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AWPB* 18,1855.] THE LBAPEB, 7S1
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THE LIMITED LIABILITY ACT. ~We perfectly...
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THE PLAGUE OF RHETORIC Nothing can be mo...
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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.
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, Our Military Resources. The Last Words...
effect at ranges of two thousand yards and upwards , but he has invented a percussion rifle-shell , which he considers the deadliest missile ever invented . One of its direct effects , he calculates , would be that a few good riflemen , armed with these weapons would annihilate the best field-battery in existence . But he proposes to rifle the cannon , and is sanguine enough to look forward to the attainment of ranges of ten miles . We have no space to describe more fully the plans of Major Jacob . They are fully made out in the pamphlet to which we have referred . What we think of far higher importance is the change of tactics implied by this development of the deadly musket , Major Jacob says truly that the change must be entire , so as to make our soldiers skilful workmen instead of pipe-clayed automatons . He calls upon our military authorities to abolish corporal punishment ; to appeal to the highest and noblest faculties of man ; to strive to develop instead of striving to crush the powers of soul and body in our men ; and to fill the ranks of our private soldiers with the elite of our peasantry and yeomanry . " Train and arm the men worthy of their noble nature , " he says , with much empliasis , " and 50 , 000 such soldiers would be a match for a world in arms . " At present the native qualities cf Englishmen are crushed down nearly to a level with the soldiers of the rest of Europe , but under a wiser system those qualities would shine forth as they shone in the gjreat battles of few against many , like Gressy and Agincourt , and Inkerman in modern days . The change that impends points to great individual skill capable of the most perfect action , either alone or in combination . " With open files and ranks , each man a skilful combatant , but still all acting in perfect concert—as would be easy with such brave , trusty , intelligent , and skilftil menthe } ' would sweep their enemies from the earth , themselves almost unseen . '' Major Jacob may have taken too sanguixie a view of the effect of his proposed arms ; but lie cannot take too high a view of his proposed mode of treating the soldier . We have alway s contended for a higher , manlier training for our troops . Soldiers should be the greatest and best of men as well as soldiers , as the greatest and best of men have often been the best soldiers . Quality would then make up for quantity , and no chief of northern or southern hordes could , by mere weight of numbers , make a show of bullying the world .
Awpb* 18,1855.] The Lbapeb, 7s1
AWPB * 18 , 1855 . ] THE LBAPEB , 7 S 1
The Limited Liability Act. ~We Perfectly...
THE LIMITED LIABILITY ACT . ~ We perfectly agree with those who consider the Limited Liability Bill , as it lias received the ltoyal assent , a narrow and imperfect measure ; but nafrow and imperfect as it is , it is the part which contains tho seed of all that such a measure , or a series of them , can produce ; and what is more , it contains quite enough to bring forth enterprises which will bIiow what can be dono by the principle , and justify an extension of it iu future enactments . "When tho measure was firsb introduced , it was really embodied in two bills , one of which permits joint-stock undertakings , with a capital of not less than 20 , 000 / ., and shares j of not less than 25 ? ., to bo carried on with a liability not exceeding tho subscribed capital of each shareholder ; tho shareholders having a right to wind up tho concern aa soon as a certain proportion of tho capital should be expended , and tho association being compelled in ita name and in instruments issued by it to set forth ita " limited * ' character . These were tho chief provisions . Tho other bill permitted individuals to invest their money
in private undertakings , with a liability not exceeding the amount of capital thus invested . The bill alsoAproposed some other alterations respecting the rights of partners , or the liabilities of officers ; but this was the chief provision . Taking the two jointly , the measure has received very great modification ; but a few of the " amendments " will be sufficient to notice . Tlie subsidiary bill respecting individual partners has been deferred , partly because the effects of the measure upon existing arrangements and other statutes had not been clearly defined , explained , or understood ; and partly because , so long as it is necessary to regard the principle of Limited Liability as extended only to a certain class of undertakings , there were doubts whether it would be expedient to let individuals enter into unlimited commercial associations with an individual limit of liability which the creditor might not suspect . In the one case , the character of the association would be perfectly understood . At present the Legislature was not prepared to grant the principle without a caution of express publicity ; and it may be conceded , that so long as partnerships exist , some of which may be limited and others of which are unlimited by force of statute , it is desirable that the creditor should not be further confused . At no distant day , we believe , the principle * of limited liability will be generally extended , and the creditor will have to shape his proceedings accordingly . We do not , therefore , regard the postponement of the subsidiary bill as a matter of much regret . Another amendment tending to restrict the measure was introduced in the House of Lords by Earl Grey . It is a proviso that no company shall have less than twenty-five members . This is an enactment , but it is not a law . It is one of those enactments so manifestly easy to evade , without the slightest risk of penalty , that it is the same as if the number of partners remained entirely free to the choice of promoters getting up the company . For 10 ? . apiece any number of shareholders can be procured to make up the given twentyfive ; and as the shares then would be worth something , there can of course be a compensation for the money thus invested in creating , say a score of pageant shareholders . Not that we regard the proviso as perfectly harmless ; since it multiplies restrictions which are of no effect , and which only bring the authority of Parliament into contempt . Another amendment renders the directors personally responsible for any dividends which they may pay should the concern not be in a solvent condition at the time of payment : a proviso which makes the office of director one of grave responsibility as well as trust . The largest modification wo owed to Lord Godkiucii , and at a single blow it effected a vast extension of the measure ; though it was partly counteracted in tho House of Lords . He struck out the original proviso that tho capital should not be less than 2 O , 0 OOZ ., and the amount of each share not less than 251 . Thus an undertaking like the People ' s Mill at Leeds , with its 11 . shares and 3500 shareholders , would have come within the statute . The Lords have made ' tho lowest amount of each share 10 / ., which , 1 coupled with the 25 shares , makes a mimimum for capital of not less than 250 / . Still that ia not an insurmountable difficulty , even for working men . Three or four men experienced in some retail trade , who have saved tip their wages for tho purpose , may put together their 1007 . or 2007 . apiece , aud be a company of limited liability . Wo have , therefore , enough of the principle to work upon . If any members of the
working class desire to establish trading associations , here is the statute thai ? enables them to de so ; and in Leeds , as well as ia other townsy they have the example of the profit and advantage to be derived . In some of our largest trades , which we shall not particularly specify for the moment , great capitalists have almost drawn to themselves the mass of the traffic , particularly in large towns . ! M ! en of moderate means have had no hope of competing with the weight of capital . Of one proprietor we have heard it said that he found it to his interest to admit his best men of business to the partnership for a limited period—we forget for how long , but say four or five years—the junior partner being under a bond to withdraw at the end of that period . The junior threw all his unwearied interest into -the efforts to secure the prosperity of the gigantic concern , and was repaid by a fraction of its profits . The same great house of business had a constant succession of such junior partners , who were driven forth before their freshness could be worn out . Under the new act these -men would probably find it more to their interest to come together , and to trade for themselves . We have heard it said that the head of that house has subsequently fallen into a melancholy condition , believing that he shall " go into the Gazette : " at least he is already in that gazette whose records are the most melancholy—bankrupt in spirits . Such is the crowning triumph of a life devoted to the accumulation of gigantic gains , although not exclusively so devoted . There had , of course , been gigantic anxieties , and the owner of that vast business would sometimes have been glad if Jiis liabilities had been limited to his mammoth means . The measure , therefore , is sure to be worked ; and we believe that the principle is so sound as to establish itself in the confidence of the whole community as soon as it is seen in working ; while we" are sure that many of the dangers anticipated will never occur to frighten even the most anxious of creditors .
The Plague Of Rhetoric Nothing Can Be Mo...
THE PLAGUE OF RHETORIC Nothing can be more just , or more worthy the attention of Administrative Reformers , than the complaint that our Statesmen are chosen by rhetoric . This test lets many bad men into the offices of State , and keeps many good men out . It would have kept out the Duke of AVellington , had he been a civilian , though he was an admirable administrator . The chances are , perhaps , that it would keep out the best men of all . Rhetoric is not the gift of the deepest minds , whether speculative or practical . Such minds , like Addison , have not much money in their pockets , but plenty at their bankers . They cannot play on the oratoric fiddle , but they can turn a small state into a great one . Of course a good argumentative speech , or a good statement , is a proof of ability . It shows clearness of head and command ot tne subject more than a written dissertation . But is this the style of speaking most popular in the Houso of Commons ? Judguig troni the applause , it is not . Judging from tne applause , the things most popular in tno Houso of Commons arc personalities ana claptrap : the claptrap being not that ol imagination ( which has rather &™ W > y £ that of prejudice . At all events , !* » ** £ clear that a man may become the gvoai ^ orator of the House , and rise to . f ^ f ^ ^ by speeches totally devoid of thoug htor j ^ gumU but J ^ j ^^ J ^^
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Citation
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Leader (1850-1860), Aug. 18, 1855, page 11, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/cld_18081855/page/11/
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