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209-210

ROBARTS, LUBBOCK & Co. First publication of Balance Sheet
ROUSE (Edmund). Remarks in Discussion (Baden-Powell on Trust
Funds and Colonial Government Securities)

352

64

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11-12 12 12-13

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13-14 15 15-16 16-17

17-18 18-19 19-20 20 20

20-21

21-36

37

.

SALE. Bank's power to sell stocks held as security
SALE. Codification of the Law of. By His Honour Judge
Chalmers.

Codification of the law relating to bills of exchange and to partnership
Interest of bankers in the improvement of mercantile law
Obscurity of the general principles of the law of sale
The proposed Bill is purely a codifying measure, and states only general

propositions
Difference hetween English and Scotch law of sale
Sales to married women. Statute of Frauds
Implied warranty of title and of “ Merchantableness
Ownership. Property passes when intended to pass, and rules for ascer-

talning intention
Sales in market overt. Sale of horses
Restoration of stolen goods
Place of delivery
Seller's right of lien and stoppage in transit u
The experience of previous codification shows that where such measures

are desired by the mercantile community, Parliament will interpose no
obstacles

APPENDIX.
Sale of Goods Bill. Full Text
Discussion on Judge Chalmers' Paper.
Martin (Richard B.).

Letters from Lord Herschell and Mr. John Hollams; Practical im

portance to bankers of the measure Tritton (J. Herbert).

Interest of bankers in the question ; The Statute of Frauds, and

stoppage in transitu; Judge Chalmers' Paper is a strong argu

ment for the amendment of the law on these and other points Macdonell (John).

The Bill is a great step towards the codification of mercantile law;

Continental mercantile codes are far superior in plan and
execution to the mercantile code being elaborated in England;
Desirability of sub-sections ; Statute of Frauds; Intention of the
parties; Delivery ; Stoppage in transitu ; Difficulty of har-

monising the conflicting decisions on that point Gallaher (G. R. S.).

Bankers are more interested in the pledge of goods; Desirability

that the promoters should obtain assent to the principle that
entrustment gives title; Application of the principle of the

Factors' Act to negotiable securities
Slater (Robert).
The Codification of the Law of Sale would be as useful to traders as

the Bills of Exchange Act is to bankers; Market overt; bankers

are much interested in the law of stoppage in transit 16 Chalmers (Judge). In reply.

Stoppage in transitu is a point on which the law may be made

clearer; Reasons for introducing the Bill as a purely codifying
measure, simply reproducing the existing law; Amendments
raising debate or controversy would probably jeopardise the
passing of the Bill; The Statute of Frauds; Foreign codes ;
Educating influence of codification abroad; Sub-sections; Bankers
and negotiable securities

37-38

38-40

40-41

41-42

42-45

SALE—continued.

PAGE

146

607

607-609

;

603-610 610 610 611 611 612

612-614
615
615
615-616
616

617-620

Letters addressed to the Lord Chancellor and to Lord

Herschell
SALT (Thomas, M.P.). Presidential Inaugural Address, Session
1891-92.

Death of Sir Robert Fowler
The Institute ; Progress ; Library; New offices ; Lectures ; Examinatious;

3
Papers for the Session
Other Institutes-Scotland, Australasia ; North America ; Cape of

Good Hope
Appointment record for use of members:
Acts of Parliament relating to coinage, forged transfers, and stamps
Bank amalgamations
Diversity of practice in banking
The Baring Crisis of 1890
United action of the banks and the Bank of England which enabled us to

tide over the crisis
Probable effects of the crisis :
Trade ; Bankers' Clearing House returns
Forged cheques ; Consols

Monthly accounts; Banking failures and difficulties in 1890.
Fowler (Wm.). Proposed vote of thanks.
Banking panics ; The crisis of 1890 was not a banking crisis ; Increase in

amount of bank reserve since 1856 ; Our greatness as a trading nation
is due to the extent to which our business is done on credit, but we are
liable to crises if we use our money up so closely by trading on credit;
We liave not had a panic since 1866 ; Magnitude of the crisis of 1890;
Possibility of a change in the law which would give more elasticity

to our system
Harvey (A. S.). Seconded vote of thanks.
The action of the Bank of England in November, 1890, averted a banking

panic ; Bankers have been subject to much criticism, and want now to

be left alone
SAUERBECK (A.). Prices of Commodities, 1867-1890
SAVINGS BANKS Deposits, 1890–1891
SCOTLAND. Institute of Bankers in

Mercantile law in

Trust Amendment Act, 1884
Scott 1. Union Discount Company of London. (Legal Decision).
SECURITIES borrowed by Stock-broker and not returned. Ban.
ker's remedy
Legal duration of the validity of a stamped and dated trans-

fer
Re-pledging of
Transfers blank and undated held.

Stamp
SET-OFF. Two current accounts
SHARES in Limited Company in joint names, vest in survivor
SHEFFIELD (Earl of) r. London Joint Stock Bank .
SILKE, National Bank 1. Report of Case
SILVER. Coinage at Royal Mint, 1890

United States, 1889-1890.
Mr. Goschen on the extended use of
Price. See Weekly Returns.
Production. United States

Of the world
Question (American Bankers’ Convention)
SIMMONS ?. London Joint Stock Bank
SLATER (Robert). Remarks in Discussion. (Chalmers on the

Codification of the Law of Sale).
SMITH (T. J.). Banks and Bankers of Leek.' Notice :

620-621

.

211-213 567-568 609

15 346, 358 136-139

62

220
136. 139
331-332
218
408
201

57-61 443-445 397 636-637

399
400
107-108
236-238

41-42 106-107

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STAMP Acts, 1891. Note on the

565-566 STAMPOn authority to debit account with an acceptance

409 On Bill for collection, payable abroad

645 On Bill of Exchange payable abroad

329 With exchange as per endorsement.

142-143 At usance paid as if at sight

145 On cheque of customer withdrawing funds personally

62 On debit slips drawn by officers of bank .

458 On demand bill held as security

333-334 On draft application form, to be used in debiting account 109 On draft of banker in the United Kingdom

458-459 On mortgage of life policy

583 On transfer, as to date of 'stamp affecting validity

64 From current to deposit account

217-218 Blank, held as security

331-332 From one customer's account to another .

333 STATUTE of Frauds.

16, 39-40 Of Limitations. Promissory note

145-146 STEELE (Francis Edward). Ön Changes in the Bank Rate of Discount Prize Essay, 1890–91 .

474-497 STOCK held as security. Bank's power of sale

64 Stock Exchange. Address to Governor and Directors of the Bank of England .

9-10 STOLEN Cheque. Holder's right against drawer

408 Goods. Restriction of

19-20 STOPPAGE in transitu

20, 30, 31 STOPPED CHEQUE. Liability of banker holding over

61+

TELEGRAPHS. Government acquirement of the

46-47 TELEGRAPH MONEY ORDERS, 1891 .

567 TEN-SHILLING NOTES. Mr. Goschen on

116-117, 211, 636-637 TEN-SHILLING PIECES. Mr. Childers' Proposal in 1884.

555 TILLYARD, Frank, B.A. Banking and Negotiable Instruments. Votice

642-643 TRANSFER. Blank and undated, held unstamped

331-332 Of deceased customer's balance

333 Of ownership

17-18 From current to deposit account. Stamp

217-218 From one customer's account to another's. Stamp

333 Legal duration of the validity of a

220 Registration of .

6+ Tritrox (J. Herbert). Remarks in Discussion (Barnes on advances by Bankers on Stocks).

253-254 (Chalmers on the Codification of the Law of Sale):

37-38 Trust FUNDS AND COLONIAL GOVERNMENT SECURITIES. By Sir George Baden-Powell, K.C.M.G., M.P.

Why and how Colonial Securities should be made available as trust

securities
Legislative efforts in this direction
Need of new avenues for the investment of trust funds

344-345 Decrease in existing channels of investment, due to the steady redemption

of the National Debt and the lower value of land Rules of the Supreme Court as to trust funds

345–346 Provisions of the Trust Act for Scotland Gradual appreciation of Colonial Securities as a new outlet for the investStenly and great growth in industrial and commercial activity of our colonies.

343 343–344

345

346

346-347

ent of trust funds

TRUST FUNDS —Continued.

PAGE

347
347

.

Expenditure of borrowed money on productive works
Assets of the Colonies
Obstacles which have prevented these securities being placed in the

position due to them, viz., absence of means for holders to enforce
claims, and the impracticability of limiting issues
The first obstacle is removed, and the second is capable of arrangement
Automatic rule limiting investments to stocks which maintain a certain

rank on the Stock Exchange
Advantages which would attend the inclusion of Colonial Stocks in the

list of trustee investments.

34 348-349

349

349

APPENDIX.

350
351

a. Statistics of Colonial growth
b. Purposes for which Loans have been expended
C. Stocks created by Municipal Corporations in the United Kingdom, up
d. Investments by Trustees in Scotland :

to 1888

351 353

352, 357

352

Discussion on Sir G. Baden Powell's Paper.

Martin (John B.).

Effect of the proposal on the price of Consols ; Stimulus which

might be given to reckless borrowing by the Colonies; On what
principle should Government interfere, and give legislative sanc-

tion to trust investments
Rouse (Edmund).
Advantages to the Colonies and the mother country if the suggested

alteration were made : British deposits in Australasian banks
Billinghurst (H, F.).

Present status of Colonial Stocks; Existing loans well held; Signs

that investors are not at present disposed to absorb further large
issues; xpenditure on re-productive works ; Raising of loans in
the Colonies; The annual payment of interest will constitute an
inconvenient drain on colonial resources; Necessity of en-

couraging immigration
Cork (Nathaniel).

British deposits in Australasian banks; Scotch trustees are per

mitted to invest in colon al stocks ; Parliamentary control of
colonial issues ; Standard of merit of colonial stocks; Stocks

already largely held by trustees
Baden-Powell (Sir George) in reply.

Parliamentary control of the issues : The departmental committee ;

Automatic rule recommended; Effect of the proposed action on
the price of Consols; The proportion of colonial government
securities is small compared with the total funds now available,
and any increased value given to colonial stocks would only
slightly decrease the value of consols ; Advantage of raising the
credit of the Colonies; The bill would permit trustees to invest

but not compel them; Borrowing has not hitherto been reckless
Report of Departmental Committee .

352-354

364-355

.

355-357

213-214

UNION DISCOUNT COMPANY OF LONDON. Scott r. Legal Decision
UNITED STATES. Clearing House Returns

Estimated loss to creditors from failures .
Number of National banks
Report of the Director of the Mint, 1889-90

Comptroller of the Currency, 1889-90
Reserves of National Banks

136-139 205-209 569 433 397-400 133-439 115-116

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VAGLIANO Bros. Bank of England r. (House of Lords). Report
of Case .

282-328 Judge Chalmers on

498-304

173-106, 159-190 VAN DE LINDE (Gérard). Bookkeeping.

1 235-279, 359-392

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