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The Gazette of the Incorporated Law Society of Ireland.
[DECEMBER, 1911
information as a matter of curiosity, to see
what could be done to overcome this opposi
tion. Could not we meet them in some way ?
Dublin County Court practitioners were told
that, if the opposition was gone on with, a
deputation from this body would be appointed
to wait [on the Chief Secretary to see if this
could not be made a Government measure.
Has anything been clone about that ?
If not,
why not ?
Another matter I would like to refer to is
the congestion of business in the Recorder's
Court—a matter that a great deal has been
said about. Blame has been put upon one
body or another. Undoubtedly there is con
gestion there, and undoubtedly that con
gestion will continue. Now, have the Council
considered how this can be got over ?
Do
they propose to see the Recorder about it to
see if he has any suggestion to make, or if
any suggestion can be made to him ? Surely
it does not pass the wit of man to find a
remedy. Surely it is not right that in the
capital city of Dublin cases that are started
in July will not come on till December, and
probably will go on for three months in the
ensuing year before
they will be heard
(Hear, hear.)
MR. C. A. STANUELL: There is one
matter I would like to refer to. That is, the
question of Guaranteed Land Stock.
A
question was asked in the House of Commons
in, I think, March or April last, and it was
represented that there was a very serious loss
to the land owners of Ireland by the sale ol
what is called " immature" stock.
The
answer of Mr. Birrell was to the effect that
all the landlord had to do was to wait until
the " immature " Stock had passed its first
gale day and then sell it as mature. That
was thought a very satisfactory answer, and
no further attention was paid to the subject.
But we all know, though the public don't,
that this docs not affect the real difficulty
is the case. The fact is that the owner does
not sell the Stock, and has no control over the
Stock.
I will take a case in which the
figures will prove this. An estate was sold
for £35,000. The incumbrances upon that
property amounted to £25,000. The Estates
Commissioners, in strict procedure with the
terms of the Act, sold £25,000 worth of
immature Stock to pay off the incumbrances.
The unfortunate owner had nothing whatever
i
to say to
the case—it was sold by an
irresponsible body. Owing to the Stock being
immature
it could not be
registered
in
London at all, or could not come within the
ordinary rules of the Stock Exchange. The
result was that the best price that could be
obtained for the £25,000 Stock was 4 per
cent,
below
the ordinary quotation
of
matured Stock in the market. The conse
quence was, I need not say, that on the
£25,000 there was a loss of exactly £1,000,
which had to be deducted from the un
fortunate owner's surplus. It is not a question
of merely losing the dividend, as Mr. Birrell
told us—it is the fact that the man who
purchased it had to hold that Stock probably
in a falling market until the gale day came.
I don't wish to labour that point.
I only
wish to say that this system of immature
Stock not being transferable at once, there is
no register in the Bank of England. Under
these circumstances the Council prepared this
memorandum, in which they suggest—
" That the National Debt Commissioners
should authorise the Bank of Ireland to
convert, at the request of the Irish Land
Commission, Immature Stock into Mature
Stock on payment to the Bank of the full
half-year's dividend on the Stock; such
dividend to be provided out of the proceeds
of the sale of the Stock."
Copies of the Council's Memorandum were
sent to the Secretary of the Treasury, the
Chief Secretary for Ireland, the Irish Land
Commission, and the Bank of Ireland. This
was in May, and " the Council hope their
suggestion will receive favourable considera
tion," but they have not received any definite
reply yet.
THE PRESIDENT :
I am sure we are all
deeply indebted to Mr. Brady, Mr. Quaid,
and Mr. Craig.
As far as Mr. Brady is
concerned he has acquitted this Council,
because he says we have done our best,
collectively and individually, to get the Bill
passed. As regards the appointments Mr.
Quaid referred to, we got four in 1910. With
regard to what Mr. Craig says, I cannot
answer for the new Council, but I believe
fully they will do their best to get the Bill
passed.
I know, as far as I am concarned,
as a humble member of the Council, I will
do my best.