209 / 324
on i4th November, 1957.
John R. McC. Blakeney,
James R. Green, Thomas Jackson, Brendan P.
McCormack, Roderick J. Tierney.
The President addressing the meeting said :
LADIES AND GENTLEMEN :
Since our last General Meeting, in the month of
November, 1956, I have to record with regret the
deaths of the following members :
District Justice
T.G.O'Sullivan,EdwinN. Edwards,ChristopherT.N.
Russell, County Registrar, Cork; P. G. Collins,
Timothy O'Shea, a former District Justice ; Charles
M. Barry, John Blood-Smyth.
To their relatives and also to their friends I
would like to express my sincere sympathy and that
of the Council.
It is my privilege, as this year's President of our
Society,
to
inform
the general body of
the
members, at this half-yearly general meeting of the
principal matters affecting the profession generally,
and the Society in particular, that have occurred
during the past six months.
I had hoped at this meeting to be in a position
to congratulate two Members of our Council in
the persons of Mr. Arthur Cox and Senator Walsh
on their election to the Senate, but unfortunately
the Election returns are not yet out, and I under
stand we shall not have the result for a day or two.
A member of Our Society in the person of Mr. P.
F. O'Reilly has been recently honoured by being
appointed to the vacant post of Taxing Master,
occasioned by the retirement of Mr. Q'Hanlon.
To him I would offer our hearty congratulations;
he is an eminent past President of our Society,
and was a member of the Council for many years,
until his retirement on his appointment. He also
is a former member of the Senate (to which he was
elected on our Nomination) where he likewise did
excellent work on behalf of the public and the
profession.
During the Summer we are to have the pleasure
of entertaining a large body of the members of the
American Bar Association. Approximately
200
of them hope to be in Dublin at the end of July ;
and on the evening of August ist, the Benchers,
the Bar Council, and our Council are entertaining
them at the Four Courts. Detailed particulars of this
function will in due course be sent to all members
of our Society, and it is hoped that as many members
as possible will attend.
A rather important Bill came before our Council
for consideration during the past six months, it
is the Landlord-and Tenant (Reversionary Leases)
Bill. This Bill was given very careful consideration
by our Council, and certain decisions were arrived
at in reference to it, and certain suggested amend
ments were made for submission to the Department
of Justice.
In connection with it our especial
thanks are due to Mr. George G. Overend for a
most comprehensive report he drew up in the matter.
You have no doubt seen references in the public
Press to the fact that a new Trustee Investment
Bill is contemplated. The primary object of trust
legislation should be the protection of the interests
of the minors and other beneficiaries whose property
is tied up in settlements.
It is hoped therefore
that any such legislation will not affect property
of persons who have not full disposing power
in any way which would not be permissible in the
case of persons who are fully competent, except in
so far as it may be necessary in the genuine interests
of the beneficiaries themselves.
As you all know it has been the experience of
trustees
that the market value of Government
Stocks has fallen heavily in the last few years.
In my view legislation dealing with authorised
trustees investments should satisfy four conditions :
(i) Express powers in wills or settlements giving
trustees a wide or unlimited discretion in selecting
investments should be permitted.
(2) The statutory
list of authorised investments should be wide enough
to ensure, as far as it is possible, that trustees by
prudent management will be able to safeguard the
capital value of the trust property against deprecia
tion. (3) For this purpose the statutory list of
authorised
investments
should
include deposit
accounts in banks.
(4) In dealing with property
of wards and others under its control, the Court
should have unfettered power to direct that monies
shall be invested in such manner as it may think
advisable in the interests of beneficiaries.
Once again, I regret I must refer to the matter of
delays
in Government offices. As you are all
aware, this matter has come periodically before the
general meetings of our Society in recent years,
and it is constantly before the Council in consequence
of complaints from members. At the November,
1955, general meeting a special resolution was
unanimously adopted complaining that there was
great and unnecessary delay in public offices and
departments and requesting the Council to take
steps to rectify matters.
In consequence of that resolution the Council
took active steps as were reported to you by my
predecessor, Mr. Dermot Shaw, in his address to
you just twelve months ago. You will no doubt
recollect that the Council decided at that time to
tackle the problem at its source, or at all events