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General Correspondence.

PERPETUITIES.

[To the Editor of the Solicitors' Journal.]

Sir, The recent decision in Miles v. Harford (L. R. 12 C. D. 702-3), which seems to me to conflict with that of the House of Lords in Banks v. Holme (Sugd., H. L. 351, 1 Russ. 304n.), is one of very wide applicability in the law of perpetuity. We are all aware, from our elementary text-books, that a limitation, depending on a contingency which possibly may happen after the lapse of the perpetuity period, is void even though the contingency actually does happen within that period; but the court, în Miles v. Harford, has taken this distinction: that if the case of the contingency happening within that period (or, at least, such a case of the contingency as can only happen within that period), be expressed in a separate clause, and the event happens within that period, or the case so specified happens, the limitation is not void for remoteness. For example, a limitation to take effect in case any of the issue of A. shall become entitled to Blackacre is admittedly void, even though B. (a son of A., who was born before the making of the settlement), be the person who so becomes entitled; but a limitation to take effect in case B. (a son of A. who is alive at the making of the settlement) or any other issue of A. shall become entitled to Blackacre is (according to Miles v. Harford) valid if B.. be the person who becomes so entitled. That this decision is contrary to Banks v. Holme will appear from a perusal of that case, but independently of that case the recent decision may, I think, be fairly questioned. It establishes a decision which the court in establishing it admitted to be an absurd one, but considered to be forced upon it by authority. If, however, this be the state of the authorities, the rule laid down in all the text-books and stated above has no substantial existence, but can be in every case evaded by the use of a few additional words, and the object of that rule (viz., to insure that the validity of the limitation shall be ascertainable when it is first made) is circumvented.

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effect only at the time when the preceding limitation (if
valid) would terminate, whereas the expression of the
former alternative shows that it is meant to take effect
immediately in case the preceding limitation should turn
out to be void. Thus, in Monypenny v. Dering, on a
a limitation to P. M. (who then had no son) for life,
remainder to the first son of P. M. for life, remainder
for the first son of that first son in tail, remainders
to the other sons successively in tail, and, either on
default of such issue of P. M. or in case of his not
leaving any at his decease, remainder to T., it was held
that the expression of the double alternative in intro
ducing the limitation to T. showed an intention that T.
should take whether the previous limitations were valid
or not, whereas, if the ordinary words, "in default of
such issue," had alone been used, it would have been
inferred that T. was only meant to take when the pres
previous limitations would (if valid) have expired, and
therefore the limitation to him would have been void.
I trust the importance of the question will be a sufficient
excuse for troubling you to insert this.
Exeter..
H. W. BOYD MACKAY.

THE ASSESSMENT OF WATER-RATES.

[To the Editor of the Solicitors' Journal.] Sir,-In consequence of the Grand Junction Waterworks Company having considerably increased the waterrate on my house, I inquired how they made out the amount, and found that they proceeded on the assump tion that the "annual value on which by their Act of 1852 they were authorized to charge four per cent. (I omit some additional charges for high service and waterclosets) was the " gross annual value tained under the Valuation Metropolis Act, 1869, and not the "rateable annual value" according to which all other rates are assessed. The collector assured me that it had been decided that they were entitled to charge according to the gross annual value, but I have not been able to find in the indices to the reports, nor in Michael and Wills's "Gas and Water," any case in which the point was raised.

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I need hardly remind your readers that the gross value is the rent which a tenant might be reasonably expected to pay if the tenant undertook to pay all usual tenant's rates and taxes, while the landlord, undertook to bear the costs of repairs and insurance and other expenses to maintain the property; but the rateable value is arrived at by deducting from the gross value the probable average cost of the repairs, insurance, and other expenses aforesaid.

Now, as I understand the matter, the real "annual value" manifestly is not what the landlord may receive as rent, but what he can keep for himself after paying for repairs, insurance, and other expenses of maintenance, i.e., it is the rateable value as above defined, and not the gross value.

The County Rate Act (15 & 16 Vict. c. 81, s. 6) places this meaning on "full and fair annual value," and the Licensing Act, 1872, s. 47, gives a similar definition of "annual value."

Nor will any cases be found on a minute examination to bear out the distinction. The court in deciding Miles Harford did not state what cases were relied on, but no doubt they were Monypenny v. Dering (2 De G. M. & G. 183-4); Williams v. Lewis (6 H. L. C. 1013), and Hodgson v. Halford (27 W. R. 545), and the cases cited in these, (especially Proctor v. Bishop of Bath and Wells, 2 H. Bl. 358, to the facts of which the court referred by way of illustration, though without mentioning its name). Perhaps Evers v. Challis (7 W. R. 622) was also in the mind of the court, but that case merely decided that a legal contingent remainder was not invalidated by the fact that the contingent event might have happened after the lapse of the perpetuity period, because, if the event had so long remained contingent, the remainder would have been invalidated by the wellknown rule that such a remainder must vest eo instanti when the preceding estate determines. And the other cases qualify the perpetuity rule to this extent only, that if the limitation (the validity of which is in If I am right in supposing that the "annual value" question), be preceded by a limitation so framed as of the Grand Junction Water Company's Act (and the necessarily to commence within, but to be capable of same words are used in the Acts of the other companies) terminating beyond, the perpetuity line; and if the is to be ascertained like the rateable value, I would subformer depend on the contingency that the preceding mit that, under the Valuation Metropolis Act, 1869, s. limitation either shall never commence or shall termi-47, the valuation list is conclusive as to what the rateable nate, and if the contingency which happens be that it shall never commence, then the perpetuity rule does not apply. True it is that the express mention of the former alternative makes a difference even in cases in which the limitation over, would in its literal sense, include it; but it makes this difference only, that the expression of the latter alternative only is construed as an indication of intention that the limitation, the validity of which is in question, shall take

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value is for the water-rate as well as for all other rates.
This section makes the valuation list "conclusive evi-
dence of the gross annual value and rateable annual value
for the county rate, poor-rate,
and every other
rate, assessment, and contribution made and required in
The water-rate
the metropolis on the basis of value."
is a rate made and required on the basis of value, and,
though it is true that all the rates specially mentioned
in the section are, like the poor-rate, payable to some

completely public body, I do not see that there is anything to prevent the section from also applying to rates on the basis of value charged by a company upon which Parliament has imposed the public duty of supplying water within a certain district.

The question is one which concerns every one who pays water-rates in the metropolis, as the Acts of the different companies all use the words "annual value," and the difference between taking the gross value and the rateable value will probably amount on an average to one-sixth of the rate. It is not worth while for an individual householder to incur the expense of fighting such a question, but if the view I have put forward be considered tenable, it would be worth while for some public body or some association of individuals to take steps to get the question judicially decided. D.

AFFIDAVITS BY MARKSMEN.

[To the Editor of the Solicitor's Journal.] Sir,-Can any of your readers inform me whether, on taking the affidavit of a marksman, the commissioner is entitled to any, and what, fee for reading over the affidavit to the deponent? J. H.

Cases of the Week.

COMPANY-EXECUTION CREDITOR-LEVY AFTER NOTICE OF VOLUNTARY WINDING UP-INJUNCTION TO RESTRAIN EXECU. TION IN ACTIONS IN THE EXCHEQUER DIVISION REFUSED BY JUDGE OF THE CHANCERY DIVISION-COMPANIES ACT, 1862, ss. 85, 138-JUDICATURE ACT, 1873, s. 24, SUBSECTION 5-In the case of In re Artistic Colour Printing Company (Limited), an ex parte application was made to the Master of the Rolls, on the 6th inst., by the liquidator of the company for an injunction to restrain a creditor from proceeding to levy execution on a judgment obtained by him in the Exchequer Division. It appeared that before the judgment was signed, the execution creditor had notice of a resolution for the voluntary winding up of the company. For the applicant, reliance was placed upon In re Perkin's Beach Lead Mining Company (L. R. 7 Ch. D. 371), where an injunction in a similar case had been granted. JESSEL, M.R., was of opinion that that case was no authority on the point, as section 24, sub-section 5, of the Judicature Act was not referred to. By the combined effect of sections 138 and 85 of the Companies Act the court could, no doubt, after a resolution for a winding ap, restrain further proceedings in any action, suit, or proceeding against the company. That section must, however, be contrasted with section 24, sub-section 59, of the Judicature Act, 1873, which provided that cause or proceeding at any time pending in the High Court of Justice should be restrained by prohibition or injunction: Provided that nothing in the Act should disable the High Court from directing a stay of proceedings in any cause or matter pending before it if it should think fit." Under the old practice the action or suit was not restrained, but the party was restrained from presenting the same, and that was the effect of the section of the Judicature Act, and if it was desired to stay any action, the section meant that the applicant should go to the division in which the action or proceeding was pending and not to the Chancery Division, as under the former practice. In his opinion the execution was a "proceeding" in the action, and therefore the applicant must go to the Exchequer Division if he desired to stop the sheriff from proceeding to a sale.-SOLICITORS, Wilkinson & Howlett.

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EVIDENCE-ADMISSIBILITY COPIES OF ENTRIES IN BANKERS' BOOKS-BANKERS BOOKS EVIDENCE ACT, 1879 (42 & 43 VICT. c. 11), s. 3.—In a case of Harding v. Williams, before Fry, J., on the 6th inst., a question arose upon the construction of section 3 of the Bankers Books Evidence Act 1879, which provides that, "Subject to the provisions of this Act, a copy of any entry in a banker's book shall, in all legal proceedings, be received as prima facie evidence of such entry,

and of the matters, transactions, and accounts therein recorded," and section 10 defines the expression "legal proceeding" as meaning "any civil or criminal proceeding or inquiry in which evidence is or may be given," including an arbitration. In Harding v. Williams the plaintiff claimed the redemption of some securities, and the question in dispute between the parties was whether a sum of £500 had or had not been paid by the plaintiff to the defendant. The entries in books of the defendant's bankers, the copies being defendant's counsel tendered in evidence copies of certain verified by an affidavit of one of the officers of the bank, as provided by the Act. The plaintiff's counsel objected that the copies were not evidence against the plaintiff, on the ground that the original entries themselves would not have been evidence against him. FRY, J., held that the effect of section 3 is to make copies of such entries primâ facie evidence against any one in any legal proceeding of the matters therein recorded. The evidence was accordingly admitted.-SOLICITORS, Hare & Fell; Tucker & Lake.

DIVORCE-LUNACY OF HUSBAND-PETITION BY COMMITTEE. In the Probate, Divorce, and Admiralty Division on the 6th inst., the President of the division delivered judgment in Baker v. Baker, Wheeler v. Owen. The petitioner was a lunatic, there being no present prospect of his recovery, and his committee had, by the leave and under the direction of the Lords Justices sitting in Lunacy, presented a petition to this division for the dissolution of his marriage, upon the ground of his wife's adultery with the two co-respondents. The respondent denied the adultery and also demurred on the ground that it was not competent for the committee of a lunatic to present a petition for the dissolution of his marriage. HANNEN, P., observed that this question had been touched upon, though not decided, in Mordaunt v. Moncrieffe (23 W. R. 12, L. R. 2 P. & D. 375), where all the judges were agreed that it must be determined upon the words of the Divorce Act, 1857, which first empowered the court to give relief on the ground of adultery. He was bound by the principles laid down in that case, as well as by the actual decision, and the balance of judicial opinion therein appeared to be in favour of the present suit being maintainable. All the difficulties urged by the counsel for the respondent existed to even a greater extent where the respondent was a lunatic, but still the House of Lords held that the relief must be granted. It had been urged that section 41 of the Divorce Act, 1857, which required that every petition should be verified by the affidavit of the petitioner, showed that a committee could not present a petition, but Lord Hatherley had pointed out in Mor daunt v. Moncrieffe that this section applied equally to suits for nullity, judicial separation, and jactitation of marriage, and that suits for nullity had formerly proceeded in many cases upon the insanity of the person applying for the decree. It was within the jurisdiction of the Lords Justices to withhold their leave to the committee to present the petition, and in the present case their discretion had been, no doubt, duly exercised. Upon grounds of expediency it might be very undesirable to refuse relief in a case like the present. A guilty wife might be left in possession of property, and might squander it upon her paramour to the injury of her children; or illegitimate offspring might unjustly inherit property. Upon the whole, his lordship felt bound, upon the prin. ciples enunciated in Mordaunt v. Moncrieffe, to overrule the demurrer.-SOLICITORS, White & Sons; Surr, Gribble, &

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There are five candidates in the field for the office of coroner for West Kent, vacant by the death of Mr. C. J. Carttar-viz., Mr. Edward Arundel Carttar, of Greenwich, son of the late coroner; Mr. George Collier, deputy-coroner for East Middlesex, and late deputy-coroner for West Kent; Mr. Maxwell, a surgeon, of Woolwich; Mr. John Thomas Moss, solicitor, of Zetland Lodge, New Cross; and Mr. H. W. J. Pook, solicitor, of Tudor House, Greenwich, son of the late Mr. Henry Pook.

Appointments, Etc.

Mr. PHILIP BERNEY BROWN, solicitor (of the firm of Brown, Donaldson, & Woolnough), of 70, Lincoln's-innfields, has been appointed a Perpetual Commissioner for taking the Acknowledgments of Deeds by Married Women for the County of Middlesex and the Cities of London and Westminster.

Mr. ALFRED WHALLEY COLE, barrister, bas been appointed one of her Majesty's Counsel for the Colony of the Cape of Good Hope. Mr. Cole was called to the bar at the Inner Temple in Hilary Term, 1850, and is parliamentary draftsman for the colony.

Mr. ALFRED JOHN DAVIES, solicitor (of the firm of Gresham & Davies), of 24, Basinghall-street, has been appointed Deputy High Bailiff of Southwark. Mr. Davies was admitted a solicitor in 1875, and is in partnership with Mr. William Gresham, the High Bailiff of Southwark.

Mr. WILLIAM BENNETT BARTON FREELAND, solicitor, of Chichester, has been appointed a Perpetual Commissioner for taking the Acknowledgments of Deeds by Married Women for the County of Sussex. Mr. Freeland has also been appointed a Commissioner to administer Oaths in the Supreme Court of Judicature.

Mr. WILFRID GIBSON, solicitor, of Hexham, has been appointed a Perpetual Commissioner for Northumberland, Newcastle-upon-Tyne, and Berwick-on-Tweed, for taking the Acknowledgments of Deeds by Married Women. Mr. Gibson was admitted a solicitor in 1871, and is in partnership with Mr. Richard Gibson, the clerk to the county magistrates.

Mr. GEORGE FREDERICK HILL, solicitor, of Cardiff, has been appointed a Perpetual Commissioner to take the Acknowledgments of Married Women for the County of Glamorgan. Mr. JOHN HUGHES, of Liverpool, has been appointed a Perpetual Commissioner to take the Acknowledgments of Married Women for the County of Lancaster.

Mr. ARTHUR HENRY LOCK, solicitor, of Dorchester, has been elected Clerk to the Dorchester Board of Guardians,

Assessment Committee, and Rural Sanitary Authority, and superintendent registrar for the district, in succession to his father, the late Mr. Henry Lock. Mr. A. H. Lock was admitted a solicitor in 1867.

Mr. FRANCIS ROBERTSON MOORE, of Warwick, has been appointed a Perpetual Commissioner to take the Acknowledgments of Married Women for the County of Warwick.

Mr. THURSTON COLLIER PETER, solicitor, of Redruth, has been appointed Clerk to the Redruth Board of Guardians, Assessment Committee, and Rural Sanitary Authority, on the resignation of Mr. John Luke Peter, who is registrar of the Redruth County Court. Mr. T. C. Peter was admitted a olicitor in 1878.

Mr. JOHN SINGLETON, solicitor (of the firm of Singleton & Tattershall), of 9, Great James-street, has been appointed a Commissioner to administer Oaths in the Supreme Court f Judicature.

Mr. SAMUEL FRANCIS STONE, of Leicester, has been appointed a Perpetual Commissioner to take the Acknowledgments of Married Women for the County of Leicester.

Mr. THOMAS UPINGTON, Attorney-General for the colony of the Cape of Good Hope, has been appointed one of her Majesty's Counsel for that colony.

NEW LEGAL M.P'S.

Mr. JAMES BRYCE, D.C.L., who has been elected M.P. for the Tower Hamlets in the Liberal interest, is the son of Dr. James Bryce, and was born in 1838. He was educated at the University of Glasgow, and at Trinity College, Oxford, where he graduated as a double firet (classics and law and modern history) in 1861. He obtained the Gaisford Prize for Greek prose in 1860, the Gaisford Prize for Greek verse in 1861, the Craven Scholarship, and the Latin Essay Prize in 1862, and the Arnold Prize in 1863. He also obtained the Vinerian Law Scholarship and a fellowship at Oriel College, and afterwards proceeded to the degree of D.C.L. Mr. Bryce was called to the bar at Lincoln's-inn

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Mr. JOSEPH WILLIAM CHITTY, Q.C., who has been elected M.P. for the City of Oxford in the Liberal interest, is the second son of the late Mr. Thomas Chitty, special pleader, and was born in 1828. He was educated at Eton and at

Balliol College, Oxford, where he graduated first class in classics in 1851. He obtained the Vinerian Law Scholarship in 1852, and was elected a fellow of Exeter College. He was called to the bar at Lincoln's-inn in Easter Term, 1856, and became a Queen's Counsel in 1874. Mr. Chitty practises in the Rolls Court. He is a bencher of Lincoln's-inn, and was for several years major in the Inns of Court Rifle Volunteers. He is married to a daughter of the late Lord Chief Baron Sir Frederick Pollock.

Mr. FRANCIS COMPTON, barrister, who has been elected M.P. for the Southern Division of Hampshire in the Conservative interest, is the youngest son of the late Mr. Henry Combe Compton, of Minestead Manor, Hampshire, and was born in 1824. He was educated at Merton College, Oxford, where he graduated third class in classics and second class in mathematics in 1846. He obtained the Vinerian Law Fellowship and a fellowship at All Souls' College, and he subsequently proceeded to the degree of D.C.L. Mr. Compton was called to the bar at Lincoln's inn in Michaelmas Term, 1850, and is a member of the Western Circuit.

Mr. WILLIAM FOWLER, barrister, who has been elected M.P. for the borough of Cambridge in the Liberal interest, is the fourth son of Mr. John Fowler, of Chapel Nap, Wiltshire. He was born in 1828, and was educated University College, London, and graduated at the University of London B.A. in 1848. He was called to the bar at the Inner Temple in Hilary Term, 1852, and formerly practised at an equity draftsman and conveyancer. Mr. Fowler is a magistrate for Essex, and represented Cambridge from 1868 till 1874.

Mr. HENRY Hartley Fowler, solicitor (of the firm of Corser, Fowler, & Langley), of 146, Leadenhall-street

and Wolverhampton, who has been elected M.P. for the Borough of Wolverhampton in the Liberal interest, is the son of the Rev. Joseph Fowler, and was born in 1830. He was educated at St. Saviour's Grammar School, Southwark, and was admitted a solicitor in 1852. Mr. Fowler is clerk to the South Staffordshire Drainage Commissioners. He was mayor of Wolverhampton in 1862, and is an alderman and magistrate for the borough.

Mr. JOSEPH ALFRED HARDCASTLE, barrister, who has been elected M.P. for the borough of Bury St. Edmunds in the Liberal interest, is the eldest son of Mr. Alfred Hardcastle, of Hatcham Lodge, Surrey, and was born in 1815. He was formerly scholar of Trinity College, Cambridge, where he graduated in the first class of the classical tripos in 1838. He was called to the bar at the Inner Temple in Hilary Term, 1841, and he is a magistrate for Essex and a deputy-lieutenant for Surrey. Mr. Hardcastle was M.P. for Colchester from 1847 till 1852, and for Bury St. Edmunds from 1857 till 1874.

Mr. JOSEPH JOHNSON LEEMAN, solicitor (of the firm of Leeman, Wilkinson, & Leeman), of York, who has been elected M.P. for that city in the Liberal interest, is the only son of Mr. George Leeman, clerk of the peace for the East Riding, and late M.P. for York, and was born in 1842. He was admitted a solicitor in 1865, and is clerk to the lieutenancy for the East Riding. He is in part nership with his father, and with Mr. Joseph Wilkinson, town clerk of York.

Mr. JOHN WILLIAM MELLOR, Q.C., who has been elected M.P. for the Borough of Grantham in the Liberal interest, is the eldest son of the Right Hon. Sir John Mellor, late a judge of the Queen's Bench Division, and was born in 1835. He was educated at Trinity College, Cambridge, where he graduated as a senior optime in 1857. He was called to the bar at the Inner Temple in Easter Term, 1860, and is a member of the Midland Circuit. He was formerly a revising barrister, and was for several years recorder of Grantham. Mr. Mellor was appointed a Queen's Counsel

in 1875, and he is a bencher of the Inner Temple, and a magistrate for Somersetshire.

Mr. JOHN HINDE PALMER, Q.C., who has been elected M.P for the City of Lincoln in the Liberal interest, is the only son of Mr. Samuel Palmer, of Dulwich, and was born in 1808. He was called to the bar at Lincoln's-inn in Hilary Term, 1832, and has practised for many years in the Court of Chancery. He became a Queen's Counsel in 1859, and he is a magistrate for the county of Surrey, a bencher of Lincoln's-inn, and treasurer of that society for the current year. Mr. Palmer represented Lincoln from 1868 till 1874.

Mr. CHARLES SAVILLE ROUNDELL, barrister, who has been elected M.P. for the borough of Grantham in the Liberal interest, is the son of Mr. Danson Richardson Roundell, of Gledstone, Yorkshire, and was born in 1828. He was educated at Harrow and at Balliol College, Oxford, where he graduated first class in classics and second class in mathematics in 1850. He obtained the Chancellor's Prize for an English essay in 1851, and was elected Fellow of Merton College. He was called to the bar at Lincoln'sinn in Trinity Term, 1857. He was private secretary to Earl Spencer when Lord-Lieutenant of Ireland, and in 1866 he acted as secretary to the Jamaica Commission of Enquiry.

Mr. EDWARD WAUGH, solicitor, of Cockermouth, who has been elected M.P. for that borough in the Liberal

carried on by the said Ambrose Haynes alone.) April 3, 1880. (Gazette, April 6, 1880.)

ISAAC SHEFFIELD, THOMAS NEEDHAM SREFFIELD, and FREDERICK SHEFFIELD, solicitors, 20, Cullum-street, London (Sheffield & Sons), so far as regards the said Isaac Sheffield. (Thomas Needham Sheffield and Frederick Sheffield will continue to carry on the said business under the style or firm of Sheffield & Sons). Dec. 31, 1879. (Gazette, April 6, 1880.)

Sacieties.

THE LAW UNION INSURANCE COMPANY. The annual general meeting of this company was held on the 31st ult., James Cuddon, Esq., chairman of the board, presiding.

Mr. F. MCGEDY (the actuary and secretary) read the notice convening the meeting and the minutes of the previous meeting. The report and accounts were taken as read.

The CHAIRMAN said-Gentlemen, the report before you is so explicit that no remarks of mine are really needed, but I will nevertheless review the main facts in as few words as possible. First, as to the business of the past year. In the fire department the new premiums have been a little less than in the preceding year, but the results have been exceptionally

interest, is the son of Mr. John Lamb Waugh, of Irthing-favourable; there is a surplus of £18,000, being a far ton, Cumberland, and was born in 1816. He was admitted a solicitor in 1840, and is in partnership with his son, Mr. Edward Lamb Waugh. He is registrar of the Cockermouth County Court, and clerk to the magistrates and Commissioners of Taxes.

Mr. EDMUND ROBERT WODEHOUSE, barrister, who has been elected M.P. for the City of Bath in the Liberal interest, is the only son of Sir Philip Edmund Wodehouse, K.C.B., G.C.S.I. He was born in 1835, and was educated at Balliol College, Oxford, where he graduated first class in classics in 1858. He was called to the bar at Lincoln's-inn in Hilary Term, 1861, and he was a member of the old Norfolk Circuit. He was private secretary to the Earl of Kimberley when at the Colonial Office, and to his father when governor of Bombay. Mr. Wodehouse was also secretary to the Royal Commission on the Penal Servitude Acts.

Mr. CHARLES BEILBY STUART WORTLEY, barrister, who has been elected M.P. for the borough of Sheffield in the Conservative interest, is the second son of the Right Hon. James Archibald Stuart Wortley, Q.C., and was born in 1851. He was educated at Balliol College, Oxford, where he graduated second class in jurisprudence in 1874, and he was called to the bar at the Inner Temple in January, 1876. He is a member of the North-Eastern Circuit, and he acted as secretary to the Royal Commission on the Sale and Transfer of Ecclesiastical Benefices.

BARON HENRY DE WORMS, barrister, F.S.A., who has been elected M.P. for the Borough of Greenwich in the Conservative interest, is the son of the late Baron Solomon de Worms, and was born in 1840. He was educated at King's College, London, and was called to the bar at the Inner Temple in Trinity Term, 1867. He is a member of the South-Eastern Circuit, a magistrate and deputy-lientenant for the county of Middlesex, and a baron of the Austrian Empire.

DISSOLUTIONS OF PARTNERSHIPS. THOMAS CHORLTON and EDWARD CHORLTON, solicitors, 32, Brazennose-street, Manchester (Thomas and Edward Chorlton). Thomas Chorlton will continue to practise at the offices of the late firm. March 25. (Gazette, April 2, 1880.)

FRANCIS WILLIAM ARKCOLL, RICHARD GARDINER MINGHULL JONES, and EDWARD MEYRICK COCKELL, solicitors and parliamentary agents, 190, Tooley-street, Southwark (Arkcoll, Jones, & Cockell). March 23, 1880. (Gazette, April 6, 1880.)

AMBROSE HAYNES, GEORGE ALEXANDER HAYNES, and JOHN HAYNES, Grecian-chambers, Devereux-court, Temple, solicitors (Ambrose, Haynes & Sons). (Business will be

larger surplus than has been realized in any year. I need hardly say that a continuance of such extraordinary good fortune can scarcely be expected, the average percentage of loss being only 19 per cent. Then, as to the life business, the new premiums in the year notwithstanding the general depression have exceeded £8,000, being about £560 in excess of those in the preceding year. The claims have been rather heavy in the year, but it must be borne in mind that all those claims have been fully taken into account in the valuation which is placed before you. Now as to the past quinquennium. You will see that during that period the fire premiums have been increased by upwards of £10,000 a year; the life premiums have been increased by more than £15,000 a-year, of course after deducting all lapses, surrenders, &c., and there has been an augmentation of the accumulated fund amounting to £217,856. That, I think, is very satisfactory. On the valuation which has been made there is a considerably larger surplus than there was on the former occasion, and that notwithstanding that the actuary has adopted the strictest known table of mortality as the basis of his valuationnamely, the HM Table-the table of the Institute of Actuaries, as mentioned in the report, reckoning only 3 per cent. interest, and including the whole of the loading, which amounts to about one-fifth of the premiums. The bonus to the life policyholders is, I think, very good, amounting on policies upon young lives to a reversionary bonus of more than 50 per cent. of the premium paid during the quinquennium, and averaging all round, I should say, more than 30 per cent. on each premium. The prospective further bonus of 1 per cent. per annum upon policies falling in during the current quinquennium is an important feature in favour of the assured. With regard to the reversions, a re-valuation has became necessary, first of all, because of the tenants for life being older, and secondly, on account of some reversions having been increased in value by the dropping of one of two lives; in some instances the reversions were upon two lives. It is our practice to debit the reversion account with 5 per cent. interest, but at the same time to credit towards that 5 per cent., or as part of it, all the profit we may make in one year by the falling in of reversions. Before estimating the profit of any reversion, we always deduct 5 per cent. interest, so that when we speak of profit we mean the profit over and above the 5 per cent. interest, and of course over and above all the costs and expenses. I need hardly say that our actuary in his valuation has exercised great every part of caution and every possible care; it is impossible to have a valuation made with greater exactness with greater regard to security. Safety and security are, of course, the very first things, whether the bonus be a little more or less. It is very pleasant indeed to have a large bonus, but it is a matter of the most essential importance that, at all events, we should have the most perfect safety, and that we should also have a large reserve for future

or

liabilities. I need hardly say that when you take into consideration the large sum of £7,000 or £8,000 a year, which is the difference between 3 per cent. and the interest which you really make, that is 4 per cent., and also the amount of the loading, which is about £13,000 a year, you have a very large and wide margin by way of security for future profits and future expenses. Now as to the shareholders. We began the past quinquennium with a dividend of 15 per cent., and we had in hand on the profit and loss account towards the then future dividend £10,000. The dividend, I tshould say, of 15 per cent. has been gradually increased up to 20 per cent. during the past quinquennium. If you adopt his report we shall commence the quinquennium with a dividend of 20 per cent., the same as has been paid before, and also a special bonus for this year, but for this year only, of 20 per cent. also, making, in point of fact, 40 per cent. for the year. We shall also reserve on the profit and loss account £21,000, being double the sum which we reserved, and which we found amply sufficient on the former occasion. Then, again, with regard to the fire insurance reserve fund which is made up of undivided profits, that has also been doubled during the past quinquennium, now standing as it does at £30,000, being originally £15,000; and considering the nature of our risks, and the very great safety of our business, I think there are very few companies indeed who have relatively so large a reserve. The business, as you are aware, has been very largely increased during the past several years; and it will be the duty of the directors to consider the expenses of management. We have always curtailed those expenses within the smallest possible reasonable limits, but we have felt it our duty lately to revise the different salaries in the office, and to make some addition to the annual expenditure. If no one wishes to ask any questions, I will at once move the report before you be adopted.

Mr. CHARLES PEMBERTON, the deputy-chairman, seconded the motion, which was carried unanimously.

Mr. R. W. ROBERTS moved the payment of the dividend and bonus, as recommended in the report of the directors; the motion was seconded by Mr. T. G. MILLS and carried unanimously.

On the motion of Mr. EDMUND JAMES, seconded by Mr. A. R. OLDMAN, the retiring directors were severally and separately re-elected. The auditors, Messrs. Darley and Waterhouse, were also re-elected.

Mr. H. Roscoe moved "That £2,500 per annum be paid to directors for their valuable services, to commence from the 30th of November last."

Mr. RICHARD MILLS seconded the motion, which was carried unanimously.

The CHAIRMAN-I beg to thank you, gentlemen, for the vote you have just passed. We all of us wish to give the best possible attention to the business of the company, and we have always done so. Nevertheless we certainly view with satisfaction the appreciation of our services which you show us by this vote of increased remuneration.

Mr. N. E. STEINBERG rose to move a resolution to the effect that the salaries of the secretary and staff should be taken into consideration by the directors, with the view of making some substantial addition thereto, but the chairman stated that this subject had already been taken into consideration by the board, and the salaries of the whole staff had been increased to the entire satisfaction of every one in the office. Steinberg withdrew his motion, and concluded by proposing the payment of fifty guineas per annum to each of the auditors, Mr. Darley and Mr. Waterhouse, which was duly seconded.

Mr.

The CHAIRMAN, in putting the resolution to the meeting, said-I think we are greatly indebted to the auditors for the pains and the trouble which they take; and the time which they expend is very great indeed. We have a large number of securities, but everything is strictly examined into. There is nothing slurred over of any kind. They do not grudge the time which is necessary; and they are certainly by no means over-paid.

The motion, which was carried unanimously, concluded the ormal business of the meeting.

The CHAIRMAN said--Gentlemen, we all fully appreciate the great zeal and ability of our actuary and secretary, Mr. McGedy. It is impossible that any body can take a deeper interest in the business than he does. We are all indebted to him very much, and I beg to move a vo'e of thanks to him. Mr. PEMBERTON (the deputy-chairman)-I beg to second

that motion. I can vouch for the zeal and assiduity of Mr. McGedy, and I think a great deal of the success of the office depends upon him.

The resolution was carried unanimously.

Mr. McGEDY-Mr. Chairman and gentlemen, I beg to return you my sincere thanks for the very great honour you have done me. As the chairman has told you, I do feel the deepest interest in the welfare of the company. It is certainly a source of great gratification to me to find that it has met with so much success. When we consider that when the Law Union was established there were no fewer than four law life assurance offices, and one law fire assurance office in existence to compete with, and that those offices had really got most of the leading members of the profession to support them, I think we may fairly congratulate ourselves on having, in the face of so much competition, arrived at such a prosperous state. Of course, the company is not so large as some; many have very much larger revenues; but, to use a homely adage, "The proof of the pudding is in the eating;" it is not always the offices which have the largest revenues that make the largest profits. I thank you, gentlemen, for your kind vote of thanks.

After other votes of thanks the meeting terminated.

Law Students' Journal.

LAW STUDENTS' DEBATING SOCIETY. The weekly meeting of this society was held at the Law Institution, Chancery-lane, on Tuesday evening last, Mr. W. R. Lloyd Jones in the chair. The society discussed the adjourned debate on the general election-"Is it desirable that Lord Beaconsfield's Government should be supported by a majority at the general election?" The question was opened in the negative by Mr. W. A. Bilney. Messrs. J. A. Neale, A. M. Ellis, C. E. Barry, J. A. Chater, and J. H. Hunter supported the negative; and Messrs. Sydney Montagu and Edward Bedford upheld the negative. The question on being put to the meeting was decided in the affirmative.

MANCHESTER LAW STUDENTS' SOCIETY.

held on the 30th ult. at the Law Library, Cross-street The eleventh meeting of the session of this society was Chambers, Manchester, when the chair was taken by Mr. Thomas Nash, barrister-at-law. The minutes of the last meetings having been read by the hon. secretary (Me. T. W. Millar) and passed, and other formal business transacted, the chairman called upon Mr. Rayner to open the debate in favour of the affirmative. The subject for discussion was as follows:-"The assignee of a lease becomes bankrupt and his trustee in bankruptcy disclaims. Can the lessor recover, by action from the original lessee, rent which has accrued due since the disclaimer?" Mr. Rayner was followed by Mr. J. C. Wilson argued on behalf of the negative, and was Messrs. Law, Rycroft, Hislop, Hodgkinson, and Innes. followed by Messrs. Marshall, Birch, and Price. Mr. Rayner having replied, the chairman summed up, and the question was decided in favour of the affirmative by a large majority. A vote of thanks to the chairman, proposed by Mr. Millar, and seconded by Mr. Innes, brought the meeting to a

close.

THE NEW PROBATE AND ADMINISTRATION DUTIES. THE following are the provisions of the Customs and Inland Revenue Act, 1880 (43 Vict. c. 14), as to stamps: 9. Grant of duties on probates and letters of administration] On and after the first day of April, one thousand eight hundred and eighty, in lieu of the stamp duties now payable upon probates of wills and letters of administration in England and Ireland, and upon inventories to be exhibited shall be charged and paid the duties specified in the schedule and recorded in any commissary court in Scotland, there to this Act: Provided, that an additional inventory to be so exhibited or recorded of any effects of a deceased person, where a former duly stamped inventory of the estate and effects of the same person has been exhibited and recorded prior to the first day of April, one thousand eight hundred and

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