The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1846-04-07 00:00:00

the large companies. Postpone the calls for three
or five years upon all the new companies,—say some
of the later. Both these modes involve selfish-
ness and injustice. The latest, however, to
which the honourable member for Sunderland
is said to have given his sanction, is characterized
by absurdity and injustice beautifully combined,
and, we observe, meets with considerable support.
Mr. Hudson's proposal is a clause in each act of
Parliament, to enable a given majority of the share-
holders of any line to wind up the concern, and to
divide the funds in hand rateably amongst the
holders of the scrip. " A very proper arrange-
ment !"—we hear some hundreds of provisional
committee-men, solicitors, promoters, &c., with not
a few of the unsophisticated public, exclaiming
" Wind up these concerns, arid rid us of all further
responsibility !" Let Mr. Hudson's clause be re-
trospective as well as prospective. Undoubtedly
wise in their generation are the advocates of this
mode of righting the railway vessel. But, gentle-
men, some of the unfortunate scripholders may
say, with respect to this summary mode of dealing
with what is now their property, why not have done
this before you pocketed our premiums of £3 or
£4 per share ? Your kind consideration for us and
the public is very creditable ; but it comes too late.
It may be very much to your interests, now, as pro-
prietors of the "great circumbendibus" to get rid
of the "direct junction" line; but we, who are now
the owners of the scrip of the latter would prefer
holding on for a while, if you will permit us. We
paid you extravagantly for the risk you ran ; do
give us a chance, at least, of getting a portion of
our money back ! If you have deserted the ship,
you are scarcely the proper persons to sell the
cargo. _ _ _

And reasonable, too, will be such a rejoinder to
such a proposal. It may be all very true that many
of the shareholders in once promising concerns,
out of which they flattered themselves they had got
with a profit, find now that they are not out at
all ; and, like Sterne's starling, " can't get out."
But Parliament will scarcely, we should think,
make a " royal road" for them, by any such prepos-
terous enactment. Could matters be placed in statu
qua', which they cannot be, and premiums refunded,
which they will not be, the bulk of the corn panic
might easily enough be wound up in the fashion
proposed, or some other, equally feasible in appear-
ance. But the web is now too hopelessly entangled
for such a ready straightening of its meshes. Mr.
Hudson's proposal, as it stands, to apply the clause
prospectively, may pass current ; but along with it,
we must have other clauses lo protect the simple
public from the dangerous power which Mr. Hud-
son would place in the hands of projectors, or
we shall have their branch of business made
more one of trick and chicanery than it has already
been.

As faithful chroniclers, we feel bound to com-
municate to our readers the following important
announcement, the pomposity of which, we trust,
will not startle the faith of the public in its correct-
ness. When we mention that its author is the
Mercury, it will, doubtless, be received with all the
authority of an official despatch, or a Ministerial
declaration. The announcement ie appropriately
headed by an extract from that profound writer
" Punch," and thus proceeds our local "Judy"—