The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1840-01-14 00:00:00

ley were unabk

) re,,over possest,ion of the ptoi:

v inn•

chich they were paying. And we are sort y.to learn that the
number of individuals so circumstanced is very corniderable:
It is the shares of these parties which have constituted th,-
stock with which brokers and speculators have operated'UpCm
the market—which have been trucked ba'c'kwards and for-

wards without any further object on the part of either sellts
or buyers, than the day's profit or loss, and which now lie in
the hands of dealers, ready to be poured into the market as

soon as the slightest revival of confidence will produce a
shadow of profit for their holders. It
essential that steps should be taken to destroy a property so
prejudicial alike to sound speculation end bone fide invest-
ment, either by adopting proceedings at once to compel

is on that account

payment of calls in arrears and registration, or by forfeiture
of the shares and re-allotment to responsible and tin,Thle
shareholders.

To secure this object. we are compelled, on ai full consider-
ation of all the circumstances, to recommend that public
companies and shareholders, who harts been so iniprudent a.
to Owe themselves in these difficulties, shduld submit to

1,-:t the shareholdeni usi!,- oreed
portim,t of the arrear, and the shares be forfeited an:',
by the directors, and re-issued at par as A;oli. a5:t1,.,,;;!

mutual saciiiices

the market will all

Another c

ation, consists of V:

vci (}f'

parties wlio, Leinz :-11)!

pay, are so far crippled in their

oventuo.llA;

it i I,;y

stances of the times, as to render their do.nig so incoavenien,t.,
and almost ruinous. If pressed by compuls.ori:procpelipg,`,
these parties must sell, at the loss- perha.ps,,vf: the wiltgles
amount paid, and with ',he certainty of still further t1'1C14043
dating the valne of stock- in the market ; tl'artrSfo ttittitr
shares to some accommodating friend, wl;ooS,A)YftEtti.l!),
shilling, and is as ready for a prison as or

shares thus tran.,.f,,,rred; of course, fureishiu x.fartilartgqi)

ply of stock ;.-it'hout

tors to work with. To avoid eitl r '

both alike injra

.lid .... ,_..

to any undertakin, fuJ

- -
ing unpopularity, and the other encouraging franditlentitilofrui
culation, we should sugget that iu a frx-extrtUlu,
•
curity for a portion of the calls in arn:.-1.•

payment of another portion.
With respect to the third elas--tho,e ,bstinately•
unwilling, to pay—Ave cannot offer any hand cot.tictl'an"tcr
them. In most cases they will be found to <

f the

unprincipled speculator, disappointed of his anticipated
or of the equally unprincipled adventurer, disappointed of
his job ; and against such the compulsory power confer
fed upon directors may very justly he directed. But

we have some doubt whether 'the course of proceeding•
which we have pointed out, the unwindirg of the en-
tanglements by which the proceedings Of Railway Com-
panies have been impeded, together with an open and
candid explanation' to the shareholders generally, and
to the public of their real position, the ditlicriltics of
which have in Most instances, within oar. Own knowledge
been ridiculously exaggerated, will not have the eiicet of
rendering unnecessary any lei7al proceeding:; at all, except,
perhaps, in a few MFRS. see on every hand,. ax tiew nn-
dertakings mine into operation, new proofs, of th'e sou d
foundation upon which the priiwiplo of milways,ioiaseli
and when the present money crisis ha.: past.led.ooP,abd
pressure is removed, we trust to witnez.; the cStablis7lilirait, of
sound and healthy prices.

It may be objected that director; of railways i❑ culrse of
formation, cannot afford to lop off at °flea-by any rdace:,,sion,
so great a portion of their capital as will he necessa

,(Tear

them of their embarrassment by the c 01.1170 of proc..,;:ing
which we have suggested. We haVe before stated that our
remarks cannot be made to apply to alt Ckcs

but wc still

think that the objection will be found on consideration to he
of less weight than may at first be attached to it. As on:

,space is rather limited this week, we shall not,sho,,;vc,:bc
able to state so fully as we could wish the views we enter-
tained on this important part of our subject, but shall endea- •
voar to do so in our next. In the Mean time, however; we
that m sound
,;.ailwey n2zde),..
. .
may state our conviction,
taking no lasting inconvenience will arise from the adoption
of our suggestion, and with respect to anytemporary incon-
venience, the company receive a bonus to Me extent of the
gross sion paid upon all forfeited share.;, to compenFatc them
for submitting, to it with a good grace to what they are .re_
ally, and in fact, otherwise compelled to submit, :Going to
law and getting the money for which you go •are not
the same thing; and after all there is something Odd in the
appearance of cramming a than with a good thing ley, main
force..

RAILWAY COMMUNICATION scp7ANl)
THE WESTERN AND vASTII:I-*1

We have received from •-;.r. Johil I"tter ad-
dressed to the Connhission,!:.'3 apprtinted
inquire respecting the relative nit3tits of 11, :.iv
projected from London to Edinimr,h. anti The
letter is itself too long
.for insertion in our colutens, but
some of the statements and calcultitions mav'be'
to onr readers, and we :accordingly subjoin. them. •

Ns between London and Glas!•;ow andEdinium7h the (Us-
tame, appeals to he considerably in favour of the Ea: tern
e. the London and Bietninglian- to Rnlibv, tho Mid-
"ortli Midland, York andNorthlkl
Great North of England to, NewcaStle, and 'by a projce.tril
line along the East Coast to Edinburgli, with aline of 46
miles already in course of eNeention to Glasz,,o.N, the .whole
distance from London by these railways being to Edinbinglf
4121 miles, and to Glasgow 45E q. By the Wet Rout Via
Grand Junction, North Union, &c. the distance to Glio,l
is 467, and to Edinburgh 513: the difference in favour of
the East Route to Edinburgh is 100 miles, and-to Gins ~mr
8 miles.

rout

land Connti

•t on timir merits in

districts of tl,r two counties

and

t;);,,