ACCOUNTANT STUDENTS.

Timaru Herald, Volume XIC, Issue 13444, 16 November 1907, Page 7

ACCOUNTANT STUDENTS.

LECTURE' BY;.JIR' ' '." * At the regular meeting of, tie Accountant Students''; Society held;, last evening in the Technical School; :.a, lecture was given by; Mr-Emsiie,.solicitor, on "The Law of jSTegbliable•..Securities.'"' Dealing with some routine matters, the cliairjnarii, Mr A. W'ilson; reminded members' that the next; -meeting '.{on Friday next): would' take 'the form ' of. a. mock shareholders' meting. Cop;ies;,of a directors', report arid balanee : she t ßt had been sent out to members., and :h^...hoped for a good gathering, and a criticism of the documents.' Mr Wilson;, welcomed a number of business .men,as .visitors, and invited fjieai.-'-to'' attend; the. shareholders' meeting. Mr Wilson £ then introduced the lecturer, with greatest pleasure, as they.were:" at one;time schoolmates. •• ,\/ ■■■■'■,[■ ■ ■ i/

Mr Emslr'ie. who was' -weli expressed bis thanks for ■'■th&* honour of h?.ing invited to become one of the soc'eitys honorary lecturers, and. hJs .readiness, to assist this; Or" any society to'the -best, of his ability:. The lecture was. fob teclinica' for ordinary newsj>aper columns, and for eon-aensatiori.\flttie importance cf ; ; tihe subject however is uuqreitioriiable, as the law; of negotiable securities.-to quote,Mr W'iliie K.C., is "a m6riument£-to the practical skill and wisdom of the merchants of our land and .also of the• <f<purage, vfdresighfc and prudence of qur/.great. judges, who have turned 1 mercantile -usages into rules of law."; NegotiableJ-instrunients'r.r present are r Bills -of exchange, '.■ promissory' notes, bank notes, aiid": 'cheques'.-, in certain forms, English exchange bills if properly .filled' in; and- endo£®ed>: and\diyidend warraiks. .They dbcumeiitf! complete in themselves, transferring contracts or engagements by .pere handing oyer of the paper. If they:v require, anything to be done, to. are nor " negotiable" -in, the eye of law. The history of the?©' classes of: .documents said Mr .'Emslie. was extremely; '■.'iriterestirig. They . had.', been eyolbed- through, a long course of commercial and legal arid; approval, ' '.ivtuch simpler mercantile practices for faerating; business. He proceeded to deai;'w ; ith : -tlie making .transfer, iarid discharge j,of : a bill of exchange, as an example class ol negotiable securities,' In the course of his explanations that bona ifide possession and.-.the question- of consideration- affected the negotiability, of even ;? Bank of/ England note. If '•&: person had notice from a.bank that a particular bank rote had/been'.' l stolen|'he coup"not rereiye the. note arid demand value ■ from the banl; for it—unless ;he, could show;'that -he ; ;.iiad reasonably overlooked flie; i notice. In other rases bona fides and. oimsideratipri were important, elements 'in*'settling dismites oyer such document.s.Ain.;..a; Court of law. Various ways of making' and transferring bills of'•' exchange were'described j time did not permit of the subject of presentation and discharge beihg ; ; ; fully gone ■into.' . ' ■...

.Half an hour: or more wa/3,'then sr>°nt in questions •.chiefly in regard ■-.to?promissory note", and a' vo"-e of thanks .to jMr Emslie for his instructive lecture. . an*' answers, was carriei by. applause. '.";'-•'- : •■;..' ■;":'■