The Sun.
London, England, 1809-07-21 00:00:00

SMITHFIELD HAY-MARKET.

flay 51, tss. od. to 71. os. od.—Straw tl. los. od. to al.
Qs. od.—Clover 71.'05. 04. to 81. Bs. od:

CORN-EXCHANGt, ititV 21.--=To=day the-market
is in the state as our lbSt feport, without arrivals of
grain during the Embargio'i.but considerable remain-
ing quantities of Wheat, chiefly foreign, ,iecond, and
,inferior, which is almost without buyers ; but fine
in request, and keeps its price ; in Barley and Malt
little fluctuation ; Pease and Beans of the two kinds
vary but little; there are considerable remaining
supplies of oats, and in this trade little variation ;
Flour at our last quotation ; fine American

L4l 11 REPORT.

COURT OF CHANCERY, U.LY 23.

PEARCE V. PIPER.

This day-the cause was farther proceeded in, in
which the Plaintiffs are the. annuitants, and the De-
fendants are the majority of the Subscribers to the
Amicable Society of Bakers.
Mr. LEACH, for the.annuitants, said, that this was
an appeal froth the judgment of the Master of the
Rolls, under the following circumstances :—This so-
ciety, which was
_exclusively confined to bakers in
L, bndon, was formed in 798, and was to giant annui-
ties to it:, members of 601. a year, after they were
sixty years of age, and 301. a year to their widows
upon their death, which was also to rise to 601. after
these widows arrived at the age of 60; hut every
member to belong to the society seven years before
be could derive any benefit from it, which of course
preven tedalladmissions after the age of 53. Ofc,ouise
the annual subscriptions were proportioned to the, age
of the enteranis, am: the man who entered at 53 wits to
-pay 161. a year. About. 1806, their funds' had accu-
mulated to 10,0001. and several annuitants began to
receive their annuities. But in consequence of the
reports on the plan given by two actuaries, Messrs.
Morgan and Fairman, the trustees supposed that the
plan had been miscalculated, and having called a ge-
neral meeting, it was resolved by them that the so-
ciety should be dissolved,and the funds divided among
the subscribers, in proportion to the sums then paid
in. The annuitants, who now were nine in number,
and saw themselves cut off from relief, brought their
cause before the Master of the Rolls ; and there be-
ing one article of the original agreement which pro-
vided, that if the subscriptions, and the interest of
the funds should be insufficient to pay the annuitants,
then the trustees should summon a general meeting,
and raiseadditional contributions upon the subscribers
and the annuitants ; on this ground his Honour was
of opininn that the society should not be dissolved,
but that this article of the agreement should be ful-
filled. 'Flom this decree an appeal was now brought
before his Lordship by • the majority of the sub-
scribers, who had voted for the dissolutioh of the
society._

Mr. RICHARDS, in behalf of the Appellants, con-
tended, that the whole plan had been founded on
principles which were grossly miscalculated. The
whole scheme was a mere bubble; though in saying
so he did not mean to impute any blame to any of
the. parties, who might be all of theinindustrious and
respectable individuals, But it was quite evident they
had entirely miscalcUlated, and" a Court of Equity
would not lend its proyttion and support. to a mere
bubble, which was calculated to deceive, and produce
expectations which could never be realised. Besides,
he should be glad to know how it -was possible to
enforce the decree of the Master of the Rolls. The
society was not incorporated by any Aa of -Parlia-
ment ; and as the majority of the subscribers had al-
-ready agreed That the society should be dis Solved,
bow was it possible for any decree of the Court to
oblige them to continue, much more tq increase
-their subscriptions.
Sir S. RONILLI.Y, for the annuitants, observed, that
if this Court could give no relief to his clients, they
certainty were placed in a most unfortunate situation.
They had contrived to lay by a very considerable
portion of their hard.earnings from year to year, in
order to entitle theMselves to these annuities, and at
the very tune when. they. had reason to expeet
this relief foe their old. age, the society is to be,
dissolved. If the.wholr, scheme is a bubble, as had
been said, *be conceived it must be allowed that his
Clients were the dupes, and not the deceivers If
the society was to be dissolved, the least that, in
common justice, the subscribers could do for his cli-
ents, was to purchase for them, from the funds of
the Institution, such reasonable annuities as might be
thought proper, and then the subscribers might di-.
vide the remainder. In support of his Honour's
Decree, be contended that the Society partook of
the nature of a partnership, and that it was in the
power of a Court of Equity 'to oblige the subscribers
to fulfil those covenants into which they ,had volun-
tarily entered, one of which was to increase the
subscriptions, if the state 'of the funds required
it, and even to dedu& from the annuitants such
part of their, annuities as, tooether with the increased
subscriptions, would settle the whole plan upon just
and arithmetical calculations. Nothing, he thought,
could be more equitable than this, and if any of the
subscribers thought -fit to withdraw their annual sub-
scriptions, they did so at the petit of losing all future
interest in thelund. On these grounds he submitted
thai the Decree of the Master of the Rolls should be
affirmed.

I he LORD. CHANCELLOR observed, that the Legis-
lature had shewn the Utmost anxiety for the encou-
ragement and proteEtion of these friendly societies, as
conceiving them so favourable to the industry and
comforts of various classes in society. On this occa-
sion it would readily be believed, that he felt very
anxious to do full justice to both parties in this suit.
And here he had to lament, that the original plan of
this institution was so very imperfe& as it seemed to
he ; this was what lie had too often to witness with
retard to these friendly societies, and which render-
ed it so difficult, if not impossible, for a Court of
-Equity to interpose its relief, At present, he was
inclined to doubt whether the Decree could be
supported"; and whether it would not lead to endless
litigation; for supposing the society to be continued,
and these annuitants to be paid according to this
plan, when additional annuitants came upon the list
from time to time, what was to prevent the majority
from again voting fora dissolution, which would of
course be productive of new applications to Court.
He telt a very strong anxiety to afford, if possible,
substantial relief to these respetiable people, and be-
tween this and Monday he should carefully consider
what that relief should be, to make it as consistent
as possible with the eventual interests of all the parties
conc6rneil-

--cOURT OF..I(I,NG's BENCH, JULY 20.

THE .I(TNG V. WILIIAIv,I GOLDEN, ESQ. AND THREE

OTHERS.

'The ATTORbJEX•GENERAL. stated that this was an
indithnent against the Defendants, Mr. Golden,
and three wirer Gentlemen, for having acted con-
trary !o the provisions of an A6I of Parliament;