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London, England, 1838-08-15 00:00:00

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LONDON :
WEDNESDAY EVENING, AUGUST 15, 1838.

The rejection of Mr. Pout,Err THOMSON'S Trading
Companies Amendment Biil by the House of Lords last
night, places the President of the Board of Trade in
a very deserved, but the reverse of enviable, position be-
fore the country. To figure as the framer of an Act so
absurd as to be, in consequence of its absurdity, wholly
inoperative, is ridiculous enough; but to have that in opera-
lion lauded by such a clear-sighted Statesman as Lord
BROUGHAM ar; a national blessing, is tantamount to a de-
claration that there are occasions, and those very impor-
tant ones, when the President of the Board of Trade's
folly is more than a match for his cunning—when, in
fact, the Right Hon. Gentleman may have the will, with-
out the ability, to be a very dangerous Member of the
Legislature. The LOAD CHANCELLOR, to whom the
guardianship of Mr. POULETT THOMSON'S Bill was en
trusted, affected to regard as a great amendment of the
law as at: present existing, that the members of Trading
Companies could be sued under it to the amount of their
respective shares. We confess that we are of a very dif-
ferent opinion. The right to sue and to be sued, to be
worth anything as a protection to individuals and the
public, must be vested in the Chairman alone. Suppose
under Mr. POULETT THOMSON'S Bill, that an Incorporated
Company was indebted to an indisidual to the amount of
10,000/., and that the liabilities of the several shareholders
(111 not exceed 1001 each. The creditor demands payment
which being refused, instead of one action, he is obliged
to bring one hundred against as many several individuals
for the recovery of the debt. But this is nut all
The legal expenses are, as a matter of course, ren-
dered liable to be increased an Ittrulied fold—to the
mate ruin of every trading Company in the kingdom.
Such would be the operation of Mr. POULETT THOM-
SON'S Trading Companies' Act, provided the House of
Lords had not had the good sense, finding it inoperative, to
allow it to remain so. It is true that a creditor might not
be able to institute so many actions ; but in that case the
President of the Board of Trade's Amendment Bill would
enable all Companies to rob their poor creditors with abso-

lute impunity.
When the National Loan Fund and Life Assurance
Society's Bill was before Parliament—a Bill in the success
of which a desire to promote the best interests of the mid-
dling and working classes induced us to take a lively
interest—Mr. POULETT THOMSON had the modesty to
recommend the Directors to propitiate his support by not
daring to take precedence of the miserable legislative abor-
tion strangled last night by Lord BROUGHAM. Fortunately

for themselves and the country, the Directors of the Na-
tional Loan Fund were too well aware of the degree of in-
fluence possessed by Mr. P. THotsoN, to perform a part
so gratifying to the vanity of an incompetent Minister.
Had they acted otherwise, where now would have been the
National Loan Fund Bill ? Lost for this Session at least,
and, in consequence of his support, most likely for ever.
As a Minister, Mr. POULETT TitomsoN's career is well
nigh run at this moment. The Legislative glory of
the " young Baltic merchant," elevated to the Presidency
of the Board of Trade,waxes dim—even in Manchester.

How much the Liberal Press did to elevate Mr. PouLETT
THosfsoN to the seat in the Cabinet which he now occu-
pies, cannot yet be forgotten, even by himself : how
greatly that Press was mistaken, and how sensible it is of
that mistake, may be inferred from the tone of the article
which we arc now writing. As we said before, Mr. Pou-
LETT THoissoN has had his day ; he has been weighed in
the Ministerial balance, and—found wanting.

Lord LYNDHURST condescended last night, in the
House of Lords, to make himself the mouthpiece and the
instrument of Mr. URQUHART, and the little knot of
Tories, at Glasgow, whom this pragmatical gentleman has
persuaded that he is an oracle of diplomacy and trade, and
whom he has roused up to petition Parliament. Their United
complaints turn on two points—the decay of our trade,
and the loss of our political influence ; and on both we
shall say a few words.

•
Our readers who remember the communication we in.
serted about four months ago, describing the num-
ber of foreign ships that frequented the Havannah and
other places as compared to the number of English ships,
and remember how clearly that difference was traced to
the Corn-laws, will readily admit we believe, that our fo-
reign trade is likely to decay, and will be at no loss to assign
the reason for it. We have on the one hand a law to make
food dear, which affects all the products of our labour, and
gives a corresponding advantage to all those rival nations who
can get their food at as cheap a rate as it can be grown ;
and on the other we have a standard of value which, being,
higher than that of other nations, gives to the ,
whole of them an advantage of some 3 or 4 per cent. on