The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1854-02-28 00:00:00

TRTJ
Robert Makin Bates, Esq., (Messrs. Straban, Paul; and Bates.)
Thomas W. Booker, Esq., M.P. for Herefordshire.

_ —ES. • •
The Rev. 3. E. Coy, M.A., F.S.A., St:Helen's, Bishopsgate.
The Rev. M. W. Lusignan, M.A., Allhallows the Great & Less.
TORS.
The Rev. M. W. Lusignan, M.A., Allhallows the Great and
Less.
The Rev. Richard Whittington, M.A., St. Peter's, Cornhill.
AUDITORS.
W. W. Deloitte, Esq., Accountant to the Great Western Railway Company, &c.
The Rev. Walter Mitchell, M.A., St. Bartholomew's Hospital.
STANDING COUNSEL.
I J. G. Phillimore, Esq,, M.A., Q.C., M.P. for Leominster.
K ERS.
and Bates, 217, Strand.
SURGEON.
William Guest Carpenter, Esq., 50, Finsbury-square.
STG COUNSEL.
ow of .Queen's College, Cambridge.
SOLICITOR.
Charles Sawbridge, Esq. Wood-street, Cheapside.
BROKER.
Robert Peake, Esq., 3, Bartholomew-lane, Bank.
Friend of the Clergy,) 18, Posinghall-street,

DIRE
The Rev. J. E. Cox, M.A., F.S.A. St. Helen's, Bishopsgate.
The Rev. A. G. How, Vicarage, Bromley.
John Ireland, F.sq., Canterbury-row, Newington.

Richard Maline, Esq., Q.C., M.P. for Wallingford:

. . . - . _
BAN]
Messrs. Strahan, Paul,
PHYSICIAN.
C. J. B. Aldis, Esq., M.D., 1, Chester-terrace, Chester-square. i
CONVEYANCI.
James N. Goren, Esq., M.A., Felk
CONSULTING ACTUARY.
Arthur Scratchley, Esq., M.A., Parliament-street.
SURVEYOR.
E. W. Gooch, Esq.. Connaught-terrace.
____

. . ..
SECR]
Stephen J. Aldrich, Esq., (Secretary to the

WHOLE LIFE.
ANNUAL PREMIUMS to Assure; « A SPECIAL TA
£lOO on a Single Life, WITH
; BLE bas been calcu.
PROFITS.* lated from original
data for CLERGY-
Annual MEN desirous of in.
Premium. curing their Lives.
-- The Rates will be
s. (1. furnished on applica.
3 1 7
413 7 6 tion to the Secretary.
3 14 11 t
73 6 ,
9 2 3
11 15 0

TABLE I.

Anrual
Premium.

£ s. d.

1 14 6 45
1 IS CI 50
2 3 1 55
2 9 1 60
2 16 4 65
3 5 7 70

TABLE H.

ENDOWMENT ASSUE
ANNUAL PREMIUMS to Assure .€
payable on ATTAINING the following
the event of death, WITH
Ages. 50 I 55 f 60

LANCES.
100 on a Si
ages, or 101
PROFITS.

inele Life,
,ONIIII in

LOCAL DIRECTOR FOR LIVERPOOL.. The Rev. HENRY HAMPTON, M.A., Incumbent of St. James's, Toxteth-park.
AGENT DITTO .. FRANCIS HORNER, Esq., Solicitor, 2, Chapel-street.
MEDICAL REFEREE DITTO .. JOHN HEY, Esq., 2, Erskine-street.
SURVEYOR DITTO .. H. P. HORNER, Esq., 8, Barnett-street.
PROSPECTUSES, and all NECESSARY FORMS, with every information as to the mode of effecting Assurances, may be
-obtained, either by letter or personal application to STEPHEN J. ALDRICH, Secretary, at the Office, 18, Basinghall-
street, London; or to FRANCIS HORNER, Esq.. Agent.
A small number of Shares, price el each, entitling the Holder to Annual Dividends and periodical Bonuses, will be
issued to parties of respectability.

------
INSTANCES WHERE LIFE ASSURA
I.—To HUSBANDS AND FATHER!, to insure a provision
alter their death, for their. Wives and Children.
2.—To YOUNG MEN, to make a provision for their old
age.
3.—To PARENTS, to insure certain sums payable on their
children attaining the age of 14 or 21, whereby the ready
.means for starting them in life may be obtained at a much
smaller annual payment to an Assurance Society, than would
be necessary, were they to attempt to realize the same sum
.by putting it into any other species of investment, as a sav-
ings' bank, &c. ; Assurance Companies charging a smaller
sum, as they take into account the chance of the child's
-idying before attaining the specified age. This kind of As-
ssnrance is called an ENDOWMENT, and can be effected by one
single payment, or by a series of Anneal Payments or Pre-,
=rims to he made until the child attains the specified see.
4.—To PARTNERS IN FIRMS, who, by Assuring their Joint
-Lives, can secure a sum parable at the death of the first,
tchich will enable the surviving partner to pay off the claims
of the Widow of the deer aced upon the
.firm.
s.—To SECURE the return of advances made for educating
and establishing the younger members of a family in the
world :—this is effected by Assuring the life of the child
educated, so that, should it die young, the parent map recover
from an Assurance Company the money spent upon it ; if it
live there is a polity of a certain standing on its life, which
'nay be continued in the usual way, and as it ices begun at an
Jew!, age, the annual premium would be small.
G.—To CREDITORS, who, by Assuring the amount due to
-them, can,
.by a trifling outlay, secure a compensation for
the loss which the death of their debtors might occasion.
I.—To BORROWERS,tO provide,in case of dea th,a sum to repay
the loan. This is the usual way in which money is now bet-
-wowed on personal' security. The borrower, Say for .eioo,
assures his life for at least 4,200, and gives personal security
in the shape of two'orthreejoint sureties with himself, for the
due payment, aunpally, of interest at five per cent. on the
money borrowed, and instalments thereon, and the premiums
of the Assurance.
B.—To POSSESSORS OF ENTATLED ESTATES, WhO tan be.
vneath provisio ,s for the younger members of their family, by
essintring suitable amounts on their own lives,
9.—TO THE EXPECTANTS OF PROPERTY IN REVERSION,

NCE IS PECULIARLY APPLICABLE.
to secure a portion, at least, to their families, should they
die before they themselves enter into possession.
10.—To PARTIES WHO EXPECT TO RECEIVE SUMS OF
MONEY should they live over a eel lain number of years, as
for example :—A person aged 30 is entitled to a share, amou
ing to €5OO, in the Renewal Fine of a Lease, which is pays
at the expiration of three years from the present time. This
share he would lose should he die within that period. To
secure his family against that loss, he bas only to take out a
temporary Policy of Assurance on his life for the three years,
and by the trifling annual payment of £6 4s. Id. he assures
the .€5OO ; so that, should he die before the end of the three
years, the office pays his family the £5OO, and should he live,
he will come into his share of the fine, the amount of which
he will, however, have rendered safe from loss by his death,
by an outlay of €lB 13s. 9d. altogether.
11.—THE HOLDERS OF A LEASE, which is renewable on
payment of a certain fine, at the death of the first or last of
two or three lives, can, by a trifling annual payment, assure
in an office the necessary sum. Example :—The holder of a
lease would have to pay a fine of €lOO to renew it at the death
of the first of two lives, aged 15 and 35. He can provide for
its payment by an annual premium of €3 78. od., so that,
should one of the lives in the lease die even the day after the
first premium has been paid, he would receive from the
ENGLISH AND IRISH CHURCH AND UNIVERSITY ASSURANCE
SOCIETY £lOO. (See Table of the Society's Prospectus.)
12.—1 N MOST COPYHOLD PROPERTIES, on the death of the
tenant, his successor cannot be admitted except on payment
of a Fine. In many instances the sudden death of the tenant
has put his successor to great difficulty in procuring the re.
quired sum ; an Assurance effected on the life of the tenant,
by himself or his successor, would provide for this difficulty,
and by a small annual outlay;
13.—1 N CASES OF MARRIAGE SETTLEMENT Life Assurance
may also be particularly advantageous :—Suppose a gentle-
man, twenty-six years of age next hirth-day, be engaged to a
lady whose fortune is €3,500, and that the whole be required
to be settled on her at their marriage, let et,ooo be vested in
trustees, and with the annual interest let them assure €2,500
on the life of the husband. The remaining €2,500 of her
fortune can be placed at his command at once, as, at his
I death, his wife will still be in possession of €3,500.

MILNERS' NEW PATENTS.

1851.

MILNERS' PHCENIX (212°) SAP EWORKS, LIVERPOOL.
The moat extensive and complete in the World; employing from Two to Three Hundred Hands. assisted
Ly powerful, original, and elaborate Machinery and Implements adapted for every branch of the WOrk. Established fo
'carrying out the important " Improvements" under Milners' New Patents (of September, 1951—the close of the Great
Exhibition) to the interior and exterior of their " HOLDFAST" and FIRE-RESISTING SAFES; and for supplying to the
ablic the Strongest Safeguards against FIRE, ROBBERY, or VIOLENCE extant, at the LOWEST Plum consistent with
-*he most PERFECT EFFICIENCY and SECURITY.

GROUP OF MILNERS' FIRST-CLASS " HOLDFAST" AND FIRE-RESISTING SAFES,
THE STRONGEST WROUGHT-IRON SAFEGUARDS AGAINST ROBBERY AND FIRE ERTANT,
OF VARIOUS SIZES, SUITABLE FOR ALL CLASSES.

GREAT FIRE IN BELFAST.
"Messrs. MUSORAVE, BROTITERS.-GENTLEMEN,-At your request, I beg to state, for the information of the public,
`that the only property saved from the late fire, in the premises of Thomas S. Major and Co.. was that contained in one of
J&ilners' Patent Safes. From the intense nature of the lire, and the length of time the Safe was exposed, to the action of the
oiles,' I was fully convinced of the destruction of the books and papers it contained ; and feel very great pleasure in testify-
jar to this extraordinary instance of their preservation. I may add, that the Safe was placed on the third story, without any
protection, where aremained till the floor was burnt around it, when it fell to the room beneath. the floor of which was like-
Vale destroyed by the fire.—Yours truly, "JAMES S. HUNTER,
"Executor of the late Thomas S. Major, of the Firm of Thomas S. Major and Co.

, .
s' Belfast, January 2nd, 1854."
TRrumplIANT RESISTANCE TO ROBBERS, AT "'MESSRS. BUTTERWORTH AND BROOKES'S,
MANCHESTER.
..s/R,—Last night our Premises were entered by burglars, who made a desperate attempt upon the Miners' Holdfast
Safe we bought from you some time since ; and, although they evidently had recourse to all the usual appliances of accom-
vhished thieves, and.ultmiately to_gunp.owper In abundance, we are glad to say with no other effect than to injure the lock—
thefound quhe imprachcable.
opening of the Safe they
he enabled to express our unqualified approbation of the Safe ; we believe it is impregnable to thieves.
" We are happy to
will be Of Service to you, you are at liberty to refer to us, and to make any use you please of
" If our verbal testimony
" InirrERWORTH and 'BROOKES.
*his communication.—Yours respectfully,
"76, Mosley-street, Manchester, October: 22nd, Ism."
...._

"THOS. MILNER and SON select the following severe cases
alysTuocritci:esmrdpsuhalafetnrsitatliheeoanfisttillineeniicrreSotawofieß,sowfbroboumeirds.bhGuavniaedsrfgeaodi s of Certificates of
ow
Great Richard-
utility, as instances in which they believe that ,
Great Fire at the Gunn Percha Company_
son and Co.
'Great Fire in Haydon-square, Coubro ani Potter.
lturglarious Attempt at the Bridgewater Offi Great Fire in Marketstreet, Manchester, Thos. Haigh.
_ce..s.
'Great Fire at the London andNorth-Western attqway Station, Destructive Fire in Park-lane, Liverpool, Garniss
and Co.
Coventry. , Entire Destruction of Offices at Birkenhead, including con-
AlGreat Fire at Cape Haiti, W. D. Roberts and Co. tents of strong Safe and Drawers, Milners' standing beside
alarglarions Attempt at the Theatre Royal, Manchester. it, red hot outside, but contents unsinged, J. and W.
Great Fire at Glasgow, Chas. Boyd and Son. Walker.
•
Destructive Fire in Gordon-street, Glasgow, Ker Doering & Co.
MILNERS' FIRST-CLASS STRONG " HOLDFAST" AND FIRE-RESISTING f.AFES AND CHESTS,
lIALF-INCH THICK WROUGHT IRON OUTSIDE ;
Constructed in the strongest manner, -fitted with the New Patent Expanding Doors and Continuous Groove, at extra cost.
MILNERS' HOLDFAST AND FIRE-RESISTING SAFES AND CHESTS,
Half-inch Doors ; Quarter-inch Bodies.
MILNERS's THIEF AND FIRE-RESISTING SAFES AND CEESTS,
Of medium strength ; -1 Doors, 10 and 12 guage Bodies.
All the above qualities with Improved Impregnable Powder -proof Locks.
MILNERS' FIRE-RESISTING BOOK-CASES AND CHRSTS. •
MILNERS' PORTABLE ONE-CHAMBERED FIRE-RESISTIN,G .B.OXE-S,.
HOBBS' LOCKS, 10s. each extra.
SHOW- ROOMS. LORD-STREET, LIVERPOOL.
LL°l93°ll DEI)OT411 4.. 47A. MOORGATE4TREET, CITY.

Liturpoof tanbarb.

TUESDAY MORNING, FEB. 28, 1854.

LIMITED' UNLIMITED LIABILITY.

THE important question of limited patine, ship liability
its exciting a very considerable share of public attention,
.and the more so from the over-temperate zeal which ap-
pears to have animated those who have takena prominent
-part on either -Side. As a subject which may materially
affect many .mercantile operations, it has very properly
'been taken up by the Liver Pool Chamber of Cbrmnerce, by
whom it has been discussed at much length ; but, in
offering any observations upon it, we shall do so without
reference to the opinions which have been expressed by
the -several speakers, most of whom seem to have shaped
their arguments th reference to their particular mdivi-
dual interests, rather than the bearing of the whole sub-
ject upon the .mercantile community. It may be pre-
' raised that partnerships of limited liability are by no
means unknown to this country—the Bank of England is
a striking instance—the Church of England Assurance
Company enjoys the privilege by its Act of Parliament,
and, indeed, every zoorporation, whether founded by Act
of Parliament or by Royal Charter, is a partnership of
limited liability. The advocates for retaining a system of
unlimited liability argue, with great justice, that it is
simply a question of honesty, whether two or more persons
should do that conjointly which they could not do indivi-
dually—whether they-should adventure for profits without
being liable for lossesi and whether, if the privilege of
nonpayment of debts he given to a partnership, any valid
reason can be assigned why it should not be given also to
individuals. It cannot be denied that such reason would
be unanswerable if the admission of limited liability be
made to apply, as its advocates demand, after either the
French or American systems, where the title to the prin-
ciple depends upon the will of the projectors, and is valid
after some form of public announcement. Such an alter-
ation of the law, it is justly asserted, would open the door
to a multitude of rash speculations, involving not only
shareholders, but their unsuspecting creditors in ruin,
and render far more disastrous than they have hitherto
proved, those bubble manias which occasionally seize
reflecting Englishmen—which inflict a heavy blow and
great discouragement on commercial credit, and involve
many a hapless widow and orphan in irretrievable loss
of their means of subsistence. It is a fact of which Eng-
land has some reason to be proud, that while both in
France and in America, where partnerships of limited
liability are common in commercial speculations, failures
form the rule, and success the exception ; here, where every-
man who seeks a profit Pledges all he is worth to the credit
of the speculation, the reverse is the case, and failures
form the exception. If, indeed, it is impossible in ordinary
mercantile transactions but that credit should be given to
those who adventure in speculation, and losses should
ultimately result where profit was expected, it is certainly
not only justice, but common honesty, that those who
would have shared the gains, had there been any, should
bear the loss rather than it should fall on innocent credi-
tors. To make such an alteration in the law as is pro-
posed by those who hold out France and America as
examples, would be to afford a direct encouragement
to scheming adventurers, to sap the foundation of
that commercial credit which enabled England to
stand the shock of a world in arms, and to foster
a spirit of rash speculation, which it is the policy
of our commercial laws to restrain as far as possible.
If under the existing system, where the risk encountered
must operate as a prudential check, such a spirit of
adventure was evoked as led to the monetary panic of
1826, caused by foreign mining companies and other
bubbles ; the corn speculation of 1828, the commercial
panic of 1837 ; the railway mania of 1845 ; and the
monetary panic of 1847, how direful must have been the
consequences had a system of limited liability been per-
, mitted to prevail, changing, perhaps, the direction of the
blow, but only to involve a larger number of more
innocent victims. It has been abundantly shown that
legitimate enterprise requires no such stimulant; the love
of adventure is still a predominant passion when large
profits are looming in the distance, and the law, in im-
posing unlimited liability upon those who claim a right
to the expected gains, does but guard against the losses
being thrown upon those who should neither in justice nor
in equity be Subject to them. While, therefore, for palpable
reasons, the position assumed by those who argue for the
retention of unlimited liability is founded on reason, justice,
and common sense, as well as on sound policy, it must not
be presumed that there are not many exceptions, admitted
in 'practice, but each judged of according to its own merits.
Thirfinited liability has been always the rule in England
but up to within a very recent time, it was the practice,
when a Company or Association was formed for a par-.
Ocular object, to _apply to the Government for a Royal
Charter of Incorporation,' or to the Legislature for a
private Act of Parliament, by which the liability of the
partners was limited to their respective shares. In such
cases it will be seen that limited liability was an admitted
principle, dependent only in its application on the will of
the Government or the Parliament. Since, however, Mr.
CARDWELL was appointed to the presidency of the Board
of Trade, he has opposed the grant of such privileges in
cases similar to those where they had been previously
allowed, and by his refusal in the instance of the Canadian
Steam Navigation Company, which was formed for the
establishment of a line of screw-steamers between this
port and Canada, led to the animated discussion which is
now taking place, on the propriety of altering the law on
this subject. It will be remembered that the application
for a charter conferring limited liability on the company
referred to, was opposed by several remonstrances from
parties largely interested in steam-shipping, on the ground
that it was an unfair preference to one company over
many others, in which the shareholders were subject to
unlimited liability, and that if the trade between Liver-
pool and Canada was sufficiently remunerative, there was
no lack of capital and enterprise to undertake it without
exclusive privileges—objections which were met by the
rejoinder, that the Cunard line in particular had the ad-
vantage of a subsidy from the Government for the mail
contract service, while the traffic on .the Canada line was
not of itself sufficient to justify a large outlay, without
some protection against heavy losses to individual share-
holders. Without entering into any comments on the
merits of the respective arguments, pro. and con., we may
state that the opposition was successful, the charter of in-
corporation was refused, and the company obtained their
object by an act of the Canadian legislature. The subject
gave rise to much discussion, in which Mr. BROWN, M.P.
for South Lancashire, took a prominent part, and the
government issued a commission to inquire into Mercantile
Law, one of the points of investigation being the subject
of limited liability partnership. Pending this inquiry, a
demand has been made and enforced, by pamphlets and
Other means, for an alteration of the law, so as to assimi-
late it to that of the United States, which provides for the
voluntary incorporation of individuals for the purposes of
manufacture, insurance, the construction of railways, Ace.,
rendering the stockholders exempt from all liabilities
beyond debts due to workmen and servants. This altera-
tion is insisted, on upon the broad grounds of general
utility, rather than its applicability to particular cases,
and the right of government to decide upon its appli-
cation is broadly denied. This may, therefore, be
considered as the question at issue, and parliament may
be called upon to decide whether, in future, sleeping
partners may be earning the profits of adventurers, 'and
at the same time be free from all liability beyond the
amount of their capital embarked. On such a point we
have no hesitation in deciding in the negative, inasmuch
as it would at once destroy that confidence in unlimited
responsibility, which, however imperfectly it may occasion-
ally operate, constitutes the great safeguard of commercial
credit. Under stick a law it would not be difficult to
suppose a case where the capital might be found by sleep-
ing partners, in a speculative concern, drawing at one
time enormous profits, and leaving subsequent debts to
the liability of active partners, worth little or nothing,
the deluded creditors being the real sufferers. Under the
proposed system such cases would be of no uncommon
occurrence, until credit would be shaken and commercial
houses suspected, for the very cause which some of them
now seek to establish. We could mention an instance
where a Whig nobleman, now deceased, entered into large
building speculations to improve his own estate, at a time
when such adventures more often resulted in losses than
in profits. His steward was, however, put forward as the
principal, and, in course of time, became bankrupt ; his
lordship, as a creditor, obtained a dividend from the estate ;
the unfinished buildings were purchased at a merely no-
minal price, and the heir of the cunning Whig now enjoys
the profits of the vast improvements effected at the expense
of the steward's creditors. A law of limited liability
would but legalise such transactions, and all the advantage
attempted to be gained would be to deprive the nominal
lender of capital of his right to prove on the bankrupt
estate as a creditor. A point 'has endeavoured to be set up
by those who advocate a system of limited liability, that it
would encourage a union of workmen possessing small
caPital in factories, and thereby render strikes. awl corn'

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