The Gazette 1911-12

[DECEMBER, 1911

The Gazette of the Incorporated Law Society of Ireland.

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.

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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