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LIGHT VERSUS DARKNESS.

"SHAKESPEARE, the Greatest Genius who has ever yet lived," taught the Divineness of For. giveness, of Perpetual Mercy, of Constant Patience, of Endless Peace, of Perpetual Gentleness. If you can show me one who knew things better than this man, show him !! I know him not!! If he had appeared as a Divine, they would have Burned Him; as a Politician, they would have Beheaded Him; but God made him a Player.

"He taught that kindness is Nobler than Revenge!!”—The Rev. GEORGE DAWSON, M.A.
“Earthly power doth then show likest God's And that same prayer doth teach us all to render
When mercy seasons justice,

The Deeds of Mercy."

SHAKESPEARE.
What higher aim can man attain

Than conquest over human pain ?
JEOPARDY OF LIFE, THE GREAT DANGER OF DELAY.

You can change the trickling stream, but not the Raging Torrent.
WHAT EVERYBODY SHOULD READ.--How important it is to every individual to have at hand

some simple, effective, and palatable remedy such as Eno's FruIT SALT, to check disease at the
onset!!! For this is the time. With very little trouble you can change the course of the trickling mountain
stream but not the rolling river. I feel I cannot sufficiently impress this important information upon every-
body :--Let Eno's “ FRUIT SALT" be your companion. When out of sorts, yet unable to say why, it is a
real necessity to have a simple remedy at hand. The Pilot can so steer and direct as to bring the ship into
safety, but he cannot quell the raging storm. The common idea when not feeling well is: “I will wait and
see; perhaps I shall be better to-morrow;" whereas had a supply of Eno's “ FRUIT SALT" been at hand,
and use made of it at the onset, all calamitous results might have been avoided. What dashes to the earth
so many hopes, breaks so many sweet alliances, blasts so many auspicious enterprises, as untimely Death?
“I used my "FRUIT SALT' in my last severe attack of fever and I have every reason to say

I believe it saved my life."-J. C. ENO.
CAUTION.-Examine each bottle, and see that the Capsule is marked ENO'S "FRUIT SALT."

Without it you have been imposed on by a worthless imitation. Sold by all Chemists.

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

TEMPLE CANDLESTICKS

(REGISTERED).

Robinson & Cleaver's Irish

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sale Prices.

DAMASK TABLE & HOUSE LINENS, At Whole.

COLLARS, CUFFS & SHIRTS,
Old Shirts made equal | CAMBRIC POCKET

HANDKERCHIEFS.

Send for Samples and Price Lists, post free.

to New, with best Materials in Neckbands, Cuffs and Fronts, for

Samples and Price Lists, post free.

Per dozen :145.

Children's 1s. 3d. Hemstitched : the Half Dozen. Ladies'.... 28.4

d. Ladies'... 25. 11/d.

Gents'.....3s. 6d. Gents'....4 11d. We refit none under

By Appointment to the Queen and the this figure.

Empress Frederick of Germany.
ROBI
OBINSON AND CLEAYER, BELFAST,

Telegraphic Address, LINEN," Belfast.

In beautiful finished brass. English make. Will never tarnish

Either pattern, 215. the pair.
S. FISHER, 188, STRAND,

OLICITORS.A of New Stone Buildings, Chancery Lane, close to the Law Courts and the Chancery Lane Safe Deposit Lighted by electric Light. Every convenience Moderate rent. Use of elegant arbitration rooms in same building at reduced terms.-Apply at the Collector's Office, in the Hall of 63 and 64, Chancery Lane, W.C.

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All who wish the Best Return

for their Money Should refer to the results recently secured to Tontine Policy-holders in the NEW YORK LIFE INSURANCE COMPANY, Full particulars of which can be obtained on application. This Company's latest

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London Office 76 & 77, Cheapside, E.C

J. FISHER SMITH, General Manager

THE BIRKBECK ALMANACK, with full particula rs,post free on application.

FRÄNCIS RAVENS CROFT, Manager

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Pump Court

VOL. VIII.

LONDON, WEDNESDAY, APRIL 17, 1889.

No. 131.

she accepted the allotment originally on an agreement PUMP COURT.

not to enforce payment of the balance. The Temple Newspaper and Review.

A curious point arose before North, J., in re Dean, Cooper-Dean v. Stephens. In that case the testator gave to his trustees his eight horses and ponies at Littledown, and also his hounds and the kennels there, and charged his freehold estates, thereinbefore devised, with the payment to his trustees for the term of fifty years from his death, if any of the said horses and hounds should so long live, of an annual sum of £750, and declared that his trustees should apply the said annual sum for the maintenance of the horses and hounds for the time being living, and in maintaining the stables, kennels, and buildings inhabited by them. He declared that his trustees should not be bound to render any account of the application or expenditure of the said sum of £750, and that any part remaining unapplied should be dealt with by them at their sole

discretion, and his will was that so long as any horses, CURRENTE CALAMO.

ponies, or hounds should be living, they should be kept in the stables, kennels, and buildings which they

then occupied. The horses and ponies were not to be De Lege ; de Oninibus Rebus et Quibusdam Aliis.

worked after his death, nor were they or the hounds to be sold. North, J., held that the gift, being for the

purpose of supporting particular horses and dogs, was not In Duncan v, Lawson we have a valuable decision a charity, and therefore not void as offending against on what was previously a moot point. In that case a the mortmain law, nor invalid merely by reason of domiciled Scotchman died, leaving a will, which, how - there being no person who could enforce it. He also ever, did not take effect as to certain leaseholds situate came to the conclusion, on the construction of the in England. Now the rule regulating the devolution whole will, that the trustees did not take any personal of personal estate in general is that the law of domicil benefit in any surplus of the £750 per annum that regulates succession to it, for mobilia sequuntur per

there might be, but that they had an absolute discretion sonan. But as to leaseholds, though undoubtedly as to how much of it was to be expended for the mainpersonalty, considerable difficulty has been felt. Lease- tenance of the horses and hounds, as long as any of holds, unlike moveable property, have a locality. They them might be alive. are not mobilia, but immobilia, and in Freke v. Lord Carbery, L. R. 16, 461, a dictum was expressed that THE case of MacDougall v. Knight et al., draws the succession to leasehold depended not on the domi

attention to what we believe many people will cil of the intestate, but on the lex loci rei sitae.

think a state of the law requiring remedy. In that

case the plaintiff had a dispute with the defenPreviously, however, to Duncan v. Lawson, there

dant. The dispute begot an action in Chancery, was no distinct authority, but Kay, J., adopted the view

and North, J., in the course of a long judgment, made taken in the Freke v. Lord Carbery (ubi supra), and

comments unfavourable to the plaintiff. The plaindecided that the persons to take the leaseholds of the tiff appealed, and the Court of Appeal, although conintestate were the next of kin of the testator, according firming the judgment of North, J., stated that they to the English law, and not to Scotch law.

did not agree with his disparaging remarks concerning the plaintiff. Meanwhile, however, Messrs.

Knight and Sons had issued, prior to the hearing Under the Temple Law Reports, we give a note of the of the appeal, a pamphlet purporting to decision of the Court of Appeal in re The Railway Time verbatim report of the judgment of North, J. The Tables Publishing Company. In that case shares had been question was, whether the separate publication of the issued at a discount, and Stirling, J., considering that he judgment of a court or judge could be the subject of was following in re The Almada and Tirito Company, an action for libel. That question, although it was the 38, Ch. D. 415, held that the issue of the shares was only question of general importance dealt with in the wholly void, and that the name of the holder must be House of Lords, was not properly raised by the pleadremoved, as she desired, from the register, and an order ings, and therefore their lordships' utterances were of made for repayment to her of the amount she had paid course only dicta ; but each of the judges positively in respect of them. The Court of Appeal, however, guarded himself against laying down that the publicawere of opinion that although as long as the matter tion of the judgment of a learned judge must necessarily rested in contract, being ultra vires, it could not be be privileged. Lord Halsbury, L.C., pointed out that enforced, yet when the allottee was placed, as she the ground on which privilege attaches to knew, on the register, and acted in such a way as accurate report of what takes place in a court to evidence an agreement as to treat herself as a of justice is that judicial proceedings are, in this member of the company, she was liable to remain on country, public, and that publication is merely enlargthe register, and keep the shares, and could not avoid ing the area of the Court, and communicating to all liability to pay the amounts remaining unpaid, though that which all had a right to know. But it was obvious

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be a

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on

that a partial account of proceedings, in a court of if we may use the term of such an exalted personage, justice, which a judgment alone may be, might be the he completely “lost his head," and declared that he exact reverse of putting the person to whom publication would recommend the Council to disregard the was made in the same position as if present himself, resolution, and refused to allow Mr. Low to move for nor did he think there was any presumption, one a committee to carry it out, although he had previously. way or the other, as to whether a judge's judgment did, under exactly analagous circumstances, allowed that or did not, give such a complete substantially accurate course in connection with Mr. Munton's excellent propoaccount of the matters upon which he may be adjudlica- sition ; but then, Mr. Munton is a persona grata with the ting as to bring it within the privilege. No doubt this powers that be,” which we suppose makes all the reasoning is not conclusive, for the publication of the difference. Mr.Low who seemed surprised at the result of judgment alone, would put the person to whom publi- his eloquence and audacity, may, however, congratulate cation was made in the same position as if present himself on having knocked the first nail into the coffin of during the delivering of the judgment, though not as the iniquitous tax, for he should have no difficulty in if present throughout the proceeding. Mr. J.F. Oswald finding supporters to enable him to compel the Council has since, in a letter to the Times, stated that what was to carry out the legally expressed wish of the members complained of was that the publication of a report or, failing that, carrying the matter through indepenwhich was not verbatim of the judges' judgment dently of the society altogether. We think, however, alone, and that “all which has to be guarded against in

that the Council will do the society irreparable injury consequence of what fell from the law lords in the if they still remain obdurate in the matter. publication (except in a clear case) of any part of a judgment reflecting

anyone personally."

We

MR. A. H. HASTIE's in his motion, alluded to above, confess, however, we think the dicta of the law lords,

showed that he was a funny man, and seemed to which went further than this, cannot be safely dis

invite people to write me down an ass." He asked regarded ; a judgment may contain expressions not

the meeting to say that the confidence of the public in warranted by the evidence addressed in Court, if both

the profession had of late been greatly shaken by evidence and judgment are published, the public have

recent frauds and thefts of solicitors ; secondly, that a the opinion of the judge, and the materials, in the main,

system of mutual insurance should be adopted on which he formed it, and can draw their own

with a view to restore that confidence, and thirdly, conclusions.

that Parliament should be urged by the chief Law

Society, to pass an Act requiring security from solicitors THE Incorporated Law Society U. K., carried by hereafter to be admitted, of not less than £5,000. Mr. a narrow majority the resolutions of Mr. Herbert Low Hastie said that two or three per cent. of the whole body and Mr. Charles Ford, on Friday last, in favour of the of solicitors were struck off the rolls, and one of abolition of the annual certificate duty. For many

the results of the resolutions would be to limit the years Mr. Ford has brought forward at intervals notices numbers entering an already over-crowded profession. of motion on this subject before the society. We Mr. A. E. Finch asserted that the council had been for understand, however, that the President of the society years improving the condition of solicitors. The (Mr. B. G. Lake), there and then sta ted that the council remedy proposed was most extraordinary and illogical. would not give effect to the resolution as carried. Mr. W. P. W. Phillimore said the guarantee would There is a very strong feeling among many solicitors only affect a few of the poor, wretched county-court that the tax ought to be got rid of, and we have practitioners. Solicitors were quite as honest as bankers, received a letter from Mr. Ford, of the Outer Temple, doctors, merchants, and even parsons.. On the motion London, W.C., asking that all solicitors who support being put, only three solicitors in a meeting of over the abolition of the tax will communicate with him, as

three hundred voted in its favour. he proposes to form an association of solicitors to meet the circumstances of the case.

THE meeting of the Bar, at which some 600 members

were present, was held on Saturday, and the AttorneySOLICITORS notoriously conduct other people's General presided. Several members cheered vociferously, business better than their own, and the proceedings at got on the benches, and waved their hats enthusiasFriday's meeting of the Incorporated Law Society, tically. No allusion, whatever, was made to recent gave additional force to Mr. Parker's argument in events and this was prudent and proper. But Mr. favour of the debates of the society being conducted on Pope, Q.C., spoke in general terms of the high esteem defined rules, for neither the chairman himself, nor the in which Sir Richard was held, and he was vociferously members, seemed well up in the matter. The meeting cheered. was remarkable in more ways than one. In the first place the hall was crowded, at one time, more than we TERRY'S Theatre will be closed on the evenings of have ever seen it. We suppose it was Mr. Hastie's Monday, Tuesday, Wednesday, Thursday, and Friday extraordinary motion that caused this phenomenal next, and will re-open for the morning performance on attendance, for after he had been duly “roasted the

Saturday, April 20th, when “Sweet Lavender will numbers thinned to about the normal total. continue its successful career. “The Toothpick Brigade " of the society as the club men have been aptly named) would have done ROYAL PRINCESS'S THEATRE.-In response to a well to have, and supported the Council in opposition to Mr. Herbert Low's motion re Certificate Tax, public to see Mr. Wilson Barrett in his great successes,

vory generally expressed desire on the part of the but, apparently thinking that it had “no show” they previous to his departure to tour in America, Miss decamped, as did others who had the same opinion, but

Grace Hawthorne has arranged to revive (for a limited, would have stayed to vote in its favour had they known

number of performances only) “ The Silver King," what “a close thing" the voting was to be. As it was,

with all the original scenery and effects, on Monday, that gentleman actually defeated the Council, much to

April 15. the undignified wrath of the President, who at an earlier stage had stated that the Council would “take no steps in the matter,” and had asked Mr. Low if, “ after

TEMPLE CHURCH.—APRIL, 1889. that answer to his question,” he proposed to proceed with

April 19.—Good Friday.—Morning : Te Deum Laudamus, his motion. The debate on thesubject roused the oratorical

Chant; Benedictus, Chant; Anthem, “ He was despised ardour of several of the younger members present, in

(Handel). Evening : Magnificat, Chant; Nunc Dimittis, spite, or perhaps because of Mr. Finch's insinuations

Chant; Anthem, “ He was despised” (Hopkins). that they had no right to an opinion on the matter.

April 21.-Easter Sunday.-Morning : Te Deum Laudamus, The voting was very close, and was declared to be

in C (Boyce) ; Jubilate Deo, in C (Boyce); Anthem, “Behold,

I shew you a mystery.” in favour of the motion by a small majority. This

Evening : Cantate Domino, in

D (Attwood); Deus Misereatur, in D (Attwood); Anthem, result roused the President to such a pitch of fury that, "Blessed be the God and Father” (S. S, Wesley),

THE TEMPLE NEWSPAPER LAW £5 shares allotted to her by company as fully paid-up shares,

in consideration of 10s. only per share. The company, at a REPORTS.

meeting held November 29, 1886, resolved to issue 5,000 £5 shares (of which the 673 formed part) at a discount of £4 10s.

per share, and they were allotted to the original shareholders HOUSE OF LORDS.

on their application in proportion to the number of shares CowPER-Essex v. LOCAL BOARD FOR DISTRICT OF ACTON. already held by them. In February, 1888, directors proposed -Compensation on taking Lands for Sewage Farm by Compulsory to make further issue of 7,000 shares, to which S. objected, and Purchase. --Lands taken Separated from other Lands of the same the issue was never carried out, but S. did not repudiate the Ouner by Railway.-Power of Jury to Award Damages for

allotment made to her. As to 150 of the shares, S. had sold Injury Sustained by Severance.-Appellant owned an estate at them to a friend, who had no notice that they had been issued Acton. Part of this estate had been compulsorily purchased by at a discount, but after the decision of the Court of Appeal, in the Acton Local Board for the purpose of a sewage farm. The the case of The Almada and Tiwito Co., 38 Ch. D. 415, under-sheriff's jury assessed value of land at £8,737, and £4,000 S. obtained a re-transfer of these 150 shares in consideration of as damages sustained by reason of appellant's lands being inju- a transfer of 150 other fully paid-up shares. Stirling, J., held riously affected by severance. The land of appellant acquired

that the issue of the shares in question was wholly void, and by Board was separated by a railway from the remainder of his not voidable ; that no new contract to retain the shares and pay property. The Queen's Bench Division, notwithstanding this, in full had been shown, and that the delay of S. was not suffiaffirmed the finding of the jury, but the Court of Appeal held cient to disentitle her to relief from liability in respect of the that the lands acquired, having been separated from other lands shares, that as to the 150 shares re-transferred to s. by the of the same owner by the railway, could not be said to be in- transferee without notice, S. was entitled to hold them as fully juriously affected. Held (by Lord Halsbury, L.C., Lords paid up ; but that as to the remaining 523 shares, her name Watson, Bramwell, Fitzgerald, and Macnaghten) reversing the must be removed from the register and an order made for redecision of the Court of Appeal, that it was competent to the payment to her of the 10s. per share paid in respect of them. jury, notwithstanding the land taken was separated from the Held (by Cotton, Lindley, and Bowen, L.J.J.) reversing remaining lands belonging to the same owner by a railway, to Stirling, J., that the respondent had, by her conduct, assented award such damages.

to being the holder on the register of the 523 shares, and that

the liability to pay the full amount on each share was a JUDICIAL COMMITTEE OF PRIVY COUNCIL.

statuary liability, arising from the fact of being the registered Cooper v. STUART.Law of Mother Country whether in Force

holder of the shares from which she was not entitled to be in Colony.-Law of Perpetuities as applied to a Reservation in a Crown Grant made in 1823.— Reservation of Right to Resume for

relieved by reason of her mistake as to a matter of general

law. certain Purposes Part of Land Granted.— Repugnant to Grant.-

QUEEN'S BENCH DIVISION. Operation by way of Defeasance and not of Exception.—Grant

HYDE v. BERNERS.—Artizans' and Labourers' Duellings Act was made to H., his heirs and assigns, on 27th May, 1823, 2f

(31 and 32 Vic., c. 139. Sect. 27).-Charging Order Made Pursuant 1,400 acres of land in the district of Sydney, N.S.W.,

to Action for Against Whom to be Brought. Tenant or Re"reserving to His Majesty, his heirs, and successors such timber

versioner.-Action brought against reversioner to recover a sum as may be growing or to grow hereafter upon the said land

due under a charging order made pursuant to the Artizans' which may be deemed fit for naval purposes ; also such parts of the said land as are now or shall hereafter be required by the

and Labourers' Dwellings Act, on certain premises in Union

Street, Marylebone. Held (by Denman and Stephen, J J.), proper officer of His Majesty's Government for a highway or

that under Sect. 27 of that Act the premises were charged highways; and further, any quantity of water and any quantity with the payment of the sum, and that the tenant was liable of land not exceeding ten acres in any part of the said grant as

during his tenancy therefor. may be required for public purposes ; provided always that Ross v. BEERBOHM.R.S.C. Order xxxi. vv. 25, 26, and 27.such water or land so required shall not interfere with or in any manner injure or prevent the due working of the water mills for Interrogatories.-Delivery and Answer: -Subsequent Dis.

Insufficient Sum Paid into Court by plaintiff on Obtaining Order erected or to be erected on the lands and watercourses hereby

covery of Insufficiency.-Poiver to Make Order for payment of granted.” Proclamation was made by the Governor of the

Further Sum.-£5 had been paid into court by the plaintiff on Colony in November, 1882, that pursuant to the reservation in

obtaining an order for interrogatories. These interrogatories the grant, he resumed and took possession on behalf of the

had been delivered and answered when it was discovered they Government of the Colony, of ten acres of the land granted to

contained four additional folios. Defendant then applied that the intent that they should revest in Her Majesty as a public

plaintiff should pay into court £2 in respect thereof. The park. Appellant contended that the reservation was void. Held (by Lords Watson, Hobhouse, and Macnaghten and Sir

Master made the order, and Mathew, J., upheld it. Held (by

Denman and Stephen, JJ.), that there was power to make the Richard Couch) that the reservation, operating by way of

order. defeasance and not exception, was not invalid as repugnant to

IN RE SHEFFIELD BUILDING SOCIETY.-Lessor and Lessee.the grant, also that, assuming the Crown to be affected by the

Mining Lease.-Covenant to win and get Coal Regularly. Rerule against perpetuities in England, it was in 1823 inapplicable

servation of Certain Yearly Rent, and Royalty for any Ton of to a Crown grant of land in the Colony of New South Wales,

Coals Gotten.--Neglect to Work Mine.-Condition of Re-entry. or to such a reservation as that in question.

Forfeiture.-Payment of certain Rent.— Equitable Ground to COURT OF APPEAL.

Relief.-In 1875 J. demised a colliery, the lease reserving a In re Dunn's TRADE MARK APPLICATION.-Patents, Designs, rent of £500 per annumn, to be paid at all events, and a royalty and Trade Marks Act, 1883, Sect. 73.-Use of Words Fruit of 6d. per ton on all coal raised. The lease contained a coveSalt."Trade Mark already Registered containing the words for nant by the lessee, that he would at all times during the term Saline Preparation.— Application to Register Trade Mark contain- win and get the coal regularly and effectually in the proper way ing the words for Baking Powder.-Calculated to Deceive.—Duna and so as to get the largest quantity of coal, with the usual made two applications to register two trade marks, comprising condition for re-entry on breach of any of the covenants. in a conspicuous position the words "fruit salt " for baking The lease had been mortgaged to the Building Society, which was powder. J. C. Eno opposed on the ground of prior user of the being wound up in the County Court, and J. moved to have the term "fruit salt" for a saline preparation, he having registered lease delivered up, as forfeited for the breach of the coventhe words as a trade mark, claiming user prior to August 13, ants to work the mine. This was based on the fact that though the 1875. Dunn took out a summons to rectify the trade marks certain rent had been duly paid, yet the mine had never been register by removing Eno's trade mark. At the hearing of these worked, and so no royalties over and above the certain rent had summonses before Kay, J., counsel for Eno admitted inability become repayable. The County Court Judge ordered the lease to prove user by him of words “ fruit salt” before August 13, to given up. Held (by Lord Coleridge L. C. J., and 1875, save as part of the label, and submitted to an order re- Hawkins, J.) that the judgment of the County Court Judge moving his trade mark. Kay, J., decided that Dunn, having was right, for that the lessees having done nothing to work the admitted knowledge of the extensive use by Eno of the words mine, there had been a breach of the covenant in that behalf, "fruit salt” before he adopted it, and being unable to show and that there was no equitable title to relief against the legal that the words were to be found in any work on chemistry, the right to enter. case fell within sec. 73 of the Patent Designs and Trade Marks BOWKER v. WILLIAMSON.-Bills of Sale Acts 1878 and 1882.Act, 1883, and refused one of Dunn's applications (he having Transaction Valid Independently of the Document in Question.abandoned the other) with costs. Held (by Lindley and Fry, Pledge.-J. B. addressed in June 1886 to his brother F. B., a L.JJ.

, dissentiente, Cotton, L.J.) reversing Kay, J., that the letter saying "You having this day advanced me the sum of £50, articles to which the expression "fruit salt” was sought to be I agree to repay you the amount with 5 per cent. interest, and applied, were so different in their objects and purposes, that the I charge the plate I have deposited with you to-day with the registration of Dunn's trade mark was not calculated to deceive payment of the sum of £50, and interest, and also the sum of within the scope of sect. 73 of that act.

£200 already owing by me to you." F. B. then handed a cheque In re The RAILWAY Time Tables Publishing COMPANY.- for £50 to J. B., who gave him the keys of his plate chest, and Issue of Shares at a Discount.-Motion by Allottee to Rectify F. B. selected certain articles of plate. Afterwards defendant Register by Striking out Name, and for Repayment of Amount W., who took care of J. B., went to F. B., and asked for the Paid per Share.-Motion to rectify the register of members of keys of the plate chest for J, B., and F. B. sent them, but above company by striking out the name of S. as holder of 673 only, as he wrote, on the distinct understanding that w. held the plate for him. In March 1887, J. B. wrote to F. B. The entire report for the year is confidence inspiring, for a piece of plate, being one of those pieces selected by F. B., and of a nature that cannot fail but be acceptable both and when it was sent to him, gave it to defendant W. In

to share and policy-holders. In the life department Sept. 1888 J. B. died. An action was brought in the County

580 policies were issued, assuring £168,515, and proCourt to determine whether F. B. or W. was entitled to this piece of plate. Held (by Lord Coleridge, L. C. J., and

ducing in new premiums £6,433. The net income of Hawkins, J.) affirming the decision of the County Court Judge

this branch amounted to £114,529, which is an increase that a pledge had been constituted by the verbal agreement of of £3,088 upon that of the previous year. the parties independently of the letter of June 1886, and that The claims from death were 123 in number, and F. B. had therefore a good title against, W., which was not in- amounted to £49,300, which, compared with te validated by invalidity of that document as a bill of sale, premium income, shows good selection, and a mortality assuming that were so.

within expectation. JAMES LEWIS AND SOns v. COMMISSIONERS

OF INLAND REVENUE.-Stamp Act, 1870.- Agreement to Sell Goodwill of

In the fire department, the net premiums received Business to Limited Company.Liability of to Ad valorem Duty

amounted to £592,148. The claims for loss and damage as a Conveyance on Sale.--An instrument purporting to be an

by fire, together with provision for outstanding losses, agreement made the 14th day of May, 1888, between James amounted to £358,567. The surplus balance of £55,511 Lewis and Arthur Hornby Lewis, merchants, carrying on was carried to the profit and loss account. The entire business under the firm names of James Lewis and Sons

experience for the year 1888 will no doubt have a bene(thereinafter called the vendors), of the one part, and James

ficial effect upon future business, as it is of a kind that Lewis and Sons, Liverpool, Copper Wharf Company, Limited (thereinafter called the Company), of the other part-recited

has advanced the strength and interests of the office in that the vendors carried on business as wharfingers and

every particular. warehousemen—that the company had been formed with,

The life policy issued by this office is one of the most inter alia, the object of acquiring and carrying on the said liberal in its terms, and embodies all clauses of advanbusiness, and that the value of the vendors' interest in the land tage to the policy-holder that can be safely given. A and premises occupied by them had been taken at the sum of

perusal of the prospectus will amply reward intending £1,000, and the value of the goodwill of the business and the

assurers. machinery and the outstanding debts at the sum of £79,000. An apport, onment of this sum being called for by the Commissioners it was apportioned as follows :- Machinery, £1,500;

Wesleyan and THE 48th annual meeting of the outstanding debts, £10,000 ; goodwill, £67,500.

General Assur- Wesleyan and General was held on the By this agreement the vendors were to sell, and the company

ance Society. 26th ult. at the Grand Hotel, Birmingham, were to purchase the said business of the vendors for £80,000, when the directors' reports and also abstracts from the the purchase money to be paid partly in cash and partly by valuation report by H. W. Manly, Esq., F.I.A., were allotment of paid-up shares in the company. Company to be

presented to the members. When the nature of the entitled to the profits as from the 1st of January, 1888, and the vendors to account for profits from that date till the company

business transacted by this society is taken into contook possession, and to pay over the same to the company.

sideration, being for the greater part industrial as far as The purchase to be completed on the 1st of July, 1888, and the

the life portion is considered, and including also sickcompany to be entitled to possession of the business and ness insurance, and a comparatively small annuity property as from the 1st of January, 1888, and to be deemed business, the reports taken as a whole must be conto have accepted the title to the said property, and to pay all sidered satisfactory, and in fact Mr. Manly's endorsation costs and expenses of the vendors and purchasers of and is merited. He says :-“Considering you have passed incident to any assurances and acts required for the completion of the purchase. This agreement, stamped with the duty of

from a 4 per cent. to a 3} per cent valuation, and that ten shillings, was presented by the company to the Com

you have obtained large industrial business without missioners of Inland Revenue, under section 18 of the Stamp

any extraneous aid, I am of the opinion that the result Act, 1870, for adjudication. The Commissioners assessed it is highly satisfactory." liable to £337 10s., being ad valorem conveyance duty at the

The Life Assurance Fund shows an increase during rate of five shilings for every £50 of the sum of £67,500, and the past year of over £10,000, notwithstanding that also as liable under the head, “ Deed of any kind whatsoever, abnormally heavy expenses have been incurred on the not described in this schedule” to ten shillings. The Com- extension of the business. This office is purely mutual, missioners were required by the appellants to state a case for an appeal under section 19 of the Stamp Act, 1870. Held (by

and in consequence there is not the same latitude for Lord Coleridge, L.C.J. and Hawkins, J.) that the agreement did

expenditure that exists where shareholders expend not fall within the definition of conveyance on sale given in

their own money for the development of new branches section 70 of the Stamp Act, 1870, and was therefore not

or increasing of business. Nevertheless, though keeping chargeable with ad valorem duty under the head conveyance on within the bounds allowed, it has been progressive, and sale, but only with ten shillings.

has now in force a goodly amount of business, from which no doubt more will accrue, and also the general

good of the society be improved. As an evidence of INSURANCE.

growth it is only necessary to compare the total incomes of the two last quinquenniums. For the 5 years end

ing December 31st, 1883, the total income in the life The annual meeting of the Lancashire department was £233,159, while for the 5 years Lancashire In- was held at the offices of the company,

ending December 31st last, it was £615,568, or an surance Company Exchange Street, Manchester, on the

increase of £382,409 on the 5 years. The total 14th alt., when the directors' report, to

number of members and assurers at the close of the gether with the accounts and balance-sheet, was pre- year was 363,022, being an increase of 37,000 in the sented to the shareholders. These are all of an ex- year.

The annual income from all sources was tremely satisfactory character in regard to both £180,937. branches of the business, and the continued progress

From these figures the nature of the business is lethat is being made is one of the best criterions of the ducible at once, and such business naturally entails a growing favour in which this company is held by the heavy expense account. This office, however, shows insuring public. Few offices have obtained the same

careful and conservative management, and its expense result in the same time, or whose record can show such

rate is being decreased, during the past 3 years the marked progression. At the close of 1888, the invested total decrease being over 5 per cent. funds were £1,581,373, which comprised a life reserve

Mr. Manly's repute as an actuary is sufficiently high fund of £801,443, and a fire reserve fund of £387,240, to give any offices that show surplus, under his treatthe increase in the life fund during the year being

ment of the summary of particulars, an acceptable £42,172, whilst, at the same time, the fire fund nad

endorsement. been augmented by the sum of £38,602. The growth

Notwithstanding, the rate of interest was lowered in of these reserve funds is best instanced in the following

the last valuation from 4 per cent. as used at valuation, illustration :

December 31st, 1883, to 3} per cent. The surplus was 1868 1878 1888

sufficiently high to declare a dividend of 10 shillings Fire Reserve Fund

£46,350 £285,160 £387,240 per £100 assurance in the way of reversionary sums. Life Reserve Fund...

£169,330 £382,683 £801,443 Altogether the Wesleyan and General is in a pros

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