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AFTER scrutinising the interest income, it is well, in such times as these, to turn to the expenses of management. These are not by any means always mentioned in directors' reports, there being a shy tendency in some directions to say nothing about them unless they happen to show a decrease from the previous year. It would make annual reports far more valuable if all offices adopted the excellent plan, to which a few of the strongest companies adhere, of recording the same items fearlessly year by year, whether showing increase or decrease, and not merely selecting the favourable points and sinking those which happen to be unfavourable. However, as the accounts in the schedule are compulsorily given in prescribed form, anyone can work out for himself the relation between the sum of the commission and the expenses of management, and the premium income. Expenses, however, must not be divorced from the bulk of the now business, for new business costs money, and the progressing office can regard its expense ratio from quite a different standpoint from that which the stationary, or still more the shrinking, office must

view it.

As war did not break out until August, the offices whose financial year tallies with the calendar year, as it does in the case of all but one of the offices now before us, had seven months of peace; and, as it happens, life insurance enjoyed a very extraordinary boom during those seven months, and the companies which were able to take full advantage of the tide effected so large an increase of business in that period that their totals at the 31st Dec. showed in some instances an increase over the previous year in spite of all the ground lost in the last five months of the period. Those offices are justified, therefore, in exhibiting an increased expense ratio in a way which does not apply to others, for every commercial instinct will approve the contention that, if new business falls away, the first and constant care of every prudent manager must be to lay aside all unnecessary forms of expense, and to economise ruthlessly so long as the machinery of his office be kept in an efficient condition, ready to carry on again under full steam directly demand is renewed. One source of economy the offices have, however, refrained deliberately from adopting, and probably no expenditure will more readily meet with the approval of every policyholder or shareholder; that is the decision of so many life insurance directorates to continue the payment of salaries to the young men who have left their clerkships and have gone to serve with the colours. The Star print in their report a list of directors and members of the staff so serving, and it is a list of which the office may well be proud. Although the salary expenditure which these companies thus rightly scorn to save might, if cut off, have affected some economy, it is well to remember that, from the point of view just mentioned-the automatic resumption of increased business when the incubus of war is removed-the treatment of these young men, during their temporary absence, will bear excellent fruit in the


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THE outstanding feature here is the large amount of death claims, due to the war, in some offices, and there is no burking the fact that, as long as the war lasts, the claims of the Legal and General are likely to be heavy, seeing that for some years past this office has been granting unconditional policies on the lives of military officers on terms so extremely favourable that a great deal of such business has been underwritten. But, that being said, it is hard to decide whether the office should not be praised rather than blamed, for, seeing that those lives had to fall in their country's service, it is well for those dependent upon them that such policies were available at a rate of premium within their means, and could be effected in so excellent an office. For here is a great institution, with powerful reserves, valued upon a stringent 2 per cent. basis, with funds of ten millions so skilfully invested as to be earning an average rate, over all, of more than £4 per cent., even after deduction of a war-time income tax. In other words, even though its death claims might exceed-and this, we are expressly told by the chairman, they do not, even at the present exceptional figure-the death rate allowed for in the mortality tables, and, if the war claims extend over the whole of a financial year, such excess is only too possible, yet a loss on that side of the valuation is being counterbalanced all the time by a gain upon the other side due to this margin of interest. For, so far as interest goes, the society's bed-rock solvency depends on its earning but £2 108. per cent.; so that a net earned rate of even £4 per cent. means a margin of £1 10s. per cent. per annum. And £1 10s. per cent. on ten millions sterling is no less than £150,000 per annum, and, without taking any compound interest into account, that alone provides a surplus of £750,000 in the course of a quinquennium. It seems meet, therefore, to congratulate the company upon the privilege which is falling to its share and upon its ability to sustain such losses with equanimity.

MOREOVER, it must be remembered that whereas upon the officers of the professional army the first tremendous call for sacrifice was made, so that the losses of such offices as the Legal and General and the Equity and Law are among the first to be declared, we are day by day drawing nearer to the time when our great citizen army will take the field and war losses will fall in their turn upon companies who up to the present have scarcely felt the effects of the war in their claim departments at all. It is such considerations as this which induce the writer of these notes to lay every possible emphasis upon the need to tighten rather than to relax the stringency of valuation reserves at the present time, and to urge the resolute writing down of securities and the consequent conservation of strength, even although that policy may mean a temporary reduction in a scale of bonus or a rate of dividend.

THEN attention may be turned to the claims; and here we are at the very root of the matter, for the payment of claims is, when all is said, the end and object of insurance. The payments divide themselves into two main headings, the endowment assurances matured, payable on survivance, and the death claims. The former class involves no anxious question of profit and loss, for such payments have all been expected and provided for; the latter, however, vary, as we know, from year to year, both in amount and in character. In a recent note in this column it was shown how even an increase of £100,000 in death claims does not necessarily diminish the mortality profit to any serious extent, for it might be that the extra deaths were amongst old

SHERIFFS APPOINTED FOR THE YEAR 1915. ENGLAND (except Cornwall and Lancashire). BEDFORDSHIRE.-Mr. Charles Edmund Argentine Alington, of Little Barford House, St. Neots.

BERKSHIRE-Mr. John Joseph Eyston, of Hendred House, East Hendred, Steventon.

BUCKINGHAMSHIRE.-Mr. Henry Rodolph de Salis, of Ivy Lodge, Iver Heath, Uxbridge.

CAMBRIDGESHIRE AND HUNTINGDONSHIRE (CAMBRIDGESHIRE NAME).-Mr. Alfred Russell Fordham, of Melbourn Bury, near Royston.

CHESHIRE.—Mr. Frederick Hynde Fox, of Bank Dale, Brom


CUMBERLAND.-Mr. Frederick William Chance, of Morton,


DERBYSHIRE.-Lieutenant-Colonel Harry Anthony Chandos Pole-Gell, of Hopton, Wirksworth.

DEVONSHIRE. Sir Edward Chaning Wills, of Harcombe, Chudleigh, Bart.

DORSETSHIRE.-Lieutenant-Colonel Philip Farrer, of Binnegar Hall, East Stoke, Wareham.

DURHAM.-Sir Alfred Molyneux Palmer, of Walworth Castle, Darlington, Bart.

ESSEX.-Sir Drummond Cunliffe Smith, of Suttons, Stapleford Tawney, Romford, Bart.

GLOUCESTERSHIRE -Mr. Colin MacIver, of Blaisdon Hall, Longhope, Glos.

HEREFORDSHIRE.-Mr. Lennox Bertram Lee, of How Caple Court, Ross.

HERTFORDSHIRE.-Mr. Henry William Clinton-Baker, of Bayfordbury, Hertford.

KENT.-Mr. Algernon Massy Fleet, of Darenth Grange, near Dartford.

LEICESTERSHIRE.-Mr. Henry Trueman Mills, of Langton Hall, Market Harborough.

LINCOLNSHIRE.-Mr. Frederick Acton, of Miramar, Seacroft,

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A. J. VASEY AND CO. LIMITED.-Creditors to send in, by March 27, to T. H. Taylor, Kingsley-chmbrs, Bishop Auckland. ALVASTON LACE COMPANY LIMITED.-Creditors to send in, by March 20, to T. G. Mellors, 1, King John's-chmbrs, Bridlesmith Gate, Nottingham.

ANDREWS PICTURES LIMITED.-Creditors to send in, by March 29, to
E. H. Hawkins, 4, Charterhouse sq, E.C., or M. P. Shepherd,
Spencer House, South-pl, E.C., liquidators.

Creditors to send in. by April 14, to P. H. Barlow, 39, West-st,
Congleton. E. Hollinshead, Tunstall, sol. for liquidator.
BURNE, TURNER, AND CO. LIMITED. -Creditors to send in, by April 30, to
G. R. Freeman, 66, Coleman-st, E.C.

send in. by April 12, to S. Pearson, 13, Spring-grdns, Manchester, or to T. Dutton, 4, Piccadilly, Manchester.

E.G. SYNDICATE LIMITED.-Creditors to send in, by April 26, to C. F. Palmer, 1 and 2, Broad-st-av, Blomfield-st. E.Č.

GRAYS AND DISTRICT PEOPLE'S CAFE COMPANY LIMITED.-Creditors to send in, by April 3, to T. A. Capron, Orsett-rd, Grays L.B.M. CARBURETTERS LIMITED.-Creditors to send in, by March 22, to J. W. Jones, 19, Cooper-st, Manchester. Hall, Son, Hawkins, and Co., Manchester, sols. for liquidator. LOCKWELL STEAMSHIP COMPANY LIMITED.-Petition for winding-up to be heard March 9, at Royal Courts of Justice. T. Cooper and Co., 21, Leadenhall-st, E.C., agents for J. H. and H. F. Rennoldson, South Shields, sols, for pet. Notices of appearance by March 8. MOTOBLOC CARS LIMITED.-Petition for winding-up to be heard March 9, at Royal Courts of Justice Spyer and Sons, Austin-friars House, Austin-friars, E.C., sols. for pet. Notices of appearance by March 8. NEW RUSSIAN OIL SYNDICATE LIMITED.-Petition for winding-up, to be heard March 9. at Royal Courts of Justice. Vizard, Oldham, Crowder, and Cash 51, Lincoln's-inn-filde, sols. for pet. Notices of apparance by March 8.

PATENT RIVET COMPANY LIMITED.-Petition for winding-up to be heard March 9, at Royal Courts of Justice. Ward, Bowie, Porter, and Co., 7, King-st, Cheapside, E.C., agents for Cochrane and Co., Birmingham, sols. for pets. Notices of appearance by March 8. PINNER MOTOR COMPANY LIMITED.-Creditors to send in, by March 19, to J. H. Blunt, 21, Stanley-villas, Pinner.

PRINTEX COMPANY LIMITED.-Petition for winding-up to be heard March 9, at Royal Courts of Justice. Smith, Rundell, and Dods, 9, John-st, Bedford-row, W.C., sols. for pets. Notices of appearance by March 8. ROWDITCH FOUNDRY COMPANY LIMITED.-Creditors to send in, by April 2, to W. A. Raybould, Theatre-chmbrs, Babington-la, Derby. STOEWERS (LONDON) LIMITED.-Adjourned petition, also petition for compulsory winding-up, or, in the alternative, for continuing the voluntary winding-up under supervision of the court, to be heard March 9, at Royal Courts of Justice. J. Bransbury. 3, Pancras-la, E.C., sol. for pets. Notices of appearance by March 8. UNITED CINEMAS LIMITED.-Petition for winding-up to be heard March 16, at Royal Courts of Justice. Denton, Hall, and Burgin, 3. Gray'sinn-pl, W.C., sols, for pets. Notices of appearance by March 15.


DEARLING (Catherine), Croydon. March 26; J. A. White, sol., Stevenage
House 40-44, Holborn-viaduct, E.C. April 14; Astbury, J., at 11.30.
HEWETT (Jane), Leamington. April 10; T. Cooksey, of T. Cooksey and
Co., sols., Old Hill, Staffs. April 14; Judge in Chambers, Room 706,
Royal Courts of Justice, at 11.30.

MITCHELL (Alexander), Brondesbury. March 23; G. Sturt, of Johnson, Weatherall, and Sturt, sols., 7, King's Bench-walk, Temple. March 30; Master Jobson, at chambers of Joyce and Eve, JJ., at 12. SCHOFIELD (Lewis) and SCHOFIELD (John Hadyn). March 12; Registrar, Saddleworth County Court, York. March 12; Registrar aforesaid, at 10.

CREDITORS UNDER 22 & 23 VICT. c. 35.

LAST DAY OF CLAIM AND TO WHOM PARTICULARS TO BE SENT. ABBOTT (Ellen), Bakewell, Blaydon-on-Tyne, and Lewes. April 1; Taylors, Bakewell.

ABBOTT (Lieut.-Col. Henry Byam). Eastbourne. April 15; Murray,
Hutchins, and Co., 11, Birchin-la, E.C. ·
BAGSTER (Henry), Stamford Hill. March 31; Morley, Shirreff, and Co.,
53, Gresham House. Old Broad-st, E.C.

BAKER (Henry Joseph), Stock Exchange; Angel-ct, E.C.; and Brondes bury. April 12; Lawrance, Webster, Messer, and Nicholls, 14, Old Jewry-chmbrs, E.C.

BARRETT (Elizabeth), Kingston, Jamaica. April 8; Pennington and Son, 64, Lincoln's-inn-filds, W.C.

BARNARD (Harriet), Colwyn Bay. Her nieces, Annie Barnard Nelson and Margaret Nelson, are requested to communicate with T. H. Morgan and Co., Colwyn Bay

BELL (Richard), Invercargill, Otago, New Zealand. Claims against bis estate in England. April 13; Garrard, Wolfe, and Co., 13, Suffolkst, Pall Mall East, S.W.

April 10;

BENSON (Very Rev. Monsignor Robert Hugh). Buntingford.
Biddle, Thorne, Welsford, and Gait, 22, Aldermanbury, F.C.
BINNS (Francis), Saltley. March 25; Saunders, Bradbury, and Saunders.

BLAKE (Clara Tabitha), Hungerford. March 13; W. J. Phelps. Rams
bury, Wilts.
BRADBURY (Elizabeth Ellen), Market Drayton.

Upton, and Garside, Market Drayton.

March 10; Warren,

March 31;

April 7; J. L. Bromley

BRICKENDEN (Col. Richard Hugh Lambart), Piccadilly.
Nicholson and Crouch, 17, Surrey-st, Strand.
BROWN (Frederick William), Holloway.
Williams, 23, Essex-st, Strand, W.C.

BULLIVANT (George), Walsall. April 7; H. L. Lester, Walsall.
CHAMBERS (William), Southfleet. March 25; Hopgood and Dowsons, 31,
Spring-grdns, S.W.

CHIVERS (John), Bishopstone. April 24; Kinneir and Co., Swindon. CHRISTMAS (Frederick Charles), Haverhill. April 5; Taylor and Taylor, 10. New Broad-st, E.C.

CLIFF (Joseph), Scawby. April 10; Scatcherd, Hopkins, and Brighouse, Leeds.

COATES (Emma), King's Lynn. March 31; Sadler and Woodwark, King's

COOKSON (Major Mostyn Eden), Royal Sussex Regiment. March 22; W.
Sturges and Co., Caxton House, Westminster, S.W.
CREWS (Charles Thomas Daniell), Portman-sq, and Wokingham.
March 31; Kearsey, Hawes, and Wilkinson, 108A, Cannon-st, E.C.
CUMBERLAND (Harriet), Loughborough, April 7; C. W. and F. H. Toone,

CURTIS (Charles Woods), Cheltenham. April 10; Earengey and Pruen,

DARNELL (William Francis), Kingsland-rd, and Stamford Hill. April 7; H. A. Scott, 7, Staple-inn, Holborn, W.C.

DAVIES (Griffith Llewelyn), Sheffield. March 31; Pepper, Tangye, and Winterton, Birmingham.

DAVIES (Thomas Rowe), Liverpool. March 27; H. Pemberton, Liverpool. DAVIS (Robert Harold), St. Osyth. March 31; R. B. Hamp, 22, Southampton-st, Bloomsbury-sq, W.C.

DEEDES (Sarah Mary Sophia), Hythe. April 19; J. Gray and Son, 5, New-ct, Lincoln's-inn, W.C.

DRUMMOND (Jane Mary Ann), Hyde Park. March 30; Few and Co., 19, Surrey-st, Strand, W.C.

DUCKETT (Mary Ann Elizabeth), St. Marylebone. March 20; Saxton and Morgan, 15, Somerset-st, Portman-sq, W.

EMERY (John), Great Grimsby. March 27; J. Barker, Great Grimsby. EVANS (James Arthur), Walsall. March 24; J. F. Addison and Cooper, Walsall.

FORSTER (Henry), Kilburn. April 10; Bird and Lovibond, Uxbridge.
FOTHERGILL (James May), Newcastle-upon-Tyne, or FOTHERGILL (Ann
Alice). March 25; Dees and Thompson, Newcastle-upon-Tyne.
FREEMAN (Emma Kate), Chelsea. April 12; J. T. Lewis and Woods, 54,
Chancery-la, W.C.

GARGORY (Emma), Bournemouth. March 31; Balden and Son, Birming-
GARLAND (Charles Alexander Spencer), King's Bench-walk, Temple, E.C.;
Adam-st, Portman-sq, W.; and Hondford, Yeovil. April 7; Gresham,
Davies, and Dallas, 12, Old Jewry-chmbrs, E.C.

GARLAND (Dr. Edward Charles), Kingston, Yeovil. April 7; Gresham,
Davies, and Dallas, 12, Old Jewry-chmbrs, E.C.

GIBBON (Elizabeth Rebecca), Lancaster-gate. April 10; Gibbon and Moore, 32, Great James-st, Bedford-row, W.C.

GIBBS (William John), Chiswick. March 31; N. R. Murray, Chiswick. GLANVILLE (Harry James), Herne Hill. March 25; E. R. Wood, 20, Finsbury-sq, E.C.

GOLDRING (Edmund), Eastbourne. March 29; Hart, Reade, and Co.,

GRAY (Robert Kaye), Abbey Wood, Kent, and Cannon-st, E.C. April 15;
Murray-Hutchins and Co., 11, Birchin-la, E.C.
GREEN (Sydney Sleath), Brighton. March 31; Surtees. Phillpotts, and

Co., 6, St. Helen's-pl, E.C.

HABBERJAM (William), Shiremoor.

March 13; Watson, Burton, and

Corder, Newcastle-upon-Tyne,

HAIGH (Lieut. Charles Roderick), Godalming. March 31; Arkcoll, Cockell, and Chadwick, 67, Tooley-st S.E.

HAMOND (Emily Jane), Edinburgh. April 10; Ingledew and Fenwick, Newcastle-upon-Tyne.

HAMOND (Sir Charles Frederic), Newcastle-upon-Tyne. April 10; Ingledew and Fenwick, Newcastle-upon-Tyne.

HARDING (Elizabeth Jane), South Lambeth. March 27; C. J. Stewart, 3 and 4, Clement's-inn, Strand, W.C.

HARRIS (Sarah), Hindhead. April 3; E. Talbot-Palmer, Gosport.
HARLOW (Mary), Oxford. March 26; A. Walsh, Gray, and Rose, Oxford.
HARVEY (Jesse), St. Annes-on-the-Sea. April 6; Butcher and Barlow,

HENDERSON (Arthur), Grosvenor-rd. March 27; T. Duerdin Dutton and
Co., 46, Tachbrook-st, S.W.
HEPWORTH (John), Morley. March 31; E. O. Wooler, Burrows, and
Burton, Morley.

HIBBERD (James), Colchester. March 26; W. G. Synnot, Manningtree.
HILL (Christiana Rebecca), Bath. April 12; Collins and Simmons, Bath.
HILL-HARTLAND (John), Clapham. April 13, Francis and Calder, Ridg-
way House, 40-42, King William-st, E.C.


HODGES (John), Weston-super-Mare, and HODGES (Isabella). March 25;
J. H. and F. W. Bere, Weston-super-Mare.
HOLDEN (James), Birkenhead. March 25; Thompson and Mathison,
HOWARD (Alice Maud), generally known as Mrs. Bronson Howard, New
York, U.S.A., at the time of her death temporarily residing at St.
John's Wood. March 27; Reynolds and Son, 7, Arundel-st, Strand,

HUGGINS (Rosa Matilda), Deptford. May 1; F. J. East, 10, Basinghallst. E.C.

ISAACS (Sarah), County Asylum, Winwick. March 31; E. G. Asher, Manchester.

JACKSON (Capt. Frederic Howard), Earl's Court. April 10; W. F. Howard, Spalding.

JARVIS (Margaret Jane), South Shields. April 12; Newlands and Newlands, Jarrow-on-Tyne.

JONAS (Rose), Maida Vale. March 11; Rowlands and Co., Birmingham.
JONES (Edward), Bangor. March 31; J. E. Jones, Bangor.
JOYCE (Augustine), Kennington. March 31; Mitchell, Lucas, and
Mitchell, 4, Romford-rd, Stratford, E.

KIDNEY (Thomas), Leeds. March 27; Markland Davy, and Wood, Leeds.
LAWRENCE (Ellen Irene Bell), Bexhill-on-Sea. Claims of creditors, rext
of kin, and others. March 30; F. H. Stapley, Eastbourne.
LING (Samuel), Ramsden, St. Mary Cray. March 25, F. Duke and Son,
18 and 19, Ironmonger-la, E.C.

LOCKWOOD (Charles Barrett), Upper Berkeley-st, and Instow, North
Devon March 31; Le Brasseur and Oakley, 40, Carey-st, Lincoln's-
inn, W.C.
MCCALLUM (Frances Caroline), Clapham. March 25; Heath and
Eckersall, Cheltenham.

MACDOUGALL (James Andrew), Barrow-in-Furness. April 10; S. M. S.
Townsend, Barrow-in-Furness.

MAIDEN (Francis), Bardsley. April 10; J. Clayton and Son, Ashtonunder-Lyne.

MAIRS (Robert), Alnwick. March 15; Dickson, Archer, and Thorp, Alnwick.

MANN (Reginald Oscar), Stoke Newington. March 25; F. Duke and Son, 18 and 19, Ironmonger-la, E.C.

MAXEY (William Baines). Sheffield. March 31; Branson and Son, Sheffield.

MOON (Adelaide Eliza Clara), Brighton. March 25; Champion, Farrington, and Winterton, Brighton. MORGAN (Maria), Bargoed. April 2; L. A. Williams, Bargoed.

MURDOCK (Mary Ann), Mitcham. March 25; Streeter and Howe, Croydon. NORCROSS (Samuel), Ashton. March 30; D. Hughes, Chester. NORRINGTON (Charles Huddy), Heavitree. March 20; J. and S. P. Pope, Exeter.

NORVILLE (Sarah Ann), Worle. March 25; A. R. Ford, Weston-superMare.


OLIVER (Samuel), Kearsley. March 25; Fielding and Fernihough, Bolton.
PALMER (Marshall Alfred), Norwich. March 25; S. G. Hill and Son,
PARKINSON (John), Calverley, April 1; G. A. Fearnside, Leeds,
PEARN (Frank), Heaton Moor. April 12; J. Leigh, Wells, and Co., Man-
April 1;

PERKINS (William Tindal). Willesden, and Gray's inn-sq.
Perkins, Wheeler, and Perkins, 9, Gray's-inn-sq. W.C.
PERRY (John), Ranby and Hayton. March 19; Bescoby and Williamson,
Retford, Notts.

POOLE (Charles), Wrockwardine Wood. Oakengates. March 31; R. A.
Willcock, Taylor, and Co., Wolverhampton.
PRESTON (Dorothy Carr), Lancaster. March 27; Maxsted, Gibsons, and
Sturton, Lancaster.

PROCTER (George), Sherborne-pl. April 10; Bird and Lovibond, Uxbridge.
REAM (Alfred), King's Lynn. March 31; Sadler and Woodwark, King's

REES (Alice Victoria), Llandaff. April 12; Yorath and Jones, Cardiff.
REES (John), Llandaff. April 12; Yorath and Jones, Cardiff.
ROGERS (William Rodriques), Kensington Park-rd. March 25; Dawes
and Sons, 2, Birchin-la, Lombard-st. E.C.
ROXBURGH (Sarah), Shipley. March 31; J. B. Atkinson,_Shipley.
SCANES (John Nicholes), Ide. March 30; W. L. Brown, Exeter.
SCHMIDT (Susan Jane), Ealing.

Lincoln's-inn-flds, W.C.

April 9; W. A. and G. A. Brown, 27,

SELKIRK (Robert), Blackpool. March 27; J. Campbell, Wigan,
SHAW (Luke), Lightcliffe. April 2; D. Garsed, Elland.
SIMPSON (James Cade), Hornsey. March 25; Simpson, Bowring, and
Smith, Derby.

SISSINS (Fanny), Dunholme. April 2; J. B. Lander, 46, Chancery-la,

SMITH (Hannah), Dudley. March 15; Hooper and Fairbairn, Dudley. SODERSTROM (Oscar Ludwig), Middlesbrough. March 20; J. W. R. Punch and Robson, Middlesbrough.

SPARROW (Joseph), Bradfield. March 26; W. G. Synnot, Manningtree. STANBRIDGE (Herbert), Ticehurst. March 30; E. B. Harris, Tonbridge. STYLES (Lieut. Frederick Ernest), Knightsbridge, and Edenbridge. April 17; Garrard, Wolfe, and Co., 13, Suffolk-st, Pall Mall East. S.W.

TAYLOR (Lucy), Wollaston. March 27; Wyrdham, Hinds, and Son, Stourbridge.

THOMPSON (Thomas), Castle Combe. March 12; Wood and Awdry, Chippenham.

TRAVIS (John), Smithy Bridge. March 15; J. H. Stott, Rochdale. TURNER (Christopher Alexander), Clapham Common. March 29; Fairfoot, Rooke, and Macdonald, 6, Clement's-inn, W.C.

VON LIMBURG (Frederick William), Woodford Green. March 31; Waltons and Co., 101, Leadenhall-st, E.C.

WARD (Robert), Preston. March 25; Clarke and Son, Preston. WHITEHOUSE (Charles Ernest), Rushall. March 27; E. I. Miller, Walsall. WIENHOLT (Ellen), Bournemouth. May 1; W. E. Brennand and Wilson, Blandford.

WILLIAMS (Edward Leofwin), Teddington. April 10; C. Smith, Exchangechmbrs. Bristol. Sols., Press and Press. Bristol.

WILSON (Abram), Cheltenham. March 25; H. Stroud, Cheltenham. WISSMANN (Lieut. John Rudolf), Aldershot. April 6; Clarke, Rawlins, and Co.. 66, Gresham House, Old Broad-st, E.C.

WRIGHT (William), Leeds. March 19; Hewson, Goodall, and Dobson, Leeds.




MR. GEORGE COSENS (Master) presided at the fourth lecture of the present series promoted by the City of London Solicitors' Company, which was delivered at the Pewterers' Hall, Limestreet, E.C., on Monday. Among those present were Sir Homewood Crawford (City Solicitor, Senior Past Master) and Mr. P. C. C. Francis (Junior Warden).


Mr. F. Shewell Cooper selected for his subject "Private Companies." He pointed out that the expression had been loosely used; i, in fact, only received statutory sanction in the Act of 1907, s. 37. Before the passing of the Act all companies were really public companies, although the expression "private com. was used, even by the judges, as a convenient way of describing incorporated companies with seven subscribers, where the whole concern was in a few hands, either members of one or more families or persons who had been partners; in fact, a private business registered as a company. The term "private company had now a technical meaning, and, since probably by this time most of the so-called private companies had taken advantage of the new legislation in order to obtain the benefit of the privileges thereof, it seemed reasonable to assume that " private company now meant generally the statutory private company. statutory law on the matter was contained in small compassi.e, in sect. 121 of the Act of 1908 and in ten other sections where private companies were mentioned, and also in the amending Act of 1913 (3 & 4 Geo. 5, c. 25). That Act was to be construed as one with the Consolidation Act, and the two might be cited together as the Companies Acts 1908 and 1913. Hence, presumably, all new companies, even public companies, were now incorporated under the Consolidated Acts 1908 and 1913. But, meagre as the legislation was, it furnished material for a good deal of comment. With regard to the definition of a private company by its articles, he referred to the well known case of Park v. Royalties Syndic te (106 L. T. Rep. 185; (1912) 1 K. B. 330). This case practical y



rendered the provisions of sect. 121 a nullity, and in 1913 the Legislature intervened by passing the Act of that year. The Act of 1913 provided in effect that, if default were made by a private company in complying with any of the provision of sect. 121 as amended by the Act of 1913, it still remained a private company in name, but it was shorn of certain of its privileges, and these the most important. One of the provisions which a private company was required to include in its articles was that it must restrict the right to transfer its shares. The words used were very general, and the Registrar of Joint Stock Companies had construed them in a highly convenient manner, and had always regarded an article giving directors absolute discretion as to the registration of transfer as sufficient compliance with the requirements of sect. 121. Personally, he (the lecturer) thought him wrong in taking this course, but nobody wanted to stop him. It was found very convenient to put this provision in, instead of having to resort to an extremely elaborate code. Another point was that the number of shareholders, exclusive of (a) employees and (b) ex-employees, must be limited to fifty. This was the position after the amendment effected by the 1913 Act. There were also restrictions as to the number of debenture-holders, and it was well to bear in mind that an unlimited number of debentureholders might be created by transfer. The privileges of a private company were contained in ten different sections, some of which privileges were of great importance. Thus, sect. 2 entitled the company to register with two subscribers. Sect. 26 contained a really important privilege of a private company, perhaps the most important of all, in that it provided that the company need not in its annual summary include that document described as a statement in the form of a balance-sheet. precise nature of that provision was very much debated soon after the Act came into force, but it appeared now to be settled into a recognised form, and did not seem to present much difficulty. It was a very great advantage not to be obliged to send in a statement in the form of a balance-sheet showing what had been done with the money and the receipts and expenditure up to the time of the statutory meeting. The most important privilege of a private company and, in practice, the reason why companies were anxious to register as private companies, or to convert themselves into private companies, was that it enabled them to avoid publicity. Sect. 65 embodied the privilege that a private company, whilst it must hold a statutory meeting, was exempt from the requirement as to forwarding and filing a report before the date of such meeting. In the case of a public company it was necessary to set out the number of the shareholders, the total amount received, the number of shares allotted, the names and addresses of the directors, and so on; but this need not be done by a private company. The private company was required to hold a statutory meeting, but, apparently, the proceedings thereat were limited to the discussion of any matter connected with the formation of the company. The only document which it appeared necessary to have in the room was the list of shareholders and the number of shares held by them. It was hardly surprising that, in these circumstances, the statutory meeting of a private company was, more or less, a solemn farce. The next privilege was comprised in sect. 72, by which the private company had not to go through all the elaborate business of filing the consents of the directors to act, and so on, before they could be appointed by the articles. Those who were forming the company could appoint anybody they chose as directors, and they generally did so. The lecturer proceeded to deal with a number of other sections of the Acts, pointing out that whilst in a public company preference shareholders and debenture-holders had the same right of inspection of the balance sheet and report as was possessed by ordinary shareholders, this dd not apply in the case of a private company; but, whilst in a public company the preference shareholders had the right of inspection, that did not apply in the case of a private company. Having further spoken in considerable detail of the advantages to be derived from registering a conpany as "private," he said that the turning of a public into a private company was not provided for by the Act, but it was constantly being done, and there did not seem to be the slightest objection. All that was necessary was to get rid of any of the articles which were inappropriate, and to insert appropriate articles in accordance with the sections of the Act. He further dealt with the preparation of the articles of a private company, pointing out the difficulties in the drafting, and referring to such matters as the fiduciary position of the directors, and the subject of transfers, in regard to which he observed that it was desirable in the articles of a private company, especially if it was a family company, to provide machinery to prevent the numbers exceeding fifty, on the devolution of shares on death. He thought the simplest plan was to provide that, in the case of a transfer of shares on death which would have the result of bringing the number to above fifty, those entitled should be required to transfer the shares to trustees for the whole. The provisions in regard to the appointment, rotation, retirement, and other matters connected

with the directors required great care, and the appropriateness or otherwise of certain portions of Table A, if that were incorporated, should be carefully considered. Inasmuch as private companies might pay commission, it was useful to put in a commission article. He said he was totally unable to see the advantage of a limited partnership over a private company, by which a great many objections in the former case were avoided. Great care must be exercised that the individual transferring his property was not on the verge of becoming insolvent, because a fraudulent conveyance within three months by an insolvent vendor would result in the assets by the company going into the bankruptcy. There was an extraordinary public delusion that once a business was turned into a company the bankruptcy law would not apply, but that was far from being the case.

On the motion of the chairman a cordial vote of thanks was passed to Mr. Shewell Cooper for his lecture.


A MEETING was held on Monday, the 1st inst., at 3, King's Bench-walk, Temple, E C., Mr. W. H. Godfrey being in the chair. Mr. S. S. Abrahams moved: "That the present war has vindicated the principle of voluntary military service." Mr. James Ball opposed. The following gentlemen also spoke: Messrs. Hynes, Coutanche, C. P. Blackwell, Wood-Smith, and Aaron. The motion was carried.


THE annual meeting was held at the Law Library on the 23rd ult., the president, Mr. J. Hargreave, being in the chair. According to the report the war had effected the society and the Profession in a variety of ways, eighty-one solicitors having answered the call of their country. Prominent among them were Lieutenant-Colonel Martineau, who resigned his post of Lord Mayor of Birmingham in order to join his battalion, and Lieutenant-Colonel Pearson, the chairman of the Board of Legal Studies. In moving the adoption of the report, the president stated that no class of the community was more seriously affected by the upheaval than solicitors. As an illustration of the adverse effect of the war he might refer to the almost total cessation of sales of landed property by auction and the great decrease in sales by private contract during the last five months of the year. Only about one-fourth of the usual number of common form conditions of sales were sold during that period; and from that it might fairly be deduced that the conveyancing business of the members was not one-fourth of the usual amount during those months.


THE annual meeting was held in the Rooms, Hoole's Chambers, Bank-street, Sheffield, on the 25th ult. The President (Mr. G. E. Branson) was in the chair, and others present were Messrs. F. Allen (Doncaster), H. Auty, J. C. Auty, J. Barber, J. Binney, E. Bramley, W. J. Clarke (Parkgate), S. H. Clay, C. W. Clegg, J. H. Davidson, F. B. Dingle, T. W. Hall, A. Howe, G. A. I. Huntsman, H. N. Lucas, A. E. C. Ludlam, R. Meeke, D. M. Nicholson (Wath), J. H. Pawson (Doncaster), D. H. Porrett, H. Reed, E. J. F. Rideal (Barnsley), S. B. Roberts, J. P. Russell, H. E. Sandford, G. H. Simpson, A. Slater, T. A. Skinner, R. G. Thompson, B. A. Wightman, and J. E. Wing. Mr. H. N. Lucas was elected president, Mr. D. M. Nicholson (Wath) vice-president, and Mr. Arthur Wightman, hon. treasurer. Mr. C. Stanley Coombe was re-elected hon. secretary, and during his service with His Majesty's forces Mr. E. Bramley was requested to act as secretary for him. The following were elected to act with the officers as the committee:Messrs. F. Allen (Doncaster), T. H. Bingley, P. J. Blake, E. Bramley, G. E. Branson, B. T. Burdekin, S. H. Clay, C. W. Clegg, P. B. Coward (Rotherham), F. B. Dingle, T. W. Hall, W. E. Hart, A. Howe, H. W. Jackson, J. K. Parker, E. J. F. Rideal (Barnsley), G. H. Simpson, E. Tofield, H. R. Vickers, R. Webster, and B. A. Wightman. It was resolved that, as a general principle in the case of a member serving with His Majesty's forces, and having no partner to carry on his business, his subscription be waived; that in the case of an applicant serving with His Majesty's forces, and having a partner to carry on his business, half the usual subscription be accepted; and that it be left to the president to settle, if necessary, individual cases.


THE annual meeting was held at the Townhall, Chester, on Wednesday, the 24th ult., the retiring president, Mr. H. Goodman

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Roberts (Mold), in the chair. The "John Allington Hughes Prize and the "Horatio Lloyd Prize" for 1914 were presented to Mr. Robert Stanley Rigby, who served his articles with Mr. H. P. Rigby, of Middlewich. The following gentlemen were elected officers of the society for the ensuing year: President, Mr. James Porter (Conway); vice-president, Mr. E. Gardner (Chester); hon, treasurer, Mr. T. Moore Dutton (Chester); hon. secretary, Mr. Henry G. Hope (Chester); hon. auditors, Mess'9. Francis Nunn (Colwyn Bay) and Frank Turner (Chester). In consequence of the war the annual dinner which usually follows the business meeting was not held this year.


fo SECRETARIES.-Reports of meetings should reach the office not later than first post Thursday morning to ensure insertion in the current number.


UNIVERSITY OF LONDON LAW STUDENTS' SOCIETY.-At a meeting held on Tuesday at University College (Mr. R. F. Levy, president, in the chair), the subject for debate was: "That the present war has proved the need for the nationalisation of our railways." Mr. E. W. Goodale opened in the affirmative, and Mr. E. Thatcher in the negative. The following members also spoke : Messrs. H. P. Wells, Ŏ. W. Godwin, C. F. Inniss, A. A. Carreras, P. A. Wood, and A. B. Montgomery. The leaders replied. On the motion being put to the meeting it was lost by eight votes to five.


information intended for publication under the above heading should reach us not later than Thursday morning in each week, as publication is otherwise delayed.

Lieutenant-Colonel FRANCIS HENRY LAUNCELOT ERRINGTON, commanding the Inns of Court Officers Training Corps, has been elected a Bencher of Lincoln's-inn, in succession to the late Lord Justice Kennedy. Lieutenant-Colonel Errington was called in 1882.

Mr. CHARLES EDWARD HULTON, solicitor, of the firm of Fullagar, Hulton, Bailey, and Co., Wood-street, Bolton, has been appointed Registrar to the Bolton County Court. Mr. Hulton was admitted in 1902.

Mr. ALFRED GOODMAN, LL.B. (Lond.), solicitor, Devonport, has been appointed a Commissioner for Oaths. Mr. Goodman was admitted in 1903.


This column is intended for the use of members of the Legal Profession, and therefore queries trom lay correspondents cannot be inserted. Under no circumstances are editorial replies undertaken.

None are inserted unless the name and address of the writer are sent, not necessarily for publication, but as a guarantee of bona fides.


26. ELECTION OF CHURCHWARDENS.-The mode of election in vestry is by show of hands, but a poll is demandable as of right. In the parish of X. it is the custom to have four churchwardens, one being appointed by the incumbent and three elected by the parishioners. In case of four or more candidates being proposed by the latter, how should the election be carried out? Should each candidate's name be put and voted on separately, and, if so, can each voter, on a show of hands or on a poll, vote for three candidates, or is he restricted to voting for one?


27. INCOME TAX-DEATH-RATE.-The Finance Act 1914 (Session 2) enacts that, in order to provide for the collection of income tax (including super-tax) for the last four months of the current income tax year at double the rates at which it is charged under the Finance Act 1914, the amount payable shall be treated as increased by one-third, &c. A person assessable to sched. D income tax and super tax dies during the current year of assessment, but prior to the passing of the Act (Session 2). It is submitted that, in view of the words of the Act italicised above, the proportion of tax payable in respect of his income for the current year, calculated to the date of the death, is payable at the rate provided by the Finance Act 1914 and not the Act of Session 2. What is the opinion of your readers ? C. J. L.


This department being open to free discussion on all Professional topics, the Editor does not hold himself responsible for any opinions or statements contained in it.

TRUSTEES AND WAR RISKS.-The case quoted by "Josa" differs materially from the case put by Query 24 and answered by me. I am clear that he could not be held responsible to his cestuis que trustent for any omission to insure against war risks, and I note with satisfaction that your editorial in last issue supports this view. But "Josa" is not merely a trustee. He is also a mortgagor, and is presumably under covenant to repair. It may well be that if the mortgaged premises were destroyed the rest of the trust estate would not provide sufficient money to rebuild them, and then "Josa " and the other trustee mortgagors would have to provide pe sonally the balance required under their covenant. In such circumstances mortgagors (like lessees under repairing leases) would doubtless insure for their on sakes if they considered the risk warranted it. The question of "prudence" cannot arise between mortgagees and mortgagors as "Josa suggests; it is purely a question of covenant. I am taken to task for my use of the word "necessarily," and I therefore invite "Josa" to cite any circumstances in which a trustee is bound to act in a way in which a prudent man would not necessarily act. It is a little unkind of him to dub Lord Blackburn's famous dictum an 66 axiom (or is my Greek rusty ?). But perhaps the mantle of Mrs. Malaprop has descended upon him and he would otherwise have written " maxim." GLAUCOPIS.


Mr. PHILIP WALTON, barrister-at-law, was killed in the recent Singapore mutiny. He was the youngest son of Mr. Justice Walton. He was educated at Stonyhurst and at University College, Oxford, and was called by Lincoln's-inn in 1906, joining the Northern Circuit, practising in common law, with chambers in Harrington street, Liverpool. Shortly after the death of his father, Mr. Walton removed to London, and practised at the Bar there for a while, but about two years ago he relinquished his work in the metropolis to take up a legal Government appointment at Singapore.

Mr. ROBERT PULSFORD HART, solicitor, of the firm of Burton, Yeates, and Hart, London, died on the 26th ult., aged eighty-one.. Mr. Hart was articled to Mr. H. C. Chilton, of Messrs. Chilton and Burton, becoming a partner at the age of twenty-seven. The firm, now Burton, Yeates, and Hart, has been in existence continuously for more than a century. Mr. Hart was admitted in 1886, and was a member of the Law Society and of the Solicitors' Benevolent Association.

Mr. RICHARD JOHN BOWERMAN, a member of the firm of Gamlen, Bowerman, and Forward, of 3 and 4, Gray's-innsquare, W.C., died in London on 16th ult., aged sixty-eight. Mr. Bowerman was a justice of the peace for Ross and Cromarty, where until recently he owned a large estate. He was also a director of the British Law Fire Insurance Company Limited, and he identified himself with much charitable and philanthropic work, being honorary solicitor to the Working Ladies' Guild, joint treasurer and a trustee of the Bishop of London's Fund, a governor of Christ's Hospital, and of Bridewell and Bethlem Hospital. He was admitted in 1869, and was a member of the Law Society and the Solicitors' Benevolent Association.

Mr. EVELYN CHARLES LLOYD, solicitor, of the firm of Messrs. Goldingham and Lloyd, Wotton-under-Edge, died recently at his residence in Long-street, aged forty-six Mr. Lloyd was admitted in 1890, commencing practice at Brighton. He joined Mr. Goldingham in 1896. In 1897 he was appointed magistrates' clerk, in succession to his senior partner. Mr. Lloyd was a member of the Gloucester and Wiltshire Law Society.


Court of Appeal.

SUPPLEMENTARY LIST of APPEALS from all divisions set down to Feb. 20, 1915.

The appeais or other business proposed to be taken will, from time to time, be announced in the daily cause list.


General List.


Re the Estate of John Davey (deceased); | Foran v. Attorney-General. Frisk and others v. Mitchell and Bawden

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