Sale of Securities for Customer-Garnishee Order. QUESTION 2177. -On December 1st a banker, at the request and on account of his customer X, sells shares to the value of £1,100, the proceeds being due from the broker on December 10th. On the latter date a garnishee order nisi is served on the banker attaching all debts due or accruing due from the bank to X. At the time it is served X's account is overdrawn £350, the money due from the sale of the shares not having been received from the broker, nor the transfers signed by X. (1) Is the balance of the proceeds of the sale attached by the garnishee order? (2) Would your answer be the same if the securities sold had been bearer securities, the proceeds of the sale not having reached the banker's hands? ANSWER: (1) and (2). The proceeds of the sale would not be a debt due or accruing due from the bank to X until the bank received the money from the broker. In neither of the cases instanced in the question, therefore, would the balance of the proceeds be attached. 1910. 47 WEEKLY RETURNS. In £'s sterling, 000 omitted thus :-£1,000 = £1,000,000. ties (per cent.)... 52-54 53-11 52-25 52.68 53-36 52-75 50-35 45-21 Rate of discount... 24% 2% 21% 25% 21% 2% Paris, cheque (par £1=25f. 22c.) 25-18 25-17 25-15 25-15 25-14 25-14 25-14 25-13 Berlin, 8 days (par £1=20m.43pf.) New York, 60 days(par £1=$4.867) 20.42 20-42 20-40 20-40 20-38 20-384 20-38 20-39 4-85-10 4-85-30 4-85-10 4.84.90 4.84.45 4.844 Do. Cable Transfers 4.86-95 4.87-10 4.86 4.86.55 4.86.30 4.86-35 4.84.20 4.83-40 4-85-95 Calcutta, (per rupee) 1s. 3d. 1s. 3d. 1s.3d. 1s. 3d. 1s.3d. Is. 3d. 18. 4d. 1s.4d. WEEKLY RETURNS. In £'s sterling, 000 omitted, thus :-£1,000 = £1,000,000. Calcutta, (per rupee) 18.45d. 18. 45d. ls. 4d. 18. 4. 18.4d. 18.4d. 18. 4 d. 1s. 44d. WEEKLY RETURNS. In £'s sterling, 000 omitted, thus: -£1,000 = £1,000,000. Total. ....... 250,633 251,073 256,622 249,407 248,936 248,876 258,702 250,278 ASSETS. Other items 148,215 148,172 147,572 147,323 146,494 146,129 145,327 144,793 Rate of discount ....... 3% 3% 3% 3% 50 WEEKLY RETURNS. In £'s sterling, 000 omitted, thus: -£1,000 = £1,000,000. For the weeks January, 6,796 22,286 Public deposits 8,232 7,251 6,555 7,422 9,292 8,318 28,191 23,631 24.325 25,849 24,486 25,290 205,641 216,610 207,954 205,767 203,777 208,249 17,025 16,673 17,458 19,998 16,857 17,169 18,847 21,112 Other items Total. 250,522 250,890 259,522 267,490 255,691 256,207 256,402 262,969 ASSETS. Silver Bills Advances Other items 144,810 145,003 144,812 144,031 144,048 142,981 142,552 141,720 35,934 35,814 31,672 41,579 27,772 27,667 18,472 16,189 |