Star.
London, England, 1825-02-05 00:00:00

IMPORTANT TO CLIANCERY SUITORS.

Mr. Pauta, on the Lord Chancellor taking his seat this day,
rose for the purpose of praying an order, in a case of Lunacy.
The LORD CHANCELLOR, with strong feeling, observed, that a
practice bad for some time prevailed, of making motions, in the
absence of the Secretary fur lomat petirkins, ty which very
considerable expense was incurred to the partiel; without any
beneficial effect whatever, and he was determined that a stop
should be put to it. His Lordship therefore desired Mr. Wetheralt
toproceed in a part heard motion.
COURT OF KING'S BENCH, FEBRUARY 4.
JOSBPIIS V. PROBER.

This was an action tried befo:e the Lot d Chief Justice,
' at theOuildhall, London, to recover the amount of certain
losses sustained by the plaintiff, in consequence of the
defendant having declined to accept certain shares in
!the Equitable Loan Stock, which had been purchased
for him by the plaintiff', at his own special instance and
request. The plaintiff was a stock-broker' ai.d having
bought certain shares in-the Equitable Loan Stock fur
the defendant, who afterwards refused to take them, the
broker experienced a loss by the prices having subse-
quently fallen upon the shales, and the action was
brought to recover the difference.
An objection was taken at the ttial on the part c,f the
defendant, against the legality °ldle parties dealing in
shares, which cart led interest above five per cent. where
the shares were created by a Society which had tut
been incorpora:ed by Act of Parliament.
His LORDSHIP did not uonsnit the plaintiff, hut di-
rected a verdict to be given to him, subject to the opi-
nion of the Court upon this objection.
Mr. SCA KLETT and MI. /UNMET]. AWE day argued in support of
the verdict and against the objection.
Dlr. GURNEY WAS stopped by the Court fr•ln proceeding on the
other side,
_in f.vour of the objection. and against the verti;et.
Th L e oup trr JUSTICE said he st as cleat ly
opi-
nion that the dealing in transferable shares in this Stock
without Chatter or Act of Parliament was illegal, antler
the 6th of Geo. I. In giving this opinion the Conn
would not shut their eyes, and ought not to be ignot ant
of what was going on in the world. They knew that
more Stock Companies and transferable shales were
dealt in at this time than at any period since the time of
passing the 6th of Gco. I. Such dealing led to gaming
and s eculation. Such gaming and speculation pro-
duced the most ruinous consecp.ences. The gain oi
one was the loss of another, while in fair cannot:ice and
ti ale the buyer and seller were both benefitted. Before
an Act of Parliament or a Charter incorporated this
Company., dealing in transferable shares was illegal.—
It was not necessary to say more respecting the Company.
Justices Balmer, Iloutoro, and UTMDR LT -we their opinions
st length, coinciding witb the Lord Chief Justic.u.
Ma LORDSHIP then took the o.lportunity of saying.
that although the point was now helote the Court, )et
be was of opinion that the transaction in question was
illegal, at common law, because it was betting and bar-
gaining upon the getting of an Act of Pailiament.--
Rule made absolute for a nonsuit.

Lame : Prattled end Published by J. F. KZALY. to the Siva Orricf,
• Nu. 1, Pteicett-Praces Temjtic•Der.