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received during the past year amounted to £1,286,415,

MR. GEORGE F. ROONEY, for many years against fire losses, after deducting re-insurances, £736,032, Mr. G. F. connected with the Prudential Assurance or 57:21 per cent. per cent. of the premiums.

Rooney. Company at Walsall, has been appointed miums are less than those of the previous year, which

distriot manager for the New York Life were £1,289,556, against losses £787,089, or 61:03 per cent. Insurance Company for the county of Stafford. In 1886 the fire premiums were £1,289,594, and losses £684,534, or 53•08 per cent. The loss ratio in 1885 was 55.95. The actual gain in the past year, compared with

CAPEL COURT. previous years back to 1883, must be regarded as a negative ono. The commission and expenses of manage- The Indianapolis Cabinet Company, Limited.-Where is ment show a tendency to advance, being £402,639 last

it going to end? Americans have been so impressed with year, against £359,352 in 1885, £376,999 in 1886, and

the fact that the British public are endowed with more £403,456 in 1887. Although about the same as in 1887, they show a considerable jump compared with the previous this country who

have money that they don't know what

money than brains, and that there are so many people in years. The amount of profit carried to profit and loss is

to do with, that we are being flooded with applications, £132,743. The profit and loss account, with the addition

now to help a tradesman to carry on his business, now to of the fire profits and proprietors' proportion of life profits, float some gigantic chimera. But for audacity, commend inclusive of interest on the funds, except those of the life

us to the prospectus of the above company.

Here is a department, but deducting the amounts paid for the Globe

cabinetmaker, or firm, asking for £100,000 to carry on 6 per cent. perpetual annuities for 1888, leaves a balance

his business. It appears that they make good office desks, of £659,012. From this amount the sum of 17s. per share,

at least so says the local print. But they will make sometogether with a bonus of 88. per share, and a further

thing better if their estimate of the British public is accubonus of 3s. per share out of the life profits, making in all rate; they will make a big haul. Here is a neat little 28s. per share, has been paid to the shareholders. We

problem in rule of three. How many office desks will hardly consider this increased dividend warranted by the they require to make, to pay out of the profit on the same accounts of the year, and consider that the proprietors

an interest, say, of even 3 per cent. per annum on should be well content with the handsome return

£100,000 ? Who is going to pay the promotion money? previously yielded on their shares of merely £? Nothing is said about it, so the company will have to find each. Because one or two grasping shareholders have at

the coin, and they will discover that a large sum such as the last two or three meetings clamoured for an increased that asked for is not got for nothing. A big slice will dividend, is no reason why the directors should satisfy such

have to go to someone.

Mr. Coffin is the proouration greed, especially as the reserves are correspondingly

are correspondingly attorney in England of the firm for the purpose of flota. reduced. These reserves are large beyond doubt, but not

tion. The name is suggestive. too large, and are much less than two years' fire premium income, and relatively not nearly so great as those of

Schmidt's Brewery of Chicago. Another Yank. Well, several high-class companies. It is common history that

if the B.P. chooses to play at pitoh-and-toss with its the company suffered very severely by the great fires some

money, so much the worse for the B.P. We would years since in America, and exhausted their reserve entirely. Such a state of things is not at all impossible way, just to study the prospectus of this company care

recommend anyone, however, who has an inclination that to occur again, and the directors will act wisely if they fully. bend all their efforts to further strengthening the position of the company. The life business for such an office is

" HorseshoeHotel and Taverns.—We hear that this ridiculously small, and last year only 732 policies were well-known hotel and restaurant is to be turned into a issued, assuring £407,052, and yielding in new premiums company. If this be so, we fancy the shares would £13,582. This business is less than that of the previous speedily rise to a premium. It is astonishing how readily year, but the company appears to have the utmost

the public take to investments of this class. But after all, difficulty in reaching the very moderate sum of half

when we remember that everybody must feed, whatever a million in

The life depart- else they manage to do without, it is not surprising, in a ment is at

present in
in "Sleepy Hollow," and

city of four millions of inhabitants, that hotels and urgently needs development. There ought to be no strain

restaurants should be recognised as paying investments. wbatever involved in effecting assurances andually for a

AU Londoners know the old-established Horseshoe Hotel million and a half, or even two milliogs. The bonus in

and Dining-rooms in Tottenham Court-road, which has vestigations are every five years, and last year was the

long been a rival to the Holborn Restaurant, so far as the closing one of another quinquennium. The bonus system dining-rooms are concerned. But it was not so well is peculiar, the company agreeing to give a guaranteed known that the following also belonged to the proprietor bonus, irrespective of profits made. As regards new of the Horseshoe, viz.. The Leicester, Leicester-square; entrants, the system has been altered, and policyholders the “Old Dover Castle" and the Red Lion, or Now Dover now participate in the profits actually realised in the pro- Castle (Westminster), and the Flying Horse, adjoining portion of four-fifths to them and one-fifth to the share

the Oxford Music-hall. There are also some four or five holders.

other premises and businesses in good localities which

also belonged to the 'proprietor of the Horseshoe, and MR. HENRY CHARD, for some years with

which are all to be sold to the company. We have not Mr. H. Chard. the Royal Exchange Assurance Corporation,

ascertained what the capital is to be, but will make a and lately with the Scottish Life Assurance

sbrewd guess and say £100,000. Company, as inspector of agents, has been appointed district manager of the London Amicable Assurance Society

The Metal Recovery Company asks for £90,000 to recover at Bristol.

the metal in old sardine tins. As to the rights in the

provisional protection which has been granted to Mr.

J. E. T. Woods for improvements in the manufacture of MR. JAMES HABLAM, for four years provi- iron wire,” we place no importance on this, nor evidently Mr. J. Has!am. ously with the National Provident Institution do the promoters, for beyond merely mentioning it, it is and the Imperial Union Accident Insurance

not treated at all in the prospectus. We all know what Company, has been appointed superintendent of agents provisional protection'means, and they should have known for the Scottish Accident Insurance Company for the better than to insert it in the prospectus. But the fact is, counties of Derby, Lincoln, and Nottingham.

old sardine tins, they were afraid, did not look well standing alone, it needed to be carried off by something

more potential when £90,000 was to be asked for, and so MR. ROBINSON, who for the last four the "prorisional protection for improvements in the manu Mr. T. years has been resident secretary in Shef- facture of iron wire for telegraph and other purposes " Robinson, field for the British Empire Mutual Life was thrown in as a make-weight. We understand there

Assurance Company, has resigned that is to be a rival company started for the “Recovery of Old position, and been appointed district manager for the Star Umbrellas," but they want £100,000, especially as they Life Assurance Society in that town.

have a provisional protection from the Patent Office to




out top.

establish their right to a patent for diverting the current of matter of fact, this stock is still cheap on its position. the Gulf Stream.

Brighton Preferred, paying 6 per cent., is now quoted at

163, whilst Brighton Deferred, which has already got New Rhyl appears to be first cousin to the thriving sufficient to its credit to pay a clear 6 per cent., is quoted city of Eden. It has got a beautiful pier, promenade, at 153. There is no reason why Brighton “A” should esplannde, and sea frontage in the illustration in its not rise to the level of Brighton Preferred, and thosu prospectus, but as yet the picture is entirely a fancy one. dealers who are selling for the fall are certainly not in an That the shares are at a premium shows that some hope is enviable position. They may get the price down by a entertained of good dividends, but experience of watering- market manipulation, but the bulls must inevitably come places in their early stages is not calculated to induce the cautious investor to mix himself up with their starting struggles.

The young man in the yellow boots, who received so

much attention from the Stock Exchange at the beginning The Congo River Railway that is being projected by an

of last week, has gone the round of the provincial papers. American syndicate is likely to do much good in develop- They have all had him one after the other, and the youth ing the legitimate trade of Zanzibar. Belgium has pro- in question avers that the publicity has done him good, mised to contribute £400,000 towards its construction, and since it has brought him under the notice of several leadMr. C. P. Huntington, of the Southern Pacific Railway, ing members, who had never heard of him before; and he has taken supreme control of the matter,

is half inclined to think that he may get the offer of a

partnership as a result of it. Here is a “Queer Story” Some of the sharpest men in the City are buying Ohio for Truth, and Mississippi Prefs. They have got a lot of facts upon which they base their purchases ; but, after all, it is IF Trunk Firsts are not good for an advance, then it buying that makes a rise, and not conditions.

must be confessed that the sigo-pɔsts of the Stock

Exchange are getting out of order. If ever it were The light railways of Ireland appear to be going ahead. apparent that a lot of those people who know nothing about Now that the Government has taken upon itself to promote it were determined to put the price higher, it is so in the

measure dealing with their construction, the Irish case of Trunk Firsts. It is difficult to fix exact limits, but people may soon hope to be in possession of the benefits we should think that all those speculators who see a clear arising from them.

two per cent. on their deals had better take it.


The City of Monte Video gas shares should not be IF De Beers are to receive a dividend of ten per cent. for bought. The City of Monte Video is most favourably the half-year ending on the 30th of the present month, situated for the introduction of the electric light, and it is they will certainly experience a considerable advance. The a matter of some surprise to many people who understand confirmation of this apparently over-sanguine estimate has the conditions of the district that it has not been adopted. not yet been received, and, judging by the appoarance of

the price, the market is not inclined to believe in it. The tip that Lake Shores were to go to 110 has not met with much success. Just lately they have been steadily Some of the happy men say that Egyptian Unifieds are going in the other direction.

good for a further rise, now that the immediate chances of

foreign complications are over. On their merits Unifieds The May crushings of the Witwatersrandt mines have are quite high enough, and we should not advise investors been fairly satisfactory, so far as the announcements have to have anything to do with them on their present gone. Nevertheless there has been very little disposition basis. to buy them in the market.

SPANISH bonds are attracting much attention. We THE Nitrate companies should benefit by the arrange

think that there may be a little rise in them, but should ments that have been entered into with the Taltal Rail. not advise speculators to give these the pas over more way Company for the carriage from the Santa Luiza and tempting securities. Lantaro Companies to the coast. This arrangement, according to the report, places the Nitrate companies iu GREEKS have been set upon by a number of statistica the enviable position of being able to send goods at about financiers, who, arguing upon the recently issued consular half the freight rates charged to the other companies. report, have arrived at the conclusion that Greece is a

tremendously overtaxed country, possessing very little Those optimistic persons who still think that there is a chance of future trade development. Greeks, by which big rise in Yankee rails are likely to find themselves the “ House" means the 1881 and 1884 issues, 'were kept rather wide of the mark. Just as they failed to recognise up for a certain time by the promoters of the conversion when it was the right time to buy Americans for a rise, scheme, but now that that is over they are being left to so do they seem to miss the only proper opportunity to do take care of themselves. This they initiated by jumping the other thing. Yankee rails may, of course, rise. They up 1 on Monday morning, and very sulkily consented to very often do the unexpected thing. But the chances slowly recede the same amount, when the dealers would certainly appear in favour of a decline.

not aliow them to retain it.

THERE is little doubt that the floods in the Susquehanna We have had plenty of scarifying telegrams from Cendistrict have wrought more damage amongst the railways tral Europe during the last few days, but they do not than they are likely to admit. The Philadelphia and appear to have resulted in much of a stir-up in Foreign Reading must have suffered extremely, whilst the Phila- Stocks. They went a little flat towards the end of last delphia and Erie Railroad also traverses a large part

week, but with the beginning of the present they improved the affected district. So far as the ordinary Eries are their quotations to a sensible degree. concerned, it does not appear that the road has been much

MERCATOR. damaged.

PUMP COURT ACROSTIC. Is there any truth in the rumours that are flying about with regard to expected developments in the South Eastern

SOLUTION OF SPECIAL ACROSTIC. Railway? From all that we hear, but wbich we are not

Eddy. allowed to divulge, we should think that therə is some

LIGHTS: 1. E meral D.

2. Dail Y. thing extremely important in the wind, and, as a specula

Correct answers from “Syriga,” “ Corisande, Lady Clara;' tion, a man with a strong back might be advised to

« Thistle." purchase Doras, and lock them up until the

My hand 'gainst everyone. autumn.

Everyone's hand 'gainst me.

1. For my rights, my duties " BERTAASare being gradually decried by those

See Pump COURT. youthful fanciers who know very little about it. As a

2. A part of speech.

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Pump Court

Vol. VIII.


No. 141.

virtue of sec. 25, sub-sec. 6, of the Judicature Act, 1873. PUMP COURT.

That sub-section, it will be remembered, provides that any absolute assignment, by writing under the hand of the

assignor (not purporting to be by way of charge only), of The Temple Newspaper and Review.

any debt or other legal chose in action, of which express notice in writing shall have been given to the debtor, trustee, etc., shall be effectual at law (subject to all equities, etc.) to transfer the legal right to such debt or chose in action from the date of such notice, and all legal and other remedies for the same, etc. In the present case Sir Thomas Tancred had assigned certain claims to recover a sum of £31,000 odd, alleged to be due to him under an award to his bankers, Messrs. Goslings and Sharp. This assignment, though purporting on its face to be absolute. was in fact, as the bankers admitted, given by way of security for sums advanced or overdrawn on Sir Thomas Tancred's account with them. Was this assignment, then, an absolute one within sec. 25, sub-sec. 6, of the Judica. ture Act, 1873? A Divisional Court, consisting of Denman and Charles, JJ., after referring to the conflicting decisions of the National Provincial Bank v. Harle, L.R., 6 Q.B.D.

, ,

not consider reconcilable, followed the later decision, being De Lege; de Omnibus Rebus et Quibusdam Aliis. of opinion that the distinction between an absolute assign

ment and a charge lay not in its liability to redemption,

but in the question whether the property was conveyed or An interesting question was brought before the Court of

not. Appeal in Mason and Barry, Limited v. La Société Industrielle et Commerciale des Métaux. The plaintiffs entered The Court of Appeal, consisting of Cotton, Bowen, and into a contract with defendants, a French association, for Fry, L.JJ., had before them in re Salmon Priest v. Uppleby, the sale to defendants of copper at certain prices during a point of great importance to trustees. The case came the years 1888, 1889, and 1890. On March 21st, 1889, the

by way of appeal from the decision of Kekewich, J., and defendants, as plaintiffs alleged, had failed to pay for a the claim in the action arose upon the following facts : cargo of copper, the price of which was £42,000. The In 1881 the defendant Uppleby, the sole surviving trustee plaintiffs issued a writ to recover the amount, and notice under a will, invested £1,300 trust monies upon a first of the writ was duly served on the defendants in France. mortgage of some freehold cottages, which had been On April 4th plaintiffs signed judgment in the action in valued by a valuer at £1,750. The will authorised the default of appearance, and on April 8th obtained an order investment on mortgage of freehold houses. The cottages were ex parte appointing a receiver of the interests of defendants

at the time unlet, not completely finished, and intended in certain cargoes of copper in the hands of two copper for letting to weekly tenants. They were, however, aftercompanies in England. The order stated that defendants wards let, but depreciated in value in consequence of some were to be at liberty to apply to a Judge in Chambers docks in the immediate neighbourhood not proving within ten days to discharge or vary it. Meanwhile, the a success, and the demand for dwellings for working men defendants took proceedings in France for the purpose of in that neighbourhood greatly diminishing, In 1884, being wound up, and on April 15th an order was made Uppleby retired from the trust, appointed new trustees, declaring the association to be in liquidation and appoint- and assigned amongst other trust property the mortgage ing a liquidator. The liquidator, on April 16th, applied in question. In 1887 the new trustees sold under the to have the order appointing a receiver discharged, and power of sale contained in the mortgage, and obtained the Judge in Chambers referred the matter to the only £800 for the property. In the action now brought it Divisional Court (Mathew and Grantham, JJ.), who dis- was sought to make Uppleby liable as trustee, on the missed the application. On behalf of the liquidator affi- ground that the investment was,

in the circumdavits were filed, made by two French avocats, to the stances, an improper one, and that he was liable effect that by French law liquidation related back ten to make good the loss occurring on the sales. days prior to the liquidator's appointment, and that by Kekewich, J., at the trial before him, without deciding Article 446 of the Code de Commerce all transactions in whether the investment was an improper one, dismissed relation to the

association's property during these ten days the action, holding that plaintiff was a party to the sale of were void. The Court of Appeal (Lord Esher, M.R., the property in 1887-that, assuming the investment was Lindley and Lopes, L.JJ.), dismissed the appeal, holding an improper one, Upplely had the right to take the mortthat the Court had jurisdiction to make the order for the gaged property, on making good to the trust fund the receiver, and that even if the liquidator had a title to the amount advanced on the security, and that, the sale having interest in respect of which the receiver had been ap- been made without notice to him, he had been deprived of pointed, it was not so clear as to justify the Court in that right. The Court of Appeal overruled the decision, discharging the order, while the case of ex parte Charrington, and in giving judgment Cotton, L.J., after referring to 22 Ch. Div. 187, was no authority in favour of such title. the judgment of Lord Watson in the case of Learoyd v.

Whiteley, 12 Ap. Cas. 733, as to the degree of diligence to In the case of Sir Thomas Tancred and others y. The be exacted from a trustee, came to the conclusion that it Delagoa Bay and East African Railway Company, amongst was not a prudent act on his part to have made the other questions an important point arose with reference to advance on the property in question. He pointed out that the right of an assignee to sue at law in his own name, by the case was clearly distinguishable from an investment upon property not within the terms of the trust. The pay Watts's costs of defending the action up to the time of discestui qui trust could not dissent from the investment continuance; but that there having been no demand on plaintiff until it had been ascertained that the trustee had not acted to pay the bill of costs in respect of which defendant had with reasonable prudence in making it, and that could not


counterclaimed, and the bill being unsigned, defendant was not

entitled to costs of the counterclaim. be ascertained until the investigation involved in the present decision had taken place. The realisation of the

COURT OF APPEAL. property by the now trustees was merely the carrying out

ROGERS ET AL. v. WHITELEY.-Banker and Customerby them of the authority Uppleby conferred when he transferred the property to them, and his lordship therefore

Claim for Detention Refusal to give up Bond until Receipt

thereof Returned-Insufficient reason for Keeping Receipt held, though he was of opinion independently of the question of law that plaintiff had nothing to do with

Dishonouring Cheque-Garnishee Order Nisi Attaching Custo

mer's Account-Amount for which Attached not Exhausting directing the sale, tbat defendant Uppleby was liable for Credit of Customer.-Action by plaintiffs against defendant, who the deficiency arising on resale, notwithstanding no notice had acted as their banker, for wrongful detention of, inter alia, of the intention to sell had been given to him either by an Italian bond, and for dishonouring certain cheques drawn by the trustees or plaintiff. It will be necessary in connection

plaintiffs' firm upon him when, as plaintiffs alleged, defendant with this decision to bear in mind the provisions of sects.

had sufficient monies of the plaintiffs in his hands. With 4 and 5 of the Trustee Act, 1898, which did not apply to

regard to the Italian bond, it appeared that when defendant's re Salmon.

clerk received it, he gave plaintiffs a receipt for it, and this receipt defendant required to be given up before he parted with

the bond ; plaintiffs, however, had made a memorandum upon THE TEMPLE NEWSPAPER trial before Pollock, B., that defendant had tendered the bond

the receipt, and refused to give it up. The jury found at the LAW REPORTS.

to plaintiffs. With regard to the claim for dishonouring the cheques, it was shown that garnishee order nisi had been served on defendant, attaching the monies standing to the credit

of the plaintiffs with defendant, to satisfy a judgment against HOUSE OF LORDS.

plaintiffs for £6,000. At the time of dishonouring the cheques REICHEL (PAUPER) v. BISHOP OF OXFORD ET AL.-REICHEL v. the amount standing to the credit of plaintiffs with defenMAGRATH.- Resignation of Benefice-Ecclesiastical Law

dant on deposit and current account was £6,870, the amount on Deed of Resignation, whether Execution before Notary Public deposit account being under notice of withdrawal. Plaintiffs Requisite Power to Revoke before Acceptance Publicly Declared contended that the amount standing to their credit with by Bishop.-Appellant, on 20th May, 1886, then being vicar of defendant was attached only to the amount of the judgment Sparsholt, wrote to the Bishop of Oxford as follows : " I desire debt, and that the balance, which was sufficient to answer the herewith to place in your hands my resignation of this benefice of cheques dishonoured, was free to be drawn against. Pollock, B, Sparsholt-cum-Kingston Lisle, conformably with your lordship's gave judgment for defendant, and a Divisional Court (consisting wish, and at the same time I gratefully accept your kind of Mathew and Grantham, JJ.) refused a new trial. Held proposal to postpone acceptance of my resignation until a date (by Lord Coleridge, L.C.J., Lindley and Lopes, L.JJ.) affirming to be agreed on, your lordship meantime permitting me to be the decision of the Divisional Court, that the plaintiffs' reason absent." The Bishop's secretary, by desire of the Bishop, for refusing to give up the receipt was wholly insufficient, and replied : “ The Bishop of Oxford desires me to send you a deed that the defendant was therefore justified in refusing to give up of resignation, and to inform you that his lordship proposes to

the bond until he obtained the receipt in exchange ; also that date his formal acceptance of it on the 1st October next, and even assuming the whole of the £6,870 was capable of being not to declare your benefice vacant until that date, if the deed drawn upon by cheque, as a current account, yet the garnishee is at once executed by you, and remitted to me, and if his order nisi operated under Order 45, rule 1, to prevent the perlordship also receives in the meantime an assurance of satisfac- son served therewith from parting with any of the money until tory arrangements for the care and duties of the parish during further order of the Court, and therefore the defendant could your absence.” On 2nd June Mr. Reichel enclosed the deed not be liable for dishonouring the cheques. of resignation, executed in the presence of two witnesses, but not before a notary public, which purported to absolutely resign into the In re THE BLACKBURN AND DISTRICT BENEFIT BUILDING hands of the Bishop all right, title, and possession in the vicarage SOCIETY-EX PARTE GRAHAM-Companies Act, 1862— Windingof Sparsholt. On the 10th June Mr. Reichel executed another up-Right to Prove for Arrears of Rent.charge Accrued due deed, purporting to withdraw his resignation. Grave charges since Commencement of Winding.up-Liquidators not in of immorality had been made against Mr. Reichel, and the Possession during the time.—The society, an incorporated Bishop had informed him that he must either submit to such an building society, was being wound up under the Companies inquiry as the Bishop should be advised to institute, or resign. Acts, the winding-up having commenced in July, 1881 ; Held (by Lord Halsbury, L.C., Lords Watson, Fitzgerald, and pursuant to section 203 of the Companies Act, 1862, the Herschell, and Macnaghten) affirmiog the decision of the Court usual order vesting the assets in the official liquidators bad of Appeal, and North, J., in the Court of first instance, that the been made. P.G., deceased, had granted land subject to a rentdeed of resignation did not require to be executed in the charge reserved thereout in his favour, and the land so granted presence of a notary public, was a valid and absolute revocation, had been assigned, subject to the rent-charge, to the society, and in no sense conditional, and that it was not competent to the and the rent-charge and right to receive judgment in respect appellant to revoke it.

of vested on death of P.G. in the executors and trustees of

his will, who now claimed to prove in the winding-up in the COURT OF APPEAL.

Palatine Court against the estate of the society for arrears SPIXCER v. WATTS ET AL.-Practice-Costs-R.SC. Order

of the rent-charge accrued due from 1st May, 1885, up to 9th xcii., rr. 7 and 9, Order: rxvi., r. 1-Costs of Action - Costs of September, 1887. Vice-Chancellor Bristowe disallowed the claim. Counterclaim-Counterclaim for Amount of Unsigned Bill of

Held (by Lord Esher, M.R., Cotton and Fry, L.JJ.) affirming Solicitor's Costs-Notice of Discontinuance-Validity of.

the decision of Vice-Chancellor Bristowe, that inasmuch as the Plaintiff was endorsee of a bill of exchange for £23, and brought

arrears were not due at the commencement of the winding-up,

and inasmuch as the liquidators had not remained in possession an action on it against Watts, a solicitor, as drawer and endorser, and against Welsh as acceptor. On December 1st,

of the property during the time the arrears had accrued due, 1888, Welsh admitted liability, and paid the amount into Court;

the appellants were not entitled to prove for the arrears in the and on the same day Watts, who was acting as solicitor for

winding-up. Welsh, put in a defence, denying liability, and counterclaiming for £26 for work done as solicitor for plaintiff. No signed bill

CHANCERY DIVISION. of costs had been delivered by Watts to plaintiff. On December In re The THURSO New Gas COMPANY, LIMITED.- Company 5th plaintiff gave notice, accepting the amount paid into Court by Winding-up-Action against for Damages Proceeding to Judg. Welsh. On December 10th plaintiff paid the amount of the ment-Right of Judgment Creditor to prove for Amount and counterclaim into Court. On December 11th Watts wrote ask- Costs -Priority or Proof.- Voluntary Winding-up-Subseing whether plaintiff intended to go on with the action or to quent Supervision Order.-The above company had been rediscontinue. Plaintiff wrote in reply, on December 12th, that gistered in England, but carried on its trading business at Thurso he did not propose to prosecute the action further. Watts then in Scotland. In February, 1887, one of the company's employés took the money out of Court, and brought in his bill of costs was killed at their Thurso Works, and in June, 1887, his widow for taxation. The district registrar considered Watts was not and children commenced an action in Scotland against the company entitled to any costs, and refused to tax the bill. The Judge in for damages. On August 22nd, 1887, the company passed a resoluChambers and a Divisional Court upheld this decision. Held (by tion for voluntary winding-up, and appointed liquidators. On Lindley ard Lopes, LJJ.) that as to the costs of the action, the October 17th, 1887, the plaintiffs in the Scotch action obtained letter of the 12th December from plaintiff was a good notice of letters of inhibition, restraining the company from dealing with discontinuance, and that the plaintiff had not taken any pro- their assets, to prejudice of the plaintiffs' claim.Plaintiffs, at trial ceedings after receipt of the defence within the meaning o in November, 1887, obtained a verdict for £850 damages, and Order xxvi., rule 1, so as to invalidate it, and that plaintiff must on January 20th, 1888, judgment for that sum in the Scotch

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action. On April 20th, 1888, letters of arrestment had been issued agaiust the company's personal estate in Scotland. On June 6th, 1888, a petition for winding-up the company was presented, and a supervision order was made on the 16th June, 1888. Ori June 20th, 1888, an order was made in the Scotch action for the costs, amounting to £138. The plaintiffs in the Scotch action took out a summons for leave to proceed and enforce their judgment against the company's assets. Held (by Kay, J.) that the action had rightly proceeded to trial, and that the plaintiffs must have liberty to prove for debt and costs in the winding-up, but that they were not entitled to priority over the other creditors of the company.


PROPERTY AUCTIONS. Crede experto is a good old saw, which we may paraphrase by saying that it is well to let the huntsman talk of hounds. And so following out this idea, and treating as we are doing the law relating to auctioneers and estate agents in a series of articles not by any means yet complete, we thought we should like some eminent auctioneer to have his say in his own words, and to represent the law as he feels it to be. Accordingly we have pleasure in printing the following article ipsissima verba from the pen of an estate agent of the higbest note and repute, standing aside ourselves the while that we may see with his vision. The last paragraphs of the article, with respect to the need of another mart, deserve special attention :

There is no statute_law which regulates auctioneers' and agents' commissions. The decisions of legal tribunals or case law, founded sometimes upon the custom of trade," sometimes derived in an arbitrary way from the inner rocesses of the minds of those who sit in judgment, or from a mixture of both, have hitherto formed precedents of an unsatisfactory and indefinite character, and there is no instance of late years before the Courts that may be claimed as settling conclusively either the amount of an agent's remuneration, or defining absolutely the rights of two or more claimants for one commission.

Without any enactment of Parliament as a guide, commission is charged by expressed or implied agreement-the former as reduced to writing, and acted upon to the satisfaction of principal and agent, begotten of a complete and confident understanding, the latter in accordance with printed terms of business, upon which leading firms of auctioneers and estate agents do their work, and with which it is understood that employers are acquainted in the ence of any inquiry for it on business being given. In other words, when an employer presents himself he may make a bargain, as he generally does in the case of a property where the purchase-money is large in amount, or he may trust to the agent, whose scale of commission is drawn to encourage business, and it is therefore moderate. The adjective is used in a relative sense, for where a property is placed in the hands of an auctioneer for private sale no fee for professional services or for time to be expended is usually charged under ordinary circumstances, therefore it is but reasonable that a properly liberal remuneration should be made where business be effected, and like a cloud of arrows shot from a thousand bows a percentage only gets home, so it is that in many attempts and much exertion it is only in the minority of cases are buyer and seller brought successfully together.

But in the case of a property given into the hands of an auctioneer for sale by auction a different state of things exists. Here there is to be no professional competition, and the chance of earning a commission is greater by the absence of other agents. A fee for professional services in the event of non-sale is paid ; thus the auctioneer derives a benefit under any circumstances, besides the enjoyment of the publicity in the advertisements. A smaller commission is therefore given on a sale being made. The amount is purely a matter of previous arrangement, and the principle of paying a fair and reasonable sum for the services rendered is admitted. When it is remembered that an equivalent is given in brains and everything else needful (and what'solicitor with the patronage or gift of a sale in his hands would not in his duty to his client seek the best man for the article to be sold ?), the man who has been trained to the business, and with a ripened experience - an auctioneer with a knowledge of the market, and with a special acquaintance with the methods of developing and working a sale. I speak of a class, and have no individual in my mind when I sketch such an auctioneer who is able in the rostra, and a master of the arts and practices of the auction-room, one who is capable by his mode of selling, and his power of adaptation to the circumstances as they arise, of seizing opportunities, of exciting competition, and of creating a sympathetic audience. A good auctioneer, like a true poet, must be born-that is, should have natural qualities ; but here the simile ceases ; his training and experience must be efficient and large.

Neither should he be deficient in the literary art; at least, he should be able to write clearly and favourably what he sees, and bring to the front salient points and features in proper form and style in his advertisements and particulars of sale, all of which may seem easy to the uninitiated, but is by no means so if the employer's interests are to be safeguarded, and his property presented to the public in its most attractive form.

At the present time, when land and real property are down in price, and the supply exceeds the demand, when property is no longer so much sought after as in the last decade, and prices are still falling, it is all the more necessary to retain the services of an able auctioneer, so that no chance shall be thrown away of making a sale, or of preventing a doubt from arising as to the true value for reserve price--so far, indeed, as that result may be arrived at from the opinion of an expert. Then, again, as the payment of a deposit on a sale is necessary, the auctioneer acts in a fiduciary capacity, and such position and reputation he possesses are factors in the transaction to give confidence to the public. His connection among buyers and his power of placing properties with purchasers, and suiting them with their requirements, are also not to be disregarded.

How long and in what manner should the retainer of an auctioneer last and apply is a question which may be profitably inquired into-whether it should obtain from the time of instructions up to the day of sale and beyond (in the event of a non-sale in the room). This obviously may be regulated by special arrangement, and his commission secured to him in any event; in the absence of which it is only fair and reasonable that he be left with a free hand, and that he shall not be placed in an invidious position by the risk of having the property he has to handle sold over his head either before the sale or within a reasonable period after the auction day; not only in his interest, but for the employer's benefit also, is such a course desirable, for such competition means in many cases a wish to secure a purchaser at a lower price than might otherwise be obtained if such an element were left out. What is a reasonable period under the circumstances may be arrived at from the nature of the property dealt with, and it will be found better, in the interests of all parties, to agree upon a period of one, two, three, or even six months in which the auctioneer is allowed the opportunity of making his commission as against all comers, whether they be competing agents or anyone else. At any rate, such a course would prevent the complications, vexations, and confusion arising from the employment of more than one agent and their claims.

The subject of disputed commissions is a large one, and it occurs more frequently in private sales, for where a property has been placed in the hands of au auctioneer for sale by auction it is generally assumed (or should be) that if any other agents have previously been employed, they withdraw from offering the property, and it is the duty of the owner or his solicitor to notify such a course to them. In private sales it frequently happens that several agents have the same property on their books, and very often more than one has honestly been instrumental in bringing about the sale. It may be that one has given the first notification of the property to a buyer, and another has carried out the sale, or it has not gone quite so far; he, we will say, without a knowledge of any previous efforts in the same direction, has only assisted materially in bringing a sale off. This is a delicate question to handle, and very difficult to adjudicate on. It appears to me that a division of the commission between the agents is the only safe judgment to give, and it is a pleasure to know that the Council of the Institute of Estate Agents is willing to decide any question of this and a kindred nature that may be brought before them, not only by its members, but by anyone outside its ranks who may appeal to them.

Nevertheless it is easy to avoid the dangers of such claims by employing one agent only, or two at the most, for in this case they agree to act jointly and mutually in selling the property and charge one commission only ; thus the full benefit of a wider market will be obtained with a freedom from outside claims. This is more frequently done in the case of country properties, by the conjunction of the local agent with a London firm; or a city with a West-end house of business. The indiscriminate employment of agents is a fruitful source of trouble, and should be avoided.

It has always been a source of wonder why there is only one mart in London for the sale of property, and the anomaly should exist that the metropolis, to which everything saleable is brought to be sold, has

mart in the West-end. Surely there is room for two auction marts, and it does seem absurd to offer a house in Grosvenor Square at the City Auction Mart. Surely it would be good policy to conduct such a sale nearer its locality. Buyers for West-end property living in the neighbourhood would attend and bid, and in a general way purchasers residing in the fashionable quarters are more likely to come forward if a West-end auction mart were opened for their benefit.

The West-end auctioneers are sufficiently well-to-do to establish such a mart at once, and those in the City would no doubt support them when they havo West-end property to dispose of,


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