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

THE COST-BOOK SYSTEM.

painlnpholu j
etr
entitledournal of the hGnsltdcinnmstp.,anwiees
analldudtehde
Cost-
book System." We pointed out its fallacies, ald
de-
monstrated fully that it was a work without a sin
point to recommend it, either in respect of facts, argu-
ment, or good diction.
It was not our intention therefore, to have reverted
to the subject, but being Overwhelmed with lette rs, .
consequence of the City Editor of the Times having; cool'
mented on it in such a peculiar manner as to c,onveig
the idea that our contemporary admitted the somndne,_
of Mr. Higgins's statements, as respects the Cost-book
System, it is incumbent, on us, as the class jouro al) Tit"
remove this impression. We believe, indeed, th.at „
City Editor of the Times has been inadvertently lo d int!:
a misconception of the system by the compiler a tu
pamphlet.
'
On inquiry as to the position of Mr. Joseph .Napier
Higgins, we are obliged to confess that reference to ""d
Law List is the only way we can obtain informaticKe) an
then even to the extent, simply, that he is a barr3s3ter of
May, 1851.
Mr. Higgins is a bold man, but we do not qua,rrei
t.
with him for his temerity, or for making up a panc;Pweto
It is the order of the day, we know, for the jun i ors
write about something, no matter what, to show thew
perfect indepeneence of briefs ; and the more stiatlil3
the position assumed, whether right or moron t
more is the effect produced. The present is a case '—
point. A very young barrister, with scissors and .r11:3
puts together 31 pages, including the title-page, of 1;osa
type, to pervert facts—to cope with the talent, Ole
matured judgment of the bench and bar, and !.'',A
cautious City editor of the Times is thrown off his gt
by the dash of this barrister of 22 months' standing. e
Mr. Higgins asserts boldly and unequivocally that br
cost-book system is applicable only to Cornwall—thav
to the jurisdiction of the Stannaries' Court, whic.ll 1"
placing himself in direct opposition to all the best law-fe..4
of the day, particularly of the Western Circuit, Pct
gistrar under the Joint Stock Companies' Act, 9'n
even to the Court of Chancery itself.
The exemption under the Joint Stock Companies' Act
in favour of partnerships for mines, minerals; and Q'ua'r-
ries, is general and not local. tis only a few we e
since Vice-Chancellor Stuart decreed in favour of the
7.,
rights of a shareholdersto determine and put an ens -°
his liability, by relinquishing—that is writing off— %,,)
shares (having previously disbursed all calls and char, el
in the Pennant and Craigwen Mine, which is situate of
the foot of Arran Nowddwy, in the mountains
Merionethshire.
This power of the limitation of liability is the
essence, the very life and spirit, of the Cost-book Sys t,
a boon which is inadmissible in companies under
Joint Stock Act ; and if it can be applied to assn' "",„'
tions in North Wales, it may surely be carried out
favour of undertakings in other parts of this count 2 1,1;
for we confine our remarks to this country, and wit(
without reference to California and other places far re'
moved, where it is proposed companies should be work
on this system.
The only sound work yet extant on the laws of nii rib 4
is by Mr. R. P. Collier, M.P., Recorder of Penzrint
In his treatise, published two years prior to that will' C
introduced Mr. Joseph Napier Higgins to wig and ge'W
he does not raise the question of the non-application
the cost-book system to parts out of Cornwall ; bo'
merely alludes to it incidentally, as a settled point in tl Je
reverse sense ; for, in expressing himself as to the pr 0:
priety of extending the jurisdiction of the Stannarii
Court to Devonshire, he says, " the whole district wori ld
be comprised in which the cost-book is prevalent ; fo rP
though not confined to Cornwall and Devonshire, it
believed to be rare in other counties."
The Registrar under the Joint Stock Companies' A, ct
admits, moreover, his inability to compel cost-book col .0.7
panies to register ; and we know of no instance of till
functionary having tried to enforce registration, as 1",..ar
spects associations in this country. The only point t
guarded is a strict adherence to the acknowledged pr int 01
pies and the received rules and regulations. It is the e d
parture from these points, and not the adoption of the 0)0t
book system, which renders many companies liable to li
penalties, and open to just censure. It is, however, sine ere
to be hoped that a legislative enactment will deter Xlin'
unmistakably and finally, as to the limits, condi tiotelP
and requirements of the Cost-book System ; and it
indeed with pleasure we learn that Mr. Collier h:
termined to introduce a bill this session. Such a t4B"
could not be in more able hands or entrusted to a fie, en-
ei n whose
whole
mining
ijnui judgment m
communityen t and k n owwol dgdehoa fv thee
g r lu
ec
ai tee;
s
ctt lio°ennmfiadt hne
nc e . ining Journal.

INSTALLATION OF LORD DERBY A; OICFORD.-4 Lil°
authorities of the Universit
of Oxford have appoLa t-
the Bth of June for the installation of the Earl of D „
who was some time since elected Chancellor
in the O 0
of the late Duke of Wellington. It is expected that Wu:,
,
of the éclat which would have attached I 0)
proceedings will be wanting, in consequence of t' 721
rim onions proceedings in opposition to the re-elect /011
Mr. ~,..
Gladstone, as member' for the university, on tb"00,
casion of the right hon. gentleman's appointor ent
Chancellor of the Exchequer, and that the appro s& chi;
installation will partake very much of a political db
ter, a circumstance which it has always been one m
great objects of the university to avoid.
emAploCyoer
altCTthSelpri.s—onOsnoTnhuDrasrdtamy,ooorneenodfetahveocurone:
effect an escape. He ran off, but was pursued, and o
attempts to catch him failing, a sentry fired and hit
in the leg at 250 yards—a good shot, and which :"
doubtless serve as a warning.