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assignee.-Alfred Whaley Sanderson, Lancaster, tea dealer, No. 78,096; Edward Johnson, assignee.-Henry Atharley, Manchester, out of business, No. 78,007; Thomas Smith, assignee.-Robert Parkinson, Preston, out of business, No. 78,103; William Welch and George Tait, assignees.-Hugh Fulton, Rusholme, near Manchester, out of business; No. 77,941; Thomas Chesters, assignee.

The following Prisoners are ordered to be brought up before a Judge of the County Court, to be examined and dealt with according to the Statute:

At the County Court of Lancashire, at LANCASTER, June 23 at 12.

Joseph Houghton Goddard, Southport, out of business.Henry Stowe, Blackburn, butcher.-Ralph Unsworth, Wigan, out of business.-Fred. Goodman, Salford, bonnet cleaner.Elizabeth Wrigley, Eccles, near Manchester, out of business. -James Whitworth, Heywood, near Bury, tailor.-James Pager, Salford, grocer.-John Hirst, Salford, out of business. -Hezekiah Monks, Liverpool, out of business.-J. Moore, Liverpool, publican.-Edward Billman, Manchester, out of business.-Moses Ratcliffe, Manchester, out of business.-J. Spencer, Manchester, manager in a cotton mill.-E. Barrow, Manchester, out of business.-Edward Potter, Pendlebury, near Manchester, yarn dealer.-Enoch Hough, Manchester, wheelwright.-George Barker, Liverpool, out of business.George Yates, Manchester, manager to a fustian shearer.Richard Walton, Briercliffe-with-Entwistle, near Burnley, labourer.-James Schofield, Manchester, provision dealer.George Elliott, Preston, beerseller.

At the County Court of Herefordshire, at Hereford, June 22 at 10.

Thomas Pitt, Brampton Abbotts, sawyer.-John Dallow, Cradley, carpenter.

At the County Court of Gloucestershire, at Bristol, June 22 at half-past 10.

Thomas Fox, St. George, general-shop keeper.-Thomas Dixon, Swindon, Wiltshire, licensed victualler.

At the County Court of Somersetshire, at TAUNTON,
June 23.

Wm. Stark, Mark, near Bridgewater, cheese factor.
At the County Court of Hampshire, at SOUTHAMPTON,
June 23.

J. Fry, Southampton, gasfitter.-T. Taylor, Southampton, out of business.-Thomas Taylor the younger, Southampton, out of business.

At the County Court of Lancashire, at MANCHESTER,

June 26 at 12.

Wm. Cole, Chorlton-on-Medlock, Manchester, joiner. At the County Court of Oxfordshire, at OXFORD, July 1 at 10. MEETING.

Henry Lovelock, Banbury, upholsterer.

JOHN ALLEN, Courthorpe-terrace, Bermondsey New-road, and York-place, Kent-street-road, Surrey, grocer and tea dealer, dealer and chapman, June 22 at 11, and July 20 at half-past 1, Court of Bankruptcy, London: Off. Ass. Johnson; Sol. May, 2, Princes-street, Spitalfields.-Petition filed June 12.

WILLIAM SPELLER, Warwick-road West, Paddington, Middlesex, builder, June 19 at 2, and July 19 at 1, Court of Bankruptcy, London: Off. Ass. Stansfeld; Sol. Vaughan, 19, Porteus-road, Paddington.-Petition filed June 10. WILLIAM ADAM, Great Tower-street, London, merchant, dealer and chapman, also of Lloyd's, City, underwriter, June 21 at 11, and July 19 at 1, Court of Bankruptcy, London: Off. Ass. Stansfeld; Sols. Lawrance & Co., Old Jewry. chambers.- Petition filed June 12.

THOMAS ROBINSON WARD, Wisbeach St. Peter, Cam.
bridgeshire, scrivener, dealer and chapman, June 23 and
July 28 at 12, Court of Bankruptcy, London: Off. Ass.
Cannan; Sols. Watson, Wisbeach; Chubb & Co., 14,
JOHN GREATWOOD, Birmingham, confectioner, fruiterer,
South-square, Gray's-inn.-Petition filed June 12.
dealer and chapman, June 27 at 12, and July 20 at 10,
District Court of Bankruptcy, Birmingham: Off. Ass. Bit-
THOMAS STONE BESLEY, Tiverton, Devonshire, grocer,
tleston; Sol. Brown, Birmingham.-Petition dated June 12.
June 22 and July 20 at 1, District Court of Bankruptcy,
Exeter Off. Ass. Hirtzel; Sols. Partridge, Tiverton; Head
& Venn, Exeter.-Petition filed June 10.
OBADIAH WILLANS and HENRY RAWSON, Leeds,
Yorkshire, cloth merchants and manufacturers, June 30 and
July 28 at 11, District Court of Bankruptcy, Leeds: Off.
Ass. Young; Sols. Payne & Co., Leeds.-Petition dated
June 9.

JAMES RANKIN, Liverpool, wholesale clothier, June 26 and July 17 at 12, District Court of Bankruptcy, Liverpool: Off. Ass. Morgan; Sols. Anderson & Collins, Liverpool; Sale & Co., Manchester.-Petition filed June 10. WILLIAM WILKINSON RAWLING, SAMUEL RAW. LING, and JOHN RAWLING, Manchester, curriers and leather dealers, (trading under the style or firm of William Wilkinson Rawling & Co.), June 23 and July 14 at 12, District Court of Bankruptcy, Manchester: Off. Ass. Hernaman; Sols. Barker, Huddersfield; Bellhouse & Bond, Manchester.-Petition filed June 3.

MEETINGS.

Charles Button, Holborn-bars, London, operative chemist, ac.-George North, Chesterfield, Derbyshire, corn dealer, June 23 at half-past 12, Court of Bankruptcy, London, aud. June 24 at 10, District Court of Bankruptcy, Sheffield, aud. ac.-Edward Harris Ruddock and Henry Ebison, Bradford, Yorkshire, marble masons, June 24 at 10, District Court of Bankruptcy, Sheffield, aud. ac. joint est., and aud. ac. sep. est of Edward H. Ruddock.-Thomas Booth, Halifax, Yorkshire, 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.

TUESDAY, JUNE 13.

BANKRUPTS.

SAMUEL POTTS, (and not THOMAS POTTS, as before advertised), Hove-villas, Hove, near Brighton, Sussex, carpenter and builder, June 20 at 12, and July 20 at 2, Court of Bankruptcy, London: Off. Ass. Johnson; Sol. Jones, 9, Quality-court, Chancery-lane.-Petition filed June 6. GEORGE BUTLER, late of Nicholas-lane, Lombard-street, London, auctioneer, formerly of Wellington-chambers, London-bridge, Surrey, wine merchant, June 22 at half-past 1, and July 20 at 2, Court of Bankruptcy, London: Off. Ass. Johnson; Sol. Butler, Tooley-st.-Petition filed June 9. HUGH BARCLAY, Liverpool, commission agent, dealer and chapman, (trading under the style or firm of Hugh Barclay & Co., and formerly carrying on business with William Craies and Alexander Dennistoun, at Liverpool, as merchants and commission agents, under the firm of Barclay, Dennistoun, & Co., and at the same time at Glasgow, under the firm of Dennistoun, Craies, & Barclay, and at New York, United States of America, under the firm of Alexander Dennistoun & Co.), June 26 at 12, and July 24 at 11, District Court of Bankruptcy, Liverpool: Off. Ass. Morgan; Sol. Yates, junior, Liverpool.-Petition filed June 6.

Bristol, hotel keeper, July 6 at 11, District Court of Bankruptcy, Bristol, div.

CERTIFICATES.

To be allowed, unless Cause be shewn to the contrary on or before the Day of Meeting.

Henry James Rogers, Callington, Cornwall, surgeon, July 6 at 1, District Court of Bankruptcy, Exeter.-Francis W. Robinson, Southport, Lancashire, printer, July 5 at 11, District Court of Bankruptcy, Liverpool.-Thos. Hughes, Wednesbury, Staffordshire, innkeeper, July 6 at 10, District Court of Bankruptcy, Birmingham.-Harry Winton, Harry John Langridge Winton, and Edwin William Winton, Birmingham, agricultural implement makers, July 13 at 10, District Court of Bankruptcy, Birmingham.

To be granted, unless an Appeal be duly entered. John Bergthiel, Winchester-buildings, London, merchant. Henry Groom, Bray, Berkshire, miller.—William Rhodes, Aldersgate-street, London, tea dealer.-P. Emery, Brighton, Sussex, licensed victualler.—Wm. Turner, Crewkerne, Somersetshire, currier.-John F. Thynne, Tavistock, Devonshire, dealer in musical instruments.-Isaac Steane, Coventry, Warwickshire, ribbon manufacturer.-S. Meredith, Birmingham, draper.

SCOTCH SEQUESTRATIONS.

Wm. Wilson, Dundee, general merchant.-Henderson & Paterson, Glasgow, builders.

INSOLVENT DEBTORS Who have filed their Petitions in the Court of Bankruptcy, and have obtained an Interim Order for Protection from

Process.

Thomas B. Wedgwood, Higher Belington, Cheshire, riding master, June 23 at 10, County Court of Cheshire, at Birkenhead.-John Kenrick, Southsea, Wrexham, Denbighshire, innkeeper, June 27 at 10, County Court of Denbighshire, at Wrexham.-Edward Brookes, Southsea, Wrexham, Denbighshire, carpenter, June 27 at 10, County Court of Denbighshire, at Wrexham.-Robert Hughes, Brymbo, Wrexham, Denbighshire, machineman, June 27 at 10, County Court of Denbighshire, at Wrexham.-John Courtenay, Bristol, dealer in meat, July 20 at half-past 10, County Court of Gloucestershire, at Bristol.-John Hollister, Bristol, carpenter, June 29 at half-past 10, County Court of Gloucestershire, at Bristol.Hugh I. Easton, Sheffield, Yorkshire, joiner, July 5 at 12, County Court of Yorkshire, at Sheffield.-James Quarterman, New Hinksey, Berkshire, carpenter, July 1 at 10, County Court of Oxfordshire, at Oxford.-T. J. P. Masters, Shottisham, Suffolk, retired commander in the royal navy, June 23 at 2, County Court of Suffolk, at Woodbridge.-James Hill, Painswick, Gloucestershire, tiler, July 12 at 10, County Court of Gloucestershire, at Stroud.-John Thornewell, Netherton, near Dudley, Worcestershire, jobbing fitter, June 27 at 9, County Court of Worcestershire, at Dudley.-William H. Thornewell, Netherton, near Dudley, Worcestershire, engineman, June 27 at 9, County Court of Worcestershire, at Dudley.

The following Persons, who, on their several Petitions filed in the Court, have obtained Interim Orders for Protection from Process, are required to appear in Court as hereinafter mentioned, at the Court-house, in Portugal street, Lincoln's Inn, as follows, to be examined and dealt with according to the Statute:

June 28 at 10, before Mr. Commissioner MURPHY. Thomas Henry Brown, Culford-road, De Beauvoir-town, Kingsland, Middlesex, warehouseman.-Isabella M. Fisher, Everett-street, Brunswick-square, Middlesex, out of business. -Samuel Commins, Thornhill-crescent-road, Caledonian-rd., Middlesex, out of business.—Wm. Hazel, Wells-street, Oxford-street, Middlesex, greengrocer.-Mary Ann Hill, widow, Pancras-street, Tottenham-court-road, Middlesex, out of business.-Thomas R. Branwhite, Rutland-street, Hampsteadroad, Middlesex, assistant to an outfitter.-George Read, Wakefield-street, Regent-square, Middlesex, out of business.Alfred Scholey, Aberdeen-place, St. John's-wood-road, Middlesex, out of employment.-Charles Walter, Bishop's-place, Fulham-road, Middlesex, shoemaker.-T. Rawbone, Friarstreet, Blackfriars-road, Surrey, carpenter.—John Wm. Burrows, Church-street, Hackney, Middlesex, baker.

June 29 at 11, before Mr. Commissioner PHILLIPS. William Tarrant the younger, Martin's-place, Masonstreet, New Cross, Deptford, Kent, clerk to a railway company.-Armand Muscard, Cumberland-street, Goodge-street, Tottenham-court-road, Middlesex, cabinet maker.-Charles Gerard Rule, Alpha-cottage, Upper Tulse-hill, Brixton, Surrey, clerk in the Admiralty Department, Somerset House.John Taylor, High-street, Woolwich, Kent, pork butcher.Rebecca Swann, Gloucester-terrace, New-road, Mile-end Oldtown, Stepney, Middlesex, drawn bonnet maker.-John W. Edwards, Northumberland-terrace, Bagnigge-wells-rd., Middlesex, cheesemonger.-Wm. Jackson, Lower-grove, Brompton, Middlesex, watchmaker.-Benjamin C. Booth, Mansfield-street, Kingsland-road, Middlesex, tailor.

June 28 at 10, before the CHIEF COMMISSIONER.

Canton, near Cardiff, Glamorganshire, maltster, No. 77,972 C.; C. Thomas, assignee.-Wm. Richardson, York, out of business, No. 78,062 C.; John Higgins, assignee.-Wm. Eastwood, Kirk Heaton, near Huddersfield, Yorkshire, out of bu

siness, No. 77,736 C.; Charles Denham and Jonathan Turner, assignees.—Henry Rooke, Rotherham, Yorkshire, out of business, No. 77,986 C.; Wm. Rhodes, assignee.-J. Stansfield, Rotherham, Yorkshire, hair dresser, No. 77,987 C.; Wm. Rhodes, assignee.

Saturday, June 10.

Orders have been made, vesting in the Provisional Assignee the Estates and Effects of the following Persons:

:

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(On their own Petitions).

Henry B. Smith, Walthamstow, Essex, butcher: in the Debtors Prison for London and Middlesex.-P. Isemonger, St. Thomas-st. East, Southwark, Surrey, commission agent: in the Gaol of Surrey.-William Wilkins, Newberry-place, Kentish-town, Middlesex, builder: in the Debtors Prison for London and Middlesex.-John Martin, Great Park-street, Kennington-cross, Surrey, farrier: in the Gaol of Surrey.-Edward K. Jervis, Bury-street, St. James's, Middlesex, in no profession: in the Debtors Prison for London and Middlesex.-Wm. J. Lindner, Queen's-row, Pentonville, Middlesex, copper-plate printer: in the Debtors Prison for London and Middlesex. - Henry Maddox, Milton-next-Gravesend, Kent, grocer in the Debtors Prison for London and Middlesex.-John Clifford, Cleveland-street, Mile-end-road, Middlesex: in the Debtors Prison for London and Middlesex.Ramsay R. Reinagle, Robert-terrace, Chelsea, Middlesex, portrait painter: in the Debtors Prison for London and Middlesex.-John R. Oates, Providence-place, Cambridge-road, Middlesex, tailor: in the Debtors Prison for London and Middlesex.-Edward Billman, Manchester, egg dealer: in the Gaol of Lancaster.-Wm. Barrett, Bury, Lancashire, coach builder: in the Gaol of Lancaster.-James Schofield, Manchester, army pensioner: in the Gaol of Lancaster.George Elliott, Preston, Lancashire, beerseller: in the Gaol of Lancaster.-George Yates, Manchester, manager to a fustian shearer: in the Gaol of Lancaster.—Robert Spink, Bradford, Yorkshire, fishmonger: in the Gaol of York.- Wm. Stark, Mark, near Bridgewater, Somersetshire, cheese factor: in the Gaol of Wilton.-Henry John Doogood, Dover, Kent, shorthand writer: in the Gaol of Dover.-Hugh Bell, Durham, grocer in the Gaol of Durham.-David Cole, Godshill, Isle of Wight, Southampton, farmer: in the Gaol of Winchester. -S. Shaw, Stalybridge, Mottram-in-Longendale, Cheshire, draper: in the Gaol of Chester.-Wm. Turner, Birmingham, retail brewer in the Gaol of Coventry. - James Barbor, Birmingham, japanner: in the Gaol of Coventry. The following Prisoners are ordered to be brought up before the Court, in Portugal-street, to be examined and dealt with according to the Statute :

:

June 27 at 10, before Mr. Commissioner MURPHY. William Allen, Turnagain-lane, Farringdon-street, London, cutler.-John G. Toone, Aske-street, Hoxton, Middlesex, jobbing cabinet maker.-Thomas Fisher the elder, Sandwich-st., Burton-crescent, St. Pancras, Middlesex, school agent.

INSOLVENT DEBTOR'S DIVIDEND.

Wm. J. Johnson, Burnham, Westgate, Norfolk, coal dealer, at Miller & Son's, Norwich: 104d. in the pound. MEETING.

Halcomb W. Hatfield, Church-street, Battersea, Surrey, plumber, June 28 at 12, at Marter's, 5, Furnival's-inn, London, sp. aff.

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.

latest Decisions in relation thereto. With an Appendix, containing the Succession Duty Act. By ARTHUR PARSONS, Esq. London: Simpkin, Marshall, & Co., Stationers' Hall-court.

Assignees have been appointed in the following Cases. Further 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.

Thomas Marshall, Dunstable, Bedfordshire, stonemason, No. 77,714 C.; Wm. Driffill, assignee.-H. Petty, Southampton, carpenter, No. 77,850 C.; T. C. Elliott, assignee. -Joseph Longbottom, Leeds, Yorkshire, out of business, No. 77,858 C.; Amos Freeman, assignee.-James Howard, Newport Pagnell, Buckinghamshire, licensed victualler, No. 77,861 C.; John M. Vernon, assignee.-Samuel Thomas,

SOCIETY.

32, New Bridge-street, Blackfriars, London. GEORGE M. BUTT, Esq., Q. C., M. P., Chairman. FOUR-FIFTHS of the PROFITS divisible amongst the Assured, in which Policies two years in force participate.

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LAW BOOKS JUST PUBLISHED.

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

Parker v. Sowerby.-(Will-Dower-Election)

COURT OF APPEAL IN CHANCERY.

....

523

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PRICE 18.

COURT OF QUEEN'S BENCH. Reg. v. The Inhabitants of Bucknell.-(Order of Removal-Sufficiency of Grounds of Removal-Examination-11 & 12 Vict. c. 31, s. 2-Sufficiency of Grounds of Appeal-" Sickness"-"Permanent Disability"-9 & 10 Vict. c. 66, s. 4-Amendment of Order-11 & 12 Vict. c. 31, s. 6).. ........ 533 COURT OF COMMON PLEAS.

......

Rolin v. Steward.-(Action by a Trader for dishonouring Cheques-Damages recoverable in).... 536 CROWN CASES RESERVED.

529

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land")

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ADVERTISEMENTS.

532

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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:

For 2 lines or under.

3

6

£ s. d.

0 2 0

026

030

036
040

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respect to them, and a partnership en commandite with respect to those who are merely holders of funds, or shareholders. (Comm. Cod. of France, 24).

"The name of a partner en commandite cannot form part of the style of the firm. (Id. 25).

"The partner en commandite is only liable for losses to the amount of the funds which he has contributed, or ought to contribute, to the partnership. (Id. 26).

"The partner en commandite can do no act of management, nor be employed in the business of the partnership, even under a power of attorney. (Id. 27).

"In case of contravention of the prohibition mentioned in the preceding article, the partner en commandite is responsible, jointly and severally, with the partners en nom collectif, for all the debts and liabilities of the partnership. (Id. 28).

On the subject of the law of partnership, which has
been much discussed lately in the pages of this journal,
as well as elsewhere, a valuable contribution to our
legal literature has recently been made by Mr. Tudor,
in the shape of a translation of Pothier's celebrated
treatise, which Mr. Tudor has enriched with some
excellent notes, illustrating the relation between the
English and the French law, and between the old
French law and the Code Napoleon. On the subject
of partnership en commandite, we refer to the follow-their interest in the partnership. (Id. 33)
ing passage, which very well and briefly discusses its
peculiarities:-

of the object of its enterprise. (Id. 30).
"An anonymous partnership is indicated by the designation

"It is managed by temporary directors, who are revocable, and are either partners or not partners, with or without salaries. (Id. 31).

"Since in partnerships en commanditet the prin

A Treatise on the Contract of Partnership, by Pothier: with the Civil Code and Code of Commerce relating to that subject, in the same order. Translated from the French, with Notes referring to the Decisions of the English Courts. By Owen Davies Tudor, of the Middle Temple, Esq., Barrister at Law. Butterworths, 1854.

"In a partnership en commandite, when there are several partners jointly and severally responsible by name, whether all manage together, or one or more manage for all, the partnership is at the same time a partnership en nom collectif with VOL. XVIII. X

"The directors are only liable for the execution of the powers confided to them. They do not contract by reason of their management any personal or joint and several obligation with relation to the engagements of the partnership. (Id. 32).

"The partners are only liable for losses to the amount of

"With regard to partnerships en commandite, it will be ob served, that the partners whose names appear to the world are; all the debts; while the partners en commandite, whose names like partners en nom collectif, jointly and severally liable for do not appear, if they comply with the provisions of the code, as to registration and non-interference with the management of the affairs of the partnership, will only be liable to the extent of their capital. This species of partnership does not exist in England, because it is here a maxim of the law that all persons entitled to a share in the profits of a partnership, even dormant or concealed partners, are, as regards third parties, notwithstanding any stipulations among themselves, liable in solido for all the debts of the partnership. (See Blundell v. Winsor, 8 Sim. 601; Walburn v. Ingilby, 1 My. & K. 61, 76; Story Partn. 254). So, likewise, if a person advance money to a

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ner en commandite only to the amount of the capital which he has put into the partnership."

name, the contracts of the partnership, it follows that he renders himself alone liable, and that the partners 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 counbe to extend the use of those incorporated partnerships tries, that they have greatly contributed to commercial pros-under which so many of the most useful commercial enperity, and towards bringing capital, which would otherwise have remained dormant, into active and useful circulation.

terprises of this country have been carried on. Every public company incorporated under act of Parliament is, in fact, a partnership en commandite; and when it is said that partnership with limited liability would lead to greater hollowness and instability in commerce-would, in fact, facilitate the cheating of creditors by impecunious partnerships-the answer is, first, practically, has it been found that business is so conducted in general by incorporated companies as to justify any such assumption? Is it the fact that companies are in general less faithful to their engagements, less stable in their com

"The introduction of partnerships en commandite into this country has been recommended by many persons whose opinions are entitled to great consideration; and as it is believed that here, as well as elsewhere, they would promote the prosperity of small capitalists, and especially of the working classes, it is to be hoped that the commission now sitting for the purpose of taking into consideration the mercantile laws of England, Scotland, and Ireland, with a view to their assimilation, will not pass over without notice a subject of such deep importance. The principle of limited liability, as in partnerships en commandite, has been long since recognised and adopted in this country, where acts of Parliament or charters have constituted companies for public undertakings, such as for railways, gas 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 year 1781-2, adopts the principle of limited liability; but as it interferes too much with what ought to be left to the discretion

of the parties, its success has not been very encouraging.
"One of the objections which might formerly have been
raised to partnerships en commandite was, that they were
merely the means of obtaining a rate of interest varying with
the profits of the concern, and were therefore within the mis-
chief of usury; but as the laws against usury (except where land
forms part of the security) have been repealed, this objection
can now have no weight.

"Another objection is, that these kinds of partnership would lead to undue speculation. To this we may answer, that in private undertakings the owners of capital are in general the best judges as to whether they would or would not be productive; and that the Legislature, which confers the privilege of limited liability upon companies formed for carrying out undertakings of a public character, might depend upon individuals exercising ordinary prudence in their own affairs.

"Another objection is, that it is not right that the partner with limited liability should participate in the profits, and throw the losses upon innocent parties. There is, however, no weight in this objection; for if a partner en commandite contracts with third parties (as he does in all cases) that he will be liable only to the extent of his capital in the concern, those parties who, after full notice, deal with the partnership, have no natural or equitable right to more than what they have contracted for.

"That creditors are better circumstanced when part of the capital to carry on a business is subscribed by partners en commandite, than when it is borrowed by a firm, is clear. Thus, if a firm carries on business with a capital of 20,000l., 10,0007. of which is borrowed, in the event of ill success, the lender, after obtaining perhaps a far higher rate of interest than the average rate of profits, either obtains a preference over the other creditors, or proves as a creditor for what remains unpaid of the 10,0007.; whereas a partner en commandite would only be entitled to a share of the profits, if there were any, and would be liable to the extent of his 10,000l. embarked in the concern to its creditors.

"The principal opponents of partnerships with limited liability will most likely be found amongst the large capitalists, who perhaps naturally fear that a combination of small capitalists, by bringing dormant capital into active competition with their own, would thereby diminish their profits."

example of the numerous joint-stock banks and inand railway companies, that have carried on business, surance and other companies, to say nothing of canal and carried off business from their rivals, during long years, affords surely very little support to the arguments against limited liability. Oh! but then, it is said, these are great public companies, and conducted under parliamentary regulation. But surely it can make no difference in the application of the principle whether the company is great or small, the magnitude of its undertakings being in proportion to the extent of its capital; and every partnership voluntarily entered into under a general act of Parliament might and would be regulated with quite as much precision as an incorporated company acting under its special act. But, in truth, it appears to us that the fears about limited liability are grounded altogether on a mistaken notion of the foundation of credit in trade. It is not true that credit is given to a firm because its partners are known, and known to be persons of substance, and on the faith of each being wholly liable; it is not true that one-tenth of the persons who have transactions with a partnership know who are its members, beyond the one or two leading members who are usually seen to be active; and it is not true that those who deal with a firm know, in general, anything about the fortunes of its members. At this day, for instance, take any great and old-established banking firms-say Childe's, or Coutts's-it is not true that one-fiftieth part of the customers of those firms has any conception who are the real partners in them. It is idle, then, to talk of a man relying upon the unlimited liability of all the partners, when he does not even know whether there are two, three, or six partners, nor who they are, if they are at all. Credit is really given in business to

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