INTERPROVINCIAL.

Nelson Evening Mail, Volume XII, Issue 87, 14 April 1877, Page 2

I NTERPROVINCIAL.

i 'l; Wellington, Friday. : - A public balljs to be given to the commodore and officer's of H.M.S..Wolverme and Sapphire. ' '-. In Banco to-day, a special case was stated for opinion of Court (without any pleadings), by counsel, by virtue of an order by Justice Richmond.. The facts were:— Robert Sparke Lowe, before decease, effected a policy of insurance upon his own life with the Victoria Life Assurance Company,; Melbourne. Ajt the time bf his death this had endured for five years. 'Upon his decease defendant, as administrator to the ehtiie, received the amount assured. Lowe left a widow and five children, now living. The only property left by the deceased, besides the amount received under the policy, was £120, of which £42 was expended in payment of funeral ahd testamentary expenses. At the time of death Lowe had several creditors (of whom plaintiff was one), and owed £2133. The plaintiff in the action now sought to recover the amount due to him. It was contended by defendant that under the provisions of section 46 of the Life Assurance Companys Act, 1873, the money received under the policy r is divisible between wife and children to exclusion of the creditors. Plaintiff contended, that the money received under the policy was assets in the hands of the defendant, and applicable in the. ordinary course of administration," and that the creditors of deceased are entitled to be paid out of it as far as it wili extend.- After argument on fhe construction of the statute (Life Assurance Companies Act,) the Court reserved judgment. - . .... . The Government have received a. despatch from Sir . Julius Vogel re inscription of Colonial stocks by the Bank of England. It appears that but little had been done in the matter prior to Sir Julius Vpgel's return to England as Agent-General. Up to' that time the last communication had been a reminder to the Colonial Office that Parliament was about to meet, and a request for a copy of the Bill it was intended to introduce. Certain difficulties had, however, arisen, which, up to the end of March, threatened to upset the whole arrangement. On the one hand the Bank of England absolutely refused to have anything to do with the Act if a certain clause, authorising inspection of the register, was not omitted. On the other hand, a question had arisen as to the power of the colony to sue and be sued. Sir Julius Vogel verbally pointed out to the Secretary to the Treasury that the latter was, a large constitutional question affecting tbe rights of the Crown, and was no more incidental to the Inscription of Stocks Bill than to any, other, and with regard to the inspection of the register he urged that the Bill, whilst it proposed to enable many persons and institutes to inscribe stock, could not be nsed to advantage except by the Bank of England, because the Government, would not he willing* to give power to create .certificates to.bearer. To any person or institution,' not prepared to be liable for an excessive use of. that power, ho Government would give that . power with the knowledge of being. liable to' an unlimited extent, if certificates were improperly issued, but the Bank of England asked for no responsibility except for certificates, legitimately issued," for the machinery .at its .command for inscribing stock waa so adt-irable that it was willing* to accept" the responsibility .of conducting** the business. He then suggested certain amendments, by Which the Bank of 'England would be. exempt from the operation of the obnoxious clause. Shortly" afterwards Sir Julius "Vogel was injform.d that the Treasury were disposed to think that the. Bill might be altogether dispensed with, with the exception ofc the part that had reference to the composition of the Stamp Duties;,. and with that . exception colonial legislation ' 'arid 'a contraC. ( Would be sufficient.. Whep the question was first mooted in 1875, Sir Julius Vogel. himself" was' of the same opinion, but on counsel being instructed ttf prepare a bill foi. the New Zealand 'Assembly, he was advised that^mperial Legislation would.be necessary to protect the the Bank and give necessary facilities for the issuing bf certificates tb bearers. A Bill for the Imperial Parliament was accordingly prepared and submitted to: the Colouial Office. This had reference only to the management of New Zealand stocks, but application having been made to the Colonial Office by .several Colonial Governments, asking that the .proposed management of New Zealand Stocks might be extended to stocks of other colouies, a Bill of. much wider purpose was prepared, enabling not merely the Bank of England, but auy Bank or Colonial Officer to undertake the management of colonial stocks. Finally, about the CDd of March last, a consultation was held, at which were present the Agent-General of New Zealand,, his Counsel and Solicitor, and the Counsel and Solicitor of the Bank of England. The Bill was examined clause by clause, and the Counsel on both sides agreed that Imperial legislation was necessary. Their joint opinions, with suggested alterations and omissions iu a draft Bill had at the latest date not been sent to the. Colonial Office. The principal points noted by the- Counsel are: That colonial stocks shall be transferred only in the register; that the interest in stocks of a stock-holder dying shall be transferable by his. executors, .notwithstanding'' any specific bequests- thereof; where stock stands.in the .name of infant persons jointly with that of pergons.not under legal disability, the latter will*' have power to "give power of attorney for tho receipt of dividends; provision is made for the right to stock being transferable by delivery of stock certificates; also to coupons attached to stock certificates to bearer. The law of England relating to cheques on bankers, also for stamp duty on stock certificates when coupons are exhausted, for enabling bearers of stock certificates to change into nominal certificates, for prohibiting to apply for or hold stock certificates unless specially authorised to do so by I

the terms of the trnst, for enacting that no nqi'ce of any thist sball be receivable by the Registrar (Counsel considered this. as of. the highest importance, and that without it the scheme would be unworkable, and no contract between the , debtor, the Government, the 'stockholders, and the Registrar could avail to exclude the rights as against the beneficiaries claiming the aid of a Court of Equity). The inspection of the Registrar, not being a necessary part of the scheme, and being objectionable to New Zealand and the Bank of England, is recommended to be omitted. .Colonial stock is made personal estate, notwithstanding its being a perpetual annuity, and is protected from foreign attachment. There is no chance of tbe Bank of England taking charge of New Zealand stocks until Imperial legislation, as above indicated, shall have been obtained. Saturday. Captain Fairchild, who has been for the last two months suffering from inflammation of one eye, has resumed command of the Hinemoa, and will sail for Dunedin with the Governor, Commodore, and a few of bis officers about the middle of next week. The Commodore's" ship Wolverine will remain here until his return. : . Oamaru, Friday. During the --past week the demand for wheat has been" easier, quotations ranging from 4s to _a. 6d^„the latter being top price' ''for prime, with very little doing. Oats are 'quoted at 2a.to ?s 4<i; barley (best malting), •.35.6d nominal; -.no transactions are reported. j-Prices for breadstuffs, f.0.b., are as follow: .— Fleur, £13; oatmeal, £13' loss pollard, h£B id. ': Y '-. T : ■ -/ f -y., A fat&l accident occurred yesterday afternoon iby, which & man named Benjaipin Bailey -Uost his- life. . Deceased was carting straw ~w/th a team of biillcfcks, when one: of them-•-kicked, knocking him down, and while lying Ton the ground one of the wheels of the dray went! over him.* When picked up he was ..quite dead. - - . -.-'■• . Christchurch, Friday. • Ay Produce quotations: Milling wheat; 4s 6d ' to ss; oats, 2s to 2s 3d; barley, 4s 6d; flour, .-£l4 10s tp £15 ,10s; bran, £4; sharps, £5; „, Pheese, Gd; butter, lOd to Is. ' Greytowst, Saturday. The Standard to-day reports that portions of a wreck- have teen found at Palliser Bay, apparently of a vessel of 100 tons. The portion? of/ vessel are painted black over green timbers quite clean. Auckland, Saturday. The Maori boy who lived for 16 months in the hot springs at Taupo is dead. The Licensed Victuallers have passed a resolution ia favor of starting an insurance company in case the existing companies refuse to reduce the rates. A public meeting will.be called and the public will be invited to take shares. It was agreed to appeal to the Government to allow hotels to be open during a portion of Sunday. The Association has £150 to its credit in the bank. Timaru, Saturday. The grain market is dull. Wheat, 3s 6d to'4's3d'; •• ■ ■■ ■-..'*