The Sun.
London, England, 1844-04-29 00:00:00

THE CIRCUMSTANCES OF -THE VICTIMS.

But the extent of the evil is to be measured rather by
the circumstances of the victims than by the amount of
the plunder. They are usually persons of very limited
means, who invest their savings in order to obtain the
tempting returns which are offered. Annuity companies
have proved the most dangerous in this respect. Old
people, governesses, servants. and persons of that de-
scription, are tempted to invest their little all, and when
the concern stops, they are ruined. Sometimes persons
of more property and better intelligence are tempted, but
the greater number of the sufferers are of the fist-named
dc scriptions.
In one case, a person who had effected an insurance
in one of these offices fell into impaired health, and on
its breaking up, he could not succeed in renewing the in-
surance in any other office.
In one case the victims were the ordinary specula-
tors in companies, some of them merchants and men of
business.

By one witness, a solicitor, it was stated that mercan-
tile men of great sagacity neglect in such cases the most
ordinary precautions : that they take more care in dis-
counting a small bill than in forming a connexion with
such companies, by which their fortunes may be wholly
lost ; and this neglect has been attributed to the fear of
its being known that they are seeking an exorbitant re-
turn, or that they are embarking in undertakings of
questionable character.

THE IMPUNITY OF THE OFFENDERS.
The eoncoctors of companies, however fraudulent, and
however largely they have despoiled the public, are
practically unamenable to any judicature, civil or
criminal : _ _

1. Parties affected by these fraudulent contracts can-
not discover of whom the company consists.
2. If the discovery be made, they are generally so im-
poverished by their losses as not to be able to pursue the
offender, or so ashamed of being involved in the transac-
tion, as to be indisposed to submit to expose themselves
by so doing.
3. They fear to lose their chance of recovering a por-
tion of their loss.

4. If able and willing to prosecute the offenders, the
legal proceedings are so cumbrous as to be almost im-
practicable.
5. If proceedings be taken in Chancery, each party is
entitled to proceed by separate answers, so that such
proceedings are impracticable.
6. And it is difficult to sustain criminal procedure by
the necessary evidenee.
In one instance, where a manager of a company failed,
hundreds attempted to prove their claims ; but it was
held by the Commissioner of Bankrupts, before whom he
was heard, that they were not entitled to prove against
his separate estate.
This person was managing Streeter and trustee, and
had passed the money through his private banker's. No
other director or trustree could be found sufficiently
solvent to be prosecuted. In many cases it is difficult to
prove the partnership.
Under these circumstance, the same parties, or parties
of the same description, baffled in one concern, availing
themselves of the general impersonal designation of com-
panies, start others equally objectionable, without there
being any possibility of apprising the public of the iden-
tity of the company.
This is shown by two or three instances of companies
of a questionable kind brought before your Committee.
Yonr Committee have agreed to the following resolu-
tions, and have embodied in them their views of the
principal provisions of which they are now prepared to
recommend the adoption for the improvement of the
law.