The Subscription List for the undermentioned capital was Opened on Monday, the 14th day of October, and will be Closed this day (Wednesday), the 16th day of October, 1889.

The Commercial Bank of Scotland, Limited, Edinburgh, London, and all its branches, are authorised to receive applications for the undermentioned share capital.

MCLENNAN and URQUHART,

Limited, Dalkeith Brewery, Edinburgh, the brewery having been established over 50 years. Incorporated under the Companies Acts, 1862 to 1886, whereby the liability of each shareholder is limited to the amount of his shares. Share capital £70,000. -FIRST ISSUE of

2,600 Five per Cent. Cumulative Preference Shares of £10 each £26,000 2,600 Ordinary Shares of £10 each.. £26,000 In all............ £52,000 900 of the Ordinary and 300 of the Preference Shares have been applied for by the directors and their friends, and will be allotted in full.

The shares are payable as follows: £1 on application, £4 on allotment, £2 10s. on the ist December next, and the balance of £2 108. per share on the 1st of January, 1890; but shareholders will have the option of paying up their shares in full on allotment, and interest will be allowed in advance of the call at the rate of 5 per cent. per annum. Messrs. A. McLennan and W. Urquhart have agreed to lend £10,000 at 5 per cent. on the security of the Heritable property for a period of five years.

DIRECTORS.

William Urquhart, Esq., Dalkeith Brewery, Dalkeith, N.B., Chairman.

James McLennan, Esq., Dalkeith Brewery, Dalkeith, N.B.

James Macintosh Gow, Esq., Banker, 66,

George-street, Edinburgh. *Alfred H. Beal, Esq. (Messrs. Beal, Son,

and Chartres), 20, Regent-street, London. * Will join the Board after allotment. Bankers.-The Commercial Bank of Scotland, Limited, Edinburgh, London, and all branches.

Solicitors.-Messrs. Menzies, Bruce-Low, and Thomson, W.S., 16, Duke street, Edinburgh.

Brokers-Messrs. H. Gilmour and Shaw, 18, St. Andrew's-square, Edinburgh; Messrs. Oliver and Verity, 17, St. Ann'ssquare, Manchester; Messrs. Lightbody and Forsyth, 35, Throgmorton-street, London.

Auditors.-Messrs. F. and F. W. Carter, C.A., Edinburgh.

Secretary (pro tem.).-Mr. William Thomson, W.S., 16, Duke-street, Edinburgh. Registered Offices.-The Brewery, Dalkeith.

ABRIDGED PROSPECTUS. THE Company has been formed to purchase, carry on, and extend the old-established brewery business of Messrs. McLennan and Urquhart, at the Dalkeith Brewery, Edinburgh, which has been acquired from them by Mr. Alfred H. Beal, of London.

The partners of the late firm have subEcribed for such a number of shares as will give them a substantial interest in the business, and Mr. Urquhart has agreed to take the position of chairman of the board of directors for a period of five years, upon terms highly favourable to the company. Mr. J. McLennan, the junior partner, who has been actively engaged in the management of the brewery, will remain as manager for a minimum period of five years, with a seat on the board.

The business has been established for over 50 years, and commands a high reputation for its ales, and by the medium of a joint stock company, with increased capital, it is expected the trade can be largely extended.

The property to be taken over by the Company is as follows:-1. The freehold brewery. together with cooperage, coopers' store, cask stores, stabling, stores, general and private offices, chief clerk's residence, &c. 2. The brewery, plant, machinery, horses, drays, carts, casks, and utensils of trade. 3. The freehold malting, adjoining the brewery, of 70 quarter capacity, beer stores, and cask yard. 4. The goodwill of the business.

5.

Two freehold blocks of dwelling-houses. 6. The freehold Railway Tavern public-house, adjoining the brewery. 7. The loans to customers, &c., as they stand in the books of Messrs. McLennan and Urquhart, on the 1st October, 1889. 8. The stock-in-trade of beer, malt, hops, and other stock of any description, of the value of £4,220 1s. 11d., on the 1st of October, 1889.

The book debts due up to the 1st day of October, 1889, will be collected by the Company, and handed to Messrs. McLennan and Urquhart, as received.

Prospectuses and forms of application can be obtained at the offices of the Company, or at the offices of the Bankers, Brokers, Solicitors and Auditors.

October 9th, 1889.

The List opened on Tuesday, the 15th October, and will close to-day, the 16th, at four p.m.

THE LONDON AND NEW YORK

INVESTMENT CORPORATION (Limited).-Capital, £1,000,000, in 100,000 shares of £10 each. First Issue, £500,000, in 50,000 Shares of £10 each, of which 49,800 are Ordinary and 200 are Founders' shares. It is proposed hereafter to issue 50,000 Preferred shares of £10 each (preferred both as to capital and dividend), carrying such rate of interest not exceeding £5 per cent. as the directors may determine.

The Founders' shares will receive no dividend in any year until the Ordinary shares have received 7 per cent. dividend for that year. After paying 7 per cent. dividend on the Ordinary shares, the Founders' shares will, subject to the provision for a reserve fund, receive half of the remaining profits. The subscribers of Founders' shares, in addition to paying up the nominal amount thereof, also pay the whole of the preliminary expenses of the corporation to the first general allotment of shares, and subscribe for Ordinary shares in the proportion of 250 Ordinary to one Founders'. In this way the subscription to the entire Ordinary capital is assured. But in allotting, no preference will be given to the Ordinary shares thus subscribed. The corporation thus enjoys the advantage of commencing business free from the preliminary expenses incidental to the formation and promotion of an important financial undertaking of this description. It should be stated that one-half of the Founders' shares have, on these terms, been subscribed in America.

The Ordinary shares are now offered for subscription, payable as follows:-108. per share on application, 108. on allotment, £3 on 6th January, 1890, £3 on 15th February, 1890, £3 on 30th March, 1890-£10.

DIRECTORS IN LONDON. Henry P. Sturgis, Director of the London and Westminster Bank, Chairman. Dillwyn Parish, Director of the English and Scottish American Mortgage and Investment Company, Limited.

H. Pollock, Director of the Industrial and General Trust, Limited.

The Trustees, Executors, and Securities Insurance Corporation, Limited, will nominate three of their directors as members of this board.

DIRECTORS IN NEW YORK.

J. Greenough, Messrs. Poor and Greenough,
Bankers, New York, Director of the New
York, Ontario, and Western Railway
Company.

H. W. Cannon, President of the Chase Na-
tional Bank, New York, and late U.S.
Comptroller of the Currency.
Richard Irvin, Messrs. Richard Irvin and
Co., Bankers, New York, Director of the
Mercantile Trust Company, New York.
John G. Moore, Messrs. Moore and Schley,
Bankers, New York, Director of the
Western Union Telegraph Company.
Bankers in London-The London and West-
minster Bank, Limited, Lothbury; Messrs.
Brown, Shipley and Co., Founders'-court,
Lothbury, E.C.

Bankers in America-Messrs. Brown Bros. and Co., 59, Wall-street, New York. Solicitors-Messrs. Paine, Son, and Pollock, 14, St. Helen's-place, E.C.

Auditors-Messrs. Deloitte, Dever, Griffiths, and Co., 4, Lothbury, E.C. Secretary (pro. tem.)-A. Gordon Pollock. Offices-Winchester House, E.C.

ABRIDGED PROSPECTUS. THE principle of Investment Trust Companies is too well known to need comment, and has commended itself to the British public. The present undertaking is formed in the belief that American capital can advantageously be associated with English money in the ownership and management of an organisation of this kind, and that a safer and more profitable selection of investments can be had through the co-operation of American directors representing an American proprietary, than by the unaided efforts of a London board, however capable. This Corporation will thus be enabled to make its investments at first hand, and to participate to advantage in syndicates, issues, and financial combinations formed from time to time in America for the purchase of large loans and undertakings.

Whilst carrying on the ordinary business of an investment company, the directors believe that a large and profitable source of income may be found in undertaking issues which may be made simultaneously in America and London. In this respect they will act in concert, when required, with the Trustees, Executors, and Securities Insurance Corporation, Limited, of London and Liverpool, who will nominate three directors of the Company from their own board.

Application will be made to the Stock Exchange for a quotation for the Company's shares.

A simultaneous issue is made in New York by Messrs. Poor and Greenough, on behalf of the Company.

Prospectuses and forms of application can be obtained from the bankers, solicitors, and at the offices of the Company, where also the articles of association can be inspected. Oct. 12, 1889.

PAINLESS AND
DENTISTRY."

PERFECT

A NOVES, F.R.M.S., &C., SurgeonNew Pamphlet, by Dr. GEO. H.

Dentist, 57, Great Russell-street, facing British Museum entrance, London, contains a list of Diplomas and Silver Medals and other Awards obtained at the Great International Exhibitions. Forwarded gratis and post free.

Her Majesty's Surgeon-Dentist's Testimonial. My dear Doctor,-Allow me to express my sincere thanks for the skill and attention displayed in the construction of my Artificial Teeth, which render my mastication and articulation excellent. I am glad to hear that you have obtained Her Majesty's Royal Letters Patent to protect what I consider the perfection of Painless Dentistry. In recognition of your valuable services you are at liberty to use my 8. G. HUTCHINS, By appointment Surgeon-Dentist to Her Majesty the Queen.

name.

Geo. H. Jones, Esq., D.DS.

Scientific Department, Laboratory of Experimental Science. This is to certify: That I have analysed the Prize Medal Teeth submitted to me, and find them to be composed only of minerals of extreme purity. I have also examined and tested your patented painless system of adjustment; it is quite perfect, and is the most successful application of scientific laws for securing actual wear and comfort yet introduced. Both physically and anatomically they are a beautiful resemblance to the natural teeth.

(Signed)

EDWARD V. GARDNER, F.H.S., M.S.A., Professor of Chemistry, and of Berners College, W. To Dr. Geo. H. Jones, Surgeon-Dentist,

57, Great Russell-street, Bloomsbury-square, London.

GRATEFUL-COMFORTING.

EPPS'S COCOA

BREAKFAST.

"By a thorough knowledge of the natural laws which govern the operations of digestion and nutrition, and by a careful application of the fine properties of well-selected Cocoa, Mr. Epps has provided our breakfast tables with a delicately flavoured beverage which may save us many heavy doctors' bills. It is by the judicious use of such articles of diet that a constitution may be gradually built up until strong enough to resist every tendency to disease. Hundreds of subtle maladies are floating round us ready to attack wherever there is a weak point. We may escape many a fatal shaft by keeping ourselves well fortified with pure blood and a properly nourished frame."-Civil Service Gazette.

Made simply with boiling water or milk. Sold only in Packets, by Grocers, labelled thus: JAMES EPPS & Co., Homœopathic Chemists, London.

VOL. IX.

PUMP COURT.

The Temple Newspaper and Review.

No. 158.

ments, and if you took away this crumb of hope from them their occupation would indeed be gone. Let there be fusion and the Bar won't mind, and won't fear competition from the other branch. A fair field, no favour, and let the best man win, would suit the Bar very well indeed; except half-a-dozen or so who have had the luck to hold a hand of trumps.

A VACANCY has been created in the Scotch Court of Session by the resignation of Lord Mure.

A HIGH-HANDED person is the Revising Barrister at Bath, and ignorant withal. This functionary prevented the registration agent for the Conservative party acting as such, because he happened to be a member of one of the Inns of Court. This is the first time we have ever heard that it is a disqualification to be a barrister. The section which misled the Revising Barrister-Mr. Nevill, we think is his name-is section 41 of 6 Vict. c. 18. It in effect provides that the registration agent, or any other party, shall not appear by counsel, or be attended by him. To say that the

De Lege; de Omnibus Rebus et Quibusdam Aliis.

:0:

LET us be thankful. Everything must come to an end, even the Long Vacation. To-day the Long Vacation ends. There will be the usual procession of Judges to-morrow, and the Lord Chancellor's usual breakfast to the Judges and Queen's Counsel.

IN the Queen's Bench Division there are listed for trial 262 special jury cases for Middlesex and 46 for London, 266 common jury cases for Middlesex and 31 for London, and 419 actions without juries; total, 1,024.

IN the Divisional Court of the same division there are 32 new trial cases, 7 special, 165 Crown side, 16 Revenue, 106 opposed motions; total, 326. Bankruptcy appeals and motions, 50.

IN the Probate, Divorce, and Admiralty Division there. are 44 probate causes, 219 matrimonial causes, 133 undefended and 45 defended without a jury, 27 before special juries, and 14 before common juries.

FROM Friday, 25th October, till Saturday, 2nd November, one Court of the Queen's Bench Division will sit for Middlesex special juries, one for Middlesex common juries, one for London special, one for London common, one for actions without juries; and a second Court will sit for actions without juries after Mr. Justice Cave has finished bankruptcy matters

Ir is rumoured that Sir Henry James will be offered an appointment as one of the Law Lords. The death of Lord Fitzgerald creates a vacancy which no one could fill so well as Sir Henry James. We are not at all anxious to see him leave the Bar yet; but if he makes up his mind to accept the offer, the profession feel that it would be a good appointment. He would be a valuable addition to their lordships' bench.

A CONTEMPORARY asks why should not solicitors be appointed as County-court judges? The only reason that we know of is that the solicitors are allowed to do a good many things that the Bar may not do; that there is very little else for the Bar to do except to wait for appoint

himself because he happens to be a barrister is gross error. We prefer to conclude that it was ignorance instead of anything worse. The next thing we expect to hear is that a defendant in a court of law who happens to be a barrister is not allowed to defend in person because he is not instructed by a solicitor.

"I WANT no array of figures, I want no official documents, I want no speeches of six hours to establish to my satisfaction the public policy of maintaining the legislative Union. I feel and know that the repeal of it must lead to the dismemberment of this great Empire; must make Great Britain a fourth-rate power of Europe, and Ireland a savage wilderness. Repeal the Union, and you will then see that line of demarcation between religious parties which England has attempted to blend and soften, graven with sharp instruments, and marked with colours but too distinct. You talk of the spirit of 1782, and boast, in a triumphant tone, of the conquests it achieved over the weakness of England. Yes, Repeal the Union! and you shall then see that majestic spirit, the spirit of 1782, the spirit of the Protestant North, that has been lying, not asleep, but in watchful repose, confiding in the justice and protection of England-you shall then see it arise in conscious strength, to defend itself, with its own native and sufficient energies, from that vile, debasing domination which would be begotten from the foul union of religious hatred and perverse ambition."-Speech of Sir Robert Peel in 1834.

RECEIPT is acknowledged of The Law of Newspaper Libel, by RICHARD J. KELLY, Barrister-at-law (William Clowes and Sons).

AN analysis of the eight volumes of the new Hansard just completed, which the courtesy of the Hansard Publishing Union has placed at our disposal, provides the most interesting and instructive reading that we have had before us for some time. The Hansard Union deserve well of the country for the manner in which they have carried out what we have always considered to be a national undertaking, the improvement and development of these historic reports of the proceedings of our great Legislative Assembly. Pressure on our space prevents us this week doing more than referring to the tubject; but we shall have occasion again to renew our comments. The value of Hansard to our profession need not be emphasised by us. What lawyer can do without it?

THE smartest bit of financing yet done by a Minister was the imposition of the tax upon the nominal capital of limited liability companies. When it is stated that the face value of this taxable commodity jumped from £68,000,000 in 1879 to £335,000,000 in 1888, the scope offered to a needy Chancellor of the Exchequer is selfevident. If speculation increases in the same ratio for another twenty years we shall have our national exchequer becoming rich, as Dr. Johnson said of the purchaser of Thrale's brewery, beyond the wildest dreams of avarice."

THE boomerang quality of "Protection," in recoiling. upon its launchers, is curiously illustrated just now in America, in the case of the purchase of Millet's famous "Angelus." The import duty on the picture would amount of something like £7,000, so the purchasers, the American Art Association, have decided that the pictureloving public of the States must wait. In the meantime they will exhibit the painting in the chief cities of Europe and in London, hoping, like Mr. Micawber, that "something will turn up" by-and-by which will enable them to take their purchase home on easier terms.

COLONEL NORTH is certainly a man of ten thousand. He would not stand for Brighton because he felt sure of election. The Colonel does not care for the honours of war without earning them in active service. He talks about Leeds, and we may take it for granted that if he should stand for his native town he will make a good fight for it. Perhaps, after all, the Nitrate King feels that the "Woolpack "and the "Métropole " combined are bad to beat, even by "the best club in London."

CARDINAL MANNING's action with regard to the dockers' strike was in every sense admirable, but it is by no means so unmitigated a cause for rejoicing that the Pope is in communication with "Henry Edward " as to the conditions existing between employers and their men in this country. The problem of capital and labour is a hard enough one already, and we cannot think that the insertion of a Papal finger in the pie will serve to mend matters. If the religious element is once introduced into the question, good-bye for ever to any hope of a peaceable, reasonable, and durable settlement.

WE are glad to see that Lord Justice Lindley has been casting some ridicule upon the supposed utility to the lay mind of books which profess to give a compendium of the law. We have always insisted upon the truism that the man who is his own lawyer has a fool for his client.

It is said that Lord Lyttleton will succeed Sir Daniel Gooch as chairman of the Great Western Railway Company. Sir Daniel lived long enough to see the great line, of which he was so long the moving spirit, develop into a magnificent property, thanks in a great degree to his distinguished attainments, unwearying efforts, and farsighted policy. The shares, which not so very many years ago could have been picked up for less than £50, stood at about £161 at the time of his death. If the shareholders do not erect a statue to their late chairman in a prominent position at Paddington, there can be but little gratitude in human nature.

WHETHER the "cold tub" controversy raging in a contemporary is of much public interest or importance may be a matter of opinion. Journalistically it should be "good business," as the tendency of tubbing is without doubt to increase the circulation.

MR. AUGUSTUS HARRIS, it is said, intends to prosecute the libel suits against certain papers, for their remarks about himself and the anti-music-hall mania, to the bitter end. We also hear that at least one of the editors in question is anxious to put the gloves on with the manager of Drury-lane. Well, it is all good for business, so we, at least, must not grumble if the "little hands which were made to wield pens and wave on battalions of ballerinas to victory, prefer to exercise themselves awhile in tearing each other's eyes."

SIR WILFRID LAWSON seems to have been bitten by a

mania for writing letters in doggrel to his favoured correspondents. If this new epistolary malady is catching, the Lord preserve us all! Sir Wilfrid's watery wit is always trying enough in any form; but it must be admitted that while his prose is bad his verse is worse.

THE health of the Prince of Wales has lately given rise to an immense amount of gossip, and to a number of unnecessarily alarming rumours. It is true that the Prince is by no means as well as could be wished, but his complete restoration to health rests almost entirely in his own hands Needless to add, that his Royal Highness may be trusted to exercise that care in regard to his diet, and also to avoid excitement, which are said to be all that is required to complete his cure.

IT is remarkable in this connection to find that our old friend Zadkiel warns the Prince against travelling, and especially against visiting Paris during the coming year. Can the fact that the Heir-Apparent is usually very much en garçon in his beloved city on the Seine be known to the mysterious seer?

THE modern prophet certainly scored off "our Sailor Prince" last year. He warned the Duke of Edinburgh to steer clear of fever-infected places last April, but whether or no the royal sailor did not care to bang saxpence, and so missed his Zadkiel, we know not; but the fact remains that he did not avoid such places, and that in April he was invalided home, suffering from a severe attack of Maltese fever.

BARNUM's manager said a smart thing last week about the greatest show on 'arth. Speaking of the collection of animals, he remarked that not only was it the finest ever seen in London, but that three vessels were chartered to bring it across the pond. "Yes, sir," he said, "there never was but one man beat us for a complete collection, and that was Noah!"

looming in the distance, Viscount Hinton, of organA cause célèbre of a quite romantic nature is said to be grinding renown, being, it is said, determined to try conclusions in the Courts with Earl Poulett for recognition of filial rights. Of course, if the young gentleman wins the handle to his name he will promptly discard the other handle-one good turn deserves another.

Apropos of causes célèbres, Mrs. Bloomfield - Moore, the defendant in the libel suit of Chandor v. Bloomfield-Moore, it is said has engaged Sir Charles Russell, Q.C., with Mr. Poland, Q.C., to defend her at the Central Criminal Court.

MRS. BLOOMFIELD-MOORE is an American lady, rich, kindly, and clever. Her literary attainments are considerable, and the benevolent and high-minded spirit which actuates her every deed breathes in her graceful form. Tall, and with fine eyes and handsome features, her striking presence in the West London Court was generally commented upon, and her gentle and dignified bearing won her the sympathy of all who saw and heard her.

DESPITE her wealth, Mrs. Bloomfield-Moore's life has not been all sunshine, the illness of a beloved daughter, whose guardianship she has just recovered, having been the source of terrible anxieties to her. Mrs. BloomfieldMoore has also had to bear the annoyance of being called "eccentric," because she has had the courage to declare her faith in etheric force and the famous "Keely Motor." But, one by one, orthodox scientists are beginning to share her views, and she has quite recently received the news that the directors of the old Keely Motor Company, in Philadelphia, in consequence of their enthusiasm since witnessing Mr. Keely's latest experiments, have expressed their readiness to furnish him with funds to complete his inventions.

THE story of some of the things already achieved through the agency of the new force would read like a page torn from "Jules Verne," and if, as many now believe, Mr. Keely is eventually successful, the face of the

world will be changed by the revolution caused by his discovery.

Ir is said, but with how much truth we would not like to reckon, that the Czar of Russia never travels without a "double," whose duty it is to figure at the windows of railway carriages, acknowledge salutations, and take any little offerings that may be knocking about in the shape of dynamite cartridges or explosive bombs. The one thing certain is, that wherever the Great White Czar may be, the most extravagant precautions are taken for his safety, the place is infested with detectives, and murderous assaults apparently anticipated at any moment. In Berlin a house-to-house visitation has been made by the police. We, who are happily only familiar with such doings through the harmless medium of such plays as The Red Lamp, can hardly appreciate the misery of the Czar's life, and the incessant peril in which he lives. If ever a crowned head lay "uneasy" it must surely be that of the Autocrat of the North.

Apropos of a certain "sensational case in the City," the delicate gradations of what we will term argumentative persuasion used in obtaining advertisements for newspapers might also make it rank as a fine art. The writer remembers once sitting smoking a cigar with the manager of a popular place of amusement, when to us entered the suave and charming representative of a highly respectable newspaper. It seemed that some rather unfavourable comments had appeared in its columns, and the amiable gentleman had called to express regret, to offer further and presumably very different comments, and to solicit the advertisement of the entertainment in question, all of which commissions he discharged with a rapidity and selfpossession which elicited our respectful admiration. The nuances of the business evidently afford ample scope for gentlemen gifted with the verbosity of a Gladstone, the suavity of a Granville, and the audacity of a readers can fill in the blank à discretion.

Our

A PARTICULARLY "wicked wag says that the big heading in the Daily Telegraph every morning, "Morals of Music-halls," reminds him forcibly of the good old essaysubject, "Snakes in Iceland." We cannot agree with him. We would most certainly back the inside of any music-hall for the Morality Stakes against the state of the Strand from sundown to midnight.

MR. GEORGE P. IVEY has resigned his Mr. G. P. Ivey. position as London manager of the Elinburgh Employers' and General Assurance Company, Limited. We hear that he intends to launch. a new accident company. It is also rumoured that Mr. A. C. Macintyre, the late manager of the Northern Accident Insurance Company, is again coming to the front. New accident companies appear to be springing up every few weeks. Of life insurance offices, on the other hand, the last two were founded in 1883 and 1887 respectively. The

Government deposit of £20,000 sufficiently prevents the formation of mushroom life offices.

Society.

THE able and excellent managing director Colonial Mutual of this progressive society, Mr. T. Jaques Life Assurance Martin, J.P., is to be heartily congratulated on the happy turn recent events have taken in connection with the business of the London office. When Mr. Martin arrived from Melbourne within the last

month, the London board were in the position of losing the services of both the manager and secretary. Mr. W. H. Harvey, the secretary, who for several months past has been prostrated with typhoid fever, has been ordered a sea voyage, and his three years' agreement with the Colonial having terminated, he retires from the secretariat. The manager, Mr. G. C. Alder, has received a favourable offer to go to the Transvaal, which he has accepted, and accordingly resigned his post with the Colonial. We have already announced the appointment of Mr. B. H. Dames, who has been acting secretary during Mr. Harvey's long illness, and who by his courteous bearing and able conduct of the business has received the well-earned promotion as assistant secretary, than which a better appointment could not be made. We are now pleased to hear that the late manager and secretary of a large British office, who recently resigned, is likely signed, is likely to be the new manager and secretary of the London office of the Colonial. If this gentleman receives the appointment for which we understand he has applied, we have no hesitation in saying that the result will be hailed with satisfaction by all interested in the welfare of the society.

Sun Life Assurance Society.

THIS old and exceptionally wealthy office was up to within the last six years in almost a stationary condition. Powerful and aristocratic, and possessing undoubtedly solid attractions, no efforts were made to increase the business; but under the new actuarial régime an entire change was inaugurated, and energetic and skilful direction and guidance has transformed the Sun into the satisfactory position of being one of the most wideawake and pushing companies of the day. Such rapid progress as the society has made since 1883 has been unparalleled within modern times, and the Sun certainly occupies a prominent position in the front rank of British offices. Moreover, the management has been economical, and the financial condition is unexcelled. During the year ending midsummer, 1889, an important era in the history of the society has been marked by the passage of an Act of Parliament (52 Vict., cap. 17), which has conferred an entirely new constitution, providing powers for the transaction and extension of business in accordance with the most approved modern_methods. The annual income from premiums amounted to £200,384, against £183 543 in the previous year, showing the large increase of £16,841; and the receipts from interest and profit on realisation of securities to £98,571, against £89,524. The claims by death amounted to £97,403, and the bonuses therewith, not previously disposed of, to £19,423, as against a total of £125,465 for the preceding year, being both in number and amounts considerably under the expectancy. The funds exhibit the extraordinary increase for the year of £107,733, and now stand at £2,258,029, being over eleven years' premium income in hand. The ordinary dividend for the half-year ending midsummer is at the increased rate of 4 per cent. per annum. The expenses of management and commission amounted to £41,497, against £31,985, the increase being consequent upon the large accession of new business and the outlay in procuring the Society's new Act of Parliament. As the expenses have uniformly been in a moderate ratio, and, judged by the marvellous increase in the new business, are much less than those of many high-class offices, the increase last year may be regarded in the light of an investment which has already yielded a good return, and do not call for special comment. It must, however, be mentioned that the expense ratio on renewal premiums for the year, after making due allowance for the influx of new business transacted, was only 6.06 per cent. It is also extremely satisfactory to note that for the first two years combined of the current quinquennium the same expense ratio, including the expenses of the preceding valuation, has been little over 65 per cent., as compared

with nearly 8 per cent. for the corresponding first two years of the previous quinquennium, the profits of which yielded an average cash return in 1887 of £36 in every £100 received in premiums. The number of life proposals received during the year ending at midsummer was 1,924, for assurance of £1,017,652, of which 1,464 new policies were issued for £754,992, producing in new premiums £31,252, of which £5,616 were in respect of single premium assurances.

These figures, compared with the returns of previous years, show extraordinary progress not only in the number of policies, but in the sums assured and the premiums received, and are larger than the returns of any year since the establishment of the society in 1810.

The conditions of the Sun policies are very liberal, and the prospectus has been carefully revised, and contains provisions for the granting of unconditional and worldwide assurances without extra charge. The policy contract has also been greatly simplified, by the removal of all restrictions. These improvements will almost certainly be widely appreciated by the public, and at once place the society in the first line of popular and progressive offices. The bonus prospects of the present quinquennium are exceptionally favourable, and policies effected during the current year will be entitled, at the next division of profits in 1892, to rank for three full years bonus, and so obtain one year's additional share of profits which, as we have mentioned, in 1887 averaged a cash return of £36 in every £100 received in premiums. We have never reported on a more flourishing state of affairs, due, unquestionably, to the indefatigable exertions of the clever and popular joint actuary, Mr. Harris C. L. Saunders, F.R.A.S., F.I.A. We wish him continued and, if possible, even increased

success.

THE AUCTION MART.

TOKENHOUSE YARD is off Lothbury, and Lothbury is behind the Bank of England, and the Auction Mart 18 in Tokenhouse-yard. The building, wherein vast blocks of England are offered for sale daily, has no architectural pretension. It is a commonplace structure, as if appropriated for its present purpose by the taking over of a moderate. sized building, which had been designed for as many offices of assorted sizes as could be got under a single roof. Let us enter the basement first. Here is a restaurant, a bar, a coffee-room and a smoke-room, so that those in attendance on the sales above may have at command all sorts of creature comforts short of sleeping accommodation. The barmaids are charming-comely, neat, agreeable, chatty. A pleasant day at any time may be passed in their blushing radiance, and they draw a regular and large attendance of stockbrokers, billbrokers, bankers, and others. Those gentlemen hold informal conferences in the early hours, and not unfrequently part before leaving with the choice coat-button flowers which loving hands at home had plucked for them; and again in the afternoon there are more informal conferences, if for no better purpose than a chat over the gains and losses of the day. The place is one to go to everything good, everything decorous, and at the same time bright and cheerful.

Leaving the basement and regaining the street, the visitor, ascending a short flight of steps, finds himself in a narrow hall, the walls of which are covered with the property-description bills of auctioneers, solicitors, and others. To the right and left, and in front, along narrow passages, upstairs, and upstairs again, is the multitude of rooms of varying sizes, which originally were designed for offices, each room with its rostrum, and chairs or forms in possession of auctioneers' clerks, lawyers' clerks, bailiffs and others, surrounded with further specialities in flattering announcings of the sales of to-day at twelve, at one,

and at two, and sometimes later, each auctioneer having more than one property to sell; or if not in so much luck, his place is taken by another, or by a succession of others. There is no busier place in all London, nor is there another place in London where so much deferential attention is paid to a stranger. Each room welcomes him in a silent manner of demonstration, readily appreciable, however, by the senses; the bailiffs and the clerks stepping back, and the auctioneers nodding a recognition, although you never saw one of them before. You are regarded not merely as a buyer, but as the buyer. Under the circumstances you feel it would be rude not to listen through the reading of the conditions of the sale, and the description of the property about to be offered, and then you watch for a favourable opportunity to escape.

The selling season is now in full swing, auctioneers great and small fighting almost for hours, half-hours, and rooms, and devoutly thankful when they have arranged for both. All day long from all parts of England, from across the border, and even from the West India Islands, interested vendors and contemplative buyers flock in and out, some disheartened as no bid was offered, others jubilant, as at length their property is melted into coin. A descent to the basement is all but universal, and so odd a compound is human nature, that one has only to stand back with glass of beer in hand to listen to the most imprudent communications to the open-eared barmaids. The man whose property has not sold tells a doleful story of his troubles-how corn is cheap and cattle are not fattening; how house property is a thorn in the flesh; and how much swindling there is in freeholds. On the other hand, the man who has sold out is in the humour to treat everybody, and actually beckons to such loafers as are about. He, even in the spirit of a thank-offering, asks to be permitted to pay for another round, and presently the glasses ring out the merry sounds of good fellowship. Such is the Auction Mart; such its ways there. It is a page in modern London life, running over with disappointment and with hope, and presenting human nature in its weakest and its strongest forms.

The great supply of properties now offering is, we regret to add, in excess of the demand. No matter what the attraction, and no matter what the probability of early improvement, the buyer looks at the best of things with the indifference of a well-fed dog to a butcher's meat board. He does not care about it. He will think the matter over, and if he wants it he will make a written offer. A weary expression settles down on the face of the auctioneer, and as the bailiffs move away they are in doubt whether their accustomed half-crowns should be asked when no business has been done. Somewhat later there is a skedaddle, and were the opinion of the day to worth possessing, and that life is no longer worth living. be generalised, we should be told that property is no longer

COURT OF CRIMINAL APPEAL.

OUR motto has always been Audi Alteram Partem, and we print with pleasure the paper recently read by Mr. W. Digby Thurnam, of Liverpool, at the meeting of the Incorporated Law Society. Mr. Thurnam said :-"Whatever apology may be needed for this paper and its writer, I think I may with confidence premise that none is needed for its subject. It is one which recent events have conduced to bring into greater prominence than ever. To these events I shall endeavour not to refer needlessly. But their consequences remain, and in view of the declaration by Lord Fitzgerald in the Upper House, and the subsequent Ministerial intimation in the Commons, it can hardly be denied that the revived proposal for a court of criminal appeal is distinctly in the air' during this recess, and that next session will not improbably see a serious attempt to give it force. Under these circumstances, it may not be unprofitable for members of the legal profession to expend a little time and thought in maturing their views of the question. While I hardly hope to contribute to the discussion much that is new, or anything that is remarkable, I shall still be amply repaid if, by the indulgence of my hearers, I am enabled to present in their proper light some few considerations that should not be lost sight of when the proposal comes to be dealt with by practical politicians. Bear with me, then, while I say a word or two of introduction upon the existing state of the law. Here it is, I fear, impossible to avoid trite generalities, requisite, as you will agree, to show where the shoe pinches '-if pinch it does. My hearers are aware that, speaking broadly, there is no appeal given by the law of England in criminal cases, save for some error of law apparent on the record. In other words, no conviction can be, by