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ones, and will in future have to compare with those at the ordinary level.

Canadian Pacifics have dropped to 49, Canadian which, it is needless to say, is a price which Pacific. bears no relation to their intrinsic value. The Canadian is the great arterial line of the dominion, bridging it from the Atlantic to the Pacific. The mineral resources of the districts through which it runs are of immense extent and value. It has the whole influence of the Dominion Government at its back to draw through traffic over its route. It has a guaranteed interest upon its capital until 1893, by which time its traffic will have grown to a respectable dividend-paying point.

There has not been much activity respectMexican Rails. ing Mexican Rails, but the business done has been of a satisfactory character, and the tendency is decidedly upwards. This is justified by the information that comes to hand.

Market.

Since my article of last week, few matters The Mining have so exercised the mind of speculators as the Copper Syndicate and their future position. Of course, if we are to accept the ruling of The Financial News, everything is rotten-there is no chance of any reaction, unless, of course, that journal will permit the same to exist. Copper is gone-gone, never to hope any more; and the artist who dug the grave of copper is unquestionably Mr. Lawson, of the Rialto. This gentleman, just eighteen months ago, when writing of the then copper boom-Tintos were then quoted at 10's-advised having nothing to do with copper; that those who did so must inevitably suffer in consequence of their temerity, as a reaction was imminent, and Tintos must fall. They did fall. They fell Irishwise-they fell, gradual-like, UP to £28. And now, forsooth, these authorities crow-crow over their prescience-crow, not over their accomplishments in the columns of The Financial News, but in the columns of an infantile offshoot of the editorial department of that journal. Well, Copper has gone, but still Tintos are not quoted at 10, and therefore the crowing of these socalled financial authorities is out of place until at least Tintos have run down below the price at which the crow came in. I may put it to my readers, that during the time I have been editing this column, whether I have not per sistently carried them up to a point-not the top of the market, certainly; but my advice in the copper gamble has been such as has paid readers of this journal to follow. In October, 1887, I brought them in, when Tintos were selling at £8-. I advised them to continue holding, with occasional sellings, as the markets rose or fell; but ultimately I managed to follow Tintos, for readers of PUMP COURT, up to about £25-£26. When this point was reached, I certainly did think that it was time to realise profits, and I believe these profits were in innumerable cases taken. The position of the copper market is difficult to measure; but one thing is very clear, and that is, that buyers of any copper shares at present prices must and will have far and away the best of the business ere many months have passed.

In the Gold Mining Market, the South South African African shares have been very quiet, and Mines. with the exception of perhaps the real "roseleaved" securities, prices are opposed to buyers. For this there is really no occasion. South African mines are hugely productive of mineral wealth; and, taking such properties as Robinson's, Salisbury and Durban, Roodepoort, there is little question that investors will have far the best of the business at present quotations. We hear a lot of talk about the money sunk in mining investments. in South Africa; but, as a matter of fact, the amount sunk is nothing in proportion to the possible contingencies arising from the success of the enterprises in hand. In writing these lines we do not specially recommend purchase of any of the high-priced Randt shares, because we believe there are many investments in the Transvaal at low figures, which 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 Modderfonteins 1-1, and Dornkopps -1. These mines are both in touch, with valuable lodes, and may at any moment be fetching three times the prices quoted above. Transvaal gold shares, after being out of favour at ios., are

now quoted at 16s., 175. I suggested buying at 10s. Those who followed my advice have, therefore, a nice 33 per cent. profit on their deal, and I think they ought to take it. St. Augustine Diamonds are down; they have dropped Is. 6d., 25. I strongly advise a purchase at 9s., 10s.—they are very likely to be worth par before many hours are over. The meeting arranged for Monday next is shrouded in mystery, but I feel sure, whatever the result is, it will be strongly in favour of shareholders. I must, therefore, urge, buy St. Augustines. Indian Mines continue in steady demand, Indian Mines. without any actual progress in price. I must confess I expected to see the majority of the Mysore series much firmer at the present time. I think, however, that Ooregums and Nine Reefs must necessarily improve. The last-named have dropped 25. since last week, but they will probably recover loss during the week. My advice is to buy ST. AUGUSTINE, TRANSVAAL GOLD, DORNKOPPS and MODDERFONTEINS in South Africans; whilst Ooregums and Nine Reefs are a profitable purchase just

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do. do.

FOREIGN STOCKS.

Argentine 6 per Cents, '68, 101, 102.
Do. Hard Dollars, 63, 641.
Austrian Gold Rents, 92, 94.
Brazilian 5 per Cents, 1865, 100, 102.
Do.
1886, 103, 104.
1879, 99, 101.
Chilian 44 per Cents, 1886, 103, 105.
Costa Rica 5 per Cents, "A," 901, 914.
Do.
do. "B," 88, 891.
Ecuador New Con., 24, 25.
Egyptian Preference, 102, 1031.
Do. Domain, 101, 102.
Greek 6 per Cents, 1888, 96, 98.
Do. do. 1881, 84, 85.
do. 1884, 84, 85.
Honduras, 111, 124.

Do.

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THOS.

THOMPSON,

Stock and Share Dealer,

ANGEL COURT, LONDON, E.C.

Telegraphic 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 7s. 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

LIFE, February 21st.-" Colon Gold Mine shares are likely to rise." FAIR TRADE, February 15th.-" The Tetuan Gold shares, which we recommended as a mining investment some week or two ago, have thoroughly fulfilled our prognostication. Colons can be had for 2s. 6d. to 3s. There ought to be a big rush to be in this swim."

SOCIETY HERALD, February 26th.-"The interest which has been displayed of late in Colombian Hydraulic Mines continues. The favourite of the hour appears to be the Colon Mines, which are in the immediate vicinity of the Tetuan, Orita, Maravilla, and other famous Colombian mines worked by the hydraulic process. I am assured, on the same good authority which aided me in predicting so accurately the course of Tetuans months ago, that the advance in the price of Colon shares has only just made a beginning, and that they may be expected to cross 20s. within a very short time. Be it observed, I by no means mean to imply that they will not go very much higher than the figure mentioned, but my policy is to advise my readers step by step, so that those who have bought at low prices may turn out their shares whenever they have a good, respectable profit."

SOCIETY, March 2nd.-"Colon Gold shares are likely to have a considerable rise. It is even wise to buy these shares and carry them over from account day to account day. They should, however, be acquired and put by until they show dividends-a time not far distant. The Colon mines are situated in Colombia, a district now where the mines are significantly productive. All those who are investors should read the report of Mr. Welton, the engineer of the Colombian Hydraulic and Orita mines. He is a great authority, and in his conscientious statement exhibits what this really legitimate property should produce to the Colon shareholders."

STOCK EXCHANGE TIMES, March 2nd.-" Colon.-None should stop buying these shares."

THE HAWK, February 19th.-" Colon Gold shares have come with a rush in the last few days. The mine is undoubtedly one of the richest in the gold-paved district of Colombia, consisting of auriferous gravel deposits which are worked on the hydraulic system. It is a near neighbour of the celebrated Orita mine, already cleaning up to the tune of £1,200 a month. Major Ross, a director of the Orita mine, has just joined the board of the Colon, and his presence signifies that the works will go forward with redoubled energy.'

COUNTRY GENTLEMAN, March 2nd." It will be remembered that last week, and the week before last, I had a good deal to say about Colon Gold mines, and stated that it would not be long before a report, which would astonish even those who believed most firmly in the mine, would be forthcoming. This report is now to hand, and reading it, it really appears as if the engineer, Mr. W. S. Welton, who is responsible for it, had been drawing upon his imagination; but I am assured that this is far from being the case, and that Mr. Welton has underrated the brilliant prospects of the mine. One thing should be remembered, and that is that Mr. Welton is a well-known and highly-respected gentleman, and anything that emanates from him should be received with the respect that it deserves. Mr. Welton can lay claim to having seen his reports regarding other mines fully borne out by actual results."

COUNTRY GENTLEMAN, February 23rd." I can but repeat the advice I gave last week regarding Colon Gold mining shares, and that is to buy them at once. Since I first mentioned them they have risen from 3s. to 11s. 6d., and it is highly probable that they will go as high as 15s. and over. The property, which has only recently come into such great prominence, is situated quite near the famous Colombian Hydraulic and the Orita. It is stated by thoroughly competent authorities that the deposits cover over a thousand acres, the property really consisting not of one mine only, but of five mines equally rich and promising."

PRESS.

COUNTRY GENTLEMAN, February 16th.-" Colons:-The jump has been as smart as I prophesied, and I hear that the top has by no means been reached. The mine has suddenly been found to be far richer than was ever believed, and consequently the shares, of which there are not very many about, are in the most active demand. An enormous amount of business has been done in them during the week, and they closed today very hard and firm. In fact, the movement in Colons has been the feature of the week."

COUNTRY GENTLEMAN, February 9th.-" Rumour says strong financial combination has wrought a change in the management of a mine for some time before the public, and that the shares, now at 35. will have a large and smart rise. My readers will do well to watch for this. I may not mention the name at present, but next week shall be able to give full particulars."

FINANCIAL CHRONICLE, February 20th.-" Colon Gold Shares promise a further advance."

FINANCIAL CHRONICLE, February 23rd.—" Colons:-The rise has only begun."

RIALTO, February 16th.-" Colons seem to be good for a big rise in price."

BULLIONIST, March 2nd.--" Colons:-Investors and operators should buy at present prices. An excellent report has been received upon the Colon mines from Mr. W. S. Welton, one of the most experienced hydraulic miners of the day."

BULLIONIST, March 2nd.-" Colons are steady, and should be bought. From all we can learn regarding this property, there is no doubt as to its great value, and when the results of the operations now being carried out under the new management become known, we quite anticipate the present price to quickly double itself."

STOCK EXCHANGE.-" Colons will soon be better. Those who should know are buying the shares again quietly. Our readers might do worse than follow this example."

Early

STOCK EXCHANGE, February 16th.-" The feature of this market during the past week has been a great rise in Colon Gold shares. on Wednesday morning these shares-then only at 3s. 6d.-began to spring away by leaps and bounds, and in but a few minutes a rise of 5s. was to be recorded. Judging by the prospects of this undertaking, now that some important changes have been effected in the management, the shares ought to have a much further rise, and doubtless but a few days will see them several shillings higher than now."

STOCK EXCHANGE, February 23rd.-" Colon Gold shares have met with great demand during the current week. The reports from the mine are of a very satisfactory character, and, we consider, justify a further advance. Reports say that these shares will go a good deal higher."

INVESTORS GUARDIAN, February 23rd.-"Colon Gold shares are very firm, and there are many indications of a further advance in price. It would not surprise us to see them go to double the present quotation."

LONDON AND BRIGHTON, February 17th.-" The Colon mines are of the same nature as the Tetuan, being hydraulic, and comprise something over 1,000 acres close to the well-known Colombian Hydraulic nnd Orita Gold Mines. The advantage these cheap-priced shares present to the mining speculator is that there is plenty of room for a rise, while the possible fall is very limited, and at the worst the loss is infinitesimal compared with high-priced shares, which, if they have a chance of a rise of one or two points, have also the probable contingency of a drop of four, five, or perhaps more, at any time."

LONDON AND BRIGHTON, February 20th.-"Colon Gold shares are certainly good to buy for a rise."

LIGHT VERSUS DARKNESS.

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"SHAKESPEARE, the Greatest Genius who has ever yet lived," taught the Divineness of Forgiveness, 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.

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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
The Deeds Mercy." SHAKESPEARE.
What higher aim can man attain

When mercy seasons justice,

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 hand

some simple, effective, and palatable remedy such as ENO's FRUIT SALT, to check disease at the onset!!! For this is the time. 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 everybody:-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 might 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 all Chemists,

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

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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 producing a New Annual Premium 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-holders 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 1g an increase of £1,431,901.

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VOL. VIII.

Pump Court

LONDON, WEDNESDAY, MARCH 27, 1889.

PUMP COURT.

The Temple Newspaper and Review.

CURRENTE CALAMO.

De Lege; de Omnibus Rebus et Quibusdam Aliis.

THE able, impartial, and independent manner in which Mr. Justice Smith has discharged the duties of the Commission, induces us to think that our new subscribers will be glad to know something of the learned and popular judge's history. It pained us much to notice the little passage of arms between Mr. Lockwood, Q.C., and the learned judge. Mr. Lockwood is himself deservedly popular at the Bar, and his unfortunate demeanour on the occasion referred to is so unlike his usual manner that we can only ascribe it to the odium politicum, which seems to have turned the heads of all the counsel engaged on both sides. No doubt Mr. Lockwood was infected by the example of his leader, the ablest man the Bar has yet seen, but who is at times somewhat too emphatic with the judges. We should be glad, for Mr. Lockwood's own sake, if he took the earliest opportunity of publicly making the amende honorable to the learned judge, to whom he behaved rather rudely. Why we are so anxious about it is, as we have said, for Mr. Lockwood's own sake, whom we hope and expect to see on the Bench, whatever party is in power. It would be in keeping with Mr. Lockwood's reputation if he were frankly and openly to admit that he was wrong.

THE case of Glasier v. Rolls is a decision of considerable importance. The action was brought against G. Rolls for misrepresentation in a prospectus issued on the formation of J. Rolls and Sons (Limited). The statement complained of was, that the business of the firm of J. Rolls and Sons returned a "net profit of over 17 per cent. on the capital employed." The business. had been carried on by G. Rolls and his two sons, and the firm affected to sell it to the Universal Contract Corporation, though Kekewich (J.) held that in reality the Corporation were merely employed as agents to float the Company. Several points were involved. First (though last decided), what was the meaning of the statement? This question involved a definition of the word "capital," and his lordship held that to ascertain the "capital " employed at a given time, any sums subsequently introduced into the business must be added

No. 127.

to those originally brought in, and sums withdrawn be 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 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 prospectus for his own benefit, furnishing, as he alone could, 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 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 held that the misrepresentation was one made on defendant's behalf, by which he benefited, which he could, and which it was incumbent on him to, correct. We have considerable doubts as to the correctness of the judge's rulings on various points, and are glad to be able to inform our readers that the case is to be taken to the Court of Appeal. The whole relation between the vendor of a business or property, and the promoter of a Company to whom he sells, would be revolutionised if Justice Kekewich's dictum is affirmed on appeal. Speaking generally, there is no transaction between the original vendor and the purchaser of the shares from the Company, and there are no equities between them. The Company buys from the original vendor and sells to the public. In selling to the public, the Company, through its promoter, make various more or less highly-coloured statements which may or may not amount to something more than a trade puff; but, on principle, what has this got to do with the person who sells to the promoter? We grant that the system of Company promoting permits of a vendor getting a promoter to tell his lies for him, and that financial morality in individual instances 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 consider what the law ought to be, we should even then pause before dislocating the whole principles relating to privity of contract, and would remember that law must work by general, not by partial means. We shall deal exhaustively with the whole subject in a future issue. The present case has been somewhat complicated by proof of the vendors having stipulated for perusal of the draft of the prospectus, and by one of them having afterwards again become associated with the Company as one of its directors, and no doubt this is an important feature in the case which may considerably affect our judgment. But the decision almost appears to go the length of saying that the vendor of a business to a purchaser, who afterwards promotes a Company is, whether he becomes interested in the Company or not, as director or otherwise, bound to keep a watchful eye on whatever prospectus is put forth, and to take some steps

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

In another column we report with satisfaction the judg ment 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.

We

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 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 defendants had sent plaintiffs a cheque for £102 "in full of all demands," and enclosed a receipt for the plaintiffs to sign and return. Plaintiffs, however, wrote that they had placed the cheque to the credit of defendants' account, and, sending a receipt on account, asked for a cheque for the balance. Defendants contended that the cheque sent in full satisfaction having been kept, keeping it constituted accord and satisfaction in law. Charles (J.), who tried the case without a jury, found there was no accord and satisfaction, and gave judgment for plaintiff. The Court of Appeal (Lord Esher, M.R., Bowen and Fry, L.JJ.) affirmed the decision of Charles (J.), holding that the fact of keeping the cheque so sent was not conclusive in law that it was kept in satisfaction of the claim; but that it was a question of fact for the jury, to be determined on all the circumstances, whether that was so or not. entirely concur in this view, but it must be admitted that it contravenes the opinion of a very large number of professional men. There is clearly in such cases no accord, i.e., no agreement to accept the cheque so sent in discharge of the claim, for there is no consensus of evidence. Why then should there be a conclusive presumption in law, in favour of accord and satisfaction? Such a conclusive presumption could only be justified on the same principles as estoppel, and indeed it was sometimes said that the payee was in such circumstances estopped from denying that he received a cheque sent in discharge, otherwise than in satisfaction of his claim. But, estoppels are odious, and the doctrine can never be applied save where it would be inequitable to permit the truth to be relied on as a defence to the party pleading the estoppel. The principles are admirably laid down in the case of Carr v. London and North-Western Railway, L.R. 10, C.P., 310. Applying them to such a case as the present, how is the position of the sender of 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 party denying liability yet makes a payment on the express condition that it is to be accepted in full or returned, if then it be not accepted in full and not returned it would be open to the payer to maintain action for the sum paid, as for money had and received to his use; or in the event of the payee suing him, he might, by counterclaiming, raise the question of liability to pay even the money so paid by him.

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 convicted 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 prosecutions to see whether he would entertain a prosecution.

THE annual general meeting of the Bar will be held on Saturday the 13th of April next, in the Old Dining Hall, Lincoln's Inn, at 2.30 p.m.

Old

THE Attorney General, in the course of the debate on Friday night, said that his mouth was closed as to a great many things until the Commission was ended. We will, therefore, wait until the whole circumstances are before us before we proceed to deal exhaustively with the subject. We shall not forget the position for learning and impartiality which this journal has acquired, and we shall be mindful of the fact that we have made the first and only attempt to codify, or at least, to collect, the various points of etiquette or rules of conduct which guide the Bar. readers of PUMP COURT will recollect our series of articles under the title, "A Bundle of Etiquettes." In dealing with the subject, it must be understood that we cannot deal with it from the point of view of any party in politics, and perhaps this furnishes an additional reason why we should wait until the party-feeling connected with the subject has had time to smoulder-out. Neither must it be forgotten by any one that the calm and deliberate opinion of the Bar on the subject will form a precedent which we shall take care to enunciate in proper form, to take its place among the Bundles of Etiquette which we have already printed. Meantime, it is right to say that the extravagant charges made against Sir Richard, by the Parnellite party, of dishonourable conduct, are wholly disavowed by the Bar; and we are quite in accord with Sir Henry James, when he said that there "never was a man who had ever been more desirous of doing his duty truthfully and truly than the man who had been attacked that night." On the other hand, we cannot yet exonerate Sir Richard from the charge of imprudence and unguardedness; nor, until, as we have before said, the whole circumstances are placed before us, which at present cannot be done, are we able to affirm that the conduct of the case was in accord with the strict etiquette of the Bar, nor hold it forth as an example and a guide to the young members of the profession.

How came Sir Henry James to make the mistake of saying that "Sir Charles Russell and the Attorney-General were both on the governing body of the same Inn?" Sir Richard is a Bencher of the Middle Temple, as is Sir Henry James, but Sir Charles Russell is a Lincoln's Inn man. It was weak, too, of Sir Henry to claim before the public that the Benchers of the Middle Temple were "the proper and impartial jury to deal with the matter." How could the

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