STAMP ACT PROSECUTIONS.

New Zealand Herald, Volume XXXII, Issue 10008, 20 December 1895, Page 3

STAMP ACT PROSECUTIONS.

Ykstf.rdav, at the S.M. Court, boforo Mr. 11, W. Northcruft, S.M., tho hearing of t.he charge.* against Arthur A, Maxwell and Charles Cowan, of having cxocutod a transfer of cortain sharei, on October 30, in the Maoriland Gold Mining Company, without the name of the purchaser having been written in such transfer, in ink, at the time of execution, was again continued. Mr, J. I'. McAlistor appeared for the Stamp Department, and Messrs. Brook Gold and Baume for the defendants. At the previous hearing of tlio un.sc?, W. (J. Fletcher deposed to the document being presented to him at the Stamp Ollice, and he impounded it, as it did not comply with tlio statutes. Henry Bloxam, who witnossod tho signature of Charles Cowan, stated that it was a bona fide transaction. Edgar I'aterson Goldsbro, sharobroker, and William Gray, the legal manager of the Maoriland Gold Mining Company, no Liability, wcro also examined. For the dofenco, Mr. Baume contended that the caso must fail. Firstly, because the company reforred to in the document was the Maoriland Gold Mining Company (Limited), whereas no such company was in oxistence. There was a company callod I lie Maoriland Gold Mining Company (No Liability), but that company was nowliore named or referred to in tho alloged transfer. By statute the words " no liability" formed part of tho name of tho company, therefore he contended that thoro was uo transfer. Secondly, tint it was clearly shown by tho evidence of Mr. Gray, that, 011 the date of tho document (October .'lOtli), Maxwell had no shares on tho register of the Maoriland Gold Mining Company (No Liability), therefore tlio so-called transfer was a nullity. Thirdly, and this was tho point on which he placed most reliance, the so-called transfer had been signed by Cowan, the purchaser, beforo it had been signed by Maxwell, the vendor. He said it was the signature of tho vendor that was necessary in order to constitute tho document a transfer. A transfer, if it meant anything, meant a documonb which transferred property. Till Maxwoll had signed no property could bo said to bo transferred. Cowan's position was not affected in tho least by his own signature. It gave him 110 rights whatever. At the time ho signed and after he had signed tho documont) was i perfectly valueless for any purpose. It certainly was not a transfer. Assuming it became bo afterwards it was on account of Maxwell's signature. But tho liability to a penalty must attach at the moment of signature. A man could not, Mr. Baume submitted, be rendered subject to ponal liability in respect of an action which was innocont at the time of its being committed. Therefore Cowan could not be held liablo merely because Maxwoll had converted that which was certainly 110 transfer into what might possibly bo hold to bo a transfer. The liability sought to be imposod being in respect of Cowan's execution of a transfer, whereas ho had not executed any transfer at all. Mr. Brookfield also addressed tho Court and the caso was then adjourned till the following morning.