AUCKLAND, April 13.

Hawke's Bay Herald, Volume XX, Issue 3898, 14 April 1877, Page 2

AUCKLAND, April 13.

Sailed. — Hmemua, for South. Mr Buekland quotes fat cattle at 23s to 27s Oil ; fat sheep, 2d to 2%d. Tlie Maori boy who lived sixteen months in the Hot Springs at Taupo is dead. The Roy. Mr Cosh, of Sydney, has declined a call to St. Andrew's Presbyterian Church. The licensed victuallers at their meetinglast night passed a resolution in favor of starting an insurance company, in case the- existing companies refuse to reduce their rates. A public meeting will be called, and the public will be invited to take shares. Tt was agreed to appeal to the Government to allow hotels to open during a portion of Sundays. The Association has £150 to its credit in the bank. A magnificent imported bull has arrived per Eleutra, to the order of Messrs Brown, Campbell ec Co. It is a splendid pedigree bull, valued at- over £1000. Its name is Whipper-in. Share market. — Bank of Now Zealand, £20 ; National, 07s Od ; Colonial (buyers), 3tfs ; South British, 77s ; National," 3!)s ; Standard, 13s (5d ; New Zealand (new issue), 58s Gd , Caledonian (double), <!0s ; Moanaitira, £9 10s to £14, sellers £12 7s Gd ; Waitekauri, 19s to 20s, sellers 225. DUNEDIN, April 13. The Dunedin Jockey Club on Wednesday night resolved " That the secretary be requested to write to the secretary of the North Otago Turf Club and state that the committee of the Dunedin Jockey Club have taken the decision of the stewards into consideration, but before arriving at a decision astoendorsingthe resolution, the committee would feel obliged if they could be provided with a copy of the evidence taken, also the reason why Deri-nth, the rider of Fishhook, was not disqualified, and would like tube informed if any action was taken towards inquiring if any other parties were implicated in the conspiracy." WELLINGTON, April 13. Mr O'Shea reports produce prices as follows: — Flour is scarce; aid, £L 0 lOs to £17 ; new, £15 10s to £10 ; Adelaide, £19 ; oats, 3s 3d to 3s Gd ; bran, Is to Is 2d ; hams, Did; bacon, 8d to Oil; cheese, overstocked, 7d to yd ; potatoes, 80s to 90s ; maize, 5s to 5s 3d ; pollard, £7 10s to £8. A public ball is to bo given to the commodore and officers of H.M. S. Wolverine and Sapphire. In Banco to-day a special case was stated for the opinion of the Court without any pleadings, by consent, by virtue of an order by Mr Justice Richmond. The facts agreed upon were these : — Robert Sparke Lowe, before his decease, eil'ectt'd a policy of insurance upon his own life with the Victoria Life Assurance Company, Melbourne. At the lime of his deatli the policy had endured for more than live years. Upon Mr Lowe's decease, defendant, as administrator to the estate, received the amount assured. Lowe left a widow and live children now living. The only property left by deceased, besides the amount received under the policy, was £120, of which £42 was c-x----pondud in payment of the funeral and testamentary expenses. At the time of his decease Lowe had several creditors (of whom the plaintiif was one), and owed £-2103. The plaintill" in the action now sought to recover the amount due to him. Jt was contended by defendant that under the provision of .section 4o of the Liie Assurance Companies Act, 1873, the money received under the policy is devisable between the wife and children to the exclusion of the creditors. Plaintiff contended that the money received under the policy constituted assets in the hands of defendant, applicable in the ordinary course of administration, and that the creditors of deceased are entitled to be paid out of the amount as far as it will

extend. After an argument on the construction of the statute (Life Assurance Companies Act, 1873), the Court reserved judgment. The Government have received a despatch from Sir Julius Yogel, 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 Vogol's return to England as AgentGeneral, the last communication being a • reminder to the Colonial Office that the British 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 affair. On tho one hand, the Bank of England absolutely l'efiised to have anything to do with the Act if a certain clause, authorising inspection of tho register, was not omitted, and on the other hand, a question had arisen as to the. power of the colony to sue and be sued. Sir Julius Yogel verbally pointed out to the Parliamentary Secretary to the Treasury that the latter was a largo constitutional question affecting the rights of the Crown, and was no more incidental to the Inscription of Stock 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 institutions to inscribe stock, could not be used to advantage, except by the Bank of England, because the Government would not be 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. No Government would givo silch power with the knowledge of beiilg 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 was so admirable, that it was willing to accept the responsibility of conducting the business, fie then suggested certain amendments by which the Bank of England would be exempt from the operation of the obnoxious clause. Shortly afterwards Sir Julius Yogel was informed that the Treasury Avas disposed to think the bill might be altogether dispensed Avith, excepting the part referring tv composition of stamp duties, and, with that exception, Colonial legislation and a contract would be sufficient. When the question was first mooted in 1875, Sir Julius Yogel himself Avas of the salve opinion, but on counsel being instructed to prepare a bill for the New Zealand Assembly, he Avas advised that Imperial legislation Avinild be necessary to protect the Bank of England and give the necessary facilities for handing certificates to bearers. A bill for the Imperial Parliament Avas accordingly prepared and submitted to the Colonial Office. This .had reference only tv tho management of Nbav Zealand stock, but application haA'ing been made to the Colonial Office by several Colonial Governments, asking that the proposed management of New Zealand stock might be extended to stocks of other colonies, a bill of much Avider purpose was prepared, enabling not merely the Bank of England, but any bilnk or colonial officer to undertake the management of colonial stocks. Finally, about the end of March last, a consultation Avas held, at Avhicli there were present the Agent-General of Ncav Zealand, his counsel and solicitor, and the counsel and solicitor of the Bank of England. Tli^ bill was examined clause by clause. Counsel on both sides agreed that Imperial legislation Avas necessary, and their joint opinion, Avith suggested alterations and omissions iv the draft bill, had at tho latest (late just bec'u sent to the Colonial Office. The principal points noted by counsel are : — That colonial stock shall be transferred only in the register ; that the interest in stock of a stockholder in dying shall be transferable by his executors, notwithstanding any specific bequest thereof ; where stock stands in the name of an infant or insane person, jointly with that of a person not under legal disabilitj', the latter Avill haA r o power to give a poAver of attorney for the receipt of diA'idends ; provision is made for the right to stock being transferable by tho delivery of stock certificates ; also for applying to coupons attached to stock certificates to bearer the hvw of England relating to cheques on bankers ; • also for stamp duty on stock certificates ; for the renewal of stock certificates Avhen coupons are exhaustad ; for enabling a bearer of a stock certificate to convert it into a nominal certificate ; for prohibiting a trustee to apply for or hold stock certificates unless specially authorised to do so by the terms of his trust ; for enacting that no notice of airy trust shall be receivable by the registrar (counsel considers this as of the highest importance, and that Avithout it the scheme Avould be unAvorkable, and no contract between the debtor Government, the stockholder, and the registrar could aA'ail to exclude the rights as against any one of the three beneficiaries claiming the aid of a Court of Equity). The inspection of the register not being a necessary part of the scheme, and being objectionable to Noav 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 the Bank of England taking the management of New Zealand stocks until Imperial legislation, as aboA'e indicated, shall liave been obtained. CHPvISTCHURCH, April 13. Produce quotations at Christchuroh. — Milling wheat, 4s Gd to 5s : oats, 2s to 2s lid ; barley, 4s Gd ; flour, £14 10s to £15 10s; bran, £4, sharps, £5; cheese, Gd; butter, lOd to Is. OAMARU, April 13. During the past Aveek the demand for wheat has been easier, quotations ranging from -is to 4s (id, the latter being the top price for prime, with vmy little doing ; oats are quoted at 2s to 2s 4d ; barley, best malting, 3s Gd, nominal, no transactions. It is reported that prices for breadstuff's, f.0.b., are as follows : — FJour, £14 ; oatmeal, £13 10s ; pollard, £5 10s ; bran, £4. A fatal accident occurred yesterday afternoon, by which a mail named Benjamin Baily, lost his life. Deceased Avas carting straw with a team of bullocks, Avhen one of them kicked, knocking him down. While lying on the ground one of the wheels of tho dray Avent over him, and when picked up was ho dead.