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JUNE 26,

The age


now look for, and a 2 per cent., and even a 1 per cent.

return is generally regarded as a probability. There is The Temple Newspaper and Solicitors' Review.

abundant reason for such an anticipation. Once we enter upon a down grade, it is a mere question of time when we

shall reach the bottom. EDITORIAL, ADVERTISEMENT, AND

Meanwhile the banks prosper, but the prosperity is of PUBLISHING OFFICES,

a kind with Consols and Bank stock; it is a down-grade 33, Exeter Street, Strand, W.C. prosperity. Take Bank of Scotland stock, with £100

paid, and at the market price of £309 it yields a

return of 4 per cent. Again, take London and 1889.

Westminster Bank stock, with £20 paid, and at the market price of £70 it yields a return of 47 per cent. Thus the facilities afforded by our bad banking system are so excessive that the competition for returns from investment is depreciating all investment, while actually enhancing market values. Investment accordingly and necessarily adapts itself to the altered circumstances, when perhaps it should have broken a

lance with our bad banking system. What investment 1883

now does, and does necessarily in self-defence, be it here repeated, is to turn to the tape. Instead of buying for all time as formerly, it buys for the turn of the market, for the account; in short, for any honourable means of earning money inside or outside of the Stock Exchange. At this change some persons shake their heads, and call names, but they are the veriest simpletons for so doing. They understand not the times nor the seasons.

is progressive, and if our bad banking is drifting upon Pro Lege. rocks and quicksands, the greater the justification for

the conservatism of time bargains and the practice of taking profits. That action and reaction are equal and opposite

is more than an axiom in mechanics, as with each banking OUR BAD BANKING.

deluge of the means of buying, there must be an equal THERE is an aspect of our banking system which invites accession to the ranks of those who wish to use their reflection, and which presents that system in a strong, bad means in the investment market, in a small profit light. The aspect is of stored-up force for centuries, and and quick return sort of way. Indeed there is no pursuit of geometrically increasing force throughout the period. conceivably more legitimate than the discounting of That is to say, science in its development has proved the the events and the probabilities of the day, whether these handmaid of banking; such agencies as cheques, clearings, relate to Germany or Russia, to traffic returns, or to specie cable, telegraphic, and telephone transfers, each in turn movements, and to condemn such action is, as before multiplying the forces. This much conceded, what then? suggested, quite absurd. With reflection there will be a The consequences are various, and here from among the more rational judgment. Here mention may be made of number is singled out one, which illustrates the fact that the ostentation of the advertisement of the Stock Exchange we have a bad banking system. As population, according Committee, that members of the Stock Exchange must not to Malthus, increases faster than food production and advertise. Obviously, the drift of things is unperceived tends to pauperism, so banking develops trade facilities in by the Stock Exchange Committee, although appreciated excess of the means of absorbing them, and tends to by dealers and investors. These have Hobson's choice lovelling down impoverishment. Assume that Consols before them of being skinned under our bad banking were at one time bought to pay 5 per cent., that to-day system or of looking out for themselves. They look out they are bought to pay 24 per cent., and that to morrow for themselves, and may be bulls and bears by turns they may be bought to pay 21 per cent., and the down throughout the day. grade course is apparent. Or assume that Bank stock was But the major charge against our bad banking is in originally £100, that to-day it is £327, and that to-morrow what, for want of a better name, must be called its deit may be £330; and from the obverse side we have the moralisation. It is, as before remarked, levelling down. same fact, with this difference, that while the depreciation The magnates who rovel in a 24 per cent., as a return in the return from Consols and, consequently, in Consols which finds them in practically more money than they can themselves is, broadly, 50 per cent., the depreciation in well invest or spend, are but sowing dragons' teeth. Bank stock is, broadly, 227 per cent. In the public mind large the world cannot live upon a 27 per cent. return, and there is a tendency to regard such increase in the market reasonably regarded, it is playing with edged tools to follow price of Bank Stock as so much gain, and each reduction in a course which virtually insists on it. It is mistaken the interest on Consols as increasing wealth ; but when generalisation. It is overlooking a consequent grinding of this view is taken, it is convenient to disregard what the faces of the poor. Reduce the returns from reproshould be the main factor in a conclusion, namely, in what ductive industry to a 2} level, and what is the general does the wealth consist? There is surely no more urgent social outlook ? It is the blackness of darkness, as illuseconomic and social inquiry than-what is wealth ? our trated in the Bessemer rail trade. Last year one of the banking system, by virtue of its badness, seemingly ob- West Coast steel rail companies actually exported 35,000 scuring the question to the keenest vision. The issue may tons of rails to the West Coast of America, and on the receive simple illustration. The landlord of a property whole quantity realised the trifling net profit of formerly had a return of 5 per cent., whereas now he only £35. This is no rash assertion, but a matter has only a return of 2per cent. Under the circumstances, of fact, for which chapter and verse may be given. is he making head or stern way? Again, the trip fare to Excessive production, the banks will say. Very true; Brighton is, say, four shillings, and a box seat but of what ? Demonstrably, less of Bessemer rails mail coach fare from the Hotel Métropole is, say, thirty than of bad banking. The facilities afforded by bad shillings, besides gratuities to guard and driver. We banking tempt those who are favoured with them in the get to Brighton all the same either way, and will it industries not as it turns out to wealth, but to ruin. Our be contended that we are any more enriched by paying bad banking is thus the thing of things for consideration mail coach price than we are by paying £330 for a £100 and for reconsideration. If banking is a thing for instock? Thus we may as well open our eyes upon the fact dividualism it cannot also be a thing for monopolism; and that whatever there may be of good in our banking system, if a thing for State socialism, it cannot also be a thing for there is also much of evil. All round, while apparently co-partnership with individualism

co-partnership with individualism. It obviously should be appreciating investments, our banking system is steadily a thing of State or a thing of freedom. At present it is depreciating them. To this pass, indeed, have things come but a scandalous monopoly engaged in the wrecking of inthat a 3 per cent. return is as much as sanguine persons vestment of industry and of occupation; whittling down



the gains of wealth and making still more irksome the week have all been based on the posted market quotations bread and butter toil of labour. Its returns to shareholders and with satisfactory business results, as shown by the in London and Westminster Bank stock at 70, or in Bank value of reported business, it has been directed by a vote of Scotland stock at 309, may not be large, but those of 154 to 75 of the members of the latter Exchange, that returns are only one-half the story. Look, for example, at hereafter their own posted market quotations shall be the the army of highly paid bank officials ; look also guide or measure of all dealings on its floor. Under every at the bank branches with which London and the aspect, the Consolidated Exchange has been the gainer in provinces are bristling. The gains of our bad bank- prestige. Moreover, its members have discovered by ing are

vast as to be more than half concealed. experience that their business can be carried on with all As with railway investments when a certain dividend has proper efficiency, entirely independent of any of the been earned, new branch lines are formed, and extensions appliances of the other Exchange, a fact that they hardly and amalgamations are promoted, so in our bad banking realised until the result of this ticker incident bad shown the interests of the shareholders are relegated to a remote it to be so.—The Financial and Mining Record of New York. future, while present provision is made for an ever-expanding staff of employés with more branches. This is a regrettable exposé. But investment and property and trade and labour have interests and claims which cannot be gainsaid.

CORRESPONDENCE. They are of the nation, while our bad banking is only of a class.



COMPANIES. The stoppage of the “ticker" service by the New York

TO THE EDITOR OF “PUMP COURT.” Stock Exchange is but another one of a series of business blunders made by the “governing committee” of that

SIR,—In view of the interest which has been excited by the association of whom we fear it is to be said, as Goldsmith

case of Watkins v. Scottish Imperial Insurance Company, I did of one of his characters :

think it right to point out that the case is entirely an

exceptional one, as the other* Scotch Insurance Companies “Oh, let him alone For making a blunder or picking a bone."

have long ago divested themselves of any right, which they

might have claimed under their original constitutions, Ostensibly, a blow aimed at the so-called “bucket

of requiring proceedings to be taken before the Scotch shops,” the real object struck at is the business of the Con

Courts. solidated Stock Exchange—a business that is certain to be

In the case of the Caledonian Insurance Company the materially enhanced by this transaction, from all present

Act of Parliament incorporating the company (9 Victoria, appearances. Be that as it may, a business association

C. 45, s. 5) provides that the company may be sued in carrying on its operations in a structure of its own that cost nearly half a million of dollars for its erection, and

every Court in any part of Great Britain and Ireland, or

elsewhere within Her Majesty's dominions, “in like which has, moreover, nearly the same amount of money

manner, to all intents and purposes, as if the said in its treasury-coupled with a “ticker” service of its Corporation had been incorporated by that name by Royal own—is not to be fought with a switch or driven from the

Charters under the Great Seals of England, Scotland, and field by a mere clod flung at it.

Ireland ;" while the more recent Act extending the As for the bucket-shops, their operations, however dele

company's powers (43 and 44 Victoria, c. 68, 8. 8) declares terious to those dealing with them, certainly have not

that thecompany shall for alllegaland other purposes be and injuriously affected the business of the New York Stock

be deemed to be a public office for insurance in London, and Exchange, which does not deal in such small parcels of

shall have and be deemed to have a domicile in the City stock as are sold by the “bucket-shops." Nor will the

of London." —Your obedient servant, discontinuance of the “ticker” reports of sales and quota

D. DEUCHAR, tions on the floor of the New York Stock Exchange sweep

Manager and Actuary. the bucket-shops out of existence, inasmuch as they can as Caledonian Insurance Company, readily make their sales and settlements on the “ticker"

Head Office, 19, George Street, Edinburgh, quotations emanating from the Consolidated Stock Ex

20th June, 1889. change as before, for the customers of these establishments are, in point of fact, merely betting upon the figures of the

*[A few; not nearly all the others. For complete list “ tape ; " so, at bottom, it matters not to them whether the

see page 376.--Ed. P.C.] tape be that of one Exchange or the other. Under no aspect can the business of the New York Stock Exchange be harmed by that of the bucket-shops ; while, on the other

LEGAL HONOURS. hand, the sales of stock dealt in by that Exchange would be lessened by the closing of the bucket-shops, unsavoury as a whole as their operations may be for their customers.

The honour of Knighthood has been conferred on Richard And what makes this blunder on the part of the New York

Charles Oldfield, Esq., Indian Civil Service, late a Puisne Judge Stock Exchange all the greater, or manifestly of that class

of the High Court of Judicature, North-Western Provinces

Aubrey Walsh, Esq., J.P. and D.L., formerly Chairman of the of petards " which only serve to "hoist” those who plant

Justices of the Liberty of the Tower ; and James Robertson, it, is that it occurred at a time when, manifestly, a well

Esq , LL.D., Professor of Conveyancing in the University of inspired, healthy “boom” in railway and other securities

Glasgow was being generated and ready to burst forth into such Mr. Robert HENRY LOGAN, barrister, has been appointed vigorous life as would surely be of early great benefit to act as Registrar of the Supreme Court of the Colony of to the members of that Exchange actively interested British Honduras. Called at the Middle Temple in November, in the daily business on its floor, narrowed really

1884. down to less than 500 persons, for the rest are chiefly rich

Mr. John BOROUGH, of the firm of Barber, Currey, Borough men who hardly over enter its doors. It is, therefore, to be

and Currey, of Derby, has been appointed by the Bishop of

Southwell Registrar of the Diocesan Court, in the room of the late regretted that men who are invested with such authority

Mr. John Watson, J.P., of Nottingham. Admitted in 1856. as those from whom this inconsiderate measure has pro- Mr. REUBEN C. GREEN has been appointed Clerk to the ceeded, should be blind to the patent fact that there is Trustees of the Campden Charity Estates.

ample room and verge enough” here in New York for Mr. JOSEPH RICHARDSON has been appointed Clerk to the the existence of both the New York and the Consolidated Eccleshill Local Board. Admitted in 1885. Exchanges-and that it is for the best interests of both Mr. ALBERT Platts has been appointed Clerk to the Bingley that they should regard each other not as a rival to be

Local Board. Admitted in 1884.

Mr. ALENTINE STAPLETON has been elected an Alderman destroyed, but essentially as an ally whose prosperity were in no wise fraught with prejudice to the other.

for the Borough of Stamford. Mr. Stapleton has been twice

Mayor of Stamford. Admitted in 1863. Postscriptum : Since the foregoing was in type, the New

Mr. ARTHUR BURGESS CROSBY has been appointed a MagisYork Stock Exchange very properly has receded from its trate for the Borough of Stockton. Admitted in 1884. false step and restored the ticker service. On the other Mr. Robert Dobson has been appointed Deputy-Coroner for hand, however, as the dealings of the Consolidated for the the Honour of Halton. Admitted in 1882.


ܪ :


Scottish Plate Glass; these companies should be given a wide berth to by Englishmen and Irishmen until they

mend their position. The following, however, have This is by no means either a large or a Acts which amply protect the English and Irish public, Guardian

progressive company. Established in and may be dealt with as freely as English companies, Fi and Life Assurance

1821, the life fund amounts now to only viz. :--The Caledonian, The Edinburgh Life, Scottish Company. £2,335,815. During the past year 680 Equitable, Scottish Provident, and about half a dozen

policies were issued, assuring £499,497, others. and yielding in new premiums £16,326, of which, however, £826 were by single payment. Re-insurances were

We know that there was a paper called effected with other offices during the year for £68,430, thus reducing the new assurances retained to £431,067,

Scraps of Drivel. of the existence of every journal printed

Money, for we make it our business to know These are decidedly not startiing figures, yet they show an

within the limits of the United Kingdom, but advance on those of the immediately preceding year, and we cannot say we ever before now saw a copy, and we have a decline as compared with the year 1886. The deaths of the not been able to find anyone who ever reads it. Who the year numbered 117, and gave rise to claims nder 170 editor is nobody seems to know, though we were induced policies, assuring with bonuses £163,741, in addition to to make inquiry in consequence of an idiotic paragraph, five matured endowments, amounting to £1,534. The total among other idiotic paragraphs, relating to our august liabilities of the company under 8,206 policies on the 31st selves in Saturday's issue. To the important subject of December last, after deducting re-assurances, amounted to insurance the editor devotes less than half a dozen para£6,732,706. The life fund being £2,335,815, this shows graphs which he calls "Insurance Items.". "Items” is an the sum of £34 in hand, against £100 assurod. As the appropriate term, but “Scraps "would be better, and if the Guardian is nearly seventy years old, and the majority of editor is given to adjectives, we should recommend for his the policyholders on its books are old lives, it may be selection Poor Scraps,' "Mean Scraps," "Puerile properly anticipated that its contracts will very rapidly Scraps," or, more appropriate than all these, “Scraps of mature, and therefore the

test we

have applied Drivel." We don't know who collects these scraps, but clearly shows that the office does not enjoy there is intrinsic evidence that it must be the office boy's an exceptionally strong financial position. In the fire mother. The sapient editor then approves them, and department the premiums of the year were £486,399, and they are printed for the benefit and instruction of the thô losses £273,664, being 56:26 per cent. of the pre- office boy himself. This is what the office boy's mother miums. This ratio shows a slight improvement com- says of us :—Pump Court-We are glad to learn there is pared with 1887, but the expenses of management have such a paper, and that it devotes attention to insurance increased during the year, and are now more than 32 per matters—writes shallow nonsense in its attack upon the cent. of the fire premiums. We consider this an excessive Scottish Imperial." Now after affecting ignorance of the rate for a fire and life office like the Guardian, whose fire existence of Pump COURT—which, by the way, has been department, although comparatively small, is evidently quoted or referred to over and over again in nearly every largely fed by the life business. The premium reserve due journal of repute in the kingdom-why is the office boy's to policies unexpired on 31st December, 1888, was mother glad to learn there is such a paper? What reason, £218,900, being considerably less than half the premium real or ironical, can there possibly be for the ecstacy of income. The general reserve fund of £405,000, and pro- the office boy's mother or her grandpapa-editor on first portion of profit to be transferred to proprietors' account learning the news of our existence ? An enjoyable pinch in the present year, make the total funds £652,220. The of snuff at the moment the two old cronies received the proprietors are to receive a dividend on each share of the startling information must have been the real cause of subscription capital for the year ending 31st December their pleasure. Like most very old people, however, they last of £2 10s., with the addition of a bonus on each share are quite unable to trace effect to cause, except so far as of £1, being at the rate of 7 per cent. on the paid-up the measure of time affords them a clue. But this is not capital. The office appears to treat its shareholders better all. One would suppose that even an office boy's mother, than its policyholders. As regards its investments, it is with the aid of snuff and grandpapa-if he were not asleep stated in the report that no change of inportance has would maintain some connection in hur scrappy drivel, occurred in the condition of the company's investments and that she would have tried to show what was the during the year, but it seems that arrears of interest have shallow nonsenso complained of, or would at least have increased on certain loans, which, being in the life fund, quoted our remarks for her readers, if she has any, to judge will have to be dealt with at the quinquennial valuation to for themselves. Not a bit of it. After her scathing be made after the end of the current year. There are also allusion to us as above quoted, she drops us like a hot

on two loans in the proprietors' fund, which potato, and maunders on in her poor, sleepy, snuffy way, the directors believe to be secured to a great extent. The opining that “the truth will out some day”: that “ nearly management is not sufficiently vigorous, and as we pointed all the Scotch companies have acknowledged their out in the case of the Pelican Life in a recent issue, the liability to be sued in English Courts” (The office boy's company is yet another instance of the unwisdom of mother has a very hazy notion of the mode in which the having as directors mere names that are chiefly orna- jurisdiction of a Court can be created, and imagines, poor mental. Numerically and socially they are a very strong thing, that because a present manager chooses to say that body, comprising a score of names, but we presume that, he has never disputed the jurisdiction of the English excepting to draw their fees as directors and dividends as Courts, this would serve as an estoppel for all time against proprietors, they do not take a very active interest in the a plea to the jurisdiction; whereas in truth a manager has actual working of the company; If it were otherwise, the no power to create a jurisdiction which does not business could surely be trebled.

exist; the utmost he can do is to abstain from raising the

plea, and he may or may not, as happens to suit him, The following have no Act to protect plead in bar to the action. If he has a safe defence on Scotch English or Irish policyholders, and should the merits, he probably would not; if he has no defence, he Companies. therefore be left severely alone except by probably would plead against the jurisdiction) : that "the

Scotchmen domiciled in Scotland. The pre- Scottish Imperial is not likely to repent its mistake” (We sent English and Irish policyholders right, however, suc- don't think they are likely to have many chances): that cessfully agitate to compel these companies to get an Act “it will suffer in purse for a time, we question not, but as such as would be necessary to ensure fair dealing to them; public memory is short-lived (Mark this! grandpapa and we should help them to the utmost of our power. forgot that he and the office boy's mother had just been These then are the companies that should be marked with despising us with intense despision’ a couple of lines a red letter in England and Ireland, viz. :-The Standard previously, for attacking the Scottish Imperial). the Life, The General Accident (Perth), Scottish Life, Sick- mischief will not prove very disquieting.” Disquieting ness and Accident, Scottish Assurance in liquidation), to whom? Here

Here grandpapa and his coadjutor again National Guarantee, English and Scottish Law Life, become vague. Disquieting to the widow plaintiff, who Scottish Imperial, Glasgow and London, Mercantile Acci- is kept out of her money, not on the merits of the dent, Scottish Alliance, Scottish Accident, Scottish Em- case, but because she has been tricked out of the ployers, Scottish Metropolitan, Scottish Temperance, game by a trump card which the defendant produced from



his sleeve, or disquieting to the defendant company? Dis- of a waste paper merchant in the most prominent position he quieting to the poor old snuff-takeis, or to PUMP COURT ? could give it-his cover, inside front!! Granted that A pinch of snuff would have been useful to the poor old Poole, the waste paper merchant of Portsmouth Street, things at this stage, but they were fumbling for the box. Lincoln's Inn Fields, is the only other person besides the We have quoted their drivel, which, we are glad to say, is office boy that takes in the paper, is it for the editor to not lengthy, as the following sentence is the last :-"Nearly cry“ stinking fish " in this fashion? Did any journalist every assurance company has blundered in its early days, ever hear of such madness? We pity the proprietor, whoand shortly been forgiven.” Very green they may be in the over he may be—for the paper might be made a power, and Scottish Imperial Office, if no worse, but not so very young.

the title is a fetching one. As it is, it is simply a paste. The office was established over 24 years ago (early in 1865), pot, and poor at that. and the talk of early days can only be excused as coming from a doddering old couple who will insist on treating grown people in the prime of life as children, oblivious

UNDER THE PUMP. of the fact that it is their own life that is but a childhood-a second childhood—respectable it may

Savigny on Possession in the Civil be or may not be, but effoto -- miserably effete. There

Law. J. Kelleher, Bengal Civil Seris another scrap which would encourage the belief

vice. (London: W. Thacker and Co., that the office boy's mother has been accustomed from her

1888.) Mr. Kelleher has abridged youth upwards to drink from other wells than the "well

the justly celebrated treatise of Von of English pure and undefiled." The rules of syntax

Savigny, and added the text of seem to have formed no part of the curriculum of the youth

the title on possession from the of her period; evidently there were no Board-schools in

Digest. The great practical value those days. Now, grannies both, hearken to PUMP COURT,

of a treatise on possession can hardly and cease quarrelling over the snuff-box. A verb must

be doubted when the frequent recuragree with its nominative in number and person. When

rence of questions turning on the you speak of accounts, don't say “it is perfectly under

theory of its principles is remembered, standable when looked closely into,” but “ They are.The

and that the masterly treatise of Von whole pbrase is inelegant, is indeed slipshod ; but it is

Savignyon possession according to the merely grammar that we want you to direct your attention

Roman Law would contributo much 10 ; to teach you “style" at your time of life would be

to the elucidation of principle is a hopeless task. An ordinary acquaintance with the equally indubitable. But then the doctrine and principles simplest rules of syntax, however, may not be unattainable ; of possession are not merely to be drawn from the law of and therefore keep the rule in mind, and never bé Rome; it has played a very largo part in our own system misled, because there happens to be a noun singular —how large a part the recent admirable treatise of Propreceding, as to which is your true nominative. You fessor Pollock' and Mr. R. S. Wright has shown, and inean that certain accounts (not the form, nor the report) indeed has relegated to obscurity, for all practical purposes require critical examination to become intelligible. And of English law, an academic work such as that of Von this is how you express it: “No doubt it is perfectly Savigny.

“No doubt it is perfectly Savigny. We confess, therefore, to feeling that the work understandable when looked closely into, but why not let is too late : nor in our opinion has Mr. Kelleher had repeople run and read ?” The English of this is as bad as course to many works which would have furnished much bad manners; the two, indeed, are kinsfolk. This is valuable matter. English of the gutter; and one may generally judge of Digest of Questions Asked at the Final Examination of a man's manners, or at least of his early surroundinga, by Articled Clerks. R. Hallilay, Esq., barrister-at-law. bis mode of expressing himself. The last line, however, Fifteenth edition. (Horace Cox, 1889.) The fact that a is funuy, very funny. Why should the Alliance Marine fifteenth edition of this work has been called for is strong Insurance Company be called upon to allow people evidence of its utility, and the appreciation of that section to run? And who are the people who refuse to do of the public for whose use it is issued. The at their reading unless they are allowed to run ? edition has been prepared to meet the regulations made in What the poor fellow meant to say (and the conception is 1887 by the council of the Incorporated Law Society. extravagant as applied to accounts, especially insurance Questions of an obsolete character have been omitted, and accounts) was, “Why not prepare the accounts so that even changes in the law and procedure made by recent statutes, those who run could read ?" The proverb, “Chi reggi rules of Court and decided cases embodied, and the work leggi,' never meant, and is never applied to mean, that brought down to the Hilary examination. We need only people should be allowed to run; but that the writing add that, in our opinion, the work will serve as a valuable should be so distinct that even a man running could, test to the student during preparation, and alike serve to without stopping, read it. Poor old snuffy, in attempting test the information he has acquired, and help him to to paraphrase the proverb, has made a laugbing-stock of arrange it for retention and reproduction, himself, even to his solitary reader, the office boy. We Precedents of Indictments. By Thomas William Saunders, hope the insurance companies will, before our next issue, Metropolitan Police Magistrate, and William Edgar show good cause why they prevent people from running. Saunders, barrister-at-law. Second edition. (Horace Cox, Further, we hope that such things as tables of mortality, 1889.) This is an excellent little work, and one which whether on the Carlisle or Hm. system, expense-ratios, gratifies the expectation naturally entertained of such a actuarial valuations and

accounts, balance sheets, performance from the pen of the well-known magistrate. etc., sball be prepared in such

as to The wide experience of the author has enabled him to be “perfectly understandable” at a glance by the present an equally wide range of precedents in these pages, editor of Money, without " confusing" the poor creature and we believe the collection will more than meet all the by obliging him to “look closely into" them. We have common wants of the practitioner. The volume contains his word for it that he would "review" the report of any a useful introduction in explanation of the rules to be company which obliges him in this way, “with consider- observed in framing an indictment, and an index which ably more pleasure. His idea is that insurance accounts appears to us to have been carefully prepared, and will ought to be as simple as his own early domestic banking much enhance its utility. On page 9 a passage occurs arrangements. Two stockings behind the door, in one of to this effect :-"In the case of goods being stolen from which are placed all the halfpence received, and from the the possession of a married woman, they should be alleged other of which all the halfpence for disbursements are

to be the goods of her husband (1 Hale, 513), even taken, with daily adjustments, would hardly, however, we though she may be living apart from him, R. v. French, think be found quite adequate to represent the complex R. and R., 491.” This statement is, however, apt to civilisation of an insurance office. Well, well; where mislead. In R. V. French (ubi sup.), the evidence ignorance is bliss 'tis folly to be wise, and we think the editor showed that the married woman lived apart from of Money, whoever he may be, will beartily wish that he had her husband-they being separated-on an income remained in ignorance of the existence of Pump Court. arising from property vested in trustees for her separate We'll probably remind him of this again next week, if use; that she resided in a house which the prisoner had he and his paper are still alive. But has the man no burglariously entered, which was no part of the settled friends ? Fancy his placing a large illustrated advertisement property, but was hired by herself, and that she paid the




rent for it out of her separate property, and her husband

common law, or statutory power of sale, as in the case had never been in the house ; burglary was proved, and

of a sale by a pawnee, distrainor, sheriff, master of stealing goods in the house entered, which was in the firet

a ship, or person selling under the order of a court of count alleged to be the dwelling-house of the husband;

competent jurisdiction. and in the second count as that of the wife. The judges overt, according to the usage of the market, the buyer acquires

29. Market overt.-(1.) Where goods are sold in a market were clear that this house was to be deemed in law the

a good title to the goods, provided he buys them in good faith, dwelling-house of the husband. It was the dwelling- and without notice of any defect or want of title on the part house of someone ; it was not that of the trustees, for they of the seller. had nothing to do with it; it was not the wife's, because at (2.) Nothing in this section shall affect the provisions of this law she could have no property ; it could then only be the Act relating to the sale of horses. husband's." Another case is Rex v. Wilford and Nibbs,

30. Sale under voidable title.—When the seller of goods has 1 Russ. and Ry. 517. The point in these cases is “ be

a voidable title thereto, but his title has not been avoided at the cause at law she could have no property”; now, however,

time of the sale, the buyer acquires a good title to the goods at law. a married woman can, in many cases, hold, acquire provided he buys them in good faith, and without notice of the and dispose of property by virtue of recent statutes, and 31. Revesting of property in stolen, dc., goods on conviction cessante ratione cessat ipsa lex.

of offender.-Where goods have been stolen, or otherwise wrongfully obtained, from the person who was the owner thereof

by means amounting to an offence under the Larceny Act, 1861, THE SUMMER CIRCUIT.

and the offender is prosecuted to conviction, the property in the

goods so stolen or wrongfully obtained thereupon revests in the The dates in parentheses mean the dates before which civil person who was the owner of the goods, or his personal reprebusiness will not be takep.

sentative, notwithstanding any intermediate dealing with them, SOUTH-EASTERN CIRCUIT.-Huntingdon, Wednesday, July whether by sale in market overt, or otherwise. 3; Cambridge, Friday, July 5; Bury St. 'Edmunds, Tuesday, 32. Resale by seller in possession of documents of title.- Where July 9 (Friday, July 12); Norwich, Tuesday, July 16 (Monday, any goods have been sold, and the seller, or any person on his July 22); Chelmsford, Thursday, July 25; Hertford, Tues- behalf, continues, or is in possession of the documents of title day, July 30; Lewes, Saturday, August 3.

thereto, any sale, pledge, or other disposition of the goods or WESTERN CIRCUIT - Salisbury, Wednesday, July 3 (Friday,

documents made by such seller, or any person or agent entrusted July 3); Dorchester, Monday, July 8; Wells, Thursday, July by the seller with the goods or documents so continuing, or being 11 (Saturday, July 13); Bodmin, Tuesday, July 16; Exeter,

in possession, is as effectual as if such seller or person were an Saturday, July 20; Winchester, Saturday, July 27; Bristol, agent or person

entrusted by the buyer with the goods or docaSaturday, August 3.

ments, provided the person to whom the sale, pledge, or other Home Circuit.- Guildford, Wednesday, July 3 (Saturday, viously sold.

disposition is made has not notice that the goods have been preJuly 6); Maidstone, Wednesday, July 10 (Tuesday, July 16).

The provisions of this section shall be construed with and OXFORD Circuit.-Reading, Wednesday, June 19 (Friday, subject to the provisions of the Factors Acts.. June 21, at 2 p.m.); Oxford, Monday, June 24 (Wednesday, 33. Effect of writs of execution.—(1.) A writ of fieri facias, June 26); Worcester, Thursday, June 27_(Monday, July 1); writ of attachment, or other writ of execution against goods Gloucester, Wednesday, July 3 (Saturday, July 6); Monmouth, shall bind the property in the goods of the execution debtor as Tuesday, July 9 (Thursday, July 11); Hereford, Saturday, from the time when the writ is delivered to the sheriff to be July 13 (Wednesday, July 17); Shrewsbury, Friday, July 19; executed ; and for the better manifestation of such time, it shall Stafford, Thursday, July 25.

be the duty of the sheriff, without fee, upon the receipt of any MIDLAND Circuit.- Aylesbury, Saturday, June 22 (Tuesday, such writ. to endorse upon the back thereof the day, month, and June

25); Bedford, Wednesday, June 26; Northampton, year when he received the same. Friday, June 28 (Monday, July 1); Leicester, Wednesday, Provided that no such writ shall prejudice the title to such July 3 (Thursday, July 4); Oakbam, Thursday, July 11 ; Lin- goods acquired by any person in good faith and for valuable concoln, Friday, July 12 (Monday, July 15); Nottingham, Wednes- sideration, unless such person had at the time when he acquired day, July 17 (Friday, July 19); Derby, Wednesday, July 24 his title notice that such writ, or any other writ by virtue of (Friday, July 26); Warwick, Tuesday, July 30 ; Birmingham, which the goods of the execution debtor might be seized or Friday, August 2.

attached, had been delivered to and remained unexecuted in the NORTH WALES, CHESTER AND GLAMORGAN CIRCUIT.-New

hands of the sheriff. town, Saturday, July 6; Dolgelly, Wednesday, July 10; (2.) In this section the term "sheriff” includes an under-sheriff, Carnarvon, Saturday, July 13 ; Beaumaris, Wednesday, July 17 ;


and the deputy or agent of any such officer, Ruthin, Saturday, July 20; Mold, Tuesday, July 23 ; Chester,

PART III._PERFORMANCE OF THE CONTRACT. Friday, July 26; Swansea, Friday, August 2.

34. Duties of seller and buyer. It is the duty of the seller to SOUTH WALES AND CHIESTER CIRCUIT.-Haverfordwest, deliver the goods, and of the buyer to accept and pay for them, Saturday, July 6 ; Lampeter, Wednesday, July 10 ; Carmar- in accordance with the terms of the contract of sale. then, Saturday, July 13 ; Brecon, Thursday, July 18; Pres- 35. Payment and delivery are concurrent conditions.-Unless teign, Wednesday, July 24 ; Chester, Friday, July 26 ; Swan- otherwise agreed, delivery of the goods and payment of the price sea, Friday, August 2.

are concurrent conditions; that is to say, the seller must be ready NORTHERN CIRCUIT. - Appleby, Tuesday, July 2 ; Carlisle, and willing to give possession of the goods to the buyer in Thursday, July 4; Lancaster, Monday, July 8; Manchester, exchange for the price, and the buyer must be ready and Thursday, July 11 ; Liverpool, Thursday, July 25.

willing to pay the price in exchange for possession of the NORTH-EASTERN CIRCUIT.-- Newcastle, Thursday, July 4;

goods. Durham, Thursday, July 11 ; York, Thursday, July 18; Leeds, 36. Rules as to delivery.—(1.) Unless otherwise agreed, it is Wednesday, July 24.

the duty of the buyer to take possession of the goods; and the Huddleston, B., and Willis, J., remain in town.

seller's duty to deliver the goods is satisfied by his affording to the buyer reasonable facilities for taking possession of the goods at the place where they are at the time the contract of sale is made, or in the case of goods to be manufactured, at the place


(2.) Where, under the contract of sale, the seller is bound to THE LAW RELATING TO THE SALE OF GOODS. send the goods to the buyer, but no time for sending them is

fixed, the seller is bound to send them within a reasonable time. [LORD HERSCHELL.]

What is a reasonable time is a question of fact. (Continued from page 367.)

(3.) The delivery of the key of the place where the goods are, Part II.-EFFECTS OF THE CONTRACT (Continued).

may, by agreement, operate as a delivery of the goods.

(4.) Where the goods at the time of sale are in the possession Transfer of Title.

of a third person, there is no delivery by seller to buyer unless 28. Sale by person not the owner.-(1.) Subject to the pro. and until such third person attorns to the buyer ; provided that visiors of this Act, where goods are sold by a person who is not nothing in this section shall affect the operation of the issue or the owner thereof, and who does not sell them under the transfer of any documents of title to goods. authority or with the consent of the owner, the buyer acquires 37. Delivery of wrong quantity.-(1.) Where the seller no better title to the goods than the seller had, unless the owner delivers to the buyer a quantity of goods less than he contracted of the goods is by his conduct precluded from denying the to sell, the buyer may reject them, but if the buyer accepts the seller's authority to sell.

goods so delivered he must pay for them at the contract rate. (2) Provided also that nothing in this Act shall affect

(2.) Where the seller delivers to the buyer a quantity of (a.) The provisions of the Factors Acts, or any enactment goods larger than he contracted to sell, the buyer may accept

enabling the apparent owner of goods to dispose of the goods included in the contract and reject the rest, or he may them as if he were the true owner thereof;

reject the whole. If the buyer accepts the whole of the goods (6.) The validity of any contract of sale under any special so delivered he must pay for them at the contract rate.

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