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THEE "LIMITED LIABILITY" STEP TO SOUND C...
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flSIHIS DEPARTMENT, A3 ALL OPINIONS, HOW...
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THE PHONETIC SYSTEM. (7b the Editor of t...
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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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The Aristocracy. It Is Mere Childishness...
ledge and r < % ate * prtiite * rohg . But the time /*** nofc chosen with vmch regard . , to dramatic p * 0 I * K % . We ^ bave no-excuse for creating aflteld-Marshal for any achievement at the ' Bedan . ; therefore ,, we appease our Brevet itebings by pro-motingmen who foug . ht , perhaps , at Busacoa . It may be consoling to officera distinguished in the present , war , that-if--their services are , for the time ,, disparaged by the Horse Guards ,, there is a precedent for -promoting them in 1895 . Not being familiar with military technicalities , we do not know the exact value of the term " Eield . Marshal . " We surmise that it means the supreme chief who marshals the field . But it is becoming the practice to confer this title only on ornamental officers . Tt would be inconsistent with all propriety for one of our Field-Marshals to assume any command at all ; for two others it would be impossible . Lord Hardingke , we think , has won Ms laurels ; and no one regrets to see the initials . "P . M . " appended to his name and style in the peerage . He is , at least , au active administrator—a man on the scene , the virtual as well as the nominal head of the British , army . He is something more than a parade officer—and not quite superannuated . 5 We are not writing at last Wednesday s Gazette especially . What we ask our readers to consider , seriously , is this : —that the aristocracy has the public service , with all its appendage of rewards , in its own hands . It employs itself , salaries itself , pensions itself ,, decorates itself ; and , if " new blood ' is now > and then admitted , makes it pay heavily , and . does not bargain that it shall be of the best . The nation dislikes this system—is disgusted . with the results—begins to question the principle . It sees a group of feathered Field-Marshals — and no Generals . —high rank and poor abilities—florid Gazettes , and equivocal victories . This does not content the public soul . What is the alternative ? Reform the aristocracy ? The aristocracy varies with the men who , in < successive generations , represent it . Place it on a level with other classes ? Then it ceases to be an aristocracy . It can never be influenced ; it can only be destroyed . The public professes to be disgusted with its official system ; but is the public sincere ? Does it rigorously examine the claims of its own favourites ? Are not men sent to Parliament because they are popular among the electors for some reason unconnected with their legislative capacities ? Why is Sir Joseph Paxton the member for Coventry ? Clearly , because his gardens , his gutters , and his Crystal Palace contrivances pleased the Electoral mind . The Electoral mind , therefore , honoured him , and he was commissioned to control the destinies of the Empire . We will not be invidious . The same remark applies to the choice of Mr . Layabd , who has done good service in Parliament . But let his constituents ask themselves—would they have elected him , had he not dug up the Nineveh Bull ? Here is the evil . A man becomes popular , no matter on what account , and straightway he is eligible for Parliament . Tims the minority of froo constituencies diminish their own influence , and justify the retorts of the aristocracy . If these weaknesses prevail among tho middle classes , what wonder that interests prevail among the aristocracy P While that body retains its position , it is impossible for any Government to stand , without conciliating it by patronage . Premiers must have fol-. lowers ; secretaries of state must have connexions . If Palmbrston will not govern upon this principle , he must give way to Pj & ub-xv who will . The weight of Parliament is neceiisftijy ^ and Parliament , though it nils
its sailBiwith public opinion , ia ballasted by the aristocracy . We . hear renewed the cry against the substitution of personal for public interests . We cannot reform while we have an hereditary political aristocracy . How long must we have that ?
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Thee "Limited Liability" Step To Sound C...
THEE " LIMITED LIABILITY" STEP TO SOUND CREDIT . We must have some years , not onl y ; of criticism but of experience in the application of the Limited Liability Act , before we shall be prepared to appreciate the social revolution which it promises to effect , and which some of its promoters have foreseen , even before they concentrated their attention upon that particular study . The various modes in which the act can have been applied have been pointed out by critics ; its capacity for bringing forward much dormant capital existing amongst the working classes has been foreseen ; but nothing gives a better idea of the great reform that is comprised in the statute , with all its imperfections , than the pamphlet * of Mr . James , which is given by Messrs . Buttebwoeth to the public . Here we have the act , with notes explaining exactly the force and mode of applying each different clause in its order , the relation of the statute to previous statutes , and the classes of joint-stock associations that are brought within its operation , or are excluded from it . By the help of this pamphlet any persons having an interest in the application of the new law—whether in bringing an enterprise in which they are interested under its provisions , in planning a new scheme , m purchasing shares , in advancing money by way of loan , or otherwise , —can learn exactly in what manner to shape their conduct ; and those who have new projects in view will see whether or not they can render the statute available for their purpose . In short , by the help of these illustrations , one is able to see the act through and through—not a very easy matter . A coach and six may be " driven through an Act of Parliament "and through a fog . The act is imperfect , and nothing brings out its imperfections more than this detailed examination . It evidentl y excludes companies not " completely registered" under the Act 7 th and 8 th Victoria , chap . 110 , which would preclude any company formed before the 1 st of November , 1844 , from obtaining the immunity of Limited Liability , although such company may have complied with the 58 th section of the Registration Act , permitting companies then existing to register themselves anew within three months . There are several other inconsistencies in the measure ; but its great utility consists in laying down two principles . In the first p lace , that any person advancing capital to a jointstock , may be liable with respect to the undertaking of that joint-stock only to tho amount of the capital so advanced , so long as , bondjlde , he executes no other act than that of advancing tho money . Secondly , that managers preserve to their liability ita full limitation , so long aa thoy rigidly observe the rules laid down for thorn . When they depart from those rules , thoy become liable to tho extent of the departure . Thus , if dividends be made when tho company has become insolvent , the director consenting thoreto is liable to the creditors of the company for tho amount paid away improperly in dividends . There is another principle recognised by the act , which , in conjunction with these two thatjve Tho iamltedTirtbiiity Aot ( 18 th and 19 th Victoria , chap . 180 ) : with Introduction and Notes . By J . II . James , of the Middle Temple , Barri 8 ter-flt < -L « ir . London : Buttorworthe .
have pointed out , is a ; great step towards ^ a practical ^ definition ;; of what shall be " credit' ' for * commeareial purposes ^ and the- means of . maintaining : ' its lawa against violation .- The promoters of the company are obliged , to make certain declarations ) being in fact , the manifesto of their consent to the conditions under which they secure limited : liability ; by that manifesto they obtain certain immunities , and give certain pledges for their liability to a limited extent ; in other words , they define the credit to which they have a > right . Under the previous act of 6 th William XV ., chapter 62 , persons making a false declaration are guilty of misdemeanor . The practical effect of the whole arrangement is , that the company which brings forward certain capital for certain purposes shall render that capital liable , but not the persons and properties to whom it belongs ; at the same time , persons trading with the company know exactly the amount of liability which the shareholders in the company undergo . The whole is so far straightforward and matter of fact , and the question of credit is one between the company and the creditors . If those who obtain credit , with the immunities from further liability , do so by a false declaration , they are guilty of fraud upon the creditor ; and here the offence becomes one , not of bankruptcy but of fraud , and is punishable as an offence against the criminal law . It must be remembered that this law of liability refers only to joint-stock undertakings , in which one person enlarges his credit by uniting with others ^ whose property is staked with his . The statute affecting private partnerships and " sleeping partnerships" was postponed ; but we shall see hereafter how the same principles will guide us through that narrower and more difficult ; navigation to a straight course towards a sound law of credit , reconciling honesty , regularity , and free trade .
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Flsihis Department, A3 All Opinions, How...
flSIHIS DEPARTMENT , A 3 ALL OPINIONS , HOWBVBB EXTBEHK , ABB ALLOWED AN EXFBBSSION , THI EDITOR NK 0 K 3 SARILT HOLDS HIMgKLJT BBSPOnSIBLJt FOB NOKE , ]
The Phonetic System. (7b The Editor Of T...
THE PHONETIC SYSTEM . ( 7 b the Editor of the Leader . ) Sin , —In the Leader of the 15 th of September , 1855 , page 896—Reviews— " English : Past and Present "by the Rev . R . C . Trench—the reviewer concludes his criticism on that work thus : — " As regards the lecture on spelling , it will be enough to say it points out in a very able manner the plain disadvantages of the Phonetic system , which has now , we believe , in common with other spurious systems invented to save time and trouble , died a natural death . " _ From the foregoing , the only conclusion I can come to is , that neither Mr . Trench nor his reviewer have taken any trouble to make inquiries respecting the fate of the Phonetic system by Ellis and X ltman ; and I am very glad to be able to undeceive tlierathe cause is flourishing . There is a considerable annual increase of members to the society , as there is also a groat increase to the publication on tlio subject . . Accompanying this is a copy of one of the quarterly publications ; but there are several others monthly , amongst which I presume the most important is the Phonetic Journal , of 30 pp ., large 8 y o , now in its 14 th vol ., printed by J . Pitman , at tho Phonetic Institution , Bath . Tho Phonotio shorthand is tho most perfect system of short-hand yet invented , and is so highly approved of that it Is fast superseding all previous systems . Many words in tho latest edition of Webster ' s Dictionary arc epoit phonetically ! and , I rejoice to say , thoro is tho same great progress both in Mesmerism and 1-hronology as applied as remedial agents in mental and physical disease , and with the happiest success , and generally without cost to the patient . Tho Zoiat , one ot tno most interesting medical books I over read , ol tno same size as tho Reviews , ia now in its 13 th vol . Youra truly , Arthur TBnvmtVA . K . Tyneholm , Ponoaitland , N . B ., 2 nd October , 1856 .
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Citation
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Leader (1850-1860), Oct. 6, 1855, page 14, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_06101855/page/14/
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