The Sun.
London, England, 1857-07-22 00:00:00

BILL.

On the consideration of the. Lords' Amendments to
this bill, which was introduced in reference to the Red-
path frauds,
Mr. SPOONER objected to the Lords' Amendments
which would put the preference shareholders on an equa-
lity u ith ordinary shareholders, and completely abrogate
the title under which the preference shareholders held
shares. Tae preference shareholders had a right to be
paid 5 p-r cent. per annum out of the profits before any
other dividends were paid, but if the Lords' Amend-
ments were agreed to, the 260,0001. Rodpath's frauds
woul Ibe paid fir: The preference shareholders would
by these wnendnients only receive this year half a year
instead of a year's dividend, having to take their chance
with the ordinary shareholders in what remained for the
payment, of a dividend. Tee I?gislation now proposed
would shake the confidence of the public in preference
suck. He moved the omission of the Lords' amend-
mEots,

Mr. A. TURNER seconded the motion. He consi-
dered a great principle of commercial honour was. in-
volved in this question. England's commercial honour
had hitherto stood very high, and he called on the house
to be cautious how they adopted such repudiatory prin-
cip'eg as those involved in the amendments under consi-
deration.

Mr. NEWDEGATE said that the point involved was
a very nice and important one. It ought to be decided
by a court of 1-iw. He should, however, support the
motion.

Mr. BAILLIE, chairman of the committee before
whom the preference shareholders' claims were sent,
said that the question before the committee was confined
to the payment of the current half-year's dividend, and
they reported that the preference shareholders were en-
titled to their guaranteed dividend if a surplus remained
after the payment of the Redpath fraud. The case had
been somewhat altered since the commitee reported,
because the directors had now a second half-year's divi•
dend in hand. The effect of the lords' amendments was
to give the preference shareholders a dividend, if any re-
mained after the payment of the Redpath frauds out of
he profits of the year. In that respect they would be
placed on an equality with the ordinary shareholders.
After some remarks from Mr. HEADLAM, Mr. J.
EWART, and Mr. W. BROWN,

Mr. J. DENISON (chairman of the Great. Northern
Railway) said that the question was investigated by a
committee of the Hodse of Commons, and also by a com-
mittee of the House of Lords, berore whom the preference
shareholders appeared by counsel, and after full conside•
ration the Lords confirmed the decision of the Commons.
The amendments objected to were introduced by the
House of Lords with a view of equitably settling the
question and to prevent litigation. The directors at first
proposed to capitalise the Redpath frauds, and throw the
loss over a series of •years, but Lord Redesdale, the
chairman of the House of Lords' Committees, insisted
on the frauds being paid out of revenue. There was a
great difference between preference and guaranteed
stock. The meaning of the former was,
that if there was a profit they should
after the payment of the expenses of the line be first
paid their dividend out of the surplus earnings of the
line. The legal points at issue between the directors
and the preference shareholders was whether the latter,
having only received part of their usual dividend in
1856, in cmsequence of these frauds, were entitled to
claim the payment of the difference out of the earnings
of 1857. If they had that power, preference share-
holders would be, in fact, guarauteedshareholders. It was
with the view of settling the question, and to prevent
litigation, as he had already said, the Lords' amend-
ments had been introduced into the bill. No dividend
could be paid until the question was settled.
Mr. LOWE said that the house was not bound
by the decision of either of the committees, and that it
was competent for the house to reconsider the question.
It appeared to him that the committees committed an
error in entering into the question of what was or was
not the rights of the preference and ordinary share-
holders. (Hear, hear.) The question ought not to have
been decided by the committees, but by a court of law.
(Hear, hear.) By disagreeing with the Lords' amend.
ments the house would leave the question in that posi-
tion without prejuding the: rights of either class of
shareholders. (Hear, hear.)
Mr. FITZROY differed from the hon. member for
Kidderminster in reference to the powers of the com-
mittees relative to this question, and he said that the
preference shareholders went before the committees un-
der the knowledge that they were to be treated in the
manner proposed by the Lords amendmente..
After a few words from Mr. BRISCOE, and Mr. P.
W. MARTIN,
The Lords amendments were negatived without a
division, Mr. E. DENISON, chairman of the Great
Northern Railway, declining to go to a division on
the motion, the feeling of the house being against the
adoption of the Lords Amendments. -

[LEFT BITTING.),

ELECTION COMMITTEES.—(This Day.)

WEYMOUTH.

The committee met this morning at 1 o'clock, when
evidence was taken on the part-of the sitting member.
The first witness called was the Rev. Mr. Russell, Con-
gregational minister at Weymouth, who deposed that
he was present when Mr. Campbell (sitting member)
spoke to his butler about the la cheque given to him, and
which the witness Viall said hai been given to him
to get changed, out of which he received 3/. for
three pairs of elippere, when Mr. Campbell asked his
butler what become of the cheque he became much con-
fused, and on Mr. Campbell becoming angry he took
out of his pocket 8/. and some silver as the change.

SLIGO.
The select committee on the question of privileo,
relative to the (lsetion of Mr. P. Somers,-met this
morning for the first time with closed doors. The pro-
ceedings will be conducted io private.

_----_
THE ROBBERY BY MANS OF OHLOROFORM.—Yes-
terday Abel Smalley, who stands charged with having
administered chloroform to a sailor named William
Young at Chatham, and robbing him of five sovereigns,
underwent a lengthened Examination before the mayor
and magistrates at Rochester, when the facts as already
stated in The Sun, having been proved, he was com-
mitted to take his trial at the ensuing assizes.
OCCUPATION GONE.—A professional thief, who was
recently apprehended in a midland county on a charge
of robbery, had in his pocket a letter, of which the fol-
lowing is a copy :—" Bakewell, Derbyshire, June 15,
cleiv
1857.--Dear
. Dany earniwonifeey,—frYomounse, wilblubtelsuarsisaurirse you there ised at not re
not a chance of doing anything on account of the new
police which is put on in this county, but I expect to
be in Sheffield to-morrow, and if all be well I will send
to you from Sheffield. lam very well, hoping you and
Tom is the same, from your most loving and;affectionate
husband, W. H."
MADELEINE SMITH.—A tradesman in this town (says
the Berwick Advertiser) having a correspondent in Glas-
gow, wrote there to inquire whether the report he had
heard here was true, to the effect that it was proposed
to raise by subscription the 'suns of 2,0001., to be pre-
sented to this unfortunate girl, as an expression of
informa publion
c
sympathy. He has received, in reply,
that a subscription is intended to be made, but that it is
not limited to any sum, and is as likely to be 10,000/. as
the ti
less. That an address is about being presented to her
father, wherein the tradesmen of Glasgow will express
their esteem for him as a neighbour, and sympathy for
his family under their present affliction, and a hope that
he will forego the intention of expatriating himself on
account of an occurrence which reflects no discredit on
him.
DESPERATE CASE OF STABBING,--At the Guildhall
payee-court, yesterday, George Cox, a man about forty-
five years of age, described as a commission agent, of
No. 1, Harvey-street, Sexton, was placed at the bar
before Alderman Carter, charged with attempting to
murder Caroline Cox, his wife,
with and a man named Ed-
mund Forty, by stabbing them a dagger, in a fit of
jealousy. From the evidence it appeared that the pri-
soner pursued the parties from the neighbourhood of
Angel-street to the Generai Post Office, when he stabbed
Tbou the exhibitior pro-
them both with a dagger. The wounded parties were
conveyed to hospital, and until they are sufficiently .
covered to give evidence the prisoner remains in custoti 1
of the police.
ROYAL AGRICULTURAL SOCIETY h
OF ENGLAND.—SALIS-
BURY, Tuesday Evening.— g
perly so called, only opened to-day, the trial of imple-
ments has been proceeding since Friday last. The trials
with the reaping machines have been declared to be
satisfactory • and the first prize was adjuged to Messrs.
Burgess and Key, for Mr. M'Cormick's improved ma-
chine. The first prize for mowing was obtained by
Mr. Clayton, of the Atlas Works. The show yard,
so far as the implements are concerned, was thrown open
to the public at 10 o'clock this morning. Messrs.
Griffiths and Co , of Birmingham, Exhibit a very ingeni-
ous cheese-making apparatus, invented by Richard Rea-
vil, of Laycock. By this machine a much finer and
more uniform quality of cheese is insured, and an in-
UnitedThSeta stheos,wao nfdcattle
in-
creased weight of at least 10 per cent produced. The
i vt
other most noticable invention in the exhibition this
year is an American platform beehive,
the hb. ee
Mr. S. Davies, of Cl Tremont,
public , i i
c invented o
.to-morrow.
or r oby
bh exhi-
bitedeep2 and horsesbyMe Messrs.
, wilt
b Burgesseand openedK
A WOMAN'S STORY : By Mrs. S. C. Hall. 3 Vols.--
cc c A. Woman's Story' is a title very truly indicative of
the manner and matter of this book. To trace the effects
of early training on the character of woman, to exhibit
her in her innermost emotions of pride, and love, and
affection—to portray her relations to those domestic ties
which form so important a portion of woman's existence
—this, especially, falls within a woman's province, and
the task is accomplished by a very high effort f the
novelist's art, in Mrs. Hall's pleasant work. The work
is a tale of powerful pathos and domestic tragedy, and
demand. In a lewd, there is in ' A Woman's Story"
the moral is as high a one as the most rigid censor could
that which will attract the hearts of women and of
men too—which will carry their interest undiminished
1 to the close, and leave them with something worth pon-
. Bering upon when the tale is finished."—lottn Bull.