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comes into existence from the moment it receives the approval of the Trench Government , — -for this company will have its residence in Paris . The same Government , however , may withdraw the authority , if the -company should break its own regulations or the regulations of the Government . Practically , therefore , it exists during pleasure , under one of the most despotic governments in the world . The managers of an anonymous company are only answerable to the extent
of any shares that they may hold ; they are not liable for the obligations of the company ; and the shareholders are only liable to the extent of their shares . It is the- ' most complete example of " limited liability , " with the desperate exception of the wilimited liability to the jurisdiction of the Government . Let us see how the society will work . Its operations , according to the provisional deed of agreement , ¦ will consist in receiving sums and paying them out again , like an ordinary bank ; discounting bills of exchange and other mercantile securities ; making advances
on industrial securities , railway shares and debentures , bills of lading , dock warrants , &c . ; making advances on public stocks , keeping a cash deposit account for companies , recovering debts for individuals or companies , maintaining agencies and branch banks abroad . The company , therefore , will be a bank in the ordinary sense of the word ; it will also be a universal agency , and it will be agent for the sale , mortgage , pledging , &e ., of every kind of security , commercial , marine , railway , &c , ; besides being general debt collector for Europe .
The capital of the company is fixed at 120 , 000 , 000 francs , in 24 , 000 shares ; that is 4 , 200 , 0002 » in shares of 200 Z . each . The constitution of the company appears , as we have said , to be on the Paris pattern , like that of the Credit Mobilier . The capital of that company is exactly half that of the International Company ; but , by the jaw of this constitution , the Credit Mobilier can receive property to the amount of 24 , 000 , 0007 ., and dispose of property to the same amount ; thus virtually dealing in a capital of 48 , 000 , 0002 ., besides the 2 , 400 , OOOZ . paid up .
sentence for extensive frauds . . This firm had also a connexion with England by its connexion with Pox , Henderson " , and Co . In the same capital of Paris there is the Chernin de Per du Nord , certain officers of which , Chabpentieb and 0-keI / ET , lately decamped to the United States with large sums of money obtained by fraudulent dealing in the
shares . The wonder is , not that Champerties and GtREi / et committed the fraud , but that they contented themselves with suck a small sum . as 200 , 000 francs . The fact must have made Mr . Redpath smile . The report upon the frauds in the Great Northern of London has an instructive passage—that which told us the directors abstained from
watching the share-dealings of each other ; a delicacy most remarkable . The frauds in the Great Northern of London originated in the facilities afforded by the immense scale of the Company , and the imperfect supervision : increase the scale , multiply the transactions , and there is scope for geniuses of forty-Bedpatei power . The new International Bank is a grand field .
Supposing the management of the vast company to be perfectly honest , it will be observed that the managers of it would conduct dealings more enormous than the world has ever seen . They would have a power of buying up which would give them a practical monopoly , perhaps over whole branches of commerce . They would possess a power adverse to the public interest , since it would be a consolidation of the contractor interest .
With such immense means they could crush any litigant mad enough to go to law with them ; and would yet , as all . the very wealthiest do , possess the means of evading the law . They would hold a power of corruption to be measured by millions upon millions . Tyrants over commerce , they might become tyrants over Governments , from , the power which they would possess of giving' or withholding G-overnment loans , possibly even of facilitating or obstructing the sources of Government revenue , and of undermining Government authority .
It is evident that , from its constitution , the International Company would use its capital in a similar manner , so that its 4 , 800 , 000 ? . would represent a working capital of 100 , 000 , 0007 ., only . We do not observe in the statement that the working capital would be limited to 10 O , O 0 O , O 00 Z . It is said by the Independance Beige that the scheme is at a stand , because the . French Government considers France not to be sufficiently represented in the directorate , wherefore several other Paris gentlemen are to be brought in . Now it is rather remarkable that there is a French element in all the
capitals which are represented . Among the founders of the bank are Donon , in London ; Mau ^ e , in Berlin ; Godetfuoy , in Hamburg ; Dufotjk , PfcuoNOE , in Leipzig : and Donon , in Paris ; that Donon who stands iu Buch striking connexion with the Bussian firm of Gladstone and Co . CuA . iti . EsV . remarked , from the nationality of several Ambassadors introduced to him , that " the Italian appeared to be the fifth element : " in our day the Italian appears to be
superseded by the French element . "We have simply descr ibed tho bank as it is described m its own deed of provisional agreement , with such comment as is supplied by a mere statement of facts having a relation to the subject . We will make only two remarks upon the enterprise . The bank is founded in that place where we have seen the company of the Bocks Napoleon , and the Partners of which , Messieurs Ltsqenobe , Jubust , and Co ., have lately undergone penal
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cashier Mr . Layabd for his vote against Lord PAiiMEBSTON . He is a man whom the House of Commons cannot afford to lose and were we to differ from , him infinitely more than we do , we sliould hold that Aylesbury did honour to itself by approving a politician so frank , so independent , and so liberal The infinitesimal little borough of Ashburton will probably do its best by retaining the services of Mr . Motfat . Brighton , perhaps , will expel Lord Alfeed Harvey , and add to the strength of genuine Li beralism in the House of Commons by nominating Mr .
Cokingham , who , should he not be successful in opposing the lord and the barrister , his rivals , will not desist , we hope , from trying the door of Parliament . A sensible increase of moderation marks his address , with no diminution of Liberal feeling . Little can be said for or against the political claims of Sir ~ W " il : lia : m Williams , who is a representative of duty and heroism . As for Mr . CM Lf shin g-tok , who stands for Canterbury '
why should the Liberals cut down their programme in order to accommodate it to the views of that diluted Tory ? Sir William : SoMEitviLLE is in advance of him , and , still better , Mr . Puhton Cooper , a local man , we believe , of excellent reputation . Every one will be delighted to hear that Captain Li . "V . Teiinoh is no longer to poach on the Whig preserves at Chatham : everv one . moreovei is nlfiasprl tn ham ; every onemoreover is pleased to
, hear that the Government will not oppose Mr . ItoMAiNE who is for the ballot and for an extended franchise , as there is no instance on record of a member being elected for that borough without official support . As for Coventry , we do not wish to see Sir Josepj ^ Paxton p ed of h sea t ; but he has learned at what price he lately allied himself with the Tory Opposition . They mean to oppose his return . What does Mr . Lindsay mean , however , by countenancing the candidature of Sir Thomas Hebbeht at
Dartmouth ? Mr . I ^ eale , we trust , will reconsider his determination to withdraw . Sir Erskiite Perky is not a very safe Liberal ; but it would be premature to decide upon his claims to re-election . Mr . Divett , of Exeter , has not been a very effective member of Parliament , although a reformer . Returning to the metropolis , Finsbury occurs in alphabetical succession . No regret can be excited by the retirement of Alderman Challis , but the opposition to Mr .
Dukcombe is ungrateful and unworthy . If Finsbury desires to give an example to the constituencies of the "United Kingdom , it will stand by its tried and trusted member . Of the political qualifications possessed by Mr . Cox we know nothing ; what we know of Sergeant Parry is favourable ; but it ia too comical to offer a great metropolitan borough such a representative as Major Reud . We want in Parliament not only
1 IBERALS AT THE ELECTIONS . The formation of a National Liberal Party seems the most rational object that can be kept in view by independent politicians during the approaching electoral struggle . ISTor is it improbable that the basis of such a party may be considerably enlarged by the results of the penal dissolution . The expiring Parliament was returned under Derb y ite influences . Those influences , at least , will be rooted out of the Government
boroughs . London will , in future , be exclusively Liberal . Some of the old family constituencies may be expected to be broken into by independent candidates . At all events , Toryism will be repudiated by the great towna , and even some counties will probably be acted upon by the increase of the urban populations included iu them . We propose to run through tho list of candidates so far as they have been announced , and to touch on the traditions connected with the various
Liberal names . For tho City of London wo could not deaire a better representation than * that which would bo secured if Baron Rotiisomir ) , Lord John Husseli / , Mr . CitAvnrunD , and Mr . Kaikes Curkiu were returned . Mr . Masterman ' s position was nn anomaly , and it is fortunate for him and for the constituency that ho has retired . Sir Jatvcks Dtjke has hazarded the confidence of tho electors by his inexplicablo conduct at tho East Sussex election , where ho refused to vote for tho Liberal candidate . Wo aro sorry to lenrn that there ia a disposition at Aylesbury to
men to lead the forlorn hope of imp ossible bores , but men whose word is an authority , and whoso vote is an ex ample . At Frome , Mr . Wicoll , no doubt , will ultimately obtain the desire of his heart , to which we can have no objection , provided he remembers his responsibilities aa &n employer . Greenwich , no longer derided , by the candidature of Colonel Slexcui , will accept two representatives provided by the Government . The Liberals propose an attack on tho Tory interest in Herefordshire .
Several constituencies arc m suspense—Liverpool , Maidstone , Manchester , Norwich , Oldliam , tho West Hiding Borough , and others ; but somo names aro conspicuous as deserving the recognition of the Liberal party . Mr . EwAitT , Mr . W . J . Fox , Mr . Cobbeti , Mr . Serjeant King . la . ke , Sir John Ramsden , Lord GodjSiuch , and Sir Annum Elton ennnot
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263 THE LEADER . [ No . 364 , Saturday
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Citation
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Leader (1850-1860), March 14, 1857, page 252, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2184/page/12/
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