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Driver, Samuel Lees Jackson, Oldham, Lancaster, Licensed Victualler.
June 2 at 3 at offices of Ascroft and Sons, Clegg st, Oldham
Duff, John, Upper Thames st, Builder. May 27 at 3 at 32, Newington
causeway. Fowler, Abchurch lane

Dyer, Francis Vincent, New Kent rd, Coffee-house Keeper. May 27 at 2 at offices of Woodly and Co, Guildhall chambers. Emerson, Leadenhall st

Edwards, Charles Sheridan, Aston, Warwick, Printer.
offices of Taylor, Colmore row, Birmingham
Elvin, Edward, Lidgate, Suffolk, Grocer. June 2 at
wood's Railway Hotel, Bury St Edmunds

June 1 at 11 at

12:30 at at Gar

Eustace, Henry, Leyton, Essex, Grocer. May 31 at 12 at offices of Andrew, Clement's lane

Ezard, Emmanuel, Easingwold, York, Nurseryman. May 31 at 12 at offices of Mann and Son, New st, York

Fayolle, Leence, Vauxhall bridge rd, Importer of Eggs. June 10 at 3 at offices of Abrahams and Co, Old Jewry

Fedden, Nelson, Cardiff, Engineer. May 31 at 12 at offices of Beckingham, Albion chambers, Broad st, Bristol

Forrest, William, Sunderland, Durham, Tailor. June 3 at 11 at offices of Wilford, Fawcett st, Sunderland

Franklin, Vincent Patrick, Long Acre, Licensed Victualler. June 3 at 2 at offices of Lickorish, Walbrook Freeman, Samuel, Leicester, Cabinet Maker.

June 2 at 3 at offices of

Burgess and Williams, Berrigge st, Leicester Fuller, George Douglas, and Canrobert English, Stanho pe st, Euston rd, Furniture Manufacturers. June 2 at 2 at offices of Mogg, Shoreditch High st Noon and Clarke, Blomfield st

Fuler, William, Caledonian rd, Grocer. May 26 at 3 at of cas of Aird,
Eastcheap

Furcham, Edward James. Chelmsford, Essex, Licensed Victualler.
May 31 at 12 at offices of Scarlett and Satthery, Chelmsford
Gethen, William, Hereford, Chemist. May 31 at 2 at offices of Humfrys,
Bridge st, Hereford

Glover, John, Kendal, Westmoreland, Hosier. May 31 at 11 at offices of Thomson and Wilson, Finkle st, Kendal

May 29

Gough, James Bernard, Rhyl, Flint, Lapidary Jeweller.
at 11 at the Crewe Arms Hotel, Clewe. Davies, Holywell
Gunn, Thomas, Leicester, Joiner. June 1 at 3 at offices of Burgess and
Williams, Berridge st, Leicester

Hall, James Robert, Morpeth, Northumberland, Grocer. May 27 at 12
at the Douglas Hotel, Newcastle-on-Tyne. Webb, Morpeth
Harding, A fred, Gloucester, out of business. May 27 at 11 at offices of
York, Berkeley st, Gloucester

Harris, Edwin, Tollard Farnham, Dorset, Farm Bailiff. June 3 at 3 at offices of Davies, the Abbey, Sherborne

Harris, John Oliver, Wolverhampton, Land Agent. June 3 at 11 at offices of Flewker and Page, Darlington st, Wolverhampton Hartnett, Edward, Aldershot, Southampton, General Dealer. June 8 at 4 at offices of Foster, Victoria rd, Aldershot

Harvey, George Edward, Brooke, Norfolk, Beer Retailer. June 1 at 12 at offices of Sadd and Linay, Theatre st, Norwich

Harvey, Isaac, Birmingham. Baker. May 27 at 11 at offices of Beato n and Robinson, Church st, Birmingham

Haynes, George, Birmingham, Gun Barrel Maker. May 28 at 10.15 at offices of East, Temple st, Birmingham

Hebtlethwaite Henry Alber, Murray's, Camden sq, Baker. May 29 at 11 at the Inns of Court Hotel, Holborn. Wright, Crosby Hall chambers Howard, John Crossley, Rochdale, Lancashire, Grocer. May 29 at 11 at offices of Molesworth, Central chambers, the Walk, Rochdale Inward, Robert, New Clee, near Great Grimsby, Fishing Vessel Owner. May 27 at 11 at offices of Stephenson and Mountain, Bethlehem st, Great Grimsby

Jacobs, Louis, Cheetham, Manchester, Hosier. June 10 at 3 at offices of Eltoft, King st. Manchester

James, Thomas, Newport, Monmouth, Butcher. May 29 at 10 at offices of David, Cambria chamber, Tredegar pl, Newport

Jones, Jonn, Rhyl, Flint, Commercial Traveller. May 31 at 12 at Albion Hotel, Chester. Davies, Holywell

Jones, Mary Frances, and Sarah Allen Jones, Rhyl, Flint, Milliners. May 31 at 1 at Albion Hotel, Chester. Davies, Holywell

Jones, Sydney, Cardiff, Contractor. May 31 at 11 at offices of Morgan, Albert chambers, Cardiff

Jones, Thomas Henry, Cowen, Merioneth, Licensed Victualler. May 29 at 11.45 at Wynnstay Arms Hotel, Wrexham. Louis and Edwards, Ruthin

Key, Joseph, Stoke-upon-Trent, Boot and Shoe Manufacturer. May 26 at 10 at County Couct Offices, Stoke-upon-Trent. Robinson, Stoke-upon-Trent

Kilbourn, George, Lilbourne, Northampton, Innkeeper.

at offices of Wright and Gledhill, North st. Rugby

May 28 at 11

Killick, William, South Norwood, Surrey, Builder. May 27 at 2.30 at offices of Head, Bell st, Reigate

Kinchin, Thomas, Marston Sicca, Gloucester, Farmer.

at offices of New and Co. Evesham

Lapham, William, Wells, Somerset, Draper.

Hotel, Broad st, Bristol. Hobbs, jun., Wells

June 2 at 12

Jnne 3 at 1 at Grand

Lawson, S-ptimus, Hart epool, Durham, Teacher of Music. May 22 at 12 at offices of Edgar, Town Walk, Hartlepool

Lock, John George, Brownlow mews, Gray's inn rd. Cabinet Maker. May 28 at 11 at Red Lion Hotel, Laystall st, Holblon. Wright, Crosby Hall chambers

Lord, Alfred Henry, Canterbury, Stationer. May 31 at 12 at offices of Collard, Castle st, Canterbury

Laing, William. Westcore Barton, Oxford, Clothier. May 31 at 2 at the Fox Hotel, Chipping Norton. Kilby and Mace, Chipping Norton Lynas, William, South Stockton, York, Builder. June 8 at 11 at offices of Dodds and Co, Finkle st, S'ockton-on-Tees

Macney, Joseph, Bucknall, Stafford, Colliery Manager. May 26 at 12 at the Roval Hotel, Crewe. Ashmall, Hanley. Marmery, Julius Villin, Brighton, Sussex, Tutor. June 3 at 12 at offices of Taylor and Baker, Ship st, Brighton. Collard, Brighton Meyer, Stephen, George Mader, and Joseph Beha, Vernon pl, Bloomsbury sq, Watch Manufacturers. Jane 1 at 2 at Mullens Hotel, Ironmonmonger lane. Pullen, Basinghall st

Montgomerie, Jobn, Lawn. Uxbridge, Draper. June 9 at 11 at 111, Cheapside. Haigh and Agar, Gresham st

Moon, Charles, Bath, Grocer. May 27 at 11 at offices of Ricketts, Paragon, Bath

Moore, Edward, Freeman's ct, Cheapside, Licensed Victualler. May 25 at 3 at offices of Swaine, King st, Cheapside

Moss, Charles Aubrey, Dean st, New North rd, Wholesale Confectioner. May 31 at 3 at offices of Harcourt and Co, Finsbury sq. Hope, Bell yd, Fleet st

Musgrave, George Edwin, Leeds, out of business. May 29 at 11 at offices of Watson, Great George st, Leeds

Needham, Alfred, Manchester, Publican. May 22 at 11 at Mitre Hotel, Cathedral yard, Cateaton st, Manchester, in lieu of place originally

named

Newbery, William, Axminster, Devon, Innkeeper. May 31 at 12 at George Hotel, Axminster. For ward.

Noad, John Henry, Clare st, Clare Market, Butcher. May 1 at 11 at offices of James, London Parker, William, Marchester, Timber Merchant. June at 12 at 20, Arcade chambers, St Mary's gate, Manchester. Jones and Middleton

Pearce, Alfred John Hillas, Wouldham, near Rochester, Farmer. May 29 at 12.30 at King's Head Hotel, High st, Rochester. Hughes, Chapel st, Bedford row

Phillips, Thomas, and Henry Norris Cox, Philpot lane, Chemical
Agents. May 31 at 2 at offices of Naunton, Cheapside

Procter, James, Well st, Woollen Warehouseman. May 26 at 11 at
offices of Trewren and Southcott, King st, Cheapside. Cannon,
King st, Cheapside
June 2 at 12 at offices of

Read, George Beaumont, Norwich, Tailor.
Sadd and Linay, Theatre st, Norwich
Roddis, James, Hillmorton, Warwick, Baker.
of Wright and Gledhill, North st, Rugby
Scarratt, Frederick, Hanley, Stafford, Painter.
Hotel, Crewe. Ashmall, Hanley

May 28 at 10 at offices May 26 at 11 at Royal

Sharples, Peter, Blackburn, Lancaster, out of business. June 3 at 2.30, at St John's Tavern, Ainsworth st, Blackburn. Marriott, Blackburn

Shepherd, Joseph, Morley, York, Grocer. June 1 at 10.30 at offices of Scholofield, Brunswick st, Batley

Smith Edward, Hoo St. Werburgh, nr Rochester, Licensed Victualler. June 1 at 11 at offices of Wood and McLellan, High st, Rochester Smith, Thomas. and William Erckmann, Bradford, York, Stuff Merchants. June 7 at 11 at offices of Rawson and Co, Piccadilly, Bradford

Snelling, Edward, Guilford st, Preserved Provision Merchant. May 27 at 2 at offices of Bath and Son, St Benet pl, Gracechurch st. Sydney, Finsbury circus

Stainsby, William, Hartlepool, Durham, Postmaster.

at offices of Todd, Surtees s., West Hartlepool

May 21 at 11

Starr, Frank, Cornhill, Dressing Case Manufacturer. May 26 at 2 at offices of Grueber, Railway approach, London bridge

Steeds, James, West Lydford, Somerset, Farmer. May 29 at 2 at offices of Hobbs, Chamberlaine st, Wells

Steward, Elisha, Barham, Suffolk. Hay Dealer.

June 1 at 12 at offices

of Pollard, St Laurence st, Ipswich Stovold, Arthur Charles, Tunbridge Wells, Kent, Tailor. June 1 at 3 at offices of Burton, Mitre et chinbrs, Temple Taylor, Thomas Alfred, New Church rd, Camberwell, Mineral Water Manufacturer. June 3 at 2 at Cannon st Hotel. Ingle and Co,

Threadneedle st

Taylor, William, New Radford, Nottingham, Wheelwright. June 2 at 3 at offices of Bright, Town Club chmbrs, Wheeler gate, Nottingham Umpleby, William, Leeds, Grocer. June 1 at 3 at the Creditors Association, Park row, Leeds

Ward, Alfred, Birmingham, 1ronmonger, May 31 at 10.15 at offices of East, Temple st, Birmingham

Watson, Wray, Riccall, near York, Joiner. June 2 at 1.30 at the Hare and Hounds Inn, Riccall. Rhodes, Sherburn, near South Milford

Watts, Selina, Elmore, Gloucester, Farmer. May 26 at 11 at offices of Franklin, Berkeley st, Gloucester

Welbourn, George Parker, Leeds, Grocer. May 31 at 3 at the Creditors Association, Leeds

Westley, Kennedy Gordon, Southampton, Musician. at offices of Lucas, Great Marlborough st, Regent st. ampton

Whitbread, Charles Thomas, Northampton, Builder. offices of Andrew, Market sq, Northampton

June 2 at 12 Swayne, South

June 1 at 11 at

Wildon, George, Middlesborough, Saddler. June 1 at 3 at offices of Lewis, Zetland rd, Middlesborough

Wilkinson, Joseph, Whitby, York, Farmer. June 1 at 11 at offices of Gray and Pannett, Flowergate, Whitby

Woof, John Smallman, Welshpool, Montgomery, of no occupation. June 4 at 11 at 11, Berrew st, Welshpool Harrison

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TO BE SOLD.-Freehold House and Shop, situate

at St. John's Wood, let on repairing lease at £75 per annum.Apply to Mr. TURNER, Auctioneer, 47, Moorgate-street, E.C.

YOUNG IRISH SOLICITOR, who has

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ESTABLISHED 1689.

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WANTED to PURCHASE, to Complete a Set, price for the whole or any single vol. to ALPHA, care of E. W. Owles, Esq., 22, Chancery-lane, W.c.

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EVERSIONARY and LIFE INTERESTS in
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TED), 10, Lancaster-place, Waterloo Bridge, Strand. Established 1835.

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direct the attention of the Legal Profession to the advantages of his long experience of upwards of thirty years, in the special in sertion of all pro forma notices, &c., and hereby solicits their continued support.-N.B. One copy of advertisement only required, and the strictest care and promptitude assured. Officially stamped forms for adverstise ment and file of "London Gazette " kept. By appointment.

Solicitors' Journal. the foot, and others have not. Some are preceded by the

LONDON, MAY 29, 1880.

CONTENTS.

CURRENT TOPICS:

The Leases Bill..

The Rules of the Supreme Court

What is Legal Time?

Marriage Settlement Costs

The Government Employers' Liability Bill

LEADERS

567

567

567

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Rules of the Stock Exchange and the Law of Bankruptcy 569 Recent Decisions on Disclaimer by Trustee in Bankruptcy 570 570 ................................ 571

RECENT DECISIONS

REVIEWS

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GENERAL CORESPONDENCE ...

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the signatures of the judges who make them printed at order of the Lord Chancellor made periodically under the 17th section of "The Appellate Jurisdiction Act, 1876," and in some cases this order is omitted. For example, all the Rules of the Supreme Court up to those of March 22, 1879, were preceded by the then current order of the Lord Chancellor, and bore the signatures of the several judges making them; the rules of March 22, 1879, though preceded by the order, had no names of judges printed at the foot. The Rules of December, 1879, were issued in a similar form, but those of April, 1880, showed neither the authority to make the rules, nor the names of the judges making them. In May, 1880, the Rules are issued without the authority to make them being shown, but with an array of eight judges' names at the foot. It is not particularly important that all the details relating to the questions of who made the rules and by what authority should be set forth, but want of uniform practice in such a matter is to be deprecated as

Dodson v. Martin........................................... 572 likely to lead to questions which, without reference to Johnson v Egan

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the original signed documents, would be hard to solve. It may be suggested that the last mode employed is the best, and that the signatures of the judges, being ap...................................................................... 574 pended, they may be presumed to have acted under proper authority.

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MR. MARTEN's Leases Bill of last session has been re-introduced in a somewhat altered form by Mr. Warton. It is now proposed to be provided that no proviso for re-entry for breach of any covenant in any lease shall be enforced, except with the consent and by the order of the High Court of Justice, to be obtained on application made by claim or defence in any action, or by motion in a summary manner. Upon such application the court may refuse to give effect to such proviso, and may relieve against the forfeiture, either absolutely or upon terms as to making good the breach of covenant or payment of compensation, &c. We fail to see that the addition to the original clause is an improvement. It does not appear that the tenant is to be served with notice of the motion by the landlord for an order to enforce the forfeiture, and the notion of throwing the onus of applying to the court and of justifying his re-entry on the landlord is very unfair. The proper provision is that adopted by Lord Cairns-viz., that the landlord should not re-enter until after due notice to the tenant, requiring him to remedy the breach -a provision which would, in many instances, lead to a settlement of the questions in dispute-but that in case the dispute be not so terminated, and the landlord proceeds, by action or otherwise, to enforce his right of re-entry, the lessee should have the right to apply for relief to the court, which relief the court may refuse or grant upon terms.

AS A MATTER OF CURIOSITY, it would be interesting to know why, among other peculiarities in the publication of Rules of the Supreme Court, some have

A CURIOUS DISCUSSION has been raised as to legal time. It may be material for many purposes to ascertain the correct hour at which an event happened, or at which a poll is to be closed. How is this to be ascertainedby Greenwich or by mean time? In Curtis v. Marsh (28 L. J. Ex. 36), the facts were that Mr. Baron Watson came into court at Dorchester precisely at ten o'clock as it appeared by the clock at the Town Hall; but. this clock was regulated by Greenwich time, and was several minutes faster than the clock outside the hall, and other clocks in the town. No one appearing for the defendant in an action (an ejectment which stood first on the list), the plaintiff's counsel took a verdict for the plaintiff. Afterwards the defendant's counsel appeared and said he was in time according to the clocks in the town. The judge pressed consent that the cause the plaintiff's counsel to should be tried, but the plaintiff's attorney would not consent unless the defendant would find security for costs, which he was unable to do, and the verdict stood. Upon a rule to set aside the verdict, Pollock, C.B., said that the time a court ought to go by is the time of the town in which the court sits, and not Greenwich time; the true time is the "mean time" at that place, and not Greenwich time. This opinion might be convenient at the time it was uttered, but in this, as in other respects, a good many things have happened since. As a correspondent of the Times points out, all our clocks now keep Greenwich time. No person knows any other time, and common sense seems to say.now that that is the most convenient time to keep.

UPON THE QUESTION raised by our correspondents last week as to liability for marriage settlement costs, the case of Helps v. Clayton and wife (13 W. R. 161) is in point. It was there held by the Court of Common Pleas that "the retainer is to be considered as that of the lady or her parent, as the case may be, but usage makes the husband liable to indemnify whoever, on the part of the wife, has properly incurred expense by retaining the solicitor to prepare a settlement, in the preparing of which the latter has so large an interest." It was in this case that the late Mr. Cookson, to whom the question whether a marriage settlement of personalty should be prepared by the solicitor of the husband or of the wife, decided that the practice in the profession was that the lady's solicitor should draw the settlements; and, he added, the gentlemen has the privilege

of paying for them. A very little consideration will
show the origin and reason of the rule. All marriage
settlements were originally, and most of them are still,
entered into for the protection of the wife, who, without
this protection, would, at least until the passing of the
Act of 1870, not only have been deprived of all her
own personal property by the marriage, but left without
any provision out of her husband's property, except
such as he might chance voluntarily to make for her. It
is true that, down to 1834, her right of dower was,
where the husband was seised of real estate, of consider-
able value, but it was not of a nature to be easily avail-
able for a provision even in the event of widowhood, and
it had no existence at all during the coverture. This
being so, the general principle that every grant
ought to be prepared by or on behalf of the grantee,
whose interest it is that it should be valid and effectual,
and approved by or for the grantor, who is only
concerned to see that it does not go beyond the
contract, applied to this case, and as the benefit of
the settlement accrued to the wife, she was the proper
person to give instructions for its preparation, and the
duty of preparing it accordingly devolved on her solicitor.
But when the costs came to be paid, she was a married
woman, and therefore, as the law then stood, not only
not liable to be sued, but having a husband liable for all
her debts, as well pre-nuptial as others; the husband
therefore was legally bound to pay these costs, at any
rate whenever the wife was herself the client of the
solicitor to whom they were due; and as it was clearly
the interest of this solicitor to get payment from the hus-
band-who was ordinarily a stranger to him-rather than
from the wife's father, who would generally be his own
client, the course adopted was to treat the instruc-
tions as coming from the lady herself, and in that form
to send in the bill of costs to the husband or his solicitor.
This practice the Court of Common Pleas in the case
above referred to treated as a usage binding the husband
to indemnify anyone who on behalf of the wife has retained
a solicitor to prepare the marriage settlement. We
apprehend that the late changes in the law as to the
husband's liability for his wife's pre-nuptial debts, how-
ever much they bear upon the reason for the usage, do
not affect the decision based upon that usage; and that,
at all events, until the doctrine of Helps v. Clayton has
been considered by the Court of Appeal, the husband must
pay
the costs.

gence which may work extensive mischief at any moment and involve the employer in ruinous liability. He says nothing about it; he dare not, for fear of losing his place, inform the employer. The mischief results. We think it is unjust that the employer should have to compensate that workman or his family if he is killed or injured. The man may be a fit subject for pity and excuse, but we think that no one but a person whose mind is thoroughly warped by class feeling could doubt as to the justice of the case. It will be said that this case would

be covered by the provision of the Bill that exempts from its operation cases where the workman injured materially contributes by his own negligence to the cause of his injury. We doubt this very much. This, however, is a matter of detail. We think on the whole that, if duly limited, some such provision as that contemplated by this second head must be accepted. It seems now inevitable from the course discussion on the subject has taken. With regard to the first head above. mentioned-viz,, where the injury is occasioned by defective works, &c., we entertain doubts. So far as the works are defective through the negligence of the master himself, the present law seems sufficient; so far as they are so through the negligence of a superintendent employé, the second head seems to cover the first. We doubt whether anything further than this ought to be included. The machinery may be defective through the negligence of an ordinary co-employé. Suppose a fellow-miner allows his Davy lamp to get out of order under circumstances involving no negligence on the part of the overlooker, is the master to be responsible for the results of an explosion? The third head seems to us rather doubtful, but we suppose the same principle is involved as in the case of the second head. The notion is that the vice-master's negligence is to be that of the master. The fourth head divides itself into two branches. The first is where the injury arises from the act or omission of any person in the employer's service done or made in obedience to the employer's rules or bye-laws. We do not like this phraseology. If the act is done or omitted by the employer's direction, we should think the present law sufficiently meets the case, assuming that the act is one the doing or omitting of which, on the part of the employer himself, would be negligent. But we can see all sorts of difficulties arising from the language used. The act may be one which would give no cause of action against the employer himself, and yet, apparently, according to the words, if it can be said liable. The second branch of this head seems to depend to be the cause of the injury, the employer is to be on the same principle as the second and third beads. We expect that these provisions, if the Bill becomes law, will give abundant opportunity to the courts for the exercise of their powers of interpretation. We only hope that they will not be found to do much mischief by subjecting various branches of industry to intoler

able conditions.

THE BILL on the subject of Employers' Liability, which has been introduced by the Government, is now printed. It proposes to make the employer responsible, first, where the injury to the servant is occasioned by reason of defective works, machinery, plant, or stock connected with the employer's business. Secondly, where the injury is due to the negligence of any person in the employer's service who has superintendence intrusted to him. Thirdly, where the negligence is on the part of any person in the employer's service to whose orders or directions the workman is bound to conform; and, fourthly, where the injury arises from the act or omission of any person in the employer's service done or made in obedience to the employer's rules or bye-laws, or in obedience to instructions given by any person delegated with the employer's authority on that behalf. It seems to us that the principle of the second head above referred to may perhaps be admitted. If a person in the position of a vicemaster foreman or is negligent, we think it may perhaps be right that the master should The Report of the Select Committee on Parliamentary suffer, though even here great difficulty arises. Oaths, which was presented on the 20th inst, was to the The idea often put forward is effect that, in the opinion of the committee, persons entitled dare not complain of a person who is in authority, and under the provisions of the Law of Evidence Amendment if the master puts a person in such a position he must Act, 1869, and the Law of Evidence Amendment Act, 1870, to make a solemn declaration instead of an oath in take the consequence of such a delegation of authority, courts of justice, cannot be admitted to make an otherwise the workman is in a cleft stick, and has affirmation or declaration instead of an oath in no redress. There is a very dangerous doctrine really the House of Commons, in pursuance of the provisions involved in this. Take this case. The workman knows of the Act of the 29 & 30 Vict. c. 19, and of the 31 & 32 Vict.

that the servant

It appears from the Blue Book containing "Statement and Abstracts of Reports deposited with the Board of Trade under the Act of 1870, for the year 1878" that twentyalone the sum of £934,270, or more than one-seventh of eight British insurance companies paid away for commission the whole amount of premiums for fire insurances.

that the superintending person is guilty of some negli- I c. 72.

THE RULES OF THE STOCK EXCHANGE

AND THE LAW OF BANKRUPTCY.

THE case of Ex parte Grant, Re Plumbly, L. R. 13 Ch. D. 667), raised a point of difficulty and importance with regard to the rules of the Stock Exchange and the law of bankruptcy. The Court of Appeal, it is true, do not seem to have found much difficulty in deciding the case, but even admitting the law to be clear-which we do not feel quite so sure about-we cannot help feeling that practically the result is difficult to reconcile with the spirit of the law of bankruptcy.

The decision was as follows:-By the rules of the Stock Exchange, when a member is declared a defaulter, the contracts for the sale and purchase of stocks and shares, which have been made by him for the next settling or account day, are closed, by a person called the official assignee appointed by the Stock Exchange, at the market prices of the stocks and shares the subject of the contracts at the time of the default; and those members who, on that footing, owe differences on their contracts with the defaulter are bound by the rules, on pain of being declared defaulters, to pay those differences to the official assignee, The official assignee is bound by the rules to employ the moneys so received by him in the first place in paying to those members to whom, upon the same footing, differences are due upon their contracts with the defaulter the differences so due to them. In the case in question a trustee in bankruptcy of a defaulting member of the Stock Exchange sued for the moneys received by the official assignee under the above rules as part of the estate of the bankrupt. It was held that the action would not lie, on the ground that the fund created as above in the hands of the official assignee did not form part of the estate of the bankrupt.

The argument of Mr. Herschell, Q.C., for the official assignee, the substance of which received the assent of the court, was as follows:-He argued that there was no privity between the official assignee and trustee which entitled the latter to say that the former received the money to his use. We cannot think that this in equity much matters if the fund had been properly part of the bankrupt's estate; but it was said that the fund did not represent any part of the bankrupt's estate. It consisted of differences which might never have become payable to the bankrupt himself. The settlement upon a default takes place at prices which may be altogether different from those prevailing upon the settling day fixed by the contracts. The fund was an artificial fund, which came into existence only by virtue of the rules of the Stock Exchange on the default of the debtor. The trustee was claiming the benefit of the rules of the Stock Exchange so far as they created the fund, while he asserted that he was not bound by them so far as they regulated its distribution. It was urged that if the trustee had any remedy at all it was against the persons who had wrongly paid the assignee, and who, on that supposition, remained liable. We are free to admit that this argument seems very cogent, but the result is that certain of the bankrupt's creditors-viz., the Stock Exchange creditors-may, in the result, get a great advantage over the other creditors, which seems contrary to the spirit of the bankruptcy laws. A fund which is derived from the contracts in which the bankrupt is interested, and which contracts may be called part of his estate, is employed in the payment-perhaps in full-of a selected class of his liabilities. The fund may not be part of the estate, but it is derived from, and is, in fact, a metamorphosis of, a part of the estate.

Though not bearing on the above subject, we may notice the statements of an affidavit made in this case by some of the leading members of the Stock Exchange. They bear out some observations which we took occasion to make some short time back with regard to some of the confusions of idea that have prevailed in the courts with regard to the nature of Stock Exchange

T

transactions. A great deal has been said about differences and gambling contracts and time-bargains in mang of the Stock Exchange cases both to judges and to juries which, to anyone who had really mastered the Stock Exchange rules and practices, would appear obviously beside the mark and founded on misconception. The statements to which we allude in the affidavit are as follows:-"Contracts on the Stock Exchange are never for payment or receipt of differences. All contracts on the Stock Exchange are real transactions for cash or for a day named, contemplating and compelling the actual transfer or delivery, and the paying for the stock or shares the subject thereof, and which transfer, or delivery and payment, can only be avoided and rendered unnecessary by a new and equally real bargain, on the one part to accept, and pay for on the same day, and on the other part to transfer or deliver, an equivalent amount of the same stock or shares." The affidavit then goes on in detail to show how this is, but we have not space for more. People seem to have thought that, because a person dealing on the Stock Exchange may buy or sell stocks which he never intends to take up or deliver, and his broker knows it, therefore there is a question of a contract void as a gambling or wagering contract, but sufficient distinction is not made between the contract as between the seller and the purchaser and as between the principal and agent. They must be dealt with separately. It is obvious on reflection that the contract must be good as between the principals. The fact that one principal means to deal with it otherwise than by actual delivery or receipt of the stuff is not within the knowledge of the other principal. As between the principal and agent it never was the law as to stock and shares in general, nor is it now the law as to any security, that the contract is illegal because they both contemplate gambling. If I make a bet at another's request and pay it upon loss of the wager, I can recover the amount so paid if he authorizes me to pay it, as money paid for my principal at his request.

There is no doubt that practically the Stock Exchange system of the novation of contracts does enormously facilitate gambling on the Stock Exchange, but then it also greatly facilitates legitimate transactions in public securities. We yield to none in our dislike of the gambling that goes on in the Stock Exchange; but the truth is that it is very difficult indeed to draw the line between what amounts to gambling, and what amounts to legitimate business. It is the old case of the wheat and the tares-anything that would prevent the one would, we fear, also hamper and damage the other. A market in which investments may be freely and conveniently made and disposed of is now a public necessity, and it would be unjust that those who wish to deal legitimately should be prejudiced by the restrictions intended to affect others.

Mr. G. R. Rogerson, of Liverpool, writing to the Times on the subject of re-sealing probates, says:"Very recently clients of mine have had to bear both sealing an English probate in Scotland. expense and delay consequent upon the necessity for reA testator domiciled in England held shares in a steamship company. The steamers all sail from this port, and most of the com pany's business is transacted here; but the company is registered in Scotland, and on this ground alone the execu tors were compelled at considerable expense to have the English probate re-sealed by the Scotch Court. The cost, however, is not the most serious part of the business. In England the registration of an English probate is usually effected in the course of a post at the expense of 5s., while in the case mentioned two agents, one in Glasgow and the other in Edinburgh, had to be employed and the formalities occupied several weeks, during which time the probate could not be registered in the books of the other companies in which the testator held shares, and of course the shares could not be dealt with meanwhile."

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