cannot eertaly 13°
held to be proved ; but two as certainlY reinalll
1 unrebutted. The loss at Valparaiso is likely
ti/'
I-be much more serious than last year's repoo
led the proprietors to suppose ; and secondly, tij
grave charge of having bought up rotten and
takings stands corroborated and tacitly admitte
d'
,
On the other. hand, a gratifying statement on tro
- 10
whole is issued to the proprietors, of the san°
I
ill
te
of assets and the ' nature of the propertied
which they are invested ; while,.if some are °I
appointed that this is not accompanied b 1 Fe
0
equally explicit statement of the liabilities, It
are told that this is in course_ of preparation' ~
. bp,
... . _ .
is only by the possession of both, that the litri i
-can form any-satisfactory"npinion- of ats
of the concern.

It '
But there is one good the inquiry may
1. ice
may serve to purge the company or everY Jot,
of that -weakness which may sooner or jilter
into its vitality,—dummy directorship. The
vol it
tern has passed through its fiery trial ; 5'
re
appears has arisen from the most abject der It
.sion to a position of eminence and pro speritYsol
can only .be maintained in that eminence
strength by the controlling hand of . the °III' -$0
,and should-be real, directors of its fort-all°. .1/
• te
one can read these pamphlets without 01-°
aST
in some degree the suspicion of Mr. F°- 01)4
and the suggestion of Mr. BriocicrkriAs ttle
the reins have been held too loosely 1;1.! 0(4
Board ; and too often flung over tbe cad
of their able and efficient_ officer. The Pr e tlf.
reply contains too much of that passion-
deov of
lance which are very.unfitting characteris-
manifesto emanating from a public board,t° 100
it to be supposed that it does not pree°°
the one who should have had the least c 1
001'
its. concoction. That gentleman was on hi. oaf'
and his commendation Would have insPo' t
confidence had it proceeded from an illace
source.
' I.;at
If public confidence is to be fully t--
its
can only be by-some satisfactory assar- or
the duty of supervision is not deice tea' Ate;
•N'ef
assiduous discharge • for one .day pre cacti
that the nominal directors are real 011°'.
te
conscientious, and unwearied ; and el' , t thed
a
rection of its: interests, and the guicialleoed to ti`
helm, are not, from any motive, resign'
ability or the ambition of a paid official'
As the real object of the " AdvaPV+he O
&Wit ij
Advanced
is to Itepublicanisethe institutions 0.1 tit)
;„flopor t)0
it is very interesting, and very .I—"' io of
watch the working of Republicanista
oft° DY
United States. . And there- is an °PP ..,04
doing so at this , moment, under verY -" for occ'
, fo•
- - • a.,
circumstances,—favourable,weme of .
tamingthe
ent; since it
true
sthe p
characteri of
eitiohacit.
trot_ c