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are, however, put forward. Bi-metallism makes no pre
tension to prophecy nor to particular knowledge of the The Temple Newspaper and Solicitors' Review. past. It is as much a narrow movement of personally in
terested aggression as is the resistance, active and passive,
which is offered to it. It is a fad, and the opposition to EDITORIAL, ADVERTISEMENT, AND PUBLISHING OFFICES,
it is a fad. Meanwhile extremely bad influences are at
work. Side by side with tenant difficulties in Ireland, we 33, Exeter Street, Strand, W.C. have much extermination of the Irish landlord class. Very
much of Irish landlordism has passed
into Irish pauperism.
In the daily Irish conflict between law and lawlessness, JUNE 19, 1889.
law now loses much of its hold on the imagination, and in the consequent void an opening follows for the pernicious current socialism. What beyond everything the circumstances of the times require is enlightenment on the puzzle of bi-metallism. It is by far the largest question of our time, involving as it does the foundations of our money system, as laid more than forty years ago by Sir Robert Peel. Since then the principles of banking have been
largely changed, and if many of our industries have been (1883
enormously developed, others have been impaired or destroyed. India, then but the trading post of a chartered company, has become Imperialised, and its rupee, once reckoned at ten to the pound sterling, now stands at fifteen to the pound sterling, which is a depreciation of onethird.
THE BANK-NOTE PROMISE.
thing not to be taken literally, but with a grain of salt. THE BI-METALLISM PUZZLE.-II.
We may take a note to the counter of the Bank of
England, or to the counter of an English, Scotch, or Irish Of India, and of its silver depreciation, what shall be bank of issue, and according to our pleasure may be paid said ? The men who receive rupees at 18. 4d., when they in gold, silver, or copper ; just as a lover, who has promised bargained for them at 1s. 10d., have an undoubted an abandonment of what comprehensively may be called grievance; but who amongst us is without a grievance ? fast life, is once in a while to be found in bed before cockShould all other existing grievances be neglected by crow. Accordingly the bank-note promise is of a kind statesmanship, and this one of the rupee be attended with the summer of a single swallow. It is a fiction. It to ? Then, if the rupee is to be attended to, what is even a fraud within the definition of that somewhat compensation is to be extended under contracts elastic word. Promise to retire at maturity the three which, made at ls. 4d. per rupee, must be met at months' accommodation bill which your friend has backed 1s. 10d. per rupee. Is the Indian Government or is the for you; you at the time knowing that you have not, and British taxpayer to provide a sum in compensation for a cannot have a sixpence in the pound available for the purdifference which extreme men estimate at £800,000,000 ? pose, and you have the situation. In short, the bank. For a long course of years the transactions of the two note promise is not kept, is not meant to be kept, and hundred and fifty millions of British subjects in the East positively cannot be kept. Then why is it madeWhy have been in a steadily diminishing value in silver rupees, is it legalised? Why is it not regarded and dealt by like and, divested of clap-trap, what bi-metallism advocates is other false pretence? These questions must be pressed, bea restoration of the rupee to its fornier value in exchange. cause if the forces which make for the disruption of society Again where is our statesmanship? It is in the are to be faced and overcome, there must be no such weak spot bogs and wastes of Ireland; well employed, no doubt, in the armour as a circulating medium, a currency, a but in comparison the Irish question is a minnow, whereas money, an equivalent for things and for service, which in the neglected, drifting question of the rupee is a whale. the nature of things puts honesty to the blush. We Meanwhile, the Indian population in no way suffer from already have the County Council refusing to recognise rupee depreciation. On the contrary, their condition in firms who do not pay a certain rate of wages, and we now the mass sensibly improves. This is a fact of much social have tramway conductors, drivers, and stablemen in coninterest. It recalls the goldsmith period in England when vention in the small hours after midnight. Coal miners, coin was the currency, instead of promises to pay coin, iron-workers, nay, workmen in all the industries are at the when beef was one-halfpenny a pound, and when present time more or less in arms against capital ; and, day wages were only fourpence. At that time England should it become known to them that this capital which had the present military prominence of Germany. Its finds them in occupation and in bread is fraudulent in trade was then narrow, but so also was its poverty. Pay- conception, purpose, and effect, how immeasurably their ment in coin, and payment in promises to pay in coin, cause would be strengthened, and that of stability and which are not fulfilled, and which are not intended to be order weakened. Surely the cowardice which refrains fulfilled, has presumably exercised an influence upon the from bringing money into line with the general advance world at large greater, immeasurably, than famine or the since the Bank Act settlement of 1844 cannot be too sword, and the measure of the influence now bubbles up strongly deprecated.
There should be truth in money. before us through the depreciated rupee and the agitation An impossible promise to pay alike without the intention for bi-metallism.
or the means of payment, which further is not given effect Bi-metallism means legal tender silver, as well as legal to, and yet passes current as if it were gold, silver, or tender gold ; and as we have legal tender paper in Bank of copper, is an abomination of the kind known as Simpson England, and in Scotch and Irish notes, the case of silver in the milk trade. We have, in short, a milk-and-water is a strong one. There can be as little logical as reasonable money system, instead of a pure milk one. objection to silver, and were the bi-metallists now to widen What is behind the bank-note promises of the Bank of their views, and to insist that mere promises, which are England ? Speaking in round numbers, the Bank of not kept, should cease, and that in lieu thereof silver should England promises to pay £15,000,000 of the notes in the be paid, much latent sympathy might be aroused. It might hands of the public, and yet is not in possession of a single then be urged that rings in capital would fail, that the sixpence for so doing. This is a fact-a well-known fact hostility between labour and capital would cease, and that, -which, mentioned in society or in the street, gets a apart from India, the old-time low prices and low wages, stereotyped string of excuses and explanations. Clearly, with massive abundance, especially in foods, would give a then, if excuses are admissible, why not also listen to the new impetus to productive agencies. No such plausibilities grudge which the murderer had against his victim ? to the
financial sleight-of-hand of the forger? or to the destitution run up to 10 per cent. Take the ground-rent as one, the of the thief ? Sauce for the goose should likewise be sauce brick and mortar as two, and the timber and windowfor the gander, and law may be either a thing of principle sashes
third, and leave out of
of sight or of circumstances; and in the ordinary way of a false the slater, the plumber, the painter, the paperbanger, pretence it is a thing of principle, but in the extraordinary and the ironmonger, and we have again three charges way of a false pretence about being able to pay £15,000,000 each of four per cent. How is such a system to be in notes without a sixpence for the purpose, law is a thing defended ? it is incapable of defence. A private corof circumstances. The circumstances in extenuation of the poration of lenders, in promises to pay, tax at will our position assigned by Parliament to the Bank of England habitations, the raw material of our trade, and in some are various, the leading one being that the Bank of form or other all our buying and selling. How the England is not called upon to pay those notes. The forger collective imposts have been borne we all know; want, of accommodation bills who retires one series by the dis- wretchedness, and crime in the East and luxury in the count of another says the same thing; he wrongs no one, West. The sooner we end or mend the bank-note promise and does not his fraud provide employment for his work- the better for the welfare of the realm. people and freight for his ships? Certainly it does both; and there are not wanting those who have the same to say of the absolutely inconvertible £15,000,000 in notes of the Bank of England. This inconvertible
A DEGRADED AVOCAT-M. QUESNAY DE £15,000,000 is regarded by such as an addition to the
BEAUREPAIRE. capital of the country. Assuming the contention to be correct, although the reverse is the fact, then capital may The doings of lawyers all the world over is necessarily the be a fraud, as doubtless it often is, and is so in this case. concern of this journal, and it is with regret that we Why compel us to live under such an imputation—the learned that the French Government of the day had, after imputation that commerce, industry, and wages are founded several trials, succeeded in finding a subservient tool to on a clever trick? Why not founded on common honesty ? draw
up the most absurd indictment that over disgraced If we are to have bank-notes, let them be honestly con- the annals of law or of legal administration in a civilised vertible into coin or honestly inconvertible; and let us no country. We, too, have had our Jeffery, our Scrooge, and longer remain exposed to the danger inseparable from this other degraded lawyers, who stopped at nothing to conaccession to the general knowledge that our money system ciliate their masters, and prostituted their talents and their is an imposture. Anarchy, Socialism, and Communism could learning to the vile purposes of this or that faction which not find nor use a more potent weapon against established happened to be in power, thereby degrading not merely things and order than a demonstration to the effect that their own miserable selves, but bringing contempt and legally and systematically the masses are imposed upon by odium on a noble art. But with us such a spectacle of the bank-note promise.
degradation among men in the higher walks of the law is What is behind the authorised note issues of the Scotch no longer possible. It was reserved for France to find in and the Irish banks ?-not a sixpence. The English banks a Quesnay de Beaurepaire a traitor to his profession--one of issue, other than the Bank of England, are similarly who furnishes ground for the old slander about the venality privileged. These last may issue nearly £7,000,000 in of lawyers. But there is another and a brighter side to promises to pay; the Irish banks upwards of £6,000,000; the picture, which shines all the more conspicuously from and the Scotch banks nearly £3,000,000. With the the dark background furnished by this de Beaurepaire. Bank of England authorised issue, this is an aggregate The bright side of the picture, we need hardly say, is that of upwards of £30,000,000 in bank-note promise. Were the Government found difficulty in procuring their tool. this note issue to be transferred to the County Councils M. Bouchez, their Procureur-General, a practising lawyer there would be something, although not much, to be said of repute, absolutely refused, although strongly antiin its defence, but to continue it in its present form is an Boulangist, to degrade himself and his profession by preoutrage on right and common sense. It is perpetual senting the indictment asked for; and after searching in pensioning in its worst form ; an exclusive right to lend vain oven in the byways of the profession, they were and traffic in promises. And such promises: neither intended obliged to have recourse to a literary person--a lawyer to be made good nor made good, and yet veritable sub- only in name, who never had any practice nor anything to stitutes for gold, silver, and copper money. The note of a do with law. It is some consolation to us to know this, bank of issue, except in the exceptional instances of coin and we decline altogether to recognise this itinerant penbeing required for it, goes out into the world of life, in- man as one of our craft. dustry, and commerce, as old time Tyburn highwayman upon Blackheath or pirate upon ocean. On the Stock
OG Exchange there are special rates for the handling of these promises from one fortnightly settlement to another. No A BILL INTITULED AN ACT FOR CODIFYING payment is then made, nor is there any repayment; only THE LAW RELATING TO THE SALE OF GOODS. hand-to-hand giving and taking in endless circle in lieu of gold, silver, or copper coin. Surely, if there is meaning in
[LORD HERSCHELL.] words, payment cannot be made in promises of payment,
Preliminary. but in actual payment of the represented coin. Nor is
1. Short title.- This Act may be cited as “The Sale of Goods this quibbling, for if promises to pay are as good
2. Extent. This Act shall not extend to Scotland or Ireland. as the fulfilment of the promises, why not dispense
3. Commencement.--This Act shall come into operation on the with coin ? Either the one or the other is absurd, and
first day of November, one thousand eight hundred and eighty. that the shadow should be invested with the attributes nine. of the substance is in plain speech a job. Take for illus- 4. Interpretation of terms.-(1.) In this Act, unless the context tration some of the ordinary operations of trade and or subject matter otherwise requires,commerce. The promises of a Yorkshire or a Lancashire “ Action" includes counter-claim and set-off. bank of issue buy the cotton and the wool; next they buy “Buyer ” means a person who buys or agrees to buy goods. the yarn; and next they buy the fabric. These three
“Contract of sale " includes an agreement to sell as well as
a sale. operations, to pass by probably as many more, taken at 4
" Delivery” means transfer of possession actual or conper cent. each, impose a tax on production and in restraint
structive from one person to anotber. of trade of 12 per cent. The operatives grumble, as well “Document of title to goods” has the same meaning as it has they may, but they fail to put the saddle on the right in the Factors Acts. horse ; their employers giving their lives to their work “Factors Acts” mean the Factors Acts 1823 to 1877, or any may be earning next to nothing by it; while the promise- enactment amending or substituted for the same. to-pay banker, who does not pay, in a plethora of wealth “Future goods mean goods to be manufactured or acquired is ever on the outlook for leaseholds and freeholds whereon by the seller after the making of the contract of sale. he may make provision for an ever-expanding business.
“Goods” include all chattels personal other than things in Surely this is the Brown Bess, flint-lock manner of banking, things attached to or forming part of the land which are
action and money. The term also includes emblements and not the magazine-gun system. It is surely a survival. Again,
intended to be severed before sale or under the contract of the promises of the Bank of England may buy ground. sale. rents, brick and mortar, and timber and window-sashes, and Person” includes a body of persons, whether incorporated the Bank of England rate for its promises to pay has been or not.
"Property" means the general property in goods, and not
The Price. merely a special property,
13. Ascertainment of price.-(1.) The price in a contract of "Seller means a person who sells or agrees to sell goods.
sale may be fixed by the contract, or may be left to be fixed in Specific goods” mean goods identified and agreed upon at manner thereby agreed, or may be left to subsequent arrangethe time a contract of sale is made.
ment. “Warranty" means an agreement with reference to goods (2.) When the price is not determined in accordance with the which are the subject of a contract of sale, but collateral to the
foregoing provisions the buyer must pay a reasonable price. main purpose of such contract.
What is a reasonable price is a question of fact dependent on "Writing” includes print, and" written "includes printed. the circumstances of each particular case. (2) A thing is deemed to be done in "good faith” within the
14. Agreement to sell at valuation. Where there is an agreemeaning of this Act when it is in fact done honestly, whether ment to sell goods on the terms that the price is to be fixed by it be done negligently or not.
the valuation of a third party, and such third party cannot or (3) A person is deemed to be insolvent within the meaning of does not make such valuation, the agreement is avoided ; prothis Act who either has ceased to pay his debts in the ordinary vided that if the goods or any part thereof have been delivered course of business, or cannot pay his debts as they become due, to and appropriated by the buyer he must pay a reasonable whether he has committed an act of bankruptcy or not.
Conditions and Warranties.
15. Implied condition or warranty may be expressly excluded.5. Sale and agreement to sell.-(1.) A contract of sale is a con- Where a condition or warranty arises in a contract of sale by tract whereby the seller transfers or agrees to transfer the pro- implication of law, it may be negatived or varied by express perty in goods to the buyer for a money consideration, called agreement. the price, which the latter pays or agrees to pay. There may
16. Sale by description.- Where there is a contract for the a contract of sale between one part owner and another.
sale of goods by description, the goods must correspond with the (2.) Where under a contract of sale the property in the goods description; and if the sale be by sample, it is not sufficient that is transferred from the seller to the buyer the contract is called the bulk of the goods correspond with the sample if they do not a sale ; but where the transfer of the property in the goods is also correspond with the description. to take place at a future time, or subject to some condition 17. Stipulations as to time of payment.-(1) Unless a contrary thereafter to be performed, the contract is called an “agreement intention appears from the terms of the contract, stipulations as to sell " or, as the case may be, an agreement to buy.
to time of payment are not deemed to be of the essence of a (3.) An agreement to sell or buy becomes a sale when the time contract of sale. elapses or the conditions are performed subject to which the (2) In a contract of sale “ month” means prima facie calendar property in the goods is to be transferred.
month. Quasi-Contracts of Sale.
18. Contract of sale may be accompanied by warranty.-(1) A 6. Satisfied judgment in trover, trespass, or detinue.- Where contract of sale may be accompanied by one or more warranties, in an action for trespass to, or the conversion or wrongful expressed or implied, given by the seller to the buyer. detention of, goods, the plaintiff recovers the full value of the (2) 4 warranty may be either included in the contract of sale, goods as damages, and the defendant satisfies the judgment, the or may be given after the contract of sale is completed. transaction operates as a sale of the goods from the plaintiff to (3) Where a warranty is given after the contract of sale is the defendant as from the time when the judgment is satisfied. completed, it must be supported by fresh consideration. Capacity of Parties.
19. Buyer may treat condition as warranty.-(1.) Where a 7. Capacity to buy and sell.- Capacity to buy and sell is
contract of sale is subject to any condition for the benefit of the co-extensive with capacity to contract.
buyer, the buyer may elect to treat the non-performance of such Provided that where necessaries are sold and delivered to an
condition as a breach of warranty, and not as a ground for reinfant he must pay a reasonable price therefor.
scinding the contract. “Necessaries” in this section means goods suitable to the
(2.) Whether a stipulation in a contract of sale is a condition infant's condition in life, and to his actual requirements at the
or a warranty depends in each case on the construction of the time of the sale.
contract. Formalities of the Contract.
(3.) Where a contract of sale is not severable, and the buyer 8. Contract of sale, how made.- Subject to the provisions of
has accepted part performance of the contract, a breach of any this Act, and of any statute in that behalf, a contract of sale
condition on the part of the seller can only be treated by the may be made in writing (either with or without seal) or by
buyer as a breach of warranty. word of mouth, or partly in writing and partly by word of
20. Implied warranty of title.-By a contract of sale the mouth, or may be implied from the conduct of the parties.
seller impliedly warrants his right to sell the goods, unless the 9. Contract of sale for £10 and upwards.-(1.) No contract
circumstances of the sale or agreement to sell are such as to show for the sale of any goods of the value of ten pounds or upwards
that the seller is transferring only such property as he may have shall be allowed to be good unless the buyer shall accept part of
in the goods. the goods so sold, and actually receive the same, or give some
21. Rule of caveat emptor.-- Subject to the provisions of this thing in earnest to bind the contract, or in part payment, or
Act and of any statute in that behalf, there is no implied warunless some note or memorandum in writing of the contract be
ranty of the quality, fitness, or condition of goods supplied under made and signed by the party to be charged or his agent in that
a contract of sale. bebalf.
Provided that (2.) The provisions of this section shall apply to every such (1.) Implied warranties of quality, fitness, or condition.contract, notwithstanding that the goods may be intended to be An implied warranty of quality, fitness, or condition may delivered at some future time, or may not at the time of such be annexed by the usage of trade. contract be actually made, procured, or provided, or fit or ready (2.) Where the buyer, relying on the seller's skill or judg. for delivery, or some act may be requisite for the making or ment, orders goods for a particular purpose known to the completing thereof, or rendering the same fit for delivery.
seller, and the goods are of a description which it is in (3.) There is an acceptance of goods within the meaning of course of the seller's business to supply (whether he be this section when the buyer does any act in relation to the goods the manufacturer or not), there is an implied warranty which recognises a pre-existing contract of sale, whether there be that the goods shall be reasonably fit for such purpose. an acceptance in performance of the contract or not.
(3.) Where goods are ordered by description from a seller (4.) The provisions of this section shall not apply to a con
who deals in goods of that description (whether he be the tract of exchange of goods.
manufacturer or not), and the buyer has no opportunity Subject-matter of Contract.
of examining the goods, there is an implied warranty 10. Existing or future goods.-(1.) The goods which form
that the goods shall be of merchantable quality and the subject of a contract of sale may be existing goods or future
(4.) Where there is a contract for the sale of goods by a (2.) There may be a contract for the sale of goods, the manufacturer, as such, there is, in the absence of any acquisition of which by the seller depends upon 'a contingency trade usage to the contrary, an implied warranty that the which may or may not happen.
goods are of the seller's own manufacture. (3.) Where by a contract of sale the seller purports to effect (5.) An express warranty does not negative a warranty a present sale of future goods, the contract operates as an
implied by this Act, unless inconsistent therewith. agreement to sell the goods.
Sale by Sample. 11. Goods which have ceased to excist.-Where there is a con- 22. Sale by sample.-(1.) A contract of sale is a contract for trart for the sale of specific goods, and the goods unknown to sale by sample when there is a term in the contract, express or the seller have ceased to exist at the time of the contract, the implied, to that effect. The exhibition of a sample during the contract is void.
making of the contract does not of itself make it a contract for 12. Goods perishing before sale, but after agreement to sell.. sale by sample. Where there is an agreement to sell specific goods, and subse- (2.) In the case of a contract for sale by samplequently the goods, without any default on the part of the seller (a.) There is an implied warranty that the bulk shall correor buyer, perish before the property passes to the buyer, the
spond with the sample in quality and condition. agreement is thereby avoided.
(6.) There is an implied condition that the buyer shall have a seller ;
reasonable opportunity of comparing the bulk with the affect the duties or liabilities of either seller or buyer as a bailee sample.
of the goods of the other party. (c) There is an implied warranty that the goods shall be free
(To be continued.)
This is a company whose name should be transferred to the buyer unless and until the goods are ascer
The Scottish Im• blazoned far and wide, so that intending
perial Insurance tained.
insurers in England, and, indeed, anywhere 24. Property passes when it intends to pa88.–(1.) When
out of Scotland, may avoid them as they there is a contract for the sale of specific or ascertained goods would the plague. Whether their name stinks as much the property in them is transferred to the buyer at such time as on their native heather as it does now among the Sassethe parties to the contract intend it to be transferred.
nach we don't know, and care as little. But if we are to (2.) For the purpose of ascertaining the intention of the
argue from their recent conduct, we should say that they parties regard shall be had to the terms of the contract, the con. duct of the parties, and the circumstances of the case.
could have but little reputation at home, seeing that they 25. Rules for ascertaining intention. — Unless a different
cared so little about it. Here is a company that comes intention appears, the following are rules for ascertaining the
uninvited among English people, and touts for their busiintention of the parties as to the time at which the property in ness, accepts their money, and when they have to pay the goods is to pass to the buyer.
refuse, for no reason that we know of. But when Rule 1.
When there is an unconditional contract for the sale action is brought, then for the first time they produce the of specific goods in a deliverable state, the property in card they had up their sleeve all the while, and say in the goods passes to the buyer when the contract is
effect, made, and it is immaterial whether the time of pay- foreign Courts; you must come over to auld Reekie and
“We are a Scotch company; English Courts are ment or the time of delivery, or both, be postponed. Rule 2.- Where there is a contract for the sale of specific
fight us. Meantime, the chance of your being able to go goods, and the seller is bound to do something to the
on, even in Scotia's liberal Courts, is much lessened, for goods for the purpose of putting them into a deliver- we cripple you now with the costs you incur both ours, and able state, the property does not pass until such thing your own, for supposing that you could sue us in the be done.
country where we made the contract with you, and took Rule 3.- Where there is a contract for the sale of specific your money." We repeat, that any company which had goods in a deliverable state, but the seller is bound to
a reputation of any value at home would hardly, we should weigh, measure, test, or do some other act or thing with reference to the goods for the purpose of ascertaining
think, so act abroad. The Legislature, however, must
look to it that the citizens of this country be protected the price, the property does not pass until such act or thing be done.
from the possibility of such wrongdoing on the part of Rule 4.-When goods are delivered to the buyer on approval
any company of any nationality whatsoever. It is easy to or on “sale or return" or other similar terms, the pro- legislate so that any insurance office which is not amenable perty therein passes to the buyer :
to English Courts of Justice may be made guilty of ob(a.) When he signifies his approval or acceptance to the taining money under false pretences, if it obtains
premiums in this country. The dread, however, which this (6.) If he does not signify his approval or acceptance to the case will inspire in the ordinary citizen of dealing with any seller, but retains the goods without giving notice
Scotch company, even those of better name and higher fame of rejection, then, if a time has been fixed for the
than the Scottish Imperial (Imperial! What a satire on the return of the goods, on the expiration of such time, and if no time has been fixed, on the expiration of a
name ? How much apter would Scottish pettifogger or reasonable time. What is a reasonable time is a
quibbler be?), will be made ample use of by skilful agents question of fact.
of English companies. Be sure of that. The fact that Rule 5.-(1.) Where there is a contract for the sale of unas- the policy, which is the subject matter of dispute, was
certained or future goods by description, and goods of that of a solicitor's clerk, and that it is his wife who has
our indignation. The case has created quite a sensation with the assent of the seller, the property in the goods
among the officials of the Scottish insurance offices. That thereupon passes to the buyer. Such assent may be
two English judges in the Court of Queen's Bench should
hold that a domiciled Scotchman or Irishman cannot be express or implied, and may be given either before or after the appropriation is made.
sued in the English Courts, and that a Scotch or Irish (2.) Where, in pursuance of the contract, the seller delivers corporation is in the same position, is a bitter pill for the
the goods to the buyer or to a carrier or other bailee managers of Scotch insurance offices who imagine-and (whether named by the buyer or not) for the purpose rightly—that they see their business in Eogland, from which of transmission to the buyer, and does not reserve the such a large proportion has hitherto been derived, verily right of disposal, he is deemed to have unconditionally vanishing before their eyes. Some of said managers are appropriated the goods to the contract.
accordingly writing, one after another, to explain that 26. Reservation of right of disposal.—(1.) Where there is a their case is different from that of others. They have a contract for the sale of specific goods, or where goods are sub
special Act of Parliament providing that every policy sequently appropriated to the contract, the seller may, by the terms of the contract or appropriation, reserve the right of dis.
effected by a person described as of any place in England posal of the goods until certain conditions are fulfilled. In such
or Ireland shall be deemed to be effected with an incase, notwithstanding the delivery of the goods to the buyer, or surance company having its domicile and head office in to a carrier or other bailee for the purpose of transmission to the City of London or in Dublin. It is true that this the buyer, the property in the goods does not pass to the buyer applies to certain of the Scotch offices, but policyholders until the conditions imposed by the seller are fulfilled.
and intending assurers will do well to ascertain which they (2.) When goods are shipped, and by the bill of lading the are, as it certainly does not apply to nearly all. Public goods are deliverable to the order of the seller or his agent, the interest
first aroused in the
by the seller is prima facie deemed to reserve the right of disposal.
letter of “W. G. B.” to the Times in the City article of (3.) When the seller of goods draws on the buyer for the
the 3rd inst. He called attention to the fact that the Court price, and transmits the bill of exchange and bill of lading to the buyer together, the buyer is bound to return the bill of
upheld the decision of a Judge in Chambers, who had lading if he does not accept the bill of exchange, and if he wrong
restrained an action brought against the company upon fully retains the bill of lading the property in the goods does one of its policies, ruling that a Scotch or Irish corporanot pass to him.
tion, though carrying on a large business in England, 37. Risk primâ facie passés with property.-Unless otherwise cannot be sued in the English Courts. The law is by no agreed, the goods remain at the seller's risk until the property means new, but the case serves as a reminder to all therein is transferred to the buyer, but when the property English holders of policies in Scotch insurance companies therein is transferred to the buyer, the goods are at the buyer's risk whether delivery has been made or not.
of their position. Few of them could have contemplated Provided that where delivery has been delayed through the
that they would be unable to enforce their claims in the default of either buyer or seller the goods are at the risk of the
Courts of this country, unless by virtue of the provisions party making default.
of some special statute. Briefly stated, the facts are Provided also that nothing in this section shall be deemed to these : Mrs. Watkins, the widow of a solicitor's clerk,
brought an action in London against the Scottish Imperial advance, which does not call for special comment. In the Insurance Company to obtain the sum assured upon a policy fire department the premiums were £124,570, after of insurance effected by her husband on his life with the deducting reinsurance premiums, as compared with company. The Scottish Imperial Company having no £47,987 in 1876, having increased by considerably more such statute as above referred to, contended that, being a than two and a half times within the last dozen years. Scottish corporation, the English Courts had no jurisdic- The fire losses in 1876 were 564 per cent. of the net tion. This contention was upheld by a Judge in Chambers, premium income, and last year were 49.93 per cent. The and appeal being made from his decision to a Divisional average rate from the commencement of the company is Court, the case was heard on the 27th of May before nearly 60 per cent., therefore the year 1888 has indeed Justices Mathew and Grantham, who affirmed the judg- been a harvest-time for the Caledonian. The commission ment of the Judge in Chambers. Technically, therefore, and management expenses are £42,467, being 34:09 per the Scottish Imperial Company bas gained the day, but it cent., against 33.50 in 1887. The total fire insurance is not too much to affirm that they have lost influence to funds, including the paid-up capital, which in 1876 an enormous extent, and we anticipate the English repre- amounted to £185,639, last year reached the sum of £374,694, sentatives will find it difficult to effect new business in this being rather more than three times the amount of the fire country. It is a marvellous thing that the office should dare premiums. This
exhibits a degree of financial strength almost to bring forward the plea of no jurisdiction. They must unequalled. The directors have wisely taken advantage now take the full consequences of their ill-advised action. of the exceptionally good year to make a moderate addiTheir best policy now is to withdraw their plea, and pay tion to the already strong reserve. They have accordingly the poor widow her money.
added £10,000 to the fire guarantee fund, and £500 to
the reserve premium account, which now stands at We notice the name of Mr. J. Fisher £62,500, or one-half of the premium income, which The New York Smith, the general manager of this mam. represents the provision for the current fire risks up to the Life. moth office, as a donor to the Patriotic dates when the next premiums become due.
This reserve, Volunteer Fund. This shows how com- while not always made, is a most commendable feature, pletely Mr. Fisher Smith identifies himself with the and, per se, shows the wisdom of providing for the current people among whom he does business, and must tend still half-year's amount of unexpired risk before apportioning further to popularise this already popular office among us. the dividend to the proprietors. Some authorities, whose We expect other American companies will now follow competency to form a well-balanced judgment on the suit, among them that creature of imitation, Mr. D. C. subject has not been questioned, consider a reserve of oneHaldeman, of the Mutual of New York. If we can third of the premium income to be sufficient; but while induce him to shell out and look pleasant, so much the not committing ourselves to any decided opinion at the better for the fund.
may just as well do it at first as moment as to what the exact proportion ought to be, it at last. But what were Mr. Kelly and Mr. Munkittrick, will be perfectly clear to our readers that, in being able to of the Equity of the States, thinking of that they allowed reserve one-half of its premium income, the Caledonian Friend Fisher Smith to forestall them in this fashion? The enjoys a very enviable position among fire offices. The fact is, the latter does from heart and instinct what the remaining surplus for the year is £32,194, and the others may do from policy, and the result is that their directors recommend that from this sum a dividend of action gets“ sicklied o'er with the pale cast of thought.” £1 38. per share be paid, which will absorb £20,700, and “Bis dat qui cito dat," and we thank Mr. Fisher Smith leave a balance of £11,494 to be carried forward. This for setting an example which ought to have many compares with £1 18. last year, and with such a capital imitators among English as well as American insurance return on their money the shareholders
be well satismanagers.
fied. The investments of the Caledonian are unexceptional,
and yield a high rate of interest. The valuations are conThe oldest Scotch insurance office is ducted on the strictest possible bases, and handsome Caledonian In• the Caledonian. Founded in 1805 for the bonuses are distributed to the policy-holders. The comCompany.
transaction of fire business, the life de- pany also grants very large surrender values, of which
partment was added in 1833. The business, condition, however, the assured do not avail themselves while not phenomenal, has uniformly been of the best to any extent, as they are fully contented with their and most profitable character. The life department has contract, and know they can withdraw at any time, and progressed rapidly within the last few years. The new always receive a large portion of their premiums back if assurances effected during 1888 were for £432,852, as they so wish. The Caledonian was the first British office to compared with £356,758 in the previous year, showing an adopt the non-forfeiture plan, and has carried out the spirit increase of £76,094. For the tenth year in succession the of the principle in a most liberal manner. The actuary has new life business has exceeded that of any preceding year embodied in the new prospectus apparently every new imin the history of the company; and comparing the business provement introduced into the business of life assurance. now transacted with that of fourteen years ago, it will be
Mr. David Deuchar, the manager and actuary to whom so found, as the chairman pointed out in his speech at the much of the success of the company is directly due, is in annual meeting, that the relative increase made by the every sense of the word a successful manager, and an Caledonian within that period is greater than that of actuary of the highest standing. He has, too, the rare almost any other ordinary life office in the kingdom. The gift of personal magnetism, and there is probably no other following are the figures at septennial intervals :
insurance office marked in so large a degree with esprit de
corp8 and loyalty on the part of both indoor and outdoor No.of new
staff to the able management of this old and wealthy Year. Sum assured.
This company hails from Liverpool, and
may be known by name to many of our
London and Globe 1874 341 127,675
readers. Although widely known, and 1881 631 279,004
having connections in all parts of the world, 1888 946 432,852 17,567
it unfortunately is not gaining ground. It is a huge concern by reason of numerous amalgamations,
and as long ago as 1846 the London, Edinburgh, and In 1876 the life premium income was £60,692, in 1882 it Dublin was transferred to the Liverpool and London ; and was raised to £76,664, and last year it amounted to among many other transfers we may mention that of the £105,402. Twelve years ago the life funds were £559,709; Monarch in 1857 (which had previously absorbed the in 1882, £718, 140; and in 1888, £915,613, or an increase Licensed Victuallers and other companies), the Unity of £71,956, by far the largest sum in a single year that Fire in 1862, and the Globe in 1863, by special Act of the company has been enabled to add to its assurance Parliament, the name of the Globe being added to the fund for many years. The increase at all points is most designation of the Liverpool and London. This latter striking and noteworthy. The company has uniformly amalgamation increased the income considerably, and been managed at a moderate rate of expenditure. The carried with it a paid-up share capital of a million, which ratio last year shows, as might be expected, 4 slight was converted into permanent annuities. The fire premiums