The Gazette 1930-33

DECEMBER, 1932]

The Gazette of the Incorporated Law Society of Ireland

27

THE

PRESIDENT,

addressing

the Five Shillings Commission, to which Solicitors as well as Bankers and Stock– brokers were for the first time declared entitled. It reached me that the Court Stockbrokers were bringing considerable pressure to secure this Commission on Conversion of Court Funds. I accordingly wrote to the Chief Justice in reference to the costs of application for conversions and urged that Solicitors should get the costs of the applications, and also be declared entitled to the commission credit for the commission to be given against the costs. His Lordship was good enough to accede to my request, and the costs of these applica– tions were dealt with on the basis I suggested and that course, I believe, met with universal satisfaction. LAND BONDS ACT. A proposition was put forward by the Judicial Commissioner as to the payment to Solicitors of interest on Land Bonds issued under Section 4 of the Land Bonds Act, 1925, was fully considered by the Council, and I subsequently had an interview with the Judicial Commissioner, and the proposals set out in the Report were agreed to, the terms of which, I think, are acceptable to the Profession. CIRCUIT COURT RULES. On the whole, the Circuit Court Rules which came into force on the 1st January last have worked smoothly. The attention of the Council has been drawn from time to time to some of these rules, and the Council has carefully noted all matters which will eventually have to be amended or clarified. There are a number of minor points to which I do not think it necessary to refer, but there are two matters of substance which I think should be mentioned. You will remember last May when I addressed you the Council had submitted a case to senior counsel as to the validity of the procedure by which judg– ment in default of appearance can be entered in the office of the County Registrar in cases of liquidated demands. Counsel had advised that there was grave doubt as to the validity of the default procedure in question. The matter has recently come up before the Circuit Court Judge at Wicklow, who stated

the

meeting, said : Gentlemen, I rise to move the adoption of the Report which is in your hands. When I had the honour of addressing you at the Half-yearly General Meeting of the Society last May I gave you a summary of the work of the Council for the first six months' of its office, and now it is my duty to lay before you a resume of its work during its second six months which expired on the 26th inst. During that period there were seven meetings of the Council, and the various Committees appointed by the Council met frequently to discuss a large variety of matters which the Council had referred to these Committees for report. It does not appear to be general!}'known that the Council will always consider and decide on any principle concerning costs and about which there is a difference between members of the Profession. The Solicitors have merely to furnish an agreed-on statement of the facts with a submission to be bound by the decision of the Council. Numerous decisions by the Council following this procedure will be found in the Society's " Calendar." WAR LOAN CONVERSION. The most notable transaction during the period under review was the Conversion of British Five Per" Cent. Loan, and at the request of the Chief Justice I attended a conference of the High Court Judges, at which was debated the best means of dealing with funds in the High Court represented by the War Loan, the con– version of which was contemplated. It was decided to issue a public notice that all persons interested in such funds and who desired to have a holding converted, and to obtain the benefit of the bonus, and what became to be known as the " July Terms," might apply to the Court for an order authorising acceptance of the terms of conversion, and that where no such applica– tion was received before the 25th July the Accountant was to accept redemption in cash, except in any case in which on applica– tion ^before^the 15th September a direction to the^_contrary was given by the Court. Questions arose as to who was to benefit by