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

LLOYD'S SHIPPING-(TIIIS DA Y.)

LONDON, March 22.—Wind this day at Noon, N., fine
and dry.
DEAL. March 21. - Wind, E.S.E., calm and foggy. ~
•
rived—Eleanora, Demerara ; Sorciere, St. Michael, . s uot
garet Evans, New York. Sailed—Dannebrig, Ile' .
Town ; Earl of Shaftesbury, Madras. The Colombo ( the
Tian brig), bound to Newcastle with sulphur, is en
Goodwin, and discharging; expected off at high water'
LIVERPOOL, March 21.--Wind, N.E. Arrived pub
bel, St. Michael's ; Arabian (s), Constantinople. Off
—Wave, St. Übes. Sailed—General Wiltshire, Coqule?
Kortenaer, Melbourne; Lamartine, Pernambuco;_
Orleans, New Orleans.
SOUTHAMPTON, March 21.—Wind, N.W. A Bengal (s), Kelloch, Alexandria. Sailed—Ripon (s), '6l-18
andna.
PLYMOUTH, March 21. Wind, N.N.E. Arriv
•
Elise, Lindberg, New York.
FALMOUTH, March 20.—Wind, variable. Arrived--
Bazaar, Alexandria.
.„h 9.6
YARMOUTH, March 22.—(Per Electric Teleg,rar- d
a.m.)—The Roscoe, of and for London from Sunderland,
is in the roads, after having been assisted off the Corte'
Sands.

SHOREHAM, March 20.—A piece of board, about I li,
feet long, with a gilt scroll along the outside, eviders,
part of the quarter galleys of a large vessel, with " Aletgde,
Chisholm and Co., shipbrokers, Arroath," on the insit
was picked up last week on the oyster grounds, and brought
in here.
CROMER, March 21.—A boat, painted black, 18 feet
is
long, and marked in carved letters Towaso Conatta(?) Ay
thrown on the beach at Salthouse, March 19. to
DOMINICA, Feb. 26.—The Regalia, from Demerarii,v,
London, called off this port Feb. 19, and reported 0
master dead, and yellow fever amongst the crew ; she ..,11
painted ports and
with water and two seamen, and proceeded. ,c 1
NEW YORK, March 7.—A ship, with AI
coppered, apparently about 800 tons, and nearly
with F. H. the last letters on her stern, was seen onZe:
Feb. 22, in lat. 30, long. 73, by the Empire, Cr° re
arrived at Philadelphia ; she was abandoned, had lost foe
and mainmasts, and her mizenmast fell a few MillUteo
fore the Empire came up.
er
PANAMA, Feb. 21.—The John Hutchinson, from T,iv f
pool to this port, which was on shore to the southward
0.
Buena Ventura, Ist Jan., is reported to be a total /17-"`—'
cargo sated, but in a damaged state. sand
JAMAICA, Feb. 26.—The William Inglis, from '—
Martha, put in here Feb. 23, leaky, and is discharging'
,ea
LIMA, Feb. 26.—The British ship Brant was deotil„,°lo
by fire, on her passage from Rico to this port with guo--

THE COST-BOOK SYSTEM.

In our journal of the sth inst., we alluded to 4,
pamphlet entitled " The Gold Companies and the Co
book System." We pointed out its fallacies, and ois
monstrated fully that it was a work without a sing
point to recommend it, either in respect of facts, a'a-.
ment, or good diction.
rted
It was not our intention, therefore, to have reve
to the subject, but being overwhelmed with letters, 7.
consequence of the City Editor of the Times having OS
mented on it in such a peculiar manner as to colivy
the idea that our contemporary admitted the soundness
of Mr. Higgins's statements, as respects the Cost-book
System, it is incumbent on us, as the class journal,
remove this impression. We believe, indeed, that the
City Editor of the Times has been inadvertently led into
irefnfoerellacteion°,
a misconception of the system by the compiler of t
pamphlet.
On inquiry as to the position of Mr. Joseph NaP,,ie,:
the
ee obliged
only w ayt
we
ee ocnafne ss thatobtain
aigwgirttwi:
then even to the extent, simply, that he •is a barrister" May, 1851.
Mr. Higgins is a bold man, but we do not quarrel
with him for his temerity, or for
making up a pamphlet.
It is the order of the day, we know,
for the juniors to
write about something, no natter 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 largetype, to pervert facts—to cope with the talent and
matured judgment of the bench and bar, and ,'
cautious City editor of the Times is thrown off his guar'
by the dash of this barrister of 22 months' standing.
i
Mr. Higgins asserts boldly and unequivocally that the
cost-book system is applicable only to Cornwall—that f!;
to the jurisdiction of the Stannaries' Court, which
placing himself in direct opposition to all the best
of the day, particularly of the Western Circuit, the Re;
gistrar under the Joint Stock Companies' Act, and
even to the Court of Chancery itself.
Act
The exemption under the Joint Stock Companies, -0-
in favour of partnerships for mines, minerals, and (Info
ries, is general and not local. It is only a few weeks
since Vice-Chancellor Stuart decreed in favour of the
rights of a shareholder to determine and put an enrl,.t.°,
his liability, by relinquishing—that is writing off----ul-
shares (having previously disbursed all calls and chargel
in the Pennant and Craigwen Mine, which is situated at
the foot of Arran Nowddwy, in the mountains of
Merionethshire.
This power of the limitation of liability is the verl,
essence, the very life and spirit, of the Cost-book Syst'
a boon which is inadmissible in companies under t't"
Joint Stock Act ; and if it can be applied to associa'
tions in North Wales, it may surely be carried out ie
favour of undertakings in other parts of this country;
for we confine our remarks to this country, and when!
without reference to California and other places far r_,)
moved, where it is proposed companies should be
'gorier"
on this system.
The only sound work yet extant on the laws of mining
is by Mr. R. P. Collier, M.P., Recorder of Penzan,et
In his treatise, published two years prior to that
vflue—
introduced Mr. Joseph Napier Higgins to wig and gocrelf
lie does not raise the question of the non-application
the cost-book system to parts out of Cornwall ; he'
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 Stannarl
Court to Devonshire, he says, " the whole district 1,•°,?",.
be comprised in which the cost-book is prevalent ; ie"
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 or;
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 pries
pies and the received rules and regulations. It is the oe;
parture from these points, and not the adoption of theme ,
bookaystem, which renders many companies liable to heaTJ,
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, conditions,
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
could not be in more able hands, or entrusted to a gee"
tleman in whose judgment and knowledge of the pies.
tion the whole mining community would have greater
confidence.—Mining Journal.

THE HEAD MASTERSHIP OF CHRIST'S HOSPITAL.--:
The governors of this institution have appointed Tees
day, April 1, for the election of a head master in the
room of the Rev. Dr. Edward Rice, whose melancholy
death was recorded in this journal some time ago. The
committee have selected the three following gentlemen'
and the governors on the day named will elect one °I,
them to the vacant office. The Rev. Dr. G. A. Jacob'
Principal of the Collegiate School, Sheffield ; the Rev'
Hugo Daniel Harper, M.A., fellow of Jesus College,
Oxford, head master of the Grammar-school, Sherburne;
and the Rev. Henry Newport, M.A. head master °
the Grammar-sch,ool, Exeter, formerly head master °f
St. Bartholomew s School,
Newbur Hitherto it has y.
been customary for the head master to hold, with the
mastership, one of the livings in the gift of the governors ,
but in future this privilege will be disallowed and the
head master will not be allowed to take any clerical clu,v
unconnected with the school. The stipend is 8001.'9'
year and residence.

INSTALLATION OF LORD DERBY AT OXFORD.---Thae
authorities of the University of Oxford have appointe
the Bth of June for the installation of the Earl of Derby,
who was some time since elected Chancellor, in the roomsii
of the late Duke of Wellington. It is expected that ratic
of the éclat which would have otherwise attached to the.
proceedings will be wanting, in conseuence of the aef
rirnonious proceedings in opposition tot he re-election °c.
Mr. Gladstone as member for the university, on the t°o
casion of the right hon. gentleman's appointreen..,
Chancellor of the Exchequer, and that the approont_f;
installation will partake very much of a political chrile,
ter, a circumstance which it has always been one of
great objects of the university to avoid.
A CONVICT SHOT.—On Thursday, one of the conv.i°,,,t°
employed at the prisons on Dartmoor endeavours-doe";
effect an escape. He ran off, but was pursued, and other
attempts to catch him failing, a sentry fired and II"
...„il
in the leg at 250 yards—a good shot, and which 7--
doubtless serve as a warning;