26 OCTOBER 1878, Page 14


[TO THE EDITOR OF THE " SPECTATOR.") • SIR,—There is an important point in law, a right understanding of which may calm unreasoning fear. It is this :—The liability of Shareholders in limited companies, and in other companies which have been registered as unlimited under theJoint-Stock Companies' Acts, extends to one year after the date of transfer. In the case of unregistered companies, the period is three years. The holder of bank or other shares, therefore, who rushes to his broker in the present crisis, not only helps to create the evil he deprecates, but whilst selling at a loss, he yet remains in the same position as regards liability as before. Those who do not understand the wisdom of calmness and firmness will yet appreciate the policy of selfishness.—I am, Sir, &c.,