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Assurance Company, the sanction of the Court of over £50,000 per annum, mainly cash. The company Session having been received.

has elected to derive its name from the contract entered The Directors' report of the County Fire Office has into between the above named firm of Macrae, Curtice been issued. It is of a fairly satisfactory nature, and & Co., and Mr. Thomas Hansard, for the acquisition of shows increased premiums received.

the copyright in Hansard's Parliamentary Debates, by The 3rd annual report of the Sickness and Accident which they are enabled to carry out the contract with Company of Edinburgh has been published. We the Government for printing the Parliamentary debates refrain from comment now, as we propose to deal with under the same title. Messrs. Monkhouse, Goddard & it in a fuller manner than we have space for this week. Co., the eminent chartered accountants, report, after full

investigation, that the profits of Macrae, Curtice & Company, Clement Smith & Co., Vanoni & Co., and

Wyman & Sons, are alone more than sufficient to pay CAPEL COURT

the lividend of 8 per cent. on the entire issue of £200,000 of preference shares of this company.

THE Hansard Publishing Union had Business during last week was of an exciting and aniVew Issue's hardly issued their prospectus before the mating character so far as the general rise in British Rails

shares rose to 4 to 1 premium. This was concerned; scarcely a stock or share which did not premium was subsequently reduced in consequence have its rise, and in some cases this rise was of an of extensive operations, which in a newly born com- astonishing character. I have hitherto advocated the pany was simply phenomenal and exceptional, if we purchase of leading lines, knowing and believing that exclude undertakings like the Ruby Mines, in which the an advance all through was certain. I must confess, Rothschilds bear a hand. Nor is the success which however, that the advance of the past few days has exattends the floating of this company at its very in- ceeded my anticipation. Nor do I think the progress ception a matter of surprise, when we consider that in general trade warrants the enormous bull which has it is no new and untried venture in which the public unchecked been running its upward career. The time are invited to join, but a mere amalgamation of exist- has arrived when the judicious speculator will begin to ing and paying properties, of which it can be, and has clear out, and, where possible, pocket his differences. been, mathematically demonstrated that while on the There need be no mincing the matter. The way in one hand the profits must continue and increase in which many securities have been “jumped

has no each of the businesses constituting the union, on the warrant either in the surroundings of individual comother hand the expenses of carrying on each separately panies or in the requirements of the investing public. is enormously reduced by the amalgamation, and the The way in which this dangerous suicidal spirit has power of extending profitable operatons which such a been brought about is difficult to say. Many theories combination necessarily affords is obvious.

are propounded to account for it, but the reasonable exThe reader of books, illustrated and otherwise, news- planation seems to be that certain syndicates or trusts papers, magazines, &c., is hardly able to conceive the lately formed have determined upon buying their numberless hands through which they have to pass, Home securities with the capital placed at their com-, and the multifarious middle-men profits that have to mand by their shareholders, and all of them at the same be reaped before they reach him. That a book or time running upon similar lines has led to the present journal does not reach him straight from the author's unjustifiable “bull.” The moment the old stagers in hands, he knows in a vague sort of way, but he probably the Railway Market commence operations from their seldom gets much beyond a clear conception of the point of view, there will come as rapid, or a more rapid, existence of the writer, and the particular book- fall than there has been an advance. It is on these seller or newsvendor from whom he

he purchases. grounds I advise all holders of oper. speculative The composing-room and its foreman, the machine- accounts to close, in order to net profits whilst obtainroom and its foreman, the warehouse and its head man able. Without exception, the prices of Railway never occur to him. Then there is the stitcher and securities are perilously high, and, in my opinion, canbinder, until we finally reach the wholesale publisher not, under any circumstances, be maintained. Trust with his elaborate organisation all over the kingdom, companies are all very well when the area of their before the book, periodical, or other form of printed speculations is limited to healthy operations, guided material comes to be sold by the retail bookseller or by sound judgment, and with actual knowledge of the newsman. But if you remind the ordinary reader of prospects of subject taken in hand for manipulation. these things, it is easy enough to convince him that, if But when the managers of these companies madly rush you amalgamate several businesses of this class together, like the proverbial bull at the gatepost, without either you get rid of the necessity and expense of what we rhyme or reason, and rush up a security to a ficticious might call departmental managers for each concern, of value, then the day of reckoning must shortly follow separate establishments, and numerous rentals, to say such wild venturing. The operations of Saturday were nothing of the enormous power of expansion which but a replica of those of the preceding days, and stocks such a union affords in this complex commercial world jumped not by fractions but whole numbers. London of ours, moving, as it does, on wheels within wheels. and North Westerns rose 23, from 181 to 1833, and This very briefly puts the matter popularly and intelli- closed very strong. Midlands opened at 142), but gibly enough for untechnical readers to understand the closed at 1432 Great Easterns continued the bullish importance and influence of the combination. When spirit by taking on an additional 11: Manchester we come to enquire as to the particular firms that have and Sheffield responding to the general rise, made entered into this union, which in profiting investors an advance of 1, and closed at 119. Even East must be beneficial to the general public, we find names London, the long despaired of and generally that have long been well and favourably known to the despised, rose 1. In connection with this line, a public. Messrs. Macrae, Curtice & Co. (Limited), old certain firm of outside brokers are bulling it, and firms which a few years ago constituted themselves into having made a pool of some few thousands, look like a joint stock company, for the purpose of carrying out doing their clients a good turn, supposing always these on a small scale the main principle of the Hansard said clients are wise enough to close whilst they see a Union, and already pay dividends of 8 per cent. on their profit. The reaction which is as inevitable and as two classes of shares ; Messrs. Wyman & Sons, a firm certain as death, will very likely put this security that has been in existence for about a century ; Messrs. points lower than the starting price of the present bull Clement Smith & Co., the well-known chromo-litho- movement. Strangely enough Chathams do not seem graphers; Messrs. Vanoni & Co., the old-established to have benefited to the full extent of other rails, in the photo zincographers and lithographers ; and last, though present proceedings, so I can only suppose the line of by no means least, Mr. Henry Vickers, the wholesale operations carried out by the present body of specunewspaper publisher, whose business has been estab- lators is drawn at Chathams. It is true they have also lished over fifty years, and represents an income of ailvanced, but the small amount of business done in


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them leads me to suppose they are not intended to be wards increased to £50,000, it becomes a marvel in included in present operations.

present operations. Metroplitans, and history of mining ventures. Domkops, which I Metropolitan Districts somewhat lower than recommended last week as a good purchase, can now be previous quotations.

obtained for 15s., so that they have fallen in sympathy
with other South Africans. My opinion, however,

remains unaltered, that they are a really good The long expected rise in Yankee purchase. In the miscellaneous market little has been American Rails, rails has arrived at last, and judging by doing. Indian Gold have dropped somewhat, but are the persons engaged in rigging them,

all good purchases, and the time is not far distant when there is every likelihood of their continuing the present

many of these will be making as many pounds as they upward movement, Chicago and Milwaukee Preference

are now fetching shillings. Colonial Gold are good have advanced 2, from 105 to 107. Illinois central, 1, from 113 to 114. 'Ohio and Mississipi, 1, from 21 to 223, 158. each before many days are over.

for an important rise, and, I hear, are likely to fetch

An important whilst these have been followed by a rise of in each

private advice is to the effect that everything at the of the following: Louisville, and Nashvills, Chicago,

mine is going on well, and that the work of developing Northern Pacifics, Union Pacifics, Union Pacifics and

the property warrants even the most sanguine expecLake Shores. So far as the Pacific routes are con

tations. Esmeraldas have advanced, and there is little cerned, I expect each of them to continue their up

wonder that they should do so, considering how ward movement. Philadelphia and Reading have not favourably the last report speaks of the property

. advanced with the others, but in spite of unexceptional Crushings have commenced in good earnest, and assays of authority to the contrary, I shall expect to see them

the quartz now being worked return as high a percentage make definite and decided progress between now and

as 5ozs. to 1 ton. As something like only a fourth of the next account. Indeed Ithink that with those who

this is required for working expenses, it is needless to choose to operate in American Rails, this line is as

say that should this report be confirmed, and the good as any I can mention for an important advance.

strength of the lode continue, that the shares will run The account now being adjusted looks like being an

up to par, in the course of the next month or so. exceptionally heavy one, both in British and American

Etheridge United, another mine of which I have Rails, and whilst deprecating any further purchase spoken favourably, is now looking better, and is well for the rise, in the first case I am not at all sure that

reported upon. The following shares should be bought the latter have seen by any means their best prices.

for a rise, Esmeraldas, Etheridge, Oryums, and


The most noticeable features in this

Foreign market have been in connection with Ni-
trate Rails against which there has sprung

MR. Harry TICHBORNE DAVENPORT, barrister, M.P., has been

appointed an Unpaid Commissioner in Lunacy. He was called up a decided spirit of antagonism during the past fort

to the Bar at the Inner Temple in Michaelmas Term, 1860), night. A steady fall has to be chronicled, and the spirit

and practised on the Oxford Circuit. Mr. Davenport is a of the movement seems as strong at the moment of magistrate for Staffordshire. He was M.P. for North Staffordwriting as it was at the last settlement. As a conse- shire in the Conservative interest from 1880 till 1885, and he quence there will be a very heavy carrying over charge has sat for the Leek Division of that county since 1886. to be made on existing bargains, and those who deter- MR. GEORGE SCALES, solicitor, has been appointed Clerk to mined upon cutting their losses will find their defici

the Dorking Board of Guardians, Assessment Committee,

School Attendance Committee, and Rural Sanitary Authority. ency a substantial one. So far as the Nitrate Railway

Admitted in 1884. itself is concerned, the property is as good as ever it MR. EDWARD WILLIAM BEAL, solicitor, has been appointed was, and believing as I do that these shares are now Clerk to the Magistrates for the Tower Division of London, in quoted at their absolutely lowest figure, I should much succession to the late Mr. Blomfield Burnell. Admitted in rather buy than sell. Nitrate Deferred are now selling

1870. at 21, 22, and the ordinary are readily to be obtained at

Mr. William CHARLES CRIPPS, solicitor, of Tunbridge Wells


has been appointed Town Clerk of the newly incorporated a fraction under 24. I question whether the making

Borough of Tunbridge Wells. Admitted in October, 1877. up price of the last April account will not show any re

MR. LEWIS HENRY LONGBOTTOM, solicitor (of the firm of duction on this figure, but rather that an increase will

Longbottom & Sons, of Halifax and Hebden Bridge), has been follow. Mexican Rails have been extensively dealt in, appointed a Commissioner to administer Oaths in the Supreme and seem good for a further rise, though traffic receipts Court of Judicature in England. have not quite answered expectations. The latest MR. John AMHERST PHILPOTT, solicitor, has been appointed quotations show a slight fall, but this is only a tem

Registrar of the Cranbrook and Tenderden County Courts porary movement brought about more from want of

(Circuit No. 42), to act jointly with Mr. Joseph Mann Mace, of

Tenderden. Admitted in 1864. He is deputy coroner for the actual demand than anything else.

Tenderden Division of Kent.

MP. WILLIAM JOHN MANN, solicitor, of Trowbridge, has been

appointed Clerk to the Melksham Board of Guardians, AssessSouth Africans have relapsed consider- ment Committee, School Attendance Committee, and Rural The Mining ably since my last, and the “bear” Sanitary Authority. Admitted in 1870. Market. running is evidently a strong one. The

MR. GERALD HARDWICKE COwie, barrister, has been ultimate result, however, will be that most of these

appointed to act as Queen's Advocate for the Gold Coast Colony really valuable securities will take an upward movement

Called at the Inner Temple in January, 1883.

MR. GEORGE EDWARD WEBSTER, solicitor, of Sheffield, has in the course of the next few days. The present de- been appointed a Notary Public. Admitted 1865. preciation in these shares arises from the fact that the output during the month of March was below the san

The Lord Chief Justice has given it as his opinion that the guine expectations of those who had anticipated a big amalgamation of the two branches of the legal profession is a advance. Still it must not be forgotten that, though mere question of time. hopes have been somewhat dashed with regard to the The New Law and Practise of Railway and Canal Traffic. By actual quantity of the output, the gold raised has shown Robert Woodfall, of the Inner Temple, barrister-at-law (Wm. progress. City and Suburban shares have dropped £4,

Clowes & Son, Lim.), 1889.—This volume gives us at length and Durban-Roodeport are also down £1, and the

the Railway and Canal Traffic Act, 1888, and the rules of proce

dure to be observed in the constitution of the Railway remainder of the Randt series, without exception, show

and Canal Commission, with notes embodying cases a falling off of more or less importance. Robinsons more important points. The book will prove, we beremain very firm, which is no great wonder consider- lieve, a useful contribution to the literature dealing with quesing the optimistical reports sent over from the tions to be litigated in that Court, from the eminently accessicompany With regard to this company it is

ble form in which the author has compiled his treatise, and the proposed to reconstruct and raise the capital to

useful and readable introduction, or sketch of previous legisla£750,000. When it is considered that this mine

tion on the subject. The rules of procedure, so lately issued,

given here, will be found wanting in many of the treatises originally commenced with a capital of £5,000, after

which were earlier in the field.



APRIL 9, 1889.








Head Office, 92, CHEAPSIDE, LONDON, E.C. West End Branch, 4, PALL MALL EAST, LONDON, S.W.










The Funds of the Company are exceptionally large in proportion to its liabilities.
Capital Subscribed

Capital Paid-up

£144,000 Fire and Reserve Funds

£280,639 Life Funds

£1,402,378 Total Assets, £1,884,703

LIFE DEPARTMENT, THE PROFITS of the Life Department belong entirely to the Assured and have ways been very large. THE ATLAS offers the advantages of a Mutual Society, and the Assured incur no liability.

WHOLE WORLD POLICIES granted, under ordinary circumstances, free of extra Premium.
ENDOWMENT ASSURANCES at low Rates, with or without Profits.

or by paid-up Policies. POLICIES are not forfeited by neglect to pay the Premium, so long as there is sufficient Surrender Value to provide for the amount in arrear with interest. CLAIMS are paid Eight Days after proof of death and title.

ADYANCES, The Directors are able to offer special facilities to persons desiring to purchase or to obtain loans upon Freehold or Leasehold Property.

Loans will be granted of from £500 to £5,000, repayable with interest by equal quarterly instalments, extending over terms of 10, 15, or 20 years.

In the event of the death of the borrower within the term named, payment of the remaining instalments will not be required, but, on the contrary, the title deeds to the property will at once be handed over to the representatives of the deceased, discharged from the mortgage.

POLICIES issued on nearly every kind of Property at equitable rates, and free of stamp expense.
LOSSES OCCASIONED BY LIGHTNING will be paid whether the property be set on fire or not.
LOSS OR DAMAGE caused by Explosion of Coal Gas in any building insured will be made good.
SEVEN YEARS' POLICIES granted on payment of Six Years' Premiums.
Active and influential Agents Wanted in Unrepresented Districts.

SAML J. PIPKIN, Sceretary.


KING WILLIAM STREET, LONDON, E.C. Incorporated in the year 1847, un der Act 7 and 8 Vict., cap. 110, an:l further empowered by Special Act, 15 Vict., cap. 53.

JOHN RUNTZ, Esq., Chairman.

J. H. TROUNCER, M.D., Lond., Deputy-Chairman.

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£834,315 New Premiums

27,996 Claims, with Bonus

92,854 Interest earned exceeds £4 7s. 6d. per cent. The Accumulated Fund, which now amounts to £1,277,266, represents nearly Seven Years' Premium income in hand. Total Claims paid

£1,609,556 Policies absolutely indisputable after five years, provided the age of the Assured has been admitted. Policies kept in force by appropriating the Surrender Value to the payment of premiums. No charge for voyage to, or residence in, any part of the World, except unhealthy climates. Assurers under the TEMPERANCE SCHEME are placed in a separate Section. Policies may be effected under the Deferred Bonus plan. LOANS on FREEHOLDS, LEASEHOLDS, and other Securities considered.

Prospectuses, Copies of the last Report and Balance Sheet, and Board of Trade Returns, &c., can be obtained on application to any of the Agents of the Company, or to

EDWIN BOWLEY, Manager d. Secretary.


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"SHAKESPEARE, the Greatest Genius who has ever get 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."

What higher aim can man attain

Than conquest over human pain ?

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
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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 each 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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No. 130.

the officer seized at the brewery some goods belonging PUMP COURT.

to the plaintiff. An interpleader was tried and the goods found to belong to plaintiff and not to Law. Plaintiff

then brought action against defendant for wrongful The Temple Newspaper and Review.

seizure of goods by the sheriff, and Pollock, B., directed a non-suit. A Divisional Court, consisting of Manisty and Stephen, J.J., and Pollock, B., discharged a rule for a new trial thoagh they differed in their reasons for so doing. The Court of Appeal, consisting of Jessel, M.R., and Lindley, L.J., (for Bowen, L.J., took no part in the judgment, not having heard the whole of the argument) were of opinion that but for the question of law there would have been evidence of a direction to the sheriff, and they were of opinion that Jarmain and Hooper (ubi supra), whether sound in principle or not, ought not, after a lapse of 40 years, to be disturbed. But, they held, they were asked to extend the doctrine of that case and to hold the execution creditor liable for the wrongful act of the sheriff in consequence of some verbal advice or direction given by a solicitor's clerk to

the sheriff's officer, and they laid down that it was CURRENTE CALAMO. not within a solicitor's authority to tell a sheriff how

to perform his duty. De Lege; de Omnibus Rebus et Quibusdam Aliis.

The case of in re Henderson, Henderson v. Bird, a

short note of which we gave in last week's reports, furMorris v. Salberg, a note of which we give in

nishes a much needed authority. The general principle another column, draws attention to a vexed question,

in cases of bonds given by a man to his paramour is presumably now laid at rest. It may be worth while to refer shortly to the earlier cases. In Jarmain v.

clear. If given in respect of past cohabitation merely,

they are equivalent to voluntary bonds, but if given to Hooper, 6 M. & Gr., 827, the solicitor endorsed on the

secure continuance of the illicit relationship, they are writ what the Court held to be a direction to the

founded on an immoral consideration and therefore insheriff to seize the goods of some one who was not the

valid. The difficulty occurs in those cases where the execution debtor. The direction was as follows: The

bond does not show on its face that it has been given defendant is an upholsterer and bill-broker, and resides

to secure the continuance of the cohabitation. In this at No. 3, Prospect Place, &c. A person named Joseph

case the deed recited that the obligee had become acJarmain, residing there, was not the judgment debtor. The sheriff was misled by mis-direction, and seized

quainted with the obligor, who had cohabited with her;

that there had been issue, a boy ; that differences had the goods of the wrong person. The Court held that

arisen and determinatian to discontinue the cohabitation; the direction of the solicitor was in the scope of his

and that obligor had agreed to grant obligee a certain authority, and bound the execution creditor ; and they annuity as compensation for loss of his protection and so held on the ground that the attorney has the

to provide her with an income for maintaining herself “ general conduct of the cause, and is the only person

and child. The judge was of opinion that cohabitation with whom the sheriff has communication, and in

was discontinued at the time of the deed, and resumed taking the step essentially necessary for the benefit of

some time afterwards. The executors of the obligor, his client, i.e., the obtaining the fruit of his judgment, however, contended that one of the motives of the deed we think he cannot be held to have acted beyond his

was an agreement for future cohabitation which vitiated authority, though he miscarried in its execution."

it. This contention was a somewhat bold one, but the

fact of it being urged shows how much such an authority Childers v. Wooler, 2 E. & E., 289, is an authority

was needed. which somewhat conflicts with Jarmain v. Hooper (ubi supra), but in Smith v. Keal, 2 Q.B.D., 340, the IN Gray v. Mathias, 5 Ves., 286, where two bonds Court of Appeal had occasion to consider these and had been given, the second disclosed an immoral conother cases. In Smith v. Keal (ubi supra) an action of sideration on its face. The contention was as to the trespass had been tried before Pollock, B., and a jury, first bond, and it was urged that inasmuch as conabitaat Liverpool Summer Assizes. It appeared that defen- tion had not been discontinued when the bond was dant had recovered judgment against one Law, who had given, the court would presume that it was for an at one time been in partnership with plaintiff, and had immoral consideration, but this contention was disissued execution. After the fi. fa. had been delivered tinctly over-ruled. In the later case of in re Vallance, to the sheriff, his officer, doubting as to the goods Vallance v. Blagden, 26 Ch. Div., 353, the testator, available for seizure under it, wrote to defendant's six months before his death, gave a bond to a solicitors asking for an interview. The sheriff's officer lady with whom he had cohabited for more than had an interview with their managing clerk, and some thirty years, the condition being for payment to her at conversation about goods at a brewery which was the the expiration of two years of a sum of money and address entered on the writ. The clerk said he thought interest. He continued to cohabit with her until his Law had a share in the brewery, and that the death. There was nothing on the face of the bond sheriff had better seize there. On this conversation

with reference to cohabitation, and there was



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