The Sun.
London, England, 1858-01-07 00:00:00

During the last few months houses with liabili-
ties to the extent of at least from fifty to sixty
millions sterling, have succumbed to the formidable
pressure by which they were assailed. Among
this number were a few joint stock banks, and
although there can be but little doubt that every
bona fide creditor will be paid to the utmost far-
thing, that no actual loss will be sustained, advan-
tage has been taken of the opportunity to organisa
a formidable onslaught on those generally speak,
ing admira,blymanaged institutions. The facilities
which they afford to the legitimate trade and com-
merce of the country, are so many thorns in the
sides of the hard calculators. So long as these
establishments flourish they cannot carry out
their designs against the property of their less
wary brethren. The joint stock banks have enor-
mous resources at their disposal which they dil-
pense liberally and judiciously to all having just
claims for pecuniary assistance. It is not merely
the large paid up capitals, or the credit afforded
by a list of not merely solvent, but wealthy pro-
prietors, answerable with their last shilling and
their last acre, for all the engagements and
liabilities of the establishments with which
they are connected, but the immense
deposits intrusted to their care and management,
and for which they bestow a portion of the profits
thereby obtained on the depositors. This is " the
unkindest cut of all." It attracts money that might
otherwise be reposing in the Hag of " hard calcu-
lating bankers," and from which they would rea-
lise enormous profits. Nor is it merely the amoent
distributed in the shape of interest to those who
rejoice in obtaining at the same time a remunera-
tive investment for their money, that represents
the loss to the private bankers. There are the
handsome dividends paid, amounting in many in-
stances to 15, 20, aye, 26 per cent. on the paid-
up capital. These gains expose the secrets of the
prison house, and disturb the peace of the hard
calculators. Why should they bo abstracted from
their coffers ? Why should they not obtain all
at which they are willing to grasp ? Even Mort-
DECA.I, the Jew, was not more obnoxious to HA-
MAN than are the prosperous joint-stock establish-
ments to the bankers of Lombard-street and Lutli-
bury, and hence the attacks that Lave already
taken places and may be anticipated during
the present session.
It is not however a more stringent law respect-
ing joint-stock banks, but a more equitable code
for the winding-up of insolvent estates that is re-
quired. At present the Court of Bankruptcy is
avoided with a holy horror, not merely by the
bankrupt, but still more so by his creditors. The
former sees a formidable ordeal to be encountered
which must occasion serious annoyance, however
meritorious may have been his conduct. The lat-
ter consider the inevitable reduction of the divi-
dends which, under a more judicious system, they
would unquestionably obtain, and gladly accept
,he tender of 55,, or even 2s. 6d., in the pound,

rather than see it frittered away in useless pro-
ceedings which may gratify a vindictive mind,
but can be of no advantage to the general body.
It is not that the code is too lenient ; quite
the contrary. It is iti stringency that, generally
speaking, leads to the expenses so greatly dreaded
by the creditors. The whole law of debtor and
creditor requires revision. The enactments re-
lating to bankruptcy and insolvency require re-
vision, and both should be amalgamated, for
no distinction sbould be made between traders
and non-traders who are unable to meat
their engagements. At least no general one. It

might safely be left to the discretion of the able
and experienced Commissioners who preside in thd
different Courts. Nor should imprisonment for
debt, at the mere will and pleasure of an exas
perated creditor, be sanctioned. It should only
be authorised under the judgment of a Commis-
sioner, either in bankruptcy or insolvency, and
then for a definitive and limited period. It would,
wider such circumstances, be more dreaded, and
affix a greater stigma on the character of the in-
carcerated party, than is now the case, when even
a man of unexceptionable honour and integrity
may be imprisoned through unavoidable misfor-
, tunes.

The whole subject should be closely investi-
gated, and such legislation as may be required
passed with the least possible delay. As we have
stated, the question is one of paramount impor-
tance, far more so to creditors than to debtors,
and it is the interest of all classes to have it
settled in the manner most equitable, and, at the
same time, expedient. Avoiding, at the same
time, undue severity, and undue leniency, punish-
ing the deliberate swindler, and relieving the
poor but hpnest debtor, whose poverty, and not
his will, prevents him from meeting his engage-
ments.

THE ROYAL TWELFTH CAKE.—This annual specimen
of confectionary art was placed in the royal banquetting
room at Windsor Castle last night. The cake with its
decorations stands about five feet in height, and weighs
one hundredweight. It is made in four divisions, each
diminishing in size as it rises to the top ; the base being
circular, and decorated with beautiful medallions and
embossed borders in silver. The second division is
octagonal, each angle being ornamented with an oval.
shaped mirror, let in and surrounded by a richly-em-
bossed border. The figures standing out in front of this
compartment represent ladies and gentlemen in dresses
of the Court of Louis Quinze. The third tier is a square,
its angles having medallions in their centre, and sur-
rounding this compartment, and between vases of
miniature flowers are grotesque figures representing
winter. The fourth division is in firm of a richly-
ornamented pedestal, on which is placed a cup of
chaste design with flowers. This upper division is
surrounded by figures, alio of
.the Court of Louis
XV. The whole is an elegant specimen of ability in
the ennfectionaty department, and does great credit to
the taste and skill of Mr. Constant Pagnitz and Mr.
Hawkinson, the royal confectioners.
THE GAS COMPANIES AND THE PUBLlO.—Yesterday
the committee appointed by the delegates from the
metropolitan parishes held an adjourned meeting at
Marylebone Court-house, to consider the form of petition
to be presented to Parliament in reference to the mono-
poly apprehended from the arrangements entered into by
the several gas companies. The chair was accupied by
Dr. Bachhoffner. A. form of petition was, after consider-
able discussion, agreed upon. In order to show the ho-
portance of the ,übject, it sets forth the statement which
appears in she report of Mes,rs. Gallou, Simpson, and
Blackwell, on metropolitan drainage, dated Aug. 3,
1857, and or :sired by the House of Commons to be
printed as follows :--According to an estimate of Mr.
George Ln,,ve, C.B , engineer to the Chdrtered Gas Co.,
London, the annual consumption of coal for the purpose
of gas-making in London was then about 840,000 tons,
which would yield 7,280,000,000 cubic feet of gas. The
value of tbia volume of gas would be, at 4e. 63. per 1,000
cubic feet, 1,733,000/. ; and the petitioners are informed
and believe that the annual sum paid to the various gas
companies in London is near 2,000,000/ per annum—a
sum which must of necessity be continual y i-creasing.
Tne petitioners therefore submit that the several gas
companies should be restricted by legislative enactments
gbaesbosuupnpduteodabypatrhtiecmulator
terminatedstthot aenai their aac
standard
tiiorunu stutie:hrees charge
oaAer g
qualityeevdofiotonerfg: and Gt. hf
the gas
thanks to the chairman
GENEROSITY OF AN ACITESS.—AIi s Goddard, the
tragedian, who has been visiting Australia and California
during the last three years, presented her entire share of
purpose
,amounting
of
forthe
Shakspeare d play of
the " Winter's Tale" was performed on the occasion•
G A telegram from Stockholm states that the Discount
itioestoooenruci:liyiabdeersi.lsl:tiagon:iitagetos
ohiat:tssiturersnaetecneiegtisegprt,sgs
toifißoharnelriea. engagement,
ruat,
uaranteo Society has been completely organised, and
solvent houfste'rs P tions The object of this
which is Lanni-% i°lfleureantiall supported, is to assist
the formal sanction of the. Government
a that may be subjected to tem-
porary embarrassment.