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assignee.- Alfred Whaley Sanderson, Lancaster, tea dealer, ! JOHN ALLEN, Courthorpe-terrace, Bermondsey New-road, No. 78,096 ; Edward Johnson, assignee.-Henry Atharley, and York-place, Kent-street-road, Surrey, grocer and tea Manchester, out of business, No. 78,007; Thomas Smith, dealer, dealer and chapman, June 22 at il, and July 20 assignee.- Robert Parkinson, Preston, out of business, No. at half-past 1, Court of Bankruptcy, London : Off. Ass. 78,103; William Welch and George Tait, assignees.-Hugh Johnson ; Sol. May, 2, Princes-street, Spitalfields.-Petition Fulton, Rusholme, near Manchester, out of business ; No. filed June 12. 77,941; Thomas Chesters, assignee.

WILLIAM SPELLER, Warwick-road West, Paddington, The following Prisoners are ordered to be brought up before

Middlesex, builder, June 19 at 2, and July 19 at 1, Court a Judge of the County Court, to be examined and dealt

of Bankruptcy, London: Off. Ass. Stansfeld; Sol. Vaughan, with according to the Statute :

19, Porteus-road, Paddington.- Petition filed June 10. At the County Court of Lancashire, at LANCASTER,

WILLIAM ADAM, Great Tower-street, London, merchant,

dealer and chapman, also of Lloyd's, City, underwriter, June June 23 at 12. Joseph Houghton Goddard, Southport, out of business.

21 at 11, and July 19 at 1, Court of Bankruptcy, London : Henry Stowe, Blackburn, butcher.-Ralph Unsworth, Wigan,

Off. Ass. Stansfeld ; Sols. Lawrance & Co., Old Jewry. out of business.-Fred. Goodman, Salford, bonnet cleaner.- THOMAS ROBINSON WARD, Wisbeach St. Peter, Cam

chambers.- Petition filed June 12. Elizabeth Wrigley, Eccles, near Manchester, out of business.

bridgeshire, scrivener, dealer and chapman, June 23 and -- James Whitworth, Heywood, near Bury, tailor.--James

July 28 at 12, Court of Bankruptcy, London: Off. Ass. Pager, Salford, grocer.- John Hirst, Salford, out of business.

Cannan; Sols. Watson, Wisbeach; Chubb & Co., 14, -Hezekiah Monks, Liverpool, out of business.-J. Moore, Liverpool, publican.--Edward Billman, Manchester, out of JOHN GREATWOOD, Birmingham, confectioner, fruiterer,

South-square, Gray's-inn.-Petition filed June 12. business.--Moses Ratcliffe, Manchester, out of business.-J.

dealer and chapman, June 27 at 12, and July 20 at 10, Spencer, Manchester, manager in a cotton mill.-E. Barrow, Manchester, out of business.-Edward Potter, Pendlebury,

District Court of Bankruptcy, Birmingham : Off. Ass. Bitnear Manchester, yarn dealer. ---Enoch Hough, Manchester, THOMAS STONE BESLEY, Tiverton, Devonshire, grocer,

tleston; Sol. Brown, Birmingham.-Petition dated June 12. wheelwright.-George Barker, Liverpool, out of business.

June 22 and July 20 at 1, District Court of Bankruptcy, Georye Yates, Manchester, manager to a fustian shearer.

Exeter : Off. Ass, Hirtzel; Sols. Partridge, Tiverton; Head Richard Walton, Briercliffe-with-Entwistle, near Burnley,

& Venn, Exeter.-Petition filed June 10. labourer.-James Schofield, Manchester, provision dealer.– OBADIAH WILLANS and HENRY RAWSON, Leeds, George Elliott, Preston, beerseller.

Yorkshire, cloth merchants and manufacturers, June 30 and At the County Court of Herefordshire, at HEREFORD,

July 28 at 11, District Court of Bankruptcy, Leeds: Off. June 22 at 10.

Ass. Young; Sols. Payne & Co., Leeds.-Petition dated Thomas Pitt, Brampton Abbotts, sawyer.-John Dallow, June 9. Cradley, carpenter.

JAMES RANKIN, Liverpool, wholesale clothier, June 26 At the County Court of Gloucestershire, at BRISTOL, and July 17 at 12, District Court of Bankruptcy, LiverJune 22 at half-past 10.

pool: Off. Ass. Morgan; Sols. Anderson & Collins, LiverThomas Fox, St. George, general-shop keeper. - Thomas pool ; Sale & Co., Manchester.—Petition filed June 10. Dixon, Swindon, Wiltshire, licensed victualler.

WİLLIAM WILKINSON RAWLING, SAMUEL RAW. At the County Court of Somersetshire, at Taunton, LING, and JOHN RAWLING, Manchester, curriers and June 23.

leather dealers, (trading under the style or firm of William Wm. Stark, Mark, near Bridgewater, cheese factor.

Wilkinson Rawling & Co.), June 23 and July 14 at 12, At the County Court of Hampshire, at SOUTHAMPTON,

District Court of Bankruptcy, Manchester : Off. Ass. HerJune 23.

naman ; Sols. Barker, Huddersfield ; Bellhouse & Bond, J. Fry, Southampton, gasfitter.-T. Taylor, Southampton,

Manchester.- Petition filed June 3. out of business.- Thomas Taylor the younger, Southampton,

MEETINGS. out of business.

Charles Button, Holborn-bars, London, operative chemist, At the County Court of Lancashire, at MANCHESTER, ac.—George North, Chesterfield, Derbyshire, corn dealer,

June 23 at half-past 12, Court of Bankruptcy, London, and. June 26 at 12.

June 24 at 10, District Court of Bankruptcy, Sheffield, and. Wm. Cole, Chorlton-on-Medlock, Manchester, joiner.

ac.—Edward Harris Ruddock and Henry Ebison, Bradford, At the County Court of Oxfordshire, at OXFORD, July 1 Yorkshire, marble masons, June 24 at 10, District Court of at 10.

Bankruptcy, Sheffield, aud. ac. joint est., and aud. ac. sep. Henry Lovelock, Banbury, upholsterer.

est of Edward H. Ruddock.- Thomas Booth, Halifax, York. MEETING.

shire, innkeeper, July 4 at 11, District Court of Bankruptcy, Wm. Scrafton, prisoner in Lancaster Castle, July 3 at 11, Leeds, aud. ac. ; at half-past 11, div.-Mary Long, Clifton, at Yates's, jun., Liverpool.

Bristol, hotel keeper, July 6 at 11, District Court of Bank

ruptcy, Bristol, div.
TUESDAY, JUNE 13.

CERTIFICATES!
BANKRUPTS.

To be allowed, unless Cause be shewn to the contrary on or SAMUEL POTTS, (and not THOMAS POTTS, as before

before the Day of Meeting. advertised), Hove-villas, Hove, near Brighton, Sussex, car.

Henry James Rogers, Callington, Cornwall, surgeon, July penter and builder, June 20 at 12, and July 20 at 2, Court of 6 at 1, District Court of Bankruptcy, Exeter.- Francis W. Bankruptcy, London: Off. Ass. Johnson ; Sol. Jones, 9, Robinson, Southport, Lancashire, printer, July 5 at 11, Dis

Quality-court, Chancery-lane.- Petition filed June 6. trict Court of Bankruptcy, Liverpool.--Thos. Hughes, Wed. GEORGE BUTLER, late of Nicholas-lane, Lombard-street, nesbury, Staffordshire, innkeeper, July 6 at 10, District Court

London, auctioneer, formerly of Wellington-chambers, Lon- of Bankruptcy, Birmingham.-Harry Winton, Harry John don-bridge, Surrey, wine merchant, June 22 at half.past 1, Langridge Winton, and Edwin William Winton, Birmingand July 20 at 2, Court of Bankruptcy, London: OÅ. Ass. ham, agricultural implement makers, July 13 at 10, District

Johnson ; Sol. Butler, Tooley-st.-Petition filed June 9. Court of Bankruptcy, Birmingham. HUGH BARCLAY, Liverpool, commission agent, dealer To be granted, unless an Appeal be duly entered. and chapman, (trading under the style or firm of Hugh

John Bergthiel, Winchester-buildings, London, merchant. Barclay & Co., and formerly carrying on business with -Henry Groom, Bray, Berkshire, miller.— William Rhodes, William Craies and Alexander Dennistoun, at Liverpool, Aldersgate-street, London, tea dealer.-P. Emery, Brighton, as merchants and commission agents, under the firm of Sussex, licensed victualler.-Wm. Turner, Crewkerne, Somer Barclay, Dennistoun, & Co., and at the same time at Glas- setshire, currier.—John F. Thynne, Tavistock, Devonshire, gow, under the firm of Dennistoun, Craies, & Barclay, and dealer in musical instruments. --- Isaac Steane, Coventry, War. at New York, United States of America, under the firm of wickshire, ribbon manufacturer.-S. Meredith, Birmingham, Alexander Dennistoun & Co.), June 26 at 12, and July 24 draper. at 11, District Court of Bankruptcy, Liverpool: Off. Ass.

SCOTCH SEQUESTRATIONS. Morgan; Sol. Yates, junior, "Liverpool. - Petition filed Wm. Wilson, Dundee, general merchant.--Henderson & June 6.

Paterson, Glasgow, builders.

INSOLVENT DEBTORS

Canton, near Cardiff, Glamorganshire, maltster, No. 77,972 C.; Who have filed their Petitions in the Court of Bankruptcy, C. Thomas, assignee.-Wm. Richardson, York, out of busi

and have obtained an Interim Order for Protection from ness, No. 78,062 C. ; John Higgins, assignee.-Wm. EastProcess.

wood, Kirk Heaton, near Huddersfield, Yorkshire, out of bu. Thomas B. Wedgwood, Higher Belington, Cheshire, riding siness, No. 77,736 C.; Charles Denham and Jonathan Tur. master, June 23 at 10, County Court of Cheshire, at Birken- ner, assignees.- Henry Rooke, Rotherham, Yorkshire, out of head. — John Kenrick, Southsea, Wrexham, Denbighshire, business, No. 77,986 C.; Wm. Rhodes, assignee.-J. Stans. innkeeper, June 27 at 10, County Court of Denbighshire, at field, Rotherham, Yorkshire, hair dresser, No. 77,987 C.; Wrexham. - Edward Brookes, Southsea, Wrexham, Den Wm. Rhodes, assignee. bighshire, carpenter, June 27 at 10, County Court of Den

Saturday, June 10. bighshire, at Wrexham.-Robert Hughes, Brymbo, Wrexham, Orders have been made, vesting in the Provisional Assignee Denbighshire, machineman, June 27 at 10, County Court of the Estates and Effects of the following Persons:Denbighshire, at Wrexham. --John Courtenay, Bristol, dealer

(On their own Petitions). in meat, July 20 at half-past 10, County Court of Gloucester. shire, at Bristol.-John Hollister, Bristol, carpenter, June 29 Debtors Prison for London and Middlesex.-P. Isemonger,

Henry B. Smith, Walthamstow, Essex, butcher : in the at half-past 10, County Court of Gloucestershire, at Bristol.- St. Thomas-st. East, Southwark, Surrey, commission agent : Hugh 1. Easton, Sheffield, Yorkshire, joiner, July 5 at 12, in the Gaol of Surrey.-William Wilkins, Newberry-place, County Court of Yorkshire, at Sheffield. ---James Quarterman, Kentish-town, Middlesex, builder : in the Debtors Prison for New Hinksey, Berkshire, carpenter, July 1 at 10, County London and Middlesex.—John Martin, Great Park-street, Court of Oxfordshire, at Oxford.-T. J. P. Masters, Shot, Kennington-cross, Surrey, farrier : in the Gaol of Surrey.-tisham, Suffolk, retired commander in the royal navy, June 23 Edward K. Jervis, Bury-street, St. James's, Middlesex, in at 2, County Court of Suffolk, at Woodbridge.---James Hill, Painswick, Gloucestershire, tiler, July 12 at 10, County Court dlesex.-Wm. J. Lindner, Queen's-row, Pentonville, Middle

no profession : in the Debtors Prison for London and Mid. of Gloucestershire, at Stroud.-John Thornewell, Netherton, sex, copper-plate printer : in the Debtors Prison for London near Dudley, Worcestershire, jobbing fitter, June 27 at 9, and Middlesex. - Henry Maddox, Milton-next-Gravesend, County Court of Worcestershire, at Dudley.-William H. Kent, grocer : in the Debtors Prison for London and MiddleThornewell, Netherton, near Dudley, Worcestershire, engine. sex. - John Clifford, Cleveland-street, Mile-end-road, Midman, June 27 at 9, County Court of Worcestershire, at dlesex : in the Debtors Prison for London and Middlesex.Dudley.

Ramsay R. Reinagle, Robert-terrace, Chelsea, Middlesex, The following Persons, who, on their several Petitions filed in portrait painter: in the Debtors Prison for London and Mid

the Court, have obtained Interim Orders for Protection dlesex.-John R. Oates, Providence-place, Cambridge-road, from Process, are required to appear in Court as herein- Middlesex, tailor: in the Debtors Prison for London and after mentioned, at the Court-house, in Portugal-street, Middlesex.-Edward Billman, Manchester, egg dealer : in Lincoln's Inn, as follows, to be examined and dealt with the Gaol of Lancaster. - Wm. Barrett, Bury, Lancashire, according to the Statute:

coach builder : in the Gaol of Lancaster.-James Schofield, June 28 at 10, before Mr. Commissioner MURPHY. Manchester, army pensioner: in the Gaol of Lancaster.Thomas Henry Brown, Culford-road, De Beauvoir-town, George Elliott, Preston, Lancashire, beerseller: in the Gaol Kingsland, Middlesex, warehouseman.- Isabella M. Fisher, of Lancaster.-George Yates, Manchester, manager to a fustian Everett-street, Brunswick-square, Middlesex, out of business. shearer : in the Gaol of Lancaster.-Robert Spink, Bradford, -Samuel Commins, Thornhill-crescent-road, Caledonian-rd., Yorkshire, fishmonger : in the Gaol of York.-Wm. Stark, Middlesex, out of business.-Wm. Hazel, Wells-street, Ox. Mark, near Bridgewater, Somersetsbire, cheese factor : in the ford-street, Middlesex, greengrocer.-Mary Ann Hill, widow, Gaol of Wilton.Henry John Doogood, Dover, Kent, shortPancras-street, Tottenham-court-road, Middlesex, out of bu- hand writer : in the Gaol of Dover.-Hugh Bell, Durham, siness.— Thomas R. Branwhite, Rutland-street, Hampstead grocer : in the Gaol of Durham.-David Cole, Godshill, Isle road, Middlesex, assistant to an outfitter.-George Read, of Wight, Southampton, farmer : in the Gaol of Winchester. Wakefield-street, Regent-square, Middlesex, out of business.--. Shaw, Stalybridge, Mottram-in-Longendale, Cheshire, Alfred Scholey, Aberdeen-place, St. John's-wood-road, Mid draper : in the Gaol of Chester.—Wm. Turner, Birmingham, dlesex, out of employment.-Charles Walter, Bishop's-place, retail brewer : in the Gaol of Coventry. - James Barbor, Fulham-road, Middlesex, shoemaker.-T. Rawbone, Friar- Birmingham, japanner : in the Gaol of Coventry. street, Blackfriars-road, Surrey, carpenter.- John Wm. Bur. The following Prisoners are ordered to be brought up before rows, Church-street, Hackney, Middlesex, baker.

the Court, in Portugal-street, to be examined and dealt June 29 at 11, before Mr. Commissioner PHILLIPS.

with according to the Statute :William Tarrant the younger, Martin's-place, Mason

June 27 at 10, before Mr. Commissioner Murphy. street, New Cross, Deptford, Kent, clerk to a railway com. pany.--Armand Muscard, Cumberland-street, Goodge-street, cutler. - John G. Toone, Aske-street, Hoxton, Middlesex, job

William Allen, Turnagain-lane, Farringdon-street, London, Tottenham-court-road, Middlesex, cabinet maker. - Charles Gerard Rule , Alpha-cottage, Upper Tulse-hill, Brixton,

Sur. bing cabinet maker: -Thomas Fisher the elder, Sandwich-st.,

Burton-crescent, St. Pancras, Middlesex, school agent. rey, clerk in the Admiralty Department, Somerset House.

INSOLVENT DEBTOR'S DIVIDEND. John Taylor, High-street, Woolwich, Kent, pork butcher.

Wm. J. Johnson, Burnham, Westgate, Norfolk, coal dealer, Rebecca Swann, Gloucester-terrace, New-road, Mile-end Old. town, Stepney, Middlesex, drawn bonnet maker.—John W. at Miller & Son's, Norwich : 101d. in the pound.

MEETING. Edvards, Northumberland-terrace, Bagnigge-wells-rd., Mid

Halcomb W. Hatfield, Church-street, Battersea, Surrey, dlesex, cheesemonger.-Wm. Jackson, Lower-grove, Brompton, Middlesex, watchmaker.-Benjamin C. Booth, Mans plumber, June 28 at 12, at Marter's, 5, Furnival's-inn, Lon. field-street, Kingsland-road, Middlesex, tailor.

don, sp. aff. June 28 at 10, before the Chief CoMMISSIONER.

Just published, in 8vo., price 8s. 6d., Silvanus Stone, Mason’s-hill, Bromley, Kent, beer-shop | A TREATISE on the LAW of WILLS,

embodying the keeper. Saturday, June 10.

the Succession Duty Act. By ARTHUR PARSONS, Esq.

London: Simpkin, Marshall, & Co., Stationers' Hall-court. Assignees have been appointed in the following Cases. Pur.

ther particulars may be learned at the Office, in Portugal. LONDON and PROVINCIAL LAW ASSURANCE street, Lincoln's-inn-fields, on giving the Number of the Case.

32, New Bridge-street, Blackfriars, London.

GEORGE M. BUTT, Esq., Q. C., M. P., Chairman. Thomas Marshall, Dunstable, Bedfordshire, stonemason, FOUR-FIFTHS of the Profits divisible amongst the Assured, in which No. 77,714 C.; Wm. Driffill, assignee.-H. Petty, South- Policies two years in force participate.

No CHARGE for Policy STAMPS. ampton, carpenter, No. 77,850 C. ; T. C. Elliott, assignee. EXTENSIVE LICENSE TO TRAVEL and RESIDE ABROAD.

- Joseph Longbottom, Leeds, Yorkshire, out of business, APPEARANCE before the BOARD dispensed with. No. 77,858 C. ; Amos Freeman, assignee.-James Howard,

NOTICES of ASSIGNMENTS registered, and receipt thereof acknowNewport Pagnell , Buckinghamshire, licensed victualler, No.

ledged.

PROSPECTUSES, &c. on application. 77,861 C.; John M. Vernon, assignee.-Samuel Thomas,

JOHN KNOWLES, Actuary and Secretary.

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No. 911-Vol. XVIII.

JUNE 24, 1854.

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NAMES OF THE CASES REPORTED IN THIS NUMBER.
COURT OF CHANCERY.

COURT OF QUEEN's Bench.
Parker 0. Sowerby.—(WillDower-Election) 523 Reg. v. The Inhabitants of Bucknell.-(Order of Re-
COURT OF APPEAL IN CHANCERY.

moval— Sufficiency of Grounds of RemovalExa

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524

Disability"-9 & 10 Vict. c. 66, s. 4-Amendment ROLLS COURT.

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527

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CROWN CASES RESERVED. Ward o. Ward.—(Trustee-Cestui que Trust-Breach Reg. v. Featherstone.- (Larceny-Avowterer-Deof Trust - Assurance effected by one Trustee on his

livery by Wife of Husband's Goods)..

538 own Life-Lien on the Fund produced by the Po- Reg. v. Larkin.-(Pleading-Scienter-Amendment) 539 licy)

529 Reg. v. Pratt.—(Larceny-Assignment for Creditors VICE-CHANCELLOR Wood's Court.

- Bailment).

539 Bourne 0. Hartley.-(Legacies, cumulative or substi

PREROGATIVE COURT. tutional - Construction—" Lawful Money of Ire. Richards v. The Queen's Proctor.-(Revocation-Tes. land")

532
tamentary PapersIntention)

540

..

ADVERTISEMENTS.

cipal partner, and in anonymous partnerships the The Scale of Charges for Advertisements will in future be known partner, alone makes, and each in his own as follows :

£ 8. d. For 2 lines or under

0 2 0 respect to them, and a partnership en commandite with respect 3

0 2 6 to those who are merely holders of funds, or shareholders. 4

0 3 0 (Comm. Cod. of France, 24). 5

0 3 6 The name of a partner en commandite cannot form part of 6

0 4 0 the style of the firm. (Id. 25). And so on, at the rate of 6d. per line.

“The partner en commandite is only liable for losses to the A discount, proportioned to the number of repetitions, amount of the funds which he has contributed, or ought to conwill be allowed upon all Advertisements ordered for three or tribute to the partnership. (Id. 26), more insertions.

“The partner en commandite can do no act of management,

nor be employed in the business of the partnership, even under LONDON, JUNE 24, 1854.

a power of attorney. (Id. 27).

" In case of contravention of the probibition mentioned in

the preceding article, the partner en commandite is responsible, On the subject of the law of partnership, which has jointly and severally, with the partners en nom collectif

, for all been much discussed lately in the pages of this journal, the debts and liabilities of the partnership. (Id. 28). as well as elsewhere, a valuable contribution to our of the object of its enterprise. "(Id. 30).

An anonymous partnership is indicated by the designation legal literature has recently been made by Mr. Tudor, “ It is managed by temporary directors, who are revocable, in the shape of a translation of Pothier's celebrated and are either partners or not partners, with or without salatreatise*, which Mr. Tudor has enriched with some

ries. _(Id. 31).

The directors are only liable for the execution of the powers excellent notes, illustrating the relation between the confided to them. They do not contract by reason of their English and the French law, and between the old management any personal or joint and several obligation with French law and the Code Napoleon. On the subject relation to the engagements of the partnership. (IN. 32). of partnership en commandite, we refer to the follow their interest in the partnership. (Id. 33).

". The partners are only liable for losses to the amount of ing passage, which very well and briefly discusses its “With regard to partnerships en commandite, it will be ob, peculiarities:

served, that the partners whose names appear to the world are, Since in partnerships en commanditet the prin- like partners en nom collectif, jointly and severally hable for

all the debts ; while the partners en commandite, whose names * A Treatise on the Contract of Partnership, by Pothier :

do not appear, if they comply with the provisions of the code,

as to registration and non-interference with the management with the Civil Code and Code of Commerce relating to that of the affairs of the partnership. will only be liable to tie exsubject, in the same order. Translated from the French, with tent of their capital. This species of partnership does not exist Notes referring to the Decisions of the English Courts. By in England, because it is here a maxim of the law that all perOwen Davies Tudor, of the Middle Temple, Esq., Barrister at sons entitled to a share in the profits of a partnership, even dorLaw. Butterworths, 1854.

mant or concealed partners, are, as regards third parties, not† " In a partnership en commandite, when there are several withstanding any stipulations among themselves, liable in solido partners jointly and severally responsible by name, whether all for all the debts of the partnership. (See Blundell v. Winsor, manage together, or one or more manage for all, the partner. 8 Sim. 601 ; Walburn v. Ingilby, 1 My. & K. 61, 76; Story ship is at the same time a partnership en nom collectif with' Partn. 254). So, likewise, if a person advance money to a Vol. XVIII.

X

[graphic]

name, the contracts of the partnership, it follows that ner en commandite only to the amount of the capital he renders himself alone liable, and that the part- which he has put into the partnership." ners en commandite, as well as the unknown partners, On this doctrine of limited liability, we confess ourare not, according to the principles established, liable selves, notwithstanding the verdict of the majority of for the debts of the partnership to the creditors the learned commissioners who have reported upon it, with whom the principal or known partner has con- and notwithstanding the very able arguments with tracted. They are only liable for them to their prin- which we have been favoured by contributors to these cipal or known partner who has contracted them; pages, unable to see its dangers, and, on the conthey ought to acquit him from them according to the trary, able to perceive in it very great advantage and share which each has in the partnership; that is to convenience. It should not be forgotten that, after say, the anonymous partner indefinitely, and the part- all, the principle of limited liability has in it nothing

new; that it has been applied in practice in this firm at a rate of interest varying with the profits of the concern, he will be liable as a partner. Partnerships of this kind exist

country for years; and that to give, by one general act in all parts of the continent of Europe, and have been adopted of Parliament, power to parties to form partnerships, in many of the States of North America ; and it appears to be under given rules, with limited liability, would only the opinion of mercantile men, and of lawyers in those coun

be to extend the use of those incorporated partnerships tries, that they have greatly contributed to commercial prosperity, and towards bringing capital, which would otherwise

under which so many of the most useful commercial enhave remained dormant, into active and useful circulation. terprises of this country have been carried on. Every “ The introduction of partnerships en commandite into this

public company incorporated under act of Parliament country has been recommended by many persons whose opi

is, in fact, a partnership en commandite; and when it is nions are entitled to great consideration; and as it is believed that here, as well as elsewhere, they would promote the pros said that partnership with limited liability would lead to perity of small capitalists, and especially of the working classes, greater hollowness and instability in commerce-would, it is to be hoped that the commission now sitting for the pur. in fact, facilitate the cheating of creditors by impecupose of taking into consideration the mercantile laws of Eng. land, Scotland, and Ireland, with a view to their assimilation,

nious partnerships—the answer is, first, practically, has will not pass over without notice a subject of such deep im it been found that business is so conducted in general by portance. The principle of limited liability, as in partnerships incorporated companies as to justify any such assumpen commandite, has been long since recognised and adopted in

tion? Is it the fact that companies are in general less this country, where acts of Parliament or charters have consti. tuted companies for public undertakings, such as for railways,

faithful to their engagements, less stable in their comgas or water works, docks, &c. The Irish Anonymous Part. mercial transactions, than private concerns? The nership Act, 21 & 22 Geo. 3, c. 46, passed so far back as the example of the numerous joint-stock banks and inyear 1781-2, adopts the principle of limited liability; but as it interferes too much with what ought to be left to the discretion

surance and other companies, to say nothing of canal of the parties, its success has not been very encouraging. and railway companies, that have carried on business,

“One of the objections which might formerly have been and carried off business from their rivals, during long raised to partnerships en commandite was, that they were years, affords surely very little support to the argumerely the means of obtaining a rate of interest varying with the profits of the concern, and were therefore within the mis.

ments against limited liability. Oh! but then, it is chief of usury; but as the laws against usury (except where land said, these are great public companies, and conducted forms part of the security) have been repealed, this objection under parliamentary regulation. But surely it can can now have no weight.

make no difference in the application of the principle " Another objection is, that these kinds of partnership would lead to undue speculation. To this we may answer, that in

| whether the company is great or small, the magnitude private undertakings the owners of capital are in general the of its undertakings being in proportion to the extent of best judges as to whether they would or would not be produc- its capital; and every partnership voluntarily entered tive ; and that the Legislature, which confers the privilege of | into under a general act of Parliament might and limited liability upon companies formed for carrying out under. takings of a public character, might depend upon individuals would be regulated with quite as much precision as an exercising ordinary prudence in their own affairs.

incorporated company acting under its special act. But, "Another objection is, that it is not right that the partner in truth, it appears to us that the fears about limited liawith limited liability should participate in the profits, and throw the losses upon innocent parties. There is, however, no weight

bility are grounded altogether on a mistaken notion of the in this objection ; for if a partner en commandite contracts with foundation of credit in trade. It is not true that credit third parties (as he does in all cases) that he will be liable only is given to a firm because its partners are known, and to the extent of his capital in the concern, those parties who, known to be persons of substance, and on the faith of after full notice, deal with the partnership, have no natural or equitable right to more than what they have contracted for.

each being wholly liable; it is not true that one-tenth ** That creditors are better circumstanced when part of the of the persons who have transactions with a partnercapital to carry on a business is subscribed by partners en ship know who are its members, beyond the one or commandite, than when it is borrowed by a firm, is clear.

two leading members who are usually seen to be active; Thus, if a firm carries on business with a capital of 20,0001., 10,0001. of which is borrowed, in the event of ill success, the and it is not true that those who deal with a firm lender, after obtaining perhaps a far higher rate of interest know, in general, anything about the fortunes of its than the average rate of profits, either obtains a preference over members. At this day, for instance, take any great the other creditors, or proves as a creditor for what remains unpaid of the 10,0001., whereas a partner en commandite would

and old-established banking firms-say Childe's, or only be entitled to a share of the profits, if there were any, and Coutts's--it is not true that one-fiftieth part of the would be liable to the extent of his 10,0001. embarked in the customers of those firms has any conception who are concern to its creditors.

the real partners in them. It is idle, then, to talk of "The principal opponents of partnerships with limited liability will most likely be found amongst the large capitalists,

a man relying upon the unlimited liability of all the who perhaps naturally fear that a combination of small capi. partners, when he does not even know whether there talists, by bringing dormant capital into active competition are two, three, or six partners, nor who they are, if with their own, would thereby diminish their profits."

they are at all. Credit is really given in business to

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