The Sun.
London, England, 1826-12-06 00:00:00

lication In the rimes, and giving it distinctly as their una.:
nimous conviction that neither-he (Mr. Brogden) nor Mr. Bent
had any knowledge whatever of the, misapplication of 15,0001.
of the funds of the Company, when they received the 1,000/.
each. The- Committee afterwards agreed upon a- Resolution, to
be reported to a General Meeting,. and in that resolution the
Committee expressed their unanimous opinion, that when-Messrs.
Brogden and Bent had accepted the 1,0001. each, they thought
that. the money had arisen from the sale ofehares, and Were utterly
and entirely ignorant at the time that the Mbney had been with-
drawn from the funds of the Di- nipany ; and that when informed
of the fact, they knit dune every thing in their power to promote
it prompt and rigid inquiry into, the transaction. This report
was laid before a General Meeting, and was unanimously con-
firmed. At a subsequent General Meeting, held for the purpose
of considering the propriety of excluding those who had really
been concerned in the fraud, a resolution, acquitting him' of all
• participatiOn in it was carried by 202'Shareholders out of 216,
the number of which the Meeting consisted. In short, at !bur
General Meetings, bis.7Cotidttet throughout had been fully ap-
proved—(Hear.)He had only to express his earnest wish that
Gentle Men would not suffer their minds to be biassed by the general
'prejudice which then prevailed against Joint Stock Companies.
,Joint Stock Companies were not necessarily bad; fin° many great
and useful pnrposes they were absolutely necessary. The Ho-
nourable Alderman had spoken of the mania of Joint Stock
• Companies, He (Mr. Brogden) had a predilection for that
Par he belonged to one which had been eminently sue-
maul, and Most advantageous to the public. He had, no doubt,
4 share in the direction of some others; but be they what they
might, he had always acted with perfeet
A fter the stnendment, moved by the Right Hon. the Secretary of
State, he did not think himself called upon to enter upon the ge-
nertil nantre and histnry of these Joint Stock Companies. The
Mining COMpunies had been particularly alluded to. But surely
Mining speculations were not necessarily bad. Many of them
Were most valuable, and most useful-to the public. Even the
South American Mining Associations had done good ; as, by the
employment of British capital and industry in the working of the
Mines of those recently emaneipated States, the connexion be-
tween them and thin country was drawn closer, and great advan-
tages procured for our commerce. He concluded by stating again,
that he most sincerely rejoiced at the prospect of the appointment
of the Committee, and the full investigation of those matters ill
which be was accused of having been implicated ; and he repeated
his wish, that it would meet as early us possible, and proceed with
the inquiry immediately. _ _

Mr. Alderman WAITHMAN rose and said, that
he wished then' to make one observation, and it was this
most certainly excepted from his imputations certain Joint Stock
Companies. But, then, he said that such Companies were proper
only in. those great and extensive concerns which could not be
carried on by individuals. lie also, undoubtedly, excepted from
all censure thove persons who had merely lent their names to such
Companies, front an opinion that by so doing they were promoting
the interests of the public.
A GENTLEMAN, whose name we could not learn,
stated, that he approved of the Amendment, since he was satisfied,
by taking these Companies singly, the inquiry would be most
likely to lead to sonic good practical result. At the seine time,
he did not think this Arigna Company the worst of those men-
tioned by the Hon. Alderman. lie hoped, therefore, that the
cases of other Companies would be brought forward singly.
Mr. HOBHOUSE could not but think the House
and the Country very greatly indebted to the Hon. Alderman, for
his great industiy and exertions in searching the practices of these
Joint Stock Companies, and in making them the subject of im-
partial inquiry. He concluded by again declaring, that the Ho-
nourable Alderman and the Right Honourable Secretary of State
had deserved well of the House and the Country for their conduct
that night.
Mr. ATTWOOD observed, that the Hon. Alder-
man hail brought a great many sweeping charges against Joint
Stock Companies. But Joint Stock Companies might be good,
and therefore vague, and sweeping assertions against them did not
deserve much attention. Even with respect to this Arigna Com-
pany, it was evident that the 1,0001. had not been paid to the
late Chairman of the Committee under the improper eircum-
sdances which had been mentioned ; and with respect to the
Equitable Loan Company and their Bill, the Hon. Alderman had
said a great deal about that Company ; and yet, after all, he had
not been able to state more than a single fact affecting in Any de-
gree any of.. the Members of the House of Comnurna. The
Equitable Loan Company was certainly not a delusion, and it was
well known that it was quite usual with the moat honourable men
to lend their names to such such speculations as promised to he at-
tended with advantage to the country. item they Nut excluded their
late Chairman' of the Committee of Ways mid Means for his comm., •
tion with a Joint Stock Cumpauy ; hut it en happened that the pre-
sent Chairman of the Committee of Ways and Arcane was con-
nected with Joint Stock Companies.—(A laugh.)—This proved
the absurdity of these general imputations—the absurdity of con-
sidering Members of Parliament at all disqualified to hold such
situations as Chairman of the Committee of IVays and
upon vague and sweeping allegations of their being connected with
Joint Stock Companies. The lion. Alderman, among his other
id ergot and imputations, bad dwelt much upon the conduct of
the buyers end sellers of shares. But that circumstance alone
could surely never he considered as any imputation on their cha-
racters. There wota no more in buying or selling a share than
there was in purchasing or selling a shawl.—(A loud laugh.)
—The Hon. Alderman bad adverted to certain cases of alleged
abuses in these Joint Stock Companies. It might be difficult to
guard in all cases against abuses in these Companies.; but it was
well known that a great many of the most beneficial works never
could be carried on without them. There could be no doubt of
the vast utility of Canal Navigation, and yet that most valuable
work had been carried on by means ofJoint Stoek Companies, and
could not be carried on by any other means. He might also men-
tion the works for supplying cities with water, which had been
carried on by means of Joint Stock Companies, to the infinite
convenience and comfort of the public. Then he might mention
that great improvement the Gas Light.. This could only have
been done by means of a Joint Stock Company, and by great per-
severance, and at an inne:lse expense. Ile believed that little less
than 300,000/, had been expended before they had been able to pro-
duce anything else then a bad light ; and yet, by the perseverance of
a joint stuck company, the gas light had been brought to its present
brilliant condition. The insurance joint stock companies were also
of great public utility, and yet were carried on without any assist-
ance of the Legislature. The Foreign Mining Associations had
been, in like manner, condemned without sufficient reason. Con-
sidering all the circumstances attending them, he (Mr. Attwood)
was of opinion that they were very fair objects of enterprise. The
Honourable Alderman had stated, a few nights ago, that, during
him Mayoralty, 1824, a great many individuals bad applied to him
to give his sanction to fraudulent schemes ; and that, by lending
hip name to them, he might have put thowiands of pounds into his
pocket; but his poblic virtue, it seemed, bad resisted the tempts-
tion.—(A laugh.)—The only continent that he (Mr. Attwood)
would make upon this btaulnent was, that none of these persons
with fraudulent schemes had ever applied to him to join in their
concerns.--(A was unfortunate for the riot). Alder-
man that they should have selected him as a fit partner in their
hear.)—lfe (Mr. Attwood) mildewed that
ho ihould have been astonished if such persona had applied to
him for his assietance, or if lie had heard that they had applied
with the same view to the Honourable Alderman (Tkompeen).
opposite; and he was almost equally eatonielied to account
why they should have gone to the Honourable. Able, man who
had brought forward the 'motion. It certainly was creditable
to the Honourable Alderman that he shrunk from sharing in
the speculations which he wag invited to patrouise—(Hear, hear,
and a laugh).--With regard to, the Joint Stock Companies for
domestic purposes, he (Mr. Attwood) believed that many of them
would prove highly beneficial. lie referred particularly to the
Association for forming Provincial Banks in Ireland. Another
instance of great public benefit was the General Steam Navigation
Company. There again was an improvement which this country
owed entirely to Joint Stuck companies.--(Bear, hear,
Wan the vessels navigated by titeani four out of five, if not nine
out of ten, were the property of Joint Stock Companiets, more or
less numerous—(Heat.; hear.) -!t would be an act of imprudence
for private individual* to risk the eitablirhuient of such packets as
these. Joint Stock Companies had led the way in all improve-
ments—above all, they. had 'beaten down the obstacles to the in-
tareomee of nations, an object advantageout to et ; but if to any,
most of all to this great commercial country—(Cheero—He
jeeted to the motion, because it conveyed an imputation on .every
wen who had been connected with Jpint Stock Ateaticiations ; iu
mane degree, it puk him nailer accusation-.-(lrene, hear,)—and
would Produce an fiCipreision on the public mind, that the Mem-
bers of that Horse had eclmowledged the justice of the stigma
tempted to be affixed to them. - •
Sir 41-. EX. GRANT ro.t! to address the-House
only in (Amletiliente of the allusion which the Honourable Geo-
tleman who hail joist temined his seat, had: thought - proper to
make with respect to him. It was,. true thathe was a Director
o.f. a Joint Su" ""inisny far a few Weeks. Rut as no list of that
Company had
_been adVertised, he did not imagine that there was
any Memb )er i f that House, except those in the same situation as
himself, who knew any thing about it—(A laugh). Ile had not
the slightest suspicion, that the general knowledge of the lion.
as it did to every thing of the
Member (Mr, Attwood), 4.Ltoding

kind, could have produced that particular example—(Hear, bear,
and a laugh). He (Sir A. Grant) would briefly state the circum-
stances under „which he had become connected with this Joint
Stock Association. In the spring of 1825 it was proposed to him to
join his name a 3 a Director of this Company with those of several
persons of commercial eminence, and some of the highest rank.—
As he saw no objection to the project, he consented. lie would
intbrm the House what that project was. It would be in the re-
collection of the- House—for Royal and Imperial visits were not
very conunon—that their Majesties of the Sandwich Islands
sited this country in 1824—(A laugh). The House would also
recollect the melancholy fate that befel these personages. They
died, and they were then returned to that hemisphere from whence
they had came.--(A slight laugh, and cries of " Order.") An
individual who for Med part of the Royal Suite, named Rives, pro-
leased to have been invested with certain powers by his Majesty
of the Sandwich Wands, to be'used for the benefit of his subjects.
—(Laughter.)—These powers were represented to authorise this
Rives to grant the exclusive privilege of trading to those Islands,
and he stated his intention to dh!pose of it through the medium of
a Joint Stock Compaup—(Coretinued laughter).—He had. failed
in one attempt to do so, and was then offering it to the Associa-
tion, which he (Sir A. Grant) was requested to join. He was
strongly solicited, and at length he acquiesced.—(A laugh. )—The
sum received altogether front the subscribers was between 20 and
25,0001. Among the benefits the Company were to enjoy, the
principal was, a most advantageous trade in Sandal-wood, of which
they were to have the exclusive exportation to China.(Loud
laughter.)—As British subjects, without the privilege, the Navi-
gation Laws of the Sandwich Islands would not allow them to par-
ticipate in this valuable traffic.—(Repeated laughter. happen-
ed that the mother of a much esteemed Officer, holding a high official
situation, the Adjutant-General, had been there; and from her
they made their first, fatal discovery. Shortly afterwards, they
suspected that the individual professing to have the right to dispose
of these privileges was not authorised to do so, and they then de-
termined on the dissolution of the Company.—(Laughter.)—Dur-
ing the few weeks of its existence, it was involved in an expendi-
ture of from 2to 3,0001. How did the Directors act under these
circumstances? They argued thus :—" We, the Directors of this
Company, have, by lending our names to it, induced the public
to take the Shares.—(Hear, hear.)—We now find out that we
have acted under fallacious representations. Arc the public to
pay for our mistakes? No : we lent ourselves to the fallacy, and
it is our duty, therefore, to bear the onus.—(Cheers.)"—The
Company was dissolved ; the loss was spontaneously divided among
the Directors; and the public received back every shilling they
had subscribed.;—(Cheers.)—He confessed it was with great pain
he bad risen on this occasion, but nothing on earth should have
prevented him, after the allusion made to him by the lion. Gen-
tleman (Mr. Attwood), and which, he would take the liberty of
saying, was made in the most uncourteont manlier on the part of
that Hon. Gentleman.—(No, no.)—He said so, because that
Hon. Gentleman had not previously communicated his intention
of making the allusion, thereby giving hint (Sir A.G.) abetter op-
porttinsty of recollecting the facts.

Mr. ATTWOOD, in explanation, stated, that he
deemed no private communication necessary, as he had found the
Company noticed in a printed book. He would readily concede
to the Honourable Gentleman, that he had satisfactorily proved
that a more Lawless and innocent operation had never been per-
formed, than the attempt made to obtain the monopoly of the
trade in sandal wood, between the Sandwich Islands and China.—
(A laugh.)

Mr. JOHN SMITH said, it had happened to him
to be concerned iu some Joint Stock Companies, and he never felt
any sensation but pride and satisfaction in the recollections arising
from them. He was not conscious that in his connection with a
single Company, he had committed any act of which he had rea-
son to be ashamed—(Cheers.)—lle gave the Honourable mover
(Mr. Alderman Waithmae) great credit for the purity of his mo-
tives, but he could nut approve of his sweeping allegations against
all Joint Stock Companies—(Cries of " No, No.")—The, Ho-
nourable Alderman had talked much of the Equitable Loan Bill.
Some of the meat respectable men in England were in different
situations in that Company. He (Mr. J. Smith) was one of the
Vice-Presidents. He never went but once to the place of meeting,
and the only observation he then made was, " Gentlemen, you are
wrong to take so many shares among yourselves." He afterwards
declined belonging to that Company ; but it was his decided opi-
nion, that its establishment Would have been of essential benefit to
the lower classes. In conclusion the Honourable Gentleman re-
peated most broadly, that be, personally, feared no inquiry—en the
contrary, be wished for it. He was sure, when the Equitable
Loan Bill was investigated, there would he an end of the exagge-
rated statement. that had been made respecting it.
Mr. HUSKISSON said, that as Ito also had beets
alluded to in term., which he would not call uncoutteous, hut At
the stone time in such a manner as showed that the Worthy Al-
derman (Waithman) was under some misapprehension as to the
facts be had stated, he would shortly inform the House that he
had neither directly nor indirectly had any share or interest in any
one Joint Stock Company, formed during the years 1824, 1825,
or 1826. That he had an interest in an Insurance Office, one of
the oldest in the City, and that he had had it for the last twenty
years, he would not deny; and he supposed, that because he held
a public situation, he was not precluded from such an invest-
ment. He also 1:eld himself free to state, that he had a very in-
considerable share in two canals, neither of which, he was sorry
to say, was productive. One of them was nearly connected with
his place of residence, and the other with his local interests. If
the Hon. Member alluded to the Company formed to promote the
growth of silk in Ireland—(hear, and a laugh),—he would explain,
in a few words, all the connexion be had with it. When the parties
who had projected that Company came to the Board of Trade, he
specifically stated to them, that though he thought it a desir-
able experiment; yet, considering the situation he held, as Presi-
dent of the Board of Trade, he could not expose himself to the
misapprehension that would he likely to arise from his so doing.
When the parties applied to him, as President of the Board of
Trade, to know what number of shares would be taken, he in-
formed them that there must have been some misconception as to
the intentions of the Government, which was desirous only of
giving that countenance to the experiment which might facilitate
the object of giving employment, to a great portion of the popu-
lation of Ireland. Such was the nature of this Application, and
such the answer which had been given on the part of the Govern-
went, and he defied the Hon. Member to point out a single specu-
lation of any description with which he (Mr. IL) had bad any con-
nexion, either directly or indirectly. He had heard, with great sa-
tisfaction, the very able vindication which the Hon, Member oppo-
site (Mr. Attwood) bad been enabled, from his personal knowledge
and individual information, to give of the utility of joint Stock
Companies. It was extremely desirable that some explanation
should go. forth to the public, which might counteract the
unmeasured condemnation which the Worthy Representa-
tive for the City of London had thought proper to pro-
nounce upon those Companies. If there was any one
circumstance, to which, mi re than another, this coun-
try owed all its wealth and all its commercial advan-
tages, it wss the existence of Joint Stock Compapies. There
could not, therefore, be a greater error, then that under which
.it had been attempted to cry down Joint Stock Companies as
public evils. It was only-in the last session, that efforts had been
made to prevail on the Bank of England to far to relax its Charter
as to Aduhit of the formation of Joint Stock CoMpaniesi with a
view of randeriug the business of banking less hazardous, and the
example of Sqttlend was 00, where there was no impediment to
Ore formation of soar Cammanies. The Worthy Alde;man (Mr.
Weidman) had talked as if the formation of Joint Stock Com •
puke fur the purpose of carrying oat the business of mining, was
anew discovery. He (Mr. H.), however, could tell the Worthy
Alderman, that all the great Mining Works in this country
had been carried on time out of mind, by Joint Stock Companies.
The mines. in Cornwall and the mines in Wale', had been
conducted by such Companies. It was a most mischievous
policy ,to attempt to discourage persons from embarking
in such speculations, which were, in a great majority of
cases, calculated to advance the public interests. That the late
bubbles, as they had been termed, were disgraceful to those cm-
netted with them, and who knew them to be bubbles, no mitts
could deny ; and whenever they should be brought under the con-
sideration of the House, he would raise, as he always had raised,
his voice against them, as schemes fraught with fraud in some in-
stances, and with hazard and obvious folly in many ()there. The
Worthy Alderman had particularly mentioned the Brick Com-
pany,: the Company, and some other* of a similar descrip.
Lion. Of these and other wild schemes, he (Mr. H.) had already
expreetred, his opinion in. that House ; and he bad warned the
public Against connecting thetneelves with schemes which had
Ibundation than the folly or avarice of the pro-
;iltioortsit. no other
.Iy,

Colonel DAVIE'S, aH be bad been a Director of
the Eptitahle Loan Compaq, on which the Worthy Alderman
had vented the largest sharp of his displeaoure, trusted, he should
to allowed to say a few words in his own vindication. The
Worthy Alderman had stated that every member of that Com-
pany had made a traffic of his shares. Now, if the Worthy
Alderman meant to coat that imputation upon him (colonel
Davies, he (Colonel Davits) said, that the Worthy Alderman's
statement was false. The Worthy Alderman had stated that the
Company had been got up for the worst of purposes, and that
every member of the Company was aware of this. lf the Worthy
Alderman meant to apply that imputation to him (Colonel Da-