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not understand the act threatened by the defendants, or the communication proposed to be made by them to their tenants, as implying any imputation upon the credit or solvency of the bank. If it had been the necessary or legitimate consequence of the action which the defendants took that their circular should be understood, or likely to be understood, by reasonable persons receiving it, in a libellous sense, they must be taken (for all purposes of legal responsibility) as having intended that consequence. But I have already said that I think this was not either the natural sense of, or a reasonable inference from, the words which they used or the act which they did; and the whole evidence appears to me against the supposition that they themselves intended it to convey that meaning. The result is that I think there was no evidence on which a jury could have been justified in finding that the defendants published a libel concerning the plaintiffs. The document not being a libel on the face of it is not shown to be so by any extrinsic evidence proper, in my judgment, to be considered by a jury for that purpose. Before it can be deprived of the privilege which it would undoubtedly possess if bona fide sent to the persons to whom it was addressed for the purpose of appearing on the face of it, one of two things is necessary-either that the defendants should be shown to have sent it for some ulterior purpose not covered by that privilege (of which I see no evidence), or it must be shown properly to bear the libellous meaning imputed to it. These are my reasons for being unable to differ from those of your lordships who are of opinion that the judgment under appeal is right and that this appeal shall be dismissed, with costs; and I shall move your lordships accordingly.

Lord BLACKBURN, Lord WATSON, and Lord BRAMWELL concurred.
Lord PENZANCE differed.

Judgment affirmed, and appeal dismissed, with costs.

HIGH COURT OF JUSTICE-QUEEN'S BENCH DIVISION. August 4th, 1882.

(Sitting at Nisi Prius, at Westminster, before LORD COLERIDGE and a Special Jury.)

MOORE V. LESCHER.

THIS was an action brought to recover damages for the injury alleged by the plaintiff to have been caused to him by the defendant's conduct in having given a certain notice to his bankers which had induced them to decline to honour his cheques. Mr. Talfourd Salter, Q.C., and Mr. Mirams appeared for the plaintiff; Mr. W. G. Harrison, Q.C., and Mr. Wilberforce were for the defendant. The plaintiff now keeps a public-house in Camden Town, but formerly kept one in the neighbourhood of Covent Garden. The defendant is a chartered accountant, and in 1877 was a member of the committee of inspection under the liquidation proceedings taken by the plaintiff. The trustee who had been first appointed had absconded, and at a meeting of the creditors to appoint a new one, Mr. Lescher had been appointed to the office. In September, 1879, a resolution had been passed by the creditors of the plaintiff to allow him to obtain his discharge, and this had been registered in the following month. The trustee in such a case ought to make a report to the Court of Bankruptcy, as until this has

been done the registrar cannot grant a certificate of discharge. On September 5, 1881, Mr. Lescher had written to the manager of the Camden Town branch of the London and South Western Bank, where the plaintiff had, as a matter of fact, opened a new account at the end of 1880, claiming on behalf of the creditors any balance that might be due from them (the bankers) to the plaintiff. It was not until a few days after this that the latter had obtained his certificate of discharge, and it appeared that the defendant had never intended to claim anything but that which would have been due to the plaintiff's creditors under the proceedings of liquidation by arrangement. His lordship non-suited the plaintiff on the opening, holding that the defendant as trustee had a right to claim any moneys paid into the plaintiff's banking account until the date of his obtaining his certificate of discharge. By his notice to the bank, Mr. Lescher had clearly limited his claim as the trustee to that which had been due to the creditors. The learned judge gave judgment for the defendant, with costs, and certified for a special jury.

CHANCERY DIVISION.

(Before Mr. Justice KAY.-August 8th.)

FRAZER V. COOPER, HALL AND CO.

THIS action was brought against the Quebec Central Railway Company and certain agents in England by the holders of a bond for £100 of a certain issue of £550,000 to restrain the dealing with the proceeds of the new issue until the whole of an old issue had been redeemed. The plaintiffs sued on behalf of themselves and all other bondholders of the new issue. The new loan was a 5 per cent. loan, brought out at an issue price of 923 in London. The prospectus, on the footing of which the loan was made, stated that it would be secured by a first mortgage of the line, and that the proceeds of the issue were to be applied in redeeming outstanding bonds on the original line in payment for additional lines recently acquired and other specified matters. The action was brought before Mr. Justice Fry last year on motion for an injunction. It appears there are outstanding old bonds of the company to the extent of £10,000, which are a first charge on the line, bearing interest at £1 per cent., not redeemable till 1900. Mr. Justice Fry made an order, which was varied by the Court of Appeal, which, as ordered, provided for the payment of £10,000 into court as a security for the redemption of the outstanding bonds of the old issue. At that time Messrs. Fraser and Gordon, the plaintiffs, claimed to be mortgagees of one Bowen of the old bonds, and litigation was pending between Bowen and Messrs. Fraser and Gordon as to who was entitled to those bonds. That action has since been decided in favour of Messrs. Frazer and Gordon, who consequently hold those bonds as security for a sum which they swear amounts to £11,000 for principal and interest, besides £3,000 costs of that suit. The railway company also claim a right under a contract with Bowen to redeem the £10,000 bonds of the old issue outstanding. This was a motion on their behalf to have the £10,000 now impounded under the order of the Court of Appeal released, or, in the alternative, to restrain the plaintiffs from dealing with the old bonds. The notice of motion also asked leave to bring a counter-claim for redemption under the contract with Bowen of the

old bonds. Mr. Glasse, Q.C., and Mr. J. Beaumont appeared in support of the motion; Mr. J. Pearson, Q.C., and Mr. C. Mitchell for the plaintiffs. Mr. Justice Kay refused the motion, with costs. He pointed out that all the facts were known to the Court of Appeal when they made the order to keep the £10,000 in court, and they imposed the condition that if the plaintiffs succeeded against Bowen the money should be freed. With respect to the alternative application to restrain the plaintiffs from selling the old bonds, he said they were mortgagees, and, even if there were a counter-claim or action for redemption, they would never be restrained from dealing with the property except on terms of paying the whole amount claimed by them into court. And he also refused to allow the counter-claim to be put in, on the ground that it would be highly inconvenient at this stage and under the circumstances to have the questions mixed.

COURT OF BANKRUPTCY.

(Before Mr. Registrar PEPYS.-August 8th.)

IN RE J. T. STANTON.

THE debtor, trading as Stanton and Co. (the Continental Bank), at 79, Lombard Street, banker and bullion dealer, presented a liquidation petition in May last, returning his liabilities at £7.747, with assets £3,973, subject to realization. This was an application by the trustees for the confirmation of resolutions passed by the creditors empowering him to accept an offer made by Mr. F. D. Dixon-Hartland, M.P., for the purchase of the whole of the assets for the sum of £2,500, upon certain terms which were set forth. The trustee certified that the offer was a beneficial one to the creditors, as the estate would be distributed speedily, and the delay occasioned by the adjustment of disputed claims avoided. Mr. Whinney appeared for the trustee in support of the application. After some slight opposition by one of the creditors, Mr. Registrar Pepys said the resolutions would be confirmed.

THE TRANSACTIONS OF THE BANK OF FRANCE
FOR 1881.

(Continued from page 752.)

PARAGRAPH 19.-The Officers.

As, in 1880, the staff in every rank have, in the course of last year, worked their hardest in their multiplicity of duties, and have ensured by their zealous efforts the happy results of the new arrangements recently carried over.

The large profits realized in 1881 have not been obtained without an increase of labour, which has been accepted by all, with a faithfulness which has never once failed. New requirements have necessitated the formation of fresh openings for work. We have been obliged to hold two examinations in the same year for those who had to be added to the staff. In the face of such a position, the council and the government of the Bank have felt themselves bound to unite in the same considerate

thought of recognizing the great efforts of the staff and of improving their condition.

All the salaries of £240 and under have been increased about a tenth, in order to secure the well-being of the clerks of the Bank and the comfort of their families.

I found, on my arrival here, these different projects in preparation, and I hasten, in all justice, to attribute the greater part of them to my honourable predecessor. For myself, it was my good fortune to ratify these arrangements, and to endeavour thus, from the first hour which I spent here, to establish a bond of union between the staff and myself of confidence and esteem which the future should only strengthen.

Before the close of this long statement, we must be permitted to say that the Bank, which has already rendered so much to the country, and such great services, knows also how to render still further services.

It has gained in the world a deserved reputation for prudence; and whilst preserving this intact, to the great advantage of the public, it knows how to unite to it a true spirit of progress, which has been proved in the recent alterations, of which we have just given you an account. It will continue to pursue this path with a firm, vigorous step, but with that prudence which the great interests it is entrusted with impose.

THE REPORT OF THE CENSORS.-M. Frédéric Moreau, reporter. GENTLEMEN,-In order to give you an account of the duty with which you have entrusted them, the Committee of Censors, in whose name 1 now have the honour of presenting this, have only to add a few words to the report you have just heard, which has laid before you in the minutest detail all the transactions of the Bank of France and its branches during the course of 1881.

As previously, our supervision has extended over the different departments of the Bank, and we have, in conformity with the prescribed statutes, assisted and taken part, within the limits of our power, at all the meetings and discussions of the general council and of the committees. The verification of the safes in which the securities are kept, and those belonging to the general secretary's office, the cancelling and destroying of the old notes, have all taken place in our presence.

No manufacture or issue of notes has been carried out without our authority, and the frequent examination of commercial paper made by us at Paris and the branches has assured us that the prescribed rules for discount have been accurately observed.

To sum up, the control which we have exercised enables us to state once more with what perfect order and regularity all the wheels of our gigantic machinery turo.

This result, gentlemen, is the more remarkable, inasmuch as many of our departments have made, during several years, an enormous and prodigious growth, really out of proportion with the means which the Bank has to dispose of to work them.

In order to have adequate means to meet the requirements of the situation, which are sometimes excessive, we must have an experienced and willing staff, who are always ready to increase their work when circumstances demand it.

You will doubtless approve the decision of the Council of Regents, which, in its solicitude for all those who assist us in our business, has, on

the proposition of the government of the Bank, raised by 10 per cent. all the salaries not exceeding £240.

Before passing on to the examination of those figures which still remain to be submitted to you, we beg to be allowed to tender our sincere thanks both to the government of the Bank and to the Council of Regents, whose great efficiency, prudence and insight are so valuable a guarantee in the direction of our business.

We equally desire to thank the gentlemen who are members of the Council of Discount at Paris and the branches, and who have never failed to lend us their experienced aid in the laborious work of the year.

Issue of Notes.

The issue of notes shows an increase of 2,317,000 notes in number; and in amount an increase of

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There have been issued in 1881, 11,308,000 notes, representing an amount of

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1,325,000 notes of £40 each

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£24,570,000

... £136,370,000

£53,000,000 12,500,000 23,700,000

6,850,000 320,000

40 of the form of the branches

Total... £96,370,000

In 1880 there were issued 7,000,000 notes for a sum of

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All these issues have received our approbation, as they were in accordance

with the requirements of the service.

NOTES DESTROYED AND WITHDRAWN FROM CIRCULATION, ETC., ETC.

Notes have been cancelled, destroyed, or withdrawn from circulation as usual during the course of the year 1881.

The following are the details of these transactions :

Notes Cancelled.

The notes cancelled have amounted in number, includiug the notes of the Central Bank and of the branches, to 7,384,142 notes, for a sum of £54,266,280.

Notes of the Central Bank.

Notes for £40 0 0

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Notes. 715,374

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285,002

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5,700,040 14,291,040 5,620,000

40,240

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