EX-TSAR FERDINAND'S BRITISH PROPERTY

Dominion, Volume 12, Issue 307, 23 September 1919, Page 5

EX-TSAR FERDINAND'S BRITISH PROPERTY

, TOEFEITED. At tJie Royal Courts of Justice recently o Commission was held as .to the securities in'-'England of the ex-King of Bulgaria. The Commissioner read the King's Commission directing the Commission to .:' -inquire as to certain Bearer Bonds and stocks at tho time: of tho outbreak of war ■ held in the.namo of Ferdinand, the then ffin» of Bulgaria, or by nominees on his behalf. The Commission had to inquire, ho said, as to whether or not Ferdinand was beneficially interested in these gtocks and Bearer Bonds. . The proceedings were, said the At-torney-General ■ (Sir Gordon Hewart), somewhat unusual,' and he proceeded to read from the lav on the prerogatives of . tho Crown to show their nature. This ■was, lie said, «, litn'Jo more than a formality in these proceedings, because the exKing, or anybody acting on his behalf who wished to do so, , could* challenge the result. Tie securities were valued at .£400,000 sterling, and tho facts were quite • ehd"rt, simple, and undisputed. For some years Messrs. Coutts and Company, the well-known bankers, had acted as agents for Ferdinand of Bulgaria, and in that capacity they held for him a. number of securities. Some,of these were in the name of Coutts and .Company, some in the names of Mr. Malcolm and Mr. Majoribanks, and some in the names of Mr. Stephen Eon and Mr. Phillimore. At tho outbreak of idar 'Messrs. Coutts wonmunicated tho fact that they held those securities to the Treasury, and the t Treasury toter called upon Messrs. Coutts and Company to deposit the securities with the Bankxof England to the'order of the SecretaryNof the Treasury. This wag complied with, the becurities deposited being valued at tho time at .£263,588 19s. Sd. Thero remained over a balance of securities, ■ and this balance was deposited on August 7,1916, with tho excep- . tion of some Buenos Aires Great Southern Railway and some Port of London Stock, ' these being held in anticipation of larger ; amounts. Tho dividends received from time to time on these epeurities had been 1 invested in Treasury bills, as had the ' ' sums yielded by the iwying-off of certain of ,tho seourities. This accounted for the fact that in the first of the schedules there was a sum. of ,£76,000 in Treasury - bills. - • ■ .. ' . The jury held that the securities were the property of the ex-King- of Bulgaria, and that 'they were forfeitable. to tho Crown by reason of the war. The Commissioner declared the securities forfeited' to His (Majesty, and the jurors all signed the inquisition. ' ■ - ,