The Sun.
London, England, 1857-01-15 00:00:00

BRITISH BA.Z4 IL.

This matter had been before Mr. Justice Willes at
chambers, but he had referred it to the Court ❑pon the
terms that the defendant should undertake to show cause
against the rule in the first instance.
Mr. Lush and Mr. Beasley moved the rule, and Mr.
Hugh and Mr. Melli:h showed cause.

Mr. Lush said that the plaintiff was a judgment cre-
ditor of the bank for 5761.164., and 'the present motion
was for leave to issue executor❑ for tbat amount against
Mr. Beattie, a shareholder in the bank, and registeredas
such in the last memorial filed by the bank. His case
would be that the defendant was concluded by his being
mentioned as a shareholder in the memorial, hut if the
Court thought otherwise his friend would then say that
the defendant bad purchased his shares in the hank upon
representations made by the directors which were false
and fraudulent, and that, as he had purchased in conse-
quence of the fraud of the directors, he was not liable
upon this application. The first question was whether
the defendant was concluded by his name being in the
la-t memorial filed. The statute 7th and Bth Viet., cap.
113, enabled the Crown to grant charters of it.corpora
Lion to banking companies, but the 16th section enacted
that within three months afterwards, and before the
commencement of business, the bank should file a
memorial setting nut the names and addressee of the
various members of the c ,mpany. It was further enacted
that they should every year, between the 28th February
and the 25.. h March, file an annual memorial of the
members of the company, anti shout also from time to
time, a; the occasion might require, file other memorials,
stating who had become new members, and who bad
ceased to be members of the compley. The object of
this enactment was the protection of the public, and to
enable people to know of whom they were to obtain
payment of debts. The 21st section was in these terine
—" Be it enacted, that the names of the persons who
shall appear in the then last delivered memorial arid their
legal representatives shall he liable to all legal proceed-
ings under this a 't as existing shareholders of the com-
pany, and should he entitled to he reimbursed as such
existing &iarehelders on), out of the funds of the com-
pany for :'l losses sustained by reason thereof."
Mt. Jte.tice Cress well—You do not go so far ac to say
that if the official return is made, and names are inserted
of persons who never were shareholders at all, that they
would become liable ?
Mr. Lush said it was not necessary .to his case to do
so.

Mr. Justie, Cresswelf —There has been one case of
that kind—the Imperial Batik of Manchester and the
adjoining districts. In that case the manager returned
on oath a list of persons as shareholders who never were
shareholders. The bank was supposed to have a capital
of a million or two, whereas the only paid-up capital
was 5,000 t., and with that amount they had opened
nine different branches.
Mr. Lush sail that was not similar to this case. Here
the defendant had purchased the shares and signed the
deed, and so authorised his name to be inserted in the
memorial, and he did not repudiate his liability until
after bankruptcy bad taken place. The memorial had
been filed in a bortra fide manner, and he, therefore, sob-
Initted that under ,hat state of things the defendant was
liable to have execution issued against him. ,
The Geirt, intimated a desire to take time for conside-
ration of the matter.
Judgment was accordingly postponed.

Letter; from well informed parties at St. Petersburg
State that the great retussiari railway project will probably
be brought forward at a very early date. Actor iing to
the represeetatiene studiously put forward in Russia,
the great house of faieglitz and Co- were parties r 0 the
contract, tigether with the credit Mobilier S ,ciety.
Messre.
11"13', Paring, &e. In the copies of the con-
tract received in Loedon, however, the came of Messrs.
Stieglitz is wareir4.
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