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holder may , if his co-shareholders be responsible persons , recover contributions against them , yet as to third parties he is left , except in case of special contracts containing such proviso of limitation , wholly unprotected , and therefore liable to loss to the full extent of his means . Joint-Stock Companies , established by charier , Act of Parliament , or registration under the statute differ , in several respects , from private partnerships . J ? irst . No partner in a private partnership , without the consent of the other members of the firm , can transfer
his interest or share to another person , or introduce a new member into the partnership . Each member may , however , upon proper notice , withdraw from the firm , and , subject to tiie provisions of the Deed of Partnership , require payment from them of his share of the common stock or capital . In a Joint-Stock Company , on the contrary , no member can require payment of his share from the company , but each member can , without their consent , but subject in most cases to certain stipulations in the Deed of Settlement , transfer his share to another person , and thereby introduce a new member . " The great distinction between a private partnership and a Joint-Stock Company , is indeed in respect of capital , however freqxient and numerous be the transfers of the shares , the corpus , or actual amount of available capital ,
remains the same . Secondly . Each partner in a private partnership is liable for the debts of the partnership to the whole extent of his property . In a Joint-Stock Company , however , each partner may , where the company is established by charter , or by Act of Parliament specially obtained , be bound only to the extent of his shares , unless there is a general and unlimited liability by the charter or Act of Parliament . But in caseB where charter or special Act is obtained , the chief object of such form of constitution is with a view to a limitation of the liability of the members , in which essential point only a company so constituted differs from a company formed in pursuance of the Joint-Stock Registration Act .
Lastly . The business of a private partnership is managed generally by all the partners . The business of a Joint Stock-Company is usually conducted by a board or committee of directors , chosen periodically from , the entire body of shareholders , but subject to the control of the general meetings , either ordinary or extraordinary—of the shareholders , the former assembling at fixed and particular times , the latter upon being specially convened as the exigencies of the company may require . The Bank of England and other Joint-Stock Banks , tlie East India Company ,
and the Corporation of the London Assurance , are examples of such Joint Stock-Companies . The laws affecting companies neither registered nor confirmed by charter , Letters , Patent , or Act of Parliament , but only associated by mutual agreement or deeds of trust and arrangement , are usually the same as in common partnerships . In these associations each subscriber is a partner liable for all the debts and contracts of the concern . But the Articles of Partnership ,, or system of managing unincorporated companies are generally different from common partnerships . The capital , or partnership fund , is generally divided into distinctive shares of particular amounts , such as £ 5 , £ 10 , or £ 100 , whereof each proprietor may hold one number
or more , but restricted to a maximum ; any partner can , under certain restrictions , transfer his shares , and the partnership is not affected by the death , insolvency , or retirement of individual proprietors . No proprietor or shareholder can , however , act personally in , or interfere with , the affairs of the company , except by his vote at ordinary or extraordinary meetings of the proprietors , held in pursuance of the provisions of the deed of settlement—the actual management being entrusted to directors , a committee , or to officora who represent the company , and for whom the whole of tho shareholders are responsible . A company may , by obtaining a charter , have tho right to acquire laucla by purchase and to invest its funds therein by way of mortgage ; also to make bylaws , to have a common soal , to sue and to bo sued
in a corporato capacity , or in tho name of a public officer and to exercise other privileges of a corporation . Sometimes a charter is obtained to provide n limitation of tho risk or liability of tho partners , or to exempt tho company from tho necessity of making any periodical returns of its business and financial condition to tho Board of Trade , and if uny exclusive privilege is denied whioh cannot bo nocurtd by a charter , an Aufc of Parliament will bo absolutely necessary . Whoro u company enjoys some , but not all of tho privileges of a corporation it is termed a quasi corporation . If a company bo incorporated , its powers franchises , and tho rights and liabilities of individual members aro proscribed by the Statute or Charter of incorporation . ( To bv . continued . ) ___
Finn ' at this House of Commons . —Afire broke out at the Houho of Commons on Sunday afternoon , and for some time it was feared it -would spread ; but it waa fortunately oonflned to one of the flues , and at length extinguished .
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£ lS THIS D-KPABTMENT , AS ALL OPIHIOH ? , ffOWSTEE BXTRB 3 IB , AKE ALLOWED AST EXPBESSIO 2 T , THE EDITOIt KECBSSA . BIX 1 Unr / DS TUSISIiLl' HESPOSSIBL . E FOB . NOSE , ]
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WHAT SHALL WE G AIN BY THE WAR ? ( To the Editor of the Leader . ) Sir , —I am far from imputing utter want of feeling to those who compose what I term the cold-blooded section of the War Party . But I do maintain that they are not truly alive to those very miseries of war which they affect so much to deplore What they propose to gain by the war is comparatively worthless . It will not be value received . I say , therefore , they do not realise the miseries of war " , for the object they have in view is poor , barren , and uncertain . The play is not worth the expense of the foot-lights . Now , a bloody and destructive war for inadequate purposes is a monstrous folly ; it is worse , it is a crime . Therefore , I fear that the cold-blooded belligerents have
deliberately put of sight the wretchedness of war , and when they allude to it in words , have not really pondered over it in their hearts . For what is their policy ? What do they propose to do ? Simply to continue to pound away at the armies , and the strong places of Russia—destroy her sea-ports—lay waste her frontiers—capture what remains of her shipping—invade and , if possible , conquer and occupy outlying portions of her territory . " Damage and devastate Russia so far as we can do so without much risk to ourselves . " This ia the advice of the French paper Le Oonstitutionnel . '' Kill as many Russians as possible . " This is the course suggested by Le Pays . In the Cambridge
Pound away at Russia , and do her all the damage yo \ can . It may lead to something—who knows ? Nov we will , for argument's sake . , admit that the slaughte : of Russians , whether soldiers . ' or citizens , is a nobl < and praiseworthy object . Also- that the waste one ruin of Russian property is highly to be desired , anc a pleasing and wholesome occupation in the sight o : Qod and man . Let us admit all * this . But , remember we eannot do the work without loss to ourselves , and especially without loss to the great mass of our popu lation who are in a low and suffering etate . We punish Russia , but we punish England as well Nay , it is to be feared that the wounds we shall in flict on a comparatively young and hardy country likt Russia , with huge internal resources , will heal nior » j rapidly than those inflicted' on our own complicated system with all its sensitive and fluctuating interests However , be it so , that England suffers far less thxuu Russia . Yet she suffers . And for what ? The original objects of the war are in our grasp . We repudiate the notion of nationalities . We want , it is said , to bring Russia on her knees . If we mean this , we mean not merely castigation and restriction . We mean war t < i the knife , —never ending—still beginning , —exhausting all those nations immediately engaged in the tsruggle , and permanently benefiting only those who carefully hold aloof . In my next I hope to addeas myself to tho mow ardent section of the War Party . I am sir , yours faithfully . Arthur H . Elto . y .
Essays there is a very clever paper on the "Future Prospects of the British Navy . " The writer evidently thinks we have been , as Sir Charles Napier suggests , "too mealy-mouthed" with the Russians , and that we can scarcely be savage enough towards the inoffensive subjects of the power with whom we are at war . " A citizen who has seen warehouses and dwellings in a blaze , who has heard the shell crashing through the black ruins , who has seen at hia own door the ghastly forms of wounded men , who has shuddered at the cold features of the dead—is sure to be a member of the peace party—people do nfit like leiny killed and tvounded and losing all their proj > erty . "
The italics are our own . The idea is that by murderous ferocity we may so terrify the " citizens " as to drive them to beg , or coerce their rulers into making peace on any terms . No limit can be assigned to this policy . It would justify the most atrocious cruelties . It ia the very essence of the sort of war waged by Cromwell on tho one hand , and Claverhouso on the other , and by barbarians at all times . Yet , I fear that it is a policy popular in many quarters . For we ourselves happen at present to be safe against similar outrages . and when this is so , we are apt to sacrifice a principle for the sake of temporary expediency , forgetting that expediency is but for a momont , whilst principle is for ever Wo are then to continue to slaughter Russians , and to devastate Russia . How long ? One M . P . not long since gave an answer— " Until RuBsia comes on her knees to beg for peace . " And what then ? What will happen when this very doubtful genuflexion of RuBHia takes place ? Who will be master of the situahideous wante and
tion ? Who will profit by all the confusion and wide spread anguish of war ? I answer confidently , that it will be either the despotic powers of Germany , or tho despotic Emperor of France . Ilus phase of the question I shall oxamiuo when I come to treat of tho more generous advocates of tho Avar . Now I am dealing with quite another not of men . They desire to bring Russia on her knees . Can they keep her there ? Will that bo a durable peaco which leave * her in a state of half-and-half prostration I Complete prostration is almont impossible in the case of sixty millions of people , bravo , patient , and devoted to their fatherland . But , Hupposo Rusnia ?< " *« " £ prostrated , would « uoh a peace be durable ? > v ° » ld hot the war bo renewed at tho firnt opportunity ? And would not that opportunity Huroly come , either flooner or later I But , suppose it durable , who will benefit ? I repeat , tho despotic powers of doimany , or the despotic Emperor of i-Vanoo . What care the coldblooded advocates of war for tho nutionalitiOH ! IN ot
much , 1 think . " Will they woojj if it PoUnd fall ? Will thoy Hhrlok If ft Hungary fall ? Or an intent civilisation Ho gororned by roil or by linout V " Not at all , if I mistake not . Consult tho Times newspaper . That journal pretty well reflects tho foolings of the cold-blooded section of tho War Party . Conduit tho Times newspaper , and then dotermine whether there in any hope for tho nationalities in the motion ut the War Party whoso opinions aro reflected in its columns . Put tho nationalities then on the utioir
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THE WORKING MEN'S COLkECtK , RED LION SQUARE . { To the Editor of the Leader . ) Sir , —I fancy , even at the present moment , I cannoi be very much out of place in embracing your cour teous offer , made in "Open Council , " that 1 may have an opportunity of saying a . few words in reference to the Working Men's College . Towards the close of the year 1854 , a number of gentlemen , in eluding a few of the more intellectually advanced working men , who had gained some experience in the labour movements of the day , and having niade themselves thoroughly acquainted with the condition
and prospects of the toiling masses , asked themselves questions somewhat like the following , — " While every class , save the great working class , has its ' preparatory schools , ' its ' grammar schools / its ' universities , ' with every aid to study , every appliance that can render the path of knowledge less rugged , ie it right that they , who by their labour and indtiHtry had made our country what it is—that thejj ohould have » o recognised institution * to do justice , to their merits and their wants ? Can we , as men living in the same world , helping to fight the same world'battle , rejoicing in the same victory , permit such vu state of things to continue ? No . Then how remedy tho defect (
Dr Birkbeck ' s system has failed , signally and moBt completely . Mechanics' institutions are not sufficient they aro too restricted both in structure and effect . We must establish something that will open up a wider range of instruction . We will not teach them merely to look learned , or cram tliem with booklearning without teaching them how to ubc what they obtain , or without showing thomj aa well as we are able , things aa they are . JjOAO an&pohttcs must take high rank , history and its concomitants must follow ; to which must bo added , all that if ) taught in tho college « in Oxford and Cambridge-in abort , we nruBt
establish a working men ' s college . " They have done so . It has been most completely auocwuf ul . Eaoh term haw shown ftprogresBiveinoreaHoof students , andof subjects to study . There aro at prewont 250 names upon the book « , being an advance of 60 over any preceding term , the clauses preponderating being l ' renon and drawing . They have coffee-rooms ; with the daily and weekly nownpapers ; aIibrary , withl , 400 ohoieovolumcB ; lame claHsroomH , and the bent teachers they can possibly procure . There are 30 / cloBBea . ; tine entrance foe w 2 b ( id and the class-fee is 2 h . ( id . each term . Mr . John RuBkin personally directe tho drawing olawn ,
assisted by Mr . Rosetti and Mr . DioKonBon . ttiatory . politic , and English poetry are taught by the Roy , Mr . Maurice , tho principal ; Mr . Brewer , of King « College , teaches English hifitory- Every master thorouirhly understands what ho > pretend * to teach . The o ' orftymen and gentlemen who have oBtabli » UecI ^ - ^ x ^ r ^ r s&v r ^ ^ , ^ xf ££ f I ? " ° i . ' ,, ^ ' 1 » h . w % h , » llc « . »» . » y » .
' created , how o » "d" ° g ' ' ^ S , of the principle prove " ^ 'V ^ . ^ wS-r . ; t £ o right of ' college . Z- wo £ S . n ^ irwm ) -ve' taounA the gratis of toiling t »»« .. «« tl-. ^ fciuifciiy , WIM . IAM B . Cooren .
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December 15 , 1855 . ] THE LEADER . 1203
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There is no learned man but will confess he hath much profited by reading controversies , his senses awakened , and his judgment sharpened . If , then , it be profitable for him to read , why should it not , at least be tolerable for his adversary to write ?—Milton .
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Leader (1850-1860), Dec. 15, 1855, page 1203, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2119/page/15/
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