The Sun.
London, England, 1858-09-01 00:00:00

ON-DON A.ND NORTH.WESTERN
• RAILWAY.-NORTH STAFFORD/a-ÜBE GOODS TB,AFFIC.

The Public are informed that the general Goods Traffic of
STOKE, STONE, LEEK, CONGLETON, MACCLESFIELD, and
BURSLEM, and all TOWNS on the NORTH STAFFORDSHIRE
RAILWAY are received at Camden, Hayden Square, and at all the
LONDON AND NORTH-WESTERN GOODS OFFICES in LONDON.
Rates and other particulars thy be obtained at the COMPANY'S
GOODS OFFICES in LONDON, and at all the Offices of their Agents,
MESSRS. PICKFORD t Co.; and at MESSRS. CHAPLIN & HORNE;
who have made extensive arrangements, from promptCOLLECTION
and DELIVERY in LONDON, and in the TOWNS named above.

By order.
MARK HITISIE, General Manager.
Euston Station, London, August 1958.

ROYAL PRINCESS'S THEATRE.
Under the Management of Mr. Charles Kean.
Last Night but Two of the Present Season, which will conclude on
Friday next, Sept. 3.
THIS EVENING will be presented Shakspere's Play of THE
3IERCIIANT OF VENICE : Shylock, by Mr. C. Kean ; Portia, by
Mrs. C. Kean. Preceded by the Farce of LIVING TOO FAST.

ROYAL LYCEUM THEATRE.
Manager, Mr. Edmund Falconer.
TRIUMPHANT SUCCESS OF THE NEW COMEDY.
TlllB EVENING, EXTREMES ; or Men of the Day, supported by
Messrs. Emery, Falconer, Rogers. Barrett, Mesdames Charles Young,
Weston, and Miss Kate Saxon. To conclude with the New Farce,
--KICKS and HALFPENCE—Messrs. Emery, J. Rogers, and Barrett.
Doors open at half-past 6, to commence at 7. Box-office open froni
11 to 5 daily.

CANTERBURY HALL, Westminster-road.
OPEN EVERY EVENING.—The following company of Vo-
calists are eagaged for the performance of Seleetions from all the
popular OPERAS, MADRIGALS, CHORUSES, GLEES, DUETS, &c.,
via.;—Miss Russell, Mrs. Badsey, Miss Brunel!, Miss Ray, Madame
gartoletti, Miss Montague, Mrs. Lawrence, and Mrs. Anderson
Herr F. Jonghmans, Mr. Henshaw, S. Jones, J. Barker, W. Melling
enor Antonio, E. L. Hitne, Mr. Bedzey, Senor Tiroli, Mr. Cozens
Mr. Bell, Mr. Barnard, and Mr. St. Albyn. Mr. John G. Fords
and E. W. Mackney. Pianoforte, Mr. Cecil Hicks ; harmonium
blr. Courtney; Director, Herr F. Jonghmans. Commence at seven
'clock precisely. Suppers, &c., until twelve o'clock.

THE WEATHER—SUN OFFICE. SEPT. 1.
THERMOMETER, IN THE SHADE.
65—highest since noon yesterday.
55—lowest this morning and during the night.
67—this day at noon.
BAROMETER, 29.76.
WIND S.W.; light and flee.

We yesterday pointed out the improbability of the
East India Proprietors demanding the redemption of
their capital stock, as they are entitled to do, within
12 months from this day. The Company will, there-
fore, in all human probability, remain in existence
sed "quantum mutalus ab illo Hectore" until 1874. It
will be something like the Greenwich or Chelsea
pensioner, babbling of its quondam exploits, and
thankfully pocketing the stipend provided in grate-
ful recollection of former services. _ _ _

But what is it to do with the sums receivable
either on account of dividend or of redemption of
capital ? Are they to be paid to the Directors on
behalf of the Company, or to the individual proprie-
tors ? and will they be the exclusive property of the
latter, or be liable to all demands that may be pro-
perly made against the Company ? On this point
the right hon. and learned gentlemen completely
differ, there being two on each side the
Attorney-General and Sir R. BETHELL taking one
view, and the Solicitor-General and Mr. WIG&AM,
Q.C., the other. This, as we recently stated, may
give rise to a fertile crop of litigation, which should
be nipped in the bud, and which will, doubtless, be
prevented so far as practicable by Lord STANLEY or
his successor for the time being. _ _ _

All the legal authorities agree that " the right of
the East India Company to trade was suspended only
while the territorial government was confided to
them, and that upon the termination of their terri-
torial government the right of the Company to trade
revives." They, however, add, that " this right to
trade would be confined to enterprises of the nature
specified in the charters and statutes of the Com-
pany ; and, moreover, they are of opinion that, from
the lapse of time and the change of circumstances, it
would not be found that practically trade could be
carried on with advantage under the present consti-
tution of the Company." This is a point that the
Company can decide for themselves. They
have a right to trade under the circumstances and
conditions specified in their ancient charter
and statutes. And although it may not be judicious
to do so, yet no tribunal can interfere with their
vested rights and privileges, which, after a long sus-
pension, have this day been revived. They are the '
sole judges on that question, and are so fortunate, in
ease they should decide on trading, as to have limited
liability, so that each proprietor will be only re-
sponsible
for the amount he has actually invested. 1
The subject cannot, therefore, be considered as com-
pletely set at rest ; and there are many wealthy
capitalists who might feel disposed to offer a hand-
some bidding for the rights and privileges which the
legal authorities consider could not be advanta-
geously made available under the present constitu-
tion of the Company. Questions of some import-
ance may arise on this point, and persons may be-
come proprietors of East India Stock for the pur-
pose of resuscitating the moribund Company, and
turning it into a leviathan trading corporation.
The great difficulties refer to any possible " defal-
cation or loss," arising from the misconduct or mis-
management of the Company's agents, in the pay-
ment of dividends or otherwise. It is agreed that
if it be a defalcation or loss as to the monies pro-
vided for the payment of dividend, and handed over
to the Company for that purpose, or if it occurs by a
servant of the Company permitting or making an
irregular or unauthorised transfer, the loss must
fall on the Company. But how is that loss to
be satisfied ? That is the problem which
requires solution, on which the highest legal autho-
rities are at issue. The Attorney-General and Sir
R. BETIIELL are of opinion that the dividend and
redemption money, being appropriated by statute,
there would be no general property of the Company
to answer any such liability, which would therefore
be only nominal. The Solicitor-General and Mr.
WIGRAM, on the other hand, consider that the £lO
10e. per cent. on six millions, and also the redemp-
tion money of twelve millions, would, when paid
over to the Company out of the revenues of India,
and before division among the members of the Com-
pany, be assets of the Company, and be liable to sa-
tisfy any demands to which the company may re-
main subject. There is a similar difference respect-
ing the capital of £12,000,000 sterling to be applied
to the redemption of the dividends. The Attorney-
General and Sir R. BETHELL are of opinion that this
sum, when paid, could not be dealt with in any other
manner by the Company than by the payment to
each proprietor of the amount of his share of the
capital stock, and that the question—whether, under
the circumstances supposed, the Company should
come to any formal resolution as to the appropria-
tion of the money—is immaterial, inasmuch as no
resolution of the Company can affect the right of the
proprietors of stock to their respective shares of the
twelve millions. The Solicitor-General and Mr.
WIGRAM consider that
this sum of twelve millions
is to be paid by Parliament to the Company, and not
to the individual proprietors of the Company, and
that when so paid it would represent and would be
he capital stock of the Company, and accordingly
be subject to all liabilities of the Company, They
also think that, under these circumstances, theut-
ut-
most right of a proprietor would be to insist that, if
the trade of the Company was not revived, these
liabilities (if any) should be ascertained and dis-
charged, and the surplus capital divided among the
interests.
These according to their respective
These are serious matters, which imperatively re-
quire legislative interference before they can be
finally and satisfactorily set at rest. Indeed, it would
be for the benefit both of the, proprietors, and of the
community at large, to have the rexata qualtiones
decided with the least possible delay, and the entire
dividend redeemed, although at a higher price than
the £12,000,000 already allocated to the purpose.
As we Xve already stated, it would save some
e
.£380,00 r annum to the nation, and that would
be a very appreciable item in the first budget of
the Financial Minister.

The Colonial Secretary bad scarcely been installed

in office when, as we all km*, he abolished the
ilundering old man contract with Australia. The

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THE SUN.
WEDNESDAY, SEPTEMBER 1, 1858.