On this page
-
Text (2)
-
*-™n«r 2. 1856.1 THE LEADER. =J°£ si
-
the shares be offered to the original Ba...
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
-
-
Transcript
-
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
.Lord Wtlnsleydale And Life Peerages. A ...
the Peers ; the Law Lords meddling not with law but constituting a kind of speaking dummy to deliver judgment when there is no Lord Judge in presence . If retiring judges are created peers for life , we get a recruitment of this section of the highest court of appeal , while we avoid saddling the country with provisions for succeeding peers—perhaps also saddling the country with foolish heirs who do not inherit their fathers ' capacity , certainly not their fathers' law education .
*-™N«R 2. 1856.1 The Leader. =J°£ Si
* - ™ n « r 2 . 1856 . 1 THE LEADER . = J °£ si
The Shares Be Offered To The Original Ba...
the shares be offered to the original Bank propr ietors ; let the two enterpri ses be amalgamated under the name of the " Eastern ^ Western Banking and Oyster Company ; let the Oyster interest be allowed to vote by proxy ; let the new shares take the profits by preference , and we shalL have the exact parallel of the Eastern Counties anomaly . The Bank probably would be left without profits on the original shares , or with a sixpenny profit at the best ; but the amalgamated dividends siding off in the preference shares
could obtain no redress . We have , therefore , attached his property . This would be the natural course to pursue in a civil process for the recovery of a debt . But it is not on such grounds that we have put in an execution against Mahommed Amjud Ali . We do not pretend that he is a defaulter , or that we have any pecuniary claims against him . We accuse him of malversation of his people ' s revenue , of cruelty , oppression , and other felonious practices . And yet we avoid proceeding as against a criminal . We simply p lace Colonel Outram ciuuiqui ^ u
THE POOR SHAREHOLDER . We appeal from General ' Meeting drunk , to General Meeting sober , on behalf of the most helpless creature of the comnrunity— lhe Original Shareholder . " The question of Ins property , of his actual salvation , is urgent . The judgment of the general meeting in the matter of Bruce and others versus Wadding-ton and Co ., is the condemnation of the Original Shareholder . The case fox the prosecution appeared to us to be perfectly clear , and it has not been effectually gainsaid . The Committee of Investigation have shown that the amalgamated company has launched into all kinds of
to the Oyster interest might be considerable while the oyster season lasted . Broughams and Hansoms would bring the lordly , honourable , and distinguished representatives of the Oyster interest to lead the eloquence at the general meeting of the Banking and Oyster , with proxies in their pockets ; The " policy of peace" between banking and oysters would display its star-spangled banner of union , and the meeting would g ive its triumphant vote to the Napoleon of the alliance ; but the grave business bankers would shake their heads , and turn round to see in what court they could find redress ? , . ^^^
in possession , xxe as me wuv , , *^ . ^ Lord Dalhousie ' s " sedentary man . " The motive for adopting this line of conduct is very apparent . It was no doubt deemed inconsistent to annex a kingdom in Asia , while we are waging war in Europe to prevent Eussia from doing precisely the same thing , and on very similar grounds . Appearances must be kept up at any cost . The national " respectability" must be maintained , for that alone , now-a-days , distinguishes us from the rest of the world . We do not indeed object to stretch a point where merely crime is involved , if any advantage may be thence derived ; Tmfc we protest strenuously against a scandal .
collateral enterprises—the line that is tenanted by Messrs . Peto , Bates , and Brassey , the Coal Company with which Mr . GoocHwas connected , the steam-boats and port in which the Chairman has had an interest , the dancing saloon -at Woolwich on which a local officer had set his heart , and a variety of other undertakings in which strangers had primary concern ; while the Eastern Counties Kail way has literally been made the path for those strangers at the cost of the proprietors . This is a totally / i
In none . JLnis amalgamation « a , - — paying away of dividends in the name of preference shares , is a manoeuvre not within the cognisance of the Courts , civil or criminal . At the close of the poll on Tuesday we find that , of tLe number of persons present , 508 voted for the Committee of Investigation and a business management of the railway , 160 voted for Mr . Waddington , the peace policy , and that " making things pleasant ' which carries off shares . The absentee share-¦ u ^ Mo -ro -rvro ™ r > r » < W fi . t . p . a « -ainst the present
pro-In the very heart of the British oak there lives a toad " ugly and venomous . " It is torpid , indeed , but its poison exudes through the sturdy timbers of the tree—the rough bark alone conceals its action . That toad is called among men , " Respectability ; " to the gods it is known as ' " Hypocrisy . " " Behold our forbearance , " we say to the world . " We might justly have annexed the kingdom of Oude ; but we respected your prejudices—it is only sequestrated . " The distinction is certainly ingenious . 01 wisuuai
QeW View OI tUC XLStSS Ul O > AVitxi w cij vv . u- j ^*" j - Certain persons were invited to put together their money for the purpose of establishing and carrying on the Eastern Counties Railway , and they did put together their money for the purpose . It is quite evident that if they had stuck to their purpose , they would have built their railway , have carried on the ¦ / V » " 11 _ J ^ ^ ™ . C 4 . 1-x-w-r 4- "i- * s \ ^ mr nct ^ tramc iix
prietors through the proxies in the pockets . of Mr . Waddington and his supporters . It is clear that according to the dominant railway system , where amalgamations and extensions are admitted , the poor Original Shareholder is at the mercy of intruding speculators , absentees , and alien shareholders .
Ancient Pistol neia it a sign uu call theft , " conveyance . " In like manner we plume ourselves on . waiving the honest process of annexation—we merely take possession . This is more in accordance with the spirit and habits of a commercial people . The costs will be thus increased . Besides , a more tangible grievance is likely to arise out of such an
_ , ana nave maae a piuuv vy m < = » vounient and the business . But somebody else thought that other undertakings might be made profitable by using the Eastern Counties as a stepping stone . A new capital Avas required ; the foundation of another capital is called an extension of the Eastern Counties capital , which gives the intruders , with those members of the original company that have alien interests , a right of coming in and managing uui me jiww jj « i
A KINGDOM SEQUESTRATED . One cannot avoid feeling something like awe at the startling brevity of the electric telegraph . Plain facts are stated in such plain terms There is no perip hrasis , no attempt to disguise the naked truth . A pregnant sentence of a couple of lines announces a victory , or a defeat , and the death of so many thousands of hum an beings . There is nothing ___ i _ ¦ i . , „„„ ,,. -. ! f in snorrrnsi-. ivfilieSS . UllleSS it
anomaly . And then we snail oe compeneu to reduce Oude to the state of a province , pleading in justification the ill effects of our present forbearance . It may possibly be a highly respectable mode of proceeding , but it is assuredly neither wise nor dignified ; just as it may be more genteel to make two bites of a cherry , than to put the whole fruit into one ' s mouth ; though in the former case there is danger of blunting one ' s teeth upon the
cue Ji-astem v ^ ouuues . , u < - »* the Company is to take its dividends in the name of " preference shares , " before the original proprietors . Tho junior partner is to take his profits first ! The plan which is applicable in one case , is applicable in a hundred others . It is as easy for a Tilbury line Company to be a junior partner in the Eastern Counties as a Lowestoft Harbour Company , or an Antwerp Boat Company ,- or a Dancing Saloon Company ; and on this plan of allowing the stranger to come \ r \ nnrl monniTO tlimr nnTI firk fl . Vl'Jl . n Cr (\ t . llflfc t \ tPi
WJUIUJU o til UiAOOv ^ o J-u , * " "" 8 Q— — ' ' bo a common almanac with such an entry as this : " June 18 th . Battle of Waterloo , 1815 . " At another time we road in as few words , that the ruler of millions of men died at such an hour , —not many minutes before we received the news , though , perhaps , a thousand miles or so away . The next day , it may be , it is told with equal calmness that a dozen ships with all their crows have gone to the bottom , and on tho morrow that a kingdom has been sequestrated . A man becomes deeply ; , ^ , ~ i , r ^/ i ;« / ii . » i- » t-. —liis creditors obtain the
sostone , while in the latter the impediment may be ejected after baring it to the shell . The illustration is homely , and therefore suitable to a homely subject—sequestration ; a subject that comes home to very many of us , now that we all live beyond our incomes—all the more easy , that few have any real income to live upon . But how came the country and people of Oude to be the property of Mahomaied Amjud Ah ? It is worth while to cast a hasty glance at the rise and progress of that now famous kingdom . uj
Original Shareholder shall lend liis money to the junior partners , while the junior partners shall take their profits first . The idea should be caught up in other branches of business . A Jiian wants to establish an oyster saloon in tho neighbourhood of Professor Andeuson . The incitement of an oyster suloon , especially if it bo calculated to attract noble and distinguished convives , tends to tho circulation of cash , and is boneiiuinl , therefore , to tho Banks . Now any enterprising Director of one of tho new Metropolitan Joint-Stock Bunks would see tho polioy of encouraging tho oyster saloon . The process is clear . Lot a largo capital for tho founding of tho Saloon be formed into shares ; let some of
questrat ion of his estate . A clergyman lives last and outruns the constable , as they say , and Ins living is sequestrated . This is quite intelligible , and it is also quito fair . But we have not yet become accustomed to the idea of treating aa on tiro country as the estate of one man . It therefore sounds strange to hear that " tho kingdom of Oude has been sequestrated . " Among the so-called liberal nations of Europe the idea has for some time been gaining ground that tho sovereign was the chief servant of the people ; in the East , it appears , the peoplo are still tho properly oi the Hovereign . Tho Kin ^ of On > K has long . since afforded us many li-gilimnto subjects of complaint . ^ Y < J comp lained accordingly , but
During tho decadence ot tne empire . w « Great Mogul the viceioyalty of Oude bocaxne hereditary in the family of Saadut Khan . The real name of this successful adventurer was Mahommed Amken , but having mado liimsclf useful to his Sovereign in ridding _ him of a troublesome subject , he was appointed Viceroy of Oiule , with tho above-mentioned title His nephew and successor , Sutoeb Juno wns invested with tho Vizicnvt , but without losing his viceroyalty . He again . Avas succc-oded by his son , Soojaii-ood-Dowi . ah , who having provoked the animosity of the lii-itish authorities l > y tlic countenanco ho nllbrded to CosaiM Ai , i , lived to see British troops hi possession of his capital city , Luck-
-
-
Citation
-
Leader (1850-1860), Feb. 2, 1856, page 13, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_02021856/page/13/
-