The Sun.
London, England, 1853-03-22 00:00:00

THE COST-BOOK SYSTEM.

In our journal of the sth inst., we alluded
nfeuads
facts,
sha:ena
rdC singleg
todet-
b
srtppskaenfewait el
without
to
pamphlet entitled
mlyeltynh:
thd
at
pointede t h,itee iwGt hao
esl
rd
aoi Companies
wotr mot
n point
ts
tStroaytsertdee mcof.um"l
meri wt,oars
notgoo ouddr iction
It intention, therefore, to have reverted
to the subject, but being overwhelmed with letters, in
consequence of the City Editor of the Times having com-
mented on it in such a peculiar manner as to convey
the idea that our contemporary admitted the soundness
of Air. Higgins's statements as respects the Cost-book
System, it is incumbent on us, as the class journal, to
remove this impression. We believe, indeed, that the
City Editor of the Times has been inadvertently led into
a misconception of the system by the compiler of the
pamphlet.
On inquiry as to the position of Mr. Joseph Napier
Higgins, we are obliged to confess that reference to tut!
Law List is the only way we can obtain information, ana,
then even to the extent, simply, that he is a barrister et
May, 1851.
Mr. Higgins is a bold man, but we do not
with him for his temerity, or for making up a pamphle
quarrte.l
It is the order of the day, we know, for the juniors to
write about something, no matter what, to show their
perfect indepeneence of briefs ; and the more startling
the position assumed, whether right or wrong, the
more is the effect produced. The present is a case in
point. A very young barrister, with scissors and pen,
puts together 31 pages, including the title-page, of large,
type, to pervert facts—to cope with the talent and
matured judgment of the bench and bar, and the
cautious City editor of the Times is thrown off his guard
by the dash of this barrister of 22 months' standing.
Mr. Higgins asserts boldly and unequivocally that the
cost-book system is applicable only to Cornwall—that is,
to the jurisdiction of the Stannaries' Court, which is
placing himself in direct opposition to all the best lawyers
of the day, particularly of the Western Circuit, the Re;
gistrar under the Joint Stock Companies' Act, 311'
even to the Court of Chancery itself.
The exemption under the Joint Stock Companies' Act
in favour of partnerships for mines, minerals„ and quay"
ries, is general and not local. It is only a few wee'
since Vice-Chancellor Stuart decreed in favour of the
rights of a shareholder to determine and put an end to
his liability, by relinquishing—that is writing off—iii!
shares (having previously disbursed all calls and charges)
in the Pennant and Craig-wen Mine, which is situated at
the foot of Arran Nowddwy, in the mountains °',
Merionethshire.
This power of the limitation of liability is the very
essence, the very life and spirit, of the Cost-book Systou ;
,a boon which is inadmissible in companies under the
Joint Stock Act ; and if it can be applied to associa-
tions in North Wales, it may surely be carried out in
favour of undertakings in other parts of this country;
for we confine our remarks to this country, and wholly
without reference to California and other places. far re-
moved, where it is proposed companies should be worked
on this system.
The only sound work yet extant on the laws of mining
is by Mr. R. P. Collier, M.P., Recorder of Penzance.
In his treatise, published two years prior to that which
introduced Mr. Joseph Napier Higgins to wig and gown,
he does not raise the question of the non-application of
the cost-book system to parts out of Cornwall ; but
merely alludes to it incidentally, as a settled point in the
reverse sense ; for, in expressing himself as to the pro-
priety of extending the jurisdiction of the Stannaries
Court to Devonshire, he says, " the whole district would
be comprised in which the cost-book is prevalent ; for,
though not confined to Cornwall and Devonshire, it is
believed to be rare in other counties."

The Registrar under the Joint Stock Companies' Act
admits, moreover, his inability to compel cost-book com-
panies to register ; and we know of no instance of that
functionary having tried to enforce registration, as re-
spects associations in this country. The only point to be
guarded is a strict adherence to the acknowledged princi
pies and the received rules and regulations. It is the de-
parture from these points, and not the adoption of the cost
book system' which renders many companies liable to heavi
penalties, and open to just censure. It is, however, sincerely
to be hoped that a legislative enactment will determine
unmistakably and finally, as to the limits, condition*
and requirements of the Cost-book System ; and it is
indeed with pleasure we learn that Mr. Collier has de-
termined to introduce a bill this session. Such a task
uhands,orentrustoefed
the
gen-
tleman int bew nhiosem
judgment
and knowledge
tion the whole mining community would have greater
confidence.—Mining Journal.

INSTALLATION OF LORD DERBY AT OXFORD.—The
authorities of the University of Oxford have appointea
the Bth of June for the installation of the Earl of Derby,
who was some time since elected Chancellor, in the room
of the late Duke of Wellington. It is expected that much
of the éclat which would have otherwise attached to the
proceedings will be wanting, in consequence of the ac'
rimonious proceedings in opposition tot he re-election of
Mr. Gladstone as member for the university, on the oc-
casion of the right hon. gentleman's appointment
Chancellor of the Exchequer, and that the approaching
installation will partake very much of a political chert!c7
ter, a circumstance which it has always been one of the
great objects of the university to avoid.
A CONVICT SHOT.—On Thursday, one of the convicts
employed at the prisons on Dartmoor endeavoured to
effect an escape. He ran off; but was pursued, a
attempts to catch him failing, a sentry fired and hit
other
,Iv
1.12,1
M
in the leg at 250 yards—a good shot, and *A
doubtless Berme as a warning,