Star.
London, England, 1807-11-04 00:00:00

LA ZOUCH CANAL.

The ATTORNEY GENERAL fisted, that this was an 1
anion for money lent upon interefi, to the amount
of 56001. for the ufe of the Corporation. He Paid,
that under a particular Alt, the Proptietors were
enabled to borrow money on terms which neither in-
dividuals nor Corporations could do without the Le.
giflative fanflion. A flatute of 34 Geo. 111. em-
powered them to raife, by fubfcription, for (hares in
this Canal, 150,0001. and further on loan, at legal
interefi, upon mortgage or other wife, 5003001. The
Aft pointed out the nature of the ficurity, and
fupplied the copy of the form of deed to be given
ip fuch cafes. The mortgage was to hare a !hare of
the toll, without any preference with refpea to the
time of the mortgage. The ordinary fituation WAS,
that each mortgagee had a itrefetence according to

the priority of the date of his mortgage. The Plain
tiff was no mortgagee ; he brought his affirm for a
common debt, and the learned Counfel would Rate
the circumaances under which the advance was
mAde. The affairs of the Company were under the
management of a gentleman named Wilks, who was
partner in a banking honfe. The Plaintiff happening
to haVe a bill for 56801. upon the 'firm, Mr. Wilk,
propofed, that if he hatino other employment for the
money, the Plaintiff should advance it to this Canal
Company ; to which the latter acceded, our the con-
dition that he (hould have the money returned in 3o
months, should he give fix months notice prior to the
expiration of that term. Mr. Wilks atented to the
propofal, and not only the Committee of the Canal
Company, but the General Affembly of Proprietors'
concurred with it. Mr. Burdon, not obtaining his
money according to the engagement, brought his
aaion againft the members of the Company, to
whom he paid it, and, under his Lordfhip's diredlion,
was nonfuited. Notwithllanding thefe engagements,
both of the Committee and of the General Affembly,
he was told that his fpecial conditions were of no
value, and that he mutt come in pan pale with the
tett of the creditors. A doubt might arife, if an
aaion of debt could be fupported againfl a Corpora
tion. if a Corporation be indebted for money re-
ceived, that in Tome legal way it could he recover-
ed, there could be no doubt. By the Aft to which
he had referred, the Company was empowered to
give a particular form of fecurity, but the money not
being advanced, in this inßance, on thefo terms, it
was a dry, unqualified debt, for which it mull be
refponfible.

The receipt was now read by Mr. Lowria, dated
the t tth of November, 1802. which was in there
words-44 Received of Alexander Burden, Efq. the
fum of Five Thoufand Six Hundred Pounds on ac•
count of the Corporation of the Alhby de la Zouch
Corporation, for which the Committee promife to the
General Altembly to give him a fecurity on snort-
gage of the toll, with any optional advantage agreea-
ble to an order on their books this day, and to be paid
five per cent. intereti, until fuch fecurity be given."
Mr. Mammock and Mr. Pinnock, Clerks to the
Inflitution, Rated, that the money had been received,
and about 30001. had been repaid.
After much interlocutory matter, with the content
of Mr. Gaaaow, Counfel for the Corporation, it
was determined that a verdift Otould be taken for
26031. and intereft, that goof. thould be repaid in
three months, and that the remainder lhould be dif
charged by inßalments at one and two years.