587 / 736
retirement. To the relatives and friends of all these
former colleagues we offer our deep sympathy.
Finance:
The Accounts and Balance Sheet have been
circulated and
show
that
the
increased
sub
scription has enabled us to cope with the con
stantly increasing overheads but as I shall explain
later when I speak about Kings Hospital we shall
undoubtedly face even greater costs in the future.
I must mention one other item in the Accounts.
In
the consolidated
Income and Expenditure
Account you will see an item "By Profit on sale
of investments, £16,191." 1 think this encouraging
figure is a
tribute not only
to our financial
advisers
but
in particular
to
our Assistant
Secretary, Mr. Healy, who suggested and operates
our new financial policy. You will note that our
investments have altered
somewhat compared
with the previous year. This is due to the fact
that your Council on the recommendation of the
Finance Committee had adopted a more active
investment policy.
Two main objectives were
agreed, namely (1) to minimize losses and (2) to
maximize profits. Last year this policy resulted in
the sizeable surplus to which I have already re
ferred. Markets go both up and down and while
such gains may not be repeated every year you
can rest assured that your Finance Committee
shall endeavour to maintain and even occasionally
exceed the standard set in the current year.
The Society has three main assets (1) its mem
bers, (2) its premises and (3) its investments. Con
sidering our projected move to Kings Hospital
and the very heavy capital and running costs in
volved it is essential that all our assets be em
ployed to maximum advantage if this Society is
successfully to complete the project initiated two
years ago.
The Report:
The report is very comprehensive and saves
me from mentioning a number of matters which
are fully dealt with therein and which you can
read about at your leisure.
I hope you will
appreciate the new format and layout.
Legal Aid:
When I spoke to you six months ago I told you
that the absence of full facilities for the defence
made the position almost untenable for the in
dividual Solicitor who was on the Criminal Legal
Aid Panel. This remained the position when the
report went to press. I was however glad to learn
recently, following a deputation which was re
ceived by the Minister for Justice, that regulations
giving effect to much more realistic fees and ex
penses had been made to operate as from the 7th
October 1970. I have no doubt that many mem
bers of the profession will now remain on the
Panel or have their names restored thereto and
I understand that the Bar Council have decided
to accept the new scale on a provisional basis.
Insurance:
The professional negligence insurance scheme
of which I also spoke to you last May is pro
gressing very well. The response so far obtained
is satisfactory but I hope that more of you will
join the scheme which is the fruit of long and
patient work by the insurance brokers and Mr.
Plunkett and the relevant Committee.
Education:
In 1961 our memorandum about education
pointed out that this Council thought that the
time had come when power should have been
given to the Society to prescribe the whole system
of legal education and training for the profession
exercisable by statutory regulation subject to the
approval of the President of the High Court. We
propose that the Universities should continue to
provide lectures on theoretical aspects of law.
Indeed we suggested
that a University degree
should be a prerequisite for admission as an
apprentice, that we should provide tuition in more
practical subjects and that the student should
spend two years as a full-time paid clerk in a
socilitor's office before qualification. Our view
was endorsed by
the Commission on Higher
Education and our draft of the necessary amend
ing legislation was submitted to the Department
of Justice and over a year ago was sent to the
Higher Education Authority and the Department
of Education for their comments. We still await
these comments. This time last year Mr. Mc-
Carron mentioned that he was sorry the amending
legislations
which was so dear to his heart, had
not been passed before the end of his term of
office and now here we are at the end of my
term and no progress has been made. This is yet
another example of the frustrations we experience
in trying to implement our decisions. In about a
month's time we shall get possession of Kings
Hospital. We had hoped that we should have
known by now what our needs in the educational
sphere would be. I have already warned you that
we should have to increase the annual subscription
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