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ones, and will in future have to compare with those at the now quoted at 16s., 175. I suggested buying at ros. Those ordinary level.

who followed my advice have, therefore, a nice 33 per Canadian Pacifics have dropped to 49, cent. profit on their deal, and I think they ought to take it. Canadian Pacific.

which, it is needless to say, is a price which St. Augustine Diamonds are down; they have dropped

bears no relation to their intrinsic value. The 15. 64., 25. I strongly advise a purchase at 9s., 10s.-they Canadian is the great arterial line of the dominion, bridging are very likely to be worth par before many hours are over. it from the Atlantic to the Pacific. The mineral resources The meeting arranged for Monday next is shrouded in of the districts through which it runs are of immense ex- mystery, but I feel sure, whatever the result is, it will be tent and value. It has the whole influence of the Dominion strongly in favour of shareholders. I must, therefore, Government at its back to draw through traffic over its urge, buy St. Augustines. route. It has a guaranteed interest upon its capital until

Indian Mines continue in steady demand, 1893, by which time its traffic will have grown to a re- Indian Mines, without any actual progress in price. I must spectable dividend paying point.

confess I expected to see the majority of the There has not been much activity respect. Mysore series much firmer at the present time. I think, Mexican Rails. ing Mexican Rails, but the business done however, that Ooregums and Nine Reefs must necessarily

has been of a satisfactory character, and the improve. The last-named have dropped 25. since last week, tendency is decidedly upwards. This is justified by the but they will probably recover loss during the week. My information that comes to hand.

advice is to buy St. AUGUSTINE, TRANSVAAL GOLD, Dorn. Since

my article of last week, few matters The Mining have so exercised the mind of speculators as

KOPPS and MODDERFONTEINs in South Africans ; whilst Markel.

Ooregums and Nine Reefs are a profitable purchase just the Copper Syndicate and their future po- now. sition. Of course, if we are to accept the ruling of The Financial News, everything is rotten-there is no chance of

LAST NIGHT'S LATEST QUOTATIONS. any reaction, unless, of course, that journal will permit the

BRITISH FUNDS. same to exist. Copper is gone-gone, never to hope any Old Consols, 1003, 100}. more; and the artist who dug the grave of copper is un- 2's (Goschen's), 971, 978 xd. questionably Mr. Lawson, of the Rialto. This gentleman, Reduced, 99}, 100. xd. just eighteen months ago, when writing of the then copper

New 2}'s, 941, 941 xd. boom—Tintos were then quoted at 1o's—advised having

India 3 per Cents, 983, 98%.

India 3!'s, 107, 1071 nothing to do with copper ; that those who did so must in

India 4's, 67, 671. evitably suffer in consequence of their temerity, as a reaction Bank Stock, 323, 325. was imminent, and Tintos must fall

. They did fall. They fell Irishwise-they fell, gradual-like, UP to £28. And

BRITISH RAILWAYS. now, forsooth, these authorities crow-crow over their prescience-crow, not over their accomplishments in the Brighton Deferred, 1418, 1415. columns of The Financial News, but in the columns of an

Caledonian, 1171, 1171. infantile offshoot of the editorial department of that

Chatham Ordinary, 25), 26.

Do. Preference, 109], 110. journal. Well, Copper has gone, but still Tintos are Great Eastern, 71, 72. not quoted at io, and therefore the crowing of these so- Great Northern, 119, 120. called financial authorities is out of place until at least

Do. Deferred, 107, 108. Tintos have run down below the price at which the crow Great Western, 1512, 1513. came in. I may put it to my readers, that during the time I Hull and Barnsley, 348, 345. have been editing this column, whether I have not per:

Lancashire and Yorkshire, 118, 119.

London and North-Western, 176, 1763. sistently carried them up to a point-not the top of the

London and South Western, 146, 147. market, certainly; but my advice in the copper gamble

Manchester and Sheffield, 76, 78. has been such as has paid readers of this journal to follow.

Do.

Deferred, 381, 39. In October, 1887, I brought them in, when Tintos were Metropolitan, 80, 80. selling at £8-1. I advised them to continue holding, Metropolitan District, 37, 37). . with occasional sellings, as the markets rose or fell; but

Midland, 1351, 1363. ultimately I managed to follow Tintos, for readers of

South-Eastern Deferred, 109, 1091. Pump Court, up to about £25-£26. When this point

FOREIGN STOCKS. was reached, I certainly did think that it was time to realise profits, and I believe these profits were in Argentine 6 per Cents, '68, 101, 102. innumerable cases taken. The position of the copper market

Do. Hard Dollars, 631, 641.

Austrian Gold Rents, 92, 94. is difficult to measure; but one thing is very clear, and that

Brazilian 5 per Cents, 1865, 100, 102. is, that buyers of any copper shares at present prices must

Do. do. 1886, 103, 104. and will have far and away the best of the business ere Do. do. 1879, 99, 101. many months have passed.

Chilian 4) per Cents, 1886, 103, 105.
In the Gold Mining Market, the South Costa Rica 5 per Cents, “ A,” 90, 91..
South African African shares have been very quiet, and

Do.

do. “ B,” 88, 891. Mines. with the exception of perhaps the real “rose

Ecuador New Con., 241, 25. leaved " securities, prices are opposed to buyers. For this

Egyptian Preference, 102, 103}.

Do. there is really no occasion. South African mines are

Domain, 1014, 102.

Greek 6 per Cents, 1888, 96, 98. hugely productive of mineral wealth ; and, taking such pro

Do. do. 1881, 847, 85 perties as Robinson's, Salisbury and Durban, Roodepoort

, Do. do. 1884, 843, 85). there is little question that investors will have far the Honduras, 11, 121. best of the business at present quotations. We hear Mexican 3 per Cents, 1881, 39), 40%. a lot of talk about the money sunk in mining investments

Paraguay, 39), 401. in South Africa ; but, as a matter of fact, the amount sunk is

Russian 5 per Cents, 1870, 100, 102.
Do.

do. 1872, 100, 102.
nothing in proportion to the possible contingencies arising Turkish Priority, 84, 86.
from the success of the enterprises in hand. In writing these

Do. 1871, 87, 881. lines we do not specially recommend purchase of any of the

Do. Defence, 98, 991. high-priced Randt shares, because we believe there are Uruguay Cons., 1886, 701, 711. many investments in the Transvaal at low figures, which

MERCATOR, only want holding for a short period to be worth much more than is now being obtained by some of the highpriced mines. In illustration of this, I would recommend It is announced that Mr. O'Brien intends to take ad. Modderfonteins 11-14, and Dornkopps -1. These mines vantage of his leave from prison to appear in Parliament. are both in touch, with valuable lodes, and may at any This would be violating the condition of his temporary moment be fetching three times the prices quoted above. release, and would probably have the effect of forfeiting Transvaal gold shares, after being out of favour at 1os., are his license. It certainly ought to.

!!!

THOS. THOMPSON,

Stock and Share Dealer, ANGEL COURT,

COURT, LONDON, E.C.

Telegraphio Address : NOSMOTH, LONDON.Telephone No. 509,

Mr. THOMPSON transacts business in all classes of Securities, Bonds (Foreign and Colonial), Banks, Railways, Insurance, Telegraph, Tramway, Gas, Water, and all Miscellaneous Shares. Shares sold at Special Prices for forward delivery (One, Two or Three Months), on deposit of 20 per cent.

ORDERS BY LETTER OR TELEGRAM PROMPTLY ATTENDED TO.

A FOURTH GRAND MINING PRIZE. . COLON GOLD SHARES (17s.6d. paid)

Now at 78. to 88., are rising, and may possibly before long reach £5 or £6.

ORDERS SHOULD BE TELEGRAPHED AT ONCE.
SEE MR. THOMPSON'S "MINING AND INVESTMENT CIRCULAR."

THE PRESS. LIFE, February 21st.-"Colon Gold Mine shares are likely to rise." COUNTRY GENTLEMAN, February 16th.-" Colons :-The jump has

FAIR TRADE, February 15th.—"The Tetuan Gold shares, which we been as smart as I prophesied, and I hear that the top has by no means recommended as a mining investment some week or two ago, have been reached. The mine has suddenly been found to be far richer than thoroughly fulfilled our prognostication. Colons can be had for 25. 6d. was ever believed, and consequently the shares, of which there are not to 3s. There ought to be a big rush to be in this swim."

very many about, are in the most active demand. An enormous amount SOCIETY HERALD, February 26th.—“The interest which has been of business has been done in them during the week, and they closed todisplayed of late in Colombian Hydraulic Mines continues. The day very hard and firm. In fact, the movement in Colons has been the favourite of the hour appears to be the Colon Mines, which are in the

feature of the week." immediate vicinity of the Tetuan, Orita, Maravilla, and other famous COUNTRY GENTLEMAN, February 9th.-" Rumour says strong Colombian mines worked by the hydraulic process. I am assured, on financial combination has wrought a change in the management of a the same good authority which aided me in predicting so accurately the mine for some time before the public, and that the shares, now at 35. will course of Tetuans months ago, that the advance in the price of Colon have a large and smart rise. My readers will do well to watch for this. I shares has only just made a beginning, and that they may be expected to may not mention the name at present, but next week shall be able to give cross 205. within a very short time. Be it observed, I by no means mean full particulars." to imply that they will not go very much higher than the figure mentioned, FINANCIAL CHRONICLE, February 20th." Colon Gold Shares promise but my policy is to advise my readers step by step, so that those who a further advance." have bought at low prices may turn out their shares whenever they have FINANCIAL CHRONICLE, February 23rd.--"Colons :- The rise has only a good, respectable profit."

begun." SOCIETY, March 2nd.--"Colon Gold shares are likely to have a RIALTO, February 16th.--"Colons seem to be good for a big rise in considerable rise. It is even wise to buy these shares and carry them price." over from account day to account day. They should, however, be BULLIONIST, March 2nd.--"Colons:-Investors and operators should acquired and put by until they show dividends-a time not far distant.

buy at present prices. An excellent report has been received upon the The Colon mines are situated in Colombia, a district now where the Colon inines from Mr. W. S. Welton, one of the most experienced mines are significantly productive. All those who are investors should hydraulic miners of the day." read the report of Mr. Welton, the engineer of the Colombian Hydraulic BULLIONIST, March 2nd.—"Colons are steady, and should be bought. and Orita mines. He is a great authority, and in his conscientious state- From all we can learn regarding this property, there is no doubt as to its ment exhibits what this really legitimate property should produce to the great value, and when the results of the operations now being carried out Colon shareholders."

under the new management become known, we quite anticipate the STOCK EXCHANGE TIMES, March 2nd.—"Colon.-None should stop present price to quickly double itself." buying these shares."

STOCK EXCHANGE.-.“ Colons will soon be better. Those who should THE HAWK, February 19th.-" Colon Gold shares have come with a know are buying the shares again quietly. Our readers might do worse rush in the last few days. The mine is undoubtedly one of the richest in

than follow this example." the gold-paved district of Colombia, consisting of auriferous gravel STOCK EXCHANGE, February 16th.-"The feature of this market deposits which are worked on the hydraulic system. It is a near during the past week has been a great rise in Colon Gold shares. Early neighbour of the celebrated Orita mine, already cleaning up to the tune on Wednesday morning these shares - then only at 35. 60.-began to of £1,200 a month. Major Ross, a director of the Orita mine, has just spring away by leaps and bounds, and in but a few minutes a rise of 5s. joined the board of the Colon, and his presence signifies that the works was to be recorded. Judging by the prospects of this undertaking, now will go forward with redoubled energy.

that some important changes have been effected in the management, the COUNTRY GENTLEMAN, March 2nd." It will be remembered that shares ought to have a much further rise, and doubtless but a few days last week, and the week before last, I had a good deal to say about Colon will see them several shillings higher than now." Gold mines, and stated that it would not be long before a report, which STOCK EXCHANGE, February 23rd.—"Colon Gold shares have met would astonish even those who believed most firmly in the mine, would with great demand during the current week. The reports from the be forthcoming. This report is now to hand, and reading it, it really mine are of a very satisfactory character, and, we consider, justify appears as if the engineer, Mr. W. S. Welton, who is responsible for it, a further advance. Reports say that these shares will go a good deal had been drawing upon his imagination ; but I am assured that this is higher." far from being the case, and that Mr. Welton has underrated the brilliant INVESTORS GUARDIAN, February 23rd.—"Colon Gold shares are prospects of the mine. One thing should be remembered, and that is very firm, and there are many indications of a further advance in that Mr. Welton is a well-known and highly-respected gentleman, and price. It would not surprise us to see them go to double the present anything that emanates from him should be received with the respect quotation." that it deserves. Mr. Welton can lay claim to having seen his reports LONDON AND BRIGHTON, February 17th.-" The Colon mines are of regarding other mines fully borne out by actual results."

the same nature as the Tetuan, being hydraulic, and comprise something COUNTRY GENTLEMAN, February 23rd.—"I can but repeat the advice over 1,000 acres close to the well-known Colombian Hydraulic nnd Orita I gave last week regarding Colon Gold mining shares, and that is to buy Gold Mines. The advantage these cheap-priced shares present to the them at once. Since I first mentioned them they have risen from 35. to mining speculator is that there is plenty of room for a rise, while the 11s. 6d., and it is highly probable that they will go as high as 155. and possible fall is very limited, and at the worst the loss is infinitesimal over. The property, which has only recently come into such great compared with high-priced shares, which, if they have a chance of a rise prominence, is situated quite near the famous Colombian Hydraulic and of one or two points, have also the probable contingency of a drop of the Orita. It is stated by thoroughly competent authorities that the four, five, or perhaps more, at any time." deposits cover over a thousand acres, the property really consisting not LONDON AND BRIGHTON, February 20th.—"Colon Gold shares are of one mine only, but of five mines equally rich and promising."

certainly good to buy for a rise."

LIGHT VERSUS DARKNESS.

"SHAKESPEARE, the Greatest Genius who has ever yet lived," taught the Divineness of For. giveness, of Perpetual Mercy, of Constant Patience, of Endless Peace, of Perpetual Gentleness. If you can show me one who knew things better than this man, show him !! I know him not!! If he had appeared as a Divine, they would have Burned Him; as a Politician, they would have Beheaded Him; but God made him a Player.

“ He taught that kindness is Nobler than Revenge!!”—The Rev. George DAWSON, M.A.
“Earthly power doth then show likest God's And that same prayer doth teach us all to render
When mercy seasons justice,

The Deeds of Mercy."

SHAKESPEARE.
What higher aim can man attain

Than conquest over human pain ?
JEOPARDY OF LIFE, THE GREAT DANGER OF DELAY.

You can change the trickling stream, but not the Raging Torrent.
WHAT EVERYBODY SHOULD READ.-How important it is to every individual to have at kand

some simple, effective, and palatable remedy such as Eno's Fruit SALT, to check disease at the
onset!!! For this is the ti me. With very little trouble you can change the course of the trickling mountain
stream but not the rolling river. I feel I cannot sufficiently impress this important information upon every-
body :—Let Eno's " FRUIT SALT" be your companion. When out of sorts, yet unable to say why, it is a
real necessity to have a simple remedy at hand." The Pilot can so steer and direct as to bring the ship into
safety, but he cannot quell the raging storm. The common idea when not feeling well is: “I will wait and
see; perhaps I shall be better to-morrow;" whereas had a supply of Eno's “ FRUIT SALT" been at hand,
and use made of it at the onset, all calamitous results migh: have been avoided. What dashes to the earth
so many hopes, breaks so many sweet alliances, blasts so many auspicious enterprises, as untimely Death?
“I used my “FRUIT SALT' in my last severe attack of fever and I have every reason to say

I believe it saved my life.”-J. C. ENO.
CAUTION.--Examine cach bottle, and see that the Capsule is marked ENO'S“ FRUIT SALT,"

Without it you have been imposed on by a worthless imitation. Sold by a!l Chemists,

[graphic]

Prepared only at ENO'Ş “ FRUIT SALT” WORKS, LONDON, S.E., by J. C. ENO'S PATENT.

[merged small][merged small][graphic][ocr errors][merged small][graphic][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small]

PRUDENTIAL ASSURANCE COMPANY, LTD.,

HOLBORN BARS, LONDON.

Extracts from the FORTIETH ANNUAL REPORT for the Year ending 31st Dec., 1888.

ORDINARY BRANCH. The number of Policies issued during the year was 42,475, assuring the sum of £4,399,769, and p:oducing a New Annual Pre.nium Income of £235,487.

The Premiums received during the year were £718,848, being an increase of £183,717 over the year 1887.
The Claims of the year amounted to £210,056.
The number of Policies in orce was 146,966.

INDUSTRIAL BRANCH
The Premiums received during the year were £3,256,346, being an increase of £197,845.
The Claims of the year amounted to £1,231,186. The number of Deaths was 142,751.
The expenses are one-and-a-quarter per cent. lower than those of the previous year

It is a source of much satisfaction to the Directors to be able to state that their efforts to promote the stability of Industrial Policies continue to be most successful, for, notwithstanding the enormous increase in this Branch during the past two years, the average duration of the 8,063,293 policies in force on 31st December last is now no less than six years.

Upwards of 40,000 Free Policies have been granted during the year to those policy-ho:ders of five years' standing who have desired to discontinue their payments. The total Assets of the Company have been raised during the year from £7,857,103 to £3,302,007, bei ag an increase of £1,431,992.

THOS. C. DEWEY, WILLIAM HUGHES, Managers. 1 W. J. LANCASTER, Secretary.

TI:: last Reports can be obtained upon application to the Secretary.

Pump Court

Vol. VIII.

LONDON, WEDNESDAY, MARCH 27, 1889.

No. 127

to those originally brought in, and sums withdrawn be PUMP COURT.

deducted from the total so made up. Net profits are the sum divisible between the partners, after providing for

every outgoing properly chargeable against the period of The Temple Pewspaper and Review. calculation, but making a deduction for depreciation.

Applying these principles, his lordship was of opinion that the statement was, when the facts were considered, untrue on any reasonable construction of the language used. To put these points shortly, we have omitted reference to some instructive dicta of less value by comparison than the utterances which we have mentioned. The statements being held to be untrue, it remained to be considered : whether G. Rolls was liable for its insertion in the prospectus ? The plaintiff had relied on the statement. G. Rolls, however, had made an arrangement whereby he and his sons, as the prospectus stated, would join the board of directors on completion of the purchase from them. He was not, therefore, a director, nor responsible as such ; but Kekewich (J.) held that he was a promoter, party to the issue of the pro

spectus for his own benefit, furnishing, as he alone could, CURRENTE CALAMO.

the materials for it, and owing a consequent duty to every person thereby invited to take shares. Mr. Rolls had

stipulated for seeing the draft prospectus, had seen drafts De Lege; de Omnibus Rebus et Quibusdam Aliis,

1 and 2, but not any subsequent revise; and therefore, had Kekewich (J.) held that it was necessary to show that defendant had seen the very thing on which plaintiff based

his complaint, the action would have failed, but he further The able, impartial, and independent manner in which

held that the misrepresentation was one made on defendant's Mr. Justice Smith has discharged the duties of the Com- behalf, by which he benefited, which he could, and which mission, induces us to think that our new subscribers will it was incumbent on him to, correct. We have considerbe glad to know something of the learned and popular able doubts as to the correctness of the judge's rulings on judge's history. It pained us much to notice the little

various points, and are glad to be able to inform our readers passage of arms between Mr. Lockwood, Q.C., and the

that the case is to be taken to the Court of Appeal. The learned judge. Mr. Lockwood is himself deservedly popu- whole relation between the vendor of a business or prolar at the Bar, and his unfortunate demeanour on the

perty, and the promoter of a Company to whom he sells, occasion referred to is so unlike his usual manner that we

would be revolutionised if Justice Kekewich's dictum is can only ascribe it to the odium politicum, which seems to

affirmed on appeal. Speaking generally, there is no tranhave turned the heads of all the counsel engaged on both

saction between the original vendor and the purchaser of sides. No doubt Mr. Lockwood was infected by the

the shares from the Company, and there are no equities example of his leader, the ablest man the Bar has yet seen, between them. The Company buys from the original but who is at times somewhat too emphatic with the judges. vendor and sells to the public. In selling to the public, We should be glad, for Mr. Lockwood's own sake, if he took

the Company, through its promoter, make various more or the earliest opportunity of publicly making the amende

less highly-coloured statements which may or may not honorable to the learned judge, to whom he behaved rather

amount to something more than a trade puff ; but, on prinrudely. Why we are so anxious about it is, as we have ciple, what has tiiis got to do with the person who sells to said, for Mr. Lockwood's own sake, whom we hope and the promoter? We grant that the system of Company proexpect to see on the Bench, whatever party is in power. It

moting permits of a vendor getting a promoter to tell his would be in keeping with Mr. Lockwood's reputation if he

lies for him, and that financial morality in individual inwere frankly and openly to admit that he was wrong.

stances might be improved, if Justice Kekewich's dictum is sound. But we have to consider what the law is, not

what it ought to be. If we, and not Parliament, had to The case of Glasier v. Rolls a decision of considerable consider what the law ought to be, we should even then importance. The action was brought against G. Rolls for pause before dislocating the whole principles relating to misrepresentation in a prospectus issued on the formation privity of contract, and would remember that law must of J. Rolls and Sons (Limited). The statement complained work by general, not by partial means. We shall deal exof was, that the business of the firm of J. Rolls and Sons haustively with the whole subject in a future issue. The returned a "net profit of over 17 per cent. on the capital present case has been somewhat complicated by proof of employed." The business had been carried on by the vendors having stipulated for perusal of the draft of G. Rolls and his two sons, and the firm affected to sell it the prospectus, and by one of them having afterwards again to the Universal Contract Corporation, though Keke- become associated with the Company as one of its directors, wich (J.) held that in reality the Corporation were merely and no doubt this is an important feature in the case which employed as agents to float the Company. Several points may considerably affect our judgment. But the decision almost were involved. First (though last decided), what was the appears to go the length of saying that the vendor of a meaning of the statement ? This question involved a de- business to a purchaser, who afterwards promotes a Comfinition of the word “capital," and his lordship held that to pany is, whether he becomes interested in the Company or ascertain the “capital ” employed at a given time, any sums not, as director or otherwise, bound to keep a watchful eye subsequently introduced into the business must be added on whatever prospectus is put forth, and to take some steps

[graphic]

(Kekewich, J., does not say what) to counteract any erroneous statements it may contain.

In another column we report with satisfaction the judgment of the Court of Appeal, in Warner v. Warner, and the decision shows that many of our judges are something more than mere scientific experts, or academic theorists in law. Some of them are practical men, and indeed they need to be in order to meet the exigencies of modern life, and the complex attitudes of modern trading. Some time ago we reported and commented on a similar case, the Eno Fruit Salt case, in which the proprietor of this wellknown saline beverage successfully restrained another person from colourably imitating his title. There are many cases outside these with which we do not deal, which serve to show the unblushing effrontery with which some people seek to appropriate the benefits which another man has endeavoured to secure to himself by his skill and energy, and by spending stupendous sums of money in advertising. Every device is adopted in order to make the imitation colourable, and to give it the appearance of being bonâ fide. We have even heard of a case some time back, where a man of the same name as the patentee of an article was actually sought for, in order that the spurious imitation should bear the same title as the genuine article. It was vainly thought that this device would afford sufficient cover.

It is refreshing in these days, when the exercise of the necessary power of committal for contempt of Court is so constantly invoked, to find judges refusing to exercise the jurisdiction where the person alleged to be in contempt can be dealt with by the ordinary tribunals. In Fry v. Fry, Stirling (J.) refused to commit, on this ground: a person charged with having sworn an affidavit in an action deposing to the fitness of one Huntingdon to be appointed receiver, it being alleged that he knew, at the time of making the affidavit, that Huntingdon was totally unfit. Huntingdon had been, in 1866, convicted of embezzlement under another name ; in 1877, under another name again, he had been convicted of obtaining money by false pretences, and sentenced to 7 years penal servitude, and three years police supervision. In February, 1887, he was appointed receiver, and in June 1888, it was ascertained that he had falsified his accounts as receiver, and he was prosecuted and convic ted of forgery and perjury, the loss to the estate from his defalcations being £1,150 odd. It was alleged that the deponent to Huntingdon's fitness knew, at the the of swearing the affidavit, of the previous convictions. Stirling (J.) directed the motion to stand over, with liberty to the applicants to bring it on again on giving notice, and to be at liberty to apply to the director of public prosecu. tions to see whether he would entertain a prosecution.

The annual general meeting of the Bar will be held on The case of Day et al. v. M'Lea et al. lays at rest a difficulty which has often been felt by practitioners, in the Saturday the 13th of April next, in the Old Dining Hall

,

Lincoln's Inn, at 2.30 p.m. not very infrequent cases where payments made in full discharge are treated by the payee as on account only. The action in this case was for damages for breach of contract; defendants pleaded amongst other pleas, accord and satisfaction, and showed in support of that plea, that

The Attorney General, in the course of the debate on the defendants had sent plaintiffs a cheque for £ 102 "in

Friday night, said that his mouth was closed as to a great full of all demands," and enclosed a receipt for the

many things until the Commission was ended. We plaintiffs to sign and return. Plaintiffs, however, wrote

will, therefore, wait until the whole circumstances are that they had placed the cheque to the credit of defendants'

before us before we proceed to deal exhaustively with the account, and, sending a receipt on account, asked for a

subject. We shall not forget the position for learning and cheque for the balance. Defendants contended that the

impartiality which this journal has acquired, and we shall cheque sent in full satisfaction having been kept, keeping

be mindful of the fact that we have made the first and only it constituted accord and satisfaction in law. Charles (J.),

attempt to codify, or at least, to collect, the various points who tried the case without a jury, found there was no accord

of etiquette or rules of conduct which guide the Bar. Old and satisfaction, and gave judgment for plaintiff. The

readers of PUMP Court will recollect our series of articles Court of Appeal (Lord Esher, M.R., Bowen and Fry,

under the title, " A Bundle of Etiquettes." In dealing with L.JJ.) affirmed the decision of Charles (J.), holding that

the subject, it must be understood that we cannot deal with the fact of keeping the cheque so sent was not conclusive

it from the point of view of any party in politics, and perin law that it was kept in satisfaction of the claim ; but

haps this furnishes an additional reason why we should wait that it was a question of fact for the jury, to be determined

until the party-feeling connected with the subject has had on all the circumstances, whether that was so or not. We

time to smoulder-out. Neither must it be forgotten by any entirely concur in this view, but it must be admitted that

one that the calm and deliberate opinion of the Bar on the it contravenes the opinion of a very large number of pro

subject will form a precedent which we shall take care to fessional men. There is clearly in such cases no accord,

enunciate in proper form, to take its place among the i.e., no agreement to accept the cheque so sent in discharge of

Bundles of Etiquette which we have already printed. the claim, for there is no consensus of evidence. Why then

Meantime, it is right to say that the extravagant charges should there be a conclusive presumption in law, in favour

made against Sir Richard, by the Parnellite party, of dis. of accord and satisfaction ? Such a conclusive presumption

honourable conduct, are wholly disavowed by the Bar; and could only be justified on the same principles as estoppel,

we are quite in accord with Sir Henry James, when he said and indeed it was sometimes said that the payee was in

that there "never was a man who had ever been more such circumstances estopped from denying that he received

desirous of doing his duty truthfully and truly than the man a cheque sent in discharge, otherwise than in satisfaction

who had been attacked that night.” On the other hand, we of his claim. But, estoppels are odious, and the doctrine

cannot yet exonerate Sir Richard from the charge of can never be applied save where it would be inequitable imprudence and unguardedness; nor, until, as we have to permit the truth to be relied on as a defence to the

before said, the whole circumstances are placed before us, party pleading the estoppel. The principles are admirably which at present cannot be done, are we able to affiim that laid down in the case of Carr v. London and North-Western

the conduct of the case was in accord with the strict Railway, L.R. 10, C.P., 310. Applying them to such a etiquette of the Bar, nor hold it forth as an example and a case as the present, how is the position of the sender of guide to the young members of the profession. the cheque, sent in settlement, changed for the worse because the payee, immediately on receiving it, acquaints the payer that he still treats him as liable for a further sum ? No doubt there may be cases when a claim is made, and a How came Sir Henry James to make the mistake of saying party denying liability yet makes a payment on the express that “Sir Charles Russell and the Attorney-General were condition that it is to be accepted in full or returned, if both

on the governing body of the same Inn?" Sir Richard then it be not accepted in full and not returned it would be is a Bencher of the Middle Temple, as is Sir Henry James, open to the payer to maintain action for the sum paid, as but Sir Charles Russell is a Lincoln's Inn man. for money had and received to his use; or in the event of weak, too, of Sir Henry to claim before the public that the the payee suing him, he might, by counterclaiming, raise the Benchers of the Middle Temple were “the proper and question of liability to pay even the money so paid by him. impartial jury to deal with the matter.” How could the

It was

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