The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1838-06-05 00:00:00

SHARE BROKERS.

TO THE EDITOR OF THE LIVERPOOL ST./IND.4RD.
SlR,—Pertnit me to offer a few observations on the subject of
a letter, in your last number, signed a " Share Dealer." As a
member of a collective body, 1 feel that it implicates me to a
certain extent individually, and iu self-defence, calls for some
reply, which, however, I do not make in a spirit of hostility, as
I admit at once, that there is much truth in his. letter, though it
is evidently written in a very petulant humour, and contains
at least, one assertion that cannot be substantiated, viz.—.
"That it is no uncommon thing to, see one of these transfer
men transferred to the care of a sheriffs officer." This is cer-
tainly a trespass upon truth, and opposed to his own statement
of the general respectabily of the body of brokers. But to the
subject—the evils he complains of in the business of share,
bruiting, as conducted in this market, are, that there are too
many 'brokers—that there is great promptitude in demanding„
payment for purchases made, and equal laxity in settling for
.stock sold—that the scrip, should not, as it is, be parted with,
before the seller obtains payment—and that the existence and
working of the association of brokers is objeCtionable. As to
the first complaint, it is not the business
,of any body to inter-
fere with it, every man having .a right to choose his own pro,
lession or calling, and he .will receive his reward according to
his merit. That there is great irregularity and laxity in making
settlements, is an evil, the existence of which, no one can deny,
and which requires immediate reformation, but though practised
to a very inconvenient degree, it, is by means so general be-
tween btokerx and their principals, as a " Share Dealer" would
imply; many cross transactions occur between brokers, and it
occasionally requires some indulgence to each other to facilitate
business; hut, principals not. directly implicated in the trans-
' action, should never he unduly inconvenienced, and speaking
for myself, and to my knowledge of the practise of several other
brokers, they seldom if ever are; and thus a " Share Dealer,"
• who has been, seems unfortunate in his selection of parties,
'who have managed his business negligently, has the remedy in
his own power, by immediately applying to those who can, and
do, conduct their business with honour, promptitude, and
despatch. But whilst I ant willing to admit • that a much
better system may, and ought to be introduced I do not
admit that the blame of the delay rests in more instances
with the brokers, than with the principals. It must be within
the knowledge of every person whp has been much in the share
market, that during the speculative mania alluded to, nine out
of every.ten, who became speculators, bad not the means of
paying for a tithe of the purchase made by them through their
brokers. They were speculating from day to day, for a rise,
and whether disappointed or successful, the most they could do •
was to pay, or receive, a difference, and when the broker had
the amount of purchase money paid to him, lie was required to
re-sell the stock and receive his payment from the next buyer;
and thus being handed from one to another, it was impostible,,,
unless he had the command of unlimited capital, that he could
keep faith with all the friends for whom he was engaged, thus
was the evil originated, and the remedy is easy—by instituting,
one on even twd settling days in each week, which'being once
the rule of the market, there would he no excuse for the buyer
to put off payment, and no disappointment could consequently
accrue to the seller. Making the "signing of a transferatonce
the condition and term of payment," would be a hindrance,
and beget a great deal of the evils (delay,) already complained
of; no buyer could he expected to part with his money, if the
seller would not part with his scrip: it therefore only requires
a dealer to sell to such brokers as he can place implicit conti-
deuce in, and when he delivers to him his certificates on his
transfers complete, he looks to him, and holds him responsible,
for the return of either his money, or hit documents. Of "the
existence and working of the Brokers Association" much may
be said. To the existence of such a body where business may
be concentrated. I apprehend there can be no objection, but
from the working out of the principles for which that body is
associated, arises the evil to be complained of—and with this
the public.who deal in shares have much to do. To those who
may not be aware of it, it may be necessary to say, that it is no
guarantee of a man's honour or respectabiiirv, either in his pri-
vate or public life, that be is a member of that body. Nor is it
any test of his sagacity, or peculiar fitness for the business of
snare broking, that entitles him to be elected a member of ibis
society; but on the contrary the very opposite principle seems
to be acted upon, as the vote for election is taken by ballot, and
a small minority excludes private interests 111111 feelings prevail,
and he whose intelligence or activity is least to be feared, has
the strongest claim to admission. This has been exemplified in
many instances by the exclusion of intelligent and respectable
inen, and the adn;ission at the same time of others who have no
pretension to either character.
I shall not follow the subject further at present, contenting
'myself with the admissions that 1 have made of the evils which
do exist, anti trusting to see the subject immediately taken up
by the leading brokers, who, by instituting fresh rules for the
goVerement of the association and the share market generally;
will thus remove all causes of complaint, and give to the share
business in this town that degree of respectability to which the
extent and importance of the transactions entitle it.
I am, Sir, yours, &c.
A SHARE BROKER.
Liverpool, June 2, 1838.

TRIBUTE OF RESPECT TO A CLERGYMAN OF THE ESTA-
BLISHED CHURCH.—On Friday last a deputation of the con-
gregation of Christ Church, Liverpool, presented, to their, late
c•Ncellent Curate, the Rev. James Power, A.M, a purse and a
piece of plate, hearing the following inscription
Presented
to the
• Rev. James Power, A,M„
By the congregation of Christ Church,
Liverpool, . "
In testimony. of their esteem
• - • and gratitude for his Christian kindness,
and . ,

attention durina• hig miniory among them
May 29.,h, 1838.